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 Domtar Corporation Reports Preliminary Fourth Quarter and Fiscal Year 2019 Financial Results
   Friday, February 07, 2020 6:55:00 AM ET

Earnings affected by lower pulp and paper prices and market related downtime in paper
(All financial information is in U.S. dollars, and all earnings per share results are diluted, unless otherwise noted).

  • Fourth quarter 2019 net loss of $0.59 per share; earnings before items1 of $0.03 per share
  • 92,000 tons of market-related downtime in paper
  • $80 million of share repurchases

FORT MILL, S.C.--(BUSINESS WIRE)--Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported a net loss of $34 million ($0.59 per share) for the fourth quarter of 2019 compared to net earnings of $20 million ($0.32 per share) for the third quarter of 2019 and net earnings of $87 million ($1.38 per share) for the fourth quarter of 2018. Sales for the fourth quarter of 2019 were $1.2 billion.



Excluding items listed below, the Company had earnings before items1 of $2 million ($0.03 per share) for the fourth quarter of 2019 compared to earnings before items1 of $55 million ($0.89 per share) for the third quarter of 2019 and earnings before items1 of $103 million ($1.63 per share) for the fourth quarter of 2018.

ITEMS

Description

Segment

Line item

Amount

After tax

effect

EPS impact

(per share)

 

 

 

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

  • Pension settlement loss

Pulp and Paper

Non-service components of net periodic benefit cost

$30

$22

$0.38

 

 

 

 

 

 

  • Paper machine closures

Pulp and Paper

Closure and

restructuring costs

$17

$13

$0.22

 

 

 

 

 

 

  • Margin improvement plan

Personal Care

Closure and

restructuring costs

$2

$1

$0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  • Paper machine closures

Pulp and Paper

Impairment of long-lived assets

$32

$25

$0.40

 

 

 

 

 

 

  • Paper machine closures

Pulp and Paper

Closure and

restructuring costs

$5

$4

$0.07

 

 

 

 

 

 

  • Margin improvement plan

Personal Care

Impairment of long-lived assets

$1

$1

$0.02

 

 

 

 

 

 

  • Margin improvement plan

Personal Care

Closure and

restructuring costs

$6

$5

$0.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  • Margin improvement plan

Personal Care

Impairment of long-lived assets

$7

$5

$0.08

 

 

 

 

 

 

  • Margin improvement plan

Personal Care

Closure and

restructuring costs

$8

$6

$0.09

 

 

 

 

 

 

  • U.S. Tax Reform

Corporate

Income tax expense

$5

$5

$0.08

 

 

 

 

 

 

FISCAL YEAR 2019 HIGHLIGHTS

For fiscal year 2019, net earnings amounted to $84 million ($1.37 per share) compared to net earnings of $283 million ($4.48 per share) for fiscal year 2018. The Company had earnings before items1 of $184 million ($3.00 per share) for fiscal year 2019 compared to earnings before items1 of $291 million ($4.61 per share) for fiscal year 2018. Sales amounted to $5.2 billion for fiscal year 2019.

Commenting on the full-year results, John D. Williams, President and Chief Executive Officer said, “Our teams were agile in adjusting to market changes and executed well on things under our control in a challenging market environment. We had strong cash flow generation and our solid financial position allowed us to continue to reward shareholders with a high free cash flow payout ratio, while strategically investing in our assets.”

QUARTERLY REVIEW

“Our results in the paper business fell short of our expectations. Shipments remained weak in the quarter due to seasonally slower demand and some customer destocking. As a result, we increased market-related downtime to better balance our supply with our customer demand and reduce our inventory to more optimal levels,” said John D. Williams, President and Chief Executive Officer.

Commenting on Personal Care, Mr. Williams added, “We had a strong finish to a good year. EBITDA1 significantly improved when compared to last year and we reached 12% EBITDA1 margins, which is the highest level since 2017. We expect to build on the momentum from this past year by continuing to focus on the execution of our margin improvement plan and restore and grow the profitability of the business.”

Operating loss was $15 million in the fourth quarter of 2019 compared to operating income of $29 million in the third quarter of 2019. Depreciation and amortization totaled $74 million in the fourth quarter of 2019.

Operating income before items1was $4 million in the fourth quarter of 2019 compared to an operating income before items1 of $73 million in the third quarter of 2019.

 

 

 

 

 

 

 

 

 

(In millions of dollars)

 

4Q 2019

 

 

3Q 2019

 

 

 

 

 

 

 

 

 

 

Sales

 

$

1,244

 

 

$

1,283

 

Operating (loss) income

 

 

 

 

 

 

 

 

Pulp and Paper segment

 

 

(12

)

 

 

31

 

Personal Care segment

 

 

9

 

 

 

2

 

Corporate

 

 

(12

)

 

 

(4

)

Total operating (loss) income

 

 

(15

)

 

 

29

 

Operating income before items1

 

 

4

 

 

 

73

 

Depreciation and amortization

 

 

74

 

 

 

72

 

The operating loss in the fourth quarter of 2019 was the result of lower average selling prices and unfavorable productivity in pulp and paper, higher selling, general and administrative expenses, and higher maintenance, freight and raw material costs.

When compared to the third quarter of 2019, manufactured paper shipments were down 2% and pulp shipments decreased 3%. The shipment-to-production ratio for paper was 106% in the fourth quarter of 2019, compared to 103% in the third quarter of 2019. Paper inventories decreased by 36,000 tons, and pulp inventories decreased by 15,000 metric tons when compared to the third quarter of 2019.

LIQUIDITY AND CAPITAL

Cash flow from operating activities amounted to $160 million and capital expenditures were $98 million, resulting in free cash flow1 of $62 million for the fourth quarter of 2019. Domtar’s net debt-to-total capitalization ratio1 stood at 27% at December 31, 2019 compared to 26% at September 30, 2019.

For fiscal year 2019, cash flow from operating activities amounted to $442 million and capital expenditures were $255 million, resulting in free cash flow1 of $187 million. Domtar returned a total of $329 million to its shareholders through a combination of dividend and stock buybacks in 2019. Under its stock repurchase program, Domtar repurchased 6,220,658 shares of common stock at an average price of $35.29 throughout 2019. At the end of the year, Domtar had $403 million remaining under the program.

OUTLOOK

In 2020, our paper volumes are expected to trend with market demand while pulp volumes will increase due to higher pulp productivity at our Espanola and Ashdown mills. The Pulp and Paper business will benefit from lower planned maintenance costs. Personal Care is expected to benefit from their margin improvement plan and higher sales following new customer wins. Overall, we anticipate costs, including freight, labor and raw materials, to marginally increase.

EARNINGS CONFERENCE CALL

The Company will hold a conference call today at 10:00 a.m. (ET) to discuss its fourth quarter and fiscal year 2019 financial results. Financial analysts are invited to participate in the call by dialing 1 (800) 367-2403 at least 10 minutes before start time, while media and other interested individuals are invited to listen to the live webcast on the Domtar Corporation website at .

The Company will release its first quarter 2020 earnings results on April 30, 2020 before markets open, followed by a conference call at 10:00 a.m. (ET) to discuss results. The date is tentative and will be confirmed approximately three weeks prior to the official earnings release date.

About Domtar
Domtar is a leading provider of a wide variety of fiber-based products including communication, specialty and packaging papers, market pulp and absorbent hygiene products. With approximately 10,000 employees serving more than 50 countries around the world, Domtar is driven by a commitment to turn sustainable wood fiber into useful products that people rely on every day. Domtar’s annual sales are approximately $5.2 billion, and its common stock is traded on the New York and Toronto Stock Exchanges. Domtar’s principal executive office is in Fort Mill, South Carolina. To learn more, visit www.domtar.com .

Forward-Looking Statements
Statements in this release about our plans, expectations and future performance, including the statements by Mr. Williams and those contained under “Outlook,” are “forward-looking statements.” Actual results may differ materially from those suggested by these statements for a number of reasons, including changes in customer demand and pricing, changes in manufacturing costs, future acquisitions and divestitures, including facility closings, and the other reasons identified under “Risk Factors” in our Form 10-K for 2018 as filed with the SEC and as updated by subsequently filed Form 10-Qs. Except to the extent required by law, we expressly disclaim any obligation to update or revise these forward-looking statements to reflect new events or circumstances or otherwise.

Domtar Corporation
Highlights
(In millions of dollars, unless otherwise noted)

 

 

For the three months ended

 

 

For the twelve months ended

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

 

$

 

 

$

 

 

$

 

 

$

 

Selected Segment Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pulp and Paper

 

 

1,018

 

 

 

1,154

 

 

 

4,332

 

 

 

4,523

 

Personal Care

 

 

242

 

 

 

254

 

 

 

953

 

 

 

1,000

 

Total for reportable segments

 

 

1,260

 

 

 

1,408

 

 

 

5,285

 

 

 

5,523

 

Intersegment sales

 

 

(16

)

 

 

(18

)

 

 

(65

)

 

 

(68

)

Consolidated sales

 

 

1,244

 

 

 

1,390

 

 

 

5,220

 

 

 

5,455

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pulp and Paper

 

 

57

 

 

 

58

 

 

 

228

 

 

 

238

 

Personal Care

 

 

17

 

 

 

17

 

 

 

65

 

 

 

70

 

Total for reportable segments

 

 

74

 

 

 

75

 

 

 

293

 

 

 

308

 

Impairment of long-lived assets - Pulp and Paper

 

 

 

 

 

 

 

 

32

 

 

 

 

Impairment of long-lived assets - Personal Care

 

 

 

 

 

7

 

 

 

26

 

 

 

7

 

Consolidated depreciation and amortization and impairment of long-lived assets

 

 

74

 

 

 

82

 

 

 

351

 

 

 

315

 

Operating (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pulp and Paper

 

 

(12

)

 

 

148

 

 

 

225

 

 

 

438

 

Personal Care

 

 

9

 

 

 

(12

)

 

 

(15

)

 

 

(5

)

Corporate

 

 

(12

)

 

 

(3

)

 

 

(47

)

 

 

(47

)

Consolidated operating (loss) income

 

 

(15

)

 

 

133

 

 

 

163

 

 

 

386

 

Interest expense, net

 

 

14

 

 

 

15

 

 

 

52

 

 

 

62

 

Non-service components of net periodic benefit cost

 

 

30

 

 

 

(5

)

 

 

23

 

 

 

(18

)

(Loss) earnings before income taxes and equity loss

 

 

(59

)

 

 

123

 

 

 

88

 

 

 

342

 

Income tax (benefit) expense

 

 

(26

)

 

 

35

 

 

 

2

 

 

 

57

 

Equity loss, net of taxes

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

Net (loss) earnings

 

 

(34

)

 

 

87

 

 

 

84

 

 

 

283

 

Per common share (in dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(0.59

)

 

 

1.38

 

 

 

1.37

 

 

 

4.50

 

Diluted

 

 

(0.59

)

 

 

1.38

 

 

 

1.37

 

 

 

4.48

 

Weighted average number of common shares outstanding (millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

57.3

 

 

 

62.9

 

 

 

61.2

 

 

 

62.9

 

Diluted

 

 

57.5

 

 

 

63.0

 

 

 

61.4

 

 

 

63.1

 

Cash flows from operating activities

 

 

160

 

 

 

217

 

 

 

442

 

 

 

554

 

Additions to property, plant and equipment

 

 

98

 

 

 

84

 

 

 

255

 

 

 

195

 

Domtar Corporation
Consolidated Statements of Earnings (Loss)
(In millions of dollars, unless otherwise noted)

 

 

For the three months ended

 

 

For the twelve months ended

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

 

$

 

 

$

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

 

1,244

 

 

 

1,390

 

 

 

5,220

 

 

 

5,455

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of sales, excluding depreciation and amortization

 

 

1,053

 

 

 

1,064

 

 

 

4,225

 

 

 

4,303

 

Depreciation and amortization

 

 

74

 

 

 

75

 

 

 

293

 

 

 

308

 

Selling, general and administrative

 

 

112

 

 

 

100

 

 

 

434

 

 

 

443

 

Impairment of long-lived assets

 

 

 

 

 

7

 

 

 

58

 

 

 

7

 

Closure and restructuring costs

 

 

19

 

 

 

8

 

 

 

42

 

 

 

8

 

Other operating loss, net

 

 

1

 

 

 

3

 

 

 

5

 

 

 

 

 

 

 

1,259

 

 

 

1,257

 

 

 

5,057

 

 

 

5,069

 

Operating (loss) income

 

 

(15

)

 

 

133

 

 

 

163

 

 

 

386

 

Interest expense, net

 

 

14

 

 

 

15

 

 

 

52

 

 

 

62

 

Non-service components of net periodic benefit cost

 

 

30

 

 

 

(5

)

 

 

23

 

 

 

(18

)

(Loss) earnings before income taxes and equity loss

 

 

(59

)

 

 

123

 

 

 

88

 

 

 

342

 

Income tax (benefit) expense

 

 

(26

)

 

 

35

 

 

 

2

 

 

 

57

 

Equity loss, net of taxes

 

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

Net (loss) earnings

 

 

(34

)

 

 

87

 

 

 

84

 

 

 

283

 

Per common share (in dollars)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(0.59

)

 

 

1.38

 

 

 

1.37

 

 

 

4.50

 

Diluted

 

 

(0.59

)

 

 

1.38

 

 

 

1.37

 

 

 

4.48

 

Weighted average number of common shares outstanding (millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

57.3

 

 

 

62.9

 

 

 

61.2

 

 

 

62.9

 

Diluted

 

 

57.5

 

 

 

63.0

 

 

 

61.4

 

 

 

63.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Domtar Corporation
Consolidated Balance Sheets at
(In millions of dollars)

 

 

December 31,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

(Unaudited)

 

 

$

 

 

$

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

61

 

 

 

111

 

Receivables, less allowances of $6 and $6

 

 

577

 

 

 

670

 

Inventories

 

 

786

 

 

 

762

 

Prepaid expenses

 

 

33

 

 

 

24

 

Income and other taxes receivable

 

 

61

 

 

 

22

 

Total current assets

 

 

1,518

 

 

 

1,589

 

Property, plant and equipment, net

 

 

2,567

 

 

 

2,605

 

Operating lease right-of-use assets

 

 

81

 

 

 

 

Intangible assets, net

 

 

573

 

 

 

597

 

Other assets

 

 

164

 

 

 

134

 

Total assets

 

 

4,903

 

 

 

4,925

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Bank indebtedness

 

 

9

 

 

 

 

Trade and other payables

 

 

705

 

 

 

757

 

Income and other taxes payable

 

 

23

 

 

 

25

 

Operating lease liabilities due within one year

 

 

28

 

 

 

 

Long-term debt due within one year

 

 

1

 

 

 

1

 

Total current liabilities

 

 

766

 

 

 

783

 

Long-term debt

 

 

938

 

 

 

853

 

Operating lease liabilities

 

 

69

 

 

 

 

Deferred income taxes and other

 

 

479

 

 

 

476

 

Other liabilities and deferred credits

 

 

275

 

 

 

275

 

Shareholders' equity

 

 

 

 

 

 

 

 

Common stock

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

1,770

 

 

 

1,981

 

Retained earnings

 

 

998

 

 

 

1,023

 

Accumulated other comprehensive loss

 

 

(393

)

 

 

(467

)

Total shareholders' equity

 

 

2,376

 

 

 

2,538

 

Total liabilities and shareholders' equity

 

 

4,903

 

 

 

4,925

 

Domtar Corporation
Consolidated Statements of Cash Flows
(In millions of dollars)

For the three months ended

 

 

For the twelve months ended

 

 

December 31, 2019

 

 

December 31, 2018

 

 

December 31, 2019

 

 

December 31, 2018

 

 

(Unaudited)

 

 

(Unaudited)

 

 

$

 

 

$

 

 

$

 

 

$

 

Operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) earnings

 

(34

)

 

 

87

 

 

 

84

 

 

 

283

 

Adjustments to reconcile net (loss) earnings to cash flows

from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

74

 

 

 

75

 

 

 

293

 

 

 

308

 

Deferred income taxes and tax uncertainties

 

(17

)

 

 

10

 

 

 

(16

)

 

 

13

 

Impairment of long-lived assets

 

 

 

 

7

 

 

 

58

 

 

 

7

 

Net gains on disposals of property, plant and equipment

 

 

 

 

 

 

 

 

 

 

(4

)

Stock-based compensation expense

 

2

 

 

 

1

 

 

 

9

 

 

 

8

 

Equity loss, net

 

1

 

 

 

1

 

 

 

2

 

 

 

2

 

Other

 

 

 

 

(1

)

 

 

 

 

 

(1

)

Changes in assets and liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivables

 

46

 

 

 

25

 

 

 

96

 

 

 

18

 

Inventories

 

18

 

 

 

(1

)

 

 

(16

)

 

 

(24

)

Prepaid expenses

 

6

 

 

 

6

 

 

 

2

 

 

 

2

 

Trade and other payables

 

44

 

 

 

30

 

 

 

(67

)

 

 

24

 

Income and other taxes

 

(16

)

 

 

(16

)

 

 

(43

)

 

 

(32

)

Difference between employer pension and other post-retirement contributions and pension and other post-retirement expense

 

32

 

 

 

 

 

 

29

 

 

 

(46

)

Other assets and other liabilities

 

4

 

 

 

(7

)

 

 

11

 

 

 

(4

)

Cash flows from operating activities

 

160

 

 

 

217

 

 

 

442

 

 

 

554

 

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

(98

)

 

 

(84

)

 

 

(255

)

 

 

(195

)

Proceeds from disposals of property, plant and equipment

 

 

 

 

1

 

 

 

1

 

 

 

5

 

Other

 

 

 

 

 

 

 

 

 

 

(6

)

Cash flows used for investing activities

 

(98

)

 

 

(83

)

 

 

(254

)

 

 

(196

)

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend payments

 

(27

)

 

 

(27

)

 

 

(110

)

 

 

(108

)

Stock repurchase

 

(80

)

 

 

 

 

 

(219

)

 

 

 

Net change in bank indebtedness

 

7

 

 

 

 

 

 

9

 

 

 

 

Change in revolving credit facility

 

35

 

 

 

 

 

 

80

 

 

 

 

Proceeds from receivables securitization facility

 

55

 

 

 

85

 

 

 

205

 

 

 

85

 

Repayments of receivables securitization facility

 

(90

)

 

 

(35

)

 

 

(200

)

 

 

(60

)

Repayments of long-term debt

 

 

 

 

(301

)

 

 

(1

)

 

 

(301

)

Other

 

 

 

 

1

 

 

 

(1

)

 

 

2

 

Cash flows used for financing activities

 

(100

)

 

 

(277

)

 

 

(237

)

 

 

(382

)

Net decrease in cash and cash equivalents

 

(38

)

 

 

(143

)

 

 

(49

)

 

 

(24

)

Impact of foreign exchange on cash

 

1

 

 

 

(2

)

 

 

(1

)

 

 

(4

)

Cash and cash equivalents at beginning of year

 

98

 

 

 

256

 

 

 

111

 

 

 

139

 

Cash and cash equivalents at end of year

 

61

 

 

 

111

 

 

 

61

 

 

 

111

 

Supplemental cash flow information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash payments for:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

7

 

 

 

9

 

 

 

46

 

 

 

57

 

Income taxes

 

4

 

 

 

31

 

 

 

59

 

 

 

71

 

 

Domtar Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures
(In millions of dollars, unless otherwise noted)

The following table sets forth certain non-U.S. generally accepted accounting principles (“GAAP”) financial metrics identified in bold as “Earnings before items”, “Earnings before items per diluted share”, “EBITDA”, “EBITDA margin”, “EBITDA before items”, “EBITDA margin before items”, “Free cash flow”, “Net debt” and “Net debt-to-total capitalization”. Management believes that the financial metrics are useful to understand our operating performance and benchmark with peers within the industry. The Company calculates “Earnings before items” and “EBITDA before items” by excluding the after-tax (pre-tax) effect of specified items. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.

 

 

 

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

Q1

 

 

Q2

 

 

Q3

 

 

Q4

 

 

Year

 

 

Q1

 

 

Q2

 

 

Q3

 

 

Q4

 

 

Year

 

Reconciliation of "Earnings before items" to Net earnings (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

($)

 

 

80

 

 

 

18

 

 

 

20

 

 

 

(34

)

 

 

84

 

 

 

54

 

 

 

43

 

 

 

99

 

 

 

87

 

 

 

283

 

 

(+)

Pension settlement loss

 

($)

 

 

 

 

 

 

 

 

 

 

 

22

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(+)

Impairment of long-lived assets

 

($)

 

 

8

 

 

 

12

 

 

 

26

 

 

 

 

 

 

46

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

5

 

 

(+)

Closure and restructuring costs

 

($)

 

 

3

 

 

 

6

 

 

 

9

 

 

 

14

 

 

 

32

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

 

6

 

 

(+)

Litigation settlement

 

($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

(-)

Net gains on disposals of property, plant and equipment

 

($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(2

)

 

 

 

 

 

 

 

 

(3

)

 

(-)

U.S. Tax Reform

 

($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

5

 

 

 

(2

)

 

(=)

Earnings before items

 

($)

 

 

91

 

 

 

36

 

 

 

55

 

 

 

2

 

 

 

184

 

 

 

55

 

 

 

41

 

 

 

92

 

 

 

103

 

 

 

291

 

 

(/)

Weighted avg. number of common shares outstanding (diluted)

 

(millions)

 

 

63.2

 

 

 

63.3

 

 

 

61.7

 

 

 

57.5

 

 

 

61.4

 

 

 

62.9

 

 

 

63.2

 

 

 

63.2

 

 

 

63.0

 

 

 

63.1

 

 

(=)

Earnings before items per diluted share

 

($)

 

 

1.44

 

 

 

0.57

 

 

 

0.89

 

 

 

0.03

 

 

 

3.00

 

 

 

0.87

 

 

 

0.65

 

 

 

1.46

 

 

 

1.63

 

 

 

4.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of "EBITDA" and "EBITDA before items" to Net earnings (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

($)

 

 

80

 

 

 

18

 

 

 

20

 

 

 

(34

)

 

 

84

 

 

 

54

 

 

 

43

 

 

 

99

 

 

 

87

 

 

 

283

 

 

(+)

Equity loss, net of taxes

 

($)

 

 

1

 

 

 

 

 

 

 

 

 

1

 

 

 

2

 

 

 

 

 

 

 

 

 

1

 

 

 

1

 

 

 

2

 

 

(+)

Income tax expense (benefit)

 

($)

 

 

24

 

 

 

5

 

 

 

(1

)

 

 

(26

)

 

 

2

 

 

 

11

 

 

 

8

 

 

 

3

 

 

 

35

 

 

 

57

 

 

(+)

Interest expense, net

 

($)

 

 

13

 

 

 

13

 

 

 

12

 

 

 

14

 

 

 

52

 

 

 

16

 

 

 

16

 

 

 

15

 

 

 

15

 

 

 

62

 

 

(+)

Depreciation and amortization

 

($)

 

 

73

 

 

 

74

 

 

 

72

 

 

 

74

 

 

 

293

 

 

 

79

 

 

 

79

 

 

 

75

 

 

 

75

 

 

 

308

 

 

(+)

Impairment of long-lived assets

 

($)

 

 

10

 

 

 

15

 

 

 

33

 

 

 

 

 

 

58

 

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

7

 

 

(-)

Net gains on disposals of property, plant and equipment

 

($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

(3

)

 

 

 

 

 

 

 

 

(4

)

 

(=)

EBITDA

 

($)

 

 

201

 

 

 

125

 

 

 

136

 

 

 

29

 

 

 

491

 

 

 

159

 

 

 

143

 

 

 

193

 

 

 

220

 

 

 

715

 

 

(/)

Sales

 

($)

 

 

1,376

 

 

 

1,317

 

 

 

1,283

 

 

 

1,244

 

 

 

5,220

 

 

 

1,345

 

 

 

1,353

 

 

 

1,367

 

 

 

1,390

 

 

 

5,455

 

 

(=)

EBITDA margin

 

(%)

 

 

15

%

 

 

9

%

 

 

11

%

 

 

2

%

 

 

9

%

 

 

12

%

 

 

11

%

 

 

14

%

 

 

16

%

 

 

13

%

 

 

EBITDA

 

($)

 

 

201

 

 

 

125

 

 

 

136

 

 

 

29

 

 

 

491

 

 

 

159

 

 

 

143

 

 

 

193

 

 

 

220

 

 

 

715

 

 

(+)

Pension settlement loss

 

($)

 

 

 

 

 

 

 

 

 

 

 

30

 

 

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(+)

Closure and restructuring costs

 

($)

 

 

4

 

 

 

8

 

 

 

11

 

 

 

19

 

 

 

42

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

8

 

 

(+)

Litigation settlement

 

($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

(=)

EBITDA before items

 

($)

 

 

205

 

 

 

133

 

 

 

147

 

 

 

78

 

 

 

563

 

 

 

161

 

 

 

143

 

 

 

193

 

 

 

228

 

 

 

725

 

 

(/)

Sales

 

($)

 

 

1,376

 

 

 

1,317

 

 

 

1,283

 

 

 

1,244

 

 

 

5,220

 

 

 

1,345

 

 

 

1,353

 

 

 

1,367

 

 

 

1,390

 

 

 

5,455

 

 

(=)

EBITDA margin before items

 

(%)

 

 

15

%

 

 

10

%

 

 

11

%

 

 

6

%

 

 

11

%

 

 

12

%

 

 

11

%

 

 

14

%

 

 

16

%

 

 

13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of "Free cash flow" to Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

($)

 

 

55

 

 

 

119

 

 

 

108

 

 

 

160

 

 

 

442

 

 

 

90

 

 

 

177

 

 

 

70

 

 

 

217

 

 

 

554

 

 

(-)

Additions to property, plant and equipment

 

($)

 

 

(46

)

 

 

(55

)

 

 

(56

)

 

 

(98

)

 

 

(255

)

 

 

(25

)

 

 

(37

)

 

 

(49

)

 

 

(84

)

 

 

(195

)

 

(=)

Free cash flow

 

($)

 

 

9

 

 

 

64

 

 

 

52

 

 

 

62

 

 

 

187

 

 

 

65

 

 

 

140

 

 

 

21

 

 

 

133

 

 

 

359

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

"Net debt-to-total capitalization" computation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank indebtedness

 

($)

 

 

3

 

 

 

3

 

 

 

1

 

 

 

9

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

(+)

Long-term debt due within one year

 

($)

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

 

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

 

 

 

(+)

Long-term debt

 

($)

 

 

853

 

 

 

824

 

 

 

938

 

 

 

938

 

 

 

 

 

 

 

1,103

 

 

 

1,103

 

 

 

1,103

 

 

 

853

 

 

 

 

 

 

(=)

Debt

 

($)

 

 

857

 

 

 

828

 

 

 

940

 

 

 

948

 

 

 

 

 

 

 

1,104

 

 

 

1,105

 

 

 

1,104

 

 

 

854

 

 

 

 

 

 

(-)

Cash and cash equivalents

 

($)

 

 

(94

)

 

 

(93

)

 

 

(98

)

 

 

(61

)

 

 

 

 

 

 

(152

)

 

 

(264

)

 

 

(256

)

 

 

(111

)

 

 

 

 

 

(=)

Net debt

 

($)

 

 

763

 

 

 

735

 

 

 

842

 

 

 

887

 

 

 

 

 

 

 

952

 

 

 

841

 

 

 

848

 

 

 

743

 

 

 

 

 

 

(+)

Shareholders' equity

 

($)

 

 

2,608

 

 

 

2,619

 

 

 

2,439

 

 

 

2,376

 

 

 

 

 

 

 

2,493

 

 

 

2,458

 

 

 

2,553

 

 

 

2,538

 

 

 

 

 

 

(=)

Total capitalization

 

($)

 

 

3,371

 

 

 

3,354

 

 

 

3,281

 

 

 

3,263

 

 

 

 

 

 

 

3,445

 

 

 

3,299

 

 

 

3,401

 

 

 

3,281

 

 

 

 

 

 

 

Net debt

 

($)

 

 

763

 

 

 

735

 

 

 

842

 

 

 

887

 

 

 

 

 

 

 

952

 

 

 

841

 

 

 

848

 

 

 

743

 

 

 

 

 

 

(/)

Total capitalization

 

($)

 

 

3,371

 

 

 

3,354

 

 

 

3,281

 

 

 

3,263

 

 

 

 

 

 

 

3,445

 

 

 

3,299

 

 

 

3,401

 

 

 

3,281

 

 

 

 

 

 

(=)

Net debt-to-total capitalization

 

(%)

 

 

23

%

 

 

22

%

 

 

26

%

 

 

27

%

 

 

 

 

 

 

28

%

 

 

25

%

 

 

25

%

 

 

23

%

 

 

 

 

“Earnings before items”, “Earnings before items per diluted share”, “EBITDA”, “EBITDA margin”, “EBITDA before items”, “EBITDA margin before items”, “Free cash flow”, “Net debt” and “Net debt-to-total capitalization” have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation or as a substitute for Net earnings (loss) or any other earnings statement, cash flow statement or balance sheet financial information prepared in accordance with GAAP. It is important for readers to understand that certain items may be presented in different lines by different companies on their financial statements, thereby leading to different measures for different companies.

Domtar Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures – By Segment 2019
(In millions of dollars, unless otherwise noted)

The following table sets forth certain non-U.S. generally accepted accounting principles (“GAAP”) financial metrics identified in bold as “Operating income (loss) before items”, “EBITDA before items” and “EBITDA margin before items” by reportable segment. Management believes that the financial metrics are useful to understand our operating performance and benchmark with peers within the industry. The Company calculates the segmented “Operating income (loss) before items” by excluding the pre-tax effect of specified items. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.

 

 

 

 

 

 

Pulp and Paper

 

Personal Care

 

Corporate

 

Total

 

 

 

 

 

 

Q1'19

 

Q2'19

 

Q3'19

 

Q4'19

 

Year

 

Q1'19

 

Q2'19

 

Q3'19

 

Q4'19

 

Year

 

Q1'19

 

Q2'19

 

Q3'19

 

Q4'19

 

Year

 

Q1'19

 

Q2'19

 

Q3'19

 

Q4'19

 

Year

Reconciliation of Operating income (loss) to "Operating income (loss) before items"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

($)

 

144

 

62

 

31

 

(12)

 

225

 

(8)

 

(18)

 

2

 

9

 

(15)

 

(21)

 

(10)

 

(4)

 

(12)

 

(47)

 

115

 

34

 

29

 

(15)

 

163

 

(+)

Impairment of long-lived assets

 

($)

 

 

 

32

 

 

32

 

10

 

15

 

1

 

 

26

 

 

 

 

 

 

10

 

15

 

33

 

 

58

 

(+)

Closure and restructuring costs

 

($)

 

 

 

5

 

17

 

22

 

4

 

8

 

6

 

2

 

20

 

 

 

 

 

 

4

 

8

 

11

 

19

 

42

 

(=)

Operating income (loss) before items

 

($)

 

144

 

62

 

68

 

5

 

279

 

6

 

5

 

9

 

11

 

31

 

(21)

 

(10)

 

(4)

 

(12)

 

(47)

 

129

 

57

 

73

 

4

 

263

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of "Operating income (loss) before items" to "EBITDA before items"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss) before items

 

($)

 

144

 

62

 

68

 

5

 

279

 

6

 

5

 

9

 

11

 

31

 

(21)

 

(10)

 

(4)

 

(12)

 

(47)

 

129

 

57

 

73

 

4

 

263

 

(+)

Pension settlement loss

 

($)

 

 

 

 

30

 

30

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30

 

30

 

(+)

Non-service components of net periodic benefit cost

 

($)

 

3

 

3

 

2

 

(28)

 

(20)

 

 

 

 

 

 

 

(1)

 

 

(2)

 

(3)

 

3

 

2

 

2

 

(30)

 

(23)

 

(+)

Depreciation and amortization

 

($)

 

57

 

58

 

56

 

57

 

228

 

16

 

16

 

16

 

17

 

65

 

 

 

 

 

 

73

 

74

 

72

 

74

 

293

 

(=)

EBITDA before items

 

($)

 

204

 

123

 

126

 

64

 

517

 

22

 

21

 

25

 

28

 

96

 

(21)

 

(11)

 

(4)

 

(14)

 

(50)

 

205

 

133

 

147

 

78

 

563

 

(/)

Sales

 

($)

 

1,147

 

1,096

 

1,071

 

1,018

 

4,332

 

247

 

237

 

227

 

242

 

953

 

 

 

 

 

 

1,394

 

1,333

 

1,298

 

1,260

 

5,285

 

(=)

EBITDA margin before items

 

(%)

 

18%

 

11%

 

12%

 

6%

 

12%

 

9%

 

9%

 

11%

 

12%

 

10%

 

 

 

 

 

 

15%

 

10%

 

11%

 

6%

 

11%

“Operating income (loss) before items”, “EBITDA before items” and “EBITDA margin before items” have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation or as a substitute for Operating income (loss) or any other earnings statement, cash flow statement or balance sheet financial information prepared in accordance with GAAP. It is important for readers to understand that certain items may be presented in different lines by different companies on their financial statements, thereby leading to different measures for different companies.

Domtar Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures – By Segment 2018
(In millions of dollars, unless otherwise noted)

The following table sets forth certain non-U.S. generally accepted accounting principles (“GAAP”) financial metrics identified in bold as “Operating income (loss) before items”, “EBITDA before items” and “EBITDA margin before items” by reportable segment. Management believes that the financial metrics are useful to understand our operating performance and benchmark with peers within the industry. The Company calculates the segmented “Operating income (loss) before items” by excluding the pre-tax effect of specified items. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.

 

 

 

 

 

 

Pulp and Paper

 

Personal Care

 

Corporate

 

Total

 

 

 

 

 

 

Q1'18

 

Q2'18

 

Q3'18

 

Q4'18

 

Year

 

Q1'18

 

Q2'18

 

Q3'18

 

Q4'18

 

Year

 

Q1'18

 

Q2'18

 

Q3'18

 

Q4'18

 

Year

 

Q1'18

 

Q2'18

 

Q3'18

 

Q4'18

 

Year

Reconciliation of Operating income (loss)

to "Operating income (loss) before items"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

($)

 

76

 

79

 

135

 

148

 

438

 

8

 

2

 

(3)

 

(12)

 

(5)

 

(7)

 

(19)

 

(18)

 

(3)

 

(47)

 

77

 

62

 

114

 

133

 

386

 

(+)

Impairment of long-lived assets

 

($)

 

 

 

 

 

 

 

 

 

7

 

7

 

 

 

 

 

 

 

 

 

7

 

7

 

(-)

Net gains on disposals of property, plant and equipment

 

($)

 

(1)

 

(3)

 

 

 

(4)

 

 

 

 

 

 

 

 

 

 

 

(1)

 

(3)

 

 

 

(4)

 

(+)

Closure and restructuring costs

 

($)

 

 

 

 

 

 

 

 

 

8

 

8

 

 

 

 

 

 

 

 

 

8

 

8

 

(+)

Litigation settlement

 

($)

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

2

 

2

 

 

 

 

2

 

(=)

Operating income (loss) before items

 

($)

 

75

 

76

 

135

 

148

 

434

 

8

 

2

 

(3)

 

3

 

10

 

(5)

 

(19)

 

(18)

 

(3)

 

(45)

 

78

 

59

 

114

 

148

 

399

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of "Operating income (loss) before items" to "EBITDA before items"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss) before items

 

($)

 

75

 

76

 

135

 

148

 

434

 

8

 

2

 

(3)

 

3

 

10

 

(5)

 

(19)

 

(18)

 

(3)

 

(45)

 

78

 

59

 

114

 

148

 

399

 

(+)

Non-service components of net periodic benefit cost

 

($)

 

4

 

6

 

4

 

5

 

19

 

 

 

 

 

 

 

(1)

 

 

 

(1)

 

4

 

5

 

4

 

5

 

18

 

(+)

Depreciation and amortization

 

($)

 

61

 

61

 

58

 

58

 

238

 

18

 

18

 

17

 

17

 

70

 

 

 

 

 

 

79

 

79

 

75

 

75

 

308

 

(=)

EBITDA before items

 

($)

 

140

 

143

 

197

 

211

 

691

 

26

 

20

 

14

 

20

 

80

 

(5)

 

(20)

 

(18)

 

(3)

 

(46)

 

161

 

143

 

193

 

228

 

725

 

(/)

Sales

 

($)

 

1,100

 

1,123

 

1,146

 

1,154

 

4,523

 

262

 

247

 

237

 

254

 

1,000

 

 

 

 

 

 

1,362

 

1,370

 

1,383

 

1,408

 

5,523

 

(=)

EBITDA margin before items

 

(%)

 

13%

 

13%

 

17%

 

18%

 

15%

 

10%

 

8%

 

6%

 

8%

 

8%

 

 

 

 

 

 

12%

 

10%

 

14%

 

16%

 

13%

“Operating income (loss) before items”, “EBITDA before items” and “EBITDA margin before items” have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation or as a substitute for Operating income (loss) or any other earnings statement, cash flow statement or balance sheet financial information prepared in accordance with GAAP. It is important for readers to understand that certain items may be presented in different lines by different companies on their financial statements, thereby leading to different measures for different companies.

Domtar Corporation
Supplemental Segmented Information
(In millions of dollars, unless otherwise noted)

 

 

 

 

2019

 

 

2018

 

 

 

 

 

Q1

 

 

Q2

 

 

Q3

 

 

Q4

 

 

Year

 

 

Q1

 

 

Q2

 

 

Q3

 

 

Q4

 

 

Year

 

Pulp and Paper Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

($)

 

 

1,147

 

 

 

1,096

 

 

 

1,071

 

 

 

1,018

 

 

 

4,332

 

 

 

1,100

 

 

 

1,123

 

 

 

1,146

 

 

 

1,154

 

 

 

4,523

 

Operating income (loss)

 

($)

 

 

144

 

 

 

62

 

 

 

31

 

 

 

(12

)

 

 

225

 

 

 

76

 

 

 

79

 

 

 

135

 

 

 

148

 

 

 

438

 

Depreciation and amortization

 

($)

 

 

57

 

 

 

58

 

 

 

56

 

 

 

57

 

 

 

228

 

 

 

61

 

 

 

61

 

 

 

58

 

 

 

58

 

 

 

238

 

Impairment of long-lived assets

 

($)

 

 

 

 

 

 

 

 

32

 

 

 

 

 

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Paper Production

 

('000 ST)

 

 

757

 

 

 

697

 

 

 

653

 

 

 

619

 

 

 

2,726

 

 

 

739

 

 

 

739

 

 

 

743

 

 

 

757

 

 

 

2,978

 

Paper Shipments - Manufactured

 

('000 ST)

 

 

736

 

 

 

681

 

 

 

672

 

 

 

656

 

 

 

2,745

 

 

 

769

 

 

 

754

 

 

 

727

 

 

 

721

 

 

 

2,971

 

Communication Papers

 

('000 ST)

 

 

615

 

 

 

567

 

 

 

563

 

 

 

554

 

 

 

2,299

 

 

 

640

 

 

 

615

 

 

 

596

 

 

 

595

 

 

 

2,446

 

Specialty and Packaging

Papers

 

('000 ST)

 

 

121

 

 

 

114

 

 

 

109

 

 

 

102

 

 

 

446

 

 

 

129

 

 

 

139

 

 

 

131

 

 

 

126

 

 

 

525

 

Paper Shipments - Sourced from

3rd parties

 

('000 ST)

 

 

23

 

 

 

21

 

 

 

25

 

 

 

24

 

 

 

93

 

 

 

28

 

 

 

26

 

 

 

30

 

 

 

25

 

 

 

109

 

Paper Shipments - Total

 

('000 ST)

 

 

759

 

 

 

702

 

 

 

697

 

 

 

680

 

 

 

2,838

 

 

 

797

 

 

 

780

 

 

 

757

 

 

 

746

 

 

 

3,080

 

Pulp

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pulp Shipments(a)

 

('000 ADMT)

 

 

349

 

 

 

370

 

 

 

416

 

 

 

404

 

 

 

1,539

 

 

 

374

 

 

 

377

 

 

 

390

 

 

 

395

 

 

 

1,536

 

Pulp Shipments mix(b):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hardwood Kraft Pulp

 

(%)

 

 

2

%

 

 

2

%

 

 

5

%

 

 

5

%

 

 

4

%

 

 

4

%

 

 

3

%

 

 

3

%

 

 

3

%

 

 

4

%

Softwood Kraft Pulp

 

(%)

 

 

53

%

 

 

56

%

 

 

55

%

 

 

54

%

 

 

54

%

 

 

58

%

 

 

56

%

 

 

56

%

 

 

55

%

 

 

56

%

Fluff Pulp

 

(%)

 

 

45

%

 

 

42

%

 

 

40

%

 

 

41

%

 

 

42

%

 

 

38

%

 

 

41

%

 

 

41

%

 

 

42

%

 

 

40

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personal Care Segment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales

 

($)

 

 

247

 

 

 

237

 

 

 

227

 

 

 

242

 

 

 

953

 

 

 

262

 

 

 

247

 

 

 

237

 

 

 

254

 

 

 

1,000

 

Operating (loss) income

 

($)

 

 

(8

)

 

 

(18

)

 

 

2

 

 

 

9

 

 

 

(15

)

 

 

8

 

 

 

2

 

 

 

(3

)

 

 

(12

)

 

 

(5

)

Depreciation and amortization

 

($)

 

 

16

 

 

 

16

 

 

 

16

 

 

 

17

 

 

 

65

 

 

 

18

 

 

 

18

 

 

 

17

 

 

 

17

 

 

 

70

 

Impairment of long-lived assets

 

($)

 

 

10

 

 

 

15

 

 

 

1

 

 

 

 

 

 

26

 

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Exchange Rates

 

$US / $CAN

 

 

1.329

 

 

 

1.337

 

 

 

1.321

 

 

 

1.321

 

 

 

1.327

 

 

 

1.264

 

 

 

1.290

 

 

 

1.307

 

 

 

1.321

 

 

 

1.296

 

 

 

$CAN / $US

 

 

0.752

 

 

 

0.748

 

 

 

0.757

 

 

 

0.757

 

 

 

0.754

 

 

 

0.791

 

 

 

0.775

 

 

 

0.765

 

 

 

0.757

 

 

 

0.772

 

 

 

€ / $US

 

 

1.136

 

 

 

1.124

 

 

 

1.111

 

 

 

1.107

 

 

 

1.120

 

 

 

1.229

 

 

 

1.192

 

 

 

1.163

 

 

 

1.141

 

 

 

1.181

 

(a) Figures represent Pulp Shipments to third parties.
(b) Percentages include Pulp Shipments to our Personal Care segment.
Note: the term “ST” refers to a short ton and the term “ADMT” refers to an air dry metric ton.

_________________________
1
Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in the appendix.

Investor RELATIONS
Nicholas Estrela
Director
Investor Relations
Tel.: 514-848-5049

MEDIA RELATIONS
David Struhs
Vice-President
Corporate Services and Sustainability
Tel.: 803-802-8031

Source: Domtar Corporation



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