West Fraser ("WFT") Announces First Quarter Results
30 Aprile 2012 - 11:01PM
Marketwired Canada
West Fraser Timber Co. Ltd. (TSX:WFT) today reported a loss of $17 million or
$0.39 per share on sales of $681 million in the first quarter of 2012. These
results compare with previous periods as follows:
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($ millions except earnings per share ("EPS")) Q1-12 Q4-11 Q1-11
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Sales 681 650 687
EBITDA(1) 18 18 80
Operating earnings (22) (22) 35
Earnings (loss) from continuing operations (17) (11) 20
Basic EPS from continuing operations ($) (0.39) (0.25) 0.46
Adjusted earnings (loss) from continuing operations(2) (11) (15) 39
Adjusted basic EPS from continuing operations ($)(2) (0.26) (0.35) 0.91
Earnings (loss) after discontinued operations (17) 6 19
Basic EPS after discontinued operations ($) (0.39) 0.14 0.44
Diluted EPS after discontinued operations ($) (0.39) 0.14 0.44
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(1) In this News Release, reference is made to EBITDA (defined as operating
earnings plus amortization). Our management believes that, in addition
to earnings, EBITDA is a useful performance indicator and is a useful
measure of cash available prior to debt service, capital expenditures
and income taxes. Reference is also made to Adjusted earnings (loss)
from continuing operations (calculated as set out in the tables
described in footnote 2 and Adjusted basic EPS (collectively, with
EBITDA, "these measures"). None of these measures is a generally
accepted earnings measure under International Financial Reporting
Standards ("IFRS") and none have a standardized meaning prescribed by
IFRS. Investors are cautioned that these measures should not be
considered as an alternative to earnings, earnings per share or cash
flow, as determined in accordance with IFRS. As there is no
standardized method of calculating any of these measures, our method of
calculating each of them may differ from the methods used by other
entities and, accordingly, our use of any of these measures may not be
directly comparable to similarly titled measures used by other
entities.
(2) Refer to the table titled "Earnings Adjustments for Certain Non-
Operational Items" in the Management's Discussion and Analysis of our
first quarter 2012 results for details of adjustments.
Operational Results
In the quarter our lumber operations generated an operating loss of $29 million
and EBITDA of negative $6 million. The improvement over the prior quarter was
smaller than anticipated due to continued weakness in offshore prices for
low-grade SPF lumber.
The panel segment, which includes plywood, LVL and MDF, generated $1 million of
operating earnings and EBITDA of $5 million in the quarter, a marginal increase
over the prior quarter.
Pulp and paper operations generated operating earnings in the quarter of $17
million and EBITDA of $30 million. The improvement over the prior quarter
occurred despite the decline in pulp prices as the previous quarter's results
were negatively affected by the Hinton Pulp maintenance shutdown.
Outlook
Low-grade SPF lumber prices strengthened late in the quarter returning to a more
normalized level compared to the SPF 2&Better benchmark price. Lumber
productivity and cost improvements are expected to be realized over the next few
quarters as various major capital projects are completed.
Hank Ketcham said, "Although there are some improvements in our markets, we will
continue to monitor capital spending and focus on maintaining a strong balance
sheet as the North American and Asian economies remain fragile."
Management's Discussion & Analysis ("MD&A")
The Company's MD&A is available on the Company's website: www.westfraser.com and
on the System for Electronic Document Analysis and Retrieval at www.sedar.com
under the Company's profile.
Normal Course Issuer Bid
The Company announced on May 20, 2011 a normal course issuer bid ("NCIB") under
which it is authorized to acquire up to 2,002,879 Common shares for cancellation
from June 1, 2011 until expiry of the bid on May 31, 2012. To date, no Common
shares have been acquired under this NCIB. The Company announces that it intends
to apply to the Toronto Stock Exchange (the "TSX") for approval to renew the
NCIB for another year to purchase for cancellation up to 5% of its issued and
outstanding Common shares. The renewal of the NCIB is subject to TSX approval
and, if approved, will be conducted in accordance with the TSX rules. Full
details of the renewed NCIB will be announced upon receipt of TSX approval.
The Company
West Fraser is an integrated wood products company producing lumber, wood chips,
LVL, MDF, plywood, pulp and newsprint. The Company has operations in western
Canada and the southern United States.
Forward-Looking Statements
This news release contains historical information, descriptions of current
circumstances and statements about potential future developments. The latter,
which are forward-looking statements and are included under the heading
"Outlook", are presented to provide reasonable guidance to the reader but their
accuracy depends on a number of assumptions and is subject to various risks and
uncertainties. Actual outcomes and results will depend on a number of factors
that could affect the ability of the Company to execute its business plans,
including those matters described in the 2011 annual Management's Discussion &
Analysis under "Risks and Uncertainties", and may differ materially from those
anticipated or projected. Accordingly, readers should exercise caution in
relying upon forward-looking statements and the Company undertakes no obligation
to publicly revise them to reflect subsequent events or circumstances, except as
required by applicable securities laws.
Conference Call
Investors are invited to listen to the quarterly conference call on Tuesday, May
1, 2012 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time) by dialing
1-800-952-6845 (toll-free North America). The call may also be accessed through
West Fraser's website at www.westfraser.com.
West Fraser shares trade on the Toronto Stock Exchange under the symbol: "WFT".
West Fraser Timber Co. Ltd.
Condensed Consolidated Balance Sheets
(in millions of Canadian dollars - unaudited)
March 31 December 31
2012 2011
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Assets
Current assets
Cash and short-term investments $ 29.7 $ 67.8
Receivables 308.5 266.7
Income taxes receivable - 4.4
Inventories (note 3) 476.4 397.8
Prepaid expenses 12.1 8.6
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826.7 745.3
Property, plant and equipment 942.4 935.7
Timber licences 486.1 490.1
Goodwill and other intangibles 333.9 336.6
Other assets 22.7 29.6
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$ 2,611.8 $ 2,537.3
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Liabilities
Current liabilities
Cheques issued in excess of funds on deposit $ 13.6 $ -
Operating loans (note 4) 51.2 -
Payables and accrued liabilities 304.0 273.9
Income taxes payable 2.0 -
Reforestation and decommissioning 40.9 41.0
Current portion of long-term debt (note 4) 0.3 0.3
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412.0 315.2
Long-term debt (note 4) 300.3 306.3
Other liabilities (note 5) 324.0 289.0
Deferred income taxes 133.5 143.8
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1,169.8 1,054.3
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Shareholders' equity
Share capital 601.4 600.9
Accumulated other comprehensive earnings (10.4) (5.5)
Retained earnings 851.0 887.6
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1,442.0 1,483.0
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$ 2,611.8 $ 2,537.3
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Number of Common shares and Class B Common shares outstanding at April 30,
2012 was 42,855,911.
West Fraser Timber Co. Ltd.
Condensed Consolidated Statement of Changes in Equity
(in millions of Canadian dollars - unaudited)
January 1 to March 31
2012 2011
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Retained earnings
Balance - beginning of period $ 887.6 $ 942.9
Actuarial gain (loss) on employee future
benefits (13.9) 31.3
Earnings for the period (16.7) 18.9
Dividends (6.0) (6.0)
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Balance - end of period $ 851.0 $ 987.1
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Accumulated other comprehensive earnings
Balance - beginning of period $ (5.5) $ (9.6)
Translation loss on foreign operations (4.9) (5.3)
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Balance - end of period $ (10.4) $ (14.9)
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Share capital
Balance - beginning of period $ 600.9 $ 600.5
Issuance of Common shares 0.5 0.1
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Balance - end of period $ 601.4 $ 600.6
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Shareholders' equity $ 1,442.0 $ 1,572.8
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West Fraser Timber Co. Ltd.
Condensed Consolidated Statements of Earnings and Comprehensive Earnings
(in millions of Canadian dollars - unaudited)
January 1 to March 31
2012 2011
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Sales $ 681.0 $ 687.0
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Costs and expenses
Cost of products sold 495.2 432.3
Freight and other distribution costs 117.0 105.6
Export taxes 13.1 15.6
Amortization 40.3 44.7
Selling, general and administration 25.5 26.7
Equity-based compensation 11.9 27.2
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703.0 652.1
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Operating earnings (22.0) 34.9
Interest expense (4.8) (4.8)
Exchange gain on long-term debt 5.9 7.5
Other income (expense) (note 7) 0.4 (3.6)
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Earnings from continuing operations before
tax provision (20.5) 34.0
Tax recovery (provision) (note 8) 3.8 (14.1)
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Earnings from continuing operations (16.7) 19.9
Earnings from discontinued operations (note
9) - (1.0)
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Earnings $ (16.7) $ 18.9
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Earnings per share (dollars) (note 10)
Basic from continuing operations $ (0.39) $ 0.46
Diluted from continuing operations $ (0.39) $ 0.46
Basic after discontinued operations $ (0.39) $ 0.44
Diluted after discontinued operations $ (0.39) $ 0.44
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Comprehensive earnings
Earnings $ (16.7) $ 18.9
Other comprehensive earnings
Translation loss on foreign operations (4.9) (5.3)
Actuarial gain (loss) on employee future
benefits (1) (13.9) 31.3
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Comprehensive earnings $ (35.5) $ 44.9
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(1) Net of tax recovery of $4.6 (March 31, 2011 - provision of $10.2).
West Fraser Timber Co. Ltd.
Condensed Consolidated Statements of Cash Flows
(in millions of Canadian dollars - unaudited)
January 1 to March 31
2012 2011
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Operating activities
Earnings from continuing operations $ (16.7) $ 19.9
Adjustments
Amortization 40.3 44.7
Interest expense 4.8 4.8
Exchange gain on long-term debt (5.9) (7.5)
Tax provision (recovery) (3.8) 14.1
Income taxes received (paid) 4.3 (61.3)
Reforestation and decommissioning
obligations 12.0 11.3
Employee future benefits expense 9.5 12.9
Contributions to employee future benefit
plans (4.5) (5.2)
Other (1.3) (1.1)
Changes in non-cash working capital
Receivables (49.7) (29.5)
Inventories (80.0) (107.8)
Prepaid expenses (3.5) (4.6)
Payables and accrued liabilities 17.2 52.7
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Cash flows from operating activities (77.3) (56.6)
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Financing activities
Repayment of long-term debt (0.3) (0.3)
Proceeds from (repayment of) operating loans 56.3 (3.7)
Interest paid (0.6) (1.6)
Dividends (6.0) (6.0)
Other 0.3 -
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Cash flows from financing activities 49.7 (11.6)
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Investing activities
Additions to capital assets (41.8) (19.8)
Proceeds from Green Transformation Program
(note 11) 15.6 7.5
Proceeds from disposal of capital assets 1.8 0.8
Other 0.3 0.4
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Cash flows from investing activities (24.1) (11.1)
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Change in cash from continuing operations (51.7) (79.3)
Change in cash from discontinued operations
(note 9) - (0.4)
Cash - beginning of period 67.8 160.7
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Cash - end of period $ 16.1 $ 81.0
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Cash consists of
Cash and short-term investments $ 29.7 $ 81.8
Cheques issued in excess of funds on deposit (13.6) (0.8)
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$ 16.1 $ 81.0
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West Fraser Timber Co. Ltd.
Notes to Condensed Consolidated Interim Financial Statements
(figures are in millions of dollars except where indicated - unaudited)
1. Nature of operations
West Fraser is an integrated wood products company producing lumber, wood chips,
LVL, MDF, plywood, pulp and newsprint and is listed on the Toronto Stock
Exchange under the symbol WFT. Its executive office is located at 858 Beatty
Street, Suite 501, Vancouver, British Columbia. The Company was formed by
articles of amalgamation under the Business Corporations Act (British Columbia)
and is registered in British Columbia, Canada.
2. Basis of presentation and statement of compliance
These condensed consolidated interim financial statements have been prepared in
accordance with International Accounting Standard 34 Interim Financial Reporting
as issued by the International Accounting Standards Board and using the same
accounting policies and methods of their application as the December 31, 2011
annual financial statements. These condensed consolidated interim financial
statements should be read in conjunction with the Company's 2011 annual
financial statements.
3. Inventories
Inventories at March 31, 2012 were written down by $19.8 million (December 31,
2011 - $14.9 million; March 31, 2011 - $3.9 million) to reflect net realizable
value being lower than cost.
4. Long-term debt and operating loans
Long-term debt
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December 31,
March 31, 2012 2011
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US$300 million senior notes due October 2014;
interest at 5.2% $ 299.3 $ 305.1
Note payable due in installments to 2020;
interest at 5.5% 2.2 2.5
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301.5 307.6
Less:
Current portion (0.3) (0.3)
Deferred financing costs (0.9) (1.0)
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$ 300.3 $ 306.3
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Operating loans
The Company has $530 million in revolving lines of credit, of which $51.2
million (net of deferred charges of $5.4 million) was drawn as at March 31, 2012
(December 31, 2011 - nil). Deferred financing costs of $5.7 million are included
in other assets at December 31, 2011. As at March 31, 2012, letters of credit in
the amount of $35.3 million have been issued under these facilities.
The $500 million committed facility, the $25 million demand line of credit
dedicated to letters of credit facility and the US$300 million senior notes are
secured by the Company's assets. A $5 million line of credit, which is available
to a joint venture, is secured by the joint venture's current assets.
5. Other liabilities
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December 31,
March 31, 2012 2011
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Post-retirement $ 200.3 $ 177.9
Reforestation 82.5 70.5
Decommissioning 14.5 14.6
Other 26.7 26.0
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$ 324.0 $ 289.0
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6. Employee future benefits
The Company maintains defined benefit and defined contribution pension plans
covering a majority of its employees. The defined benefit plans provide pension
benefits based either on length of service or on earnings and length of service.
Total pension expense for the defined benefit plans is $9.0 million for the
three months ended March 31, 2012 (three months ended March 31, 2011 - $8.4
million). The Company also provides group life insurance, medical and extended
health benefits to certain employee groups.
The status of the defined benefit pension plans and other benefit plans, in
aggregate, is as follows:
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December 31,
March 31, 2012 2011
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Projected benefit obligations $(1,152.1) $(1,097.8)
Fair value of plan assets 969.8 938.8
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Deficit $ (182.3) $ (159.0)
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Represented by
Pension surplus(1) $ 18.0 $ 18.9
Post-retirement obligations(2) (200.3) (177.9)
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$ (182.3) $ (159.0)
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(1) Included in other assets.
(2) Included in other liabilities.
The significant assumptions used to determine the period end benefit obligations
are as follows:
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December 31,
March 31, 2012 2011
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Discount rate on obligation 4.75% 5.00%
Expected rate of return on plan assets 6.50% 6.50%
Rate of increase in future compensation 3.50% 3.50%
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The change in the discount rate on obligations and the difference between the
actual rate of return and the expected rate of return on plan assets generated
an actuarial gain (loss) on employee future benefits, included in comprehensive
earnings, as follows:
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January 1 to March 31
2012 2011
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Actuarial gain (loss) $ (18.5) $ 41.5
Tax recovery (provision) on actuarial gain
(loss) 4.6 (10.2)
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$ (13.9) $ 31.3
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7. Other income (expense)
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January 1 to March 31
2012 2011
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Foreign exchange loss - net $ (2.4) $ (4.4)
Gain on asset sales 0.9 -
Other - net 1.9 0.8
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$ 0.4 $ (3.6)
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8. Tax provision
The Company's effective tax rate on earnings from continuing operations is as
follows:
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January 1 to March 31
2012 2011
Amount % Amount %
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Income taxes at statutory rates $ 5.1 25.0 $ (9.0) (26.5)
Non taxable amounts (0.8) (3.9) (5.1) (14.9)
Rate differentials between
jurisdictions and on specified
activities 0.9 4.3 (0.3) (0.9)
Recognized (unrecognized) tax
assets (1.5) (7.3) 0.4 1.1
Other 0.1 0.4 (0.1) (0.2)
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Tax recovery (provision) $ 3.8 18.5 $ (14.1) (41.4)
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9. Discontinued operation
The Company permanently closed its linerboard and kraft paper mill, located in
Kitimat, B.C. in January 2010 and the windup was substantially completed in
December 2011.
10. Earnings per share
Basic earnings per share is calculated based on earnings available to Common
shareholders, as set out below, using the weighted average number of Common
shares and Class B Common shares outstanding.
Diluted earnings per share is calculated based on earnings available to Common
shareholders adjusted to remove the actual share option expense (recovery)
charged to earnings and after deducting a notional charge for share option
expense assuming the use of the equity settled method, as set out below. The
diluted weighted average number of shares is calculated using the treasury stock
method. When earnings available to Common shareholders for diluted earnings per
share are greater than earnings available to Common shareholders for basic
earnings per share, the calculation is anti-dilutive and diluted earnings per
share are deemed to be the same as basic earnings per share.
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January 1 to March 31
2012 2011
From After From After
continuing discontinued continuing discontinued
operations operations operations operations
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Earnings
Basic $ (16.7) $ (16.7) $ 19.9 $ 18.9
Share option expense 7.2 7.2 22.9 22.9
Equity settled share
option adjustment (2.0) (2.0) (2.3) (2.3)
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Diluted $ (11.5) $ (11.5) $ 40.5 $ 39.5
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Weighted average number of
shares
Basic 42,850,537 42,850,537 42,836,143 42,836,143
Share options 409,369 409,369 572,217 572,217
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Diluted 43,259,906 43,259,906 43,408,360 43,408,360
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Earnings per share
(dollars)
Basic $ (0.39) $ (0.39) $ 0.46 $ 0.44
Diluted $ (0.39) $ (0.39) $ 0.46 $ 0.44
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11. Green Transformation Program
In 2009 the Government of Canada confirmed an allocation of credits totalling
$88 million to the Company under the Pulp and Paper Green Transformation Program
(the "GT Program"). The GT Program provides funding for capital projects that
improve the energy efficiency or environmental performance of Canadian pulp and
paper mills. Credits may be used until the GT Program end date of March 31,
2012. For the three months ended March 31, 2012, the Company received $15.6
million under the GT Program (year ended December 31, 2011 - $36.9 million; year
ended December 31, 2010 - $1.6 million). At March 31, 2012, $34.3 million is
included in accounts receivable related to expenditures under the GT Program.
12. Segmented information
Pulp & Corporate Consoli-
Lumber Panels paper & other dated
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January 1, 2012 to March 31,
2012
Sales at market prices
To external customers $ 379.2 $ 103.2 $ 198.6 $ - $ 681.0
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To other segments 18.6 1.7 - -
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$ 397.8 $ 104.9 $ 198.6 $ -
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EBITDA (1) $ (6.2) $ 5.4 $ 30.3 $ (11.2) $ 18.3
Amortization (22.3) (4.1) (13.3) (0.6) (40.3)
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Operating earnings (28.5) 1.3 17.0 (11.8) (22.0)
Interest expense (2.5) (0.8) (1.5) - (4.8)
Exchange gain on long-
term debt - - - 5.9 5.9
Other income (expense) 1.5 - (1.6) 0.5 0.4
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Earnings from continuing
operations before tax
provision $ (29.5) $ 0.5 $ 13.9 $ (5.4) $ (20.5)
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January 1, 2011 to March 31,
2011
Sales at market prices
To external customers $ 389.7 $ 88.6 $ 208.7 $ - $ 687.0
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To other segments 21.5 2.3 - -
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$ 411.2 $ 90.9 $ 208.7 $ -
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EBITDA (1) $ 55.2 $ 3.6 $ 46.9 $ (26.1) $ 79.6
Amortization (22.3) (3.9) (17.8) (0.7) (44.7)
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Operating earnings 32.9 (0.3) 29.1 (26.8) 34.9
Interest expense (2.6) (0.8) (1.4) - (4.8)
Exchange gain on long-
term debt - - - 7.5 7.5
Other income (expense) (2.5) (0.2) (1.8) 0.9 (3.6)
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Earnings from continuing
operations before tax
provision $ 27.8 $ (1.3) $ 25.9 $ (18.4) $ 34.0
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(1) Non GAAP measure:
EBITDA is defined as operating earnings plus amortization.
The geographic distribution of external sales is as follows:
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January 1 to March 31(1)
2012 2011
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United States $ 317.7 $ 340.4
Canada 169.5 156.0
China 116.0 103.9
Other Asia 48.9 54.7
Other 28.9 32.0
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$ 681.0 $ 687.0
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(1) Sales distribution is based on the location of product delivery by the
Company.
13. Contingency
On January 18, 2011 the United States initiated arbitration with Canada under
the Softwood Lumber Agreement ("SLA") over its concern that the province of
British Columbia ("B.C.") has misapplied or altered its timber pricing rules and
as a result has charged too low a price for certain timber harvested on public
lands in the B.C. interior. In August 2011 the United States filed a detailed
statement of case with the arbitration panel and the parties exchanged pleadings
in the fourth quarter of 2011. A hearing before the arbitration panel took place
in February 2012 and a final decision is expected in the second half of 2012.
The Company believes that Canada and B.C. are complying with their obligations
under the SLA and intends to cooperate fully with the B.C. and Canadian
governments in defending this claim. The results of the arbitration process are
not determinable at this point in time and accordingly no provision has been
recorded by the Company.
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