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Share Name | Share Symbol | Market | Type |
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Domtar Corporation | NYSE:UFS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 55.49 | 0 | 01:00:00 |
Lower selling prices and higher costs impact fourth quarter results(All financial information is in U.S. dollars, and all earnings per share results are diluted, unless otherwise noted).
Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported net earnings of $47 million ($0.75 per share) for the fourth quarter of 2016 compared to net earnings of $59 million ($0.94 per share) for the third quarter of 2016 and net earnings of $57 million ($0.91 per share) for the fourth quarter of 2015. Sales for the fourth quarter of 2016 were $1.3 billion.
Excluding items listed below, the Company had earnings before items1 of $47 million ($0.75 per share) for the fourth quarter of 2016 compared to earnings before items1 of $71 million ($1.13 per share) for the third quarter of 2016 and earnings before items1 of $70 million ($1.11 per share) for the fourth quarter of 2015.
Fourth quarter 2016 items:
Third quarter 2016 items:
Fourth quarter 2015 items:
FISCAL YEAR 2016 HIGHLIGHTS
For fiscal year 2016, net earnings amounted to $128 million ($2.04 per share) compared to net earnings of $142 million ($2.24 per share) for fiscal year 2015. The Company had earnings before items1 of $178 million ($2.84 per share) for fiscal year 2016 compared to earnings before items1 of $211 million ($3.33 per share) for fiscal year 2015. Sales amounted to $5.1 billion for fiscal year 2016.
Commenting on the full-year results, John D. Williams, President and Chief Executive Officer, said, “Our businesses generated strong EBITDA and cash flow in a challenging macro-economic and competitive environment. This allowed us to further execute on our growth strategy, while returning cash to our shareholders.”
QUARTERLY REVIEW
“Our pulp business shipped record volumes of softwood in the fourth quarter. Nevertheless, the segment was impacted by lower prices and higher costs,” said John D. Williams, President and Chief Executive Officer. “Personal Care began manufacturing baby diapers using Ashdown fluff pulp with initial trials providing good results. This production is the first step towards qualifying Ashdown fluff pulp for the hygiene market.”
Mr. Williams added, “The fourth quarter marked our highest Personal Care sales and EBITDA of the year, which included the results of our recent HDIS acquisition. We are scaling up our capabilities in the rapidly growing direct-to-consumer channel, while expanding our partner-brand strategy to capture sales growth and higher margins by continuing to differentiate the way we sell our products.”
Operating income was $74 million in the fourth quarter of 2016 compared to an operating income of $92 million in the third quarter of 2016. Depreciation and amortization totaled $85 million in the fourth quarter of 2016.
Operating income before items1 was $74 million in the fourth quarter of 2016 compared to an operating income before items1 of $107 million in the third quarter of 2016.
(In millions of dollars) 4Q 2016 3Q 2016 Sales $ 1,274 $ 1,270 Operating income (loss) Pulp and Paper segment 74 89 Personal Care segment 13 15 Corporate (13 ) (12 ) Total operating income 74 92 Operating income before items1 74 107 Depreciation and amortization 85 87The decrease in operating income in the fourth quarter of 2016 was the result of lower average selling prices, higher raw material costs, lower productivity and higher maintenance costs. These factors were partially offset by an increase in pulp sales volume and favorable exchange rates.
When compared to the third quarter of 2016, manufactured paper shipments were down 1% and pulp shipments increased 12%. The shipments-to-production ratio for paper was 104% in the fourth quarter of 2016, compared to 102% in the third quarter of 2016. Paper inventories decreased by 22,000 tons and pulp inventories increased by 19,000 metric tons when compared to the third quarter of 2016.
LIQUIDITY AND CAPITAL
Cash flow provided from operating activities amounted to $155 million, and capital expenditures were $45 million, resulting in free cash flow1 of $110 million for the fourth quarter of 2016. Domtar’s net debt-to-total capitalization ratio1 stood at 30% at December 31, 2016 and at September 30, 2016.
OUTLOOK
In 2017, we expect our paper shipments to be in-line with market demand, while pulp shipments should be higher due to the conversion of a paper machine to a fluff pulp line. We anticipate some volatility in softwood and fluff pulp markets due to the strong U.S. dollar and new capacity additions. Costs, including freight, labor and raw materials, are expected to marginally increase. In Personal Care, investments in advertising and promotion in addition to new customer wins should drive higher sales.
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 2016 financial results. Financial analysts are invited to participate in the call by dialing 1 (800) 499-4035 (toll free - North America) or 1 (416) 204-9269 (International) 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 www.domtar.com.
The Company will release its first quarter 2017 earnings results on April 27, 2017, 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 DomtarDomtar 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 $5.1 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 StatementsStatements 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 2015 as filed with the SEC and as updated by subsequently filed Form 10-Q’s. 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 CorporationHighlights(In millions of dollars, unless otherwise noted)
Three monthsended
Three monthsended
Twelve monthsended
Twelve monthsended
December 31, December 31, December 31, December 31, 2016 2015 2016 2015 (Unaudited) $ $ $ $ Selected Segment Information Sales Pulp and Paper 1,046 1,110 4,239 4,458 Personal Care 242 221 917 869 Total for reportable segments 1,288 1,331 5,156 5,327 Intersegment sales (14 ) (17 ) (58 ) (63 ) Consolidated sales 1,274 1,314 5,098 5,264 Depreciation and amortization and impairmentof property, plant and equipment
Pulp and Paper 68 73 284 297 Personal Care 17 16 64 62 Total for reportable segments 85 89 348 359 Impairment of property, plantand equipment - Pulp and Paper
— 20 29 77 Consolidated depreciation and amortization andimpairment of property, plant and equipment
85 109 377 436 Operating income (loss) Pulp and Paper 74 86 217 270 Personal Care 13 16 57 61 Corporate (13 ) (8 ) (51 ) (43 ) Consolidated operating income 74 94 223 288 Interest expense, net 17 17 66 132 Earnings before income taxes 57 77 157 156 Income tax expense 10 20 29 14 Net earnings 47 57 128 142 Per common share (in dollars) Net earnings Basic 0.75 0.91 2.04 2.24 Diluted 0.75 0.91 2.04 2.24 Weighted average number of commonshares outstanding (millions)
Basic 62.6 62.8 62.6 63.3 Diluted 62.7 62.9 62.7 63.4 Cash flows provided from operating activities 155 137 465 453 Additions to property, plant and equipment 45 87 347 289Domtar CorporationConsolidated Statements of Earnings(In millions of dollars, unless otherwise noted)
Three monthsended
Three monthsended
Twelve monthsended
Twelve monthsended
December 31, December 31, December 31, December 31, 2016 2015 2016 2015 (Unaudited) $ $ $ $ Sales 1,274 1,314 5,098 5,264 Operating expenses Cost of sales, excluding depreciation and amortization 1,003 1,007 4,035 4,147 Depreciation and amortization 85 89 348 359 Selling, general and administrative 113 100 427 394 Impairment of property, plant and equipment — 20 29 77 Closure and restructuring costs (1 ) 1 32 4 Other operating loss (income), net — 3 4 (5 ) 1,200 1,220 4,875 4,976 Operating income 74 94 223 288 Interest expense, net 17 17 66 132 Earnings before income taxes 57 77 157 156 Income tax expense 10 20 29 14 Net earnings 47 57 128 142 Per common share (in dollars) Net earnings Basic 0.75 0.91 2.04 2.24 Diluted 0.75 0.91 2.04 2.24 Weighted average number of commonshares outstanding (millions)
Basic 62.6 62.8 62.6 63.3 Diluted 62.7 62.9 62.7 63.4Domtar CorporationConsolidated Balance Sheets at(In millions of dollars)
December 31, December 31, 2016 2015 (Unaudited) $ $ Assets Current assets Cash and cash equivalents 125 126 Receivables, less allowances of $7 and $6 613 627 Inventories 759 766 Prepaid expenses 40 21 Income and other taxes receivable 31 14 Total current assets 1,568 1,554 Property, plant and equipment, net 2,825 2,835 Goodwill 550 539 Intangible assets, net 608 601 Other assets 129 125 Total assets 5,680 5,654 Liabilities and shareholders' equity Current liabilities Bank indebtedness 12 — Trade and other payables 656 720 Income and other taxes payable 22 27 Long-term debt due within one year 63 41 Total current liabilities 753 788 Long-term debt 1,218 1,210 Deferred income taxes and other 675 654 Other liabilities and deferred credits 358 350 Shareholders' equity Common stock 1 1 Additional paid-in capital 1,963 1,966 Retained earnings 1,211 1,186 Accumulated other comprehensive loss (499 ) (501 ) Total shareholders' equity 2,676 2,652 Total liabilities and shareholders' equity 5,680 5,654Domtar CorporationConsolidated Statements of Cash Flows(In millions of dollars)
For the twelve months ended December 31, 2016 December 31, 2015 (Unaudited) $ $ Operating activities Net earnings 128 142 Adjustments to reconcile net earnings to cash flows from operating activities Depreciation and amortization 348 359 Deferred income taxes and tax uncertainties 9 (56 ) Impairment of property, plant and equipment 29 77 Net gains on disposals of property, plant and equipment — (15 ) Stock-based compensation expense 7 5 Other (2 ) 4 Changes in assets and liabilities, excluding effect of sale and acquisition ofbusinesses
Receivables 18 (22 ) Inventories 14 (84 ) Prepaid expenses 5 5 Trade and other payables (51 ) — Income and other taxes (18 ) 38 Difference between employer pension and other post-retirementcontributions and pension and other post-retirement expense
(21 ) (1 ) Other assets and other liabilities (1 ) 1 Cash flows provided from operating activities 465 453 Investing activities Additions to property, plant and equipment (347 ) (289 ) Proceeds from disposals of property, plant and equipment and sale of business 1 36 Acquisition of businesses, net of cash acquired (46 ) — Other 1 9 Cash flows used for investing activities (391 ) (244 ) Financing activities Dividend payments (102 ) (100 ) Stock repurchase (10 ) (50 ) Net change in bank indebtedness 12 (11 ) Change in revolving bank credit facility — 50 Proceeds from receivables securitization facility 140 — Repayments of receivables securitization facility (70 ) — Issuance of long-term debt — 300 Repayments of long-term debt (40 ) (439 ) Other (3 ) 1 Cash flows used for financing activities (73 ) (249 ) Net increase (decrease) in cash and cash equivalents 1 (40 ) Impact of foreign exchange on cash (2 ) (8 ) Cash and cash equivalents at beginning of year 126 174 Cash and cash equivalents at end of year 125 126 Supplemental cash flow information Net cash payments for: Interest (including $40 million of redemption premiums in 2015) 64 133 Income taxes paid, net 40 34Domtar CorporationQuarterly Reconciliation of Non-GAAP Financial Measures(In millions of dollars, unless otherwise noted)
The following table sets forth certain non-U.S. generally accepted accounting principles (“GAAP”) financial metrics identified in bold as “Earnings before items”, “Earnings before items per diluted share”, “EBITDA”, “EBITDA margin”, “EBITDA before items”, “EBITDA margin before items”, “Free cash flow”, “Net debt” and “Net debt-to-total capitalization”. Management believes that the financial metrics are useful to understand our operating performance and benchmark with peers within the industry. The Company calculates “Earnings before items” and “EBITDA before items” by excluding the after-tax (pre-tax) effect of specified items. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.
2016 2015 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Reconciliation of "Earnings before items" to Netearnings
Net earnings ($) 4 18 59 47 128 36 38 11 57 142 (+) Impairment of property, plant and equipment ($) 16 2 4 — 22 12 11 12 12 47 (+) Closure and restructuring costs ($) 2 16 8 (1 ) 25 1 1 1 1 4 (+) Litigation settlement ($) — 2 — — 2 — — — — — (-) Net gains on disposals of property, plant and equipment ($) — — — — — (1 ) (11 ) — — (12 ) (+) Impact of purchase accounting ($) — — — 1 1 — — — — — (+) Debt refinancing costs ($) — — — — — — — 30 — 30 (=) Earnings before items ($) 22 38 71 47 178 48 39 54 70 211 (/) Weighted avg. number of common shares outstanding (diluted) (millions) 62.8 62.7 62.7 62.7 62.7 63.9 63.7 63.0 62.9 63.4 (=) Earnings before items per diluted share ($) 0.35 0.61 1.13 0.75 2.84 0.75 0.61 0.86 1.11 3.33 Reconciliation of "EBITDA" and "EBITDA beforeitems" to Net earnings
Net earnings ($) 4 18 59 47 128 36 38 11 57 142 (+) Income tax (benefit) expense ($) (3 ) 6 16 10 29 9 (1 ) (14 ) 20 14 (+) Interest expense, net ($) 17 15 17 17 66 26 25 64 17 132 (=) Operating income ($) 18 39 92 74 223 71 62 61 94 288 (+) Depreciation and amortization ($) 89 87 87 85 348 90 91 89 89 359 (+) Impairment of property, plant and equipment ($) 21 3 5 — 29 19 18 20 20 77 (-) Net gains on disposals of property, plant and equipment ($) — — — — — (1 ) (14 ) — — (15 ) (=) EBITDA ($) 128 129 184 159 600 179 157 170 203 709 (/) Sales ($) 1,287 1,267 1,270 1,274 5,098 1,348 1,310 1,292 1,314 5,264 (=) EBITDA margin (%) 10 % 10 % 14 % 12 % 12 % 13 % 12 % 13 % 15 % 13 % EBITDA ($) 128 129 184 159 600 179 157 170 203 709 (+) Closure and restructuring costs ($) 2 21 10 (1 ) 32 1 1 1 1 4 (+) Litigation settlement ($) — 2 — — 2 — — — — — (+) Impact of purchase accounting ($) — — — 1 1 — — — ——
(=) EBITDA before items ($) 130 152 194 159 635 180 158 171 204 713 (/) Sales ($) 1,287 1,267 1,270 1,274 5,098 1,348 1,310 1,292 1,314 5,264 (=) EBITDA margin before items (%) 10 % 12 % 15 % 12 % 12 % 13 % 12 % 13 % 16 % 14 % Reconciliation of "Free cash flow" to Cash flowsprovided from operating activities
Cash flows provided from operating activities ($) 97 118 95 155 465 127 122 67 137 453 (-) Additions to property, plant and equipment ($) (100 ) (119 ) (83 ) (45 ) (347 ) (70 ) (66 ) (66 ) (87 ) (289 ) (=) Free cash flow ($) (3 ) (1 ) 12 110 118 57 56 1 50 164 "Net debt-to-total capitalization" computation Bank indebtedness ($) 6 1 — 12 6 1 1 — (+) Long-term debt due within one year ($) 41 64 63 63 169 169 42 41 (+) Long-term debt ($) 1,211 1,237 1,309 1,218 1,170 1,169 1,236 1,210 (=) Debt ($) 1,258 1,302 1,372 1,293 1,345 1,339 1,279 1,251 (-) Cash and cash equivalents ($) (97 ) (111 ) (168 ) (125 ) (183 ) (207 ) (128 ) (126 ) (=) Net debt ($) 1,161 1,191 1,204 1,168 1,162 1,132 1,151 1,125 (+) Shareholders' equity ($) 2,736 2,716 2,754 2,676 2,710 2,761 2,659 2,652 (=) Total capitalization ($) 3,897 3,907 3,958 3,844 3,872 3,893 3,810 3,777 Net debt ($) 1,161 1,191 1,204 1,168 1,162 1,132 1,151 1,125 (/) Total capitalization ($) 3,897 3,907 3,958 3,844 3,872 3,893 3,810 3,777 (=) Net debt-to-total capitalization (%) 30 % 30 % 30 % 30 % 30 % 29 % 30 % 30 %"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, Operating income 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 CorporationQuarterly Reconciliation of Non-GAAP Financial Measures – By Segment 2016(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 (1) Corporate Total Q1'16 Q2'16 Q3'16 Q4'16 Year Q1'16 Q2'16 Q3'16 Q4'16 Year Q1'16 Q2'16 Q3'16 Q4'16 Year Q1'16 Q2'16 Q3'16 Q4'16 Year Reconciliation of Operating income (loss)to "Operating income (loss) before items"
Operating income (loss) ($) 19 35 89 74 217 14 15 15 13 57 (15) (11) (12) (13) (51) 18 39 92 74 223 (+) Impairment of property, plant and equipment ($) 21 3 5 — 29 — — — — — — — — — — 21 3 5 — 29 (+) Impact of purchase accounting ($) — — — — — — — — 1 1 — — — ——
— — — 1 1 (+) Closure and restructuring costs ($) 2 21 10 (2) 31 — — — 1 1 — — ——
—
2 21 10 (1) 32 (+) Litigation settlement ($) — — — — — — — — — — — 2 — — 2 — 2 — — 2 (=) Operating income (loss) before items ($) 42 59 104 72 277 14 15 15 15 59 (15) (9) (12) (13) (49) 41 65 107 74 287 Reconciliation of "Operating income (loss)before items" to "EBITDA before items"
Operating income (loss) before items ($) 42 59 104 72 277 14 15 15 15 59 (15) (9) (12) (13) (49) 41 65 107 74 287 (+) Depreciation and amortization ($) 73 72 71 68 284 16 15 16 17 64 — — — — — 89 87 87 85 348 (=) EBITDA before items ($) 115 131 175 140 561 30 30 31 32 123 (15) (9) (12) (13) (49) 130 152 194 159 635 (/) Sales ($) 1,085 1,054 1,054 1,046 4,239 216 228 231 242 917 — — — — — 1,301 1,282 1,285 1,288 5,156 (=) EBITDA margin before items (%) 11% 12% 17% 13% 13% 14% 13% 13% 13% 13% — — — — — 10% 12% 15% 12% 12%"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.
(1) On October 1, 2016, the Company acquired 100% of the shares of Home Delivery Incontinent Supplies Co. in the United States.
Domtar CorporationQuarterly Reconciliation of Non-GAAP Financial Measures – By Segment 2015(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 Q1'15 Q2'15 Q3'15 Q4'15 Year Q1'15 Q2'15 Q3'15 Q4'15 Year Q1'15 Q2'15 Q3'15 Q4'15 Year Q1'15 Q2'15 Q3'15 Q4'15 Year Reconciliation of Operating income (loss)to "Operating income (loss) before items"
Operating income (loss) ($) 75 55 54 86 270 10 17 18 16 61 (14) (10) (11) (8) (43) 71 62 61 94 288 (+) Impairment of property, plant and equipment ($) 19 18 20 20 77 — — — — — — — — — — 19 18 20 20 77 (-) Net gains on disposals of property, plant and equipment ($) — (14) — — (14) — — — — — (1) — — — (1) (1) (14) — — (15) (+) Closure and restructuring costs ($) — 1 1 1 3 1 — — — 1 — — — — — 1 1 1 1 4 (=) Operating income (loss) before items ($) 94 60 75 107 336 11 17 18 16 62 (15) (10) (11) (8) (44) 90 67 82 115 354 Reconciliation of "Operating income (loss)before items" to "EBITDA before items"
Operating income (loss) before items ($) 94 60 75 107 336 11 17 18 16 62 (15) (10) (11) (8) (44) 90 67 82 115 354 (+) Depreciation and amortization ($) 74 75 75 73 297 16 16 14 16 62 — — — — — 90 91 89 89 359 (=) EBITDA before items ($) 168 135 150 180 633 27 33 32 32 124 (15) (10) (11) (8) (44) 180 158 171 204 713 (/) Sales ($) 1,146 1,110 1,092 1,110 4,458 218 216 214 221 869 — — — — — 1,364 1,326 1,306 1,331 5,327 (=) EBITDA margin before items (%) 15% 12% 14% 16% 14% 12% 15% 15% 14% 14% — — — — — 13% 12% 13% 15% 13%“Operating income (loss) before items”, “EBITDA before items” and “EBITDA margin before items” have no standardized meaning prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies and therefore should not be considered in isolation or as a substitute for Operating income (loss) or any other earnings statement, cash flow statement or balance sheet financial information prepared in accordance with GAAP. It is important for readers to understand that certain items may be presented in different lines by different companies on their financial statements, thereby leading to different measures for different companies.
Domtar CorporationSupplemental Segmented Information(In millions of dollars, unless otherwise noted)
2016 2015 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Pulp and PaperSegment
Sales ($) 1,085 1,054 1,054 1,046 4,239 1,146 1,110 1,092 1,110 4,458 Operating income ($) 19 35 89 74 217 75 55 54 86 270 Depreciation andamortization
($) 73 72 71 68 284 74 75 75 73 297 Impairment of property,plant and equipment
($) 21 3 5 — 29 19 18 20 20 77 Paper Paper Production ('000 ST) 785 715 726 714 2,940 808 806 794 837 3,245 Paper Shipments -Manufactured
('000 ST) 786 752 744 739 3,021 804 783 779 797 3,163 CommunicationPapers
('000 ST) 657 627 620 618 2,522 669 653 648 669 2,639 Specialty andPackaging
('000 ST) 129 125 124 121 499 135 130 131 128 524 Paper Shipments -Sourced from
3rd parties
('000 ST) 32 29 35 27 123 35 29 35 28 127 Paper Shipments -Total
('000 ST) 818 781 779 766 3,144 839 812 814 825 3,290 Pulp Pulp Shipments(a) ('000 ADMT) 369 360 369 415 1,513 350 345 333 386 1,414 Hardwood KraftPulp
(%) 6 % 4 % 5 % 8 % 6 % 9 % 8 % 8 % 8 % 8 % Softwood KraftPulp
(%) 69 % 66 % 67 % 67 % 67 % 65 % 65 % 65 % 69 % 66 % Fluff Pulp (%) 25 % 30 % 28 % 25 % 27 % 26 % 27 % 27 % 23 % 26 % Personal CareSegment
Sales ($) 216 228 231 242 917 218 216 214 221 869 Operating income ($) 14 15 15 13 57 10 17 18 16 61 Depreciation andamortization
($) 16 15 16 17 64 16 16 14 16 62 Average ExchangeRates
$US / $CAN 1.375 1.289 1.305 1.333 1.325 1.241 1.229 1.309 1.335 1.279 $CAN / $US 0.727 0.776 0.766 0.750 0.755 0.806 0.813 0.765 0.749 0.782 € / $US 1.103 1.130 1.116 1.078 1.107 1.126 1.106 1.112 1.095 1.110(a) Figures are gross of market pulp purchased from other producers on the open market for some of our paper making operations. Pulp Shipments represent the amount of pulp produced in excess of our internal requirement.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170209005609/en/
Domtar CorporationINVESTOR RELATIONSNicholas Estrela, 514-848-5555 x 85979DirectorInvestor RelationsorMEDIA RELATIONSDavid Struhs, 803-802-8031Vice-PresidentCorporate Services and Sustainability
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