West Fraser ("WFT") Announces Fourth Quarter Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/16/12 -- West Fraser Timber Co. Ltd. (TSX: WFT) today reported earnings after discontinued operations of $6 million or $0.14 per share on sales of $650 million in the fourth quarter of 2011 and earnings after discontinued operations of $73 million or $1.47 per share, on sales of $2,762 million for 2011.
These results compare with previous periods as follows:
"We ended a challenging year with a difficult quarter as markets for our products continue to be unsettled." said Hank Ketcham, West Fraser's Chairman, President and CEO. "We are very encouraged with the results of our capital investment program as well as the continued commitment of our employees to West Fraser's long-term success."
Operational Results
In the quarter our lumber operations generated an operating loss of $30 million (Q3 - negative $15 million) and EBITDA of negative $8 million (Q3 - $6 million). The decline in our results reflects weaker prices for lower-grade SPF lumber and wider-dimension SYP lumber and reduced shipments.
The panel segment, which includes plywood, LVL and MDF, did not generate any operating earnings in the quarter (Q3 - negative $2 million) and EBITDA of $4 million (Q3 - $2 million) as Canadian dollar plywood and MDF prices showed some improvement.
Pulp and paper operations generated operating earnings in the quarter of $13 million (Q3 - $19 million) and EBITDA of $27 million (Q3 - $36 million). Pulp prices weakened during the quarter with the NBSK benchmark averaging 7% lower than in the third quarter.
Outlook
We are approaching 2012 with conservatism and caution in light of ongoing economic uncertainty in our key markets and the continuing volatility of the Canadian dollar. We will continue to invest in our existing facilities in order to maintain and improve our competitiveness.
Annual Financial Statements and Management's Discussion & Analysis ("MD&A")
The Company's consolidated financial statements for the year ended December 31, 2011 and related MD&A is available on the Company's website: and on the System for Electronic Document Analysis and Retrieval at under the Company's profile.
Dividend Declared
The Board of Directors of the Company has declared a dividend of $0.14 per share on the Common shares and the Class B Common shares in the capital of the Company, payable on April 5, 2012 to shareholders of record on March 23, 2012.
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 Friday, February 17, 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 . A presentation summarizing the fourth quarter results will also be available on the Company's website.
West Fraser shares trade on the Toronto Stock Exchange under the symbol: "WFT".
Number of Common shares and Class B Common shares outstanding at February 16, 2012 was 42,848,017.
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
The Company is an integrated wood products company producing lumber, wood chips, LVL, MDF, plywood, pulp and newsprint with facilities in Canada and the southern United States. The Company's 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. The Company is listed on the Toronto Stock Exchange under the symbol WFT.
2. Transition to International Financial Reporting Standards ("IFRS")
The Company adopted IFRS effective January 1, 2011. Prior to the adoption of IFRS, the Company prepared its financial statements in accordance with Canadian generally accepted accounting principles. Comparative figures have been restated to conform to IFRS.
3. 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 accounting policies disclosed in the Company's annual consolidated financial statements for the year ended December 31, 2011. These financial statements can be found on the Company's website at and on the System for Electronic Document Analysis and Retrieval at under the Company's profile.
These condensed consolidated interim financial statements should be read in conjunction with the Company's 2011 annual consolidated financial statements.
4. Inventories
Inventories at December 31, 2011 were written down by $14.9 million (September 30, 2011 - $10.7 million; December 31, 2010 - $3.8 million) to reflect net realizable value being lower than cost.
5. Tax provision
The Company's effective tax rate on earnings from continuing operations is as follows:
6. Discontinued operation
The Company permanently closed its linerboard and kraft paper mill, located in Kitimat, B.C. in January 2010. The results of the discontinued operation are as follows:
During the year the Company sold its remaining assets associated with Kitimat for proceeds of $50.0 million resulting in a gain of $48.7 million.
7. 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.
8. Segmented information
Sales distribution is based on the location of product delivery by the Company.
Contacts:
West Fraser Timber Co. Ltd.
Larry Hughes
Vice-President, Finance and Chief Financial Officer
(604) 895-2700
West Fraser Timber Co. Ltd.
Rodger Hutchinson
Vice-President, Corporate Controller
(604) 895-2700
(604) 681-6061 (FAX)
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Datum: 16.02.2012 - 22:01 Uhr
Sprache: Deutsch
News-ID 115818
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contact information:
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Forest and Paper Products
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