West Fraser ("WFT") Announces Fourth Quarter Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/19/15 -- West Fraser Timber Co. Ltd. (TSX: WFT) today reported earnings of $43 million or $0.51 per share on sales of $964 million in the fourth quarter of 2014 and earnings of $259 million or $3.06 per share, on sales of $3,856 million for 2014. Earnings per share figures for prior periods have been adjusted to reflect a stock dividend paid January 13, 2014. The stock dividend had the same effect as a two-for-one share subdivision.
Adjusted EBITDA, Adjusted earnings and adjusted basic EPS as described in this news release reflect the adjustments described in the tables referred to in the section titled "Non-IFRS Measures" of our 2014 Management's Discussion & Analysis.
These results compare with previous periods as follows:
Operational Results
In the quarter our lumber operations generated operating earnings of $90 million (Q3 - $101 million) and Adjusted EBITDA of $121 million (Q3 - $131 million). The benefit provided by a weaker Canadian dollar was offset by the effect of reduced shipments. Lumber markets remained relatively positive in the quarter despite declines in the U.S.-dollar prices for some lumber grades and dimensions. Shipments were adversely affected by some ongoing capital projects and fewer operating days.
The panel segment, which includes plywood, LVL and MDF, generated operating earnings in the quarter of $22 million (Q3 - $25 million) and Adjusted EBITDA of $25 million (Q3 - $29 million), mostly reflecting reduced plywood prices in the quarter due to a seasonal slowdown in the Canadian building industry.
Pulp and paper operations generated operating earnings in the quarter of $3 million (Q3 - a loss of $2 million) and Adjusted EBITDA of $12 million (Q3 - $9 million). Although Canadian dollar equivalent NBSK prices improved, our NBSK production continued to be adversely affected by operational difficulties at our Hinton pulp mill following an extended maintenance shutdown in the previous quarter. Production at the mill improved by the end of the quarter.
Outlook
"We are guardedly optimistic about 2015 as we see continued recovery of the U.S. housing market and we are seeing the results of some of our capital investment program. Although we have completed a majority of our capital investments, with over $400 million invested in 2014, we still have more to go." said Ted Seraphim, President and CEO. "Also in 2014, we acquired three sawmills, which, in combination with some major capital investments, has increased our lumber capacity by 400 million board feet this year."
Annual Financial Statements and Management's Discussion & Analysis ("MD&A")
The Company's consolidated financial statements for the year ended December 31, 2014 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 $0.07 per share on the Common shares and the Class B Common shares in the capital of the Company, payable on April 2, 2015 to shareholders of record on March 20, 2015.
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 2014 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 20, 2015 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time) by dialing 1-800-769-8320 (toll- free North America). The call may also be accessed through West Fraser's website at .
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 Timber Co. Ltd. ("West Fraser", "we", "us" or "our") is an integrated wood products company producing lumber, wood chips, LVL, MDF, plywood, pulp and newsprint with facilities in western Canada and the southern United States. Our executive office is located at 858 Beatty Street, Suite 501, Vancouver, British Columbia. West Fraser was formed by articles of amalgamation under the Business Corporations Act (British Columbia) and is registered in British Columbia, Canada. Our Common shares are listed for trading on the Toronto Stock Exchange under the symbol WFT.
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 ("IASB") and using the same accounting policies and methods of their application as the December 31, 2014 annual financial statements. These condensed consolidated interim financial statements should be read in conjunction with our 2014 annual financial statements.
3. Tax recovery (provision)
The tax recovery (provision) differs from the amount that would have resulted from applying the Canadian statutory income tax rates to earnings before tax as follows:
4. 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 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.
5. Segmented information
The geographic distribution of external sales is as follows(1):
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 and Investor Relations
(604) 895-2700
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Datum: 19.02.2015 - 22:01 Uhr
Sprache: Deutsch
News-ID 372975
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contact information:
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Forest and Paper Products
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