RBC Capital Markets Investor Presentation. April 2018
|
|
- Bertina Briggs
- 6 years ago
- Views:
Transcription
1 RBC Capital Markets Investor Presentation April 2018
2 Forward-Looking Statements This presentation and comments associated with it contain forward-looking statements including statements relating to U.S. housing recovery, the potential for constrained lumber supply, earnings sensitivity and estimated annual capital expenditures. These statements are subject to the cautionary statement which introduces West Fraser s 2017 Annual Management s Discussion & Analysis which can be accessed on the Company website 2
3 West Fraser Then and Now THEN From humble beginnings to North America s largest lumber producer NOW 3
4 Wood is Good Source: rethink Wood Wood is an ideal building material 4
5 Integration - We Attain Value from 100% of Our Resources Sustainably managed forest lands Lumber Reforestation Plywood Remanufacturers Sawdust and shavings Chips Bark (Fuel) MDF Supply agreements (e.g. pellet plants) BCTMP Pulp NBSK Pulp Bioproducts Heat and Electricity Integrated fiber strategy to maximize the value of the log 5
6 Sustainable Forest Management In the last 3 years we ve planted more than 182 million trees West Fraser manages 7 million hectares of certified sustainably managed forests We ve planted more than 1.7 billion trees since 1955 We plant approximately two trees for every tree we harvest, 60+ million/year Planted in a line, 1.7 billion trees would circle the earth 89 times Continuously renewing the resource 6
7 Market Overview
8 Lumber V Appeals and Timeline DOC CVD and AD FDs & Orders (Dec, 2017) Post cash deposits at final AD & CVD rates NAFTA Appeals (Dec, 2017) WTO Appeals (Dec, 2017) CVD Period of Review 1 1/1/17-12/31/17 AD Period of Review 1 6/30/17-11/30/18 CVD Administrative Review 1 1/19-6/20 AD Administrative Review 1 1/19-6/20 Post cash deposits at final AR1 rates Preliminary Deposit Rate Final Deposit Rate Current Expense Rate CVD 24.12% 17.99% 17.99% AD 6.76% 5.57% 0.88% Total 30.88% 23.56% 18.87% 8
9 U.S. Lumber End Use U.S. Lumber End Use 2017 Industrial Production, 24% Nonresidential/ Mobile, 6% Single Family Construction, 26% Multifamily Construction, 3% Residential Improvements, 41% Residential construction and renovation the key driver of lumber demand Source: FEA and WF 9
10 U.S. Existing Home Sales Continue to Improve 8,200 Existing House Sales Annualized (000) 7,200 6,200 5,200 4,200 3,200 2, ,400 3,900 3,400 2,900 2,400 1,900 1, 's units U.S. Existing Housing Inventory Seasonally Adjusted Existing House Inventory Months supply Months Supply Existing home sales continue to improve albeit with low inventories Source: National Association of Realtors 10
11 U.S. Housing Starts Thousands 2,200 2,000 1,800 1,600 1,400 1,200 1, F 2019F 2020F Total Single Multi Underlying Demand Expect that the recovery has room to continue Source: U.S. Census Bureau, FEA Forecast
12 North American Lumber Consumption F 2019F 2020F US Consumption Canadian Consumption Demand for lumber expected to grow by 2 billion board feet per year Source: US Census Bureau, Statistics Canada, West Fraser Forecast 12
13 Billion Bf North American Lumber Production F 2019F 2020F U.S. Canada Canada West (R Axis) Canada East (R Axis) US West (R Axis) US South (R Axis) 0 US South expected to contribute most of growth in supply Source: US Census Bureau & Statistics Canada, West Fraser Forecast 13
14 Billion bf North American Lumber Supply & Demand Imports 2005: 3.0 billion board feet Imports 2010: 0.5 billion board feet Imports 2017: 1.4 billion board feet 2020: 4.2 billion bf F 2019F 2020F Production Demand On North American Mills Potentially growing gap in lumber supply Source: US Census Bureau & Statistics Canada, West Fraser Forecast 14
15 North American Lumber Capacity 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Estimated Lumber Capacity (Mmfbm) SPF SYP Other Source: Public filings, Forest Economic Advisors and West Fraser estimates Changing landscape of US South Sawmilling Top 5 Operators Capacity # of Mills # of Mills Capacity % of Capacity West Fraser Capacity # Mills % of Capacity % % % Source: Company reports, FEA, Timbermart South West Fraser has largest share of a growing market 15
16 China Imports of Logs and Lumber (M M3) 100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10, Lumber Logs Demand from China continues to grow Source: General Administration of Customs of The People s Republic of China 16
17 Billion Bf North American Offshore Lumber Exports Offshore Exports US Offshore Exports Canada Total Export volume leveling off Source: US Census Bureau & Statistics Canada 17
18 West Fraser Overview
19 Our Strategy Operational Excellence Geographic Diversification Product Diversification Integration Straightforward strategy for success in all market conditions 19
20 Operational Excellence Straightforward, consistent business model Managing to ensure a committed workforce Internal and external benchmarking Cost control and efficiency Continuous reinvestment Focused on continuous improvement in all aspects of the business 20
21 Operations diversified by geography U.S. 43% Lumber Capacity B.C. 34% Alberta 23% Strong presence in key lumber producing regions 21
22 Product Diversification LUMBER 34 mills PANELS 7 mills PULP & PAPER 5 mills SPF 4.1 Bfbm SYP 3.1 Bfbm Total 7.2 Bfbm Plywood: 850 MMsf3/8 MDF: 250 MMsf3/4 LVL: 3.2 MMcf NBSK: 570 Mtonnes BCTMP: 680 Mtonnes Newsprint: 135 Mtonnes 2017 Revenue Mix: Lumber Pulp Panels 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Diversified across multiple end uses 22
23 Pulp End-Use Products Chemical Pulp Mechanical Pulp Fluff, 10% Box Board, 6% Tissue, 34% Printing and Writing, 38% Specialty, 8% Tissue, 5% Other, 3% Specialty, 22% Printing and Writing, 28% Box Board, 46% Source: PPPC 2016 Multiple end uses and markets 23
24 Market Pulp Supply and Demand BCTMP Chemical Pulp No new major capacity additions 2018 to 2020 Pulp demand projected to grow 2.2% over next 5 years Demand growth driven by tissue and packaging demand Growth will be primarily in Asia Conversions of chemical hardwood to dissolving pulp will constrain hardwood pulp supply 24
25 Capital Strategy Reinvest profits to lower costs, improve efficiency through technology and improved processes Capital spending in 2017 of $336 million Estimated 2018 spending of $300-$350 million New merchandiser and debarker in High Prairie, Alberta Growth through opportunistic acquisitions focused on solid wood New mill being constructed in Opelika, Alabama Prudent capital deployment 25
26 $1.6B in capital projects Major rebuilds of 10 sawmills Upgraded 8 planers Added 30 continuous kilns Built 6 energy and bioproducts projects Years:
27 3 year cumulative capital allocation $2,000 $1,800 $1,600 $1,400 $829 $1,200 $1,000 $800 $600 $400 $200 $0 $1,892 Cash from operations $602 $1.4B Reinvested in the business Capex $69 Acquisitions Debt service and leverage $340M retuned to shareholders $73 $267 $26 $216 Dividends Buybacks Other Retained cash flow Consistently deploying capital to create value 27
28 West Fraser Total Shareholder Return 16% 14% 12% 10% 8% 6% 4% 2% 0% 14.2% 11.1% TSR June 2006 to Dec 2017 Source: TD 9.6% 7.9% 8.1% 7.8% 5.8% 4.7% Cdn$ Million 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Share Value Traded WFT CFP IFP Proven ability to generate strong cash flow, even in worst markets Consistent, straightforward business plan Loyal, long-term employee and management base Conservative financial management coupled with proven ability to grow strategically Strong historical shareholder returns 28
29 WFT Toronto Stock Exchange These materials have been prepared by Management of the Company. No regulatory authority has approved or disapproved of the contents of these materials. These materials do not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, and shall not constitute an offer, solicitation or sale of the Company s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Securities of the Company may not be offered or sold in the United States absent their prior registration or qualification or an applicable exemption from the applicable registration or qualification requirements. 29
30 APPENDIX 30
31 Earnings Sensitivity to Key Variables (2017) Estimated Earnings Sensitivity to Key Variables 1 (based on 2017 production - $ millions) Factor Variation Change in pre-tax earnings Lumber price US$10 (per Mfbm ) 78 Plywood price Cdn$10 (per Msf) 8 NBSK price US$10 (per tonne) 6 BCTMP price US$10 (per tonne) 8 U.S. Canadian $ exchange rate 2 US$0.01 (per Cdn $) Each sensitivity has been calculated on the basis that all other variables remain constant and assumes year end foreign exchange rates. 2. Excludes exchange impact of translation of U.S. dollar - denominated debt and other monetary items. Reflects the amount of the initial US$0.01 change; additional changes are substantially, but not exactly, linear. 31
DRAFT Investor Presentation May 2016
DRAFT Investor Presentation May 2016 Forward Looking Statements and Non-GAAP Financial Measures All financial references are expressed in C$ unless otherwise noted. This presentation contains forward looking
More informationSeptember Investor Presentation. Jerry Richards Vice President & Chief Financial Officer. Investor Presentation
September 2017 Investor Presentation Jerry Richards Vice President & Chief Financial Officer Forward-Looking Statements & Non-GAAP Measures FORWARD-LOOKING STATEMENTS This presentation contains certain
More informationCOMPANY UPDATE NOVEMBER 2015
COMPANY UPDATE NOVEMBER 2015 FORWARD-LOOKING INFORMATION This presentation contains information and statements that are forwardlooking in nature, including, but not limited to, statements containing the
More informationGlobal Dynamics of the Pulp and Paper Industry 2017
NC State University Global Dynamics of the Pulp and Paper Industry 2017 Richard B. Phillips North Carolina State University Raleigh, North Carolina richard_phillips@ncsu.edu NC State University Four Main
More informationWEST FRASER TIMBER CO. LTD. ANNUAL INFORMATION FORM
WEST FRASER TIMBER CO. LTD. ANNUAL INFORMATION FORM DATED FEBRUARY 14, 2018 TABLE OF CONTENTS DATE... 1 FORWARD-LOOKING STATEMENTS... 1 BUSINESS OVERVIEW... 1 CORPORATE STRATEGY... 2 CORPORATE STRUCTURE...
More informationLouisiana-Pacific Corporation. Investor Presentation Fall 2017
Louisiana-Pacific Corporation Investor Presentation Fall 2017 Forward-Looking Statements This presentation contains statements concerning Louisiana-Pacific Corporation s (LP) future results and performance
More informationGERRY VAN LEEUWEN: Career Overview & Role with WOOD MARKETS
GERRY VAN LEEUWEN: Career Overview & Role with WOOD MARKETS Gerry Van Leeuwen has had a remarkable career in the global wood products industry. His strong operational and market experience in the sawmill
More informationNorth American Timber Outlook
North American Timber Outlook Conditions Required for a Widespread Revival North American Conference October 2017 Peter Barynin Principal Economist, Timber Copyright 2017 RISI, Inc. Proprietary Information
More informationForward-Looking Statement Forward Looking Statements
Potlatch Corporation Michael J. Covey Chairman & Chief Executive Officer Eric J. Cremers President, Chief Operating Officer & Chief Financial Officer June 2013 Forward-Looking Statement Forward Looking
More informationSouthern Timber Trends 9 March 2012 Four State Forestry on The Grow Idabel, Oklahoma
Southern Timber Trends 9 March 2012 Four State Forestry on The Grow Idabel, Oklahoma Thomas G. Harris, Jr., Jacek Siry. Sara Baldwin, Jonathan Smith & Robert Simmons TimberMart-South 1 TimberMart-South
More informationPOTLATCH CORPORATION JUNE 2012 POTLATCH CORPORATION
POTLATCH CORPORATION Michael J. Covey Chairman, President & Chief Executive Officer Eric J. Cremers Executive Vice President & Chief Financial Officer Forward-Looking Statements This presentation contains
More informationChina s Pulp and Paper Sector: Supply-Demand Trends and Medium Term Projections
China s Pulp and Paper Sector: Supply-Demand Trends and Medium Term Projections He Dequan China Economic Consulting, Inc and Christopher Barr Center for International Forestry Research (CIFOR) CAF-CIFOR
More informationFirst Quarter 2017 Earnings Results
First Quarter 2017 Earnings Results Forward-looking Statements This presentation may contain forward-looking statements, that should be considered as good faith estimates. Such statements are subject to
More informationTexas Lumber and Panel Product Market Study, 1998
Publication 159 Texas Lumber and Panel Product Market Study, 1998 Weihuan Xu Susie Shockley Texas Lumber and Panel Product Market Study, 1998 Weihuan Xu, Susie Shockley Forest Resource Development Texas
More informationClean-Tech Innovation Strategy for the B.C. Forest Sector
Clean-Tech Innovation Strategy for the B.C. Forest Sector 2016 2024 One of the keys to having a globally competitive forest sector is the commitment to innovation, whether it s new harvesting techniques,
More informationEmerging Markets for Forest Products: What s Hot and What s Not in Lumber and Solid Wood Products
Emerging Markets for Forest Products: What s Hot and What s Not in Lumber and Solid Wood Products H M Lupold, Lupold Consulting, Inc. Appalachian SAF, Greenville, NC January 28, 2010 2005-2009 Decline:
More informationPeter J. Ince, Kenneth E. Skog (FPL) Do-il Yoo, Andrew Kramp (UW-Madison) V. Alaric Sample (The Pinchot Institute)
Peter J. Ince, Kenneth E. Skog (FPL) Do-il Yoo, Andrew Kramp (UW-Madison) V. Alaric Sample (The Pinchot Institute) North South West Timber Harvests: Softwood Sawtimber Hardwood Sawtimber Softwood Non-Sawtimber
More informationLife Cycle Environmental Performance of Renewable Building Materials in the Context of Residential Construction
Life Cycle Environmental Performance of Renewable Building Materials in the Context of Residential Construction Construction of Structures Manufacturing Processes Service Life and Use Forest Growth and
More informationInvestor presentation. March 2018
Investor presentation March 218 Holmen Own and add value to the forest Stable cash-flow from renewable sources Harvests 3 Mm 3 in own forests 1.2 TWh hydro & windpower production Focused industrial operations
More informationTransforming the Canadian Forest Sector
1 NRCan s Initiatives on Transforming the Canadian Forest Sector David Nanang Director General, Great Lakes Forestry Centre, Canadian Forest Service 2 Outline of the presentation Context: Canada s forests
More informationTropical Hardwoods & Feature Grade Timbers. New Forests Sector Overview
Tropical Hardwoods & Feature Grade Timbers New Forests Sector Overview Disclaimer New Forests 2014. This publication is the property of New Forests. This material may not be reproduced or used in any form
More informationFull year results Amsterdam, 5 February 2015
Full year results 2014 Amsterdam, 5 February 2015 Disclaimer The information contained herein shall not constitute or form any part of any offer or invitation to subscribe for, underwrite or otherwise
More informationFinnish Forest Sector Economic Outlook
Natural resources and bioeconomy studies 71/2017 Finnish Forest Sector Economic Outlook 2017 2018 Executive Summary Jari Viitanen and Antti Mutanen (eds.) Finnish Forest Sector Economic Outlook 2017 2018
More informationWESCO International. Dave Schulz, Senior Vice President and Chief Financial Officer Raymond James 39 th Annual Investors Conference, March 7, 2018
WESCO International Dave Schulz, Senior Vice President and Chief Financial Officer 2 Safe Harbor Statement All statements made herein that are not historical facts should be considered as forward-looking
More informationWhat s in a Tree? Resource Report: Words to know: Next Generation Science Standards
Resource Report: http://gp.com/nature/video.html In this one-minute video clip from Georgia-Pacific, Chuck Leavell, a Georgia tree farmer and a member of The Rolling Stones rock band, discusses the importance
More informationStudy 2: Competitive Position
John Perez-Garcia, Hideki Kubota, Adam Lewis and Ivan Eastin Table of Contents Introduction...125 General Overview of Washington s Forest Sector...125 Washington s Competitiveness...127 Changes over the
More informationINNOVATIVE SUSTAINABLE
BRITISH COLUMBIA CANADA INNOVATIVE SUSTAINABLE FORESTRY PRODUCTS + INNOVATION Front cover photo (top right): naturally:wood Photo: naturally:wood BRITISH COLUMBIA, CANADA: GROWING FOREST PRODUCTS FOR THE
More informationUnited States Forest Inventory and Harvest Trends on Privately-Owned Timberlands
United States Forest Inventory and Harvest Trends on Privately-Owned Timberlands United States Forest Inventory and Harvest Trends on Privately-Owned Timberlands Prepared for: National Alliance of Forest
More informationCurrent State of the Hardwood Industry
Current State of the Hardwood Industry Matt Bumgardner U.S. Forest Service Northern Research Station The Future of the Hardwood Lumber Industry Conference Nov. 2, 2016 Outline Overview of hardwood industry
More informationSB 838: Oregon Renewable Energy Act Establishing an Oregon Renewable Energy Standard
SB 838: Oregon Renewable Energy Act Establishing an Oregon Renewable Energy Standard Section-by-Section Summary SB 838 with -2 Amendments as introduced in Senate Environment Committee, March 15 th, 2007
More informationSB 838: Oregon Renewable Energy Act Establishing an Oregon Renewable Energy Standard
SB 838: Oregon Renewable Energy Act Establishing an Oregon Renewable Energy Standard Section-by-Section Summary SB 838, C-engrossed version As passed by Oregon House of Representatives, May 23 rd, 2007.
More informationOur unique, sustainable attributes
Investor overview At Texas Instruments, our focus is on building a better future as we design, make and sell semiconductors. We have about 100,000 customers all over the world who use our chips. For more
More informationBackground Information. Updated June
Background Information Updated June 2017 1 The TJX Companies Overview Only major international off-price apparel and home fashions retailer Over 3,800 retail locations across 9 countries on 3 continents
More informationCANADA US SOFTWOOD LUMBER AGREEMENT PRESENTATION TO THE CBABC NATURAL RESOURCES FORESTRY LAW
CANADA US SOFTWOOD LUMBER AGREEMENT PRESENTATION TO THE CBABC NATURAL RESOURCES FORESTRY LAW JUNE 15, 2010 Vancouver BRENDA C. M. SWICK MCCARTHY TÉTRAULT, LLP bswick@mccarthy.ca 2 2006 AGREEMENT BETWEEN
More informationNon Deal Roadshow - Europe
Non Deal Roadshow - Europe 2015 May Analyst Meeting February/March 2016 The world leader in serving science The world leader in serving science Non-GAAP Measures This presentation contains certain financial
More informationRoss Stores, Inc. Investor Overview November 2017
Ross Stores, Inc. Investor Overview Disclosure of Risk Factors Forward-Looking Statements: This presentation contains forward-looking statements regarding expected sales, earnings levels, and other financial
More informationECONOMIC IMPACT OF SC S FOREST PRODUCTS EXPORT CLUSTER
ECONOMIC IMPACT OF SC S FOREST PRODUCTS EXPORT CLUSTER 1 Economic Impact of South Carolina s Forest Products Export Cluster (March 2018) Prepared by Dr. Eric McConnell Assistant Professor Louisiana Tech
More informationSILVERCORP REPORTS Q3 RESULTS: NET INCOME OF $12.7 MILLION, $0.08 PER SHARE AND PROVIDES FISCAL 2019 PRODUCTION AND CASH COSTS GUIDANCE
NEWS RELEASE Trading Symbol: TSX: SVM NYSE AMERICAN: SVM SILVERCORP REPORTS Q3 RESULTS: NET INCOME OF $12.7 MILLION, $0.08 PER SHARE AND PROVIDES FISCAL 2019 PRODUCTION AND CASH COSTS GUIDANCE VANCOUVER,
More informationProcurement Supply Chain for the Biorefinery Vl Value Chain
Intégration des procédés dans l industrie papetière Process Integration In the Pulp & Paper Industry Project t2 3.10: 310 Optimizing i i the Biomass Procurement Supply Chain for the Biorefinery Vl Value
More informationBuilding a Biorefinery Competitive Bioproducts in Ontario s Forestry Clusters
May 1, 2014 Connecting Communities Building Futures Fuels, ChEMS and Composites Kapuskasing, ON Building a Competitive Bioproducts in Ontario s Forestry Jamie Stephen, PhD Managing Director, TorchLight
More informationRussia s Planned Export Tax On Logs: Global Implications
Sector: Paper & Forest Products Sector Weighting: Underweight Don Roberts, Managing Director 613-564-0827 Don.Roberts@cibc.ca Russia s Planned Export Tax On Logs: Global Implications 2007 British Columbia
More informationSustainable Wood Pellets: Changing the Way Energy is Generated, Supplied, and Utilized
Sustainable Wood Pellets: Changing the Way Energy is Generated, Supplied, and Utilized Pete Madden President and Chief Executive Officer Drax Biomass Inc. Drax Group 2 Drax Biomass Operations Morehouse
More informationPanel 2 Hot Canadian Sectors for Investment
Panel 2 Hot Canadian Sectors for Investment Forestry and other Natural Resources 8th Chinese Enterprises Outbound Investment Conference April 2014 Jamie Samograd 2010 KPMG LLP, a Canadian limited liability
More informationWooden Biomass in the Energy Sector - EU and international perspective -
Wooden Biomass in the Energy Sector - EU and international perspective - Sini Eräjää Expertenworkshop Energieholz aus dem Wald 28 September 2015 Bioenergy a new kind of sustainability challenge for forestry
More informationSTRENGTHENING YOUR PORT S FINANCIAL STABILITY THROUGH DIVERSIFICATION
STRENGTHENING YOUR PORT S FINANCIAL STABILITY THROUGH DIVERSIFICATION A Case Study of the Vancouver Fraser Port Authority s Natural Advantages and Diversification Strategies Larry Sawrenko, Director Finance
More informationPulp Industry Expansion and New Wood Fibre Demand in Southern China - Implications for the Region -
Pulp Industry Expansion and New Wood Fibre Demand in Southern China - Implications for the Region - Christian Cossalter CIFOR The Future of Forests in East Asia and China 7 8 October 2004 Kuala Lumpur,
More informationSector Overall sector Employment GVA size million Forestry and logging Sawmills Wood based panels Builders joinery Wooden Packaging
www.ttf.co.uk Sector Overall sector size Employment GVA million Forestry and logging 1.3bn 16, 54 Sawmills 1.1bn 8,3 545 Wood based panels 1.8bn 5, 28 Builders joinery 3.8bn 5, n/a Wooden Packaging 279m
More informationSouthern Pine Tree Size Dynamics Where s the Pulpwood? (Potential Diameter-class Imbalance in Southern Pines)
Southern Pine Tree Size Dynamics Where s the Pulpwood? (Potential Diameter-class Imbalance in Southern Pines) Southern Forest Products Association Expo University 5 June 2013 Richard A. Harper, CF, RF
More information2009 Full Year Results. September, 2009
2009 Full Year Results September, 2009 Doug Rathbone Managing Director 2009 Full Year results A challenging year Glyphosate profit impact was substantial Credit related pressures in Brazil Non-glyphosate
More informationLouisiana-Pacific Corporation
Louisiana-Pacific Corporation Investor Presentation February 2018 Forward-Looking Statements This presentation contains statements concerning Louisiana-Pacific Corporation s (LP) future results and performance
More informationFinnish Forest Sector Economic Outlook
Finnish Forest Sector Economic Outlook 2013 2014 Executive summary 23.10.2013 Improving Prospects for the Finnish Forest Sector The production, exports and the export unit prices of the Finnish forest
More informationINTERNATIONAL CONFERENCE ON TIMBER. Status of Timber Industry in Sarawak. 7 8 June 2013 (Borneo Convention Centre Kuching)
INTERNATIONAL CONFERENCE ON TIMBER Status of Timber Industry in Sarawak 7 8 June 2013 (Borneo Convention Centre Kuching) NICHOLAS ANDREW LISSEM Industrial Planning Manager Sarawak Timber Industry Development
More informationSummary Update. Contents
Contents Summary Update Timber Prices Product Prices Timberland Markets International Update Economic News The FIA Quarterly Dashboard Summary Update Timber and Product Prices Demand for sawtimber in the
More informationAlaska s Forest Industry: Timber Harvest and Recent Trends Erik Berg Todd Morgan Charles Keegan
Alaska s Forest Industry: Timber Harvest and Recent Trends Erik Berg Todd Morgan Charles Keegan Bureau of Business & Economic Research University of Montana PNW-FIA 2013 Client Meeting May 15, 2013 What
More informationLA-Z-BOY INCORPORATED
LA-Z-BOY INCORPORATED November 2017 Providing comfort to America for 90 years FORWARD-LOOKING DISCLAIMER This presentation contains forward-looking statements that involve uncertainties and risks as detailed
More informationFREIGHT POLICY TRANSPORTATION INSTITUTE. Transport Economics, Logistics And Optimizing Wood Flows Eric Jessup
FREIGHT POLICY TRANSPORTATION INSTITUTE Transport Economics, Logistics And Optimizing Wood Flows Eric Jessup TRANSPORT ECONOMICS, LOGISTICS AND OPTIMIZING WOOD FLOWS Eric Jessup Associate Professor School
More informationAgenda. Arauco Overview. Business Segments. Investments. Financial Highlights. Sustainability
Agenda Arauco Overview Business Segments Investments Financial Highlights Sustainability 2 Arauco started more than 30 years ago as a Chilean forest and pulp firm 1977 1990 1993 1994 1995 1996 1999 2000
More informationCB&I Investor Presentation March 2017
A World of Solutions CB&I Investor Presentation March 2017 A Leading Provider of Technology and Infrastructure for the Energy Industry Safe Harbor Statement This presentation contains forward-looking statements
More informationGood afternoon, welcome to our annual shareholder meeting. I am Lee Rudow, President and CEO of Transcat and I will provide an overview of the
1 Good afternoon, welcome to our annual shareholder meeting. I am Lee Rudow, President and CEO of Transcat and I will provide an overview of the current state of Transcat an our direction for FY17 and
More informationAlberta s Manufacturing Industry is Recovering in 2017
ECONOMIC COMMENTARY Alberta s Manufacturing Industry is Recovering in 2017 Highlights: Alberta s manufacturing industry was in recession in 2015 and 2016 as a result of the dramatic drop in crude oil prices.
More informationValmet unique offering with process technology, automation and services. Investor Lunch March 17, 2016 Kari Saarinen, CFO
Valmet unique offering with process technology, automation and services Investor Lunch Kari Saarinen, CFO Agenda Investor lunch 1 2 Valmet s in brief Investment highlights 3 Area development 4 Conclusions
More informationSILVERCORP REPORTS SILVER PRODUCTION OF 5.0 MILLION OUNCES, CASH FLOWS FROM OPERATIONS OF $31.9 MILLION, OR $0
NEWS RELEASE Trading Symbol: TSX: SVM SILVERCORP REPORTS SILVER PRODUCTION OF 5.0 MILLION OUNCES, CASH FLOWS FROM OPERATIONS OF $31.9 MILLION, OR $0.19 PER SHARE, FOR FISCAL YEAR ENDED MARCH 31, 2016 VANCOUVER,
More informationTrex Company Investor Presentation. May 2017
Trex Company Investor Presentation May 2017 1 Safe Harbor / Non-GAAP Measures This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section
More informationBiomass availability and supply. Charles Friesen, Researcher, FPInnovations
Biomass availability and supply Charles Friesen, Researcher, FPInnovations About FPInnovations A private non-profit Canadian corporation Supports competitiveness of the Canadian forest sector through science,
More informationNova Scotia s Pulp & Paper Sector
Nova Scotia s Pulp & Paper Sector.. Back from the Brink of Disaster By Peter Woodbridge Three years ago, Nova Scotians were stunned by the closure of two of the province s long established pulp and paper
More informationRenewable Chemicals from the Forest Biorefinery
11 th Annual Congress on Industrial Biotechnology May 12 15, 2014 Philadelphia, PA Renewable Chemicals from the Forest Biorefinery François Zasieczny, Mariya Marinova, Tom Browne, Michel Perrier The Forest
More informationSales Force Productivity
Mary Kay Kaufmann Vice President, NBT Team Leader I&IS Division Mark Stoll Vice President, Field Operations I&IS Division Investor Day 2006 8/29/2006 9:43 AM metis\roadshow Presentation\07 Roadshow Secondary
More informationARAUCO - NA. Arauco. Journey to Michigan. Our Mission. Michigan BioForest Conference
ARAUCO - NA Michigan BioForest Conference Arauco Journey to Michigan Our Mission Sustainability Arauco Arauco at a Glance Global Forest Company Sustainably Managed forests Market Pulp Panels (plywood,
More informationKey Global Supply Trends & North America Market Outlook: Impacts on BC Lumber Industry
Key Global Supply Trends & North America Market Outlook: Impacts on BC Lumber Industry Russell Taylor, President International WOOD MARKETS Group Inc. Vancouver, B.C., Canada Presentation Outline 1. Global
More informationBIOMASS SOLUTIONS PERSPECTIVE BIOMASS TORREFACTION WORKSHOP APRIL 2011
BIOMASS SOLUTIONS PERSPECTIVE BIOMASS TORREFACTION WORKSHOP APRIL 2011 Page 2 Agenda Background to Weyerhaeuser Biomass that Meets End User Needs Torrefaction Value Chain Role of Biomass Suppliers Page
More informationMetsä Group s bioproduct mill -The largest bioeconomy investment in Europe
Metsä Group s bioproduct mill -The largest bioeconomy investment in Europe 2017 Bioeconomy Investment Summit 14.12.2017 Kari Jordan President and CEO, Metsä Group METSÄ GROUP Sales EUR 5 billion Personnel
More informationChristine Skold. Vice President, Investor Relations and Corporate Communications
Christine Skold Vice President, Investor Relations and Corporate Communications 2 Safe Harbor Statement The Company claims the protection of the safe-harbor for forward-looking statements contained in
More information2/24/2009. The factors that determine what type of forest will grow in a region are temperature precipitation growing season soil land forms
FOREST FACTS Forestry 37% of Canada's land area covered by forests. Stretches in a continuous band from BC to NL. Commercial forests are forests that could be easily be harvested for timber. Non-commercial
More informationHave Financial Investors Overbid Timberland Markets?
Hancock Hancock Timber Resource Group Timberland Investor Second Quarter 20 Have Financial Investors Overbid Timberland Markets? Investors are forever concerned about buying at the top of the market. They
More informationMetsä Group Interim Report Q1/2017
Metsä Group Interim Report Q1/2017 Kari Jordan President and CEO 4 May 2017 Metsä Group Q1 Business developed as expected Sales EUR 1,216 million (Q1/2016: EUR 1,156 million) Operating result* EUR 128
More informationFor personal use only
For personal use only FIRST HALF RESULTS AND GUIDANCE UPDATE 31 Dec 2015 25/2/16 Brian Shanahan CEO and Co-Founder Deborah Kelly Group CFO Summary: Proforma First Half Results FY16 Temple & Webster is
More informationReal Asset Research. Why Asia s wood production deficit is driving the value of global timberland investments. May AQUILA CAPITAL 1
Real Asset Research Why Asia s wood production deficit is driving the value of global timberland investments May 2014 2014 AQUILA CAPITAL 1 In this research paper, the International Woodland Company (IWC)
More informationOpportunities to Assist Businesses in Ontario for the Biomass North Forum 2017 Opportunities for Challenging Times
Opportunities to Assist Businesses in Ontario for the Biomass North Forum 2017 Opportunities for Challenging Times Thunder Bay October 11 and 12, 2017 1 Forest and Biomass Industry in Thunder Bay Large
More informationFuture Suppliers of Softwood Lumber to the US Market. Supply and Demand Outlook A Multi-Client Study by
Future Suppliers of Softwood Lumber to the US Market Supply and Demand Outlook 2017-2030 A Multi-Client Study by ForestEdge LLC and Wood Resources Int. LLC March 2018 Future Suppliers of Softwood Lumber
More informationtechnical report no. 24 Analysis of Wood Product Accounting Options for the National Carbon Accounting System
national carbon accounting system technical report no. 24 Analysis of Wood Product Accounting Options for the National Carbon Accounting System Jaakko Pöyry Consulting The lead Commonwealth agency on greenhouse
More informationTAX BULLETIN 15-5 Virginia Department of Taxation
TAX BULLETIN 15-5 Virginia Department of Taxation IMPORTANT INFORMATION REGARDING THE FOREST PRODUCTS TAX Effective July 1, 2015, House Bill 1724 (2015 Acts of Assembly, Chapter 170) revises the by shifting
More informationRaute Corporation Annual General Meeting2013
Sibelius Hall, Lahti, 8 April, 2013 Tapani Kiiski, President and CEO Raute Corporation Annual General Meeting2013 Raute 2012: Solid proof of delivery and performance capabilities Business environment2012
More informationThe Future of Forestry. Jefferies 2014 Global Industrials Conference August 11, 2014
The Future of Forestry Jefferies 2014 Global Industrials Conference August 11, 2014 Disclaimer Any statements contained in this presentation that do not describe historical facts may constitute forward-looking
More informationPulp & Paper: Focus on Hardwood Opportunities. Sector Overview
Pulp & Paper: Focus on Hardwood Opportunities Sector Overview Disclaimer New Forests 2017. This presentation is issued by and is the property of New Forests Asset Management Pty Ltd (New Forests) and may
More informationA LEADING GLOBAL HEALTH CARE GROUP. Frankfurt stock exchange (DAX30): FRE US ADR program (OTC): FSNUY
A LEADING GLOBAL HEALTH CARE GROUP Frankfurt stock exchange (DAX30): FRE US ADR program (OTC): FSNUY www.fresenius.com/investors SAFE HARBOR STATEMENT This presentation contains forward-looking statements
More informationCorporate Presentation. September 2016
Corporate Presentation 1 September 2016 Disclaimer These materials may not be copied, published, distributed, transmitted or disclosed to third parties. In addition, these materials may not be distributed
More informationNon-IFRS performance measure. Refer to the Non-IFRS Performance Measures contained in the Q Management s Discussion and Analysis.
PRESS RELEASE TSX NYSE: RIC Richmont Mines Reports Strong Second Quarter Financial Results Driven by Solid Operational and Record Cost Performance from the Island Gold Mine; Reports Net Free Cash Flow
More informationPUTTING our RESOURCES to WORK
PUTTING our RESOURCES to WORK INTRODUCTION: Resources for Growth Two years ago, in its landmark economic development policy Growing Together, the Government of New Brunswick identified the forestry sector
More informationINSTITUTIONAL PRESENTATION
INSTITUTIONAL PRESENTATION ITAU CONFERENCE NEW YORK - MAY, 2015 KLBN11 KLBN11 / KLBAY DISCLAIMER The statements contained in this presentation related to the business outlook, operating and financial projections,
More informationDate: Tuesday February 25 th, Name: Student #: Multiple Choice (8) Please circle the correct answer. Each question is worth one mark.
FRST 318 Midterm Examination Date: Tuesday February 25 th, 2014 Name: Student #: Multiple Choice (8) Please circle the correct answer. Each question is worth one mark. 1. Governments in North America announce
More informationIs there a better measure for roundwood than the Board Foot?
Is there a better measure for roundwood than the Board Foot? Neal Hart, Jendro & Hart, LLC Timber Measurement Society, Central Meeting - Portland, Oregon April 8, 2010 Three common, but false,, presumptions
More informationLNG. Liquefied Natural Gas A Strategy for B.C. s Newest Industry
LNG Liquefied Natural Gas A Strategy for B.C. s Newest Industry LIQUEFIED NATURAL GAS Message from the Premier The BC Jobs Plan released in September is all about leveraging our competitive advantages
More informationSummary and Explanation of the U.S.-Canada Lumber Dispute. Dumping: the sale of goods to another country at less than what they cost to produce.
Definitions Summary and Explanation of the U.S.-Canada Lumber Dispute Stumpage: the price charged by a land owner to companies or operators for the right to harvest timber on that land. Stumpage used to
More informationPrinting and Writing Papers Life- Cycle Assessment Frequently Asked Questions
Printing and Writing Papers Life- Cycle Assessment Frequently Asked Questions 1. What is LCA? Life-cycle assessment (LCA) is a comprehensive environmental accounting tool with wellestablished procedures
More informationTraining Needs in Louisiana s Value-Added Forest Products Industry
Training Needs in Louisiana s Value-Added Forest Products Industry Richard Vlosky Director, Louisiana Forest Products Development Center School of Renewable Natural Resources LSU Agricultural Center England
More informationInstitutional Presentation
Institutional Presentation Disclaimer Certain statements in this presentation may constitute forward-looking statements. Such statements are subject to known and unknown risks and uncertainties that could
More informationSanford C. Bernstein & Co. 23 rd Strategic Decisions Conference. Steve Angel Chairman, President & Chief Executive Officer. May 31, 2007.
Sanford C. Bernstein & Co. 23 rd Strategic Decisions Conference Steve Angel Chairman, President & Chief Executive Officer May 31, 2007 May 31, 2007 Forward Looking Statement This document contains forward-looking
More informationMizuno Corporation The 100th Period (Year ended March 31, 2013)
Mizuno Corporation The 1th Period (Year ended March 31, 213) 4th Quarter Financial Report May16, 213 This report includes forecasts based on our assumptions, outlook and plans for the future as of May
More informationGlobal Wood Resources
Introduction Speaker: Nationality: Michael Hermens (52 years old) Dutch (but left The Netherlands 30 years ago) Background: 1982 Bachelor degree Civil Engineered specialized in public housing using timber
More information