Domtar Corporation Reports Preliminary First Quarter 2019 Financial Results

Price and volume momentum in Paper drive strong results
(All financial information is in U.S. dollars, and all earnings per share results are diluted, unless otherwise noted).

  • First quarter 2019 net earnings of $1.27 per share; earnings before items1 of $1.44 per share
  • Paper prices $30 per ton higher quarter-over-quarter
  • Paper shipments increased 2% quarter-over-quarter

 

FORT MILL, S.C.–(BUSINESS WIRE)–May 1, 2019– Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported net earnings of $80 million ($1.27 per share) for the first quarter of 2019 compared to net earnings of $87 million ($1.38 per share) for the fourth quarter of 2018 and net earnings of $54 million ($0.86 per share) for the first quarter of 2018. Sales for the first quarter of 2019 were $1.4 billion.

Excluding items listed below, the Company had earnings before items1 of $91 million ($1.44 per share) for the first quarter of 2019 compared to earnings before items1 of $103 million ($1.63 per share) for the fourth quarter of 2018 and earnings before items1 of $55 million ($0.87 per share) for the first quarter of 2018.

ITEMS

Description   Segment   Line item   Amount   After tax

effect

  EPS impact

(per share)

 
            (in millions)      
First quarter 2019                      
                       
● Margin improvement

plan

  Personal Care   Impairment of property, plant

and equipment

  $10   $8   $0.12  
                       
● Margin improvement

plan

  Personal Care   Closure and

restructuring costs

  $4   $3   $0.05  
                       
Fourth quarter 2018                      
                       
● Margin improvement

plan

  Personal Care   Impairment of property, plant

and equipment

  $7   $5   $0.08  
                       
● Margin improvement

plan

  Personal Care   Closure and

restructuring costs

  $8   $6   $0.09  
                       
● U.S. Tax Reform   Corporate   Income tax expense   $5   $5   $0.08  
                       
First quarter 2018                      
                       
● Litigation settlement   Corporate   Other operating loss, net   $2   $2   $0.03  
                       
● Gain on disposal

of property, plant

and equipment

  Pulp and Paper   Other operating income, net   $1   $1   $0.02  

QUARTERLY REVIEW

“We had a solid performance from Pulp and Paper despite a wood fiber shortage that negatively impacted costs and output,” said John D. Williams, President and Chief Executive Officer. “Price and volume momentum in paper continued in a favorable market environment, which led to strong productivity and a good cost performance. The pulp business was impacted by lower prices while higher internal pulp shipments due to wood fiber constraints negatively impacted our volumes. Nevertheless, we continued to improve and increase overall productivity and manage costs through saving initiatives.

Mr. Williams added, “In Personal Care, our margins improved driven by better productivity and operational efficiencies as our new customer ramp-up accelerates. We also successfully implemented price increases in both North America and Europe helping to partially offset raw material cost headwinds. Our teams continue to deliver on our margin improvement plan which is expected to progress throughout the year.”

Operating income was $115 million in the first quarter of 2019 compared to operating income of $133 million in the fourth quarter of 2018. Depreciation and amortization totaled $73 million in the first quarter of 2019.

Operating income before items1 was $129 million in the first quarter of 2019 compared to an operating income before items1 of $148 million in the fourth quarter of 2018.

                         
(In millions of dollars)           1Q 2019     4Q 2018  
                         
Sales           $ 1,376     $ 1,390  
Operating income (loss)                        
Pulp and Paper segment             144       148  
Personal Care segment             (8 )     (12 )
Corporate             (21 )     (3 )
Total operating income             115       133  
Operating income before items1             129       148  
Depreciation and amortization             73       75  

The decrease in operating income in the first quarter of 2019 was the result of higher selling, general and administrative expenses, higher raw material costs and lower volume in pulp. These factors were partially offset by higher average selling prices for paper, lower fixed and other costs and favorable exchange rates.

When compared to the fourth quarter of 2018, manufactured paper shipments were up 2% and pulp shipments decreased 12%. The shipments-to-production ratio for paper was 97% in the first quarter of 2019, compared to 95% in the fourth quarter of 2018. Paper inventories increased by 22,000 tons, and pulp inventories increased by 24,000 metric tons when compared to the fourth quarter of 2018.

LIQUIDITY AND CAPITAL

Cash flow from operating activities amounted to $55 million and capital expenditures were $46 million, resulting in free cash flow1 of $9 million for the first quarter of 2019. Domtar’s net debt-to-total capitalization ratio1 stood at 23% at March 31, 2019 and at December 31, 2018.

OUTLOOK

Our paper shipments should benefit from higher demand from our customers following the industry capacity closures while our paper prices will further improve as we continue to implement our recently announced price increases. The second quarter will be adversely affected by seasonally higher maintenance activity in our Pulp and Paper business as we move into the annual shutdowns at some of our major facilities. Personal Care is expected to benefit from our margin improvement plan and the ramp-up of a new customer, partially offset by further raw material cost inflation.

EARNINGS CONFERENCE CALL

The Company will hold a conference call today at 10:00 a.m. (ET) to discuss its first quarter 2019 financial results. Financial analysts are invited to participate in the call by dialing 1 (888) 394-8218 (toll free – North America) or 1 (323) 701-0225 (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 second quarter 2019 earnings results on August 1, 2019 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.

1 Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in the appendix.

About Domtar

Domtar 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 $5.5 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 Statements

Statements 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 2018 as filed with the SEC and as updated by subsequently filed Form 10-Qs. 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 Corporation
Highlights
(In millions of dollars, unless otherwise noted)

    Three months ended     Three months ended  
    March 31,     March 31,  
    2019     2018  
    (Unaudited)  
    $     $  
Selected Segment Information                
Sales                
Pulp and Paper     1,147       1,100  
Personal Care     247       262  
Total for reportable segments     1,394       1,362  
Intersegment sales     (18 )     (17 )
Consolidated sales     1,376       1,345  
Depreciation and amortization                
Pulp and Paper     57       61  
Personal Care     16       18  
Total for reportable segments     73       79  
Impairment of property plant and equipment – Personal Care     10        
Consolidated depreciation and amortization and

impairment of property, plant and equipment

    83       79  
Operating income (loss)                
Pulp and Paper     144       76  
Personal Care     (8 )     8  
Corporate     (21 )     (7 )
Consolidated operating income     115       77  
Interest expense, net     13       16  
Non-service components of net periodic benefit cost     (3 )     (4 )
Earnings before income taxes and equity loss     105       65  
Income tax expense     24       11  
Equity loss, net of taxes     1        
Net earnings     80       54  
Per common share (in dollars)                
Net earnings                
Basic     1.27       0.86  
Diluted     1.27       0.86  
Weighted average number of common

shares outstanding (millions)

               
Basic     63.0       62.7  
Diluted     63.2       62.9  
Cash flows from operating activities     55       90  
Additions to property, plant and equipment     46       25  

Domtar Corporation
Consolidated Statements of Earnings
(In millions of dollars, unless otherwise noted)

    Three months ended     Three months ended  
    March 31,     March 31,  
    2019     2018  
    (Unaudited)  
    $     $  
                 
Sales     1,376       1,345  
Operating expenses                
Cost of sales, excluding depreciation and amortization     1,052       1,084  
Depreciation and amortization     73       79  
Selling, general and administrative     123       110  
Impairment of property, plant and equipment     10        
Closure and restructuring costs     4        
Other operating income, net     (1 )     (5 )
      1,261       1,268  
Operating income     115       77  
Interest expense, net     13       16  
Non-service components of net periodic benefit cost     (3 )     (4 )
Earnings before income taxes and equity loss     105       65  
Income tax expense     24       11  
Equity loss, net of taxes     1        
Net earnings     80       54  
Per common share (in dollars)                
Net earnings                
Basic     1.27       0.86  
Diluted     1.27       0.86  
Weighted average number of common

shares outstanding (millions)

               
Basic     63.0       62.7  
Diluted     63.2       62.9  

Domtar Corporation
Consolidated Balance Sheets at
(In millions of dollars)

       
    March 31,     December 31,  
    2019     2018  
    (Unaudited)  
    $     $  
Assets                
Current assets                
Cash and cash equivalents     94       111  
Receivables, less allowances of $7 and $6     699       670  
Inventories     813       762  
Prepaid expenses     25       24  
Income and other taxes receivable     21       22  
Total current assets     1,652       1,589  
Property, plant and equipment, net     2,564       2,605  
Operating lease right-of-use assets     81        
Intangible assets, net     587       597  
Other assets     138       134  
Total assets     5,022       4,925  
Liabilities and shareholders’ equity                
Current liabilities                
Bank indebtedness     3        
Trade and other payables     675       757  
Income and other taxes payable     49       25  
Operating lease liabilities due within one year     25        
Long-term debt due within one year     1       1  
Total current liabilities     753       783  
Long-term debt     853       853  
Operating lease liabilities     65        
Deferred income taxes and other     477       476  
Other liabilities and deferred credits     266       275  
Shareholders’ equity                
Common stock     1       1  
Additional paid-in capital     1,982       1,981  
Retained earnings     1,075       1,023  
Accumulated other comprehensive loss     (450 )     (467 )
Total shareholders’ equity     2,608       2,538  
Total liabilities and shareholders’ equity     5,022       4,925  

Domtar Corporation
Consolidated Statements of Cash Flows
(In millions of dollars)

    For the three months ended  
    March 31, 2019     March 31, 2018  
    (Unaudited)  
    $     $  
Operating activities                
Net earnings     80       54  
Adjustments to reconcile net earnings to cash flows from operating activities                
Depreciation and amortization     73       79  
Deferred income taxes and tax uncertainties     (3 )     (3 )
Impairment of property, plant and equipment     10        
Net gains on disposals of property, plant and equipment           (1 )
Stock-based compensation expense     2       3  
Equity loss, net     1        
Other           (1 )
Changes in assets and liabilities                
Receivables     (30 )     (2 )
Inventories     (49 )     (13 )
Prepaid expenses           (2 )
Trade and other payables     (69 )     (37 )
Income and other taxes     26       16  
Difference between employer pension and other post-retirement

contributions and pension and other post-retirement expense

    1        
Other assets and other liabilities     13       (3 )
Cash flows from operating activities     55       90  
Investing activities                
Additions to property, plant and equipment     (46 )     (25 )
Proceeds from disposals of property, plant and equipment           1  
Other           (4 )
Cash flows used for investing activities     (46 )     (28 )
Financing activities                
Dividend payments     (27 )     (26 )
Net change in bank indebtedness     3        
Proceeds from receivables securitization facility     20        
Repayments of receivables securitization facility     (20 )     (25 )
Other     (1 )      
Cash flows used for financing activities     (25 )     (51 )
Net (decrease) increase in cash and cash equivalents     (16 )     11  
Impact of foreign exchange on cash     (1 )     2  
Cash and cash equivalents at beginning of period     111       139  
Cash and cash equivalents at end of period     94       152  
Supplemental cash flow information                
Net cash payments for:                
Interest     16       19  
Income taxes     6       4  

Domtar Corporation
Quarterly 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.

            2019     2018  
            Q1     Q1     Q2     Q3     Q4     Year  
Reconciliation of “Earnings before items” to Net earnings                                                    
    Net earnings   ($)     80       54       43       99       87       283  
  (+) Impairment of property, plant and equipment   ($)     8                         5       5  
  (+) Closure and restructuring costs   ($)     3                         6       6  
  (+) Litigation settlement   ($)           2                         2  
  (-) Net gains on disposals of property, plant and equipment   ($)           (1 )     (2 )                 (3 )
  (-) U.S. Tax Reform   ($)                       (7 )     5       (2 )
  (=) Earnings before items   ($)     91       55       41       92       103       291  
  (/) Weighted avg. number of common shares outstanding (diluted)   (millions)     63.2       62.9       63.2       63.2       63.0       63.1  
  (=) Earnings before items per diluted share   ($)     1.44       0.87       0.65       1.46       1.63       4.61  
                                                         
Reconciliation of “EBITDA” and “EBITDA before items” to

Net earnings

                                                   
    Net earnings   ($)     80       54       43       99       87       283  
  (+) Equity loss, net of taxes   ($)     1                   1       1       2  
  (+) Income tax expense   ($)     24       11       8       3       35       57  
  (+) Interest expense, net   ($)     13       16       16       15       15       62  
  (+) Depreciation and amortization   ($)     73       79       79       75       75       308  
  (+) Impairment of property, plant and equipment   ($)     10                         7       7  
  (-) Net gains on disposals of property, plant and equipment   ($)           (1 )     (3 )                 (4 )
  (=) EBITDA   ($)     201       159       143       193       220       715  
  (/) Sales   ($)     1,376       1,345       1,353       1,367       1,390       5,455  
  (=) EBITDA margin   (%)     15 %     12 %     11 %     14 %     16 %     13 %
    EBITDA   ($)     201       159       143       193       220       715  
  (+) Closure and restructuring costs   ($)     4                         8       8  
  (+) Litigation settlement   ($)           2                         2  
  (=) EBITDA before items   ($)     205       161       143       193       228       725  
  (/) Sales   ($)     1,376       1,345       1,353       1,367       1,390       5,455  
  (=) EBITDA margin before items   (%)     15 %     12 %     11 %     14 %     16 %     13 %
                                                         
Reconciliation of “Free cash flow” to Cash flows from operating activities                                                    
    Cash flows from operating activities   ($)     55       90       177       70       217       554  
  (-) Additions to property, plant and equipment   ($)     (46 )     (25 )     (37 )     (49 )     (84 )     (195 )
  (=) Free cash flow   ($)     9       65       140       21       133       359  
                                                         
“Net debt-to-total capitalization” computation                                                    
    Bank indebtedness   ($)     3             1                      
  (+) Long-term debt due within one year   ($)     1       1       1       1       1          
  (+) Long-term debt   ($)     853       1,103       1,103       1,103       853          
  (=) Debt   ($)    

857

      1,104       1,105       1,104       854          
  (-) Cash and cash equivalents   ($)     (94 )     (152 )     (264 )     (256 )     (111 )        
  (=) Net debt   ($)    

763

      952       841       848       743          
  (+) Shareholders’ equity   ($)     2,608       2,493       2,458       2,553       2,538          
  (=) Total capitalization   ($)    

3,371

      3,445       3,299       3,401       3,281          
    Net debt   ($)    

763

      952       841       848       743          
  (/) Total capitalization   ($)    

3,371

      3,445       3,299       3,401       3,281          
  (=) Net debt-to-total capitalization   (%)    

23

%     28 %     25 %     25 %     23 %        

“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 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 Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures – By Segment 2019
(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
            Q1’19   Q2’19   Q3’19   Q4’19   YTD   Q1’19   Q2’19   Q3’19   Q4’19   YTD   Q1’19   Q2’19   Q3’19   Q4’19   YTD   Q1’19   Q2’19   Q3’19   Q4’19   YTD
Reconciliation of Operating income (loss)

to “Operating income (loss) before items”

                                                                                   
    Operating income (loss)   ($)   144         144   (8)         (8)   (21)         (21)   115         115
  (+) Impairment of property, plant and equipment   ($)             10         10             10         10
  (+) Closure and restructuring costs   ($)             4         4             4         4
  (=) Operating income (loss) before items   ($)   144         144   6         6   (21)         (21)   129         129
                                                                                         
Reconciliation of “Operating income (loss)

before items” to “EBITDA before items”

                                                                                   
    Operating income (loss) before items   ($)   144         144   6         6   (21)         (21)   129         129
 

(+)

Non-service components of net periodic benefit
cost

  ($)   3         3                       3         3
  (+) Depreciation and amortization   ($)   57         57   16         16             73         73
  (=) EBITDA before items   ($)   204         204   22         22   (21)         (21)   205         205
  (/) Sales   ($)   1,147         1,147   247         247             1,394         1,394
  (=) EBITDA margin before items   (%)   18%         18%   9%         9%             15%         15%

“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 Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures – By Segment 2018
(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

           

Q1’18

 

Q2’18

 

Q3’18

 

Q4’18

 

Year

 

Q1’18

 

Q2’18

 

Q3’18

 

Q4’18

 

Year

 

Q1’18

 

Q2’18

 

Q3’18

 

Q4’18

 

Year

 

Q1’18

 

Q2’18

 

Q3’18

 

Q4’18

 

Year

Reconciliation of Operating income (loss)

   to “Operating income (loss) before items”

 

                                                                                   
   

Operating income (loss)

  ($)   76   79   135   148   438   8   2   (3)   (12)   (5)   (7)   (19)   (18)   (3)   (47)   77   62   114   133   386
  (+)

Impairment of property, plant and equipment

  ($)                   7   7                   7   7
  (-)

Net gains on disposals of property, plant and

   equipment

  ($)   (1)   (3)       (4)                       (1)   (3)       (4)
  (+)

Closure and restructuring costs

  ($)                   8   8                   8   8
  (+)

Litigation settlement

  ($)                       2         2   2         2
  (=)

Operating income (loss) before items

  ($)   75   76   135   148   434   8   2   (3)   3   10   (5)   (19)   (18)   (3)   (45)   78   59   114   148   399
                                                                                         

Reconciliation of “Operating income (loss)

   before items” to “EBITDA before items”

                                                                                   
   

Operating income (loss) before items

  ($)   75   76   135   148   434   8   2   (3)   3   10   (5)   (19)   (18)   (3)   (45)   78   59   114   148   399
  (+)

Non-service components of net periodic benefit
cost

  ($)   4   6   4   5   19               (1)       (1)   4   5   4   5   18
  (+)

Depreciation and amortization

  ($)   61   61   58   58   238   18   18   17   17   70             79   79   75   75   308
  (=)

EBITDA before items

  ($)   140   143   197   211   691   26   20   14   20   80   (5)   (20)   (18)   (3)   (46)   161   143   193   228   725
  (/)

Sales

  ($)  

1,100

 

1,123

 

1,146

 

1,154

 

4,523

  262   247   237   254  

1,000

           

1,362

 

1,370

 

1,383

 

1,408

 

5,523

  (=)

EBITDA margin before items

  (%)   13%   13%   17%   18%   15%   10%   8%   6%   8%   8%             12%   10%   14%   16%   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 Corporation
Supplemental Segmented Information
(In millions of dollars, unless otherwise noted)

        2019     2018  
        Q1     Q1     Q2     Q3     Q4     Year  
Pulp and Paper Segment                                                    
Sales   ($)     1,147       1,100       1,123       1,146       1,154       4,523  
Operating income   ($)     144       76       79       135       148       438  
Depreciation and amortization   ($)     57       61       61       58       58       238  
Paper                                                    
Paper Production   (‘000 ST)     757       739       739       743       757       2,978  
Paper Shipments – Manufactured   (‘000 ST)     736       769       754       727       721       2,971  
Communication Papers   (‘000 ST)     615       640       615       596       595       2,446  
Specialty and Packaging Papers   (‘000 ST)     121       129       139       131       126       525  
Paper Shipments – Sourced from 3rd parties   (‘000 ST)     23       28       26       30       25       109  
Paper Shipments – Total   (‘000 ST)     759       797       780       757       746       3,080  
Pulp                                                    
Pulp Shipments(a)   (‘000 ADMT)     349       374       377       390       395       1,536  
Pulp Shipments mix(b):                                                    
Hardwood Kraft Pulp   (%)     2 %     4 %     3 %     3 %     3 %     4 %
Softwood Kraft Pulp   (%)     53 %     58 %     56 %     56 %     55 %     56 %
Fluff Pulp   (%)     45 %     38 %     41 %     41 %     42 %     40 %
                                                     
Personal Care Segment                                                    
Sales   ($)     247       262       247       237       254       1,000  
Operating (loss) income   ($)     (8 )     8       2       (3 )     (12 )     (5 )
Depreciation and amortization   ($)     16       18       18       17       17       70  
Impairment of property, plant and equipment   ($)     10                         7       7  
                                                     
Average Exchange Rates   $US / $CAN     1.329       1.264       1.290       1.307       1.321       1.296  
    $CAN / $US     0.752       0.791       0.775       0.765       0.757       0.772  
    € / $US     1.136       1.229       1.192       1.163       1.141       1.181  

(a) Figures represent Pulp Shipments to third parties.

(b) Percentages include Pulp Shipments to our Personal Care segment.

Note: the term “ST” refers to a short ton and the term “ADMT” refers to an air dry metric ton.

 

Source: Domtar Corporation

INVESTOR RELATIONS
Nicholas Estrela
Director
Investor Relations
Tel.: 514-848-5049

MEDIA RELATIONS
David Struhs
Vice-President
Corporate Services and Sustainability
Tel.: 803-802-8031

 

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