Domtar Corporation Reports Preliminary Second Quarter 2017 Financial Results

Higher pulp prices and strong cost performance drive improved results
(All financial information is in U.S. dollars, and all earnings per share results are diluted, unless otherwise noted).

  • Second quarter 2017 net earnings of $0.61 per share
  • $121 million of cash flow from operating activities
  • Pulp shipments 15% higher year-to-date

FORT MILL, S.C.–(BUSINESS WIRE)–Jul. 28, 2017– Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported net earnings of $38 million ($0.61 per share) for the second quarter of 2017 compared to net earnings of $20 million ($0.32 per share) for the first quarter of 2017 and net earnings of $18 million ($0.29 per share) for the second quarter of 2016. Sales for the second quarter of 2017 were $1.2 billion.

Excluding items listed below, the Company had earnings before items1 of $38 million ($0.61 per share) for the second quarter of 2017 compared to earnings before items1 of $20 million ($0.32 per share) for the first quarter of 2017 and earnings before items1 of $38 million ($0.61 per share) for the second quarter of 2016.

Second quarter 2017 items:

  • None.

First quarter 2017 items:

  • None.

Second quarter 2016 items:

  • Litigation settlement of $2 million ($2 million after tax);
  • Impairment of property, plant & equipment of $3 million ($2 million after tax); and
  • Closure and restructuring costs of $21 million ($16 million after tax).

QUARTERLY REVIEW

“Our pulp price momentum continued in the quarter following the implementation of several price increases,” said John D. Williams, President and Chief Executive Officer. “Productivity was strong, resulting in good cost performance despite the high level of scheduled major maintenance outages at several pulp and paper mills. Notably, Ashdown had an excellent operating quarter and continued to make significant strides on increasing production of fluff pulp. Customer qualifications continue to progress well and we are on track to ramp-up to approximately 50% fluff pulp sales by year-end.”

Mr. Williams added, “In spite of competitive market pressures, we delivered a solid performance in Personal Care. We continued to show broad-based, year-over-year volume growth across most of our product channels, while benefits from our cost savings and efficiency improvement projects partially offset price erosion. We expect to continue to invest in innovation, marketing and targeted growth initiatives to capture the opportunities in our categories and geographies.”

Operating income was $64 million in the second quarter of 2017 compared to operating income of $42 million in the first quarter of 2017. Depreciation and amortization totaled $79 million in the second quarter of 2017.

Operating income before items1 was $64 million in the second quarter of 2017 compared to an operating income before items1 of $42 million in the first quarter of 2017.

                 
(In millions of dollars)   2Q 2017     1Q 2017  
                 
Sales   $ 1,224     $ 1,304  
Operating income (loss)                
Pulp and Paper segment     65       34  
Personal Care segment     13       16  
Corporate     (14 )     (8 )
Total operating income     64       42  
Operating income before items1     64       42  
Depreciation and amortization     79       80  

The increase in operating income in the second quarter of 2017 was the result of higher average selling prices for pulp, lower raw material costs, favorable productivity and lower maintenance costs. These factors were partially offset by lower volume, higher selling, general and administrative expenses, and higher freight costs.

When compared to the first quarter of 2017, manufactured paper shipments were down 6% and pulp shipments decreased 15%. The shipments-to-production ratio for paper was 98% in the second quarter of 2017, compared to 105% in the first quarter of 2017. Paper inventories increased by 18,000 tons and pulp inventories increased by 33,000 metric tons when compared to the first quarter of 2017.

LIQUIDITY AND CAPITAL

Cash flow from operating activities amounted to $121 million and capital expenditures were $37 million, resulting in free cash flow1 of $84 million for the second quarter of 2017. Domtar’s net debt-to-total capitalization ratio1 stood at 28% at June 30, 2017 compared to 30% at March 31, 2017.

OUTLOOK

For the remainder of the year, we expect our paper shipments to be in-line with market demand. Our pulp shipments should be higher due to the ramp-up of the Ashdown fluff pulp line, while mix should continue to improve as we convert more volume to fluff pulp. In Personal Care, investments in advertising and promotion in addition to new customer wins should drive higher sales, while raw material costs are expected to increase marginally.

EARNINGS CONFERENCE CALL

The Company will hold a conference call today at 11:00 a.m. (ET) to discuss its second quarter 2017 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 third quarter 2017 earnings results on October 27, 2017 before markets open, followed by a conference call at 11:00 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 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 $5.1 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 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 2016 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

   

Six months
ended

   

Six months
ended

 
    June 30,     June 30,     June 30,     June 30,  
    2017     2016     2017     2016  
    (Unaudited)  
    $     $     $     $  
                                 
Selected Segment Information                                
Sales                                
Pulp and Paper     999       1,054       2,072       2,139  
Personal Care     241       228       490       444  
Total for reportable segments     1,240       1,282       2,562       2,583  
Intersegment sales     (16 )     (15 )     (34 )     (29 )
Consolidated sales     1,224       1,267       2,528       2,554  
Depreciation and amortization

of property, plant and equipment

                               
Pulp and Paper     63       72       127       145  
Personal Care     16       15       32       31  
Total for reportable segments     79       87       159       176  
Impairment of property, plant

and equipment – Pulp and Paper

          3             24  
Consolidated depreciation and amortization and

impairment of property, plant and equipment

    79       90       159       200  
                                 
Operating income (loss)                                
Pulp and Paper     65       35       99       54  
Personal Care     13       15       29       29  
Corporate     (14 )     (11 )     (22 )     (26 )
Consolidated operating income     64       39       106       57  
Interest expense, net     17       15       34       32  
Earnings before income taxes     47       24       72       25  
Income tax expense     9       6       14       3  
Net earnings     38       18       58       22  
Per common share (in dollars)                                
Net earnings                                
Basic     0.61       0.29       0.93       0.35  
Diluted     0.61       0.29       0.93       0.35  
Weighted average number of common

shares outstanding (millions)

                               
Basic     62.6       62.6       62.6       62.7  
Diluted     62.7       62.7       62.7       62.8  
Cash flows from operating activities     121       118       212       215  
Additions to property, plant and equipment     37       119       71       219  

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

   

Three months
ended

   

Three months
ended

   

Six months
ended

   

Six months
ended

    June 30,     June 30,     June 30,     June 30,
    2017     2016     2017     2016
    (Unaudited)
    $     $     $     $
                               
Sales     1,224       1,267       2,528       2,554
Operating expenses                              
Cost of sales, excluding depreciation and amortization     968       1,013       2,043       2,063
Depreciation and amortization     79       87       159       176
Selling, general and administrative     111       104       219       207
Impairment of property, plant and equipment           3             24
Closure and restructuring costs           21             23
Other operating loss, net     2             1       4
      1,160       1,228       2,422       2,497
Operating income     64       39       106       57
Interest expense, net     17       15       34       32
Earnings before income taxes     47       24       72       25
Income tax expense     9       6       14       3
Net earnings     38       18       58       22
Per common share (in dollars)                              
Net earnings                              
Basic     0.61       0.29       0.93       0.35
Diluted     0.61       0.29       0.93       0.35
Weighted average number of common

shares outstanding (millions)

                             
Basic     62.6       62.6       62.6       62.7
Diluted     62.7       62.7       62.7       62.8

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

       
    June 30,     December 31,  
    2017     2016  
    (Unaudited)  
    $     $  
Assets                
Current assets                
Cash and cash equivalents     124       125  
Receivables, less allowances of $7 and $7     613       613  
Inventories     759       759  
Prepaid expenses     41       40  
Income and other taxes receivable     18       31  
Total current assets     1,555       1,568  
Property, plant and equipment, net     2,779       2,825  
Goodwill     569       550  
Intangible assets, net     625       608  
Other assets     139       129  
Total assets     5,667       5,680  
Liabilities and shareholders’ equity                
Current liabilities                
Bank indebtedness           12  
Trade and other payables     627       656  
Income and other taxes payable     28       22  
Long-term debt due within one year     1       63  
Total current liabilities     656       753  
Long-term debt     1,203       1,218  
Deferred income taxes and other     677       675  
Other liabilities and deferred credits     361       358  
Shareholders’ equity                
Common stock     1       1  
Additional paid-in capital     1,966       1,963  
Retained earnings     1,217       1,211  
Accumulated other comprehensive loss     (414 )     (499 )
Total shareholders’ equity     2,770       2,676  
Total liabilities and shareholders’ equity     5,667       5,680  

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

    For the six months ended  
    June 30, 2017     June 30, 2016  
    (Unaudited)  
    $     $  
Operating activities                
Net earnings     58       22  
Adjustments to reconcile net earnings to cash flows from operating activities                
Depreciation and amortization     159       176  
Deferred income taxes and tax uncertainties     (12 )     (5 )
Impairment of property, plant and equipment           24  
Stock-based compensation expense     3       3  
Other           (4 )
Changes in assets and liabilities, excluding the effect of acquisition of business                
Receivables     11       25  
Inventories     10       18  
Prepaid expenses     (4 )     (13 )
Trade and other payables     (35 )     (8 )
Income and other taxes     21       (16 )
Difference between employer pension and other post-retirement

contributions and pension and other post-retirement expense

          (3 )
Other assets and other liabilities     1       (4 )
Cash flows from operating activities     212       215  
Investing activities                
Additions to property, plant and equipment     (71 )     (219 )
Acquisition of business, net of cash acquired           (1 )
Cash flows used for investing activities     (71 )     (220 )
Financing activities                
Dividend payments     (52 )     (50 )
Stock repurchase           (10 )
Net change in bank indebtedness     (12 )     1  
Change in revolving credit facility     (30 )     (50 )
Proceeds from receivables securitization facility     25       120  
Repayments of receivables securitization facility     (15 )     (20 )
Repayments of long-term debt     (63 )     (1 )
Other     (1 )     (1 )
Cash flows used for financing activities     (148 )     (11 )
Net decrease in cash and cash equivalents     (7 )     (16 )
Impact of foreign exchange on cash     6       1  
Cash and cash equivalents at beginning of period     125       126  
Cash and cash equivalents at end of period     124       111  
Supplemental cash flow information                
Net cash payments for:                
Interest     31       32  
Income taxes     15       27  

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.

            2017     2016  
            Q1     Q2     YTD     Q1     Q2     Q3     Q4     Year  
Reconciliation of “Earnings before items” to Net earnings                                                                    
    Net earnings   ($)     20       38       58       4       18       59       47       128  
  (+) Impairment of property, plant and equipment   ($)                       16       2       4             22  
  (+) Closure and restructuring costs   ($)                       2       16       8       (1 )     25  
  (+) Litigation settlement   ($)                             2                   2  
  (+) Impact of purchase accounting   ($)                                         1       1  
  (=) Earnings before items   ($)     20       38       58       22       38       71       47       178  
  (/) Weighted avg. number of common shares outstanding (diluted)   (millions)     62.8       62.7       62.7       62.8       62.7       62.7       62.7       62.7  
  (=) Earnings before items per diluted share   ($)     0.32       0.61       0.93       0.35       0.61       1.13       0.75       2.84  
                                                                         
Reconciliation of “EBITDA” and “EBITDA before items” to Net earnings                                                                    
    Net earnings   ($)     20       38       58       4       18       59       47       128  
  (+) Income tax expense (benefit)   ($)     5       9       14       (3 )     6       16       10       29  
  (+) Interest expense, net   ($)     17       17       34       17       15       17       17       66  
  (=) Operating income   ($)     42       64       106       18       39       92       74       223  
  (+) Depreciation and amortization   ($)     80       79       159       89       87       87       85       348  
  (+) Impairment of property, plant and equipment   ($)                       21       3       5             29  
  (=) EBITDA   ($)     122       143       265       128       129       184       159       600  
  (/) Sales   ($)     1,304       1,224       2,528       1,287       1,267       1,270       1,274       5,098  
  (=) EBITDA margin   (%)     9 %     12 %     10 %     10 %     10 %     14 %     12 %     12 %
    EBITDA   ($)     122       143       265       128       129       184       159       600  
  (+) Closure and restructuring costs   ($)                       2       21       10       (1 )     32  
  (+) Litigation settlement   ($)                             2                   2  
  (+) Impact of purchase accounting   ($)                                         1       1  
  (=) EBITDA before items   ($)     122       143       265       130       152       194       159       635  
  (/) Sales   ($)     1,304       1,224       2,528       1,287       1,267       1,270       1,274       5,098  
  (=) EBITDA margin before items   (%)     9 %     12 %     10 %     10 %     12 %     15 %     12 %     12 %
                                                                         
Reconciliation of “Free cash flow” to Cash flows from operating activities                                                                    
    Cash flows from operating activities   ($)     91       121       212       97       118       95       155       465  
  (-) Additions to property, plant and equipment   ($)     (34 )     (37 )     (71 )     (100 )     (119 )     (83 )     (45 )     (347 )
  (=) Free cash flow   ($)     57       84       141       (3 )     (1 )     12       110       118  
                                                                         
“Net debt-to-total capitalization” computation                                                                    
    Bank indebtedness   ($)     2                     6       1             12          
  (+) Long-term debt due within one year   ($)     64       1               41       64       63       63          
  (+) Long-term debt   ($)     1,188       1,203               1,211       1,237       1,309       1,218          
  (=) Debt   ($)     1,254       1,204               1,258       1,302       1,372       1,293          
  (-) Cash and cash equivalents   ($)     (111 )     (124 )             (97 )     (111 )     (168 )     (125 )        
  (=) Net debt   ($)     1,143       1,080               1,161       1,191       1,204       1,168          
  (+) Shareholders’ equity   ($)     2,685       2,770               2,736       2,716       2,754       2,676          
  (=) Total capitalization   ($)     3,828       3,850               3,897       3,907       3,958       3,844          
    Net debt   ($)     1,143       1,080               1,161       1,191       1,204       1,168          
  (/) Total capitalization   ($)     3,828       3,850               3,897       3,907       3,958       3,844          
  (=) Net debt-to-total capitalization   (%)     30 %     28 %             30 %     30 %     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 Corporation
Quarterly Reconciliation of Non-GAAP Financial Measures – By Segment 2017
(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
            Q1’17   Q2’17   Q3’17   Q4’17   YTD   Q1’17   Q2’17   Q3’17   Q4’17   YTD   Q1’17   Q2’17   Q3’17   Q4’17   YTD   Q1’17   Q2’17   Q3’17   Q4’17   YTD

Reconciliation of Operating income (loss) to “Operating income (loss) before items”

                                                                                   
    Operating income (loss)   ($)   34   65       99   16   13       29   (8)   (14)       (22)   42   64       106
  (+) Impairment of property, plant and equipment   ($)                                        
  (+) Impact of purchase accounting   ($)                                        
  (+) Closure and restructuring costs   ($)                                        
  (+) Litigation settlement   ($)                                        
  (=) Operating income (loss) before items   ($)   34   65       99   16   13       29   (8)   (14)       (22)   42   64       106
                                                                                         

Reconciliation of “Operating income (loss) before items” to “EBITDA before items”

                                                                                   
    Operating income (loss) before items   ($)   34   65       99   16   13       29   (8)   (14)       (22)   42   64       106
  (+) Depreciation and amortization   ($)   64   63       127   16   16       32             80   79       159
                                                                                         
  (=) EBITDA before items   ($)   98   128       226   32   29       61   (8)   (14)       (22)   122   143       265
  (/) Sales   ($)   1,073   999       2,072   249   241       490             1,322   1,240       2,562
  (=) EBITDA margin before items   (%)   9%   13%       11%   13%   12%       12%             9%   12%       10%

“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 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 Corporation
Supplemental Segmented Information
(In millions of dollars, unless otherwise noted)

        2017     2016  
        Q1     Q2     YTD     Q1     Q2     Q3     Q4     Year  
Pulp and Paper Segment                                                                    
Sales   ($)     1,073       999       2,072       1,085       1,054       1,054       1,046       4,239  
Operating income   ($)     34       65       99       19       35       89       74       217  
Depreciation and amortization   ($)     64       63       127       73       72       71       68       284  
Impairment of property, plant and

equipment

  ($)                       21       3       5             29  
                                                                     
Paper                                                                    
Paper Production   (‘000 ST)     709       715       1,424       785       715       726       714       2,940  
Paper Shipments – Manufactured   (‘000 ST)     745       698       1,443       786       752       744       739       3,021  
Communication Papers   (‘000 ST)     622       582       1,204       657       627       620       618       2,522  
Specialty and Packaging   (‘000 ST)     123       116       239       129       125       124       121       499  

Paper Shipments – Sourced from
3rd parties

  (‘000 ST)     29       26       55       32       29       35       27       123  
Paper Shipments – Total   (‘000 ST)     774       724       1,498       818       781       779       766       3,144  
Pulp                                                                    

Pulp Shipments(a)

  (‘000 ADMT)     453       383       836       369       360       369       415       1,513  

Pulp Shipments mix(b):

                                                                   
Hardwood Kraft Pulp   (%)     4 %     3 %     4 %     5 %     4 %     4 %     8 %     5 %
Softwood Kraft Pulp   (%)     67 %     62 %     64 %     66 %     61 %     63 %     63 %     63 %
Fluff Pulp   (%)     29 %     35 %     32 %     29 %     35 %     33 %     29 %     32 %
                                                                     
Personal Care Segment                                                                    
Sales   ($)     249       241       490       216       228       231       242       917  
Operating income   ($)     16       13       29       14       15       15       13       57  
Depreciation and amortization   ($)     16       16       32       16       15       16       17       64  
                                                                     
Average Exchange Rates   $US / $CAN     1.323       1.344       1.334       1.375       1.289       1.305       1.333       1.325  
    $CAN / $US     0.756       0.744       0.750       0.727       0.776       0.766       0.750       0.755  
    € / $US     1.066       1.100       1.083       1.103       1.130       1.116       1.078       1.107  

(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.

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

 

Source: Domtar Corporation

Domtar Corporation
INVESTOR RELATIONS
Nicholas Estrela, 514-848-5555 x 85979
Director
Investor Relations
or
MEDIA RELATIONS
David Struhs, 803-802-8031
Vice-President
Corporate Services and Sustainability

 

Sign up for our newsletter to get the latest Domtar news delivered to your inbox.