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Press Release: Interfor Reports Q4'20 Results -3-

· 02/04/2021 18:44
1. Financial information has been restated for implementation of IFRS 16, Leases. 2. Net debt to invested capital as of the period end. CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) For the three months and year ended December 31, 2020 and 2019 (unaudited) ------------------------------------------------------------------- (thousands of Canadian Dollars except earnings Three Three per share) Months Months Year Year Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2020 2019 2020 2019 ---------------- -------- -------- ---------- ---------- Sales $662,301 $456,819 $2,183,609 $1,875,821 Costs and expenses: Production 428,208 418,954 1,583,033 1,728,394 Selling and administration 10,297 8,992 40,961 38,748 Long term incentive compensation expense 10,254 1,265 12,513 3,446 U.S. countervailing and anti-dumping duty deposits (receivable) (23,891) 11,246 13,815 45,289 Depreciation of plant and equipment 21,947 20,711 78,459 80,438 Depletion and amortization of timber, roads and other 10,511 14,214 37,071 44,294 ---------------- ------- ------- --------- --------- 457,326 475,382 1,765,852 1,940,609 Operating earnings (loss) before write-downs and restructuring costs 204,975 (18,563) 417,757 (64,788) Asset and goodwill write-downs and restructuring costs (1,793) (30,416) (15,264) (63,982) ----------------- ------- ------- --------- --------- Operating earnings (loss) 203,182 (48,979) 402,493 (128,770) Finance costs (1,891) (3,740) (16,079) (15,024) Other foreign exchange loss (8,162) (510) (16,881) (275) Other income (expense) (92) (298) 336 5,925 ----------------- ------- ------- --------- --------- (10,145) (4,548) (32,624) (9,374) Earnings (loss) before income taxes 193,037 (53,527) 369,869 (138,144) Income tax expense (recovery): Current 5,392 (783) 7,043 26 Deferred 38,497 (11,068) 82,530 (34,385) ---------------- ------- ------- --------- --------- 43,889 (11,851) 89,573 (34,359) Net earnings (loss) $149,148 $(41,676) $ 280,296 $ (103,785) ----------------- ------- ------- --------- --------- Net earnings (loss) per share, basic and diluted $ 2.24 $ (0.62) $ 4.18 $ (1.54) ----------------- ------- ------- --------- --------- CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) For the three months and year ended December 31, 2020 and 2019 (unaudited) (thousands of Canadian Three Three Dollars) Months Months Year Year Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2020 2019 2020 2019 -------------- -------- -------- -------- --------- $149,148 $(41,676) $280,296 $(103,785) Net earnings (loss) Other comprehensive income (loss): Items that will not be recycled to Net earnings (loss): Defined benefit plan actuarial gain (loss), net of tax 458 1,621 (907) 603 Items that are or may be recycled to Net earnings (loss): Foreign currency translation differences for foreign operations, net of tax (28,569) (10,053) (6,913) (27,634) Total other comprehensive loss, net of tax (28,111) (8,432) (7,820) (27,031) --------------- ------- ------- ------- -------- Comprehensive income (loss) $121,037 $(50,108) $272,476 $(130,816) --------------- ------- ------- ------- -------- CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the three months and year ended December 31, 2020 and 2019 (unaudited) -------------------------------------------------------------------- (thousands of Three Three Canadian Dollars) Months Months Year Year Dec. 31, Dec. 31, Dec. 31, Dec. 31, 2020 2019 2020 2019 --- --------------- ------- -------- --------- --------- Cash provided by (used in): Operating activities: Net earnings (loss) $149,148 $(41,676) $ 280,296 $(103,785) Items not involving cash: Depreciation of plant and equipment 21,947 20,711 78,459 80,438 Depletion and amortization of timber, roads and other 10,511 14,214 37,071 44,294 Income tax expense (recovery) 43,889 (11,851) 89,573 (34,359) Finance costs 1,891 3,740 16,079 15,024 Other assets (37,881) 1,371 (37,040) 1,894 Reforestation liability (61) 1,291 (2,050) (1,286) Provisions and other liabilities 6,198 (1,586) 5,536 3,620 Stock options 253 151 866 692 Write-down of plant, equipment, goodwill and other - 29,100 9,754 45,494 Unrealized foreign exchange loss 9,031 544 17,634 554 Gain on lease modifications (75) (1,140) (308) (1,140) Other expense (income) 167 1,439 (28) (5,866) --- -------------- ------- ------- -------- -------- 205,018 16,308 495,842 45,574 Cash generated from (used in) operating working capital: Trade accounts receivable and other 70,342 26,706 (30,206) 1,517 Inventories (35,380) (5,450) 22,024 22,632 Prepayments (2,734) 2,639 (1,036) (4,443)Net debt $ (75,432) $ 224,860 $ 88,705 $ (75,432) $ 224,860 $ 63,825 Shareholders' equity 1,080,312 830,982 983,225 1,080,312 830,982 968,766 ------------------ --------- --------- --------- --------- --------- --------- Total invested capital $1,004,880 $1,055,842 $1,071,930 $1,004,880 $1,055,842 $1,032,591 ------------------ --------- --------- --------- --------- --------- --------- Net debt to invested capital(2) (7.5)% 21.3% 8.3% (7.5)% 21.3% 6.2% ------------------ --------- --------- --------- --------- --------- --------- Operating cash flow per share (before working capital changes) Cash provided by operating activities $ 229,947 $ 24,642 $ 175,492 $ 526,784 $ 28,252 $ 265,612 Cash used in (generated from) operating working capital (24,929) (8,334) 39,346 (30,942) 17,322 21,457 ------------------ --------- --------- --------- --------- --------- --------- Operating cash flow (before working capital changes) $ 205,018 $ 16,308 $ 214,838 $ 495,842 $ 45,574 $ 287,069 Weighted average number of shares - basic ('000) 66,687 67,257 67,270 67,119 67,277 69,713 ------------------ --------- --------- --------- --------- --------- --------- Operating cash flow per share (before working capital changes) $ 3.07 $ 0.24 $ 3.19 $ 7.39 $ 0.68 $ 4.12 ------------------ --------- --------- --------- --------- --------- --------- Annualized return on invested capital Adjusted EBITDA $ 248,634 $ 17,627 $ 221,677 $ 549,714 $ 63,390 $ 291,632 ------------------ --------- --------- --------- --------- --------- --------- Invested capital, beginning of period $1,071,930 $1,093,528 $1,108,557 $1,055,842 $1,032,591 $ 968,852 Invested capital, end of period 1,004,880 1,055,842 1,071,930 1,004,880 1,055,842 1,032,591 ------------------ --------- --------- --------- --------- --------- --------- Average invested capital $1,038,405 $1,074,685 $1,090,244 $1,030,361 $1,044,217 $1,000,722 ------------------ --------- --------- --------- --------- --------- --------- Adjusted EBITDA divided by average invested capital 23.9% 1.6% 20.3% 53.4% 6.1% 29.1% Annualization factor 4.0 4.0 4.0 1.0 1.0 1.0 ------------------ --------- --------- --------- --------- --------- --------- Annualized return on invested capital 95.8% 6.6% 81.3% 53.4% 6.1% 29.1% ------------------ --------- --------- --------- --------- --------- ---------

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February 04, 2021 18:44 ET (23:44 GMT)