Investor Presentaiton
Western Forest Products:
Historical Cash Flow, Capital Allocation And Debt
Cash Flow from Operations (1) ($ millions)
Capex(2) ($ millions)
Strike
Impacted (3)
$128 $134
$87
$99
$118
$80
$11
$282
WFP
$84
$62
$56
$55
$50
$44 $45
$37
$32
$19
($10)
($25)
'14
'15
'16
'17 '18
'19
'20
'21
'22 LTM
'14 '15 '16 '17
'18
'19 '20 '21
'22 LTM
Net Debt (Cash) ($ millions)
$78
$54
$15
'14
'15
'16
$111
$69
$60
Dividends (4) & Share Repurchases ($ millions)
$111
$60
($2)
($35)
$50
$97
($16)
$31 $32 $32 $34 $25
$31 $32 $32
$36
$16
$19
$20
$32
$34
$34
$8
$14 $15
$16
($130)
'17
'18
'19
'20
'21
'22
Q3/23
'14
'15
'16
'17 '18 '19 '20 '21 '22
■Dividends ■Share Repurchases
LTM
(1) After changes in non-cash working capital
(2) Additions to property, plant and equipment; excludes acquisition capex
(3) All of Western's timberlands and most of our B.C. based manufacturing divisions were impacted by a strike by the United Steelworkers Local 1-1937 ("USW"), which commenced on July 1, 2019. On February 15,
2020, the USW members ratified a new 5-year collective agreement, which is effective as of June 15, 2019 and expires on June 14, 2024, ending the strike
(4) The dividend was suspended in May 2020; on February 18, 2021, the company announced the reinstatement of a $0.01 per share quarterly dividend in February 2021; on May 5, 2022, the company increased its
quarterly dividend 25% to $0.0125 per share
(5) Dividend suspended effective November 7, 2023 in response to weaker lumber market conditions and corresponding financial results
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