Investor Presentaiton
Historical Cash Flow, Capital Allocation and Debt
Cash Flow from Operations 1 ($ millions)
Capex2 ($ millions)
WFP
$134
$128
$118
$111
$99
$87
Strike
Impacted (3)
$84
$59
$62
$58
$44
$56 $55
$50
$37
$32
$19
$21
$11 $7
T
T
2011 2012 2013 2014 2015 2016 2017 2018
2019 LTM
Q1-20
T
2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM
Q1-20
T
T
Net Debt/ (Cash) ($ millions)
$52
$15
$83 $78
$54
$15
$137
$111
Dividends & Share Repurchases ($ millions)
$116
Substantial
$60
$100
Issuer Bid
$50
$42
$31 $32 $32 $34 $25
$16
$31
$32 $32 $32 $34 $34
$34
($2)
($35)
n/a n/a
2011 2012
2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1-20
(1) After changes in non-cash working capital
$16
2013 2014 2015 2016 2017 2018 2019 LTM
Q1-20
â– Dividends Share Repurchases
(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 1st, 2019. On February 15th, 2020, the USW members ratified a new 5-year collective agreement which is effective as of June 15th, 2019 and expires on June 14th, 2024, ending the
strike
(4) Dividend suspended in May 2020; the Board will continue to review the Company's dividend on a quarterly basis
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