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Press release from CNW Group

Domtar Corporation reports preliminary third quarter 2012 financial results

Thursday, October 25, 2012

Domtar Corporation reports preliminary third quarter 2012 financial results07:30 EDT Thursday, October 25, 2012Good performance in pulp and paper and lower costs for planned maintenance drove results (All financial information is in U.S. dollars, and all earnings per share results are diluted, unless otherwise noted.)Third quarter 2012 net earnings of $1.84 per share, earnings before items1 of $1.87 per sharePaper inventories reduced by 10% compared to June 2012Continued momentum in Personal Care segmentTICKER SYMBOL(NYSE: UFS) (TSX: UFS)MONTREAL, Oct. 25, 2012 /CNW Telbec/ - Domtar Corporation (NYSE: UFS) (TSX: UFS) today reported net earnings of $66 million ($1.84 per share) for the third quarter of 2012 compared to net earnings of $59 million ($1.61 per share) for the second quarter of 2012 and net earnings of $117 million ($2.95 per share) for the third quarter of 2011. Sales for the third quarter of 2012 amounted to $1.4 billion.Excluding items listed below, the Company had earnings before items1 of $67 million ($1.87 per share) for the third quarter of 2012 compared to earnings before items1 of $59 million ($1.61 per share) for the second quarter of 2012 and earnings before items1 of $123 million ($3.10 per share) for the third quarter of 2011.Third quarter 2012 items:Closure and restructuring costs of $2 million ($1 million after tax)Second quarter 2012 items:NoneThird quarter 2011 items:Gains on the sale of property, plant and equipment and business of $4 million ($3 million after tax);Charge of $8 million ($4 million after tax) related to the impairment and write-down of property, plant and equipment;Premium paid on debt repurchase of $4 million ($3 million after tax);Closure and restructuring costs of $1 million ($1 million after tax); andNegative impact of purchase accounting of $1 million ($1 million after tax)."The third quarter was marked by weak paper demand and by cyclically low pulp prices," said John Williams, President and CEO. "Nevertheless, shipments for our pulp were sequentially higher, our paper pricing remained firm and paper inventories decreased by 10%. Given the macro environment, we continue to manage the business prudently, adjusting our production to customer demand through market-related downtime. I am pleased with our performance overall despite a sluggish economy and a weak pulp price environment."QUARTERLY REVIEWOperating income before items1 was $111 million in the third quarter of 2012 compared to an operating income before items1 of $106 million in the second quarter of 2012. Depreciation and amortization totaled $96 million in the third quarter of 2012.(In millions of dollars) 3Q 2012 2Q 2012Sales $1,389 $1,368Operating income (loss)     Pulp and Paper segment 103 96 Distribution segment (5) (2) Personal Care segment 12 12 Corporate (1) - Total 109 106Operating income before items1 111 106Depreciation and amortization 96 96The increase in operating income before items1 in the third quarter of 2012 was the result of higher shipments for pulp and paper, lower maintenance and raw material costs and lower SG&A costs. These factors were partially offset by lower average selling prices for pulp and paper and higher costs for lack-of-order downtime in papers.When compared to the second quarter of 2012, paper shipments increased 0.9% and pulp shipments increased 12.8%. Paper deliveries of Ariva® decreased 4.6% when compared to the second quarter of 2012. The shipments-to-production ratio for paper was 105% in the third quarter of 2012, compared to 98% in the second quarter of 2012. Lack-of-order downtime and machine slowdowns in papers totaled 38,000 tons. Paper inventories decreased by 38,000 tons while pulp inventories increased by 15,000 metric tons as at the end of September, compared to June levels.LIQUIDITY AND CAPITALCash flow provided from operating activities amounted to $206 million and capital expenditures amounted to $66 million, resulting in free cash flow1 of $140 million for the three months ended September 2012. Domtar's net debt-to-total capitalization ratio1 stood at 17% at September 30, 2012 compared to 12% at December 31, 2011.Under its stock repurchase program, Domtar repurchased, during the quarter, 578,328 shares of common stock at an average price of $75.42 per share. Since the inception of the program, Domtar repurchased 8,135,157 shares of common stock at an average price of $80.53. At the end of the quarter, Domtar had $345 million remaining under this program.OUTLOOK Due to seasonal factors, Domtar paper shipments are expected to decline in the fourth quarter when compared to the third quarter. In pulp, we anticipate that prices will begin to gradually increase in the medium term due to favorable market dynamics and low softwood inventory levels. Input costs, notably energy and chemicals are expected to increase slightly in the fourth quarter.EARNINGS CONFERENCE CALLThe Company will hold a conference call today at 10:00 a.m. (ET) to discuss its third quarter 2012 financial results. Financial analysts are invited to participate in the call by dialing at least 10 minutes before start time 1 (866) 321-8231 (toll free - North America) or 1 (416) 642-5213 (International), 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 fourth quarter 2012 earnings on February 1, 2013 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._______________________________About Domtar Domtar Corporation (NYSE: UFS) (TSX: UFS) designs, manufactures, markets and distributes a wide variety of fiber-based products including communication papers, specialty and packaging papers and adult incontinence products. The foundation of its business is a network of world class wood fiber converting assets that produce papergrade, fluff and specialty pulps. The majority of its pulp production is consumed internally to manufacture paper and consumer products. Domtar is the largest integrated marketer of uncoated freesheet paper in North America with recognized brands such as Cougar®, Lynx® Opaque Ultra, Husky® Opaque Offset, First Choice® and Domtar EarthChoice®. Domtar is also a leading marketer and producer of a complete line of incontinence care products marketed primarily under the Attends® brand name. Domtar owns and operates Ariva®, an extensive network of strategically located paper and printing supplies distribution facilities. In 2011, Domtar had sales of US$5.6 billion from nearly 50 countries. The Company employs approximately 9,300 people. To learn more, visit www.domtar.com.Forward-Looking StatementsAll statements in this news release that are not based on historical fact are "forward-looking statements." While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth under the captions "Forward-Looking Statements" and "Risk Factors" of the latest Form 10-K filed with the SEC as periodically updated by subsequently filed Form 10-Q's. Unless specifically required by law, we assume no obligation to update or revise these forward-looking statements to reflect new events or circumstances.______________________________1  Non-GAAP financial measure. Refer to the Reconciliation of Non-GAAP Financial Measures in the appendix.Domtar CorporationHighlights(In millions of dollars, unless otherwise noted)        Three monthsended September 30Three monthsended September 30Nine monthsended September 30Nine monthsended September 30  2012201120122011    (Unaudited)    $ $ $ $      Selected Segment Information      Sales        Pulp and Paper 1,1531,2463,4763,776  Distribution 167197528604  Personal Care 1111728817Total for reportable segments 1,4311,4604,2924,397  Intersegment sales - Pulp and Paper (42)(43)(137)(154)Consolidated sales 1,3891,4174,1554,243Depreciation and amortizationand impairment and write-down of property, plant and equipment       Pulp and Paper 9091271277  Distribution -133  Personal Care 61151Total for reportable segments 9693289281  Impairment and write-down of property, plant and equipment - Pulp and Paper -8273Consolidated depreciation and amortizationand impairment and write-down of property, plant and equipment 96101291354      Operating income (loss)        Pulp and Paper 103189306489  Distribution (5)(1)(8)-  Personal Care 12-32-  Corporate (1)(1)(6)4Consolidated operating income  109187324493Interest expense, net 202510967Earnings before income taxes and equity earnings 89162215426Income tax expense  224557122Equity loss, net of taxes 1-5-Net earnings  66117153304      Per common share (in dollars)       Net earnings       Basic 1.852.964.217.43  Diluted 1.842.954.207.38Weighted average number of commonand exchangeable shares outstanding (millions)       Basic 35.739.536.340.9  Diluted 35.839.736.441.2      Cash flows provided from operating activities  206257411711Additions to property, plant and equipment 663117164Domtar CorporationConsolidated Statements of Earnings (In millions of dollars, unless otherwise noted)    Three monthsended September 30Three monthsended September 30Nine monthsended September 30Nine monthsended September 30  2012201120122011   (Unaudited)    $ $ $ $      Sales 1,3891,4174,1554,243Operating expenses       Cost of sales, excluding depreciation and amortization 1,1001,0553,2633,132  Depreciation and amortization 9693289281  Selling, general and administrative 8075268253  Impairment and write-down of property, plant and equipment -8273  Closure and restructuring costs 21314  Other operating loss (income), net 2(2)6(3)   1,2801,2303,8313,750Operating income   109187324493Interest expense, net 202510967Earnings before income taxes and equity earnings 89162215426Income tax expense  224557122Equity loss, net of taxes 1-5-Net earnings  66117153304      Per common share (in dollars)              Net earnings       Basic 1.852.964.217.43  Diluted 1.842.954.207.38Weighted average number of commonand exchangeable shares outstanding (millions)       Basic 35.739.536.340.9  Diluted 35.839.736.441.2 Domtar CorporationConsolidated Balance Sheets at(In millions of dollars)           September 30December 31   20122011    (Unaudited)     $ $ Assets   Current assets     Cash and cash equivalents 593444  Receivables, less allowances of $5 and $5 674644  Inventories 663652  Prepaid expenses 3422  Income and other taxes receivable 4447  Deferred income taxes 124125   Total current assets 2,1321,934      Property, plant and equipment, at cost 8,7948,448 Accumulated depreciation (5,330)(4,989)   Net property, plant and equipment 3,4643,459Goodwill 261163Intangible assets, net of amortization 347204Other assets 115109   Total assets 6,3195,869 Liabilities and shareholders' equity   Current liabilities     Bank indebtedness 157  Trade and other payables 682688  Income and other taxes payable 1617  Long-term debt due within one year 74   Total current liabilities 720716 Long-term debt 1,196837Deferred income taxes and other 997927Other liabilities and deferred credits 402417 Shareholders' equity     Exchangeable shares 4949  Additional paid-in capital 2,2102,326  Retained earnings  779671  Accumulated other comprehensive loss (34)(74)   Total shareholders' equity 3,0042,972    Total liabilities and shareholders' equity 6,3195,869 Domtar CorporationConsolidated Statements of Cash Flows(In millions of dollars)      Nine monthsended September 30Nine monthsended September 30  20122011  (Unaudited)   $ $    Operating activities   Net earnings  153304Adjustments to reconcile net earnings to cash flows from operating activities    Depreciation and amortization  289281 Deferred income taxes and tax uncertainties 1356 Impairment and write-down of property, plant and equipment 273 Loss on repurchase of long-term debt -4 Net gains on disposals of property, plant and equipment and sale of business -(5) Stock-based compensation expense 33 Equity loss, net 5- Other (11)-Changes in assets and liabilities, excluding the effects of acquisition and sale of businesses    Receivables (1)(56) Inventories 2020 Prepaid expenses (7)(4) Trade and other payables (80)4 Income and other taxes 627 Difference between employer pension and other post-retirement contributionsand pension and other post-retirement expense 7(7) Other assets and other liabilities 1211 Cash flows provided from operating activities  411711 Investing activities   Additions to property, plant and equipment (171)(64)Proceeds from disposals of property, plant and equipment  -34Proceeds from sale of business -10Acquisition of businesses, net of cash acquired (293)(288)Investment in joint venture (5)- Cash flows used for provided from investing activities (469)(308) Financing activities   Dividend payments (42)(36)Net change in bank indebtedness 8(7)Issuance of long-term debt 548-Repayment of long-term debt (190)(17)Debt issue and tender offer costs -(7)Stock repurchase (116)(415)Other (1)10 Cash flows provided from (used for) financing activities 207(472) Net increase (decrease) in cash and cash equivalents 149(69)Translation adjustments related to cash and cash equivalents --Cash and cash equivalents at beginning of period 444530Cash and cash equivalents at end of period 593461    Supplemental cash flow information    Net cash payments for:     Interest (including $47 million of tender offer premiums in 2012) 9251  Income taxes paid  6042      Domtar CorporationQuarterly Reconciliation of Non-GAAP Financial Measures(In millions of dollars, unless otherwise noted)The following table sets forth certain non-U.S. generally accepted accounting principles ("GAAP") financial metrics identified in bold as "Earnings before items", "Earnings before items per diluted share", "EBITDA", "EBITDA margin", "EBITDA before items", "EBITDA margin before items", "Free cash flow", "Net debt" and "Net debt-to-total capitalization." Management believes that the financial metrics presented are frequently used by investors and are useful to evaluate our ability to service debt and our overall credit profile. Management believes these metrics are also useful to measure the operating performance and benchmark with peers within the industry. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.The Company calculates "Earnings before items" and "EBITDA before items" by excluding the after-tax (pre-tax) effect of items considered by management as not reflecting our current operations. Management uses these measures, as well as EBITDA and Free cash flow, to focus on ongoing operations and believes that it is useful to investors because it enables them to perform meaningful comparisons between periods. Domtar believes that using this information along with Net earnings provides for a more complete analysis of the results of operations. Net earnings and Cash flow provided from operating activities are the most directly comparable GAAP measures.                  2012 2011    Q1Q2Q3YTD Q1Q2Q3Q4YTDReconciliation of "Earnings before items" to Net earnings             Net earnings($)285966153 1335411761365 (+)Impairment and write-down of property, plant and equipment($)1--1 2384953 (+)Closure and restructuring costs($)1-12 8112333 (-)Net losses (gains) on disposals of property, plant and equipment and sale of business($)---- (5)5(3)-(3) (+)Impact of purchase accounting($)1--1 --1-1 (+)Loss on repurchase of long-term debt($)30--30 --3-3 (=)Earnings before items($)615967187 1389812393452 (/)Weighted avg. number of common and exchangeable shares outstanding (diluted)(millions)37.036.635.836.4 42.441.439.737.440.2 (=)Earnings before items per diluted share($)1.651.611.87 5.14 3.252.373.102.4911.24              Reconciliation of "EBITDA" and "EBITDA before items" to Net earnings             Net earnings($)285966153 1335411761365 (+)Equity loss, net of taxes($)2215 ---77 (+)Income tax expense ($)8272257 57204511133 (+)Interest expense, net($)711820109 2121252087 (=)Operating income ($)109106109324 2119518799592 (+)Depreciation and amortization($)979696289 93959395376 (+)Impairment and write-down of property, plant and equipment($)2--2 36281285 (-)Net losses (gains) on disposals of property, plant and equipment and sale of business($)----  (7)6(4)(1)(6) (=)EBITDA($)208202205615 3002582842051,047 (/)Sales($)1,3981,3681,3894,155 1,4231,4031,4171,3695,612 (=)EBITDA margin(%)15%15%15%15% 21%18%20%15%19%  EBITDA($)208202205615 3002582842051,047 (+)Closure and restructuring costs($)1-23 11213852 (+)Impact of purchase accounting ($)1--1 --1-1 (=)EBITDA before items($)210202207619 3112602862431,100 (/)Sales($)1,3981,3681,3894,155 1,4231,4031,4171,3695,612 (=)EBITDA margin before items(%)15%15%15%15% 22%19%20%18%20%              Reconciliation of "Free cash flow" to Cash flow provided from operating activities             Cash flow provided from operating activities($)30175206411 148306257172883 (-)Additions to property, plant and equipment($)(29)(76)(66)(171) (13)(20)(31)(80)(144) (=)Free cash flow($)199140240 13528622692739              "Net debt-to-total capitalization" computation             Bank indebtedness($)132215  2525177  (+)Long-term debt due within one year($)667  2254  (+)Long-term debt($)9529501,196  825824837837  (=)Debt($)9719781,218  852851859848  (-)Cash and cash equivalents($)(315)(276)(593)  (604)(742)(461)(444)  (=)Net debt($)656702625  248109398404  (+)Shareholders' equity($)3,0092,9483,004  3,2883,1942,9992,972  (=)Total capitalization($)3,6653,6503,629  3,5363,3033,3973,376   Net debt($)656702625  248109398404  (/)Total capitalization($)3,6653,6503,629  3,5363,3033,3973,376  (=)Net debt-to-total capitalization(%)18%19%17%  7%3%12%12% "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 CorporationQuarterly Reconciliation of Non-GAAP Financial Measures - By Segment 2012(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 presented are frequently used by investors and are useful to measure the operating performance and benchmark with peers within the industry. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results.The Company calculates the segmented "Operating income (loss) before items" by excluding the pre-tax effect of items considered by management as not reflecting our ongoing operations. Management uses these measures to focus on ongoing operations and believes that it is useful to investors because it enables them to perform meaningful comparisons between periods. Domtar believes that using this information along with Operating income (loss) provides for a more complete analysis of the results of operations. Operating income (loss) by segment is the most directly comparable GAAP measure.         Pulp and PaperDistributionPersonal Care (1)CorporateTotal    Q1'12Q2'12Q3'12Q4'12YTDQ1'12Q2'12Q3'12Q4'12YTDQ1'12Q2'12Q3'12Q4'12YTDQ1'12Q2'12Q3'12Q4'12YTDQ1'12Q2'12Q3'12Q4'12YTDReconciliation of Operating income (loss) to "Operating income (loss) before items"                            Operating income (loss)($)10796103-306(1)(2)(5)-(8)81212-32(5)-(1)-(6)109106109-324 (+)Impairment and write-down of property, plant and equipment($)2---2---------------2---2 (+)Closure and restructuring costs($)1---1--1-1--1-1-----1-2-3 (+)Impact of purchase accounting ($)----- ----- 1---1-----1---1                              (=)Operating income (loss) before items($)11096103-309(1)(2)(4)-(7)91213-34(5)-(1)-(6)113106111-330                             Reconciliation of "Operating income (loss) before items" to "EBITDA before items"                            Operating income (loss) before items($)11096103-309(1)(2)(4)-(7)91213-34(5)-(1)-(6)113106111-330 (+)Depreciation and amortization($)938890-27112--3 366-15-----979696-289                              (=)EBITDA before items($)203184193-580--(4)-(4)121819-49(5)-(1)-(6)210202207-619 (/)Sales($)1,1911,1321,153-3,476189172167-52870107111-288-----1,4501,4111,431-4,292 (=)EBITDA margin before items(%)17%16%17%-17%-----17%17%17%-17%-----14%14%14%-14%"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 March 1, 2012, the Company acquired 100% of the shares of Attends Healthcare Limited.On May 1, 2012, the Company acquired 100% of the shares of EAM Corporation.Domtar CorporationQuarterly Reconciliation of Non-GAAP Financial Measures - By Segment 2011(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 presented are frequently used by investors and are useful to measure the operating performance and benchmark with peers within the industry. These metrics are presented as a complement to enhance the understanding of operating results but not in substitution for GAAP results. The Company calculates the segmented "Operating income (loss) before items" by excluding the pre-tax effect of items considered by management as not reflecting our ongoing operations. Management uses these measures to focus on ongoing operations and believes that it is useful to investors because it enables them to perform meaningful comparisons between periods. Domtar believes that using this information along with Operating income (loss) provides for a more complete analysis of the results of operations. Operating income (loss) by segment is the most directly comparable GAAP measure.      Pulp and PaperDistributionPersonal Care (1)CorporateTotal    Q1'11Q2'11Q3'11Q4'11YTDQ1'11Q2'11Q3'11Q4'11YTDQ1'11Q2'11Q3'11Q4'11YTDQ1'11Q2'11Q3'11Q4'11YTDQ1'11Q2'11Q3'11Q4'11YTDReconciliation of Operating income (loss) to "Operating income (loss) before items"                            Operating income (loss)($)20991189925813(2)(1)-----77(1)6(1)-42119518799592 (+)Impairment and write-down of property, plant and equipment($)36281285---------------36281285 (+)Closure and restructuring costs($)11213751---11----------11213852 (-)Net losses (gains) on disposals of property, plant and equipment and sale of business($)(4)12(4)(1)3(3)---(3)----- -(6)--(6)(7)6(4)(1)(6) (+)Impact of purchase accounting ($)---------- --1-1----- --1-1                              (=)Operating income (loss) before items($)219167194140720-(2)(1)1(2)--178(1)-(1)-(2)218165193148724                             Reconciliation of "Operating income (loss) before items" to "EBITDA before items"                            Operating income (loss) before items($)219167194140720-(2)(1)1(2)--178(1)-(1)-(2)218165193148724 (+)Depreciation and amortization($)9294919136811114--134-----93959395376                              (=)EBITDA before items($)3112612852311,0881(1)-22 --21012(1)-(1)-(2)3112602862431,100 (/)Sales($)1,2691,2611,2461,1774,953217190197177781--175471-----1,4861,4511,4601,4085,805 (=)EBITDA margin before items(%)25%21%23%20%22%---1%---12%19%17%-----21%18%20%17%19% "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 September 1, 2011, the Company acquired 100% of the shares of Attends Healthcare Inc.Domtar CorporationSupplemental Segmented Information(In millions of dollars, unless otherwise noted)    20122011  Q1Q2Q3YTDQ1Q2Q3Q4YTDPulp and Paper Segment           Sales  ($)1,1911,1321,1533,4761,2691,2611,2461,1774,953  Intersegment sales - Pulp and Paper  ($)(52)(43)(42)(137)(63)(48)(43)(39)(193) Operating income  ($)107961033062099118992581 Depreciation and amortization  ($)93889027192949191368 Impairment and write-down of property, plant and equipment  ($)2--236281285            Papers             Papers Production('000 ST)8708327882,4908998908758713,535 Papers Shipments('000 ST)8708198262,5159139018898313,534   Communication Papers('000 ST)7567057092,1708167947847293,123   Specialty and Packaging('000 ST)11411411734597107105102411            Pulp           Pulp Shipments(a)('000 ADMT)3893684151,1723753613584031,497   Hardwood Kraft Pulp(%)15%16%20%12%20%19%18%19%19%   Softwood Kraft Pulp(%)61%57%55%41%55%54%57%58%57%   Fluff Pulp(%)24%27%25%18%25%27%25%23%24%           Distribution Segment           Sales($)189172167528217190197177781 Operating income (loss)($)(1)(2)(5)(8)3(2)(1)-- Depreciation and amortization($)12-311114           Personal Care Segment           Sales($)70107111288--175471 Operating income($)8121232---77 Depreciation and amortization($)36615--134                      Average Exchange Rates$US / $CAN1.0011.0100.9951.0020.9860.9680.9801.0230.989 $CAN / $US0.9990.9901.0060.9981.0141.0341.0210.9771.011 €EUR / $US1.3121.2831.2521.282----- (a)Figures are gross of market pulp purchased from other producers on the open market for some of our paper making operations. Pulp Shipments represent the amount of pulp produced in excess of our internal requirement.Note: the term "ST" refers to a short ton and the term "ADMT" refers to an air dry metric ton.     SOURCE: DOMTAR CORPORATIONFor further information: MEDIA AND INVESTOR RELATIONS Pascal Bossé Vice-President Corporate Communications and Investor Relations Tel.: 514-848-5938