Outlook
North American lumber markets over the near term are expected to be volatile as the economy continues to adjust to changing monetary policies, labour shortages and geo-political uncertainty, and as industry-wide lumber production continues to adjust to match demand.
Near-term volatility could be further impacted by a potential tariff on Canadian lumber exports to the U.S. Overall, the Company is well positioned with a diversified product mix in Canada and the U.S., with approximately 60% of its total lumber produced and sold within the U.S. Ultimately, only about 26% of the Company’s total lumber production is exported from Canada to the U.S. and exposed to a potential tariff. Over the mid-term, Canadian lumber is expected to remain a key source of supply to meet U.S. needs, as growth in U.S. lumber manufacturing capacity will likely be limited by labour constraints, lengthy equipment lead-times and extended project ramp-up schedules.
Interfor expects that over the mid-term, lumber markets will continue to benefit from favourable underlying supply and demand fundamentals. Positive demand factors include the advanced age of the U.S. housing stock, a shortage of available housing and various demographic factors, while growth in lumber supply is expected to be limited by extended capital project completion and ramp-up timelines, labour availability and constrained global fibre availability.
Interfor’s strategy of maintaining a diversified portfolio of operations in multiple regions allows the Company to both reduce risk and maximize returns on capital over the business cycle. In the event of a sustained lumber market downturn, Interfor maintains flexibility to significantly reduce capital expenditures and working capital levels, and to proactively adjust its lumber production to match demand.
Financial and Operating Highlights1
| | | For the three months ended | For the year ended Dec. 31 |
| | | Dec. 31 | Dec. 31 | Sept. 30 | |
| | Unit | 2024 | 2023 | 2024 | 2024 | 2023 | 2022 |
| | | | | | | | |
| Financial Highlights2 | | | | | | | |
| Total sales | $MM | 746.5 | 785.9 | 692.7 | 3,023.6 | 3,315.7 | 4,584.0 |
| Lumber | $MM | 619.1 | 628.5 | 542.2 | 2,466.8 | 2,661.3 | 3,897.4 |
| Logs, residual products and other | $MM | 127.4 | 157.4 | 150.5 | 556.8 | 654.4 | 686.6 |
| Operating earnings (loss) | $MM | 25.2 | (174.2) | (172.2) | (291.2) | (252.4) | 859.6 |
| Net earnings (loss) | $MM | (49.9) | (169.0) | (105.7) | (304.3) | (266.8) | 598.2 |
| Net earnings (loss) per share, basic | $/share | (0.97) | (3.29) | (2.05) | (5.91) | (5.19) | 10.89 |
| Adjusted EBITDA3 | $MM | 80.4 | (51.4) | (22.0) | 19.4 | 48.4 | 1,059.4 |
| Adjusted EBITDA margin3 | % | 10.8% | (6.5%) | (3.2%) | 0.6% | 1.5% | 23.1% |
| | | | | | | | |
| Total assets | $MM | 3,078.7 | 3,395.7 | 3,042.0 | 3,078.7 | 3,395.7 | 3,619.0 |
| Total debt | $MM | 904.7 | 897.7 | 882.0 | 904.7 | 897.7 | 797.9 |
| Net debt3 | $MM | 861.3 | 842.7 | 849.9 | 861.3 | 842.7 | 720.3 |
| Net debt to invested capital3 | % | 36.0% | 32.8% | 36.1% | 36.0% | 32.8% | 26.2% |
| Annualized return on capital employed3 | % | (2.2%) | (28.1%) | (18.8%) | (10.4%) | (9.7%) | 29.6% |
| | | | | | | | |
| Operating Highlights | | | | | | | |
| Lumber production | million fbm | 948 | 1,102 | 904 | 3,956 | 4,152 | 3,792 |
| U.S. South | million fbm | 425 | 485 | 443 | 1,824 | 1,897 | 1,792 |
| U.S. Northwest | million fbm | 112 | 157 | 80 | 457 | 626 | 631 |
| Eastern Canada | million fbm | 235 | 275 | 216 | 1,015 | 1,020 | 718 |
| B.C. | million fbm | 176 | 185 | 165 | 660 | 609 | 651 |
| Lumber sales | million fbm | 940 | 1,046 | 951 | 4,046 | 4,174 | 3,928 |
| Lumber - average selling price4 | $/thousand fbm | 659 | 601 | 570 | 610 | 638 | 992 |
| | | | | | | | |
| Key Statistics | | | | | | | |
| Benchmark lumber prices5 | | | | | | | |
| SYP Composite | US$ per mfbm | 372 | 373 | 338 | 362 | 423 | 704 |
| KD H-F Stud 2x4 9’ | US$ per mfbm | 424 | 423 | 359 | 416 | 444 | 818 |
| Eastern SPF Composite | US$ per mfbm | 518 | 461 | 454 | 483 | 480 | 836 |
| Western SPF Composite | US$ per mfbm | 460 | 374 | 380 | 410 | 389 | 742 |
| | | | | | | | |
| USD/CAD exchange rate6 | | | | | | | |
| Average | 1 USD in CAD | 1.3982 | 1.3624 | 1.3641 | 1.3698 | 1.3497 | 1.3013 |
| Closing | 1 USD in CAD | 1.4389 | 1.3226 | 1.3499 | 1.4389 | 1.3226 | 1.3544 |
Notes:
-
Figures in this table may not equal or sum to figures presented elsewhere due to rounding.
-
Financial information presented for interim periods in this release is prepared in accordance with IFRS and is unaudited.
-
Refer to the Non-GAAP Measures section of this release for definitions and reconciliations of these measures to figures reported in the Company’s consolidated financial statements.
-
Gross sales including duties and freight.
-
Based on Random Lengths Benchmark Lumber Pricing.
-
Based on Bank of Canada foreign exchange rates.
Liquidity
Balance Sheet
Interfor’s Net debt at December 31, 2024 was $861.3 million, or 36.0% of invested capital, representing an increase of $18.6 million from the level of Net debt at December 31, 2023.
As at December 31, 2024 the Company had net working capital of $174.5 million and available liquidity of $383.0 million, based on the available borrowing capacity under its $600.0 million Revolving Term Line (“Term Line”).
The Term Line and Senior Secured Notes are subject to financial covenants, including a maximum net debt to total capitalization ratio of 50.0% and a minimum EBITDA interest coverage ratio of two times, which becomes effective if the net debt to total capitalization ratio exceeds 42.5%. As at December 31, 2024, Interfor was fully in compliance with all covenants relating to the Term Line and Senior Secured Notes.
Management believes, based on circumstances known today, that Interfor has sufficient working capital and liquidity to fund operating and capital requirements for the foreseeable future.
| | For the three months ended | For the year ended |
| | Dec. 31, | Dec. 31, | Sept. 30, | Dec. 31, | Dec. 31, |
| Millions of Dollars | 2024 | 2023 | 2024 | 2024 | 2023 |
| | | | | | |
| Net debt | | | | | |
| Net debt, period opening | $849.9 | $777.7 | $876.9 | $842.7 | $720.3 |
| Additions to Senior Secured Notes | - | - | - | 45.3 | - |
| Repayments of Senior Secured Notes | - | - | - | (45.3) | (7.1) |
| Term Line net drawings (repayments) | (35.1) | 39.9 | (75.2) | (69.9) | 128.2 |
| Decrease (increase) in cash and cash equivalents | (8.7) | 43.9 | 60.5 | 15.1 | 20.3 |
| Foreign currency translation impact on U.S. Dollar denominated cash and cash equivalents and debt | 55.2 | (18.8) | (12.3) | 73.4 | (19.0) |
| Net debt, period ending | $861.3 | $842.7 | $849.9 | $861.3 | $842.7 |
On March 26, 2024, the Company issued US$33.3 million of Series I Senior Secured Notes, bearing interest at 6.37% with principal repayment due at final maturity on March 26, 2030. The proceeds were used to settle US$33.3 million of principal under the Company’s existing Series C Senior Secured Notes due on March 26, 2024.
Capital Resources
The following table summarizes Interfor’s credit facilities and availability as of December 31, 2024:
| | | | Revolving | Senior | |
| | | | Term | Secured | |
| Millions of Dollars | Line | Notes | Total |
| Available line of credit and maximum borrowing available | $600.0 | $696.1 | $1,296.1 |
| Less: | | | | | |
| Drawings | | | 208.6 | 696.1 | 904.7 |
| Outstanding letters of credit included in line utilization | 51.8 | - | 51.8 |
| Unused portion of facility | | $339.6 | $ - | 339.6 |
| Add: | | | | | |
| Cash and cash equivalents | | | 43.4 |
| Available liquidity at December 31, 2024 | | | $383.0 |
Interfor’s Term Line matures in December 2026 and its Senior Secured Notes have maturities in the years 2025-2033.
As of December 31, 2024, the Company had commitments for capital expenditures totaling $30.6 million for both maintenance and discretionary capital projects.
Non-GAAP Measures
This release makes reference to the following non-GAAP measures: EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Net debt to invested capital and Annualized return on capital employed which are used by the Company and certain investors to evaluate operating performance and financial position. These non-GAAP measures do not have any standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers.
The following table provides a reconciliation of these non-GAAP measures to figures as reported in the Company’s audited consolidated financial statements (unaudited for interim periods) prepared in accordance with IFRS:
| | For the three months ended | For the year ended Dec. 31 |
| Millions of Dollars except number of shares and per | Dec. 31 | Dec. 31 | Sept. 30 | |
| share amounts | 2024 | 2023 | 2024 | 2024 | 2023 | 2022 |
| | | | | | | |
| Adjusted EBITDA | | | | | | |
| Net earnings (loss) | $(49.9) | $(169.0) | $(105.7) | $(304.3) | $(266.8) | $598.2 |
| Add: | | | | | | |
| Depreciation of plant and equipment | 41.7 | 48.9 | 42.4 | 177.5 | 187.4 | 154.9 |
| Depletion and amortization of timber, roads and other | 9.2 | 11.4 | 10.3 | 41.8 | 41.1 | 39.7 |
| Finance costs | 11.4 | 10.6 | 9.5 | 44.6 | 45.0 | 15.6 |
| Income tax expense (recovery) | 22.9 | (66.4) | (41.7) | (51.9) | (91.1) | 216.7 |
| EBITDA | 35.3 | (164.5) | (85.2) | (92.3) | (84.4) | 1,025.1 |
| Add: | | | | | | |
| Long-term incentive compensation expense (recovery) | (0.4) | 4.6 | 2.7 | (1.8) | 8.7 | (8.4) |
| Other foreign exchange loss (gain) | 42.3 | (15.0) | (8.8) | 56.3 | (14.7) | 43.1 |
| Other expense (income) excluding business interruption insurance | (1.5) | 65.6 | (25.5) | (35.9) | 79.2 | (4.4) |
| Asset write-downs and restructuring costs | 4.7 | 57.9 | 94.8 | 93.1 | 59.6 | 4.0 |
| Adjusted EBITDA | $80.4 | $(51.4) | $(22.0) | $19.4 | $48.4 | $1,059.4 |
| Sales | $746.5 | $785.9 | $692.7 | $3,023.6 | $3,315.7 | $4,584.0 |
| Adjusted EBITDA margin | 10.8% | (6.5%) | (3.2%) | 0.6% | 1.5% | 23.1% |
| | | | | | | |
| Net debt to invested capital | | | | | | |
| Net debt | | | | | | |
| Total debt | $904.7 | $897.7 | $882.0 | $904.7 | $897.7 | $797.9 |
| Cash and cash equivalents | (43.4) | (55.0) | (32.1) | (43.4) | (55.0) | (77.6) |
| Total net debt | $861.3 | $842.7 | $849.9 | $861.3 | $842.7 | $720.3 |
| Invested capital | | | | | | |
| Net debt | $861.3 | $842.7 | $849.9 | $861.3 | $842.7 | $720.3 |
| Shareholders' equity | 1,532.5 | 1,730.4 | 1,505.6 | 1,532.5 | 1,730.4 | 2,027.1 |
| Total invested capital | $2,393.8 | $2,573.1 | $2,355.5 | $2,393.8 | $2,573.1 | $2,747.4 |
| Net debt to invested capital1 | 36.0% | 32.8% | 36.1% | 36.0% | 32.8% | 26.2% |
| | | | | | | |
| Annualized return on capital employed | | | | | | |
| Net earnings (loss) | $(49.9) | $(169.0) | $(105.7) | $(304.3) | $(266.8) | $598.2 |
| Add: | | | | | | |
| Finance costs | 11.4 | 10.6 | 9.5 | 44.6 | 45.0 | 15.6 |
| Income tax expense (recovery) | 22.9 | (66.4) | (41.7) | (51.9) | (91.1) | 216.7 |
| Earnings (loss) before income taxes and finance costs | $(15.6) | $(224.8) | $(137.9) | $(311.6) | $(312.9) | $830.5 |
| Capital employed | | | | | | |
| Total assets | $3,078.7 | $3,395.7 | $3,042.0 | $3,078.7 | $3,395.7 | $3,619.0 |
| Current liabilities | (302.2) | (336.2) | (300.5) | (302.2) | (336.2) | (325.9) |
| Less: | | | | | | |
| Current portion of long-term debt | 48.0 | 44.1 | 45.0 | 48.0 | 44.1 | 7.3 |
| Current portion of lease liabilities | 20.3 | 17.2 | 20.5 | 20.3 | 17.2 | 14.8 |
| Capital employed, end of period | $2,844.8 | $3,120.8 | $2,807.0 | $2,844.8 | $3,120.8 | $3,315.2 |
| Capital employed, beginning of period | 2,807.0 | 3,289.3 | 3,059.9 | 3,120.8 | 3,315.1 | 2,303.2 |
| Average capital employed | $2,825.9 | $3,205.1 | $2,933.5 | $2,982.8 | $3,218.0 | $2,809.2 |
| Earnings (loss) before income taxes and finance costs divided by average capital employed | (0.6%) | (7.0%) | (4.7%) | (10.4%) | (9.7%) | 29.6% |
| Annualization factor | 4.0 | 4.0 | 4.0 | 1.0 | 1.0 | 1.0 |
| Annualized return on capital employed | (2.2%) | (28.1%) | (18.8%) | (10.4%) | (9.7%) | 29.6% |
Note 1: Net debt to invested capital as of the period end.
|
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
|
| For the three months and years ended December 31, 2024 and 2023 (unaudited) |
| (millions of Canadian Dollars except per share amounts) | Three Months | Three Months | Year Ended | Year Ended |
| | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 |
| | | | | |
| Sales | $746.5 | $785.9 | $3,023.6 | $3,315.7 |
| | | | | |
| Costs and expenses: | | | | |
| Production | 649.1 | 805.5 | 2,911.4 | 3,158.9 |
| Selling and administration | 13.9 | 13.8 | 61.2 | 65.8 |
| Long-term incentive compensation expense (recovery) | (0.4) | 4.6 | (1.8) | 8.7 |
| U.S. countervailing and anti-dumping duty deposits | 3.1 | 18.0 | 31.6 | 46.6 |
| Depreciation of plant and equipment | 41.7 | 48.9 | 177.5 | 187.4 |
| Depletion and amortization of timber, roads and other | 9.2 | 11.4 | 41.8 | 41.1 |
| | 716.6 | 902.2 | 3,221.7 | 3,508.5 |
| | | | | |
| Operating earnings (loss) before asset write-downs and restructuring costs | 29.9 | (116.3) | (198.1) | (192.8) |
| | | | | |
| Asset write-downs and restructuring costs | (4.7) | (57.9) | (93.1) | (59.6) |
| Operating earnings (loss) | 25.2 | (174.2) | (291.2) | (252.4) |
| | | | | |
| Finance costs | (11.4) | (10.6) | (44.6) | (45.0) |
| Other foreign exchange gain (loss) | (42.3) | 15.0 | (56.3) | 14.7 |
| Other income (expense) | 1.5 | (65.6) | 35.9 | (75.2) |
| | (52.2) | (61.2) | (65.0) | (105.5) |
| | | | | |
| Loss before income taxes | (27.0) | (235.4) | (356.2) | (357.9) |
| | | | | |
| Income tax expense (recovery): | | | | |
| Current | 13.0 | (39.5) | 12.0 | (63.5) |
| Deferred | 9.9 | (26.9) | (63.9) | (27.6) |
| | 22.9 | (66.4) | (51.9) | (91.1) |
| | | | | |
| Net loss | $(49.9) | $(169.0) | $(304.3) | $(266.8) |
| | | | | |
| Net loss per share | | | | |
| Basic | $(0.97) | $(3.29) | $(5.91) | $(5.19) |
| Diluted | $(0.97) | $(3.29) | $(5.91) | $(5.19) |
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
| For the three months and years ended December 31, 2024 and 2023 (unaudited) |
| (millions of Canadian Dollars) | Three Months | Three Months | Year Ended | Year Ended |
| | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 |
| | | | | |
| Net loss | $(49.9) | $(169.0) | $(304.3) | $(266.8) |
| | | | | |
| Other comprehensive income (loss): | | | | |
| Items that will not be recycled to Net loss: | | | | |
| Defined benefit plan actuarial gain (loss), net of tax | 0.8 | (1.1) | 4.5 | (0.4) |
| | | | | |
| Items that may be recycled to Net loss: | | | | |
| Foreign currency translation differences for foreign operations, net of tax | 75.8 | (27.6) | 101.4 | (30.4) |
| Total other comprehensive income (loss), net of tax | 76.6 | (28.7) | 105.9 | (30.8) |
| | | | | |
| Comprehensive income (loss) | $26.7 | $(197.7) | $(198.4) | $(297.6) |
| | | | | |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
| For the three months and years ended December 31, 2024 and 2023 (unaudited) |
| (millions of Canadian Dollars) | Three Months | Three Months | Year Ended | Year Ended |
| | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 |
| | | | | |
| Cash provided by (used in): | | | | |
| Operating activities: | | | | |
| Net loss | $(49.9) | $(169.0) | $(304.3) | $(266.8) |
| Items not involving cash: | | | | |
| Depreciation of plant and equipment | 41.7 | 48.9 | 177.5 | 187.4 |
| Depletion and amortization of timber, roads and other | 9.2 | 11.4 | 41.8 | 41.1 |
| Income tax expense (recovery) | 22.9 | (66.4) | (51.9) | (91.1) |
| Finance costs | 11.4 | 10.6 | 44.6 | 45.0 |
| Other assets | (0.1) | 0.1 | (4.6) | (6.0) |
| Reforestation liability | (3.3) | 2.6 | (0.3) | 2.1 |
| Provisions and other liabilities | 0.3 | 3.6 | (0.4) | 7.9 |
| Stock option vesting | 0.1 | 0.2 | 0.4 | 0.8 |
| Net write-down of plant, equipment, roads and timber licences | 2.2 | 55.8 | 84.4 | 57.3 |
| Unrealized foreign exchange loss (gain) | 25.2 | (9.7) | 33.4 | (9.3) |
| Gain on lease modification | - | - | (0.7) | - |
| Other expense (income) | (1.5) | 65.6 | (35.9) | 75.2 |
| Income taxes received, net | 13.5 | 30.4 | 70.2 | 99.1 |
| | 71.7 | (15.9) | 54.2 | 142.7 |
| Cash generated from (used in) operating working capital: | | | | |
| Trade accounts receivable and other | 47.9 | 31.8 | 80.8 | (7.5) |
| Inventories | (14.8) | (2.5) | 61.2 | 55.1 |
| Prepayments | 5.9 | 3.6 | 6.0 | (0.6) |
| Trade accounts payable and provisions | (35.9) | (42.9) | (57.9) | (69.9) |
| | 74.8 | (25.9) | 144.3 | 119.8 |
| | | | | |
| Investing activities: | | | | |
| Additions to property, plant and equipment | (11.5) | (33.9) | (67.2) | (186.1) |
| Additions to roads and bridges | (3.0) | (5.7) | (6.9) | (13.3) |
| Acquisitions, net of cash acquired | - | - | - | 0.5 |
| Proceeds on disposal of property, plant, equipment and other | 2.9 | 0.4 | 26.6 | 5.3 |
| Net proceeds related to B.C. Coast monetization | (0.9) | 0.5 | 35.1 | 0.5 |
| Net proceeds from deposits and other assets | 1.3 | 1.2 | 2.5 | 3.3 |
| | (11.2) | (37.5) | (9.9) | (189.8) |
| | | | | |
| Financing activities: | | | | |
| Issuance of share capital, net of expenses | 0.1 | - | 0.1 | 0.1 |
| Interest payments | (14.2) | (15.4) | (56.9) | (52.9) |
| Lease liability payments | (5.7) | (5.0) | (22.8) | (18.4) |
| Debt refinancing costs | - | - | - | (0.2) |
| Revolving Term Line net drawings (repayments) | (35.1) | 39.9 | (69.9) | 128.2 |
| Additions to Senior Secured Notes | - | - | 45.3 | - |
| Repayments of Senior Secured Notes | - | - | (45.3) | (7.1) |
| | (54.9) | 19.5 | (149.5) | 49.7 |
| | | | | |
| Foreign exchange gain (loss) on cash and cash equivalents held in a foreign currency | 2.6 | (0.5) | 3.5 | (2.3) |
| Increase (decrease) in cash | 11.3 | (44.4) | (11.6) | (22.6) |
| | | | | |
| Cash and cash equivalents, beginning of period | 32.1 | 99.4 | 55.0 | 77.6 |
| | | | | |
| Cash and cash equivalents, end of period | $43.4 | $55.0 | $43.4 | $55.0 |
| | | | | |
| CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION |
| December 31, 2024 and 2023 (unaudited) |
| (millions of Canadian Dollars) | Dec. 31, 2024 | Dec. 31, 2023 |
| | | |
| Assets | | |
| Current assets: | | |
| Cash and cash equivalents | $43.4 | $55.0 |
| Trade accounts receivable and other | 109.5 | 184.4 |
| Income tax receivable | - | 68.4 |
| Inventories | 283.5 | 339.2 |
| Prepayments | 21.9 | 26.9 |
| Assets held for sale | 18.4 | - |
| | 476.7 | 673.9 |
| | | |
| Employee future benefits | 16.8 | 15.5 |
| Deposits and other assets | 304.4 | 274.6 |
| Right of use assets | 44.8 | 37.1 |
| Property, plant and equipment | 1,465.7 | 1,612.9 |
| Roads and bridges | 21.3 | 35.9 |
| Timber licences | 158.9 | 170.4 |
| Goodwill and other intangible assets | 589.2 | 574.7 |
| Deferred income taxes | 0.9 | 0.7 |
| | | |
| | $3,078.7 | $3,395.7 |
| | | |
| Liabilities and Shareholders’ Equity | | |
| Current liabilities:
| | |
| Trade accounts payable and provisions | $203.1 | $258.9 |
| Current portion of long-term debt | 48.0 | 44.1 |
| Reforestation liability | 16.5 | 15.8 |
| Lease liabilities | 20.3 | 17.2 |
| Income taxes payable | 12.9 | 0.2 |
| Liabilities held for sale | 1.4 | - |
| | 302.2 | 336.2 |
| | | |
| Reforestation liability | 27.8 | 28.4 |
| Lease liabilities | 25.8 | 23.1 |
| Long-term debt | 856.7 | 853.6 |
| Employee future benefits | 11.8 | 11.3 |
| Provisions and other liabilities | 16.8 | 54.6 |
| Deferred income taxes | 305.1 | 358.1 |
| | | |
| Equity: | | |
| Share capital | 409.0 | 408.9 |
| Contributed surplus | 6.6 | 6.2 |
| Translation reserve | 246.9 | 145.5 |
| Retained earnings | 870.0 | 1,169.8 |
| | | |
| | 1,532.5 | 1,730.4 |
| | | |
| | $3,078.7 | $3,395.7 |
| Approved on behalf of the Board of Directors: |
| | “L. Sauder” | “C. Griffin” |
| | Director | Director |
FORWARD-LOOKING STATEMENTS
This release contains forward-looking information about the Company’s business outlook, objectives, plans, strategic priorities and other information that is not historical fact. A statement contains forward-looking information when the Company uses what it knows and expects today, to make a statement about the future. Statements containing forward-looking information may include words such as: will, could, should, believe, expect, anticipate, intend, forecast, projection, target, outlook, opportunity, risk, plan or strategy. Readers are cautioned that actual results may vary from the forward-looking information in this release, and undue reliance should not be placed on such forward-looking information. Risk factors that could cause actual results to differ materially from the forward-looking information in this release are described in Interfor’s annual Management’s Discussion and Analysis under the heading “Risks and Uncertainties”, which is available on www.interfor.com and under Interfor’s profile on www.sedarplus.ca. Material factors and assumptions used to develop the forward-looking information in this release include the timing and value of proceeds received from the disposition of Coastal B.C. forest tenures; charges related to the sale of Quebec operations; impact of tariffs on Canadian lumber imports to the U.S.; availability and cost of logs; competition; currency exchange sensitivity; environment; government regulation; health and safety; Indigenous reconciliation; information technology and cyber security; labour availability; logistics availability and cost; natural and man-made disasters and climate change; price volatility; residual fibre revenue; softwood lumber trade; and tax exposures. Unless otherwise indicated, the forward-looking statements in this release are based on the Company’s expectations at the date of this release. Interfor undertakes no obligation to update such forward-looking information or statements, except as required by law.
ABOUT INTERFOR
Interfor is a growth-oriented forest products company with operations in Canada and the United States. The Company has annual lumber production capacity of approximately 4.7 billion board feet and offers a diverse line of lumber products to customers around the world. For more information about Interfor, visit our website at www.interfor.com.
The Company’s 2024 audited consolidated financial statements and Management’s Discussion and Analysis are available at www.sedarplus.ca and www.interfor.com.
There will be a conference call on Friday, February 14, 2025 at 8:00 a.m. (Pacific Time) hosted by INTERFOR CORPORATION for the purpose of reviewing the Company’s release of its fourth quarter and fiscal 2024 financial results.
The dial-in number is 1-888-510-2154 or webcast URL: https://app.webinar.net/GLgmo52b6a0. The conference call will also be recorded for those unable to join in for the live discussion and will be available until March 14, 2025. The number to call is 1-888-660-6345, Passcode 75009#.
For further information:
Richard Pozzebon, Executive Vice President and Chief Financial Officer
(604) 422-3400
