Greenfirst Forest Products Inc · TSX:GFP
Greenfirst Forest Products — Q1 2024 Earnings Presentation
20 slides from Greenfirst Forest Products's earnings presentation, May 15, 2024
Slide 1: Q1 2024 Investor Presentation
Q1 2024 Investor Presentation May 15, 2024
Slide 2: Legal Disclaimer
Legal Disclaimer 2 This Presentation is being provided to you by GreenFirst Forest Products Inc. (“GreenFirst” or the “Company”) for informational purposes only. Cautionary Note Regarding Forw ard-Looking Information This Presentation includes information, statements, beliefs and opinions w hich are
Slide 3: Overview
Overview Paul Rivett, Executive Chair & Director
Slide 4: Highlights
Highlights 4 ▪ High operational focus post-decentralization of lumber and paper operations ▪ Significant productivity enhancements to lumber mills (19 meaningful records achieved in Q1) ▪ Pricing showed some promise, only to decline since March ▪ Affordability and high mortgage rates continue to imp
Slide 5: Lumber Pricing Random Lengths (Great Lakes)
Lumber Pricing Random Lengths (Great Lakes) 5
Slide 6: US Housing Starts Forecast
US Housing Starts Forecast 6 Source: FEA
Slide 7: Financial Summary
7 Financial Summary Ankit Kapoor, Interim CFO
Slide 8: Profit and Loss Breakdown – Q1’24
Profit and Loss Breakdown – Q1’24 8 Q1'24 (in $000's) Net Sales 93,068 Cost of Sales (exclud. depreciation) (91,219) Duties (3,487) Other operating income 642 EBITDA = (3,468) Selling, general and administrative expenses (2,473) Finance costs, net (1,056) Depreciation (3,973) Gain on revaluation of
Slide 9: Q1’24 Financial Comparison
Q1’24 Financial Comparison 9 1Adjus ted EBITDA is a Non-GAAP measure and does not have standardized meaning under GAAP or IFRS. As a result, it may not be comparable to information presented by other companies. For a n explanation a nd reconciliation of Adjusted EBITDA to related comparable financia
Slide 10: Operations - Lumber
10 Operations - Lumber Joel Fournier, CEO GreenFirst
Slide 11: Entering 2024 with Renewed Focus
Entering 2024 with Renewed Focus 11 ▪ Right size organizational footprint ▪ Capitalize on short-term opportunities ▪ Broke 19 meaningful production records at sawmills in Q ▪ Positive EBITDA for the lumber segment in Q1 ▪ New strategic vision to maximize capacity and utilize available log supply ▪ E
Slide 12: Non-Core Assets
Non-Core Assets 12 The company has the following non-core land assets that can be monetized: ▪ 1,200 acres of private lands around Kapuskasing ▪ 1,100 acres of private lands around Timmins (closing in Q2) ▪ 118-acre parcel of prime Lake-of-the-woods waterfront property in Kenora
Slide 13: Long-term Trends
Long-term Trends 13 ▪ Permanent BC interior shutdowns and steadily rising costs ▪ Historic SPF lumber prices have averaged: ▪ US$425 over 10 years ▪ US$525 over 5 years ▪ US$575 over 3 years ▪ US$675 over 2 years ▪ Record levels of immigration in Canada ▪ Housing deficit in North America ▪ US demogr
Slide 14: Lumber Operations
Lumber Operations 14 Quarter
Slide 15: Operations - Paper
15 Operations - Paper Terry Skiffington, CEO Kap Paper
Slide 16: Paper mill Overview
Paper mill Overview 16 ▪ Tough quarter with carryover impact of Q4 operational issues ▪ Multiple external events disrupted mill production in Q1 ▪ Pricing pressures in the North American market continue ▪ Goal to attain EBITDA positive operations ▪ Working with all levels of government on the long-t
Slide 17: Paper Mill Operations
Paper Mill Operations 17 Quarter
Slide 18: Sustainability
18 Sustainability Joel Fournier, CEO GreenFirst
Slide 19: Deeply Committed to Sustainability
Deeply Committed to Sustainability 19 GreenFirst is dedicated to maintaining high standards of sustainability across our business practices ▪ Wood stores carbon and is the only renewable major building material Green ▪ Lumber building materials require less energy to produce and transport than Advan
Slide 20: Thank You
PRODUITS FORESTIERS GREENFIRST FOREST PRODUCTS [@ GREENFIRST
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