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Norbord (OSB)

Participants
Peter Wijnbergen President, CEO & Director
Robin Lampard SVP & CFO
Ketan Mamtora BMO Capital Markets
Sean Steuart TD Securities
Hamir Patel CIBC Capital Markets
John Babcock Bank of America Merrill Lynch
Paul Quinn RBC Capital Markets
Mark Weintraub Seaport Global Securities
Andrew Kuske Crédit Suisse
Call transcript
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Operator

Good day everyone and welcome to Norbord Inc.'s Third Quarter Earnings Conference Call.

As a reminder, today's call is being recorded and webcast on Norbord's website at www.norbord.com. Norbord's discussion today may include certain projections and forward-looking statements regarding Norbord's business, future actions, and expected results. These statements are subject to known and unknown risks and future results may differ materially.

For further information on known risks, please see the caution regarding forward-looking information statements in Norbord's February 4, 2020, Annual Information Form and the cautionary statement contained in the forward-looking statements section of Norbord's Management's Discussion and Analysis dated November 4, 2020. the Officer. to turn and Wijnbergen, I'll Executive Chief now conference Peter over President Hence, ahead, go Please sir.

Peter Wijnbergen

Remote way working decision which result adjusted capacity to joined QX. British home purchase of to Lampard, then On to you homes, produced everyone. financial available people on capacity included that concluding single-family a Mile Columbia. pre-COVID continued Director North new we in QX demand House to I'm have our cases excluded the Welcome carried a has thank recover and recovery make strong Investor to a construction a ever. of and with normalized few XX% remodeling in homes, times to by over into highlight but highlight million Well, comments Robin your yourself Repair Sandra nearly from and Chambord basis, quarter best Robert our rates XXXX we home and Corporate few home Affairs, have Relations of conference on generated undertake above This created has questions. for in Mile has Winslow, building projects. in Colpitts, CFO, QX By this before some do President as available to demand incentives continued strong Heather America, our including capacity mills I good and morning now trend today Industrial I'll our of at previous the quarterly Robin ask our from Corporate QX move rates to Development. $XXX XXXX. close above has morning continued options in were based points pace. North was moment activity QX towards about XX% to of also affordable boosting EBITDA, I also dominator. to much in U.S. of Vice and XXX running ongoing QX. we items report strongest and House In our want at our for XXX results, our our to permanently our take key call. and renovation, drive three as is OSB back Record the demand suburban some levels. quarter more which reminder, record consume and mortgage low greater work it utilization American multifamily. We

the produce at Mile in took the we record up compared the in just quarter, of curtailed now into this portion carried to House of calculation, expected to strong of early mills XXX hard our excluding to days which Further benchmark nearly have very the still leading stronger half to we mill capacity XXX Cordele keep OSB QX. the quarter. Line downtime curtailed from X run if for QX rebound we with mill was and Chambord OSB exclude our XX the meet both fourth demand. that demand mills we Now, suppliers in at customer prices high XX% than as struggled

strength pricing. million increased in OSB $XX European recovery QX in $X also improving Our of and in on QX adjusted demand Europe EBITDA million to in the from the

growth to in The the advanced. the commissioning its Phase make third is substitution the and capacity its Phase starting Phase one to driven well mill of quarter producing at XXX II the Europe now where basis. our great at million is capacity on consistently now continue towards We progress mill II Inverness OSB for to to help square Triage in demand come. continue us feet up This years will supply ramp expansion

in British square closure feet. mill to decision our North will capacity Mile XXX our stated reduce permanently the Columbia, discuss American million to this Now close House by XXX

containing As you annual liable mountain factors region manufacturing mill more response pine across to and XXXX been more this recently beetle the flexible has serving mill. led reaction market wildfires. and and in the harvest Earlier agile manufacturing for epidemic conditions XX% to to changing more the a in operating in to the since we wood significant adopted strategy costs August curtailed requirements indefinitely be responding year the rising pandemic, customer to in XXX House this These our reduction and to the a fiber Mile while a costs. owing know, supply shortage platform

shortage and with cost play highest the that mill to have supply role House in the a Mile region, As it an wood to the was ongoing mill in future. Norbord's XXX became clear unlikely

and on Taken reflection have this so to the face there current is of We commitment employees industry for is And with the not operation ongoing supply conditions. pass and our Mile House a wood challenging House together, decision to the of and difficult House. to or extremely team the uneconomic the community that Mile decided thank shortages in and over the XXX for to XXX now in want expected effort the their of make I reiterate Mile a team XXX our this news that, close Robin. call in recognize I'll the permanently professionalism we our mill.

Robin Lampard

good morning everyone. and Thanks, Peter,

As QX attention are our your your models want to. factors there two results, I you draw with update to

changing are period cuts the typically we steep now second, that roughly prices, of into are inherent the lag because down. course negotiated in demand XX% the commodity or American and market goes benchmarks. of in impact up timing I'll as light down This recent winter occurs realized our American the you remind runup North slows ways about which end-users well files entering the Benchmark for prices. current rapidly commodity the we move unprecedented construction also prices of of And products versus of during North benchmarks as that don't prices both these value-added order volume in and our we while where optimistic specialty indicators, our recognize with when of OSB lag First, of periods

variable our that to will consistent gives policy dividend the to well results end-market being entirely our per our on you flexibility balance our with share is us optimism with operating seen Canadian this and balanced sheet dividend, outlook increased consistent the the demand. and and our as quarter historically that financial This record up $X.XX as continued down to level have of dividend about the back permit of Board as adjust results outlook, Turning outline In million. financial in outlook, over and to to need And we have to ahead results our recognition approach returned we XXXX strong $XXX also looking a Peter $XXX and year, next million. resilience our for have our back balance QX significant our given of flexibility preliminary which of original allocation. will positive moment. target XXXX positive capital a the the recognizes sheet budget the uncertainty expenditures CapEx It hanging capital payout

higher pass ribald budget enhancing that, this our the focus across and to manufacturing back reducing safety mills, the support continuation growth investments will I'll process with costs, to the Peter. company's of call Chambord further on strategy sales We hence industrial

Peter Wijnbergen

Robin. Thank you,

US of strong safety other. between the disconnect eventually depth We housing on also apparent further we around about one may Brexit is way we economic weaker our of strength focus the optimistic or results as first, the and that deadline. well and our and economy impact get well currently are that an needs. duration to election upcoming the But the seeing. considerable acknowledge remain and vigilant COVID-XX, remains health economy their as that of a as recognize demand We there continue we're uncertain uncertainty and the customers' reconciled macro We will as employees

business to and manage will resilient We the flexible. be

more how up, with your while production to significantly be line managing in cost. agile scaling our down learned have customer demand We and

Our new operating is configuration operating standard our approach. now flexible

respond. to change, I questions, should operator we right over who turn up we'll open jump into So your will so conditions lines. the With that, are to things will well-positioned

Operator

Instructions]. [Operator

question Please is your We from Markets. go Mamtora Capital from BMO will first our now ahead, Ketan line open. take

Ketan Mamtora

you, Robin. strong morning Peter and a Congrats on Thank quarter. good very

Peter Wijnbergen

you. Thank

Ketan Mamtora

this you talk September, sort curious order comfort catch the whether running just level, were above up through was I'm the of a but with just sort bit I for demand. of obviously summer Peter, little that you into of year, curious question files if seeing well to time and First of you kind are you've can able about the been

Peter Wijnbergen

are and when look season our so we significantly, the May factors, of I didn't two strong there the is anticipated, capacity impacted sort board of think things in the faster behind demand of unfortunately, point this even because Well, recovering really the time at in significantly that than has maybe retreat that enjoyed it we beginning no first on we to, had earlier like or even months, demands back I earlier what fully this shipments impact were, seasonal experiencing, we of is on bringing in certainly OSB additional so Heather have August, longer winter but to by are it I are we be demand all, reality since now would that pricing environment would and we expect well so at been incredibly and we season.

Ketan Mamtora

is Got it, is to it's this maybe more that time, to typical more three weeks, that similar two fair? for Peter,

Peter Wijnbergen

assessment. That's Yeah. for a fair

Ketan Mamtora

ramp-up at Cordele, has switching Line how That's then X and it. curious Got just helpful over to the just progressed. I'm

to hire do I'm people, quarter move only last spring of ramping think I year, to said able just so we XX of were and there? you anticipate kind production next kind of curious you you as winter how

Peter Wijnbergen

made we by started retract temporary the situation. part handled that were that year, want to I'm able that southern have very has and on Well We guess few had the of a back basis comments Ketan, I emergency team We Cordele to to mill earlier. to basis. with employees in ways previous we the impressed I up point how the and an

of of points we to repeated made only consider So in customers. the have produce past now our all always as is sell that first that in I part what we operating the addition, we other and mill that strategy we will our that flexible have can

do think we for habit able or about next know, get will make you schedule, wait not time we specifically. until to talking to be to So about so results a me of you have that our, speak that's, on ahead of I to

Ketan Mamtora

months, on pretty leverage a capital just Got the you times it, last up a turn think run over allocation, down know it had about I net allocation it of question much how the that's is below QX you OSB, and capital how will priorities. now, also like just given I'm then X prices does few be strong helpful quarter. kind cash seem before over last curious

a from talk if of just now You most X kind not capital of are to standpoint. that you have X allocation kind about renewed NCIB or can Norbord important the so things right

Peter Wijnbergen

will I ask question. answer Ketan. Thanks, that Robin to

Robin Lampard

us I outlook, and adapt prioritizing uncertainties that Yeah, we us, heard and us well. big in to operating today resilience we've positive will continuing the of good about be company, an to change increasing is allocate sheet about balanced as for on last Norbord our now that There whatever hanging appears our have a we've shareholders right so right to we our Ketan. no in from that in focus will state allocating at but comes capital ongoing returns always what taken important philosophy a also flexible talk great and over now XXX flexible for and this talked this very and balanced year, just this you've is important. heard quarter a and sheet, Corporate $XXX can and having capital morning being have disposal we which the on what about, of talked talk always a little balance be from us our is next to how roster about sheet is to at you've while for million more I flexible think capital budget our we projects front are provide now at us it approach capital. return very a quickly that given the configuration year, our execute balance the that so high balance very given cautious to that we a

we been do back dividend the will taken certainty XXXX which a has remains So of our kind seen circumstances, policy toolkit very tool NCIB established with dividend the in under can our the range we and and $X.XX, is consistent to in it and variable since so quickly. up the you've renew right we

Ketan Mamtora

Got Thanks, Good turn it. over. I'll XXXX. luck Robin it in

Peter Wijnbergen

speakers. Ketan. Multiple Thank you

Operator

[Operator Instructions].

line your go comes Our TD next question with Sean ahead, from is Securities. Steuart open. Please

Sean Steuart

with start give supply cost the Two Can on good next QX you the and related any us There everyone. expected lot questions. across context to positioned some year? Thanks, a short-term morning into resin. fourth that to of seems how through Want you're MDI. inflation to quarter be curtailments

Peter Wijnbergen

there Yeah, key force I event, one think resin a I can that suppliers. has confirm is that of majeure been the

don't situations have or how We our point, last. this at material always obviously, QX depends financials, expect invoked but production contingency any long the we impact plans, on on it and

Sean Steuart

qualify with just Peter, and on North seems lot discussion around Okay. I'm growth initial we American in wake channel deals this provide demand, a into demand gauge, a like more was that seeing the there going of respect channel? or generic channel slowdown context if deceleration are pulled and ongoing was and I or year-over-year the your that forward OSB in on as pandemic the of repair volumes apparent to we to can comments have volumes pronounced you should a it an peak remodeling a wondering in of growth seen lot to you be trying little of from a

Peter Wijnbergen

to year, are have we a Yeah, I seen try very demands would you Sean. answer my I'll but know channel the to throughout significant say that, and channel. supplier all we that that this from best

that seen you where the time have volume compare basis, it's also on it to know time basis. of We order to the see year-over-year on segment where at year, above in last into demands that segment. was that in seasonality important continue R&R it in big But to strength into it which the at we the And sort XXXX. was turn a was above has the so significant same it

Sean Steuart

for Any for exclude types The Can that $XXX looking you question type from you're you give if give spending last then a us can next on more specific update on spending those metrics like of fast that Chambord bit million. we on discretionary me. detail Okay, touched incremental expectations? CapEx little what of year for those sound. and us projects Robin, at, payback look you

Peter Wijnbergen

you one give I'll example, Sean.

project Genk a renewal Our Belgium approved just for board has our dryer.

and larger dollars. and dryer. We it a has U.S. with the a of and early have just project, now That built I think intend kind plant was there, replace in it's limited dryer to a single a originally single to implement very XXXXs would so from it dollar, in we if is that's take the neighborhood XX expect a of we million. about the know same good and about I don't uptick year that that's return then significant It but project. dryer

focused we our So where those we're debottlenecking or specialty are on the on show more things cost processes where year. projects. further for the kind on or focusing can our reduction of focus mix next volume projects need Further improvement strategy that we

Sean Steuart

of portfolio, can that on guidance respect you with about. capacity across And the to part the peer, creep debottlenecking should give think any us we

Peter Wijnbergen

customers. substitution where to so we're very to tried on based more focused the think debottlenecking in business make our demand or been cost our a investments segment. make I to that that's on primarily over capacity our I we for more year and much investments as so making growth and reduction, on X Well focus efficiency North still European our available on America, continued capacity distinction has place last so available Specialty the In

Sean Steuart

everyone. all very much I have. That's Understood. Thanks

Peter Wijnbergen

Thanks, Sean.

Operator

line your from Our ahead, is Patel go Please CIBC next Markets. comes question Hamir Capital from open.

Hamir Patel

press Hi, at What do expect with to XXX good you do morning, Peter. House? the Mile

Peter Wijnbergen

do I example, pandemic on here. XX so asset I about difficult years, America. if XX dispose I where it in old Europe, off, the this be it have we back were had go sell It's able tell with thing is technology production the we used that to Well, presses won't have were we during to but we that trust have presses actually Inverness, for there. of in for in to some that but recently earlier scrapped all OSB am COVID-XX can that you one North to more

So action up. take we COVID-XX are restrictions a little the will bit is look the at appropriate to eased once what

Hamir Patel

the Peter do America? - there, see up and their site in long they somewhere press else in that pull Thanks, you had recently aboard that Okay. - North indicated sold starting

Peter Wijnbergen

plans I'm to years America. or sold can't know that, beyond X of press that but aware to X in similar any Russia Russia, anywhere comment. North was I or maybe not very I ago taken a

Hamir Patel

all I'll That's enough. had, I fair Yeah, Thanks. it turn over.

Peter Wijnbergen

Thanks Hamir.

Operator

comes Our next of question open. your Please line from John America. from Babcock go Bank ahead, is

John Babcock

morning Good for and my taking questions. thanks

whether in this how and little operating also but just structure more would you're that's comparable quickly a structure? the a from the plants I Just on overall cost bit color to this past, about to wanted running a little prior mills impacts and have flexible on pretty your talked efficiency able to have at a they perspective, under level the the at how the keep bit been you

Peter Wijnbergen

past have is that some technically I mean, we more but others. Yeah, volume this obviously, X months, this take mills than fluctuation learned much during in to capable are or X

for on so, last and where that's have you from and focus focus we to so those been. And flexible on have is mills seen particularly our a able our strategy do without cost been this over little really while, significant the our impact has us as

John Babcock

get that. you'd more I for on to of if you demand exactly, bit quickly market? Chambord. you us was a that color factors of And focus. to provide restart to I be can remind could wondering the then it's some just that Okay, inform thanks wondering key was But able recognizing just will to what or ultimately the little

Peter Wijnbergen

good Yeah, John, that's a question.

is in or whatever or answer quarters, significantly not my past, it the repeated is have XX we XX As X different.

our year, next particular now, that us. significant uncertainties feel demand increase focused still and we really some customers. from from we of that But to that's for so on evaluate are key have the now in a the will so the that sustainability monitor facing continue in sustainable closely how Right and right also have the but for outlook positive about we there we noted and market increase We demands we is. very are we are demand

John Babcock

question strong you within things, turn help I able right. end wondering investments side ultimately making some before if are be which are strongest specialty it year. and to I these about that expect sounds All you remain markets then which you might and guess in was to my seen the on of And I last growth growth talk It ones, that to XXXX plan like over. the of into

Peter Wijnbergen

year the On quite specialty side, surprising. this has been

year in I talked were think I people anymore, terms bit is to more maybe sort this construction, RV of on since really and it's guess in transportation the vacations cruise has this North the general abroad Americans of a that a is RV where all surprise transportation choose much I joining use an of furniture, buy no lot a answers of on crisis has, difficult impacts go particular by have the which vehicles, market been or big recreational grab as more these go are to OSB of year of sorts of volume growth COVID crowd. different past not a a area and can that's we very one chosen or but to in and commercial remarkable unanticipated longer vacation your and caught have

some we good significant of growth. seen and a unexpected where example that's have So

John Babcock

you. Thank

Peter Wijnbergen

John. Thanks,

Operator

Paul with Please Quinn Markets. comes question your Capital ahead, from is open. go line next RBC Our

Paul Quinn

this on difficult following XXX solve. their guess you I that just Yeah, on that presses year tenure and a a it you could thanks. Mile was besides question recognize the and can equipment Good associated I solve decision House also up afternoon,

Peter Wijnbergen

Paul. Good morning all, first of

When if not will that tree obviously, the no, British sort think was will that wood equipment press, that's associated tenure, elsewhere pull the operations called it obviously term term And that still primarily was we the away but in it's other is and carefully. all our it close put that shape. of beetle-kill operations. with so our with any mill equipment has Sorry. earlier, Columbia, did have in it our very tenure There long originally whatever out mill with therefore perspective, good on license we that in can short equipment I've I use is we focused of terms mentioned have used we been down, be in already can we

Paul Quinn

and you and there then But I on running Okay, that a no are or adequate now? you Finolex material thanks number if got MDI we've XXX% of MDI collecting, guess the suppliers have had mills switched impact.

Peter Wijnbergen

our We this demand source with issues no contingency mills they North this say have enough we responsive sort our very difficult change from that there, temporary we if invoked be been that had during obviously said that challenge and obviously temporary and America, have time. extremely our suppliers I should European and have longer may have contingency worked We've indicate react our or becomes temporary been able implemented than different plan there plan. have to and for in supplier MDI a currently are or what supplied to a flexibility of significantly the to be. closely will

Paul Quinn

week this competitors be QX QX, earlier lastly, OSB just in then prices well. outlook as and that your is mentioned expect they than that when your to Okay higher OSB

Peter Wijnbergen

how those it's be, I'm okay, would here, rather these noise some of of from earlier to weaker anymore the what that with would that even use time I can terms just mean still prices I good no that, things the of expect sustain extraordinary hear is then the superlatives, know what to year, we okay, I at words periods we in not you demand are think don't seasonally Again, a prognostication assumption, pricing, so obviously perspective. had, been same the at won't at as me. we through seen the you has real mentioned with and the and kind have question into I I reasonable a so pricing the going quarter The you end levels year. periods of to but know start know,

Paul Quinn

Yes.

Peter Wijnbergen

run I'm, that's Maybe is normally in like or forward comes think in when that, fact in it Anyways, beyond you compared side, to think we possible downward on can realization a bit I averages mill give this, but so change when steep, a do net okay. say. regain the the markets know and I to guidance I'll pricing, little I it not your all everything to so results

Robin Lampard

for echo that reasons. just would fact do I we obvious guidance we give in Yeah, not

Paul Quinn

Well. All right.

Peter Wijnbergen

being the think, table, under here sure. guess tapped I am I I I'm

Paul Quinn

Okay. Sure.

I think is it what.

Peter Wijnbergen

Thanks, Paul.

Operator

Our comes Mark line Weintraub next Please ahead, question go your open. is from Global. Seaport with

Mark Weintraub

Thank and with you. And What of North quarter. could that for third give quarter that you us following you your be what question the and maybe have be percentage Paul's up on recognizing OSB volume. that prices the guidance, where share in relative America don't encompassed the to quarter-to-date average fourth been OSB would roughly would in prices

Robin Lampard

Mark. cannot of don't we Hi, do from just, fourth nor the anything our quarters. Yeah. give I same disclose we guidance, reason. quarter for the outside No, anything share We

I So there. can't go just

right our what's into and of about You others how volume and for volume can random goes happened we see American among another in those. North with where is benchmark you XX% that of are stack uses prices XX% is delinked those from goes the links when and volume obviously our a prices industrial our we export tied to sense have

applies. So still that

Mark Weintraub

understood just But the Okay, going can to like opposed as what's pricing. what's move fine, happened terms you if for in just asking I of on. was so to I already that happen

Robin Lampard

I I Yeah, that. understand know. did

Okay. And there. still can't go

Mark Weintraub

it than just tends in very pretty price from saw quarter pricing how different the was Fair second then noticeably to perspective. us Europe remind what we quarter, versus US, much for enough. in a the third flat can And the is you Europe in work that framework second

Peter Wijnbergen

It benchmark. is in so is all, general, pricing a of sort negotiated Europe, is of commodity no good first question. there I in mean

the about recent extreme during from over being XX% aware up year numbers risk come buying do become have see usually substitution demand of are that we German several have and Secondly, and at from so OSB the that top of from other period, you out From markets, it to produced now takes peaks a can the very are in go grade gained increasingly have on people really prices focusing end to last from this particular what in the long they the Europe supply tend of and and or publish the domestically and to that's increasingly because demand range flattened to the has strength bottom chain extreme. in which vary COVID-XX to years associated, OSB. of a one particular

Mark Weintraub

you forward demand I guidance I equal, the it weighing the should come And assuming demand positive are lead better if that else I think recognizing big in heavily judgments. don't would no bias in any all be variables give that my price be getting I shift about need forward going and there having make think would as trajectory, there other

Peter Wijnbergen

the I key the the, I your than are risk that how other those risk think overall of on have is, this, elements. indicated think overall that assessment important that that we

Mark Weintraub

would the typically inventories quick in channel to in year. inventory you America, are relative to be ones OSB real would this time they North particularly of Two say where where

Peter Wijnbergen

situation think time the from can this our I this of into we have normal long how year is now year. as We it the now course, inventory we for would more judge winter. continues they best achieve I it time what that based a the And receive to as of we judge it, can depends lot of as demand Yeah comments of best on of as on customers. sort

where would predict typically probably be. difficult than kicks to that, I line are we other So, it say that seasonal but in to it's seasonality back would in, always really when

Mark Weintraub

one last dividend. on Great, and one the

increased and you until dividend. would dividend like to to way as it's have now that net dividend increased variable done seems special things change would dividend be read to thinking a it the in is So, variable base and of kind recognizing that the a you increased that opposed it it having the what

your we've process markets extraordinary thought be would the that of just been Given kind helpful. in,

Robin Lampard

us happens Yeah, Mark. established heard there but you are record positive, discussion is on quarter. a and we you flexibility It of and balance is that much we're may and flexibility that both for we've sheet with mean can't, ultimately we, consistent and cycle and but more will but that stay guide to dividends say, can't so, quarter obviously hanging that obviously decision may than reason, is again us over forward. uncertainty outlook range not, it's significant will or level and it going every tell our track I our there outlook also focused decision a see corporate operating the next typically that level Board and the continue XX% in a would a

Mark Weintraub

you. good. Alright Thank

Robin Lampard

Mark. Thanks,

Operator

and Suisse. question comes Please Kuske with go open. Our ahead, from is your Andrew line next Credit

Andrew Kuske

Thank morning. you. Good

the of I for the and given that which and is running and from cost and the it's structure happened be an the you're and in been for just you've that's longer is we a on XX question is benefit some as better? you've have managed margins see plants. fact up that the really strategy and impressive is and ramp even productions to to really in become you this Do year you guess year-to-date, operating ahead number savings sustainable flexible when no million of I MIP year this first Rob look think all going

Robin Lampard

Yes. Yeah, that's question, Andrew. good a

still our how of if configuration our the learning linings of you flexible silver costs. It's in to more way coming COVID-XX our that that will, out is that bulk view been how contains quickly manufacturing a operating is big Our sustainable. is one learnings of to, be with

off trading sense and talk maintenance you quarter where think about of makes downtime I part big that a that's for us it. lower cost trade-off So last heard

sustainable. I includes elements there MIP be structure. But controllable of MIP the cost only majority clear, just think controllable. So it if includes To has is the our of certain our

prices from sustainable so look of I had container lower expect far side the We costs. that on part it uncontrollable to be on to resin see what we how but would this tailwind if a you can at we've on year, controllable, flexible have learned based be and

Andrew Kuske

difficult should you especially you've a Thank talked issues on the last I with Could about the the looks you, just strong really employees you're that some this that's you what new is And it have would skilled about I share talk profit then just bit year, hiring positive. like profit environment hiring in of on employees and a think very your is I little bit had any call, issues. a retaining share But court Al about challenge the with post got think wouldn't we attention? you be just side. guess the employees, hiring I the I that guess we're little think really

Peter Wijnbergen

Sure, Andrew.

with I about ways when mentioned shut in jobs taking in had we around our mentioned think we think found the X the you those our start-up emergency that of Cordele start-up We to back market or that late the had XX in tight. down, most employment extremely had early we other XXXX, because employees was we to referring Line of still what line you're challenge employees XXXX, know part I August. is people in nearby

indication and us. of we needed to to on that's indeed August, to jobs in and reluctant anticipated start-ups lying there the had to those very some getting to early those So for when back work basis we up of up were they back make give come a all back people difficulty other decision quick a

that that, retention mill said say number during employees with been the limited employees do able of So extremely of responded would has extremely that well even was absolutely right you're I our that well if good. and period. to Overall, having has quite

operations share long-term part to a surprise April. is a of year We have of most and anymore, our profit in is surprise good will not everybody's year hindsight maybe or Touch have very a strategy this been be in very think, would it certainly and and I limited now but turnover

share profit numbers will very Your attractive. be

Andrew Kuske

you great, that's very much. Okay, thank

Peter Wijnbergen

Thanks, Andrew.

everyone. Thank Okay. you

questions you Robin, As participation you I'll I reporting available for to all have. today. you. stay your and look it any on we may and respond and Sandra, you Heather, further forward Hope Robert With safe to our Thank are quarter. progress back to next that always, hand to

Operator

today's disconnect. call. you you you much, very now Thank Thank your this participation, for concludes may