VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/21/15 -- West Fraser Timber Co. Ltd. (TSX: WFT) reported earnings of $14 million or $0.17 basic earnings per share on sales of $1,029 million in the second quarter of 2015. These results compare with previous periods as shown in the table below.
Adjusted EBITDA, Adjusted earnings and Adjusted basic EPS as described in this News Release reflect the adjustments described in the tables referred to in the section titled "Non-IFRS Measures" on page 12 of our 2015 second quarter Management's Discussion & Analysis.
---------------------------------------------------------------------------- ($ millions except earnings per 2015 2014 share ("EPS")) Q2 Q1 YTD Q2 YTD ---------------------------------------------------------------------------- Sales 1,029 1,014 2,043 1,053 1,862 Adjusted EBITDA(1) 72 173 245 148 297 Operating earnings 18 125 143 106 212 Earnings 14 49 63 74 146 Basic EPS ($) 0.17 0.58 0.76 0.87 1.71 Adjusted Earnings(1) 13 100 113 66 150 Adjusted basic EPS ($)(1) 0.16 1.19 1.35 0.77 1.74 ---------------------------------------------------------------------------- (1) In this News Release, reference is made to Adjusted EBITDA, Adjusted earnings and Adjusted EPS (collectively "these measures"). We believe that, in addition to earnings, these measures are useful performance indicators. None of these measures is a generally accepted earnings measure under International Financial Reporting Standards ("IFRS") and none has a standardized meaning prescribed by IFRS. Investors are cautioned that none of these measures should be considered as an alternative to earnings, EPS or cash flow, as determined in accordance with IFRS. As there is no standardized method of calculating any of these measures, our method of calculating each of them may differ from the methods used by other entities and, accordingly, our use of any of these measures may not be directly comparable to similarly titled measures used by other entities. Refer to the tables in the section titled "Non-IFRS Measures" on page 12 of our 2015 second quarter Management's Discussion & Analysis for details of these adjustments.
Operational Results
In the quarter our lumber operations generated operating earnings of $13 million (Q1-15 - $84 million) and Adjusted EBITDA of $45 million (Q1-15 - $117 million). A sharp decline in U.S. lumber prices which triggered the imposition of export duties on shipments of lumber from Canada into the U.S., a slightly stronger Canadian dollar and increased inventory writedowns were major factors in the decreases. Significantly improved lumber production and shipments partially mitigated the operating earnings decline.
The panel segment, which includes plywood, LVL and MDF, generated operating earnings in the quarter of $17 million (Q1-15 - $23 million) and Adjusted EBITDA of $21 million (Q1-15 - $26 million). The decline mostly reflects decreased plywood prices partially offset by improved shipments for all of our panel products.
Our pulp & paper operations generated an operating loss of $1 million (Q1-15 - earnings of $20 million) and Adjusted EBITDA of $8 million (Q1-15 - $30 million). Decreased prices for all of our pulp & paper products and scheduled maintenance shutdowns at our Cariboo NBSK mill and both BCTMP mills were significant factors in the reduced earnings.
Outlook
Ted Seraphim, our President and CEO, said "This was a very challenging quarter as lumber prices reached lows that we haven't seen for some time. In the second half of the quarter we saw a gradual strengthening of key SPF benchmark prices, which is encouraging, but we expect continuing volatility until demand reaches more normal levels. Despite the quarter's results I am encouraged by the benefits that we are seeing from the capital investments that we have made over the past few years and look forward to that trend continuing."
Management's Discussion & Analysis ("MD&A")
The Company's MD&A is available on the Company's website: www.westfraser.com and on the System for Electronic Document Analysis and Retrieval at www.sedar.com under the Company's profile.
The Company
West Fraser is a diversified wood products company producing lumber, LVL, MDF, plywood, pulp, newsprint, wood chips and energy with facilities in western Canada and the southern United States.
Forward-Looking Statements
This Report contains historical information, descriptions of current circumstances and statements about potential future developments. The latter, which are forward-looking statements and are included under the heading "Outlook", are presented to provide reasonable guidance to the reader but their accuracy depends on a number of assumptions and is subject to various risks and uncertainties. Actual outcomes and results will depend on a number of factors that could affect the ability of the Company to execute its business plans, including those matters described in the 2014 annual Management's Discussion & Analysis under "Risks and Uncertainties", and may differ materially from those anticipated or projected. Accordingly, readers should exercise caution in relying upon forward-looking statements and the Company undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by applicable securities laws.
Conference Call
Investors are invited to listen to the quarterly conference call on Wednesday, July 22, 2015 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time) by dialing 1-800-355-4959 (toll-free North America). The call may also be accessed through West Fraser's website at www.westfraser.com.
West Fraser Timber Co. Ltd. Condensed Consolidated Balance Sheets (in millions of Canadian dollars, except where indicated - unaudited) June 30 December 31 2015 2014 ---------------------------------------------------------------------------- Assets Current assets Cash and short-term investments $ 30 $ 21 Receivables 319 288 Income taxes receivable 3 - Inventories (note 3) 533 586 Prepaid expenses 28 12 ---------------------------------------------------------------------------- 913 907 Property, plant and equipment 1,526 1,469 Timber licences 520 530 Goodwill and other intangibles 357 350 Other assets 58 79 Deferred income tax assets 60 62 ---------------------------------------------------------------------------- $ 3,434 $ 3,397 ---------------------------------------------------------------------------- Liabilities Current liabilities Cheques issued in excess of funds on deposit $ 8 $ 36 Operating loans (note 4) 32 103 Payables and accrued liabilities 426 411 Income taxes payable - 26 Reforestation and decommissioning obligations 42 40 ---------------------------------------------------------------------------- 508 616 Long-term debt (note 4) 381 354 Other liabilities (note 5) 249 244 Deferred income tax liabilities 164 154 ---------------------------------------------------------------------------- 1,302 1,368 ---------------------------------------------------------------------------- Shareholders' Equity Share capital 587 587 Accumulated other comprehensive earnings 98 55 Retained earnings 1,447 1,387 ---------------------------------------------------------------------------- 2,132 2,029 ---------------------------------------------------------------------------- $ 3,434 $ 3,397 ----------------------------------------------------------------------------
Number of Common shares and Class B Common shares outstanding at July 21, 2015 was 83,531,287.
West Fraser Timber Co. Ltd. Condensed Consolidated Statements of Changes in Shareholders' Equity (in millions of Canadian dollars, except where indicated - unaudited) April 1 to June 30 January 1 to June 30 2015 2014 2015 2014 ---------------------------------------------------------------------------- Share capital Balance - beginning of period $ 587 $ 602 $ 587 $ 602 Common share repurchases - (6) - (6) ---------------------------------------------------------------------------- Balance - end of period $ 587 $ 596 $ 587 $ 596 ---------------------------------------------------------------------------- Accumulated other comprehensive earnings Balance - beginning of period $ 106 $ 27 $ 55 $ 10 Translation gain (loss) on foreign operations (8) (16) 43 1 ---------------------------------------------------------------------------- Balance - end of period $ 98 $ 11 $ 98 $ 11 ---------------------------------------------------------------------------- Retained earnings Balance - beginning of period $ 1,385 $ 1,397 $ 1,387 $ 1,335 Actuarial gain (loss) on post- retirement benefits 54 (45) 9 (49) Common share repurchases - (37) - (37) Earnings for the period 14 74 63 146 Dividends (6) (6) (12) (12) ---------------------------------------------------------------------------- Balance - end of period $ 1,447 $ 1,383 $ 1,447 $ 1,383 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Shareholders' Equity $ 2,132 $ 1,990 $ 2,132 $ 1,990 ---------------------------------------------------------------------------- West Fraser Timber Co. Ltd. Condensed Consolidated Statements of Earnings and Comprehensive Earnings (in millions of Canadian dollars, except where indicated - unaudited) April 1 to June 30 January 1 to June 30 2015 2014 2015 2014 ---------------------------------------------------------------------------- Sales $ 1,029 $ 1,053 $ 2,043 $ 1,862 ---------------------------------------------------------------------------- Costs and expenses Cost of products sold 749 709 1,406 1,225 Freight and other distribution costs 159 158 303 267 Export taxes 12 - 12 - Amortization 45 40 92 82 Selling, general and administration 37 38 77 73 Equity-based compensation 9 2 10 3 ---------------------------------------------------------------------------- 1,011 947 1,900 1,650 ---------------------------------------------------------------------------- Operating earnings 18 106 143 212 Finance expense (7) (8) (15) (14) Exchange gain (loss) on long- term debt 5 12 (27) (1) Fair value adjustment to power agreements (note 7) 18 - (12) - Other income (expense) (note 8) (2) (7) 13 6 ---------------------------------------------------------------------------- Earnings before tax 32 103 102 203 Tax provision (note 9) (18) (29) (39) (57) ---------------------------------------------------------------------------- Earnings $ 14 $ 74 $ 63 $ 146 ---------------------------------------------------------------------------- Earnings per share (dollars) (note 10) Basic $ 0.17 $ 0.87 $ 0.76 $ 1.71 Diluted $ 0.17 $ 0.87 $ 0.76 $ 1.66 ---------------------------------------------------------------------------- Comprehensive earnings Earnings $ 14 $ 74 $ 63 $ 146 Other comprehensive earnings Translation gain (loss) on foreign operations (8) (16) 43 1 Actuarial gain (loss) on post- retirement benefits(1) 54 (45) 9 (49) ---------------------------------------------------------------------------- Comprehensive earnings $ 60 $ 13 $ 115 $ 98 ----------------------------------------------------------------------------
(1) Net of tax provision of $19 million for the three months ended June 30, 2015 (three months ended June 30, 2014 - $15 million recovery) and $2 million for the six months ended June 30, 2015 (six months ended June 30, 2014 - $17 million recovery).
West Fraser Timber Co. Ltd. Condensed Consolidated Statements of Cash Flows (in millions of Canadian dollars, except where indicated - unaudited) April 1 to June 30 January 1 to June 30 2015 2014 2015 2014 ---------------------------------------------------------------------------- Operating activities Earnings $ 14 $ 74 $ 63 $ 146 Adjustments Amortization 45 40 92 82 Finance expense 7 8 15 14 Exchange loss (gain) on long- term debt (5) (12) 27 1 Fair value adjustment to power agreements (18) - 12 - Tax provision 18 29 39 57 Income taxes paid (12) (10) (54) (47) Post-retirement expense 15 11 28 25 Contributions to post- retirement benefit plans (18) (22) (21) (29) Other (5) (9) - 2 Changes in non-cash working capital Receivables 28 (26) (26) (37) Inventories 119 192 62 27 Prepaid expenses (15) (14) (16) (17) Payables and accrued liabilities 21 (25) 19 (27) ---------------------------------------------------------------------------- Cash flows from operating activities 194 236 240 197 ---------------------------------------------------------------------------- Financing activities Proceeds from (repayment of) operating loans (124) 68 (75) 129 Finance expense paid (9) (10) (11) (11) Dividends (6) (6) (12) (12) Common share repurchases - (43) - (43) ---------------------------------------------------------------------------- Cash flows from financing activities (139) 9 (98) 63 ---------------------------------------------------------------------------- Investing activities Acquisitions - (142) - (202) Additions to capital assets (49) (121) (118) (214) Government assistance - 4 - 13 Other 6 (10) 6 (11) ---------------------------------------------------------------------------- Cash flows from investing activities (43) (269) (112) (414) ---------------------------------------------------------------------------- Change in cash 12 (24) 30 (154) Foreign exchange effect on cash 2 1 7 3 Cash - beginning of period 8 34 (15) 162 ---------------------------------------------------------------------------- Cash - end of period $ 22 $ 11 $ 22 $ 11 ---------------------------------------------------------------------------- Cash consists of Cash and short-term investments $ 30 $ 26 Cheques issued in excess of funds on deposit (8) (15) ---------------------------------------------------------------------------- $ 22 $ 11 ---------------------------------------------------------------------------- West Fraser Timber Co. Ltd. Notes to Condensed Consolidated Interim Financial Statements (figures are in millions of dollars, except where indicated - unaudited) ----------------------------------------------------------------------------
1. Nature of operations
West Fraser Timber Co. Ltd. ("West Fraser", "we", "us" or "our") is a diversified wood products company producing lumber, LVL, MDF, plywood, pulp, newsprint, wood chips and energy with facilities in western Canada and the southern United States. Our executive office is located at 858 Beatty Street, Suite 501, Vancouver, British Columbia. West Fraser was formed by articles of amalgamation under the Business Corporations Act (British Columbia) and is registered in British Columbia, Canada. Our Common shares are listed for trading on the Toronto Stock Exchange under the symbol WFT.
2. Basis of presentation and statement of compliance
These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board and using the same accounting policies and methods of their application as the December 31, 2014 annual financial statements. These condensed consolidated interim financial statements should be read in conjunction with our 2014 annual financial statements.
3. Inventories
Inventories at June 30, 2015 were written down by $22 million (March 31, 2015 - $7 million December 31, 2014 - $5 million; June 30, 2014 - $7 million) to reflect net realizable value being lower than cost.
4. Long-term debt and operating loans
Long-term debt
---------------------------------------------------------------------------- June 30, 2015 December 31, 2014 ---------------------------------------------------------------------------- US$300 million senior notes due October 2024; interest at 4.35% $ 375 $ 348 US$8 million note payable due October 2020; interest at 2% 9 9 Note payable due in installments to 2020; interest at 5.5% 2 2 ---------------------------------------------------------------------------- 386 359 Deferred financing costs (5) (5) ---------------------------------------------------------------------------- $ 381 $ 354 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
The fair value of the long-term debt is $364 million (December 31, 2014 - $354 million) based on rates available to us at the balance sheet date for long-term debt with similar terms and remaining maturities.
Operating loans
We have $583 million in revolving lines of credit of which $32 million (net of deferred financing costs of $3 million) were drawn as at June 30, 2015 (December 31, 2014 - $103 million, net of deferred financing costs of $3 million).
Our revolving lines of credit consist of a $500 million revolving credit facility which matures September 30, 2018, two demand lines of credit totalling $75 million dedicated to letters of credit, and an $8 million demand line of credit dedicated to our jointly owned newsprint operation. Interest on the facilities is payable at floating rates based on Prime, U.S. base, Bankers' Acceptances or LIBOR at our option. As at June 30, 2015, letters of credit in the amount of $56 million have been issued under these facilities.
All debt is unsecured except the $8 million joint operation demand line of credit, which is secured by that joint operation's current assets.
5. Other liabilities
---------------------------------------------------------------------------- June 30, 2015 December 31, 2014 ---------------------------------------------------------------------------- Post-retirement (note 6) $ 126 $ 129 Reforestation 79 71 Decommissioning 26 23 Other 18 21 ---------------------------------------------------------------------------- $ 249 $ 244 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
6. Post-retirement benefits
We maintain defined benefit and defined contribution pension plans covering a majority of our employees. The defined benefit plans generally do not require employee contributions and provide a guaranteed level of pension payable for life based either on length of service or on earnings and length of service, and in most cases do not increase after commencement of retirement. We also provide group life insurance, medical and extended health benefits to certain employee groups.
The status of the defined benefit pension plans and other retirement benefit plans, in aggregate, is as follows:
---------------------------------------------------------------------------- June 30, 2015 December 31, 2014 ---------------------------------------------------------------------------- Projected benefit obligations $ (1,499) $ (1,464) Fair value of plan assets 1,393 1,354 Impact of minimum funding requirement (10) (5) ---------------------------------------------------------------------------- $ (116) $ (115) ---------------------------------------------------------------------------- Represented by Post-retirement assets $ 10 $ 14 Post-retirement liabilities (note 5) (126) (129) ---------------------------------------------------------------------------- $ (116) $ (115) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
The significant actuarial assumptions used to determine our balance sheet date post-retirement assets and liabilities are as follows:
---------------------------------------------------------------------------- June 30, March 31, December 31, 2015 2015 2014 ---------------------------------------------------------------------------- Discount rate 4.00% 3.50% 4.00% Future compensation rate increase 3.50% 3.50% 3.50% ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
The change in the discount rate on obligations and the difference between the actual rate of return and the discount rate on plan assets generated an actuarial gain (loss) on post-retirement benefits, included in other comprehensive earnings, as follows:
---------------------------------------------------------------------------- April 1 to June 30 January 1 to June 30 2015 2014 2015 2014 ---------------------------------------------------------------------------- Actuarial gain (loss) $ 73 $ (60) $ 11 $ (66) Tax recovery (provision) (19) 15 (2) 17 ---------------------------------------------------------------------------- $ 54 $ (45) $ 9 $ (49) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
7. Power agreements
Effective October 1, 2014 certain power agreements were classified as derivative financial instruments and are recorded at fair value at each balance sheet date, (see note 12 to our 2014 annual financial statements). The fair value adjustment for the six months ended June 30, 2015 resulted in an unrealized loss of $12 million (unrealized gain of $18 million for the three months ended June 30, 2015 and an unrealized loss of $2 million for the three months ended December 31, 2014).
8. Other income (expense)
---------------------------------------------------------------------------- April 1 to June 30 January 1 to June 30 2015 2014 2015 2014 ---------------------------------------------------------------------------- Foreign exchange gain (loss) - net $ (3) $ (8) $ 14 $ - Other 1 1 (1) 6 ---------------------------------------------------------------------------- $ (2) $ (7) $ 13 $ 6 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
9. Tax provision
The tax provision differs from the amount that would have resulted from applying the Canadian statutory income tax rates to earnings before tax as follows:
---------------------------------------------------------------------------- April 1 to June 30 January 1 to June 30 2015 2014 2015 2014 ---------------------------------------------------------------------------- Income tax expense at statutory rate of 26% (2014 - 26%) $ (9) $ (27) $ (27) $ (53) Non-taxable amounts (2) 1 (5) - Rate differentials between jurisdictions and on specified activities 1 (2) 1 (3) Increase in Alberta provincial tax rate (7) - (7) - Other (1) (1) (1) (1) ---------------------------------------------------------------------------- Tax provision $ (18) $ (29) $ (39) $ (57) ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
Effective June 18, 2015, the government of Alberta enacted a change in the provincial tax rate from 10% to 12%. This new tax rate increased our tax provision by $7 million dollars in the quarter.
10. Earnings per share
Basic earnings per share is calculated based on earnings available to Common shareholders, as set out below, using the weighted average number of Common shares and Class B Common shares outstanding.
Diluted earnings per share is calculated based on earnings available to Common shareholders adjusted to remove the actual share option expense (recovery) charged to earnings and after deducting a notional charge for share option expense assuming the use of the equity-settled method, as set out below. The diluted weighted average number of shares is calculated using the treasury stock method. When earnings available to Common shareholders for diluted earnings per share are greater than earnings available to Common shareholders for basic earnings per share, the calculation is anti-dilutive and diluted earnings per share are deemed to be the same as basic earnings per share.
---------------------------------------------------------------------------- April 1 to June 30 January 1 to June 30 2015 2014 2015 2014 ---------------------------------------------------------------------------- Earnings Basic $ 14 $ 74 $ 63 $ 146 Share option expense 8 2 6 1 Equity settled share option adjustment - - (2) (2) ---------------------------------------------------------------------------- Diluted $ 22 $ 76 $ 67 $ 145 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Weighted average number of shares (thousands) Basic 83,530 85,408 83,529 85,540 Share options 1,350 1,389 1,391 1,464 ---------------------------------------------------------------------------- Diluted 84,880 86,797 84,920 87,004 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- Earnings per share (dollars) Basic $ 0.17 $ 0.87 $ 0.76 $ 1.71 Diluted $ 0.17 $ 0.87 $ 0.76 $ 1.66 ---------------------------------------------------------------------------- ----------------------------------------------------------------------------
11. Segmented information
Pulp & Corporate & Lumber Panels paper other Total ---------------------------------------------------------------------------- April 1, 2015 to June 30, 2015 Sales To external customers $ 675 $ 134 $ 220 $ - $ 1,029 --------- To other segments 27 2 - - ------------------------------------------------------------------- $ 702 $ 136 $ 220 $ - ------------------------------------------------------------------- Operating earnings before amortization $ 45 $ 21 $ 8 $ (11) $ 63 Amortization (32) (4) (9) - (45) ---------------------------------------------------------------------------- Operating earnings 13 17 (1) (11) 18 Finance expense (4) (1) (2) - (7) Exchange gain on long- term debt - - - 5 5 Fair value adjustment to power agreements 1 1 16 - 18 Other income (expense) (3) - 1 - (2) ---------------------------------------------------------------------------- Earnings before tax $ 7 $ 17 $ 14 $ (6) $ 32 ---------------------------------------------------------------------------- April 1, 2014 to June 30, 2014 Sales To external customers $ 696 $ 131 $ 226 $ - $ 1,053 --------- To other segments 26 2 - - ------------------------------------------------------------------- $ 722 $ 133 $ 226 $ - ------------------------------------------------------------------- Operating earnings before amortization $ 106 $ 13 $ 30 $ (3) $ 146 Amortization (25) (3) (11) (1) (40) ---------------------------------------------------------------------------- Operating earnings 81 10 19 (4) 106 Finance expense (4) (2) (2) - (8) Exchange gain on long- term debt - - - 12 12 Other expense (3) - (4) - (7) ---------------------------------------------------------------------------- Earnings before tax $ 74 $ 8 $ 13 $ 8 $ 103 ---------------------------------------------------------------------------- Pulp & Corporate & Lumber Panels paper other Total ---------------------------------------------------------------------------- January 1, 2015 to June 30, 2015 Sales To external customers $ 1,330 $ 263 $ 450 $ - $ 2,043 --------- To other segments 53 4 - - ------------------------------------------------------------------- $ 1,383 $ 267 $ 450 $ - ------------------------------------------------------------------- Operating earnings before amortization $ 162 $ 47 $ 38 $ (12) $ 235 Amortization (65) (7) (19) (1) (92) ---------------------------------------------------------------------------- Operating earnings 97 40 19 (13) 143 Finance expense (9) (2) (4) - (15) Exchange loss on long- term debt - - - (27) (27) Fair value adjustment to power agreements - (2) (10) - (12) Other income 6 - 7 - 13 ---------------------------------------------------------------------------- Earnings before tax $ 94 $ 36 $ 12 $ (40) $ 102 ---------------------------------------------------------------------------- January 1, 2014 to June 30, 2014 Sales To external customers $ 1,198 $ 243 $ 421 $ - $ 1,862 --------- To other segments 48 4 - - ------------------------------------------------------------------- $ 1,246 $ 247 $ 421 $ - ------------------------------------------------------------------- Operating earnings before amortization $ 213 $ 24 $ 62 $ (5) $ 294 Amortization (53) (7) (21) (1) (82) ---------------------------------------------------------------------------- Operating earnings 160 17 41 (6) 212 Finance expense (8) (2) (4) - (14) Exchange loss on long- term debt - - - (1) (1) Other income 5 - 1 - 6 ---------------------------------------------------------------------------- Earnings before tax $ 157 $ 15 $ 38 $ (7) $ 203 ----------------------------------------------------------------------------
The geographic distribution of external sales is as follows(1):
---------------------------------------------------------------------------- April 1 to June 30 January 1 to June 30 2015 2014 2015 2014 ---------------------------------------------------------------------------- Canada $ 228 $ 234 $ 446 $ 427 United States 551 530 1,084 964 China 166 172 330 276 Other Asia 68 95 148 146 Other 16 22 35 49 ---------------------------------------------------------------------------- $ 1,029 $ 1,053 $ 2,043 $ 1,862 ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- 1. Sales distribution is based on the location of product delivery.
Contacts:
West Fraser Timber Co. Ltd.
Larry Hughes
Vice-President, Finance and Chief Financial Officer
(604) 895-2700
West Fraser Timber Co. Ltd.
Rodger Hutchinson
Vice-President, Corporate Controller and Investor Relations
(604) 895-2700
www.westfraser.com