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spk01: Good morning and thank you for standing by. Welcome to today's Sylvano's Quarter 2021 Investor Earnings Day conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be the opportunity to ask questions. To ask a question, please press star 1 on your telephone keypad. To withdraw your question, press the pound key. I'd now like to turn today's conference over to Hans Bjorkman, Vice President, Investor Relations. Please go ahead, sir.
spk07: Thanks, Angie. Good morning, and thank you for joining our call today. Our speakers this morning are Jean-Michel Rivieras, Chairman and Chief Executive Officer, and John Sims, Senior Vice President and Chief Financial Officer. Slides two and three contain important information, including certain legal disclaimers. For example, during this call, we will make forward-looking statements that are subject to risks and uncertainties. We will also present certain non-US GAAP financial information. Reconciliations of those figures to US GAAP financial measures are available in the appendix. Our website also contains copies of the fourth quarter 2021 earnings press release, as well as today's presentation. With that, I will now turn the call over to Jean-Michel.
spk03: Thanks, Hans. Good morning, and thank you for joining our call. I'm on slide 4, which demonstrates significant improvement in our full-year sales and earnings. 2021 net sales increased 16% to $3.5 billion and adjusted EBITDA improved by nearly 60% to $594 million. This represents a margin of 17% or 460 basis points higher than our 2020 adjusted EBITDA margin. Our adjusting earnings per share has improved by over 70% to $6.94. We remain committed to generating cash and have positive momentum heading into 2022. Let's turn to slide five to review our fourth quarter performance. We are executing our three-pronged strategy of commercial excellence, operational excellence, and financial discipline. which resulted in a 17.5% adjusted EBITDA margin in the fourth quarter. Global demand for uncoated free sheets continue to strengthen as coolant offices gradually reopen. Our volumes remain strong and we run at full capacity in all three regions. We also continue to realize the benefit of prior price increases, allowing price and mix to uppace increased input costs. I'm extremely proud of how our teams navigated through input costs and transportation challenges and worked to take care of our customers. We operated well in a challenging supply chain environment and executed two large and comprehensive maintenance outages at our sire and disturbance mills safely and efficiently. Implementing this strategy generated free cash flow of $162 million enabling us to pay down $124 million in debt and to increase our cash position by $48 million to $118 million. All in all, a strong performance by our team. Slide six highlights our performance in the fourth quarter, our first standalone quarter. Fourth quarter net sales increased 7% sequentially to $972 million. we generated and adjusted EBITDA of $170 million and a 17.5% margin during the heaviest outage quarter of the year. However, if we had normalized maintenance outage expenses, our adjusted EBITDA margin would have been 19.2% for the quarter. We also generated adjusted operating earnings of $1.71 per share. Let's turn to slide 7 to discuss our commercial excellence efforts. Our commercial excellence strategy is designed to help our customers succeed. We want to be recognized by our customers as the suppliers they value the most. Here are a few examples where we are winning incremental businesses, which is improving our mix and profitability. In Latin America, we are leveraging innovation to increase our position in other end-use segments, such as thermal paper used for receipt. This is a profitable and strategic segment with growth potential. In North America, we are creating value for our customers with Sigvamo Shop, which allows 24-7 access to critical information to help them run their business better and allows them to interface via computers tablets, and mobile phones. In Europe, we are leveraging our global footprint to expand sales of premium product in strategic channels, which provides better product mix for our customer while optimizing our global trade flows. Global and quoted free ship demand continues to recover from the initial impact of COVID pandemic, allowing us to improve our mix as our commercial teams maximize opportunities across geography, segments, and channels. Let's turn to slide eight to look at the 2021 growth by region. Year-over-year global encoded free sheet industry demand increased by in 2021. And especially in our region, it was up nearly 6% in Europe, more than 13% in Latin America, more than 4% in North America. we still see incremental copy paper demand recovery, which was only up 1.3% globally, since many office workers in North America and Europe have still not returned to their offices. And in Latin America, we understand that students will be going back to school this year. In 2021, we outperformed industry growth rates in our region by 530 basis points. Our 2021 encoded free sheet shipments were up 12% versus 2020. I now turn the call over to John, who will discuss our fourth quarter performance in more detail. Thank you, Jean-Michel.
spk08: I'm on slide nine. We generated $170 million in adjusted EBITDA in the fourth quarter, well ahead of our outlook of $140 to $150 million. We improved price and mix by 41 million, which was greater than our outlook because prices rose faster and at a greater rate in North America than what we had projected. Volume improved by 14 million due to strong seasonal demand in Latin America. In all regions, we had more orders than we could ship. Operations and costs were solid and improved by 2 million. This does include a favorable 10 million LIFO adjustment in North America as well as a favorable $7 million in overhead benefits and environmental credits in Europe, which we had not included in our outlook. As Jean-Michel mentioned, we successfully conducted two significant planned maintenance outages in Europe and in North America and spent $24 million more on outages than we did in the third quarter. Input and transportation costs increased by $39 million, with rising costs for fiber, energy, chemicals, and transportation across all regions. Our strong performance in this quarter is a reflection of our talented and engaged regional teams. We worked hard to meet customer needs and manage through significant global supply chain and pandemic challenges. Let's take a look at our regional results on slide 10. Each of our regions performed well in the quarter, demonstrating the strength of our low-cost positions and our iconic brands. Nearly two-thirds of our earnings were outside of North America. Europe earned $27 million with a 9% EBITDA margin. Latin America earned $81 million with a 35% margin. And North America earned $62 million with a 13% margin. We conducted an extensive 10-year maintenance outage at our CyDOT mill and a cold mill outage in East River, which is reflected in our European and North America EBITDA margins. If we had normalized the maintenance outages expenses over a year, Europe EBITDA margins would have been 12% and North America would have been 15%. Our strong earnings and margins reflect the realization of price increases. volume improved in Europe and Latin America, and remained strong in North America. Our commercial teams focused on strengthening our customer value propositions, and their successful efforts are reflected in these results. The appendix contains additional details on our regional performance. So let's turn to slide 11 to discuss uncoded free sheet industry conditions around the world. Global uncoded free sheet industry conditions continue to improve in the fourth quarter as they did throughout 2021 and remain quite favorable as we enter 2022. Uncoded free sheet demand continues to improve in all three regions while industry supply is shrinking in Europe and North America as competitors have shut down machines and converted capacity. Input and transportation costs remain elevated and we expect costs for fiber, chemicals, and transportation to continue to increase. However, our selling prices increased in the fourth quarter and will continue to increase in the first quarter as we realize prior price increases throughout the quarter. Let's move to slide 12 and review our first quarter outlook. In the first quarter, we expected to deliver an adjusted EBITDA of $180 to $190 million in adjusted operating earnings per share of $1.70 to $1.90. We project price and mix to improve by $35 to $40 million as we continue to realize price increases already communicated to our customers in all regions. We expect volume to decrease by $13 to $18 million, reflecting seasonally weaker volume in Latin America and Eastern Europe. Typically, the fourth quarter is our seasonally strongest quarter. Fourth quarter is our seasonally weakest for shipments. Fourth quarter results included 7 million unfavorable adjustments in Europe and a 10 million favorable LIFO adjustment in North America that won't repeat in the first quarter.
spk02: We expect input and transportation costs
spk08: to increase by $18 to $23 million, which is about half the improvement in price and mix. These increases will be driven by higher costs for fiber, chemicals, and transportation.
spk02: And we've been looking for some additional 2020 guidance.
spk08: We have revised some of our 2022 selected financial guidance for capital spending by $18 million, high return and short payback. For example, we'll fund a woodyard mill that will cost less than $3 million, but provide an expected internal rate of return of nearly 50%. We'll also fund a project at our East River mill to upgrade the stock pump. that will cost a little more than $1 million or nearly 40%. We have many other high-return projects to further improve and we look to fund these in the future. We have our guidance on a projected income tax rate. U.S. tax regulations have changed in January and we may no longer be able to claim the foreign tax credits for our Brazilian exchange to increase our 2022 tax rate to 32% to 34%. I would also like to update you on the Silvetta Gores project. In December, our board of directors approved $15 million in capital spending for engineering work for the proposed new recovery boiler, which will replace the two recovery boilers that are approaching end of life at our Sovetogorsk mill. We expect that this new recovery boiler to reduce costs and improve reliability and increase production at this very low cost Russian mill. Let's turn to slide 14 to discuss free cash flow. We remain focused on generating cash. We generated strong free cash flow in the fourth quarter, $162 million, and we expect to drive strong cash flow in 2022. We intend to use cash generated from earnings, including some of the $180 million cash on hand at the beginning of the year to fund $170 million of capital spending, the $77 million one-time Georgetown and Riverdale inventory payments to International Paper, and $72 million of one-time and transition costs. We also intend to continue debt reduction. We're doing all this to position the company to begin returning cash to shareholders later this year. I will conclude my comments on slide 15 with a review of our current debt structure. We launched Sivama with just over $1.5 billion in gross debt. We ended the third quarter at 2.8 times gross debt to adjusted EBITDA, and we ended the fourth quarter at 2.4 times gross debt to adjusted EBITDA. As we mentioned earlier, we paid down debt by $124 million in the fourth quarter, and we increased our cash position by $48 million. We also swapped $400 million of the floating rate debt for fixed rate. As you can see from the table, we don't have any significant debt maturities until 2027. So with that, I'll turn it back over to you, Jean-Michel.
spk03: Thanks, John. I'm on slide 16. We are pleased with our performance in our first quarter as a standalone company. We are taking advantage of opportunities to enhance value for employees customers, and shareholders. Our major opportunity is capital allocation. We are now able to use the cash we generate to reinvest in our assets and return cash to shareholders. Focus is another opportunity. We are now able to serve the best interest of our customers globally and concentrate on being the supplier that customers value the most. We are also working to simplify our strategy and We will create long-term value through our talented teams, the world's most iconic paper brands, and low-cost, multi-attractive locations. Most importantly, we are building the Sylvamo culture, one that is more agile, faster to act, and with a more entrepreneurial spirit across our teams. As we have just become an independent company, our strategy will continue to further evolve with a commitment to increase value for all of our stakeholders. I'll wrap up our prepared remarks on slide 17. We are well-prepared for continued success. Our commercial and operational excellence strategy and tactics will enable us to generate strong earnings and significant free cash flow. We will execute our plans and will increase capital spending to strengthen our low-cost positions. We will continue to strengthen our balance sheet and prepare to begin returning cash to shareholders. In the near future, we plan to initiate discussions with our board of directors. I could not be prouder of our employees' performance throughout 2021. We appreciate their commitment to working safely and taking care of customers. We are passionate about our employees, our customers, and our shareholders. Sylvamo is off to a great start. We are committed to encoded free sheets and are confident in our ability to drive strong results in 2022. With that, I will turn the call back to Anne.
spk07: Thanks, Jean-Michel, and thank you, John. Okay, Angie, with that, we're ready to take the questions.
spk01: To ask a question, please press star 1 on your telephone keypad. Again, that's star 1 to ask an audio question. Your first question comes from the line of George Staffos with Bank of America. Please state your question.
spk06: Hi, everyone. Good morning. Thanks for all the details. Congratulations on finishing the year. Guys, I'll start with three quick questions, and I'll turn it over. First of all, relative to where you were and what you were thinking about in terms of your markets and end markets at the analyst day, what is the outlook for 22 and, I guess, more importantly, the post-COVID world, whatever that's going to look like, How does that compare more positively or more negatively in terms of consumption and markets and the like? Related question, Jean-Michel, I thought you said something about in Europe, you're finding opportunity to leverage the supply chain or your access to the global supply chain. Can you comment a bit more, if I heard that correctly, on what you meant? And then lastly, on guidance, Can you remind us what is embedded in your guidance as far as price increases, and are there any price increases that you've announced that would not be in guidance as of yet? Thank you.
spk03: Good morning, George, and thank you for joining. I will start with the two first questions, and John will take the third one. In terms of demand, both things. You've seen that. uh 2021 was better than our forecast initially i mean i remind the number eastern europe was 6.8 percent growth north america was 4.2 percent growth western europe was 5.5 and europe was 5.9 in total so clearly we had even more momentum in 2021 than we expected this despite the fact that there was not in 2021 return to school or return to the office. It was very slow, which explains why the cut size global demand was only 1.3%. So I'll say I'm quite bullish for 2022. And if you're asking me, compared to our original forecast, we clearly see some upside. I think the market is going to continue to grow, both in the graphics sector, where worldwide the demand is very strong, and on the cut-size rebound, which we're starting to see the effect despite the pandemic. So I'm quite positive, and you were asking me if it was more than original. Yes, it's more than original, both in 21, as we already have the number, and for sure in 22.
spk06: Yeah, Jean-Michel, I don't want to be a hog here in terms of Q&A, but just – The statistics, yes, we've seen them. You know, I guess the question is really, you know, why? What do you think, if you're more positive and you're seeing more positive statistics, why is that happening? And then what are you doing in Europe to leverage the supply chain and the pricing question in terms of guidance? Thank you.
spk03: So the why is I think they have more and more demand in uncoated free sheet. One of the things which has surprised us is, for example, the direct marketing, the whole commercial aspect which impact offset. This demand, I don't have the latest number, but I remember Q3 number on direct mailing. Direct mailing from the USPS number, for example, in North America, was up more than 40%. So you have an activity on the economy, even with the pandemic or post-pandemic, which is very favorable to the use of our product. And then I think the back-to-school, back-to-the-office is another one which is going to be very positive for us. So there are also some specific things like uncoated free sheet shifting to uncoated free sheet. We've seen that in quite a few of our customers. So I think the fact that uncoated free sheet is sustainable, is affordable, functional, It creates a long-term demand and short-term we're seeing it. The coated free sheet is not negligible. A lot of work which used to be on coated free sheet has switched to uncoated free sheet and has created incremental demand we had not planned. So that's a few examples, but I think there are multiple examples. On the global Europe supply chain, there are different options which we have. First of all, if you look today, all regions combined. Silvamo exports to what I would call non-strategic regions, about 8% to 10% of what we produce. We've got an opportunity in Europe, from Russia, for example, to make sure we align with the strategic long-term customers. And thanks to the demand, thanks to the partnership and work of our commercial team, we are now concentrating our commercial efforts towards having those global customers serve from multiple regions and optimize both for them and for us what we do as export. So the supply chain, for example, Russia to Europe or Latin America to Europe, is just an example, is quite optimized and helping our global customers to be better served. Those are opportunities, you know, from one region mix to another regional mix, We sometimes are $50 to $80 different. It's very significant. So this 10% optimization, we can see bottom line. It's clearly very important. So maybe that answers your second question. I will turn it to John for the guidance on your question on pricing and what is included or not on 2022. Yeah, thanks, Thomas.
spk08: George, to answer your question, if you recall in the – review, we said that there were price increases that we announced to our customers in the fourth quarter that were going to be realized in the middle of the fourth quarter and then carry over to first quarter. So those are certainly into our outlook. But we've also announced price increases to our customers in all our regions, Europe, Latin America, and North America in the first quarter. And some of that realization will occur in the first quarter, but most of it will really start to realize in the second quarter. But there is a little bit of that that is in the outlook for this quarter.
spk06: Thank you very much.
spk00: If you would like to ask a question, please press star 1 on your telephone keypad.
spk07: Hey, George, this is Hans. If you've got any further follow-up questions, feel free to go ahead and ask.
spk01: George, your line is open.
spk06: Oh, hi, guys. Okay, thanks for that. I guess my other two questions, and again, don't want to be a hog here, what effect related to your earlier comment, Jean-Michel, on supply chain in Europe, are the finish strikes having on you, both your customers and your opportunities in the market? And, you know, in the quarter, Europe trailed sequentially on input costs relative to pricing that was put into place. Do you expect that will be the case in the first quarter?
spk03: So I'll start with the finish. The finish strike, has a major impact especially on pulp it's not a big impact on uncoated fruit sheet it's very light so it's not really impacting our demand as of now we can say we've got incremental demand because of it it's it's very small it's mostly a big pulp impact in term of your second question which was mostly uh i'm sorry i
spk06: So inflation in Europe was ahead of pricing sequentially.
spk03: Will that be the case in 1Q? So in 1Q, the biggest issue we have is energy costs in Europe, especially gas price in France. And there was a peak in December. So the peak, usually you see it in our cost one month after. So that impacts January. But then we have more, I would say, back to average high in February and March. And we have some significant price increase, which have been announced to our customers. So we expect Q1 price and mix to be better than our input cost. Even if the input costs are high, we have good momentum on our price increase, which we've already announced. the net would be positive for us.
spk06: Jean-Michel, one last one on the finish strikes, and I'll let you go. So certainly that's constraining pulp supply. It's constraining raising, I guess, relative to what would happen all else equal pulp pricing. I recognize you don't sell a lot of market pulp, but potentially some of your competitors are not as integrated as you are. So can you talk, if at all, about how that could affect you and your competitive positioning on free sheet in Europe? Thanks, and I'll turn it over.
spk03: Yeah. I think specific to Europe, there are two factors which are very important in our competitiveness. There's a very high cost of gas. We use gas, but we're 80% self-sufficient in terms of energy in our mills. So we don't use only gas. a lot of biomass, that gives us a big advantage versus a lot of European competitors. And pulp price, as you mentioned, we sell some pulp price, but I think the fact that we integrate it is a major advantage. So if you look at our cost curve, which is usually good and where we are first, second quartile, we are definitely even more advantaged right now with high gas price and high pulp price. So it's helping us. would leverage our local communities.
spk08: And George, just John, just the other thing to consider too, two-thirds of our capacity is in Russia, where the gas price isn't really impacting us there.
spk06: Good point. Thank you, John. I'll turn it over.
spk07: Angie, do we have any more questions in the queue?
spk01: Your next question comes from the line of Jonathan Luck with Eagle Capital. Please state your question.
spk09: Hey, guys. It's Jonathan Luck. Great quarter. I'd love to just hear a little bit more perhaps about, you know, what you're seeing on the competitive environment. I know obviously in Canada there was one plant that was shut down. But if you could just expand regionally what you're seeing in Europe, what you're seeing in Latin America and also in North America compatible, that would be great. Thank you.
spk03: So let me take it region per region. In Europe, as you know, there's been some both integrated and non-integrated capacity which have shut down in 21, which would see the full effect in 22. So we're seeing less supply in the encoded flu sheet. on a significant basis. I would say in Latin America, it's mostly stable. There's been one announcement of a small machine going down, so it might impact a little bit the supply, but not huge. And North America, net-net, with one, as you know, restart from one of our competitors, it's still down in terms of capacity. So when we look at the supply-demand right now So it's favorable. And when we look at the demand specifically that Silvamo gets from our customers, it's very strong right now. But you have the import side, which, as you know, is very low right now because the freight cost is making it almost prohibitive from Asians, for example, to go either to Latin America or to North America. So we're in a very favorable position all around the world right now.
spk09: That's terrific. And so given the favorable environment, are you able to perhaps sign, you know, a longer-term contract or sign more strategic deals? How do you see that playing out for Sobamo?
spk03: So we've always been on long-term contracts with our customers. Sometimes they're not formal contracts, but they work like formal contracts. You know, most of our customers have 10 years' plus experience with us. we have the opportunity to reinforce our position to the strategic customers, which are aligned with our long-term strategic view. So it is very positive for Sylvamo. I feel very good about it. We are up to a great start. And I think another thing is our customers recognize we're here for the long term. We're going to be their strategic partner and that we are committed to uncoated free sheet. I think that's creating a very positive dynamic also.
spk09: terrific. Thank you so much.
spk01: Your next question comes from the line of Paul Quinn with RBC Capital Markets.
spk05: Yeah, thanks very much. Morning, guys. Morning, Paul. Morning, Paul.
spk06: Hey, strong quarter, even including the one-offs, but sorry to get on the line late, but busy morning here for me. But Just if you could give me a summary of where we're sitting on price increases in 22 by region, that would be most helpful.
spk08: So, Paul, I'll take that. Where we are right now, as I mentioned earlier on the call, is that we have price increases that we announced to our customers in the fourth quarter, and that was in North America, Russia. And also prices that we had announced even back in the third and second quarter in Russia that we were realizing and starting to fully realize in the fourth quarter, but we're really going to see that in the first quarter. And that's really what's really driving our outlook in terms of the sequential quarter improvement. But we've also announced additional price increases to our customers, and we're in the process of implementing those. And that's in all regions, so Europe, Russia, Brazil, or Latin America, rather, and also North America.
spk06: Okay, and those recent price increase announcements were all in 22 this year? Yes. And a typical lag between price increase and implementation, is that like a six-month lag?
spk08: Well, it varies. We could see six months in Europe, for example, on some of the contracts and stuff like that. We actually will see, you know, it will be anywhere from 30 to 90 days generally, depending upon the region.
spk06: All right. And just lastly, is there any material change in the supply-demand relationship in any of your key markets?
spk03: I would say no material. It's some of the closure of 2021. We will feel the biggest impact in 2022. So that's maybe the changes that you will see. There's been some discussions from some of our competitors on potential closing or incremental or potential change from uncoated free sheet to other grades, but nothing very recent announcements.
spk08: Well, there was the restart of the one machine in North America, which everybody was well aware of, but also there was a shutdown, announced shutdown in North America that almost balances each other out.
spk05: Right, okay. And maybe a bonus question just because I got you.
spk06: I guess debt pay down is kind of the key.
spk05: The key for you this year, where do you expect to get on that by the end of the year?
spk08: Well, our outlook is to generate significant cash flow, so we will certainly be continuing to pay down debt. But also, as we mentioned, we think we're going to be well-positioned to begin talking to the board about returning cash share owners this year.
spk05: Okay. Well said, Paul. Thanks, guys. Thank you.
spk01: Your next question comes from the line of Douglas Duffy with DC Capital. Please state your question.
spk04: Oh, good morning. Thank you. Terrific results and a nice presentation. Could you provide some context in having a major facility in Russia these days from a commercial standpoint? There's been certainly a lot of talks about stringent sanctions if things change at the Ukrainian border and how you think about that with major customer base in Europe.
spk03: Hi, Douglas. Thanks for joining today. Yeah, of course. Let me, our Russian asset is very important. And to be clear, we've been there a very long time. You know, we've been there more than 20 years. And we've gone through different crises with different sanctions. And so we have a very strong contingency plan in place where we're looking at all the cases and including the worst case scenario. I want to first start by saying we hope diplomacy will win. We care about our people in Russia a lot. As well, we care about our self-service and our Ukrainian friends. So we are prepared with a very strong contingency plan, which we update almost on a daily basis right now. It's difficult to know what could happen. we're on the side of low risk of a major invasion, then we don't know. We're not experts on that. But we've been able to manage in the past those challenging sometimes countries' relations, and we feel we will be manageable for us. We've got good contingency plans in place.
spk04: Thank you very much.
spk03: Thank you.
spk01: You do have a follow-up question from the line of George Stappos with Bank of America.
spk06: Hey, guys. Thanks for taking the follow-ons. I know it's late. I'll try to be quick. So first of all, you know, if costs were up $193 million in 21, John, if you did kind of the pencil on paper, what is the current annualized run rate on inflation for 22, you know, coming out of 4Q or whatever one that you want to use in terms of input cost inflation for each of your key products or key inputs, I should say. Secondly, a ticky-tack question, and we can take this offline. EBITDA declined sequentially about $7 million from 3Q. I did my math right, but the operating profit was more $14 million. What causes that difference? And then recognizing you're going to talk to the board about this, it's a lot of water flowing to the bridge. Can you give us a bit of an understanding in terms of what types of value return, either size it or, you know, application types you're thinking about at this juncture? Thanks, and good luck in the quarter.
spk08: George, thank you. And to your first questions about what we're seeing in terms of input costs, certainly we're still starting to continue to see some increases in costs and, you know, particularly in chemicals. We also have some wood costs in wood. But it is slowing. We're seeing a rate of increases starting to slow in this quarter. So as you mentioned, we had 193 million increased costs in last year. And year-over-year average, we're going to still be higher than last year. But the rate that you're going to see in terms of the increase it's gonna be, I would say significantly less than the 193 that we saw last year. On your question on the earnings per share drop, that was really, you gotta remember that third quarter was based on the carve out financials of IP, we're still with IP. So the big difference in that really is taxes and interest that we incurred. And I don't remember the third question. What was the third question?
spk06: Yeah, actually I was looking at EBITDA versus EBIT, but if you don't have the answer on that one, we can take it offline. And the other question was just at this juncture, recognizing it's really, really early, what are you thinking about in terms of either dimensionalizing value return or how you would deliver it to shareholders? And that was it. Thanks, guys. Good luck in the quarter.
spk03: Yeah, we are looking at different options of returning cash to our shareholders. Of course, we're going to continue, as we mentioned, to reduce debt, and we're going to talk to our board, and we're going to recommend with them the different options we have, being dividends or share buybacks. These would probably be the two major tools we would look like in terms of returning cash to shareholders.
spk08: And, George, we'll follow up with you on the EBITDA question you had. Perfect. Thank you.
spk01: At this time, there are no further questions. I would now like to turn the conference back to Hans Bjorkman for any additional or closing remarks.
spk07: We just want to thank everyone for joining us today, and we truly appreciate your interest in Silvamo, and we look forward to our continued conversation. Have a great day and a great rest of your weekend. Bye-bye.
spk01: Thank you for participating in today's Silvano's Fourth Quarter 2021 Earnings Investor Conference Call. You may now disconnect your lines at this time.
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