Pearson 2018 Preliminary Results (Unaudited)

John Fallon, Chief Executive said: "We made good progress last year. We increased underlying profits, outperformed our cost savings plan and invested in the digital platforms that are making us a simpler, more efficient and innovative company. We are increasingly well placed to guide our customers through a lifetime of learning and help our partners shape the future of education. We have a lot still to do, but we expect company wide sales to stabilise this year, and grow again in 2020 and beyond." Highlights: Revenue down 1% in underlying terms *Total underlying revenue down 1% year on year, with declines in US Higher Education Courseware of 5% and in US K12 Courseware largely offset by the rest of the business growing in aggregate at over 1%. *Strong performance in our structural growth opportunities with revenue up 10% in Global Online Program Management, 8% in Connections Academy, 4% in Professional Certification (VUE) and Pearson Test of English Academic (PTEA) test volume growth of 30%. *Revenue in North America declined 1%, Core was flat and Growth up 1%. Click read more below for additional detail.
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Suzano Reports Q4 2018 Results

HIGHLIGHTS: • Record-high Operating Cash Generation¹ and Adjusted EBITDA²: R$5.5 billion and R$6.8 billion, respectively. • Average pulp price of US$757/ton in 4Q18, despite the weak Chinese market in late 2018. • Cash cost impacted by inputs pegged to USD: R$602/ton, up 4.8% from 2017. • Consolidation of paper price increase in the domestic and export markets, with record-high LTM³ Adjusted EBITDA of R$1,064/ton. • Capital discipline: investments aligned with initial budget. • Dividends: Proposal of distribution in the amount of R$ 600 million. Click read more below for additional detail.
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Canfor Reports Results for 2018 and Fourth Quarter of 2018

2018 and Fourth Quarter Highlights: • Reported operating income of $609 million for 2018; adjusted shareholder net income of $488 million, or $3.83 per share and a return on invested capital of 19% • Fourth quarter adjusted operating loss of $(3) million and sales of $1.03 billion; adjusted shareholder net loss of $(28) million, or $(0.23) per share • Net debt of $156 million, or 6.2% net debt to total capitalization, at December 31, 2018 • Announced acquisition of 70% of the VIDA Group of Sweden (“VIDA”) for 3,990 million Swedish Krona (approximately CAD$580 million), adding 1.1 billion board feet annual capacity of high-quality spruce and pine products • Announced phased acquisition of Elliott Sawmilling Co., Inc. (“Elliott”) over a period of two years, for US$110 million, adding 210 million board feet of high-value Southern Yellow Pine lumber annual capacity. Click read more below for additional detail.
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Canfor Pulp Products Inc. Announces 2018 and Fourth Quater of 2018 Results

2018 and Fourth Quarter Highlights: • Record 2018 operating income of $247 million; net income of $184 million, or $2.83 per share and a return on invested capital of 37% • Record-high annual sales of $1.4 billion in 2018, surpassing previous record by 15% • Fourth quarter operating income of $16 million and sales of $290 million; net income of $14 million, or $0.21 per share. Canfor Pulp had an exceptionally strong year in 2018, reporting record-high operating income of $246.6 million, net income of $2.83 per share and a return on invested capital of 37%. Click read more below for additional detail.
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American Forest & Paper Association Releases January 2019 Printing-Writing Monthly Report

According to the January 2019 Printing-Writing Monthly report from AF&PA, total printing-writing paper shipments decreased eight percent in January compared to January 2018. Total printing-writing paper inventory levels increased three percent from December 2018. •U.S. purchases of uncoated free sheet (UFS) paper decreased seven percent in January from the same month one year ago. The inventory level of UFS papers increased two percent in January compared to December. •U.S. purchases of coated free sheet (CFS) papers decreased two percent in January when compared to January 2018. Inventories meanwhile remained essentially flat compared to last month. •U.S. purchases of uncoated mechanical (UM) papers decreased one percent year-over-year in January. U.S. purchases of coated mechanical (CM) paper increased seven percent in January. Inventory levels at the end of January when compared to December increased for both grades of paper.
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Oil prices stable on trade hopes, but record U.S. output weighs

Oil prices reversed earlier falls on Friday, lifted by OPEC's ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute. Despite this, prices remained below 2019 peaks reached earlier this week as U.S. crude oil production hit a record 12 million barrels per day (bpd) and its exports also surged. Prices have also been supported by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC). Click read more below for additional detail.
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Flint Group introduces AquaCode – a global technology range for Paper & Board printers that enhances press efficiencies

Introducing AquaCode, a full technology range that embodies the very heart of Flint Group Paper & Board – an ink system that goes beyond conventional chemistries to deliver 21st century print quality while providing industry-leading environmental stewardship opportunities. Mr. Kim Melander, VP & GM EMEA and Global Strategy for Paper & Board, comments, “With AquaCode, we present a global water-based technology designed to reduce the total cost of print. Flint Group experts from around the world worked jointly using combined best practices to construct this revolutionary product range. Click read more below for additional detail.
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Northern Pulp Encouraged By Poll Results

According to the poll, more people support Northern Pulp’s plan for a new wastewater (effluent) treatment facility than oppose it: • 36 percent support • 21 percent neither support or oppose • 27 percent oppose • 16 percent don’t know. The margin of error for the total sample is ± 4.9 percentage points, 19 times out of 20. “Our proposed new facility will keep all untreated wastewater on site and ensure only treated wastewater ever leaves Northern Pulp property,” said Jean Francois Guillot, Paper Excellence Canada Vice President, Operations East. “These changes will make us one of the most environmentally responsible mills in North America.” Click read more below for additional detail.
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