Certain statements in this release that are neither reported financial results nor other historical information are forward-looking statements, including but not limited to statements that are predictions of or indicate future earnings, savings, synergies, events, trends, plans or objectives. The words "believe", "anticipate", "expect", "intend", "estimate", "plan", "assume", "positioned", "will", "may", "should", "risk" and other similar expressions, which are predictions of or indicate future events and future trends and which do not relate to historical matters, may be used to identify forward-looking statements. You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are in some cases beyond our control and may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements (and from past results, performance or achievements). Certain factors that may cause such differences include but are not limited to the following:

  • The highly cyclical nature of the pulp and paper industry (and the factors that contribute to such cyclicality, such as levels of demand, production capacity, production, input costs including raw material, energy and employee costs, and pricing)
  • The impact on our business of adverse changes in global economic conditions
  • Unanticipated production disruptions (including as a result of planned or unexpected power outages)
  • Changes in environmental, tax and other laws and regulations
  • Adverse changes in the markets for our products
  • The emergence of new technologies and changes in consumer trends including increased preferences for digital media
  • Consequences of our leverage, including as a result of adverse changes in credit markets that affect our ability to raise capital when needed
  • Adverse changes in the political situation and economy in the countries in which we operate or the effect of governmental efforts to address present or future economic or social problems
  • The impact of restructurings, investments, acquisitions, dispositions and other strategic initiatives (including related financing), any delays, unexpected costs or other problems experienced in connection with dispositions or with integrating acquisitions or implementing restructuring and other strategic initiatives and achieving expected savings and synergies
  • Currency fluctuations.

We undertake no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information or future events or circumstances or otherwise.


About our theme: Focus

In 2019, the international economic order was under significant pressure, reducing global growth prospects. Ongoing trade conflicts and Brexit uncertainty weighed further on economic prospects. Populism spread and protests erupted around the world.

Given that some 90% of an iceberg's mass is hidden under water making them extremely difficult to navigate around, they are a powerful metaphor for operating in a business context where all the threats are not immediately visible or obvious.

An iceberg is also a valid metaphor in that much of the hard work to achieve our strategy happens away from the public gaze and is not always recognised. Equally so the breadth and depth of engagement with our customers to provide the solutions their customers demand and with our employees to ensure they are aligned with our strategy. Despite the turbulent global economy, we did not lose focus and are well positioned to benefit from our recent investments. We are determined to maintain our line of sight on our end goal as encapsulated in our 2020Vision and strategy: providing enhanced returns to all our stakeholders.

Our 2019 annual integrated report reflects the focused actions we have taken over the last year. It is supported by various other sources of information including our website and our group and regional sustainability reports, available on