惠好 2024年度报告
We own or manage10.4 MILLION ACRESof timberlands in the U.S. We wereFOUNDEDin1900 We operate34 WOOD PRODUCTSMANUFACTURINGFACILITIESacrossNorth America We generated$7.1 BILLIONof revenue in 2024 We returned$735 MILLIONof total cash toshareholders basedon 2024 results We manage long-term licenses covering14 million acres oftimberlands in Canada Dear Fellow Shareholder, 2XUSHUIRUPDQFHLQUHÁHFWVVROLGH[HFXWLRQDJDLQVWDFKDOOHQJLQJPDUNHWEDFNGURSDQG,·PH[WUHPHO\SURXGRIWKHIRFXVDQGUHVLOLHQFHRIRXUHPSOR\HHV7KURXJKWKHLUFROOHFWLYHHIIRUWVZHFRQWLQXHGWRVHUYHRXUFXVWRPHUVUHLQIRUFHGWKHGXUDELOLW\RIRXUSRUWIROLRDQGWKHÁ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ÀWV,QDGGLWLRQZHFRQWLQXHGWRPDNHGLVFLSOLQHGLQYHVWPHQWVDFURVVWKHUHVWRIRXUPDQXIDFWXULQJRSHUDWLRQVUHVXOWLQJLQKLJKUHWXUQSURMHFWVWKDWUHGXFHFRVWVDQGGULYHRUJDQLFJURZWKWKURXJKLPSURYHGSURGXFWLYLW\DQGLQFUHDVHGUHFRYHU\³SRVLWLRQLQJ:H\HUKDHXVHUWRGHOLYHUSHHUOHDGLQJSHUIRUPDQFHDFURVVPDUNHWF\FOHV :HFRQWLQXHGWRHQKDQFHRXUXQPDWFKHGSRUWIROLRRIDVVHWVLQLQFOXGLQJWKURXJKWKHDFTXLVLWLRQRIDFUHVRIKLJKTXDOLW\WLPEHUODQGVLQ$ODEDPD7KHVHDUHKLJKO\SURGXFWLYHDQGPDWXUHWLPEHUODQGVVWUDWHJLFDOO\SRVLWLRQHGWRGHOLYHULPPHGLDWHV\QHUJLHVZLWKRXUH[LVWLQJRSHUDWLRQVDQGZHH[SHFWWKHPWRJHQHUDWHSRUWIROLROHDGLQJFDVKÁRZDQGKDUYHVWWRQVSHUDFUHZLWKLQRXU6RXWKHUQ7LPEHUODQGVEXVLQHVV7RGDWHZHKDYHFRPSOHWHGDSSUR[LPDWHO\PLOOLRQLQDFTXLVLWLRQVDJDLQVWRXUPXOWL\HDUWLPEHUODQGVJURZWKWDUJHWDQGZHDUHRQWUDFNWRUHDFKRXUJRDORIELOOLRQRIVWUDWHJLFWLPEHUODQGDFTXLVLWLRQVE\WKHHQGRI DELIVERING STRONG RELATIVEPERFORMANCE IN CHALLENGING MARKETS ,QRXU:RRG3URGXFWVEXVLQHVVZHDQQRXQFHGSODQVWREXLOGDVWDWHRIWKHDUW7LPEHU6WUDQGIDFLOLW\LQ0RQWLFHOOR$UN7LPEHU6WUDQGLVDYHUVDWLOHVROLGVHFWLRQEHDPSURGXFWZLWKDSSOLFDWLRQVLQUHVLGHQWLDOLQGXVWULDODQGPDVVWLPEHUFRQVWUXFWLRQ6HWWRFRPHRQOLQHLQWKHQHZIDFLOLW\ZLOODGGUHVVDQXQGHUVHUYHGDQGJURZLQJPDUNHWIRUWKLVSURGXFWLQWKH866RXWKVKRZFDVH:H\HUKDHXVHU·VLQQRYDWLRQLQZRRGSURGXFWVDQGGHOLYHUVHDPOHVVLQWHJUDWLRQZLWKRXUH[LVWLQJWLPEHUODQGVDQGGLVWULEXWLRQQHWZRUNLQWKHUHJLRQ2QFH 'HVSLWHDGLIÀFXOWSULFLQJHQYLURQPHQWIRUVHYHUDORIRXUNH\SURGXFWVDQGRWKHUPDUNHWKHDGZLQGVGXULQJWKH\HDURXUWHDPVFROOHFWLYHO\GHOLYHUHGQHWHDUQLQJVRI PLOOLRQDQG$GMXVWHG(%,7'$ RIELOOLRQ2XU:RRG3URGXFWVPDQXIDFWXULQJEXVLQHVVHVGHOLYHUHGVWURQJUHODWLYHSHUIRUPDQFHLQDQGRXU:HVWHUQ7LPEHUODQGVEXVLQHVVFRQWLQXHGWRKROGWKHWRSSRVLWLRQLQ$GMXVWHG(%,7'$DQGFDVKÁRZSHUDFUH$GGLWLRQDOO\ZHPDQDJHGWRFDSWXUHPLOOLRQLQPDUJLQLPSURYHPHQWVDFURVVWKHFRPSDQ\LQ³IXUWKHUVXSSRUWLQJRXUHIIRUWV RXUVHFRQGSURMHFWDQGVROGKLJKTXDOLW\FUHGLWVLQWKHYROXQWDU\PDUNHWLQ,QRXUUHQHZDEOHVEXVLQHVVZHKDYHVLJQHGDSSUR[LPDWHO\DJUHHPHQWVIRUSRWHQWLDOVRODUSURMHFWVDQGRSHUDWLRQVFRPPHQFHGRQRXUÀUVWVRODUVLWHLQODWH³ZLWKWZRDGGLWLRQDOVLWHVFXUUHQWO\XQGHUFRQVWUXFWLRQ:HDOVRDGGHGDVHYHQWKZLQGVLWHGXULQJWKH\HDUDQGH[SHFWDQDGGLWLRQDOSURMHFWWRFRPHRQOLQHLQWKHFRPLQJPRQWKV)LQDOO\ZHDQQRXQFHGDPXOWL\HDUH[SORUDWLRQDJUHHPHQWZLWK/DSLV(QHUJ\WRHYDOXDWHWKHSRWHQWLDOIRUFDUERQFDSWXUHDQGVHTXHVWUDWLRQ &&6 GHYHORSPHQWDFURVVÀYHSURVSHFWLYHVHTXHVWUDWLRQVLWHVLQ$UNDQVDV/RXLVLDQDDQG0LVVLVVLSSL$VZHHQWHUZHUHPDLQRQWUDFNWRUHDFKRXUWDUJHWRIPLOOLRQRI$GMXVWHG(%,7'$ E\\HDUHQGDQGH[SHFWDGGLWLRQDOJURZWKEH\RQG:HKDYHEXLOWDZRUOGFODVVWHDPZLWKGHHSWHFKQLFDOH[SHUWLVHDQGVWURQJFRPPHUFLDOIRFXVDQGZHFRQWLQXHWREHOLHYHWKDWWKHUHLVQRFRPSDQ\LQWKLVVSDFHZLWKWKHFDSDELOLWLHVRUDVVHWEDVHWRGHOLYHURQWKLVYDOXHFUHDWLRQRSSRUWXQLW\DWVFDOHOLNH:H\HUKDHXVHU WRUHGXFHGRZQVLGHULVNLQFKDOOHQJLQJPDUNHWHQYLURQPHQWV7KHVHUHVXOWVUHÁHFWRXUGHHSO\HQJUDLQHGFXOWXUHRIRSHUDWLRQD