This Press Release and the documents incorporated by reference therein contains forward-looking statements within the meaning of applicable Canadian securities laws including those related to the Company’s expectations as to, or its views or beliefs in or on, the impact of, or duration of, or factors affecting, or expected response to or growth of, improvements in, expansion of and/or guidance or outlook (including for 2025 and 2026) as to future results, revenue, sales, margin, gross margin, earnings, and earnings per share, adjusted earnings per share, free cash flow, volumes, adjusted net earnings per share, operating income margins, operating margins, adjusted operating income margins, leverage ratios, net debt to adjusted EBITDA(1), debt repayment, Adjusted EBITDA(1), capex levels, working capital levels, cash tax levels, progress on commercial negotiations, the growth of the Company and pursuit of, and belief in, its strategies, the strength, recovery and growth of the automotive industry and continuing challenges, the impact of and/or uncertainty of tariffs and trade issues in the Company’s business and its industry, expectation of the benefit of the Lyseon transaction and benefit of NanoXplore, the expectation of JLR production resumption, as well as other forward-looking statements. Capital stock Contributed surplus Accumulated other comprehensive income Retained earnings Total equity BALANCE AT DECEMBER 31, 2023 $ 645,256 $ 45,903 $ 95,753 $ 678,269 $ 1,465,181 Net income for the period - - - 98,786 98,786 Compensation expense related to stock options - 127 - - 127 Dividends ($0.15 per share) - - - (11,281 ) (11,281 ) Exercise of employee stock options 350 (80 ) - - 270 Repurchase of common shares (note 11) (34,505 ) - - (15,868 ) (50,373 ) Other comprehensive income (loss) net of tax Remeasurement of defined benefit plans - - - (814 ) (814 ) Foreign currency translation differences - - 44,206 - 44,206 Share of other comprehensive loss of equity investments - - (25 ) - (25 ) BALANCE AT SEPTEMBER 30, 2024 611,101 45,950 139,934 749,092 1,546,077 Net loss for the period - - - (133,332 ) (133,332 ) Compensation expense related to stock options - 102 - - 102 Dividends ($0.05 per share) - - - (3,640 ) (3,640 ) Repurchase of common shares (note 11) (9,913 ) - - (2,211 ) (12,124 ) Other comprehensive income (loss) net of tax Remeasurement of defined benefit plans - - - (948 ) (948 ) Foreign currency translation differences - - 70,878 - 70,878 Share of other comprehensive income of equity investments - - 9 - 9 BALANCE AT DECEMBER 31, 2024 601,188 46,052 210,821 608,961 1,467,022 Net income for the period - - - 91,327 91,327 Compensation expense related to stock options - 531 - - 531 Dividends ($0.15 per share) - - - (10,918 ) (10,918 ) Other comprehensive income (loss) net of tax Remeasurement of defined benefit plans - - - 935 935 Foreign currency translation differences - - (13,170 ) - (13,170 ) Share of other comprehensive loss of equity investments - - (24 ) - (24 ) BALANCE AT SEPTEMBER 30, 2025 $ 601,188 $ 46,583 $ 197,627 $ 690,305 $ 1,535,703 Net income for the period $ 35,762 $ 14,157 $ 91,327 $ 98,786 Adjustments for: Depreciation of property, plant and equipment and right-of-use assets 73,049 84,904 227,366 246,808 Amortization of development costs 2,179 3,084 5,988 8,172 Unrealized loss (gain) on foreign exchange forward contracts 482 (4,382 ) (192 ) (913 ) Finance expense 15,951 18,840 49,399 58,501 Income tax expense 9,865 33,276 32,984 63,725 Loss on disposal of property, plant and equipment 176 262 311 1,489 Deferred and restricted share units expense 9,984 2,893 12,111 6,261 Stock options expense 177 43 531 127 Share of loss of equity investments 662 690 1,997 2,147 Pension and other post-retirement benefits expense 612 571 1,827 1,702 Contributions made to pension and other post-retirement benefits (788 ) (489 ) (1,952 ) (1,657 ) 148,111 153,849 421,697 485,148 Changes in non-cash working capital items: Trade and other receivables 18,424 (2,739 ) (148,015 ) (87,575 ) Inventories (36,237 ) 12,159 (11,515 ) 15,897 Prepaid expenses and deposits (8,547 ) (2,163 ) (11,233 ) (1,226 ) Trade, other payables and provisions 11,878 (5,529 ) 134,691 (17,128 ) 133,629 155,577 385,625 395,116 Interest paid (17,540 ) (21,839 ) (54,168 ) (65,306 ) Income taxes paid (8,561 ) (1,849 ) (63,014 ) (50,533 ) NET CASH PROVIDED BY OPERATING ACTIVITIES $ 107,528 $ 131,889 $ 268,443 $ 279,277 FINANCING ACTIVITIES: Increase (decrease) in long-term debt (net of deferred financing fees) (45,299 ) (29,094 ) (38,671 ) 18,847 Equipment loan repayments (4,421 ) (1,329 ) (12,269 ) (5,899 ) Principal payments of lease liabilities (14,055 ) (13,096 ) (42,187 ) (38,852 ) Dividends paid (3,639 ) (3,743 ) (10,918 ) (11,489 ) Exercise of employee stock options - - - 270 Repurchase of common shares - (9,471 ) - (49,393 ) NET CASH USED IN FINANCING ACTIVITIES $ (67,414 ) $ (56,733 ) $ (104,045 ) $ (86,516 ) INVESTING ACTIVITIES: Purchase of property, plant and equipment (excluding capitalized interest)* (55,872 ) (80,814 ) (177,476 ) (191,681 ) Capitalized development costs (754 ) (1,457 ) (7,351 ) (4,601 ) Increase in investments (22 ) - (1,271 ) (8,130 ) Proceeds on disposal of property, plant and equipment 189 4,122 839 5,311 NET CASH USED IN INVESTING ACTIVITIES $ (56,459 ) $ (78,149 ) $ (185,259 ) $ (199,101 ) Effect of foreign exchange rate changes on cash and cash equivalents (698 ) (1,178 ) (4,103 ) (3,197 ) DECREASE IN CASH AND CASH EQUIVALENTS (17,043 ) (4,171 ) (24,964 ) (9,537 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 160,030 181,438 167,951 186,804 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 142,987 $ 177,267 $ 142,987 $ 177,267
Author: Martinrea International Inc.
Published at: 2025-11-11 22:01:00
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