$SRL

MFC Industrial Ltd.

CIK:0000016859|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS $ in Thousands	Dec. 31, 2024 CAD ($) $ / shares shares	Dec. 31, 2023 CAD ($) $ / shares shares	Dec. 31, 2022 CAD ($) $ / shares shares
CONSOLIDATED STATEMENTS OF OPERATIONS
Gross revenues	$ 35,302	$ 54,944	$ 63,689
Costs and expenses:
Costs of sales and services	7,063	19,074	29,882
Selling, general and administrative	25,335	24,182	28,480
Finance costs	2,493	1,763	1,809
Credit losses (recovery)	22	547	(47)
Impairment of (reversal of impairment of) assets held for sale	18,579	(1,246)	31,443
Exchange differences on foreign currency transactions, net loss (gain)	833	427	(3,922)
Total	54,325	44,747	87,645
(Loss) income before income taxes	(19,023)	10,197	(23,956)
Income tax recovery (expense):
Income taxes	2,630	(1,907)	6,207
Resource property revenue taxes	(3,875)	(6,891)	(5,658)
Income tax (expense) recovery	(1,245)	(8,798)	549
Net (loss) income for the year	(20,268)	1,399	(23,407)
Net (income) loss attributable to non-controlling interests	(320)	(8)	9
Net (loss) income attributable to owners of the parent company	$ (20,588)	$ 1,391	$ (23,398)
Basic (loss) earnings per share (in dollars per share) \| $ / shares	$ (1.39)	$ 0.09	$ (1.58)
Diluted (loss) earnings per share (in dollars per share) \| $ / shares	$ (1.39)	$ 0.09	$ (1.58)
Weighted average number of common shares outstanding
Basic (in shares) \| shares	14,822,251	14,822,251	14,811,118
Diluted (in shares) \| shares	14,822,251	14,822,261	14,811,118
Dividends per share:
Declared (in dollars per share) \| (per share)	$ 0.37	$ 0.23	$ 1.13
Paid (in dollars per share) \| $ / shares		$ 0.23	$ 1.13

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net (loss) income for the year	$ (20,268)	$ 1,399	$ (23,407)
Adjustments for:
Amortization, depreciation and depletion	7,221	7,929	10,699
Exchange differences on foreign currency transactions	833	427	(3,922)
Change in financial asset at FVTPL	568	2,794	2,436
Share result of equity method investments	(38)
Gain on disposition of a subsidiary	(3,646)		(264)
(Reversal of) impairment of assets held for sale	18,579	(1,246)	31,443
Impairment loss of property, plant and equipment	19
Deferred income taxes	(1,666)	(1,560)	(7,557)
Interest accretion	473	270	385
Change in fair value of investment property and real estate held for sale	(2,005)	59	(96)
Change in fair value of a loan payable measured at FVTPL	(1,197)	360	141
Credit losses (recovery)	22	547	(47)
Reversal of write-downs of inventories	19	(27)	(21)
Gains on settlements and derecognition of liabilities		(1,313)	(69)
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Short-term securities	(17,567)	14,550	(12,509)
Receivables	(14,094)	(16,264)	24,269
Inventories	(520)	(340)	295
Restricted cash	209	(28)	(211)
Deposits, prepaid and other	(1,027)	276	(1,034)
Assets held for sale		19,242
Account payables and accrued expenses	3,476	(3,993)	9,876
Income tax liabilities	(821)	3,008	509
Other	(113)	91	(279)
Cash flows (used in) provided by operating activities	(31,543)	26,181	30,637
Cash flows from investing activities:
Purchases of property, plant and equipment, net	(89)	(180)	(472)
Proceeds from sales of investment property	131	1,172	2,643
Proceeds from sale of investment in securities	2,964
Payment of additional cost on investment property	(811)
Cash held by a deconsolidated subsidiary	(28)
Decrease (increase) in loan receivables	593	(7,299)	(6,848)
Cash flows provided by (used) in investing activities	2,760	(6,307)	(4,677)
Cash flows from financing activities:
Dividends paid to owners of the Company		(3,421)	(16,928)
Reductions in lease liabilities	(380)	(394)	(350)
Exercise of stock options			406
Issuance costs of the bond extension	(777)
Dividends paid to non-controlling interests			(341)
Other			21
Cash flows used in financing activities	(1,157)	(3,815)	(17,192)
Exchange rate effect on cash	3,444	(1,524)	76
(Decrease) increase in cash	(26,496)	14,535	8,844
Cash, beginning of year	78,252	63,717	54,873
Cash, end of year	51,756	78,252	63,717
Supplemental cash flows disclosures (see Note 23)
Interest received	3,152	2,548	491
Dividends received	166	146	268
Interest paid	(1,716)	(1,644)	(1,562)
Income taxes paid	$ (343)	$ (2,978)	$ (5,876)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION € in Thousands, $ in Thousands	Dec. 31, 2024 CAD ($)	Dec. 31, 2023 CAD ($)
Current Assets
Cash	$ 19,052	$ 78,252
Securities	23,487	12,958
Trade receivables	861	1,907
Tax receivables	699	640
Other receivables	40,714	67,783
Inventories	1	1,199
Restricted cash	194	397
Deposits, prepaid and other	1,811	1,409
Assets held for sale	88,500
Total current assets	175,319	164,545
Non-current Assets
Securities		2,966
Equity method investments	2,901
Real estate for sale	0	12,457
Investment property	47,661	31,540
Property, plant and equipment	1,498	25,753
Interests in resource properties	192,142	196,634
Deferred income tax assets	11,138	9,509
Other non-current assets	7,436	9,063
Total non-current assets	262,776	287,922
Total assets	438,095	452,467
Current Liabilities
Account payables and accrued expenses	14,788	16,044
Income tax liabilities	48	4,529
Dividend payable	5,545
Liabilities relating to assets held for sale	18,107
Total current liabilities	38,488	20,573
Non-current Liabilities
Bonds payable	36,545	36,107
Loan payable		7,610
Deferred income tax liabilities	51,514	58,370
Other non-current liabilities	1,223	137
Total non-current liabilities	89,282	102,224
Total liabilities	127,770	122,797
Equity
Capital stock, fully paid (Common shares 300,000,000 and preference shares 150,000,000 authorized; common shares 14,822,251 issued and outstanding)	19	19
Additional paid-in capital	313,070	313,070
Treasury stock	(2,643)	(2,643)
Contributed surplus	17,833	18,558
Deficit	(58,808)	(33,400)
Accumulated other comprehensive income	32,806	26,855
Shareholders' equity	302,277	322,459
Non-controlling interests	8,048	7,211
Total equity	310,325	329,670
Total liabilities and equity	$ 438,095	$ 452,467