Cash flow Boralex Inc.

Equities

BLX

CA09950M3003

Electric Utilities

Delayed Toronto S.E. Other stock markets 01:33:10 2025-02-07 pm EST			5-day change	1st Jan Change
25.81 ^CAD	+0.04%		-0.15%	-10.14%

Jan. 28	RBC Capital Markets Revises Q4 2024 Estimates for Canadian Energy Infrastructure Companies	MT
Jan. 09	Boralex and Walpole Island First Nation Close $172 Million Financing Package for Tilbury Battery Project	MT

07d282069c6e229eab7891d1e11b0075.vwzu_H6ExrgGkukCgq9QkUWpe2TOri-NqR8aRl6tNHw.klSirSu3o4hi4ahr0N0_whScEir56kra2HZIKDzcaxr9ZL-UNfGX_knang

Published financial data: BORALEX INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues - (Utility Template)	564M	619M	671M	818M	994M
Other Revenues, Total	10M	14M	20M	18M	28M
Total Revenues	574M	633M	691M	836M	1.02B
Selling General & Admin Expenses, Total	35M	44M	37M	55M	64M
Depreciation & Amortization - (IS) - (Collected)	-	-	-	295M	-
Amortization of Goodwill and Intangible Assets - (IS)	244M	237M	297M	-	293M
R&D Expenses	24M	23M	24M	33M	40M
Other Operating Expenses	128M	152M	150M	256M	379M
Total Operating Expenses	431M	456M	508M	639M	776M
Operating Income (REIT / Utility Template)	143M	177M	183M	197M	246M
Interest Expense, Total	-131M	-122M	-137M	-130M	-135M
Interest and Investment Income	3M	-	-	-	16M
Net Interest Expenses	-128M	-122M	-137M	-130M	-119M
Income (Loss) on Equity Invest.	14M	25M	9M	37M	59M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-9M	-8M	-3M	3M	-9M
EBT, Excl. Unusual Items	20M	72M	52M	107M	177M
Total Merger & Related Restructuring Charges	-	-4M	-4M	-4M	-3M
Impairment of Goodwill	-	-	-	-4M	-
Gain (Loss) on Sale of Investments	-	-7M	-	-	-
Asset Writedown	-55M	-7M	-4M	-81M	-20M
Other Unusual Items	-13M	12M	-	-	-
EBT, Incl. Unusual Items	-48M	66M	44M	18M	154M
Income Tax Expense	-5M	5M	18M	10M	39M
Earnings From Continuing Operations	-43M	61M	26M	8M	115M
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	-43M	61M	26M	8M	115M
Minority Interest	4M	-6M	-9M	22M	-37M
Net Income - (IS)	-39M	55M	17M	30M	78M
Net Income to Common Incl Extra Items	-39M	55M	17M	30M	78M
Net Income to Common Excl. Extra Items	-39M	55M	17M	30M	78M
Per Share Items
Net EPS - Basic	-0.43	0.56	0.17	0.29	0.76
Basic EPS - Continuing Operations	-0.43	0.56	0.17	0.29	0.76
Basic Weighted Average Shares Outstanding	90.6M	98.55M	103M	103M	103M
Net EPS - Diluted	-0.43	0.55	0.16	0.29	0.76
Diluted EPS - Continuing Operations	-0.43	0.55	0.16	0.29	0.76
Diluted Weighted Average Shares Outstanding	90.6M	98.67M	103M	103M	103M
Normalized Basic EPS	0.18	0.4	0.23	0.87	0.72
Normalized Diluted EPS	0.18	0.4	0.23	0.86	0.72
Dividend Per Share	0.66	0.66	0.66	0.66	0.66
Payout Ratio	-153.85	120	400	226.67	87.18
Supplemental Items
Utility Revenues	553M	596M	679M	923M	1B
Non Utility Revenues	10M	14M	20M	18M	28M
EBITDA	374M	395M	458M	467M	516M
EBITA	197M	231M	275M	296M	324M
EBIT	143M	177M	183M	197M	246M
Total Revenues (As Reported)	574M	633M	691M	836M	1.02B
Effective Tax Rate - (Ratio)	10.42	7.58	40.91	55.56	25.32
Total Current Taxes	3M	9M	9M	17M	21M
Total Deferred Taxes	-8M	-4M	9M	-7M	18M
Normalized Net Income	16.5M	39M	23.5M	88.88M	73.62M
Interest Capitalized	4M	3M	1M	2M	9M
Interest on Long-Term Debt	143M	128M	138M	21M	21M
Supplemental Operating Expense Items
General and Administrative Expenses	35M	44M	37M	55M	64M
Research And Development Expense From Footnotes	26M	23M	24M	33M	40M
Maintenance & Repair Expenses, Total	45M	53M	58M	52M	61M
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	153M	275M	256M	361M	478M
Short Term Investments - (Utility / Insurance Templates)	-	-	-	-	-
Accounts Receivable, Total	116M	157M	148M	234M	236M
Other Receivables	37M	-	-	-	-
Accounts Receivable (Summary Subtotal)	153M	157M	148M	234M	236M
Inventory - (Utility Template)	-	-	-	-	-
Prepaid Expenses	-	-	-	-	-
Restricted Cash	15M	2M	3M	13M	22M
Other Current Assets, Total	42M	38M	53M	30M	35M
Total Current Assets	363M	472M	460M	638M	771M
Gross Property Plant And Equipment	3.92B	4.56B	4.91B	5.15B	5.38B
Accumulated Depreciation	-945M	-1.13B	-1.28B	-1.47B	-1.66B
Net Property Plant And Equipment	2.98B	3.43B	3.63B	3.68B	3.72B
Goodwill	188M	222M	218M	233M	234M
Other Intangibles, Total	700M	1.03B	1.15B	1.06B	986M
Long-Term Investments - (Utility Template)	251M	81M	144M	827M	721M
Deferred Tax Assets Long-Term (Collected)	-	-	-	-	-
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	80M	84M	148M	107M	137M
Total Assets	4.56B	5.31B	5.75B	6.54B	6.57B
Liabilities
Accounts Payable, Total	36M	151M	127M	57M	38M
Accrued Expenses, Total	47M	-	-	285M	324M
Short-Term Borrowings	-	-	-	12M	6M
Current Portion of Long-Term Debt	172M	229M	220M	404M	271M
Current Portion of Leases	11M	13M	16M	18M	20M
Current Income Taxes Payable	-	-	-	-	-
Other Current Liabilities - (Bank / Utility Template)	38M	10M	32M	45M	56M
Total Current Liabilities	304M	403M	395M	821M	715M
Long-Term Debt	2.93B	3.37B	3.41B	2.89B	3B
Long-Term Leases	197M	243M	290M	300M	327M
Deferred Tax Liability Non-Current	136M	137M	174M	267M	260M
Other Non Current Liabilities, Total	119M	171M	267M	236M	244M
Total Liabilities	3.68B	4.32B	4.54B	4.51B	4.55B
Common Stock, Total	1.12B	1.32B	1.32B	1.32B	1.32B
Additional Paid In Capital	9M	9M	9M	10M	11M
Retained Earnings	-233M	-249M	-299M	174M	183M
Comprehensive Income and Other	-41M	-91M	-29M	174M	112M
Total Common Equity	860M	989M	1B	1.68B	1.63B
Minority Interest	15M	2M	210M	345M	395M
Total Equity	875M	991M	1.21B	2.03B	2.02B
Total Liabilities And Equity	4.56B	5.31B	5.75B	6.54B	6.57B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	96.46M	103M	103M	103M	103M
ECS Total Common Shares Outstanding	96.46M	103M	103M	103M	103M
Book Value / Share	8.92	9.64	9.75	16.36	15.85
Tangible Book Value	-28M	-260M	-364M	389M	409M
Tangible Book Value Per Share	-0.29	-2.53	-3.55	3.79	3.98
Total Debt	3.31B	3.85B	3.94B	3.62B	3.63B
Net Debt	3.15B	3.58B	3.68B	3.26B	3.15B
Minority Interest, Total (Incl. Fin. Div)	15M	2M	210M	345M	395M
Equity Method Investments, Total	236M	74M	107M	536M	510M
Account Code - Inventory Valuation	6	6	6	3	3
Inventories - Raw Materials, Total	-	-	-	-	-
Inventories - Others	-	-	-	-	-
Machinery, Total	3.59B	4.15B	4.4B	4.68B	4.85B
Full Time Employees	479	527	562	626	753

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	-39M	55M	17M	30M	78M
Depreciation, Depletion & Amortization	192M	183M	205M	196M	215M
Amortization of Goodwill and Intangible Assets - (CF)	54M	54M	92M	99M	78M
Total Depreciation, Depletion & Amortization	246M	237M	297M	295M	293M
Amortization of Deferred Charges, Total	5M	15M	14M	14M	12M
(Gain) Loss on Sale of Investments - (CF)	-	7M	-	-	-
Total Asset Writedown	55M	7M	4M	85M	20M
(Income) Loss On Equity Investments - (CF)	40M	7M	11M	-20M	-22M
Change in Accounts Receivable	-12M	25M	-7M	-83M	21M
Change In Inventories	-	-	-	-	-
Change in Accounts Payable	-4M	12M	-5M	194M	36M
Change in Other Net Operating Assets (Collected)	-	-13M	-6M	-1M	-6M
Other Operating Activities	3M	10M	20M	-1M	64M
Net Cash From Discontinued Operations	-	-	-	-	-
Cash from Operations	294M	362M	345M	513M	496M
Capital Expenditure	-159M	-145M	-167M	-246M	-260M
Sale of Property, Plant, and Equipment	13M	-	-	-	-
Cash Acquisitions	-	-98M	-274M	-8M	-
Purchase / Sale of Intangible Assets	-18M	-11M	-12M	-10M	-12M
Investment in Marketable and Equity Securities, Total	-5M	-	-6M	-401M	22M
Deferred Charges	-	-	-	-	-20M
Other Investing Activities, Total	69M	7M	26M	-19M	2M
Cash from Investing	-100M	-247M	-433M	-684M	-268M
Long-Term Debt Issued, Total	1.41B	413M	553M	184M	418M
Total Debt Issued	1.41B	413M	553M	184M	418M
Long-Term Debt Repaid, Total	-1.49B	-520M	-390M	-566M	-459M
Total Debt Repaid	-1.49B	-520M	-390M	-566M	-459M
Issuance of Common Stock	-	201M	-	-	-
Common Dividends Paid	-60M	-66M	-68M	-68M	-68M
Common & Preferred Stock Dividends Paid	-60M	-66M	-68M	-68M	-68M
Other Financing Activities, Total	-53M	-28M	-20M	711M	0
Cash from Financing	-189M	0	75M	261M	-109M
Foreign Exchange Rate Adjustments	-9M	7M	-6M	3M	4M
Net Change in Cash	-4M	122M	-19M	93M	123M
Supplemental Items
Cash Interest Paid	123M	102M	123M	105M	122M
Cash Income Tax Paid (Refund)	3M	5M	14M	7M	26M
Net Debt Issued / Repaid	-76M	-107M	163M	-382M	-41M
Levered Free Cash Flow	108M	183M	152M	253M	117M
Unlevered Free Cash Flow	184M	245M	223M	320M	190M
Change In Net Working Capital	-26M	-53M	9M	-158M	-15M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.92	2.24	2.07	2	2.34
Return on Total Capital	2.1	2.45	2.29	2.28	2.72
Return On Equity %	-4.83	6.54	2.36	0.49	5.68
Return on Common Equity	-4.49	5.95	1.71	2.24	4.71
Margin Analysis
Gross Profit Margin %	77.87	76.15	77.86	69.14	62.82
SG&A Margin	6.1	6.95	5.35	6.58	6.26
EBITDA Margin %	65.16	62.4	66.28	55.86	50.49
EBITA Margin %	34.32	36.49	39.8	35.41	31.7
EBIT Margin %	24.91	27.96	26.48	23.56	24.07
Income From Continuing Operations Margin %	-7.49	9.64	3.76	0.96	11.25
Net Income Margin %	-6.79	8.69	2.46	3.59	7.63
Net Avail. For Common Margin %	-6.79	8.69	2.46	3.59	7.63
Normalized Net Income Margin	2.87	6.16	3.4	10.63	7.2
Levered Free Cash Flow Margin	18.73	28.97	21.96	30.25	11.48
Unlevered Free Cash Flow Margin	32.12	38.65	32.33	38.29	18.57
Asset Turnover
Asset Turnover	0.12	0.13	0.12	0.14	0.16
Fixed Assets Turnover	0.19	0.2	0.2	0.23	0.28
Receivables Turnover (Average Receivables)	5.5	3.99	4.4	4.28	4.23
Inventory Turnover (Average Inventory)	-	-	-	-	-
Short Term Liquidity
Current Ratio	1.19	1.17	1.16	0.78	1.08
Quick Ratio	1.01	1.07	1.02	0.72	1
Operating Cash Flow to Current Liabilities	0.97	0.9	0.87	0.62	0.69
Days Sales Outstanding (Average Receivables)	66.33	91.65	82.95	85.23	86.29
Days Outstanding Inventory (Average Inventory)	-	-	-	-	-
Average Days Payable Outstanding	120.71	300.56	331.6	72.15	45.62
Cash Conversion Cycle (Average Days)	-	-	-	-	-
Long Term Solvency
Total Debt/Equity	377.83	388.9	325.35	178.83	179.25
Total Debt / Total Capital	79.07	79.55	76.49	64.14	64.19
LT Debt/Equity	356.91	364.48	305.86	157.4	164.58
Long-Term Debt / Total Capital	74.7	74.55	71.91	56.45	58.93
Total Liabilities / Total Assets	80.8	81.35	78.94	69.02	69.21
EBIT / Interest Expense	1.09	1.45	1.34	1.52	1.82
EBITDA / Interest Expense	2.97	3.39	3.5	3.78	3.99
(EBITDA - Capex) / Interest Expense	1.76	2.2	2.28	1.89	2.07
Total Debt / EBITDA	8.5	9.31	8.21	7.36	6.73
Net Debt / EBITDA	8.11	8.64	7.68	6.63	5.84
Total Debt / (EBITDA - Capex)	14.37	14.33	12.59	14.73	13
Net Debt / (EBITDA - Capex)	13.71	13.3	11.77	13.26	11.29
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	19.83	10.28	9.16	20.98	22.25
Gross Profit, 1 Yr. Growth %