Financial Ratios Boralex Inc.

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BLX

CA09950M3003

Electric Utilities

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Jun. 05	Boralex Secures Final Court Approval for $9-Billion Sale to Brookfield and CDPQ	MT
Jun. 04	Boralex Inc. - Shareholder/Analyst Call

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Published financial data: BORALEX INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues - (Utility Template)	671M	818M	994M	817M	796M
Other Revenues, Total	20M	18M	28M	36M	53M
Total Revenues	691M	836M	1.02B	853M	849M
Selling General & Admin Expenses, Total	37M	55M	64M	75M	71M
Depreciation & Amortization - (IS) - (Collected)	-	295M	-	-	-
Amortization of Goodwill and Intangible Assets - (IS)	297M	-	293M	297M	321M
R&D Expenses	24M	33M	40M	57M	62M
Other Operating Expenses	150M	256M	379M	193M	212M
Total Operating Expenses	508M	639M	776M	622M	666M
Operating Income (REIT / Utility Template)	183M	197M	246M	231M	183M
Interest Expense, Total	-137M	-130M	-135M	-133M	-166M
Interest and Investment Income	-	-	16M	19M	17M
Net Interest Expenses	-137M	-130M	-119M	-114M	-149M
Income (Loss) on Equity Invest.	9M	37M	59M	46M	38M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-3M	3M	-9M	-12M	-18M
EBT, Excl. Unusual Items	52M	107M	177M	151M	54M
Total Merger & Related Restructuring Charges	-4M	-4M	-3M	-1M	-
Impairment of Goodwill	-	-4M	-	-	-
Gain (Loss) on Sale of Investments	-	-	-	-35M	-
Asset Writedown	-4M	-81M	-20M	-5M	-17M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	44M	18M	154M	110M	37M
Income Tax Expense	18M	10M	39M	36M	4M
Earnings From Continuing Operations	26M	8M	115M	74M	33M
Net Income to Company	26M	8M	115M	74M	33M
Minority Interest	-9M	22M	-37M	-38M	-26M
Net Income - (IS)	17M	30M	78M	36M	7M
Net Income to Common Incl Extra Items	17M	30M	78M	36M	7M
Net Income to Common Excl. Extra Items	17M	30M	78M	36M	7M
Per Share Items
Net EPS - Basic	0.17	0.29	0.76	0.35	0.07
Basic EPS - Continuing Operations	0.17	0.29	0.76	0.35	0.07
Basic Weighted Average Shares Outstanding	103M	103M	103M	103M	103M
Net EPS - Diluted	0.16	0.29	0.76	0.35	0.06
Diluted EPS - Continuing Operations	0.16	0.29	0.76	0.35	0.06
Diluted Weighted Average Shares Outstanding	103M	103M	103M	103M	103M
Normalized Basic EPS	0.23	0.87	0.72	0.55	0.08
Normalized Diluted EPS	0.23	0.86	0.72	0.55	0.08
Dividend Per Share	0.66	0.66	0.66	0.66	0.66
Payout Ratio	400	226.67	87.18	188.89	971.43
Supplemental Items
Utility Revenues	679M	923M	994M	817M	796M
Non Utility Revenues	20M	18M	28M	36M	53M
EBITDA	458M	467M	516M	503M	477M
EBITA	275M	296M	324M	316M	260M
EBIT	183M	197M	246M	231M	183M
Total Revenues (As Reported)	691M	836M	1.02B	853M	849M
Effective Tax Rate - (Ratio)	40.91	55.56	25.32	32.73	10.81
Total Current Taxes	9M	17M	21M	26M	9M
Total Deferred Taxes	9M	-7M	18M	10M	-5M
Normalized Net Income	23.5M	88.88M	73.62M	56.38M	7.75M
Interest Capitalized	1M	2M	9M	19M	30M
Interest on Long-Term Debt	138M	21M	21M	20M	22M
Supplemental Operating Expense Items
General and Administrative Expenses	37M	55M	64M	75M	71M
Research And Development Expense From Footnotes	24M	33M	40M	57M	62M
Maintenance & Repair Expenses, Total	58M	52M	61M	65M	70M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	256M	361M	478M	592M	292M
Short Term Investments - (Utility / Insurance Templates)	-	-	-	-	-
Trading Asset Securities, Total	-	-	-	-	1M
Accounts Receivable, Total	148M	234M	236M	264M	245M
Other Receivables	-	-	-	-	-
Accounts Receivable (Summary Subtotal)	148M	234M	236M	264M	245M
Inventory - (Utility Template)	-	-	-	-	-
Prepaid Expenses	-	-	-	-	-
Notes Receivable (Collected)	-	-	-	-	31M
Restricted Cash	3M	13M	22M	19M	51M
Other Current Assets, Total	53M	30M	35M	48M	36M
Total Current Assets	460M	638M	771M	923M	656M
Gross Property Plant And Equipment	4.91B	5.15B	5.38B	6.33B	6.87B
Accumulated Depreciation	-1.28B	-1.47B	-1.66B	-1.89B	-2.2B
Net Property Plant And Equipment	3.63B	3.68B	3.72B	4.45B	4.66B
Goodwill	218M	233M	234M	237M	246M
Other Intangibles, Total	1.15B	1.06B	986M	963M	951M
Long-Term Investments - (Utility Template)	144M	827M	721M	754M	834M
Deferred Tax Assets Long-Term (Collected)	-	-	-	-	-
Other Long-Term Assets, Total	148M	107M	137M	281M	297M
Total Assets	5.75B	6.54B	6.57B	7.6B	7.65B
Liabilities
Accounts Payable, Total	127M	57M	38M	7M	138M
Accrued Expenses, Total	-	285M	324M	155M	-
Short-Term Borrowings	-	12M	6M	5M	-
Current Portion of Long-Term Debt	220M	404M	271M	339M	232M
Current Portion of Leases	16M	18M	20M	22M	23M
Current Income Taxes Payable	-	-	-	-	-
Other Current Liabilities - (Bank / Utility Template)	32M	45M	56M	437M	117M
Total Current Liabilities	395M	821M	715M	965M	510M
Long-Term Debt	3.41B	2.89B	3B	3.64B	4.09B
Long-Term Leases	290M	300M	327M	318M	324M
Deferred Tax Liability Non-Current	174M	267M	260M	256M	246M
Other Non Current Liabilities, Total	267M	236M	244M	402M	487M
Total Liabilities	4.54B	4.51B	4.55B	5.58B	5.66B
Common Stock, Total	1.32B	1.32B	1.32B	1.32B	1.32B
Additional Paid In Capital	9M	10M	11M	12M	13M
Retained Earnings	-299M	174M	183M	151M	90M
Comprehensive Income and Other	-29M	174M	112M	115M	116M
Total Common Equity	1B	1.68B	1.63B	1.6B	1.54B
Minority Interest	210M	345M	395M	424M	449M
Total Equity	1.21B	2.03B	2.02B	2.02B	1.99B
Total Liabilities And Equity	5.75B	6.54B	6.57B	7.6B	7.65B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	103M	103M	103M	103M	103M
ECS Total Common Shares Outstanding	103M	103M	103M	103M	103M
Book Value / Share	9.75	16.36	15.85	15.58	15.01
Tangible Book Value	-364M	389M	409M	401M	345M
Tangible Book Value Per Share	-3.55	3.79	3.98	3.9	3.36
Total Debt	3.94B	3.62B	3.63B	4.32B	4.67B
Net Debt	3.68B	3.26B	3.15B	3.73B	4.38B
Minority Interest, Total (Incl. Fin. Div)	210M	345M	395M	424M	449M
Equity Method Investments, Total	107M	536M	510M	580M	646M
Account Code - Inventory Valuation	6	3	3	3	3
Machinery, Total	4.4B	4.68B	4.85B	4.97B	5.72B
Full Time Employees	562	626	753	822	854

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	17M	30M	78M	36M	7M
Depreciation, Depletion & Amortization	205M	196M	215M	212M	244M
Amortization of Goodwill and Intangible Assets - (CF)	92M	99M	78M	85M	77M
Total Depreciation, Depletion & Amortization	297M	295M	293M	297M	321M
Amortization of Deferred Charges, Total	14M	14M	12M	11M	12M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	35M	-
Total Asset Writedown	4M	85M	20M	5M	17M
(Income) Loss On Equity Investments - (CF)	11M	-20M	-22M	-7M	13M
Change in Accounts Receivable	-7M	-83M	21M	-10M	44M
Change in Accounts Payable	-5M	194M	36M	-188M	-72M
Change in Other Net Operating Assets (Collected)	-6M	-1M	-6M	-2M	-2M
Other Operating Activities	20M	-1M	64M	38M	22M
Cash from Operations	345M	513M	496M	215M	362M
Capital Expenditure	-167M	-246M	-260M	-398M	-611M
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-274M	-8M	-	-	-
Purchase / Sale of Intangible Assets	-12M	-10M	-12M	-3M	-43M
Investment in Marketable and Equity Securities, Total	-6M	-401M	22M	-119M	-84M
Deferred Charges	-	-	-20M	-54M	-
Other Investing Activities, Total	26M	-19M	2M	-4M	-60M
Cash from Investing	-433M	-684M	-268M	-578M	-798M
Long-Term Debt Issued, Total	553M	184M	418M	955M	656M
Total Debt Issued	553M	184M	418M	955M	656M
Long-Term Debt Repaid, Total	-390M	-566M	-459M	-372M	-422M
Total Debt Repaid	-390M	-566M	-459M	-372M	-422M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-68M	-68M	-68M	-68M	-68M
Common & Preferred Stock Dividends Paid	-68M	-68M	-68M	-68M	-68M
Other Financing Activities, Total	-20M	711M	0	-36M	-34M
Cash from Financing	75M	261M	-109M	479M	132M
Foreign Exchange Rate Adjustments	-6M	3M	4M	-1M	9M
Net Change in Cash	-19M	93M	123M	115M	-295M
Supplemental Items
Cash Interest Paid	123M	105M	122M	132M	158M
Cash Income Tax Paid (Refund)	14M	7M	26M	30M	20M
Net Debt Issued / Repaid	163M	-382M	-41M	583M	234M
Levered Free Cash Flow	152M	253M	117M	111M	-686M
Unlevered Free Cash Flow	223M	320M	190M	183M	-595M
Change In Net Working Capital	9M	-158M	-15M	-143M	376M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	2.07	2	2.34	2.04	1.5
Return on Total Capital	2.29	2.28	2.72	2.41	1.76
Return On Equity %	2.36	0.49	5.68	3.66	1.64
Return on Common Equity	1.71	2.24	4.71	2.23	0.45
Margin Analysis
Gross Profit Margin %	77.86	69.14	62.82	76.79	75.97
SG&A Margin	5.35	6.58	6.26	8.79	8.36
EBITDA Margin %	66.28	55.86	50.49	58.97	56.18
EBITA Margin %	39.8	35.41	31.7	37.05	30.62
EBIT Margin %	26.48	23.56	24.07	27.08	21.55
Income From Continuing Operations Margin %	3.76	0.96	11.25	8.68	3.89
Net Income Margin %	2.46	3.59	7.63	4.22	0.82
Net Avail. For Common Margin %	2.46	3.59	7.63	4.22	0.82
Normalized Net Income Margin	3.4	10.63	7.2	6.61	0.91
Levered Free Cash Flow Margin	21.96	30.25	11.48	13.04	-80.85
Unlevered Free Cash Flow Margin	32.33	38.29	18.57	21.5	-70.04
Asset Turnover
Asset Turnover	0.12	0.14	0.16	0.12	0.11
Fixed Assets Turnover	0.2	0.23	0.28	0.21	0.19
Receivables Turnover (Average Receivables)	4.4	4.28	4.23	3.27	3.13
Inventory Turnover (Average Inventory)	-	-	-	-	-
Short Term Liquidity
Current Ratio	1.16	0.78	1.08	0.96	1.29
Quick Ratio	1.02	0.72	1	0.89	1.05
Operating Cash Flow to Current Liabilities	0.87	0.62	0.69	0.22	0.71
Days Sales Outstanding (Average Receivables)	82.95	85.23	86.29	111.99	116.7
Days Outstanding Inventory (Average Inventory)	-	-	-	-	-
Average Days Payable Outstanding	331.6	72.15	45.62	26.8	302.38
Cash Conversion Cycle (Average Days)	-	-	-	-	-
Long Term Solvency
Total Debt/Equity	325.35	178.83	179.25	213.43	234.51
Total Debt / Total Capital	76.49	64.14	64.19	68.1	70.11
LT Debt/Equity	305.86	157.4	164.58	195.36	221.7
Long-Term Debt / Total Capital	71.91	56.45	58.93	62.33	66.28
Total Liabilities / Total Assets	78.94	69.02	69.21	73.37	73.97
EBIT / Interest Expense	1.34	1.52	1.82	1.74	1.1
EBITDA / Interest Expense	3.5	3.78	3.99	3.97	3.04
(EBITDA - Capex) / Interest Expense	2.28	1.89	2.07	0.98	-0.64
Total Debt / EBITDA	8.21	7.36	6.73	8.19	9.26
Net Debt / EBITDA	7.68	6.63	5.84	7.06	8.68
Total Debt / (EBITDA - Capex)	12.59	14.73	13	33.25	-43.64
Net Debt / (EBITDA - Capex)	11.77	13.26	11.29	28.69	-40.9
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	9.16	20.98	22.25	-16.54	-0.47
Gross Profit, 1 Yr. Growth %	11.62	7.43	11.07	0.15	-1.53
EBITDA, 1 Yr. Growth %	15.95	1.3	10.49	-2.52	-5.17
EBITA, 1 Yr. Growth %	19.05	6.47	9.46	-2.47	-17.72
EBIT, 1 Yr. Growth %	3.39	5.91	24.87	-6.1	-20.78
Earnings From Cont. Operations, 1 Yr. Growth %	-57.38	-69.23	1.34K	-35.65	-55.41
Net Income, 1 Yr. Growth %	-69.09	76.47	160	-53.85	-80.56
Diluted EPS Before Extra, 1 Yr. Growth %	-70.91	82.52	159.9	-53.89	-82.86
Normalized Net Income, 1 Yr. Growth %	-39.74	278.19	-17.16	-23.43	-86.1
Net Property, Plant and Equip., 1 Yr. Growth %	6.01	1.13	1.36	19.36	4.9
Inventory, 1 Yr. Growth %	-	-	-	-	-
Accounts Receivable, 1 Yr. Growth %	-5.73	58.11	0.85	11.86	-7.2
Total Assets, 1 Yr. Growth %	8.22	13.7	0.54	15.67	0.58
Tangible Book Value, 1 Yr. Growth %	40	-206.87	5.14	-1.96	-13.97
Cash From Operations, 1 Yr. Growth %	-4.7	48.7	-3.31	-56.65	68.37
Capital Expenditures, 1 Yr. Growth %	15.17	47.31	5.69	53.08	53.52
Levered Free Cash Flow, 1 Yr. Growth %	-17.25	67.88	-53.58	-5.22	-1.24K
Unlevered Free Cash Flow, 1 Yr. Growth %	-8.69	44.04	-40.73	-3.36	-549.2
Dividend Per Share, 1 Yr. Growth %	0	0	0	0	0
Common Equity, 1 Yr. Growth %	1.21	67.93	-3.09	-1.72	-3.69
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	9.72	14.92	21.61	1.01	-8.86
Gross Profit, 2 Yr. CAGR %	9.71	9.51	9.24	6.45	-0.69
EBITDA, 2 Yr. CAGR %	10.96	8.73	5.8	3.78	-3.85
EBITA, 2 Yr. CAGR %	18.75	13.2	7.96	3.32	-10.42
EBIT, 2 Yr. CAGR %	13.12	5.5	15	8.29	-13.75
Earnings From Cont. Operations, 2 Yr. CAGR %	-22.24	-63.79	110.31	204.14	-46.43
Net Income, 2 Yr. CAGR %	-33.98	-26.15	114.2	9.54	-70.04
Diluted EPS Before Extra, 2 Yr. CAGR %	-39.03	-27.13	117.8	9.47	-71.88
Normalized Net Income, 2 Yr. CAGR %	19.34	50.96	77	-20.36	-67.56
Net Property, Plant and Equip., 2 Yr. CAGR %	10.52	3.54	1.24	9.99	11.9
Accounts Receivable, 2 Yr. CAGR %	-1.65	22.08	26.28	6.22	1.89
Total Assets, 2 Yr. CAGR %	12.34	10.93	6.92	7.84	7.86
Common Equity, 2 Yr. CAGR %	7.89	30.37	27.57	-2.41	-2.71
Tangible Book Value, 2 Yr. CAGR %	260.56	22.32	6	1.53	-8.16
Cash From Operations, 2 Yr. CAGR %	8.33	19.04	19.9	-35.26	-14.57
Capital Expenditures, 2 Yr. CAGR %	2.48	30.25	24.78	27.2	53.3
Levered Free Cash Flow, 2 Yr. CAGR %	18.2	17.43	-11.72	-33.67	141.82
Unlevered Free Cash Flow, 2 Yr. CAGR %	10.67	14.4	-7.6	-24.31	77.02
Dividend Per Share, 2 Yr. CAGR %	0	0	0	0	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	12.99	13.35	17.31	7.27	0.52
Gross Profit, 3 Yr. CAGR %	15.85	8.94	10.03	6.78	3.72
EBITDA, 3 Yr. CAGR %	16.45	7.88	9.32	2.95	0.71
EBITA, 3 Yr. CAGR %	30.06	14.93	11.94	4.36	-4.23
EBIT, 3 Yr. CAGR %	31.76	11.27	11.6	7.49	-2.43
Earnings From Cont. Operations, 3 Yr. CAGR %	-11.88	-42.91	23.53	41.72	60.38
Net Income, 3 Yr. CAGR %	-17.25	-8.37	12.35	28.42	-38.44
Diluted EPS Before Extra, 3 Yr. CAGR %	-24.69	-12.13	11.33	29.81	-40.99
Normalized Net Income, 3 Yr. CAGR %	25.11	75.29	23.59	33.87	-55.66
Net Property, Plant and Equip., 3 Yr. CAGR %	7.59	7.3	2.81	6.95	8.27
Inventory, 3 Yr. CAGR %	-	-	-	-	-
Accounts Receivable, 3 Yr. CAGR %	18.47	15.21	14.55	21.28	1.54
Total Assets, 3 Yr. CAGR %	6.48	12.79	7.35	9.76	5.36
Common Equity, 3 Yr. CAGR %	4.55	25.03	18.1	16.95	-2.84
Tangible Book Value, 3 Yr. CAGR %	45.98	140.4	16.3	3.28	-3.92
Cash From Operations, 3 Yr. CAGR %	19.53	20.39	11.07	-14.58	-10.97
Capital Expenditures, 3 Yr. CAGR %	-16.02	15.66	21.49	33.57	35.43
Levered Free Cash Flow, 3 Yr. CAGR %	-5.97	32.53	-13.82	-9.61	39.49
Unlevered Free Cash Flow, 3 Yr. CAGR %	26.25	20.63	-8.12	-6.21	22.93
Dividend Per Share, 3 Yr. CAGR %	1.56	0	0	0	0
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	18	14.81	16.37	8.24	6.05
Gross Profit, 5 Yr. CAGR %	20.13	13.2	13.16	7.94	6
EBITDA, 5 Yr. CAGR %	20.27	11.58	12.21	6.22	3.84
EBITA, 5 Yr. CAGR %	25.59	17.71	20.98	10.14	2.39
EBIT, 5 Yr. CAGR %	22.63	15.22	25.19	10.07	0.67
Earnings From Cont. Operations, 5 Yr. CAGR %	67.03	-4.36	24.79	11.47	-11.56
Net Income, 5 Yr. CAGR %	53.42	6.4	21.06	-1.59	-33.79
Diluted EPS Before Extra, 5 Yr. CAGR %	39.14	0.14	15.17	-4.05	-35.8
Normalized Net Income, 5 Yr. CAGR %	22.92	49.25	43.74	27.86	-27.62
Net Property, Plant and Equip., 5 Yr. CAGR %	16.85	6.99	5	8.37	6.35
Inventory, 5 Yr. CAGR %	-	-	-	-	-
Accounts Receivable, 5 Yr. CAGR %	29.27	20.53	21.54	11.53	9.31
Total Assets, 5 Yr. CAGR %	16.31	10.74	6.65	10.78	7.55
Common Equity, 5 Yr. CAGR %	15.08	19.67	13.21	13.23	9.29
Tangible Book Value, 5 Yr. CAGR %	46.47	20.68	28.44	70.29	5.82
Cash From Operations, 5 Yr. CAGR %	18.44	28.75	19.68	-6.07	0
Capital Expenditures, 5 Yr. CAGR %	-5.62	1.27	-1.61	20.14	33.33
Levered Free Cash Flow, 5 Yr. CAGR %	7.62	7.89	-8.45	0.48	30.21
Unlevered Free Cash Flow, 5 Yr. CAGR %	27.71	23.29	11.32	0.11	19.44
Dividend Per Share, 5 Yr. CAGR %	3.71	1.92	0.93	0	0