Badger Infrastructure Solutions Ltd.
Financial Statements (IFRS) · Amounts in CAD
Income Statement
Balance Sheet
Cash Flow
| Line Item | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 |
|---|---|---|---|---|
| Total Revenue | 745.0M | 683.8M | 570.8M | 453.9M |
| Operating Revenue | 745.0M | 683.8M | 570.8M | 453.9M |
| Cost Of Revenue | 526.9M | 492.7M | 431.7M | 358.9M |
| Gross Profit | 218.0M | 191.1M | 139.2M | 95.1M |
| Selling General And Administration | 53.2M | 59.0M | 44.7M | 39.6M |
| General And Administrative Expense | 53.2M | 59.0M | 44.7M | 39.6M |
| Depreciation And Amortization In Income Statement | 78.7M | 69.9M | 59.6M | 57.1M |
| Operating Expense | 131.9M | 128.8M | 104.3M | 96.7M |
| Operating Income | 86.1M | 62.3M | 34.9M | -1.6M |
| EBIT | 82.0M | 73.2M | 30.4M | -6.9M |
| Interest Expense | 14.6M | 16.1M | 7.6M | 4.4M |
| Interest Expense Non Operating | 14.6M | 16.1M | 7.6M | 4.4M |
| Net Interest Income | -15.7M | -17.0M | -8.1M | -4.4M |
| Other Income Expense | -2.9M | 11.8M | -3.9M | -5.2M |
| Special Income Charges | 1.8M | 2.1M | 331,000 | -3.1M |
| Gain On Sale Of Security | -4.7M | 9.8M | -4.2M | -2.1M |
| Pretax Income | 67.5M | 57.1M | 22.9M | -11.3M |
| Tax Provision | 19.6M | 15.4M | 4.6M | -2.5M |
| Tax Effect Of Unusual Items | -843,723 | 3.2M | -786,007 | -1.2M |
| Net Income From Continuing And Discontinued Operation | 47.9M | 41.8M | 18.3M | -8.7M |
| Net Income From Continuing Operation Net Minority Interest | 47.9M | 41.8M | 18.3M | -8.7M |
| Net Income Including Noncontrolling Interests | 47.9M | 41.8M | 18.3M | -8.7M |
| Net Income Common Stockholders | 47.9M | 41.8M | 18.3M | -8.7M |
| Net Income | 47.9M | 41.8M | 18.3M | -8.7M |
| EBITDA | 160.8M | 143.1M | 90.0M | 50.3M |
| Normalized EBITDA | 163.7M | 131.2M | 93.9M | 55.5M |
| Reconciled Depreciation | 78.7M | 69.9M | 59.6M | 57.1M |
| Basic EPS | 1.39 | 1.21 | 0.53 | -0.25 |
| Diluted EPS | 1.39 | 1.21 | 0.53 | -0.25 |
| Basic Average Shares | 34.4M | 34.5M | 34.5M | 34.6M |
| Diluted Average Shares | 34.4M | 34.5M | 34.5M | 34.6M |
| Total Unusual Items | -2.9M | 11.8M | -3.9M | -5.2M |
| Total Unusual Items Excluding Goodwill | -2.9M | 11.8M | -3.9M | -5.2M |
| Tax Rate For Calcs | 0.29 | 0.27 | 0.20 | 0.22 |
| Normalized Income | 49.9M | 33.1M | 21.4M | -4.7M |
| Depreciation Amortization Depletion Income Statement | 78.7M | 69.9M | 59.6M | 57.1M |
| Diluted NI Availto Com Stockholders | 47.9M | 41.8M | 18.3M | -8.7M |
| Gain On Sale Of Ppe | 1.8M | 2.1M | 331,000 | -- |
| Impairment Of Capital Assets | -- | -- | -331,000 | 3.1M |
| Net Income Continuous Operations | 47.9M | 41.8M | 18.3M | -8.7M |
| Net Non Operating Interest Income Expense | -15.7M | -17.0M | -8.1M | -4.4M |
| Other Gand A | 41.9M | 40.8M | 39.2M | 37.1M |
| Reconciled Cost Of Revenue | 526.9M | 492.7M | 431.7M | 358.9M |
| Salaries And Wages | 11.3M | 18.2M | 5.5M | 2.5M |
| Total Expenses | 658.9M | 621.5M | 535.9M | 455.6M |
| Total Operating Income As Reported | 86.1M | 62.3M | 34.9M | -1.6M |
| Total Other Finance Cost | 1.1M | 887,000 | 509,000 | -- |
| Line Item | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 |
|---|---|---|---|---|
| Cash And Cash Equivalents | 14.6M | 8.5M | 5.4M | 4.1M |
| Cash Cash Equivalents And Short Term Investments | 14.6M | 8.5M | 5.4M | 4.1M |
| Accounts Receivable | 161.1M | 152.2M | 136.3M | 113.8M |
| Receivables | 170.9M | 165.7M | 141.5M | 124.5M |
| Inventory | 11.7M | 13.3M | 25.2M | 10.7M |
| Prepaid Assets | 8.5M | 8.5M | 9.6M | 5.7M |
| Current Assets | 206.3M | 199.5M | 181.7M | 145.0M |
| Gross PPE | 786.2M | 736.0M | 636.4M | 308.3M |
| Accumulated Depreciation | -348.6M | -330.1M | -308.1M | -285.0M |
| Net PPE | 437.7M | 405.8M | 328.3M | 308.3M |
| Goodwill | 1.1M | 1.2M | 1.2M | 1.3M |
| Goodwill And Other Intangible Assets | 25.5M | 24.8M | 23.0M | 24.9M |
| Other Intangible Assets | 24.3M | 23.6M | 21.8M | 23.7M |
| Total Non Current Assets | 463.1M | 433.5M | 351.3M | 333.3M |
| Total Assets | 669.4M | 633.0M | 533.0M | 478.3M |
| Current Debt | -- | -- | -- | 25.0M |
| Current Debt And Capital Lease Obligation | 18.2M | 15.1M | 8.8M | 30.9M |
| Accounts Payable | 27.5M | 29.7M | 24.4M | 50.7M |
| Payables | 55.6M | 41.3M | 36.9M | 52.1M |
| Payables And Accrued Expenses | 107.5M | 94.5M | 74.2M | 52.1M |
| Current Accrued Expenses | 51.9M | 53.2M | 37.3M | 28.8M |
| Other Current Liabilities | -- | -- | 4.2M | 1.7M |
| Current Liabilities | 144.5M | 125.6M | 104.3M | 102.2M |
| Long Term Debt | 170.0M | 163.7M | 138.9M | 95.6M |
| Long Term Debt And Capital Lease Obligation | 202.1M | 195.8M | 157.2M | 105.2M |
| Long Term Capital Lease Obligation | 32.1M | 32.1M | 18.4M | 9.5M |
| Total Non Current Liabilities Net Minority Interest | 266.7M | 262.5M | 205.8M | 154.3M |
| Total Liabilities Net Minority Interest | 411.2M | 388.0M | 310.2M | 256.5M |
| Common Stock | 65.8M | 67.0M | 67.0M | 67.0M |
| Capital Stock | 65.8M | 67.0M | 67.0M | 67.0M |
| Additional Paid In Capital | 422,000 | 422,000 | 422,000 | 422,000 |
| Retained Earnings | 196.7M | 183.4M | 159.3M | 158.5M |
| Gains Losses Not Affecting Retained Earnings | -4.8M | -5.8M | -3.9M | -4.1M |
| Other Equity Adjustments | -4.8M | -5.8M | -3.9M | -4.1M |
| Common Stock Equity | 258.2M | 245.0M | 222.8M | 221.8M |
| Stockholders Equity | 258.2M | 245.0M | 222.8M | 221.8M |
| Total Equity Gross Minority Interest | 258.2M | 245.0M | 222.8M | 221.8M |
| Total Capitalization | 428.2M | 408.7M | 361.7M | 317.4M |
| Net Tangible Assets | 232.7M | 220.2M | 199.8M | 196.9M |
| Tangible Book Value | 232.7M | 220.2M | 199.8M | 196.9M |
| Working Capital | 61.7M | 74.0M | 77.3M | 42.8M |
| Invested Capital | 428.2M | 408.7M | 361.7M | 342.4M |
| Total Debt | 220.3M | 210.9M | 166.0M | 136.0M |
| Net Debt | 155.4M | 155.2M | 133.5M | 116.5M |
| Share Issued | 34.2M | 34.5M | 34.5M | 34.5M |
| Ordinary Shares Number | 34.2M | 34.5M | 34.5M | 34.5M |
| Allowance For Doubtful Accounts Receivable | -3.6M | -2.5M | -1.4M | -2.8M |
| Capital Lease Obligations | 50.3M | 47.2M | 27.1M | 15.4M |
| Construction In Progress | 22.2M | 19.8M | 17.2M | 15.1M |
| Current Capital Lease Obligation | 18.2M | 15.1M | 8.8M | 5.9M |
| Current Deferred Liabilities | -- | 28.8M | 17.2M | 17.6M |
| Derivative Product Liabilities | 670,000 | 0.00 | 1.1M | 455,000 |
| Dividends Payable | 4.3M | 4.5M | 4.2M | 1.4M |
| Employee Benefits | 7.9M | 12.9M | -- | -- |
| Financial Assets | 0.00 | 2.8M | 0.00 | -- |
| Finished Goods | -- | 0.00 | 2.4M | 0.00 |
| Gross Accounts Receivable | 164.7M | 154.8M | 137.7M | 110.2M |
| Hedging Assets Current | 514,000 | 3.4M | 0.00 | -- |
| Income Tax Payable | -- | 0.00 | 1.1M | 0.00 |
| Land And Improvements | 36.8M | 38.2M | 35.3M | 32.7M |
| Leases | 23.6M | 22.4M | 16.0M | 11.4M |
| Machinery Furniture Equipment | 703.7M | 655.6M | 567.9M | 532.4M |
| Non Current Deferred Liabilities | 56.0M | 53.8M | 47.5M | 48.7M |
| Non Current Deferred Taxes Liabilities | 56.0M | 53.8M | 47.5M | 48.7M |
| Other Current Borrowings | -- | -- | -- | 25.0M |
| Other Payable | 23.8M | 7.2M | 7.2M | 6.3M |
| Other Properties | -- | -- | -- | 308.3M |
| Other Receivables | 5.0M | 5.8M | 5.2M | 5.8M |
| Pensionand Other Post Retirement Benefit Plans Current | 18.8M | 16.0M | -- | 17.5M |
| Properties | 0.00 | 0.00 | 0.00 | 0.00 |
| Raw Materials | -- | 13.3M | 17.5M | 10.7M |
| Taxes Receivable | 4.9M | 7.7M | 0.00 | 10.7M |
| Total Tax Payable | -- | 0.00 | 1.1M | 0.00 |
| Tradeand Other Payables Non Current | -- | -- | 0.00 | 0.00 |
| Work In Process | -- | 0.00 | 5.3M | 0.00 |
| Line Item | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 |
|---|---|---|---|---|
| Operating Cash Flow | 146.3M | 132.8M | 68.3M | 54.6M |
| Cash Flow From Continuing Operating Activities | 146.3M | 132.8M | 68.3M | 54.6M |
| Depreciation And Amortization | 78.7M | 69.9M | 59.6M | 57.1M |
| Depreciation Amortization Depletion | 78.7M | 69.9M | 59.6M | 57.1M |
| Stock Based Compensation | 11.3M | 18.2M | 5.5M | 2.5M |
| Deferred Tax | 19.6M | 15.4M | 4.6M | -2.5M |
| Deferred Income Tax | 19.6M | 15.4M | 4.6M | -2.5M |
| Change In Working Capital | -5.8M | 9.4M | -32.6M | 9.4M |
| Change In Receivables | -8.3M | -19.4M | -20.7M | 2.7M |
| Change In Inventory | 1.5M | -3.2M | -15.5M | -3.4M |
| Change In Payables And Accrued Expense | 972,000 | 30.9M | 7.7M | 9.1M |
| Change In Payable | 972,000 | 30.9M | 7.7M | 9.1M |
| Other Non Cash Items | 6.1M | 8.5M | 2.7M | -2.8M |
| Capital Expenditure | -102.5M | -112.0M | -66.4M | -44.4M |
| Purchase Of PPE | -98.0M | -108.2M | -65.2M | -42.8M |
| Net PPE Purchase And Sale | -93.4M | -102.6M | -62.4M | -40.9M |
| Investing Cash Flow | -99.4M | -106.6M | -59.9M | -43.6M |
| Cash Flow From Continuing Investing Activities | -99.4M | -106.6M | -59.9M | -43.6M |
| Issuance Of Debt | 367.1M | 289.6M | 60.9M | 72.0M |
| Repayment Of Debt | -369.8M | -281.9M | -46.1M | -60.0M |
| Net Issuance Payments Of Debt | -2.7M | 7.8M | 14.7M | 11.9M |
| Repurchase Of Capital Stock | -6.1M | 0.00 | 0.00 | -11.1M |
| Net Common Stock Issuance | -6.1M | 0.00 | 0.00 | -11.1M |
| Common Stock Payments | -6.1M | 0.00 | 0.00 | -11.1M |
| Financing Cash Flow | -41.2M | -23.1M | -7.2M | -20.2M |
| Cash Flow From Continuing Financing Activities | -41.2M | -23.1M | -7.2M | -20.2M |
| Effect Of Exchange Rate Changes | 351,000 | 69,000 | 58,000 | -179,000 |
| Changes In Cash | 5.8M | 3.0M | 1.2M | -9.3M |
| Beginning Cash Position | 8.5M | 5.4M | 4.1M | 13.6M |
| End Cash Position | 14.6M | 8.5M | 5.4M | 4.1M |
| Free Cash Flow | 43.8M | 20.8M | 1.9M | 10.3M |
| Cash Dividends Paid | -18.0M | -17.5M | -14.5M | -17.2M |
| Change In Prepaid Assets | 92,000 | 1.1M | -4.1M | 985,000 |
| Gain Loss On Investment Securities | 4.6M | -10.1M | 3.9M | 2.1M |
| Gain Loss On Sale Of PPE | -1.8M | -2.1M | -331,000 | 3.1M |
| Interest Paid Cff | -14.4M | -13.4M | -7.4M | -3.9M |
| Interest Paid Cfo | -- | -1.2M | -667,000 | -505,000 |
| Long Term Debt Issuance | 367.1M | 289.6M | 60.9M | 72.0M |
| Long Term Debt Payments | -369.8M | -281.9M | -46.1M | -60.0M |
| Net Foreign Currency Exchange Gain Loss | -26,000 | 0.00 | 1.0M | -209,000 |
| Net Income From Continuing Operations | 47.9M | 41.8M | 18.3M | -8.7M |
| Net Intangibles Purchase And Sale | -4.5M | -3.8M | -1.2M | -1.6M |
| Net Long Term Debt Issuance | -2.7M | 7.8M | 14.7M | 11.9M |
| Net Other Investing Changes | -1.5M | -219,000 | 3.6M | -1.2M |
| Net Short Term Debt Issuance | -- | 21.6M | 47.7M | 42.1M |
| Operating Gains Losses | 2.8M | -12.2M | 4.6M | 5.1M |
| Purchase Of Intangibles | -4.5M | -3.8M | -1.2M | -1.6M |
| Sale Of PPE | 4.6M | 5.6M | 2.9M | 1.9M |
| Short Term Debt Issuance | -- | 289.6M | 60.9M | 70.8M |
| Short Term Debt Payments | -- | -268.1M | -13.1M | -28.7M |
| Taxes Refund Paid | -14.4M | -18.0M | 6.3M | -4.9M |