Highwood Asset Management 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 | 141.4M | 45.8M | 8.1M | 11.1M |
| Operating Revenue | 141.4M | 45.8M | 8.1M | 11.1M |
| Cost Of Revenue | 55.7M | 17.8M | 1.9M | 1.9M |
| Gross Profit | 85.6M | 28.0M | 6.2M | 9.2M |
| Selling General And Administration | 8.8M | 5.8M | 3.2M | 3.6M |
| General And Administrative Expense | 8.8M | 5.8M | 3.2M | 3.6M |
| Other Operating Expenses | 27.2M | 11.1M | 2.4M | 5.7M |
| Operating Expense | 35.9M | 16.9M | 5.6M | 9.3M |
| Operating Income | 49.7M | 11.1M | 580,000 | -116,000 |
| EBIT | 46.6M | 53.8M | 3.0M | -2.7M |
| Interest Expense | 10.1M | 4.3M | 65,000 | 95,000 |
| Interest Expense Non Operating | 10.1M | 4.3M | 65,000 | 95,000 |
| Interest Income | 90,000 | 44,000 | 0.00 | -- |
| Interest Income Non Operating | 90,000 | 44,000 | 0.00 | -- |
| Net Interest Income | -11.0M | -4.6M | -151,000 | -160,000 |
| Other Income Expense | -2.2M | 42.9M | 2.5M | -2.5M |
| Special Income Charges | -146,000 | 37.2M | 2.6M | -48,000 |
| Restructuring And Mergern Acquisition | 146,000 | -37.0M | 0.00 | -- |
| Gain On Sale Of Security | -2.1M | 5.7M | -64,000 | -2.5M |
| Pretax Income | 36.5M | 49.5M | 3.0M | -2.8M |
| Tax Provision | 8.6M | 3.3M | 711,000 | -468,000 |
| Tax Effect Of Unusual Items | -520,617 | 2.9M | 607,848 | -421,687 |
| Net Income From Continuing And Discontinued Operation | 27.9M | 46.1M | 2.2M | -2.3M |
| Net Income From Continuing Operation Net Minority Interest | 27.9M | 46.1M | 2.2M | -2.3M |
| Net Income Including Noncontrolling Interests | 27.9M | 46.1M | 2.2M | -2.3M |
| Net Income Common Stockholders | 27.9M | 46.1M | 2.2M | -2.3M |
| Net Income | 27.9M | 46.1M | 2.2M | -2.3M |
| EBITDA | 72.6M | 61.1M | 3.5M | -1.8M |
| Normalized EBITDA | 74.8M | 18.2M | 996,000 | 696,000 |
| Reconciled Depreciation | 25.9M | 7.3M | 502,000 | 877,000 |
| Basic EPS | 1.88 | 4.75 | 0.37 | -0.39 |
| Diluted EPS | 1.85 | 4.67 | 0.37 | -0.39 |
| Basic Average Shares | 14.8M | 9.7M | 6.0M | 6.0M |
| Diluted Average Shares | 15.1M | 9.9M | 6.1M | 6.0M |
| Total Unusual Items | -2.2M | 42.9M | 2.5M | -2.5M |
| Total Unusual Items Excluding Goodwill | -2.2M | 42.9M | 2.5M | -2.5M |
| Tax Rate For Calcs | 0.24 | 0.07 | 0.24 | 0.17 |
| Normalized Income | 29.6M | 6.1M | 325,848 | -229,687 |
| Depreciation Amortization Depletion Income Statement | -- | 7.3M | 502,000 | 877,000 |
| Diluted NI Availto Com Stockholders | 27.9M | 46.1M | 2.2M | -2.3M |
| Gain On Sale Of Ppe | 0.00 | 238,000 | 2.5M | -2,000 |
| Impairment Of Capital Assets | -- | -- | 0.00 | 46,000 |
| Net Income Continuous Operations | 27.9M | 46.1M | 2.2M | -2.3M |
| Net Non Operating Interest Income Expense | -11.0M | -4.6M | -151,000 | -160,000 |
| Other Gand A | 6.8M | 5.4M | 2.8M | 3.0M |
| Other Special Charges | -- | -- | -122,000 | -- |
| Reconciled Cost Of Revenue | 55.7M | 17.8M | 1.9M | 1.9M |
| Salaries And Wages | 2.0M | 420,000 | 458,000 | 551,000 |
| Total Expenses | 91.7M | 34.7M | 7.5M | 11.2M |
| Total Operating Income As Reported | 48.6M | 17.5M | 558,000 | -2.6M |
| Total Other Finance Cost | 959,000 | 294,000 | 86,000 | 65,000 |
| Line Item | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 |
|---|---|---|---|---|
| Cash And Cash Equivalents | 1.8M | 2.3M | 6,000 | 0.00 |
| Cash Cash Equivalents And Short Term Investments | 1.8M | 2.3M | 6,000 | 0.00 |
| Cash Financial | 1.8M | 2.3M | 6,000 | 0.00 |
| Accounts Receivable | 24.2M | 15.1M | 754,000 | 500,000 |
| Receivables | 26.6M | 18.7M | 2.5M | 2.1M |
| Prepaid Assets | 2.4M | 1.9M | 321,000 | 431,000 |
| Current Assets | 33.4M | 29.5M | 2.8M | 2.6M |
| Gross PPE | 271.5M | 206.8M | 22.0M | 20.5M |
| Accumulated Depreciation | -40.5M | -14.9M | -8.0M | -7.2M |
| Net PPE | 231.0M | 191.9M | 14.0M | 13.3M |
| Total Non Current Assets | 258.7M | 227.6M | 14.0M | 13.3M |
| Total Assets | 292.1M | 257.1M | 16.8M | 15.9M |
| Current Debt | -- | 4.2M | -- | 1.2M |
| Current Debt And Capital Lease Obligation | 317,000 | 4.4M | 19,000 | 1.3M |
| Payables And Accrued Expenses | 39.0M | 33.6M | 2.4M | 2.9M |
| Other Current Liabilities | 2.0M | 1.6M | -- | -- |
| Current Liabilities | 41.4M | 39.6M | 2.4M | 4.1M |
| Long Term Debt | 90.7M | 83.0M | -- | -- |
| Long Term Debt And Capital Lease Obligation | 90.9M | 83.6M | 0.00 | 17,000 |
| Long Term Capital Lease Obligation | 213,000 | 611,000 | 0.00 | 17,000 |
| Other Non Current Liabilities | -- | 220,000 | 666,000 | 683,000 |
| Total Non Current Liabilities Net Minority Interest | 118.6M | 113.3M | 3.7M | 3.8M |
| Total Liabilities Net Minority Interest | 160.0M | 152.9M | 6.1M | 7.9M |
| Common Stock | 60.9M | 62.4M | 16.6M | 16.3M |
| Capital Stock | 60.9M | 62.4M | 16.6M | 16.3M |
| Additional Paid In Capital | -- | 3.3M | 2.9M | 2.7M |
| Retained Earnings | 65.3M | 37.3M | -8.8M | -11.0M |
| Common Stock Equity | 132.1M | 104.2M | 10.7M | 8.0M |
| Stockholders Equity | 132.1M | 104.2M | 10.7M | 8.0M |
| Total Equity Gross Minority Interest | 132.1M | 104.2M | 10.7M | 8.0M |
| Total Capitalization | 222.8M | 187.2M | 10.7M | 8.0M |
| Net Tangible Assets | 132.1M | 104.2M | 10.7M | 8.0M |
| Tangible Book Value | 132.1M | 104.2M | 10.7M | 8.0M |
| Working Capital | -8.0M | -10.1M | 411,000 | -1.6M |
| Invested Capital | 222.8M | 191.4M | 10.7M | 9.2M |
| Total Debt | 91.2M | 88.0M | 19,000 | 1.3M |
| Net Debt | 88.9M | 84.9M | -- | 1.2M |
| Share Issued | 15.2M | 15.1M | 6.0M | 6.0M |
| Ordinary Shares Number | 14.7M | 14.9M | 6.0M | 6.0M |
| Assets Held For Sale Current | 1.1M | 1.1M | 0.00 | 0.00 |
| Capital Lease Obligations | 530,000 | 789,000 | 19,000 | 89,000 |
| Current Capital Lease Obligation | 317,000 | 178,000 | 19,000 | 72,000 |
| Derivative Product Liabilities | 244,000 | 0.00 | -- | -- |
| Duefrom Related Parties Current | 1.7M | 2.7M | 1.5M | 1.0M |
| Financial Assets | 615,000 | 476,000 | 0.00 | -- |
| Hedging Assets Current | 1.5M | 5.5M | -- | -- |
| Liabilities Heldfor Sale Non Current | 27.5M | 29.5M | 2.4M | 3.1M |
| Line Of Credit | -- | -- | 0.00 | 1.2M |
| Non Current Deferred Assets | 26.6M | 35.2M | 0.00 | -- |
| Non Current Deferred Liabilities | -- | 0.00 | 711,000 | 0.00 |
| Non Current Deferred Taxes Assets | 26.6M | 35.2M | 0.00 | -- |
| Non Current Deferred Taxes Liabilities | -- | 0.00 | 711,000 | 0.00 |
| Non Current Prepaid Assets | 494,000 | 18,000 | 18,000 | 18,000 |
| Other Current Borrowings | -- | 4.2M | -- | -- |
| Other Equity Interest | 5.9M | 4.4M | -- | -- |
| Other Properties | 271.5M | 206.8M | 22.0M | 20.5M |
| Other Receivables | 1.1M | 1.2M | 891,000 | 614,000 |
| Properties | -- | -- | 21.0M | 19.6M |
| Receivables Adjustments Allowances | -344,000 | -344,000 | -656,000 | -- |
| Treasury Shares Number | 482,060 | 178,650 | -- | -- |
| Line Item | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 |
|---|---|---|---|---|
| Operating Cash Flow | 65.8M | 16.4M | 722,000 | -2.2M |
| Cash Flow From Continuing Operating Activities | 65.8M | 16.4M | 722,000 | -2.2M |
| Depreciation Amortization Depletion | 25.9M | 7.3M | 502,000 | 877,000 |
| Stock Based Compensation | 1.7M | 420,000 | 458,000 | 551,000 |
| Deferred Tax | 8.6M | 3.3M | 711,000 | -468,000 |
| Deferred Income Tax | 8.6M | 3.3M | 711,000 | -468,000 |
| Change In Working Capital | -3.4M | 2.5M | -797,000 | -1.4M |
| Change In Payables And Accrued Expense | -258,000 | -504,000 | 24,000 | 683,000 |
| Change In Other Working Capital | -3.1M | 3.0M | -821,000 | -2.1M |
| Other Non Cash Items | 452,000 | -37.5M | 72,000 | 664,000 |
| Capital Expenditure | -66.5M | -18.8M | -2.0M | -273,000 |
| Purchase Of PPE | -66.5M | -18.8M | -2.0M | -273,000 |
| Net PPE Purchase And Sale | -66.5M | -18.5M | 428,000 | -273,000 |
| Purchase Of Business | -476,000 | -108.8M | 0.00 | -- |
| Investing Cash Flow | -66.7M | -116.3M | 535,000 | 2.4M |
| Cash Flow From Continuing Investing Activities | -66.7M | -116.3M | 535,000 | 2.4M |
| Issuance Of Debt | 18.4M | 76.3M | 0.00 | -- |
| Repayment Of Debt | -14.2M | -35,000 | -52,000 | -107,000 |
| Net Issuance Payments Of Debt | 4.2M | 76.3M | -1.1M | -6.0M |
| Issuance Of Capital Stock | 0.00 | 35.0M | 0.00 | -- |
| Repurchase Of Capital Stock | -1.8M | -1.0M | 0.00 | -- |
| Net Common Stock Issuance | -1.8M | 34.0M | 0.00 | -- |
| Common Stock Payments | -1.8M | -1.0M | 0.00 | -- |
| Financing Cash Flow | 412,000 | 102.3M | -1.1M | -6.0M |
| Cash Flow From Continuing Financing Activities | 412,000 | 102.3M | -1.1M | -6.0M |
| Changes In Cash | -478,000 | 2.3M | 130,000 | -5.8M |
| Beginning Cash Position | 2.3M | 6,000 | -124,000 | 5.7M |
| End Cash Position | 1.8M | 2.3M | 6,000 | -124,000 |
| Free Cash Flow | -706,000 | -2.4M | -1.3M | -2.4M |
| Asset Impairment Charge | -- | -- | 0.00 | 46,000 |
| Common Stock Issuance | 0.00 | 35.0M | 0.00 | -- |
| Gain Loss On Investment Securities | 4.5M | -5.9M | -- | -109,000 |
| Gain Loss On Sale Of Business | -- | -37.9M | 0.00 | -- |
| Long Term Debt Issuance | 18.4M | 76.3M | 0.00 | -- |
| Long Term Debt Payments | -14.2M | -35,000 | -52,000 | -107,000 |
| Net Business Purchase And Sale | -476,000 | -108.8M | 0.00 | -- |
| Net Income From Continuing Operations | 27.9M | 46.1M | 2.2M | -2.3M |
| Net Long Term Debt Issuance | 4.2M | 76.3M | -52,000 | -107,000 |
| Net Other Financing Charges | -2.0M | -8.0M | -- | -- |
| Net Other Investing Changes | 292,000 | 11.0M | 107,000 | 2.7M |
| Net Short Term Debt Issuance | -- | 73.5M | -1.1M | -5.9M |
| Operating Gains Losses | 4.5M | -5.9M | -2.5M | -107,000 |
| Sale Of PPE | 0.00 | 258,000 | 2.5M | 0.00 |
| Short Term Debt Payments | -- | -- | -- | -5.9M |