Polaris Renewable Energy Inc.
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 | 75.8M | 78.5M | 62.6M | 59.5M |
| Operating Revenue | 75.8M | 78.5M | 61.7M | 59.5M |
| Cost Of Revenue | 43.0M | 42.6M | 37.4M | 36.8M |
| Gross Profit | 32.8M | 35.9M | 25.2M | 22.8M |
| Selling General And Administration | 7.0M | 7.3M | 6.4M | 6.5M |
| General And Administrative Expense | 7.0M | 7.3M | 6.4M | 6.5M |
| Depreciation And Amortization In Income Statement | 227,000 | 228,000 | 371,000 | 328,000 |
| Other Operating Expenses | 576,000 | 21,000 | 788,000 | 20,000 |
| Operating Expense | 8.1M | 7.9M | 7.6M | 6.8M |
| Operating Income | 24.7M | 28.0M | 17.6M | 15.9M |
| EBIT | 20.4M | 25.7M | 15.3M | 19.3M |
| Interest Expense | 19.6M | 19.3M | 14.3M | 14.9M |
| Interest Expense Non Operating | 19.6M | 19.3M | 14.3M | 14.9M |
| Interest Income | 2.9M | 1.9M | 677,000 | 374,000 |
| Interest Income Non Operating | 2.9M | 1.9M | 677,000 | 374,000 |
| Net Interest Income | -17.8M | -18.8M | -14.6M | -15.2M |
| Other Income Expense | -6.1M | -2.9M | -2.1M | 3.7M |
| Other Non Operating Income Expenses | 423,000 | -1.6M | -452,000 | 2.5M |
| Special Income Charges | -6.5M | -1.2M | -4.2M | -1.4M |
| Write Off | -- | 0.00 | -- | 0.00 |
| Gain On Sale Of Security | -- | -75,000 | 2.6M | 2.6M |
| Pretax Income | 847,000 | 6.4M | 969,000 | 4.4M |
| Tax Provision | -1.3M | -5.4M | -1.5M | 3.9M |
| Tax Effect Of Unusual Items | -978,600 | -485,600 | -420,408 | 316,410 |
| Net Income From Continuing And Discontinued Operation | 3.0M | 11.7M | 2.5M | 501,000 |
| Net Income From Continuing Operation Net Minority Interest | 3.0M | 11.7M | 2.5M | 501,000 |
| Net Income Including Noncontrolling Interests | 2.2M | 11.8M | 2.4M | 542,000 |
| Minority Interests | 811,000 | -55,000 | 66,000 | -41,000 |
| Net Income Common Stockholders | 3.0M | 11.7M | 2.5M | 501,000 |
| Net Income | 3.0M | 11.7M | 2.5M | 501,000 |
| EBITDA | 49.8M | 54.9M | 40.9M | 45.7M |
| Normalized EBITDA | 56.4M | 56.1M | 42.5M | 44.5M |
| Reconciled Depreciation | 29.4M | 29.2M | 25.6M | 26.4M |
| Basic EPS | 0.14 | 0.56 | 0.12 | 0.03 |
| Diluted EPS | 0.14 | 0.56 | 0.12 | 0.03 |
| Basic Average Shares | 21.2M | 21.0M | 20.1M | 18.8M |
| Diluted Average Shares | 21.2M | 21.1M | 20.2M | 19.0M |
| Total Unusual Items | -6.5M | -1.2M | -1.6M | 1.2M |
| Total Unusual Items Excluding Goodwill | -6.5M | -1.2M | -1.6M | 1.2M |
| Tax Rate For Calcs | 0.15 | 0.40 | 0.26 | 0.27 |
| Normalized Income | 8.5M | 12.5M | 3.7M | -376,590 |
| Depreciation Amortization Depletion Income Statement | 227,000 | 228,000 | 371,000 | 328,000 |
| Depreciation Income Statement | 227,000 | 228,000 | 371,000 | 328,000 |
| Diluted NI Availto Com Stockholders | 3.0M | 11.7M | 2.5M | 501,000 |
| Impairment Of Capital Assets | 5.3M | -- | -- | -- |
| Insurance And Claims | 172,000 | 183,000 | 205,000 | 249,000 |
| Net Income Continuous Operations | 2.2M | 11.8M | 2.4M | 542,000 |
| Net Non Operating Interest Income Expense | -17.8M | -18.8M | -14.6M | -15.2M |
| Other Gand A | 3.0M | 3.6M | 2.4M | 2.7M |
| Other Special Charges | 1.2M | 1.2M | 4.2M | 1.4M |
| Other Taxes | 261,000 | 348,000 | 0.00 | -- |
| Reconciled Cost Of Revenue | 13.8M | 13.7M | 12.2M | 10.7M |
| Salaries And Wages | 3.8M | 3.5M | 3.8M | 3.6M |
| Total Expenses | 51.0M | 50.5M | 45.0M | 43.6M |
| Total Operating Income As Reported | 19.4M | 28.0M | 17.6M | 15.9M |
| Total Other Finance Cost | 1.1M | 1.4M | 924,000 | 644,000 |
| Line Item | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 |
|---|---|---|---|---|
| Cash And Cash Equivalents | 213.3M | 40.1M | 35.3M | 97.9M |
| Cash Cash Equivalents And Short Term Investments | 213.3M | 40.1M | 35.3M | 97.9M |
| Cash Financial | -- | -- | 35.3M | 97.9M |
| Accounts Receivable | 11.3M | 10.6M | 11.2M | 9.3M |
| Receivables | 13.4M | 12.2M | 11.2M | 9.3M |
| Prepaid Assets | 1.2M | 919,000 | 4.0M | 2.9M |
| Other Current Assets | 674,000 | 875,000 | -- | -- |
| Current Assets | 228.6M | 54.0M | 50.6M | 110.1M |
| Gross PPE | 679.3M | 677.6M | 675.5M | 604.7M |
| Accumulated Depreciation | -325.3M | -299.9M | -279.5M | -250.3M |
| Net PPE | 354.0M | 377.7M | 396.0M | 354.4M |
| Goodwill | 8.6M | 12.4M | 12.4M | 0.00 |
| Goodwill And Other Intangible Assets | 59.4M | 67.4M | 69.9M | 23.0M |
| Other Intangible Assets | 50.8M | 55.0M | 57.5M | 23.0M |
| Investments And Advances | -- | -- | 1.7M | 3.0M |
| Long Term Equity Investment | -- | -- | 1.7M | 3.0M |
| Other Non Current Assets | 10.7M | 10.7M | 10.7M | 8.3M |
| Total Non Current Assets | 433.5M | 465.4M | 484.5M | 392.6M |
| Total Assets | 662.1M | 519.4M | 535.1M | 502.7M |
| Current Debt | 3.0M | 15.8M | 14.9M | 23.1M |
| Current Debt And Capital Lease Obligation | 16.7M | 16.2M | 15.4M | 23.4M |
| Accounts Payable | 10.1M | 12.0M | 9.5M | 8.2M |
| Payables | 14.8M | 13.6M | 11.2M | 9.3M |
| Payables And Accrued Expenses | 16.8M | 14.9M | 14.8M | 10.7M |
| Current Accrued Expenses | 2.0M | 1.2M | 3.6M | 1.4M |
| Current Deferred Revenue | -- | -- | 0.00 | 150,000 |
| Other Current Liabilities | 20,000 | 30,000 | 303,000 | -- |
| Current Liabilities | 33.8M | 31.4M | 30.6M | 34.3M |
| Long Term Debt | 312.1M | 156.5M | 169.5M | 146.6M |
| Long Term Debt And Capital Lease Obligation | 314.2M | 158.9M | 172.0M | 147.6M |
| Long Term Capital Lease Obligation | 2.1M | 2.3M | 2.5M | 1.0M |
| Total Non Current Liabilities Net Minority Interest | 368.7M | 218.1M | 234.3M | 207.6M |
| Total Liabilities Net Minority Interest | 402.6M | 249.5M | 264.9M | 241.9M |
| Common Stock | 666.4M | 666.4M | 666.0M | 649.1M |
| Capital Stock | 666.4M | 666.4M | 666.0M | 649.1M |
| Additional Paid In Capital | 14.1M | 14.0M | 13.8M | 14.3M |
| Retained Earnings | -420.7M | -411.1M | -410.2M | -400.6M |
| Common Stock Equity | 259.7M | 269.3M | 269.7M | 262.8M |
| Stockholders Equity | 259.7M | 269.3M | 269.7M | 262.8M |
| Total Equity Gross Minority Interest | 259.5M | 269.9M | 270.2M | 260.8M |
| Minority Interest | -221,000 | 590,000 | 535,000 | -1.9M |
| Total Capitalization | 571.8M | 425.9M | 439.1M | 409.3M |
| Net Tangible Assets | 200.3M | 202.0M | 199.8M | 239.8M |
| Tangible Book Value | 200.3M | 202.0M | 199.8M | 239.8M |
| Working Capital | 194.7M | 22.7M | 20.0M | 75.8M |
| Invested Capital | 574.9M | 441.7M | 454.1M | 432.4M |
| Total Debt | 330.9M | 175.1M | 187.3M | 171.0M |
| Net Debt | 101.8M | 132.3M | 149.1M | 71.8M |
| Share Issued | 21.1M | 21.1M | 21.0M | 19.5M |
| Ordinary Shares Number | 21.1M | 21.1M | 21.0M | 19.5M |
| Assets Held For Sale Current | -- | -- | -- | 0.00 |
| Buildings And Improvements | -- | 400,000 | 2.8M | 1.2M |
| Capital Lease Obligations | 2.6M | 2.7M | 2.9M | 1.3M |
| Construction In Progress | 5.0M | 4.1M | 9.9M | 8.8M |
| Current Capital Lease Obligation | 428,000 | 399,000 | 422,000 | 299,000 |
| Current Deferred Liabilities | -- | -- | 0.00 | 150,000 |
| Derivative Product Liabilities | -- | -- | 0.00 | 4.3M |
| Interest Payable | 1.7M | 595,000 | 584,000 | 383,000 |
| Investmentsin Associatesat Cost | -- | -- | 1.7M | 3.0M |
| Leases | 2.3M | 2.6M | -- | -- |
| Long Term Provisions | -- | -- | -- | 910,000 |
| Machinery Furniture Equipment | -- | -- | 202,000 | 184,000 |
| Non Current Accounts Receivable | 856,000 | 941,000 | 4.0M | 3.1M |
| Non Current Deferred Assets | 6.8M | 6.6M | 3.9M | 856,000 |
| Non Current Deferred Liabilities | 54.5M | 59.2M | 62.3M | 54.8M |
| Non Current Deferred Taxes Assets | 6.8M | 6.6M | 3.9M | 856,000 |
| Non Current Deferred Taxes Liabilities | 54.5M | 59.2M | 62.3M | 54.8M |
| Non Current Prepaid Assets | 1.8M | 2.0M | -- | -- |
| Other Current Borrowings | 3.0M | 15.8M | 14.9M | 23.1M |
| Other Payable | -- | 21,000 | 610,000 | 1.1M |
| Other Properties | 671.9M | 670.8M | 662.7M | 594.5M |
| Pensionand Other Post Retirement Benefit Plans Current | 303,000 | 226,000 | 179,000 | 56,000 |
| Taxes Receivable | 2.1M | 1.6M | -- | -- |
| Total Tax Payable | 4.7M | 1.6M | 1.1M | 0.00 |
| Line Item | FY 2024Dec 31, 2024 | FY 2023Dec 31, 2023 | FY 2022Dec 31, 2022 | FY 2021Dec 31, 2021 |
|---|---|---|---|---|
| Operating Cash Flow | 35.1M | 44.0M | 33.5M | 41.1M |
| Cash Flow From Continuing Operating Activities | 35.1M | 44.0M | 33.5M | 41.1M |
| Depreciation And Amortization | 29.4M | 29.2M | 25.6M | 26.4M |
| Depreciation Amortization Depletion | 29.4M | 29.2M | 25.6M | 26.4M |
| Stock Based Compensation | 348,000 | 348,000 | 375,000 | 643,000 |
| Deferred Tax | -1.3M | -5.4M | -1.5M | 3.9M |
| Deferred Income Tax | -1.3M | -5.4M | -1.5M | 3.9M |
| Change In Working Capital | -5.4M | 4.7M | -5.3M | 7.9M |
| Changes In Account Receivables | -649,000 | 609,000 | -219,000 | 10.1M |
| Change In Receivables | -649,000 | 609,000 | -219,000 | 10.1M |
| Change In Payables And Accrued Expense | -1.8M | -1.1M | -4.2M | -552,000 |
| Change In Other Working Capital | -2.8M | 3.5M | 1.1M | -- |
| Change In Other Current Assets | 396,000 | 1.2M | -- | -- |
| Other Non Cash Items | 20.3M | 21.3M | 25.4M | 18.7M |
| Capital Expenditure | -3.4M | -11.4M | -32.5M | -8.4M |
| Purchase Of PPE | -3.4M | -11.4M | -32.5M | -8.4M |
| Net PPE Purchase And Sale | -3.4M | -11.4M | -32.5M | -8.4M |
| Purchase Of Business | -- | 0.00 | -32.7M | 0.00 |
| Investing Cash Flow | -3.3M | -11.4M | -66.0M | -10.1M |
| Cash Flow From Continuing Investing Activities | -3.3M | -11.4M | -66.0M | -10.1M |
| Issuance Of Debt | 175.0M | 0.00 | 110.0M | 0.00 |
| Repayment Of Debt | -16.3M | -15.3M | -118.5M | -21.3M |
| Net Issuance Payments Of Debt | 158.7M | -15.3M | -8.5M | -21.3M |
| Issuance Of Capital Stock | -- | -- | 0.00 | 39.4M |
| Repurchase Of Capital Stock | -213,000 | -214,000 | 0.00 | -- |
| Net Common Stock Issuance | -213,000 | -214,000 | 0.00 | 39.4M |
| Common Stock Dividend Paid | -12.6M | -12.6M | -12.1M | -11.1M |
| Common Stock Payments | -213,000 | -214,000 | 0.00 | -- |
| Financing Cash Flow | 141.5M | -27.7M | -30.1M | 6.9M |
| Cash Flow From Continuing Financing Activities | 141.5M | -27.7M | -30.1M | 6.9M |
| Effect Of Exchange Rate Changes | 1,000 | -142,000 | 8,000 | -2,000 |
| Changes In Cash | 173.3M | 4.9M | -62.6M | 37.9M |
| Beginning Cash Position | 40.1M | 35.3M | 97.9M | 60.1M |
| End Cash Position | 213.3M | 40.1M | 35.3M | 97.9M |
| Free Cash Flow | 31.7M | 32.6M | 1.0M | 32.7M |
| Asset Impairment Charge | 5.3M | 0.00 | -- | -- |
| Cash Dividends Paid | -12.6M | -12.6M | -12.1M | -11.1M |
| Change In Prepaid Assets | -532,000 | 526,000 | -1.9M | -1.6M |
| Common Stock Issuance | -- | -- | 0.00 | 39.4M |
| Gain Loss On Investment Securities | -- | -- | -3.5M | -3.5M |
| Interest Paid Cfo | -16.6M | -17.8M | -10.8M | -11.8M |
| Long Term Debt Issuance | 175.0M | 0.00 | 110.0M | 0.00 |
| Long Term Debt Payments | -16.3M | -15.3M | -118.5M | -21.3M |
| Net Business Purchase And Sale | -- | 0.00 | -32.7M | 0.00 |
| Net Foreign Currency Exchange Gain Loss | 40,000 | -85,000 | 809,000 | -149,000 |
| Net Income From Continuing Operations | 3.0M | 11.7M | 2.5M | 501,000 |
| Net Long Term Debt Issuance | 158.7M | -15.3M | -8.5M | -21.3M |
| Net Other Financing Charges | -4.4M | -- | -9.5M | -- |
| Net Other Investing Changes | 54,000 | 10,000 | -805,000 | -1.7M |
| Operating Gains Losses | 40,000 | -85,000 | -2.7M | -5.1M |
| Other Cash Adjustment Outside Changein Cash | -- | -- | -- | 0.00 |
| Proceeds From Stock Option Exercised | 0.00 | 467,000 | 0.00 | -- |