Cash flow Polaris Renewable Energy Inc.

Equities

PIF

CA73108L1013

Independent Power Producers

Market Closed - Toronto S.E. Other stock markets 16:00:00 2025-12-12 EST			5-day change	1st Jan Change
11.72 ^CAD	+0.17%		-0.93%	-12.08%

10-30	Polaris Renewable Energy Inc., Q3 2025 Earnings Call, Oct 30, 2025
10-30	Polaris swings to Q3 loss, but revenue gets boost from new wind farm	RE

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Published financial data: POLARIS RENEWABLE ENERGY INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues - (Utility Template)	74.72M	59.52M	62.6M	78.52M	75.77M
Total Revenues	74.72M	59.52M	62.6M	78.52M	75.77M
Operations And Maintenance	2.95M	2.99M	2.39M	2.15M	2.14M
Selling General & Admin Expenses, Total	6.09M	6.24M	6.01M	7.85M	7.51M
Depreciation & Amortization - (IS) - (Collected)	25.13M	26.07M	25.75M	28.95M	29.21M
Other Operating Expenses	8.12M	7.73M	10.05M	11.53M	12.19M
Total Operating Expenses	42.28M	43.03M	44.2M	50.48M	51.04M
Operating Income (REIT / Utility Template)	32.44M	16.49M	18.4M	28.04M	24.73M
Interest Expense, Total	-16.18M	-16.32M	-15.35M	-19.33M	-20.81M
Interest and Investment Income	314K	374K	677K	1.89M	2.86M
Net Interest Expenses	-15.86M	-15.94M	-14.68M	-17.45M	-17.96M
Currency Exchange Gains (Loss)	-861K	-919K	-946K	-75K	-
Other Non Operating Income (Expenses)	-7.74M	3.96M	1.28M	-2.94M	-646K
EBT, Excl. Unusual Items	7.97M	3.58M	4.06M	7.58M	6.12M
Total Merger & Related Restructuring Charges	-	-567K	-788K	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	1.4M	900K	-	-
Asset Writedown	24.45M	-	-	-	-5.28M
Insurance Settlements	600K	-	-	-	-
Legal Settlements	-	-	-	-	-
Other Unusual Items	5.96M	-	-3.2M	-1.21M	-
EBT, Incl. Unusual Items	38.98M	4.42M	969K	6.36M	847K
Income Tax Expense	10.11M	3.88M	-1.46M	-5.43M	-1.33M
Earnings From Continuing Operations	28.87M	542K	2.43M	11.8M	2.18M
Net Income to Company	28.87M	542K	2.43M	11.8M	2.18M
Minority Interest	-31K	-41K	66K	-55K	811K
Net Income - (IS)	28.84M	501K	2.5M	11.74M	2.99M
Net Income to Common Incl Extra Items	28.84M	501K	2.5M	11.74M	2.99M
Net Income to Common Excl. Extra Items	28.84M	501K	2.5M	11.74M	2.99M
Per Share Items
Net EPS - Basic	1.84	0.03	0.12	0.56	0.14
Basic EPS - Continuing Operations	1.84	0.03	0.12	0.56	0.14
Basic Weighted Average Shares Outstanding	15.71M	18.81M	20.13M	21.05M	21.16M
Net EPS - Diluted	1.7	0.03	0.12	0.56	0.14
Diluted EPS - Continuing Operations	1.7	0.03	0.12	0.56	0.14
Diluted Weighted Average Shares Outstanding	16.92M	19.02M	20.16M	21.07M	21.16M
Normalized Basic EPS	0.32	0.12	0.13	0.22	0.22
Normalized Diluted EPS	0.29	0.12	0.13	0.22	0.22
Dividend Per Share	0.6	0.6	0.6	0.6	0.6
Payout Ratio	32.67	2.22K	484.67	107.42	422.84
Supplemental Items
Utility Revenues	74.72M	59.52M	62.6M	78.52M	75.77M
EBITDA	56.88M	42.65M	43.73M	56.99M	53.89M
EBITA	33.8M	17.84M	20.32M	30.76M	27.44M
EBIT	32.44M	16.49M	18.4M	28.04M	24.73M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	25.94	87.73	-151.08	-85.37	-157.26
Current Foreign Taxes	-	-	-	388K	3.51M
Total Current Taxes	-	-	-	388K	3.51M
Deferred Foreign Taxes	10.11M	3.88M	-1.89M	-5.82M	-4.84M
Total Deferred Taxes	10.11M	3.88M	-1.89M	-5.82M	-4.84M
Normalized Net Income	4.95M	2.2M	2.6M	4.68M	4.64M
Interest Capitalized	-	-	-	331K	-
Interest on Long-Term Debt	16.18M	16.32M	21.29M	20.88M	20.81M
Supplemental Operating Expense Items
General and Administrative Expenses	6.09M	6.24M	6.01M	7.85M	7.51M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Maintenance & Repair Expenses, Total	2.95M	2.99M	2.39M	2.15M	2.14M
Stock-Based Comp., G&A Exp. (Total)	905K	875K	383K	326K	290K
Stock-Based Comp., Other (Total)	-	1.76M	-	22K	348K
Total Stock-Based Compensation	905K	2.64M	383K	348K	638K

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	60.06M	97.93M	35.32M	40.05M	213M
Accounts Receivable, Total	19.39M	9.42M	11.34M	10.63M	11.28M
Other Receivables	-	1.41M	1.2M	1.56M	2.12M
Accounts Receivable (Summary Subtotal)	19.39M	10.84M	12.54M	12.2M	13.39M
Prepaid Expenses	739K	943K	994K	919K	1.19M
Other Current Assets, Total	158K	432K	1.75M	875K	674K
Total Current Assets	80.34M	110M	50.61M	54.04M	229M
Gross Property Plant And Equipment	625M	609M	682M	684M	685M
Accumulated Depreciation	-250M	-250M	-279M	-300M	-325M
Net Property Plant And Equipment	375M	359M	402M	384M	360M
Goodwill	-	-	12.36M	12.36M	8.56M
Other Intangibles, Total	24.32M	22.97M	57.53M	55.01M	50.84M
Long-Term Investments - (Utility Template)	164K	-	-	-	-
Accounts Receivable Long-Term	544K	-	-	-	-
Deferred Tax Assets Long-Term (Collected)	1.78M	856K	3.91M	6.64M	6.8M
Deferred Charges Long-Term	-	2.2M	-	-	-
Other Long-Term Assets, Total	9.28M	7.69M	8.63M	7.52M	7.23M
Total Assets	491M	503M	535M	519M	662M
Liabilities
Accounts Payable, Total	9K	8.15M	9.5M	11.96M	10.09M
Accrued Expenses, Total	8.63M	439K	763K	821K	2.02M
Current Portion of Long-Term Debt	21.06M	23.12M	14.94M	15.85M	16.27M
Current Portion of Leases	187K	299K	422K	399K	428K
Unearned Revenue, Current	-	150K	-	-	-
Other Current Liabilities - (Bank / Utility Template)	5.15M	2.15M	4.97M	2.32M	5.03M
Total Current Liabilities	35.04M	34.31M	30.6M	31.35M	33.84M
Long-Term Debt	168M	147M	169M	157M	312M
Long-Term Leases	503K	1M	2.5M	2.35M	2.15M
Deferred Tax Liability Non-Current	51.81M	54.76M	62.33M	59.24M	54.51M
Other Non Current Liabilities, Total	8.77M	5.24M	-	-	-
Total Liabilities	264M	242M	265M	249M	403M
Common Stock, Total	599M	649M	666M	666M	666M
Additional Paid In Capital	19.72M	14.27M	13.84M	14.02M	14.09M
Retained Earnings	-390M	-401M	-410M	-411M	-421M
Total Common Equity	229M	263M	270M	269M	260M
Minority Interest	-1.98M	-1.94M	535K	590K	-221K
Total Equity	227M	261M	270M	270M	260M
Total Liabilities And Equity	491M	503M	535M	519M	662M
Supplemental Items
ECS Total Shares Outstanding on Filing Date	18.51M	19.63M	21.03M	21.08M	21.07M
ECS Total Common Shares Outstanding	15.71M	19.53M	21.03M	21.06M	21.06M
Book Value / Share	14.56	13.46	12.83	12.79	12.34
Tangible Book Value	204M	240M	200M	202M	200M
Tangible Book Value Per Share	13.02	12.28	9.5	9.59	9.52
Total Debt	190M	171M	187M	175M	331M
Net Debt	130M	73.06M	152M	135M	118M
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	-1.98M	-1.94M	535K	590K	-221K
Equity Method Investments, Total	164K	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	-	-	-	-	-
Full Time Employees	123	151	208	235	205

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	28.84M	501K	2.5M	11.74M	2.99M
Depreciation, Depletion & Amortization	23.39M	25.02M	23.67M	26.46M	26.72M
Amortization of Goodwill and Intangible Assets - (CF)	1.36M	1.36M	1.92M	2.71M	2.72M
Total Depreciation, Depletion & Amortization	24.76M	26.38M	25.58M	29.17M	29.44M
(Gain) Loss On Sale of Asset - (CF)	-	-1.45M	-	-	-
Total Asset Writedown	-24.45M	-	-	-	5.28M
Stock-Based Compensation (CF)	887K	643K	375K	348K	348K
Minority Interest in Earnings - (CF)	31K	41K	-58K	55K	-811K
Change in Accounts Receivable	-4.09M	10.06M	-219K	609K	-649K
Change in Accounts Payable	-249K	-552K	-3.19M	-1.15M	-1.84M
Change in Other Net Operating Assets (Collected)	-328K	-1.59M	-1.89M	526K	-532K
Other Operating Activities	14.91M	7.08M	10.4M	2.66M	830K
Cash from Operations	40.31M	41.13M	33.51M	43.96M	35.05M
Capital Expenditure	-6.89M	-8.41M	-32.48M	-11.39M	-3.36M
Sale of Property, Plant, and Equipment	-	317K	-	-	-
Cash Acquisitions	-	-	-32.71M	-	-
Other Investing Activities, Total	4.04M	-2.05M	-805K	10K	54K
Cash from Investing	-2.85M	-10.15M	-65.99M	-11.38M	-3.31M
Long-Term Debt Issued, Total	23.46M	-	110M	-	175M
Total Debt Issued	23.46M	-	110M	-	175M
Long-Term Debt Repaid, Total	-24.02M	-21.33M	-119M	-15.35M	-16.27M
Total Debt Repaid	-24.02M	-21.33M	-119M	-15.35M	-16.27M
Issuance of Common Stock	-	39.35M	-	467K	-
Repurchase of Common Stock	-	-	-	-214K	-213K
Common Dividends Paid	-9.42M	-11.14M	-12.11M	-12.62M	-12.64M
Common & Preferred Stock Dividends Paid	-9.42M	-11.14M	-12.11M	-12.62M	-12.64M
Other Financing Activities, Total	-	-	-9.47M	-	-4.36M
Cash from Financing	-9.99M	6.89M	-30.12M	-27.71M	142M
Foreign Exchange Rate Adjustments	3K	-2K	8K	-142K	1K
Miscellaneous Cash Flow Adjustments	-10K	-	-	-	-
Net Change in Cash	27.46M	37.87M	-62.6M	4.73M	173M
Supplemental Items
Cash Interest Paid	10.3M	11.8M	10.84M	17.78M	16.57M
Net Debt Issued / Repaid	-567K	-21.33M	-8.54M	-15.35M	159M
Levered Free Cash Flow	20.65M	28.39M	-3.34M	24.74M	29.92M
Unlevered Free Cash Flow	30.76M	38.59M	6.25M	36.82M	42.93M
Change In Net Working Capital	8.29M	-7.67M	-1.27M	-1.17M	-764K

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	4.25	2.08	2.22	3.32	2.62
Return on Total Capital	5.02	2.43	2.59	3.88	2.98
Return On Equity %	13.31	0.22	0.92	4.37	0.82
Return on Common Equity	13.17	0.2	0.94	4.36	1.13
Margin Analysis
Gross Profit Margin %	88.26	85.09	84.05	85.69	84.79
SG&A Margin	8.15	10.49	9.6	10	9.91
EBITDA Margin %	76.13	71.66	69.86	72.57	71.12
EBITA Margin %	45.24	29.98	32.45	39.17	36.22
EBIT Margin %	43.42	27.7	29.39	35.71	32.63
Income From Continuing Operations Margin %	38.64	0.91	3.89	15.03	2.88
Net Income Margin %	38.6	0.84	3.99	14.96	3.95
Net Avail. For Common Margin %	38.6	0.84	3.99	14.96	3.95
Normalized Net Income Margin	6.63	3.7	4.16	5.96	6.12
Levered Free Cash Flow Margin	27.63	47.7	-5.34	31.51	39.49
Unlevered Free Cash Flow Margin	41.16	64.84	9.99	46.9	56.66
Asset Turnover
Asset Turnover	0.16	0.12	0.12	0.15	0.13
Fixed Assets Turnover	0.2	0.16	0.16	0.2	0.2
Receivables Turnover (Average Receivables)	4.31	4.06	6.03	7.18	6.92
Short Term Liquidity
Current Ratio	2.29	3.21	1.65	1.72	6.76
Quick Ratio	2.27	3.17	1.56	1.67	6.7
Operating Cash Flow to Current Liabilities	1.15	1.2	1.1	1.4	1.04
Days Sales Outstanding (Average Receivables)	84.96	89.88	60.53	50.83	52.91
Average Days Payable Outstanding	30.03	292.14	322.58	348.63	350.28
Long Term Solvency
Total Debt/Equity	83.78	65.56	69.33	64.88	127.51
Total Debt / Total Capital	45.59	39.6	40.94	39.35	56.05
LT Debt/Equity	74.41	56.58	63.64	58.86	121.08
Long-Term Debt / Total Capital	40.49	34.18	37.58	35.7	53.22
Total Liabilities / Total Assets	53.83	48.12	49.5	48.03	60.8
EBIT / Interest Expense	2.01	1.01	1.2	1.45	1.19
EBITDA / Interest Expense	3.54	2.63	2.86	2.96	2.6
(EBITDA - Capex) / Interest Expense	3.11	2.11	0.75	2.37	2.44
Total Debt / EBITDA	3.32	3.99	4.26	3.06	6.11
Net Debt / EBITDA	2.27	1.7	3.46	2.36	2.17
Total Debt / (EBITDA - Capex)	3.78	4.96	16.29	3.82	6.51
Net Debt / (EBITDA - Capex)	2.58	2.12	13.22	2.95	2.32
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	4.87	-20.35	5.18	25.43	-3.5
Gross Profit, 1 Yr. Growth %	1.18	-23.21	3.9	27.88	-4.51
EBITDA, 1 Yr. Growth %	-2.03	-25.03	2.54	29.57	-5.81
EBITA, 1 Yr. Growth %	-3.95	-47.21	13.84	51.39	-2.13
EBIT, 1 Yr. Growth %	-6.56	-49.18	11.59	52.43	-11.82
Earnings From Cont. Operations, 1 Yr. Growth %	124.82	-98.12	348.89	384.96	-81.53
Net Income, 1 Yr. Growth %	98.97	-98.26	398.8	369.95	-74.54
Diluted EPS Before Extra, 1 Yr. Growth %	91.01	-98.43	350.43	364.93	-74.91
Normalized Net Income, 1 Yr. Growth %	-67.87	-58.71	18.28	47.97	18.25
Net Property, Plant and Equip., 1 Yr. Growth %	0.52	-4.23	12.04	-4.54	-6.18
Accounts Receivable, 1 Yr. Growth %	26.71	-52.62	20.32	-5.42	6.11
Total Assets, 1 Yr. Growth %	5.9	2.59	6.45	-2.93	27.47
Tangible Book Value, 1 Yr. Growth %	11.37	17.3	-16.68	1.09	-0.8
Cash From Operations, 1 Yr. Growth %	-14.4	2.03	-18.53	31.2	-20.26
Capital Expenditures, 1 Yr. Growth %	-85.61	22.07	286.09	-64.94	-70.47
Levered Free Cash Flow, 1 Yr. Growth %	-202.1	56.43	-112.55	-840.42	23.1
Unlevered Free Cash Flow, 1 Yr. Growth %	-416.47	36.55	-83.02	488.8	15.56
Dividend Per Share, 1 Yr. Growth %	0	0	0	0	0
Common Equity, 1 Yr. Growth %	9.33	14.87	2.63	-0.12	-3.56
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	4.2	-8.6	-8.47	14.86	10.02
Gross Profit, 2 Yr. CAGR %	2.34	-11.85	-10.68	15.27	10.5
EBITDA, 2 Yr. CAGR %	-1.43	-14.3	-12.32	15.59	10.69
EBITA, 2 Yr. CAGR %	-2.79	-28.79	-22.48	31.28	16.23
EBIT, 2 Yr. CAGR %	-4.53	-31.09	-24.69	30.42	15.94
Earnings From Cont. Operations, 2 Yr. CAGR %	29.42	-79.46	-70.97	366.58	-5.36
Net Income, 2 Yr. CAGR %	29.58	-81.41	-70.56	384.16	9.38
Diluted EPS Before Extra, 2 Yr. CAGR %	27.85	-82.7	-73.43	357.62	8.01
Normalized Net Income, 2 Yr. CAGR %	-37.47	-62.22	-30.12	45.89	21.09
Net Property, Plant and Equip., 2 Yr. CAGR %	1.37	-1.88	3.59	3.42	-5.36
Accounts Receivable, 2 Yr. CAGR %	12.85	-21.52	-24.49	6.21	0.18
Total Assets, 2 Yr. CAGR %	2.71	4.12	4.5	1.65	11.24
Common Equity, 2 Yr. CAGR %	5.93	12.06	8.58	1.24	-1.86
Tangible Book Value, 2 Yr. CAGR %	7.24	14.3	-1.14	-8.22	0.14
Cash From Operations, 2 Yr. CAGR %	3.81	-6.55	-8.83	3.38	2.28
Capital Expenditures, 2 Yr. CAGR %	-33.02	-58.09	117.09	16.34	-67.82
Levered Free Cash Flow, 2 Yr. CAGR %	-20.11	18.49	-57.09	-3.6	199.25
Unlevered Free Cash Flow, 2 Yr. CAGR %	-14.71	99.26	-52.96	0	162
Dividend Per Share, 2 Yr. CAGR %	0	0	0	0	0
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	7.52	-4.73	-4.22	1.67	8.38
Gross Profit, 3 Yr. CAGR %	6.45	-7	-6.89	0.67	8.26
EBITDA, 3 Yr. CAGR %	4.99	-10.02	-9.01	0.06	8.11
EBITA, 3 Yr. CAGR %	6.98	-20.69	-16.74	-3.1	15.43
EBIT, 3 Yr. CAGR %	5.86	-22.63	-19.08	-4.74	14.47
Earnings From Cont. Operations, 3 Yr. CAGR %	158.38	-68.44	-42.57	-25.79	59.01
Net Income, 3 Yr. CAGR %	158.8	-69.22	-44.34	-25.88	81.39
Diluted EPS Before Extra, 3 Yr. CAGR %	152.06	-70.52	-48.72	-31.02	73.86
Normalized Net Income, 3 Yr. CAGR %	-7.19	-44.21	-44.73	-4.22	28.24
Net Property, Plant and Equip., 3 Yr. CAGR %	2.22	-0.53	2.55	0.81	0.12
Accounts Receivable, 3 Yr. CAGR %	16.82	-14.78	-9.51	-18.85	6.17
Total Assets, 3 Yr. CAGR %	6.44	2.59	4.89	1.96	9.62
Common Equity, 3 Yr. CAGR %	6.83	8.83	8.83	5.6	-0.38
Tangible Book Value, 3 Yr. CAGR %	3.64	10.49	2.87	-0.4	-5.81
Cash From Operations, 3 Yr. CAGR %	5.09	3.21	-10.73	2.93	-5.19
Capital Expenditures, 3 Yr. CAGR %	-37.45	-18.18	-12.15	18.22	-26.34
Levered Free Cash Flow, 3 Yr. CAGR %	46.8	-4.26	-45.12	10.88	3.97
Unlevered Free Cash Flow, 3 Yr. CAGR %	21.86	-3	-13.66	9.23	5.25
Dividend Per Share, 3 Yr. CAGR %	2.33	0	0	0	0
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	8.3	1.72	0.82	2.67	1.24
Gross Profit, 5 Yr. CAGR %	8.68	0.9	-0.76	1.34	-0.29
EBITDA, 5 Yr. CAGR %	8.54	-0.88	-2.31	-0.54	-1.48
EBITA, 5 Yr. CAGR %	23.04	-4.63	-5.95	-2.98	-4.85
EBIT, 5 Yr. CAGR %	22.75	-5.89	-7.62	-4.66	-6.56
Earnings From Cont. Operations, 5 Yr. CAGR %	-5.24	-33.93	7.77	-7.3	-29.87
Net Income, 5 Yr. CAGR %	-5.11	-34.83	8.48	-7.32	-27.07
Diluted EPS Before Extra, 5 Yr. CAGR %	-14.77	-37.21	2.48	-11.71	-30.92
Normalized Net Income, 5 Yr. CAGR %	54.61	3.52	-15.93	-18.05	-21.35
Net Property, Plant and Equip., 5 Yr. CAGR %	2.6	1.5	2.76	1.03	-0.69
Accounts Receivable, 5 Yr. CAGR %	26.39	-4.76	-1.39	-6.93	-5.92
Total Assets, 5 Yr. CAGR %	3.38	4.2	5.61	2.21	7.38
Common Equity, 5 Yr. CAGR %	2.41	6.16	7.53	5.73	4.42
Tangible Book Value, 5 Yr. CAGR %	1.72	5.94	1.7	2.59	1.77
Cash From Operations, 5 Yr. CAGR %	9.52	10.11	-0.72	3.28	-5.73
Capital Expenditures, 5 Yr. CAGR %	-15.62	-19.96	2.89	-5.81	-41.21
Levered Free Cash Flow, 5 Yr. CAGR %	3.33	27.9	-12.53	-5.22	8.15
Unlevered Free Cash Flow, 5 Yr. CAGR %	4.82	63.71	-18.12	-2.73	34.6
Dividend Per Share, 5 Yr. CAGR %	-	6.89	1.39	0	0