Boralex Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-23	36	78	30	17	55
Depreciation & Amortization	308	297	293	295	297	237
Other Amortization	11	11	12	14	14	15
Loss (Gain) on Sale of Investments	35	35	-	-	-	7
Loss (Gain) on Equity Investments	16	-7	-22	-20	11	7
Asset Writedown	7	5	20	85	4	7
Change in Accounts Receivable	-10	-10	21	-83	-7	25
Change in Accounts Payable	-188	-188	36	194	-5	12
Change in Other Net Operating Assets	166	-2	-6	-1	-6	-13
Other Operating Activities	25	38	64	-1	20	10
Operating Cash Flow	347	215	496	513	345	362
Operating Cash Flow Growth	19.24%	-56.65%	-3.31%	48.70%	-4.70%	23.13%
Capital Expenditures	-668	-398	-260	-246	-167	-145
Cash Acquisitions	-	-	-	-8	-274	-98
Sale (Purchase) of Intangibles	-3	-3	-12	-10	-12	-11
Investment in Securities	-94	-119	22	-401	-6	-
Other Investing Activities	-44	-4	2	-11	26	7
Investing Cash Flow	-970	-578	-268	-684	-433	-247
Long-Term Debt Issued	-	955	418	184	416	413
Long-Term Debt Repaid	-	-372	-470	-566	-253	-520
Net Debt Issued (Repaid)	747	583	-52	-382	163	-107
Issuance of Common Stock	-	-	-	-	-	201
Common Dividends Paid	-68	-68	-68	-68	-68	-66
Other Financing Activities	-60	-36	11	711	-20	-28
Financing Cash Flow	619	479	-109	261	75	-
Foreign Exchange Rate Adjustments	3	-1	4	3	-6	7
Net Cash Flow	-1	115	123	93	-19	122
Free Cash Flow	-321	-183	236	267	178	217
Free Cash Flow Growth	-	-	-11.61%	50.00%	-17.97%	60.74%
Free Cash Flow Margin	-38.77%	-21.45%	23.09%	31.94%	25.76%	34.28%
Free Cash Flow Per Share	-3.12	-1.78	2.29	2.60	1.73	2.20
Cash Interest Paid	148	132	122	113	123	102
Cash Income Tax Paid	25	30	26	7	14	5
Levered Free Cash Flow	-483.25	111.25	117.38	252.88	150.63	183.38
Unlevered Free Cash Flow	-393.63	183.38	189.75	320.13	222.25	244.63
Change in Working Capital	-32	-200	51	110	-18	24

Source: S&P Global Market Intelligence. Utility template. Financial Sources.