Release Details
Enerflex Files Amended and Restated Financial Statements
Users of the Company’s financial statements should note that the Adjustments, as described below, do not change the Company’s overall cash position, and do not impact the Company’s Statement of Financial Position, the Company’s Statement of Earnings, or earnings before finance costs, income taxes, depreciation and amortization (EBITDA) calculations.
The restatement includes (1) the removal of certain offsetting entries for non-cash items on the Statement of Cash Flows and (2) the reclassification of certain items between categories within the Statement of Cash Flows (collectively, the Adjustments). All changes are contained within the Statement of Cash Flows and related notes / exhibits and the net cash position of the Company is unchanged. The Company has filed amended and restated financial statements for the financial years ended
A summary of the Adjustments is described below and further details can be found in the Amended Statements and related MD&A which are available under the Company’s electronic profile on SEDAR at www.sedar.com.
| $ Canadian thousands | ||||||
| Three Months Ended |
As Previously Reported |
Amendment | As Restated | |||
| Cash provided by/(used in) operating activities | 2,625 | (25,337 | ) | (22,712 | ) | |
| Cash used in investing activities | (36,954 | ) | 20,069 | (16,885 | ) | |
| Cash provided by/(used in) financing activities | (5,242 | ) | 6,627 | 1,385 | ||
| Effect of exchange rate changes on cash denominated in foreign currencies | 27 | (1,359 | ) | (1,332 | ) | |
| Change in cash and cash equivalents over the quarter | (39,544 | ) | - | (39,544 | ) | |
| Three Months Ended |
||||||
| Cash provided by/(used in) operating activities | 59,951 | (1,374 | ) | 58,577 | ||
| Cash used in investing activities | (10,679 | ) | (1,891 | ) | (12,570 | ) |
| Cash used in financing activities | (33,745 | ) | 3,702 | (30,043 | ) | |
| Effect of exchange rate changes on cash denominated in foreign currencies | (561 | ) | (437 | ) | (998 | ) |
| Change in cash and cash equivalents over the quarter | 14,966 | - | 14,966 | |||
| $ Canadian thousands | ||||||
| Year Ended |
As Previously Reported |
Amendment | As Restated | |||
| Cash provided by/(used in) operating activities | 225,155 | (16,961 | ) | 208,194 | ||
| Cash used in investing activities | (63,530 | ) | 14,669 | (48,861 | ) | |
| Cash used in financing activities | (83,891 | ) | 3,435 | (80,456 | ) | |
| Effect of exchange rate changes on cash denominated in foreign currencies | (652 | ) | (1,143 | ) | (1,795 | ) |
| Change in cash and cash equivalents over the year | 77,082 | - | 77,082 | |||
| Year Ended |
As Previously Reported |
Amendment | As Restated | |||
| Cash provided by/(used in) operating activities | 220,248 | 27,061 | 247,309 | |||
| Cash used in investing activities | (137,759 | ) | (32,738 | ) | (170,497 | ) |
| Cash used in financing activities | (82,050 | ) | 4,729 | (77,321 | ) | |
| Effect of exchange rate changes on cash denominated in foreign currencies | (1,018 | ) | 948 | (70 | ) | |
| Change in cash and cash equivalents over the year | (579 | ) | - | (579 | ) | |
| Year Ended |
||||||
| Cash provided by/(used in) operating activities | 54,169 | 12,752 | 66,921 | |||
| Cash used in investing activities | (222,820 | ) | (27,011 | ) | (249,831 | ) |
| Cash used in financing activities | (60,980 | ) | 16,742 | (44,238 | ) | |
| Effect of exchange rate changes on cash denominated in foreign currencies | (978 | ) | (2,483 | ) | (3,461 | ) |
| Change in cash and cash equivalents over the year | (230,609 | ) | - | (230,609 | ) | |
The Company has prepared a Note to the Amended Statements detailing the impact of the Adjustments and has revised the Supplemental Cash Flow Information Notes to the Amended Statements. Additionally, the MD&A has been amended to reflect the restated amounts for the categories of cash flow activities.
In connection with the filing of the Amended Statements, the Company is also filing CEO and CFO certifications in compliance with National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings.
About
Headquartered in
For investor and media inquiries, please contact:
| Marc Rossiter | Sanjay Bishnoi | Stefan Ali |
| President & Chief Executive Officer | Senior Vice President & Chief Financial Officer | Vice President, Strategy and Investor Relations |
| Tel: 403.387.6325 | Tel: 403.236.6857 | Tel: 403.717.4953 |
Source: Enerflex Ltd.