2003 Annual Report - Enerflex

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Enerflexat a glance($ millions, except per share data and ratios) 2003 2002 2001Jacqui BlunsumReceptionistGas Drive SystemsRESULTSRevenue 515.5 326.7 375.0EBITDA (1) 51.2 30.0 47.8Income before income taxes 31.2 14.3 36.5Net income 20.4 9.2 22.5Per common share – basic 0.92 0.51 1.51Cash from operations before changesin non-cash working capital 34.9 22.7 30.0Capital expenditures, netRental equipment 3.7 8.5 10.0Property, plant and equipment 2.8 2.2 2.5Dividends per common share 0.40 0.40 0.40FINANCIAL POSITIONWorking capital 82.8 68.7 62.1Total assets 457.7 451.2 222.1Long-term debt 68.4 69.0 30.0Shareholders’ equity 274.5 260.9 118.5KEY RATIOSGross margin as a percentage of revenue 20.2 21.4 19.5Pre-tax income as a percentage of revenue 6.1 4.4 9.7Return on average equity (2) (%) 7.6 4.9 20.2(1) Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP(Generally Accepted Accounting Principles) earnings measure that does not have a standardizedmeaning prescribed by GAAP and therefore is unlikely to be comparable to similar measurespresented by other issuers.(2) Return on average equity is calculated as net income divided by the simple average ofshareholders’ equity at the beginning and end of the year.This document contains forward-looking statements, which are subject to certain risks,uncertainties and assumptions. Should one or more of these factors materialize, or shouldassumptions prove incorrect, actual results may vary significantly from those expected.Enerflex 2003 Annual Report8
financialhighlightsMichiel SapService EngineerLandré Ruhaakrevenue$ millions217 223 246 336 315 257 286 375 327 516international revenue$ millions13 32 59 71 53 62 37 97 92 12994 95 96 97 98 99 00 01 02 0394 95 96 97 98 99 00 01 02 03net income$ millionsebitda$ millions34 32 32 47 42 29 29 48 30 5194 95 96 97 98 99 00 01 02 03Enerflex 2003 Annual Report9
Page 1 and 2: 2003 Annual Report14 Divisions.1900
Page 4: The Gen III A Series Gas Compressor
Page 7 and 8: divisionsat a glanceStructurally, E
Page 9: Today’s oil and gas producers are
Page 13 and 14: People!Talented people.Skilled peop
Page 15 and 16: Enerflex is not just about numbers
Page 17 and 18: Enerflex operates in a very competi
Page 19 and 20: Enerflex Systems Ltd. is a leading
Page 21 and 22: Operating StructureEnerflex has six
Page 23 and 24: POWERThe Power operating unit desig
Page 25 and 26: Gas Drive Systems will continue to
Page 27 and 28: • Syntech’s Northwest region in
Page 29 and 30: Today’s oil and gas producers are
Page 31 and 32: By working together, the Enerflex g
Page 33 and 34: 2930
Page 35 and 36: Management’sDiscussion &AnalysisD
Page 37 and 38: 2003 revenue$515.5 million2002 reve
Page 39 and 40: In the last half of 2003, both indu
Page 41 and 42: Compression Services (formerly know
Page 43 and 44: maintaining a branch infrastructure
Page 45 and 46: LeasingOur Leasing business segment
Page 47 and 48: In the first half of 2002 the Compa
Page 49 and 50: Enerflex is a market leader in Cana
Page 51 and 52: InternationalInternationally, we fa
Page 53 and 54: management’s responsibilityfor fi
Page 55 and 56: consolidated balance sheetsDecember
Page 57 and 58: consolidated statements of cash flo
Page 59 and 60: Income Taxes - The Company uses the
Page 61 and 62:
Note 5. PROPERTY, PLANT AND EQUIPME
Page 63 and 64:
Note 9. RECONCILIATIONS OF NET INCO
Page 65 and 66:
Note 12. GUARANTEES, COMMITMENTS AN
Page 67 and 68:
Fair Values of Financial Assets and
Page 69 and 70:
TEN-YEAR HISTORICAL REVIEW($ millio
Page 71 and 72:
corporate directoryDirectors and Of
Page 73 and 74:
EnerflexTom ThulShop SupervisorComp
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2003 Annual Report - Enerflex

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