2003 Annual Report - Enerflex

consolidated balance sheetsDecember 31(Thousands) 2003 2002AssetsCurrent assetsCash $ 6,741 $ 5,027Accounts receivable 120,432 89,327Inventory (Note 3) 71,162 81,241Income taxes receivable – 5,905Assets held for sale (Note 6) – 4,591Future income taxes (Note 13) 4,065 9,470Total current assets 202,400 195,561Rental equipment (Note 4) 71,810 68,092Property, plant and equipment (Note 5) 65,032 70,309Future income taxes (Note 13) 2,748 1,907Intangible assets 3,231 2,815Goodwill 112,453 112,527$ 457,674 $ 451,211Liabilities and Shareholders’ EquityCurrent liabilitiesOperating bank loans (Note 7) $ 27,627 $ 45,254Accounts payable and accrued liabilities 70,163 62,112Income taxes payable 4,683 -Future income taxes (Note 13) – 2,235Current portion of long-term debt (Note 7) 17,097 17,250Total current liabilities 119,570 126,851Long-term debt (Note 7) 51,289 51,750Future income taxes (Note 13) 12,272 11,708183,131 190,309Guarantees, commitments and contingencies (Note 12)Shareholders’ equityShare capital (Note 8) 176,928 176,589Cumulative translation adjustment 1,501 595Retained earnings 96,114 83,718274,543 260,902$ 457,674 $ 451,211See accompanying Notes to the Consolidated Financial Statements.On behalf of the Board:(signed)(signed)P. John Aldred, Director Michael A. Grandin, DirectorEnerflex 2003 Annual Report55