2003 Annual Report - Enerflex

consolidated statements of cash flowsYear ended December 31(Thousands) 2003 2002Operating ActivitiesNet income $ 20,383 $ 9,232Depreciation and amortization 14,680 12,054Future income taxes 2,877 2,868Gain on sale of assets (3,059) (1,492)34,881 22,662Changes in non-cash working capital (823) 13,64234,058 36,304Investing ActivitiesAcquisition of EnSource Energy Services Inc. (Note 2) – (3,029)Acquisition of assets of VR Systems, Inc. – (4,061)Adjustment of Landré Ruhaak acquisition – (97)Purchase of:Rental equipment (23,682) (17,711)Property, plant and equipment (6,310) (3,325)Proceeds on disposal of:Rental equipment 19,943 9,219Property, plant and equipment 3,538 1,116(6,511) (17,888)Changes in non-cash working capital 952 815(5,559) (17,073)Financing ActivitiesDecrease in operating bank loans (17,627) (16,244)Increase in (repayment of) long-term debt (1,647) 9,940Stock options exercised 339 153Common shares purchased for cancellation – (1,352)Stock options purchased – (31)Dividends (8,887) (7,402)(27,822) (14,936)Changes in non-cash working capital and other 1,037 732(26,785) (14,204)Increase in cash 1,714 5,027Cash, beginning of year 5,027 –Cash, end of year $ 6,741 $ 5,027Supplemental disclosure of cash flow informationInterest paid $ 5,354 $ 3,472Interest received $ 321 $ 322Income taxes paid $ 5,080 $ 15,094Income taxes received $ 6,953 $ 16See accompanying Notes to the Consolidated Financial Statements.Enerflex 2003 Annual Report57