2003 Annual Report - Enerflex

More documents

Recommendations

Info

QUARTERLY DATA2003 2002($ millions, except per share data and ratios) (unaudited) Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1Revenue 144.2 124.1 115.3 131.9 110.7 112.0 54.3 49.7EBITDA (1) 15.4 13.3 10.5 12.0 9.7 9.6 7.9 2.8Income before income taxes 10.6 8.4 5.3 6.9 4.0 4.8 5.3 0.2Net income 7.2 5.5 3.3 4.4 3.1 2.9 3.2 0.0Per common share – basic ($) 0.33 0.24 0.15 0.20 0.14 0.14 0.22 0.00Depreciation and amortization 3.6 3.7 3.7 3.7 4.3 3.6 2.1 2.1Cash from operations before changesin non-cash working capital 9.1 10.4 6.6 8.8 7.9 7.2 5.4 2.2Capital expenditures, netRental equipment 5.8 3.5 0.0 (5.6) 0.7 4.6 1.2 2.0Property, plant and equipment 2.3 1.0 (0.7) 0.2 1.6 0.1 0.3 0.2Dividends on common shares 2.2 2.2 2.2 2.2 2.2 2.2 1.5 1.5Dividends per common share (¢) 10.0 10.0 10.0 10.0 10.0 10.0 10.0 10.0Pre-tax income as a percentage of revenue 7.4 6.8 4.6 5.2 3.6 4.3 9.7 0.4COMMON SHARE DATA2003 2002 2001 2000 1999 1998 1997 1996 1995 1994Trading price range ofcommon stock: – high 20.20 26.50 32.40 42.00 40.00 45.60 44.00 18.25 9.00 9.75– low 12.05 13.20 18.60 25.00 29.50 23.85 16.75 8.19 6.12 7.00– close 20.20 15.00 19.75 31.00 37.50 29.50 32.50 16.50 8.38 8.69Trading volume (millions) 8.9 7.0 5.2 6.8 5.0 7.5 7.7 3.0 4.5 5.5Common shares (millions)Outstanding at end of year 22.2 22.2 14.9 15.0 15.0 15.0 15.1 15.1 15.1 15.1Weighted average – basic 22.2 18.2 14.9 15.0 15.0 15.1 15.1 15.1 15.1 15.1(1) Earnings before interest, income taxes, depreciation and amortization (EBlTDA) is a non-GAAP (Generally Accepted Accounting Principles)earnings measure that does not have a standardized meaning prescribed by GAAP and therefore is unlikely to be comparable to similarmeasures presented by other issuers.Enerflex calculates EBITDA as follows ($ thousands): 2003Income before interest and income taxes 36,504Depreciation and amortization 14,680EBITDA 51,184common share performanceindex (per $ invested, 1994 = 100)ENERFLEX 100 99 199 395 363 466 391 254 198 272TSE 100 112 141 159 154 200 212 183 157 19594 95 96 97 98 99 00 01 02 03Enerflex 2003 Annual Report70
corporate directoryDirectors and OfficersP. John AldredDirectorOfficer of the CorporationChairman, President andChief Executive OfficerEnerflex Systems Ltd.Calgary, AlbertaPatrick D. Daniel (1)DirectorPresident andChief Executive OfficerEnbridge, Inc.Calgary, AlbertaMichael A. Grandin (1)DirectorChairman andChief Executive OfficerFording Canadian Coal TrustCalgary, AlbertaDouglas J. HaugheyDirectorPresidentGas Transmission WestDuke Energy CorporationCalgary, AlbertaGeoffrey F. Hyland (2)DirectorPresident andChief Executive OfficerShawcor Ltd.Rexdale, OntarioJohn R. KingDirectorSenior Vice-PresidentTechnology Services GroupPrecision Drilling CorporationCalgary, AlbertaJ. Nicholas Ross (1)(2)DirectorChairman and Chief ExecutiveOfficerRover Capital CorporationToronto, OntarioHon. Barbara J. Sparrow (1)DirectorPresidentSparrow Holdings Ltd.Calgary, AlbertaRobert C. Williams (2)DirectorManaging DirectorEquity CapitalMarkets/SyndicationScotia Capital Inc.Toronto, OntarioJ. Blair GoertzenOfficer of the CorporationExecutive Vice-President andChief Operating OfficerRed Deer, AlbertaDale J. HohmOfficer of the CorporationVice-President andChief Financial OfficerCalgary, AlbertaKelly R. SmithOfficer of the CorporationVice-President,Production and ProcessingEdmonton, AlbertaYves J. TremblayOfficer of the CorporationVice-President, SyntechAirdrie, AlbertaSean R. UlmerOfficer of the CorporationVice-President, LeasingCalgary, AlbertaNote:(1) Member of Audit Committee(2) Member of Corporate Governance andCompensation CommitteeCorporate Office4700 47 Street SECalgary, AlbertaCanada T2B 3R1Tel: 1.403.236.6800Fax: 1.403.236.6816Email: ir@enerflex.comWebsite: www.enerflex.comEnerflex 2003 Annual Report71
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 and 10:
Today’s oil and gas producers are
Page 11 and 12:
financialhighlightsMichiel SapServi
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$515.5 million2002 reve
Page 39 and 40: In the last half of 2003, both indu
Page 41 and 42: Compression Services (formerly know
Page 43 and 44: maintaining a branch infrastructure
Page 45 and 46: LeasingOur Leasing business segment
Page 47 and 48: In the first half of 2002 the Compa
Page 49 and 50: Enerflex is a market leader in Cana
Page 51 and 52: InternationalInternationally, we fa
Page 53 and 54: management’s responsibilityfor fi
Page 55 and 56: consolidated balance sheetsDecember
Page 57 and 58: consolidated statements of cash flo
Page 59 and 60: Income Taxes - The Company uses the
Page 61 and 62: Note 5. PROPERTY, PLANT AND EQUIPME
Page 63 and 64: Note 9. RECONCILIATIONS OF NET INCO
Page 65 and 66: Note 12. GUARANTEES, COMMITMENTS AN
Page 67 and 68: Fair Values of Financial Assets and
Page 69: TEN-YEAR HISTORICAL REVIEW($ millio
Page 73 and 74: EnerflexTom ThulShop SupervisorComp
show all

2003 Annual Report - Enerflex

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?