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July 11, 2022 05:00:13 am

Enerflex Files Amended and Restated Financial Statements

CALGARY, Alberta, July 11, 2022 (GLOBE NEWSWIRE) -- Enerflex Ltd. (TSX:EFX) (Enerflex or the Company), announced today that it has identified matters which require the Company to make a restatement to reclassify certain amounts within the Statement of Cash Flows.

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 December 31, 2021, 2020, and the 2019 comparative period (the Amended Annual Statements), the unaudited interim financial statements for the three months ended March 31, 2022 (the Amended Quarterly Statement and together with the Amended Annual Statements, the Amended Statements), and related amended and restated management’s discussion and analysis (MD&A) for each period.

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 March 31, 2022As Previously
Reported
AmendmentAs Restated
Cash provided by/(used in) operating activities2,625 (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 currencies27 (1,359)(1,332)
Change in cash and cash equivalents over the quarter(39,544)- (39,544)
    
Three Months Ended March 31, 2021   
Cash provided by/(used in) operating activities59,951 (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 quarter14,966 - 14,966 
    
    
$ Canadian thousands   
Year Ended December 31, 2021As Previously
Reported
AmendmentAs Restated
Cash provided by/(used in) operating activities225,155 (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 year77,082 - 77,082 
    
    
Year Ended December 31, 2020As Previously
Reported
AmendmentAs Restated
Cash provided by/(used in) operating activities220,248 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 December 31, 2019   
Cash provided by/(used in) operating activities54,169 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 Enerflex
Enerflex is a single source supplier of natural gas compression, oil and gas processing, refrigeration systems, and electric power generation equipment – plus related engineering and mechanical service expertise. The Company’s broad in-house resources provide the capability to engineer, design, manufacture, construct, commission, operate, and service hydrocarbon handling systems. Enerflex’s expertise encompasses field production facilities, compression and natural gas processing plants, gas lift compression, refrigeration systems, and electric power equipment servicing the natural gas production industry.

Headquartered in Calgary, Canada, Enerflex has approximately 2,100 employees worldwide. Enerflex, its subsidiaries, interests in associates and joint-ventures operate in Canada, the United States, Argentina, Bolivia, Brazil, Colombia, Mexico, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Kuwait, Australia, New Zealand, Indonesia, Malaysia, and Thailand. Enerflex’s shares trade on the Toronto Stock Exchange under the symbol “EFX”. For more information about Enerflex, go to www.enerflex.com.

For investor and media inquiries, please contact:

Marc Rossiter Sanjay Bishnoi Stefan Ali 
President & Chief Executive OfficerSenior Vice President & Chief Financial OfficerVice President, Strategy and Investor Relations
Tel:  403.387.6325Tel: 403.236.6857Tel:  403.717.4953