Enerflex Files Amended and Restated Financial Statements

Enerflex Ltd.

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, 2022	As Previously Reported		Amendment		As Restated
Cash provided by/(used in) operating activities	2,625		(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 currencies	27		(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 activities	59,951		(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 quarter	14,966		-		14,966
$ Canadian thousands
Year Ended December 31, 2021	As Previously Reported		Amendment		As Restated
Cash provided by/(used in) operating activities	225,155		(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 year	77,082		-		77,082
Year Ended December 31, 2020	As Previously Reported		Amendment		As Restated
Cash provided by/(used in) operating activities	220,248		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 activities	54,169		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 Officer	Senior Vice President & Chief Financial Officer	Vice President, Strategy and Investor Relations
Tel:  403.387.6325	Tel: 403.236.6857	Tel:  403.717.4953