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    EFN   CA2861812014

ELEMENT FLEET MANAGEMENT CORP.

(EFN)
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Element Fleet Management : Q1 2021 - Financial Statements

05/11/2021 | 05:34pm EDT

Interim Condensed Consolidated Financial Statements

Element Fleet Management Corp.

March 31, 2021

Element Fleet Management Corp.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(unaudited, in thousands of Canadian dollars)

As at

As at

March 31,

December 31,

2021

2020

$

$

ASSETS

Cash

40,537

8,789

Restricted funds (note 6)

475,982

388,978

Finance receivables (note 3 and 16)

8,560,958

9,561,622

Equipment under operating leases (note 4)

2,129,823

2,157,227

Accounts receivable and other assets

220,874

226,952

Derivative financial instruments (note 16)

41,951

53,629

Property, equipment and leasehold improvements, net

105,985

112,352

Intangible assets, net

812,392

814,378

Deferred tax assets

433,633

444,120

Goodwill

1,211,572

1,223,341

14,033,707

14,991,388

LIABILITIES AND SHAREHOLDERS' EQUITY

Liabilities

Accounts payable and accrued liabilities

972,148

1,062,610

Derivative financial instruments (note 16)

50,376

68,282

Borrowings (note 6)

9,104,052

9,864,336

Convertible debentures (note 7 and 16)

155,440

154,267

Deferred tax liabilities

61,706

57,776

10,343,722

11,207,271

Shareholders' equity (note 8)

3,689,985

3,784,117

14,033,707

14,991,388

See accompanying notes

On behalf of the Board:

DirectorDirector

Element Fleet Management Corp.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands of Canadian dollars, except for per share amounts)

Three-month

Three-month

period ended

period ended

March 31, 2021

March 31, 2020

$

$

NET REVENUE

Interest income, net (note 10)

104,111

140,682

Rental revenue and other (note 10)

172,995

174,455

Depreciation of equipment under operating leases (note 4)

(111,892)

(114,820)

165,214

200,317

Interest expense

54,194

105,012

Net financing revenue

111,020

95,305

Fleet service revenue (note 10)

125,814

136,321

Direct costs of fixed rate service contracts (note 10)

(11,325)

(10,474)

Servicing income, net

114,489

125,847

Syndication revenue, net (note 10)

23,089

26,087

Net revenue

248,598

247,239

OPERATING EXPENSES

Salaries, wages and benefits

73,625

75,470

General and administrative expenses

27,146

31,791

Depreciation and amortization (note 15)

10,526

10,656

Amortization of convertible debenture discount (note 7)

872

2,555

Share-based compensation (note 9)

5,240

5,437

117,409

125,909

OTHER EXPENSES

Amortization of intangible assets from acquisitions

8,906

10,223

Restructuring and transformation costs (note 17)

-

14,995

(Gain) loss on investments

(2,801)

57

Income before income taxes from operations

125,084

96,055

Provision for income taxes

29,555

16,697

Net income for the period

95,529

79,358

Basic earnings per share (note 12)

$

0.20

$

0.16

Diluted earnings per share (note 12)

$

0.20

$

0.16

See accompanying notes

Element Fleet Management Corp.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited, in thousands of Canadian dollars)

Three-month

Three-month

period ended

period ended

March 31, 2021

March 31, 2020

$

$

Net income for the period

95,529

79,358

OTHER COMPREHENSIVE LOSS

Items that may be reclassified subsequently to profit or loss:

Cash flow and foreign exchange hedges gain (loss)

9,498

(42,467)

Net unrealized foreign exchange (loss) gain

(76,595)

107,512

(67,097)

65,045

Provision for (recovery of) income taxes

2,510

(11,265)

Total other comprehensive (loss) income

(69,607)

76,310

Comprehensive income for the period

25,922

155,668

See accompanying notes

Element Fleet Management Corp.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

(unaudited, in thousands of Canadian dollars)

Balance, December 31, 2020 Comprehensive income (loss) for the period Dividends - Preferred shares (note 8) Dividends - Common shares (note 8) Options exercised (notes 8 and 9)

Shares repurchased for cancellation (note 8) Employee stock option expense (note 9) Balance, March 31, 2021

Balance, December 31, 2019 Comprehensive income for the period Dividends - Preferred shares (note 8) Dividends - Common shares (note 8) Options exercised (notes 8 and 9)

Issuance of shares, net of share issue costs (note 8) Employee stock option expense (note 9)

Balance, March 31, 2020

Common share

Preferred share

Equity component

Contributed

Retained earnings

Accumulated other

Total shareholders'

of convertible

comprehensive

capital

capital

debentures

surplus (deficit)

(deficit)

income (loss)

equity

$

$

$

$

$

$

$

3,180,379

511,869

59,603

51,788

(64,057)

44,535

3,784,117

-

-

-

-

95,529

(69,607)

25,922

-

-

-

-

(8,103)

-

(8,103)

-

-

-

-

(28,259)

-

(28,259)

29,300

-

-

(8,681)

-

-

20,619

(56,814)

-

-

(47,668)

-

-

(104,482)

-

-

-

171

-

-

171

3,152,865

511,869

59,603

(4,390)

(4,890)

(25,072)

3,689,985

3,127,714

680,412

59,603

68,754

(217,900)

94,062

3,812,645

-

-

-

-

79,358

76,310

155,668

-

-

-

-

(10,906)

-

(10,906)

-

-

-

-

(19,834)

-

(19,834)

9,539

-

-

(4,055)

-

-

5,484

4,884

-

-

-

-

-

4,884

-

-

-

337

-

-

337

3,142,137

680,412

59,603

65,036

(169,282)

170,372

3,948,278

See accompanying notes

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Element Fleet Management Corporation published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2021 21:33:03 UTC.


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Financials
Sales 2021 963 M 767 M 767 M
Net income 2021 325 M 259 M 259 M
Net Debt 2021 - - -
P/E ratio 2021 19,1x
Yield 2021 1,89%
Capitalization 5 897 M 4 696 M 4 699 M
Capi. / Sales 2021 6,13x
Capi. / Sales 2022 6,34x
Nbr of Employees 2 500
Free-Float 99,8%
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Technical analysis trends ELEMENT FLEET MANAGEMENT CORP.
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 14,16 CAD
Average target price 17,28 CAD
Spread / Average Target 22,0%
EPS Revisions
Managers and Directors
Jay A. Forbes President, Chief Executive Officer & Director
Frank A. Ruperto Chief Financial Officer & Executive VP
David F. Denison Chairman
Vineet Gupta Chief Technology Officer & Executive VP
James R. Halliday Chief Operating Officer & Executive Vice President