Air Canada 2008 Annual Report Download - page 89

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Consolidated Financial Statements and Notes
89
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FortheyearendedDecember31
(Canadian dollars in millions) 2008 2007*
Share Capital
Common shares $ 274 $ 274
Total share capital 274 274
Contributedsurplus
Balance, beginning of year 1,791 1,693
Fair value of stock options issued to Corporation employees
recognized as compensation expense (recovery) Note 10
(5) 15
Proceeds from intercompany agreements Note 18 11 15
Purchase of Air Canada Vacations Note 18 - (14)
Deconsolidation of Jazz Note 2d - 82
Totalcontributedsurplus 1,797 1,791
Retained earnings (deficit)
Balance, beginning of year 322 (107)
Net income (loss) for the year (1,025) 429
Total retained earnings (deficit) (703) 322
Accumulated other comprehensive income (loss)
Balance, beginning of year 56 (26)
Other comprehensive income (loss) (662) 82
Total accumulated other comprehensive income (loss) (606) 56
Total retained earnings (deficit) and accumulated
other comprehensive income (loss) (1,309) 378
Total shareholders’ equity $ 762 $ 2,443
* Effective May 24, 2007, the results and financial position of Jazz are not consolidated within Air Canada (Note 1).
The accompanying notes are an integral part of the consolidated financial statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (LOSS)
FortheyearendedDecember31
(Canadian dollars in millions)
2008 2007*
Comprehensive income (loss)
Income (loss) for the year $ (1,025) $ 429
Other comprehensive income (loss), net of taxes:
Net gains (losses) on fuel derivatives under hedge accounting
(net of taxes of 2008 - nil and 2007 - ($39)) Note 15 (605) 107
Reclassification of net realized gains on fuel derivatives to income
(net of taxes of 2008 - $22 and 2007 - $11) Note 15 (57) (25)
(662) 82
Total comprehensive income (loss) $ (1,687) $ 511
* Effective May 24, 2007, the results and financial position of Jazz are not consolidated within Air Canada (Note 1).
The accompanying notes are an integral part of the consolidated financial statements