Air Canada 2008 Annual Report Download - page 90

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2008 Air Canada Annual Report
90
CONSOLIDATED STATEMENT OF CASH FLOW
FortheyearendedDecember31
(Canadian dollars in millions)
2008 2007*
Cashowsfrom(usedfor)
Operating
Income (loss) for the year $ (1,025) $ 429
Adjustments to reconcile to net cash from operations
Depreciation and amortization 694 557
Loss (gain) on disposal of assets 34 (19)
Foreign exchange (gain) loss 822 (387)
Future income taxes 23 174
Excess of employee future benefit funding over expense (316 ) (205)
Provision for cargo investigations Note 17 125 -
Non-controlling interest 12 71
Fuel and other derivatives Note 15 (208) (3)
Fuel hedge collateral deposits, net Note 15 (322) -
Changes in non-cash working capital balances 117 (85)
Other (58) 5
(102) 537
Financing
Borrowings Note 6 871 1,914
Distributions paid to non-controlling interest - (54)
Reduction of long-term debt and capital lease obligations (992 ) (504)
Other Notes 6 & 18 5 (16)
(116) 1,340
Investing
Short-term investments 206 86
Additions to capital assets (883) (2,714)
Proceeds from sale of assets Note 3 38 119
Proceeds from sale-leaseback transactions Note 3 708 -
Funding of Aveos letter of credit Note 5 59 (101)
Deconsolidation of Jazz cash Note 2d - (138)
Other Note 15 62 (49)
190 (2,797)
Decrease in cash and cash equivalents (28 ) (920)
Cash and cash equivalents, beginning of year 527 1,447
Cash and cash equivalents, end of year $ 499 $ 527
* Effective May 24, 2007, the results and financial position of Jazz are not consolidated within Air Canada (Note 1).
Cash and cash equivalents exclude Short-term investments of $506 as at December 31, 2008 (2007 - $712).
The accompanying notes are an integral part of the consolidated financial statements.