Air Canada 2012 Annual Report Download - page 88

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2012 Air Canada Annual Report
88
CONSOLIDATED STATEMENT OF CASH FLOW
For the year ended December 31 2012 2011
(Canadian dollars in millions)
Cash flows from (used for)
Operating
Net income (loss) $ 131 $ (249)
Adjustments to reconcile to net cash from operations
Depreciation, amortization and impairment 678 728
Foreign exchange (gain) loss (96) 72
Excess of employee benefit funding over expense (197) (153)
Benefit plan amendments (124) –
Fuel and other derivatives Note 17 (36) 36
Loss on investments in Aveos Note 19 65 –
Discontinued operations – Aveos Note 19 29 –
Change in maintenance provisions (2) 94
Changes in non-cash working capital balances 220 60
Provision for cargo investigations Note 18 (8) (29)
Other (11) 17
Net cash flows from operating activities 649 576
Financing
Proceeds from borrowings Note 8 126 232
Reduction of long-term debt and finance lease obligations (442) (608)
Shares purchased for cancellation (5) –
Distributions related to aircraft special purpose leasing entities (16) (52)
Net cash flows used in financing activities (337) (428)
Investing
Short-term investments (22) (139)
Additions to property, equipment and intangible assets (462) (220)
Proceeds from sale of assets Note 4 & 17 50 6
Other 32 (37)
Net cash flows used in investing activities (402) (390)
Decrease in cash and cash equivalents (90) (242)
Cash and cash equivalents, beginning of year 848 1,090
Cash and cash equivalents, end of year $758 $ 848
The accompanying notes are an integral part of the consolidated financial statements.