Westjet 2005 Annual Report Download - page 44

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42
YOUR OWNERS’ MANUAL
Years ended December 31, 2005 and 2004
(Stated in Thousands of Dollars)
2005 2004
Cash provided by (used in):
Operating activities:
Net earnings (loss) $ 24,001 $ (17,168)
Items not involving cash:
Depreciation and amortization 106,624 126,338
Amortization of other liabilities (604) –
Amortization of hedge settlements 1,391 1,391
(Gain) loss on disposal of property and equipment 98 (63)
Stock-based compensation expense 17,604 12,305
Issued from treasury stock 17,705 –
Future income tax expense 35,341 5,963
202,160 128,766
Decrease in non-cash working capital 46,290 16,697
248,450 145,463
Financing activities:
Increase in long-term debt 256,385 429,890
Repayment of long-term debt (100,487) (75,819)
Increase in other liabilities 8,479 10,000
Issuance of common shares 21,094 13,949
Share issuance costs (215) (10)
Increase in other assets (14,350) (25,102)
Decrease in obligations under capital lease (5,846) (6,381)
165,060 346,527
Increase in non-cash working capital (837) –
164,223 346,527
Investing activities:
Aircraft additions (660,947) (546,242)
Aircraft disposals 404,583 –
Other property and equipment additions (46,095) (41,545)
Other property and equipment disposals 894 2,945
(301,565) (584,842)
Increase (decrease) in cash 111,108 (92,852)
Cash, beginning of year 148,532 241,384
Cash, end of year $ 259,640 $ 148,532
Cash is defined as cash and cash equivalents.
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
WestJet Airlines Ltd.