Air Canada 2007 Annual Report Download - page 43

Download and view the complete annual report

Please find page 43 of the 2007 Air Canada annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 144

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144

Management’s Discussion and Analysis of Results and Financial Condition
43
8. QUARTERLY FINANCIAL DATA
Prior to May 24, 2007, Air Canada had two reportable segments: Air Canada Services (now referred to as Air Canada) and
Jazz. Segment information was used to allow for the separate presentation of Air Canada’s fi nancial results as this segment
was the primary focus of the Air Canada shareholders. Effective May 24, 2007, Air Canada no longer consolidates the
operations of Jazz. Refer to Note 15 “Segment Information” to Air Canada’s 2007 audited consolidated fi nancial statements
for additional information.
The table below summarizes quarterly fi nancial results and major operating statistics for Air Canada, excluding the
consolidation of Jazz operations, for the last eight quarters. The amounts in the table below include inter-segment revenues
and expenses.
($ millions, except per share fi gures)
Q1
2006
Q2
2006
Q3
2006
Q4
2006
Q1
2007
Q2
2007
Q3
2007
Q4
2007
Air Canada
Operating revenues $ 2,399 $ 2,583 $ 2,861 $ 2,423 $ 2,540 $ 2,639 $ 2,954 $ 2,513
Special charge for Aeroplan miles (1) - - (102 ) - - - - -
Operating revenues 2,399 2,583 2,759 2,423 2,540 2,639 2,954 2,513
Ownership (DAR) (2) (203 ) (208 ) (205 ) (218 ) (207 ) (211 ) (210 ) (202 )
Other operating expenses (2,320 ) (2,262 ) (2,424 ) (2,210 ) (2,411 ) (2,340 ) (2,393 ) (2,239 )
Operating expenses (3) (2,523 ) (2,470 ) (2,629 ) (2,428 ) (2,618 ) (2,551 ) (2,603 ) (2,441 )
Operating income (loss) (124 ) 113 130 (5 ) (78 ) 88 351 72
Total non-operating income (expense),
non-controlling interest, foreign exchange
gain (loss) and income tax (2 ) 39 (86 ) (139 ) 44 67 (78 ) (37 )
Net income (loss) $ (126 ) $ 152 $ 44 $ (144 ) $ (34 ) $ 155 $ 273 $ 35
Revenue passenger miles (millions) 11,240 12,248 14,345 11,160 11,814 12,580 14,789 11,446
Available seat miles (millions) 14,287 14,925 17,528 14,343 14,735 15,220 18,144 14,715
Passenger load factor (%) 78.7 82.1 81.8 77.8 80.2 82.7 81.5 77.8
Operating expense per available seat mile
(CASM) (cents) 17.6 16.5 15.0 16.9
17.7 16.7 14.3 16.6
CASM, excluding fuel expense (cents) (4) 13.7 12.3 10.7 12.9 13.8 12.6 10.4 12.4
CASM, excluding fuel expense and the special
charge for labour restructuring (cents) (4) 13.5 12.3 10.7 12.9 13.8 12.6 10.4 12.4
EBITDAR (4) $ 79 $ 321 $ 335 $ 213 $ 129 $ 299 $ 561 $ 274
EBITDAR (4), excluding special charges $ 107 $ 321 $ 437 $ 205 $ 129 $ 299 $ 561 $ 274
Earning (loss) per share
- Basic and diluted (5) $ (1.43 ) $ 1.72 $ 0.50 $ (1.55 ) $ (0.34 ) $ 1.55 $ 2.73 $ 0.35
(1) The third quarter of 2006 includes a special charge of $102 million in connection with Air Canada’s obligation for the redemption of pre-2002 Aeroplan miles.
(2) DAR refers to the combination of Aircraft rent and Depreciation, amortization and obsolescence expenses.
(3) The fi rst quarter of 2006 includes a special charge for labour restructuring of $28 million. The fourth quarter of 2006 includes a favourable adjustment of $8 million
relating to the special charge for labour restructuring recorded in the fi rst quarter of 2006.
(4) See section 19 “Non-GAAP Financial Measures” in this MD&A for additional information.
(5) Earnings per share – basic and diluted are the consolidated Air Canada fi gures as reported under GAAP.