Air Canada 2007 Annual Report Download - page 79

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Consolidated Financial Statements and Notes
79
CONSOLIDATED STATEMENT OF OPERATIONS
For the year ended December 31
(Canadian dollars in millions except per share fi gures) 2007* 2006
(Note 3)
Operating revenues
Passenger $ 9,329 $ 8,887
Cargo 550 629
Other 720 651
10,599 10,167
Special charge for Aeroplan Miles Note 22 - (102 )
10,599 10,065
Operating expenses
Wages, salaries and benefi ts 2,059 2,127
Aircraft fuel 2,553 2,545
Aircraft rent 323 441
Airport and navigation fees 1,021 982
Aircraft maintenance, materials and supplies 799 855
Communications and information technology 277 278
Food, beverages and supplies 319 335
Depreciation, amortization and obsolescence Notes 4, 6 & 15 557 514
Commissions 201 237
Capacity purchase with Jazz Note 19 537 -
Special charge for labour restructuring Note 11 - 20
Other 1,458 1,472
10,104 9,806
Operating income 495 259
Non-operating income (expense)
Interest income 94 87
Interest expense (351 ) (321 )
Interest capitalized 108 61
Gain (loss) on disposal of assets Note 4 19 (6 )
Gain (loss) on fi nancial instruments recorded at fair value Note 17 26 (18 )
Other (18 ) 1
(122 ) (196 )
Income before the following items 373 63
Non-controlling interest (71 ) (152 )
Foreign exchange gain 317 12
Recovery of (provision for) income taxes
Current Note 9 (16 ) -
Future Note 9 (174 ) 3
Income (loss) for the year $ 429 $ (74 )
Earnings (loss) per share
Basic Note 14 $ 4.29 $ (0.83 )
Diluted Note 14 $ 4.27 $ (0.83 )
* Effective May 24, 2007, the results and fi nancial position of Jazz are not consolidated within Air Canada (Note 1).
The accompanying notes are an integral part of the consolidated fi nancial statements.