Air Canada 2007 Annual Report Download - page 81

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Consolidated Financial Statements and Notes
81
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
For the year ended December 31
(Canadian dollars in millions) 2007 2006
(Note 3)
Common shares
Beginning of year $ 562 $ -
Issue of common shares, net Note 3 - 187
Conversion of Special common shares and Preferred shares into Common shares Note 3 - 375
End of year 562 562
Special common shares
Beginning of year - 325
Conversion of Special common shares into Common shares Note 3 - (325 )
End of year - -
Adjustment to shareholders’ equity Note 13 (288 ) (288 )
Total share capital 274 274
Contributed surplus
Balance, beginning of year 1,693 1,037
Fair value of stock options issued to Corporation employees
recognized as compensation expense Note 12
15 6
Contribution from ACE on transfer of investments Note 3 - 1,156
Allocation of corporate costs Note 3 - 11
Allocation of reduction to intangible assets Note 9 - (340 )
Utilization of future income tax assets Note 9 - (177 )
Purchase of Air Canada Vacations and other assets from parent Notes 1 & 19 (14 ) -
Proceeds from Repair Schemes and Non-Compete Agreement with ACTS Note 20 15 -
Deconsolidation of Jazz Note 1 82 -
Total contributed surplus 1,791 1,693
Retained earnings (defi cit)
Balance, beginning of year (115 ) (41 )
Cumulative effect of adopting new accounting policies Note 2M 8 -
(107 ) (41 )
Net income (loss) for the year 429 (74 )
Retained earnings 322 (115 )
Accumulated other comprehensive income (loss)
Balance, beginning of year - -
Cumulative effect of adopting new accounting policies Note 2M (26 ) -
Other comprehensive income 82 -
Total accumulated other comprehensive income 56 -
Total retained earnings and accumulated other comprehensive income 378 (115 )
Total shareholders’ equity $ 2,443 $ 1,852
The accompanying notes are an integral part of the consolidated fi nancial statements.