Air Canada 2007 Annual Report Download - page 9

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Management’s Discussion and Analysis of Results and Financial Condition
9
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Air Canada’s public communications may include written or oral forward looking statements within the meaning
of applicable securities laws. Such statements are included in this MD&A and may be included in other fi lings with
regulatory authorities and securities regulators. Forward-looking statements relate to analyses and other information
that are based on forecasts of future results and estimates of amounts not yet determinable. These statements may
involve, but are not limited to, comments relating to strategies, expectations, planned operations or future actions.
These forward-looking statements are identifi ed by the use of terms and phrases such as “anticipate”, “believe”, “could”,
“estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and phrases, including
references to assumptions.
Forward-looking statements, by their nature, are based on assumptions, including those described below, and are subject
to important risks and uncertainties. Any forecasts or forward-looking predictions or statements cannot be relied upon
due to, amongst other things, changing external events and general uncertainties of the business. Results indicated in
forward-looking statements may differ materially from actual results due to a number of factors, including without
limitation, energy prices, general industry, market and economic conditions, currency exchange and interest rates,
competition, war, terrorist attacks, epidemic diseases, insurance issues and costs, changes in demand due to the seasonal
nature of the business, the ability to reduce operating costs, employee and labour relations, pension issues, supply
issues, changes in laws, regulatory developments or proceedings, pending and future litigation and actions by third
parties as well as the factors identifi ed throughout this MD&A and, in particular, those identifi ed in the “Risk Factors”
section (Section 17) of this MD&A. The forward-looking statements contained in this MD&A represent the Corporation’s
expectations as of the date of this MD&A and are subject to change after such date. However, the Corporation disclaims
any intention or obligation to update or revise any forward-looking statements whether as a result of new information,
future events or otherwise, except as required under applicable securities regulations.
Assumptions were made by Air Canada in preparing and making forward-looking statements. In addition
to other assumptions contained in this MD&A, Air Canada has assumed that growth in North America and
globally will slow in 2008 but that an economic recession will not take place, despite an increasing risk of one in
the United States. Air Canada has also assumed that the Canadian dollar will trade, on average, at par with the
US dollar in the fi rst quarter 2008 and throughout the full year 2008 and that the price of fuel will average
76 cents per litre in the fi rst quarter of 2008 and 74 cents per litre for the full year 2008 (both net of current hedging
positions).