Air Canada 2009 Annual Report Download - page 15

Download and view the complete annual report

Please find page 15 of the 2009 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 146

  • 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
  • 145
  • 146

2009 Management’s Discussion and Analysis
15
7. RESULTS OF OPERATIONS – FOURTH QUARTER OF 2009 VERSUS FOURTH QUARTER OF 2008
The following table and discussion compares the results of Air Canada for the fourth quarter of 2009 to its results for the
fourth quarter of 2008.
(Canadian dollars in millions, except per share fi gures)
Fourth Quarter Change
2009 2008 $ %
Operating revenues
Passenger $ 2,030 $ 2,182 $ (152) (7)
Cargo 110 113 (3) (3)
Other 208 203 5 2
2,348 2,498 (150) (6)
Operating expenses
Aircraft fuel 601 792 (191) (24)
Wages, salaries and benefi ts 418 444 (26) (6)
Airport and navigation fees 228 230 (2) (1)
Capacity purchase with Jazz 227 237 (10) (4)
Depreciation and amortization 165 174 (9) (5)
Aircraft maintenance 202 157 45 29
Food, beverages and supplies 69 70 (1) (1)
Communications and information technology 64 72 (8) (11)
Aircraft rent 85 80 5 6
Commissions 46 40 6 15
Other 326 348 (22) (6)
2,431 2,644 (213) (8)
Operating loss (83) (146) 63
Non-operating income (expense)
Interest income 2 11 (9)
Interest expense (87) (88) 1
Interest capitalized - 6 (6)
Loss on assets (25) (5) (20)
Gain on fi nancial instruments recorded at fair value 22 32 (10)
Other 5 - 5
(83) (44) (39)
Loss before the following items (166) (190) 24
Non-controlling interest (4) (4) -
Foreign exchange gain (loss) 108 (527) 635
Recovery of (provision for) income taxes 6 (6) 12
Loss for the period $ (56) $ (727) $ 671
EBITDAR (1) $ 167 $ 108 $ 59
Loss per share - Basic and diluted $ (0.25) $ (7.27) $ 7.02
(1) See section 21 “Non-GAAP Financial Measures” in this MD&A for a reconciliation of EBITDAR to operating income (loss).