Air Canada 2009 Annual Report Download - page 23

Download and view the complete annual report

Please find page 23 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
23
8. RESULTS OF OPERATIONS – FULL YEAR OF 2009 VERSUS FULL YEAR OF 2008
The following table and discussion compares the results of Air Canada for 2009 to its results for 2008.
(Canadian dollars in millions, except per
share fi gures)
Full Year Change
2009 2008 $ %
Operating revenues
Passenger $ 8,499 $ 9,713 $ (1,214) (12)
Cargo 358 515 (157) (30)
Other 882 854 28 3
9,739 11,082 (1,343) (12)
Operating expenses
Aircraft fuel 2,448 3,419 (971) (28)
Wages, salaries and benefi ts 1,751 1,877 (126) (7)
Airport and navigation fees 971 1,001 (30) (3)
Capacity purchase with Jazz 973 948 25 3
Depreciation and amortization 660 694 (34) (5)
Aircraft maintenance 759 659 100 15
Food, beverages and supplies 291 314 (23) (7)
Communications and information technology 293 286 7 3
Aircraft rent 335 279 56 20
Commissions 186 194 (8) (4)
Other 1,388 1,450 (62) (4)
10,055 11,121 (1,066) (10)
Operating loss before the undernoted item (316) (39) (277)
Provision for cargo investigations - (125) 125
Operating loss (316) (164) (152)
Non-operating income (expense)
Interest income 14 57 (43)
Interest expense (373) (319) (54)
Interest capitalized 4 37 (33)
Loss on assets (95) (34) (61)
Gain on fi nancial instruments recorded at fair value 95 92 3
Other - (3) 3
(355) (170) (185)
Loss before the following items (671) (334) (337)
Non-controlling interest (15) (12) (3)
Foreign exchange gain (loss) 657 (655) 1,312
Recovery of (provision for) income taxes 5 (24) 29
Loss for the period $ (24) $ (1,025) $ 1,001
EBITDAR before the provision for cargo investigations (1) $ 679 $ 934 $ (255)
EBITDAR (1) $ 679 $ 809 $ (130)
Loss per share - Basic and diluted $ (0.18) $ (10.25) $ 10.07
(1) See section 21 “Non-GAAP Financial Measures” in this MD&A for a reconciliation of EBITDAR before the provision for cargo investigations and proceedings to operating
income (loss) and EBITDAR to operating income (loss).