Air Canada 2010 Annual Report Download - page 37
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2010 Management’s Discussion and Analysis
37
At December 31, 2010, adjusted net debt and non-controlling interest decreased $800 million from December 31, 2009,
mainly due to positive free cash flow of $746 million recorded in 2010, resulting in an increase in unrestricted cash balances
of $785 million during 2010. Refer to section 9.5 of this MD&A for additional information on Air Canada’s cash flow
movements. The adjusted net debt and non-controlling interest to adjusted net debt and non-controlling interest plus
equity ratio for Air Canada at December 31, 2010, was 74.3%, an improvement of 5.8 percentage points from December
31, 2009.