Air Canada 2011 Annual Report Download - page 140
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2011 Air Canada Annual Report
140
Reconciliation of the Consolidated Statement of Operations as previously reported under Canadian GAAP to IFRS
Year ended December 31, 2010
(Canadian dollars in millions except per share figures) Canadian GAAP(1) Adjustment IFRS
Operating revenues
Passenger $ 9,427 $ $ 9,427
Cargo 466 466
Other 893 893
Total revenues 10,786 – 10,786
Operating expenses
Aircraft fuel 2,652 2,652
Wages, salaries and benefits Note ii 1,885 28 1,913
Airport and navigation fees 961 961
Capacity purchase agreements 971 971
Depreciation, amortization and impairment Note iii & v 679 122 801
Aircraft maintenance Note iii & vi 682 (28) 654
Sales and distribution costs 581 581
Food, beverages and supplies 279 279
Communications and information technology 195 195
Aircraft rent Note iv 346 7 353
Other 1,194 – 1,194
Total operating expenses 10,425 129 10,554
Operating income before exceptional item 361 (129) 232
Provision adjustment for cargo investigations, net 46 46
Operating income 407 (129) 278
Non-operating income (expense)
Foreign exchange gain Note i, ii & vi 145 39 184
Interest income 19 19
Interest expense Note i (378) (19) (397)
Net financing expense relating to employee benefit liabilities Note ii – (75) (75)
Interest capitalized 1 1
Loss on assets Note iii (7) 6 (1)
Loss on financial instruments recorded at fair value (3) (3)
Other Note vi (20) (11) (31)
(243) (60) (303)
Income (loss) before the following items 164 (189) (25)
Non-controlling interest Note i (9) 9 –
Recovery of (provision for) income taxes
Current 4 4
Deferred Note v (52) 49 (3)
Net income (loss) for the year $107 $(131) $ (24)
(1) Air Canada revised the presentation of certain operating expenses on the statement of operations for the year ended December 31, 2010 to conform to current year
presentation. These revisions include a new expense line category within operating expenses referred to as Sales and distribution costs which includes sales commissions,
credit card fees and other sales and distribution costs, including fees paid to global distribution system providers. The expense line category related to Capacity purchase
agreements has been expanded to include fees paid under all capacity purchase arrangements, including those paid to Jazz and those paid to other carriers operating
flights on behalf of Air Canada under commercial agreements.