Air Canada 2011 Annual Report Download - page 3
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3
TABLE OF CONTENTS
1. Highlights ............................................................................................................................................................................................... 2
Message from the President and Chief Executive Officer .................................................................................................................. 4
Management’s Discussion and Analysis .................................................................................................................................................. 6
2.Introduction .......................................................................................................................................................................................... 6
3.About Air Canada ................................................................................................................................................................................. 8
4.Strategy .................................................................................................................................................................................................. 9
5.Overview .............................................................................................................................................................................................. 12
6.Results of Operations – Full Year 2011 versus Full Year 2010 ............................................................................................... 13
7.Results of Operations – Fourth Quarter 2011 versus Fourth Quarter 2010 ........................................................................ 23
8.Fleet ...................................................................................................................................................................................................... 34
9.Financial and Capital Management ............................................................................................................................................... 36
9.1.Liquidity ..................................................................................................................................................................................... 36
9.2.Financial Position ..................................................................................................................................................................... 36
9.3.Adjusted Net Debt ................................................................................................................................................................... 37
9.4.Working Capital ....................................................................................................................................................................... 38
9.5.Consolidated Cash Flow Movements .................................................................................................................................. 39
9.6.Capital Expenditures and Related Financing Arrangements .......................................................................................... 40
9.7.Contractual Obligations ......................................................................................................................................................... 41
9.8.Pension Funding Obligations ................................................................................................................................................. 42
9.9.Share Information .................................................................................................................................................................... 43
10.Quarterly Financial Data .................................................................................................................................................................. 45
11.Selected Annual Information .......................................................................................................................................................... 47
12.Financial Instruments and Risk Management .............................................................................................................................. 48
13.Critical Accounting Estimates ......................................................................................................................................................... 52
14.Accounting Policies ........................................................................................................................................................................... 56
14.1.Future Accounting Standards ................................................................................................................................................ 56
15.Off-Balance Sheet Arrangements ................................................................................................................................................... 58
16.Related Party Transactions .............................................................................................................................................................. 60
17.Sensitivity of Results ......................................................................................................................................................................... 61
18.Risk Factors ......................................................................................................................................................................................... 62
19.Controls and Procedures .................................................................................................................................................................. 71
20.Non-GAAP Financial Measures ....................................................................................................................................................... 72
21.Glossary ................................................................................................................................................................................................ 74
Management’s Report ............................................................................................................................................................................... 75
Independent Auditor’s Report ................................................................................................................................................................. 76
Consolidated Financial Statements and Notes ................................................................................................................................... 77
Officers and Directors ............................................................................................................................................................................ 148
Investor and Shareholder Information ............................................................................................................................................... 149
Official Languages at Air Canada ........................................................................................................................................................ 149
Corporate Profile ..................................................................................................................................................................................... 150