Air Canada 2013 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 and Key Assumptions .................................................................................................................................................. 6
3. About Air Canada ................................................................................................................................................................................. 7
4. Strategy .................................................................................................................................................................................................. 8
5. Overview .............................................................................................................................................................................................. 17
6. Results of Operations – Full Year 2013 versus Full Year 2012 ............................................................................................... 20
7. Results of Operations – Fourth Quarter 2013 versus Fourth Quarter 2012 ........................................................................ 29
8. Fleet ...................................................................................................................................................................................................... 40
9. Financial and Capital Management ............................................................................................................................................... 43
9.1. Liquidity ..................................................................................................................................................................................... 43
9.2. Financial Position ..................................................................................................................................................................... 43
9.3. Adjusted Net Debt ................................................................................................................................................................... 44
9.4. Working Capital ....................................................................................................................................................................... 45
9.5. Consolidated Cash Flow Movements .................................................................................................................................. 45
9.6. Capital Expenditures and Related Financing Arrangements .......................................................................................... 46
9.7. Pension Funding Obligations ................................................................................................................................................. 47
9.8. Contractual Obligations ......................................................................................................................................................... 49
9.9. Share Information .................................................................................................................................................................... 52
10. Quarterly Financial Data .................................................................................................................................................................. 53
11. Selected Annual Information .......................................................................................................................................................... 55
12. Financial Instruments and Risk Management .............................................................................................................................. 56
13. Critical Accounting Estimates ......................................................................................................................................................... 59
14. Accounting Policies ........................................................................................................................................................................... 62
15. Off-Balance Sheet Arrangements ................................................................................................................................................... 63
16. Related Party Transactions .............................................................................................................................................................. 65
17. Sensitivity of Results ......................................................................................................................................................................... 66
18. Risk Factors ......................................................................................................................................................................................... 67
19. Controls and Procedures .................................................................................................................................................................. 77
20. Non-GAAP Financial Measures ....................................................................................................................................................... 78
21. Glossary ................................................................................................................................................................................................ 82
Statement of Management’s Responsibility for Financial Reporting ............................................................................................. 84
Independent Auditor’s Report ................................................................................................................................................................. 85
Consolidated Financial Statements and Notes ................................................................................................................................... 86
Officers and Directors ............................................................................................................................................................................ 146
Investor and Shareholder Information ............................................................................................................................................... 147
Official Languages at Air Canada ........................................................................................................................................................ 147
Corporate Profile ..................................................................................................................................................................................... 148