Air Canada 2014 Annual Report Download - page 22

Download and view the complete annual report

Please find page 22 of the 2014 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 140

  • 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

2222 2014 Annual Report
• A net loss of $100 million or $0.35 per diluted
share compared to a net loss of $6 million or
$0.02 per diluted share in the fourth quarter of
2013. The net loss in the fourth quarter of 2014
included foreign exchange losses of $115 million
and one-time payments totaling $30 million as
discussed above. The net loss in the fourth quarter
of 2013 included foreign exchange losses of
$55 million and the favourable impact of benefit
plan amendments of $82 million
• EBITDAR of $319 million compared to
EBITDAR (excluding the impact of benefit plan
amendments) of $277 million in the fourth
quarter of 2013, an increase of $42 million. In
the fourth quarter of 2014, as discussed above,
one-time payments totaling $30 million were
made to ACPA members. Air Canada previously
estimated that EBITDAR was negatively impacted
in December 2013 by $15 million as a result of
severe weather conditions. EBITDAR is a non-
GAAP financial measure. Refer to section 20
“Non-GAAP Financial Measures” of this MD&A
for additional information
• Adjusted net income of $67 million or $0.23 per
diluted share compared to adjusted net income of
$3 million or $0.01 per diluted share in the fourth
quarter of 2013, an improvement of $64 million or
$0.22 per diluted share. Adjusted net-income is a
non-GAAP financial measure. Refer to section 20
“Non-GAAP Financial Measures” of this MD&A for
additional information
• Negative free cash flow of $366 million,
$90 million less than 2013, driven by the
addition of two Boeing 787-8 aircraft, as well as
changes in non-cash working capital, particularly
the timing of fuel payments when compared to
the same quarter in 2013. Free cash flow (cash
flows from operating activities less additions
to property, equipment and intangible assets)
is a non-GAAP financial measure. Refer to
section 9.5 “Consolidated Cash Flow Movements”
of this MD&A for additional information