Air Canada 2014 Annual Report Download - page 23
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23
2014 Management’s Discussion and Analysis 23
2014 Management’s Discussion and Analysis
6. RESULTS OF OPERATIONS –
FULL YEAR 2014 VERSUS FULL YEAR 2013
The following table and discussion compares results of Air Canada for the full year of 2014 versus the full year
of 2013.
CANADIAN DOLLARS IN MILLIONS,
EXCEPT PER SHARE FIGURES
FULL YEAR CHANGE
2014 2013 $ %
OPERATING REVENUES
Passenger $ 11,804 $ 11,021 $ 783 7
Cargo 502 474 28 6
Other 966 887 79 9
TOTAL REVENUES 13,272 12,382 890 7
OPERATING EXPENSES
Aircraft fuel 3,747 3,534 213 6
Wages, salaries and benefits (1) 2,282 2,247 35 2
Benefit plan amendments (2) - (82) 82 100
Capacity purchase agreements 1,182 1,123 59 5
Airport and navigation fees 1,031 983 48 5
Aircraft maintenance 728 632 96 15
Sales and distribution costs 672 613 59 10
Depreciation, amortization and impairment (3) 543 578 (35) (6)
Ground package costs 377 327 50 15
Aircraft rent 313 318 (5) (2)
Food, beverages and supplies 309 289 20 7
Communications and information technology 204 190 14 7
Other (4) 1,069 1,011 58 6
TOTAL OPERATING EXPENSES 12,457 11,763 694 6
OPERATING INCOME 815 619 196
NON-OPERATING INCOME (EXPENSE)
Foreign exchange loss (307) (120) (187)
Interest income 39 32 7
Interest expense (5) (322) (397) 75
Interest capitalized 30 46 (16)
Net financing expense relating to employee benefits (134) (208) 74
Fuel and other derivatives (1) 37 (38)
Other (15) (7) (8)
TOTAL NON-OPERATING EXPENSE (710) (617) (93)
INCOME BEFORE INCOME TAXES 105 2103
Income taxes - 8 (8)
NET INCOME $ 105 $ 10 $ 95
NET INCOME PER SHARE – DILUTED $ 0.34 $ 0.02 $ 0.32
EBITDAR, EXCLUDING THE IMPACT OF BENEFIT PLAN
AMENDMENTS (2)(6) $ 1,671 $ 1,433 $ 238
EBITDAR (6) $ 1,671 $ 1,515 $ 156
ADJUSTED NET INCOME (7) $ 531 $ 340 $ 191
ADJUSTED NET INCOME PER SHARE – DILUTED (7) $ 1.81 $ 1.20 $ 0.61
1 In 2014, one-time payments totaling $30 million were made to ACPA members under a collective agreement concluded in October 2014.
2 In 2013, Air Canada recorded an operating expense reduction of $82 million related to amendments to defined benefit pension plans.
3 In 2013, Air Canada recorded impairment charges amounting to $30 million.
4 In 2014, Air Canada recorded favourable tax-related provision adjustments of $41 million.
5 In 2013, Air Canada recorded an interest charge of $95 million related to the purchase of its senior secured notes due in 2015 and 2016.
6 EBITDAR is a non-GAAP financial measure. Refer to section 20 “Non-GAAP Financial Measures” of this MD&A for additional information.
7 Adjusted net income (loss) and adjusted net income (loss) per share – diluted are non-GAAP financial measures. Refer to section 20 “Non-GAAP Financial Measures” of this MD&A for
additional information.