Air Canada 2014 Annual Report Download - page 3

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TABLE OF CONTENTS
1. Highlights 2
Message from the President and Chief Executive Officer 4
2. Introduction and Key Assumptions 7
3. About Air Canada 8
4. Strategy 10
5. Overview 20
6. Results of Operations – Full Year 2014 Versus Full Year 2013 23
7. Results of Operations – Fourth Quarter 2014 versus Fourth Quarter 2013 32
8. Fleet 44
9. Financial and Capital Management 47
9.1. Liquidity 47
9.2. Financial Position 47
9.3. Adjusted Net Debt 48
9.4. Working Capital 49
9.5. Consolidated Cash Flow Movements 50
9.6. Capital Expenditures and Related Financing Arrangements 51
9.7. Pension Funding Obligations 52
9.8. Contractual Obligations 54
9.9. Share Information 56
10. Quarterly Financial Data 57
11. Selected Annual Information 58
12. Financial Instruments and Risk Management 59
13. Critical Accounting Estimates 62
14. Accounting Policies 65
15. Off-Balance Sheet Arrangements 65
16. Related Party Transactions 66
17. Sensitivity of Results 67
18. Risk Factors 68
19. Controls and Procedures 78
20. Non-GAAP Financial Measures 79
21. Glossary 83
Statement of Management’s Responsibility for Financial Reporting 86
Independent Auditor’s Report 87
Consolidated Financial Statements and Notes 88
Officers and Directors 138
Investor and Shareholder Information 139
Official Languages at Air Canada 139
Corporate Profile 140