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WESTJET ANNUAL REPORT 2007 PAGE 45
WestJet Airlines Ltd.
Years ended December 31
(Stated in thousands of Canadian dollars)
CONSOLIDATED STATEMENT OF CASH FLOWS
2007 2006
Cash fl ows from (used in):
Operating activities:
Net earnings $ 192,833 $ 114,676
Items not involving cash:
Depreciation and amortization 127,223 111,442
Amortization of other liabilities (897) (868)
Amortization of hedge settlements 1,400 1,427
Net realized loss on cash fl ow hedge 18 —
Loss on disposal of property and equipment and aircraft parts (note 3) 32,773 394
Stock-based compensation expense (notes 9(e), (g) and (h)) 20,058 21,205
Future income tax expense 41,775 46,635
Unrealized foreign exchange loss (gain) 13,813 (346)
Decrease in non-cash working capital (note 10(a)) 112,069 43,707
541,065 338,272
Financing activities:
Increase in long-term debt 141,178 418,581
Repayment of long-term debt (156,516) (132,559)
Decrease in obligations under capital lease (356) (480)
Share issuance costs (note 9(b)) — (10)
Shares repurchased (note 9(b)) (21,250) —
Issuance of common shares (note 9(b)) 1,551 —
Increase in other assets (20,897) (27,830)
Increase in non-cash working capital (3,000) (1,071)
(59,290) 256,631
Investing activities:
Aircraft additions (191,437) (438,906)
Aircraft disposals 1,975 3,822
Other property and equipment additions (24,639) (43,590)
Other property and equipment disposals 13,819 1,611
(200,282) (477,063)
Cash fl ow from operating, fi nancing and investing activities 281,493 117,840
Effect of exchange rate on cash (5,452) 37
Net change in cash 276,041 117,877
Cash, beginning of year 377,517 259,640
Cash, end of year $ 653,558 $ 377,517
Cash is defi ned as cash and cash equivalents. See note 10 for additional cash information.
The accompanying notes are an integral part of the consolidated fi nancial statements.