Westjet 2008 Annual Report Download - page 64

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60 WestJet 2008 Annual Report
consolidated statement
of cash fl ows
For the years ended December 31
(Stated in thousands of Canadian dollars)
2008 2007
Operating activities
Net earnings $ 178,135 $ 192,833
Items not involving cash:
Depreciation and amortization 136,485 127,223
Amortization of other liabilities (937) (897)
Amortization of hedge settlements 1,400 1,400
Unrealized loss on derivative instruments (note 11) 6,725 —
Loss on disposal of property, equipment and aircraft parts (note 5) 1,809 32,773
Stock-based compensation expense (note 8(e)(f)) 13,485 19,273
Future income tax expense 74,153 41,775
Unrealized foreign exchange loss (gain) (34,823) 13,813
Change in non-cash working capital (note 12(b)) 84,154 112,872
460,586 541,065
Financing activities
Increase in long-term debt 101,782 141,178
Repayment of long-term debt (179,397) (156,516)
Decrease in obligations under capital lease (375) (356)
Increase in other assets (4,135) (20,897)
Shares repurchased (note 8(b)) (29,420) (21,250)
Issuance of common shares (note 8(b)) 227 1,551
Change in non-cash working capital (4,111) (3,000)
(115,429) (59,290)
Investing activities
Aircraft additions (114,470) (191,437)
Aircraft disposals 84 1,975
Other property and equipment additions (90,663) (24,639)
Other property and equipment disposals 172 13,819
Change in non-cash working capital 5,147 —
(199,730) (200,282)
Cash fl ow from operating, fi nancing and investing activities 145,427 281,493
Effect of exchange rate on cash and cash equivalents 21,229 (5,452)
Net change in cash and cash equivalents 166,656 276,041
Cash and cash equivalents, beginning of year 653,558 377,517
Cash and cash equivalents, end of year $ 820,214 $ 653,558
Cash interest paid $ (76,604) $ (75,712)
Cash taxes received (paid) $ (2,305) $ 10,623
The accompanying notes are an integral part of the consolidated fi nancial statements.