Westjet 2009 Annual Report Download - page 81

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WestJet 2009 Annual Report 51
CONSOLIDATED STATEMENT
OF CASH FLOWS
For the years ended December 31
(Stated in thousands of Canadian dollars)
2009 2008
Restated – see note 2
Operating activities:
Net earnings $ 98,178 $ 178,506
Items not involving cash:
Depreciation and amortization 141,303 136,485
Amortization of other liabilities (7,595) (937)
Amortization of hedge settlements 1,400 1,400
Unrealized (gain) loss on derivative instruments (2,406) 6,725
Issuance of shares pursuant to employee share purchase plan 11,071 —
Loss on disposal of property and equipment 1,504 1,809
Stock-based compensation expense 13,440 13,485
Income tax credit receivable (1,952) —
Future income tax expense 35,928 73,694
Unrealized foreign exchange loss (gain) 8,440 (34,823)
Change in non-cash working capital (note 14(b)) 19,350 84,242
318,661 460,586
Financing activities:
Increase in long-term debt 33,855 101,782
Repayment of long-term debt (165,757) (179,397)
Decrease in obligations under capital leases (406) (375)
Issuance of shares 172,463 227
Share issue costs (7,468) —
Shares repurchased — (29,420)
Decrease (increase) in other assets 3,427 (4,135)
Change in non-cash working capital (1,463) (4,111)
34,651 (115,429)
Investing activities:
Aircraft additions (118,686) (114,470)
Aircraft disposals 27 84
Other property and equipment and intangible additions (48,155) (90,663)
Other property and equipment and intangible disposals 134 172
Change in non-cash working capital — 5,147
(166,680) (199,730)
Cash fl ow from operating, fi nancing and investing activities 186,632 145,427
Effect of foreign exchange on cash and cash equivalents (1,665) 21,229
Net change in cash and cash equivalents 184,967 166,656
Cash and cash equivalents, beginning of year 820,214 653,558
Cash and cash equivalents, end of year $ 1,005,181 $ 820,214
Cash interest paid $ 67,973 $ 76,604
Cash taxes paid $ 3,369 $ 2,305
The accompanying notes are an integral part of the consolidated fi nancial statements.