Westjet 2010 Annual Report Download - page 65

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WestJet 2010 Annual Report 63
CONSOLIDATED STATEMENT
OF CASH FLOWS
For the years ended December 31
(Stated in thousands of Canadian dollars)
2010 2009
Operating activities:
Net earnings $ 136,720 $ 98,178
Items not involving cash:
Depreciation and amortization 132,894 141,303
Amortization of other liabilities (1,891) (7,595)
Amortization of hedge settlements 1,400 1,400
Issuance of shares pursuant to employee share purchase plan — 11,071
(Gain) loss on derivatives 34 (2,406)
(Gain) loss on disposal of property and equipment (167) 1,504
Stock-based compensation expense 15,668 13,440
Income tax credit (1,667) (1,952)
Future income tax expense 58,374 35,928
Unrealized foreign exchange loss 3,696 8,440
Change in non-cash working capital 98,222 19,350
443,283 318,661
Financing activities:
Increase in long-term debt — 33,855
Repayment of long-term debt (171,115) (165,757)
Decrease in obligations under capital leases (744) (406)
Issuance of common shares 520 172,463
Share issue costs — (7,468)
Shares repurchased (31,391) —
Change in other assets (2,947) 3,427
Change in non-cash working capital (4,526) (1,463)
(210,203) 34,651
Investing activities:
Aircraft additions (29,884) (118,659)
Other property and equipment and intangible additions (18,675) (48,021)
(48,559) (166,680)
Cash fl ow from operating, fi nancing and investing activities 184,521 186,632
Effect of foreign exchange on cash and cash equivalents (1,803) (1,665)
Net change in cash and cash equivalents 182,718 184,967
Cash and cash equivalents, beginning of year 1,005,181 820,214
Cash and cash equivalents, end of year $ 1,187,899 $ 1,005,181
Cash interest paid $ 61,280 $ 67,973
Cash taxes paid $ 2,958 $ 3,369
The accompanying notes are an integral part of the consolidated fi nancial statements.