Westjet 2013 Annual Report Download - page 67

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WestJet Annual Report 2013 67
Consolidated Statement of Cash Flows
For the years ended December 31
(Stated in thousands of Canadian dollars)
Note 2013 2012
Operating activities:
Net earnings 268,722 242,392
Items not involving cash:
Depreciation and amortization 200,840 185,401
Change in maintenance provisions 26,610 31,378
Change in other liabilities 1,782 (383)
Amortization of hedge settlements
1,400
1,400
Loss on fuel derivatives 6,512
(Gain) loss on disposal of property and equipment 2,962 (469)
Share-based payment expense 12 14,533 12,815
Deferred income tax expense (recovery) (51,601) 31,607
Unrealized foreign exchange gain
(12,020)
(1,487)
Change in non-cash working capital 298,697 208,110
Change in restricted cash (6,484) (3,282)
Change in other assets (1,374) (6,894)
Cash interest received 19,079 17,780
Cash taxes paid
(147,868)
(950)
Purchase of shares pursuant to compensation plans (7,131) (1,306)
608,147 722,624
Investing activities:
Aircraft additions
(639,592)
(218,116)
Other property and equipment and intangible additions (75,580) (51,191)
(715,172)
(269,307)
Financing activities:
Increase in long-term debt
318,075
72,995
Repayment of long-term debt (178,647) (162,678)
Decrease in obligations under finance leases (75)
Shares repurchased 12 (112,362) (112,065)
Dividends paid 13
(52,188)
(37,549)
Issuance of shares pursuant to compensation plans
106
198
Cash interest paid (36,677) (43,055)
Change in non-cash working capital 146 (6,815)
(61,547) (289,044)
Cash flow from operating, investing and financing activities
(168,572)
164,273
Effect of foreign exchange on cash and cash equivalents 16,378 321
Net change in cash and cash equivalents
(152,194)
164,594
Cash and cash equivalents, beginning of year 1,408,199 1,243,605
Cash and cash equivalents, end of year 5 1,256,005 1,408,199
The accompanying notes are an integral part of the consolidated financial statements.
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