2023 Consolidated Financial Statements and Notes
AIR CANADA
2023 Consolidated Financial Statements and Notes
CONSOLIDATED STATEMENTS OF CASH FLOW
For the year ended December 31
(Canadian dollars in millions)
Cash flows from (used for)
Operating
Net income (loss)
Adjustments to reconcile to net cash from operations
2023
2022
$
2,276
$
(1,700)
Deferred income tax
Depreciation, amortization, and impairment
Note 11
Note 5
(47)
129
1,703
1,644
Foreign exchange (gain) loss
(239)
735
Employee benefit funding less than expense
Note 9
59
128
Financial instruments recorded at fair value
Note 16
(115)
(133)
Loss on debt settlements
Note 8
10
14
Change in maintenance provisions
56
111
Changes in non-cash working capital balances
711
1,498
Other
(94)
(58)
Net cash flows from (used in) operating activities
4,320
2,368
Financing
Proceeds from borrowings
Note 8
84
202
Repayment of long-term debt and lease liabilities
Note 8
(2,452)
(1,814)
Issue of shares
Note 12
1
6
Financing fees
Note 8
(1)
(6)
Net cash flows from (used in) financing activities
(2,368)
(1,612)
Investing
Investments, short-term and long-term
Note 16
(245)
(959)
Additions to property, equipment and intangible assets
(1,564)
(1,572)
Proceeds from sale of assets
9
36
Other
(27)
(3)
Net cash flows (used in) investing activities
(1,827)
(2,498)
Effect of exchange rate changes on cash and cash equivalents
(1)
20
Increase (decrease) in cash and cash equivalents
124
(1,722)
Cash and cash equivalents, beginning of year
2,693
4,415
Cash and cash equivalents, end of year
$
2,817
$
2,693
The accompanying notes are an integral part of the consolidated financial statements.
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