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An Nu Al Repo Rt 2012 ANNUAL REPORT 2012 REPORT ANNUAL 2012 REPORT ANNUAL 2012 REPORT ANNUAL 2012 REPORT ANNUAL CorporateCorporate Profile Profile Air CanadaAir Canada is Canada’s is Canada’s largest largest domestic domestic and and internationalinternational airline airline serving serving more more than than175 destinations 175 destinations on fiveon continents. five continents. Canada's Canada's flag carrier flag carrier is the is 15 theth largest 15th largest commercialcommercial airline airline in the in world the world and in and 2012 in 2012 served served close close to 35to million 35 million customers. customers. Air CanadaAir Canada provides provides scheduled scheduled passenger passenger service service directlydirectly to 59 to Canadian 59 Canadian cities, cities, 55 destinations 55 destinations in the in the UnitedUnited States States and and64 cities64 cities in Europe, in Europe, the Middlethe Middle East, East,Asia, Asia,Australia, Australia, the Caribbean,the Caribbean, Mexico Mexico and Southand South America.America. Air CanadaAir Canada is a founding is a founding member member of Star of Alliance™,Star Alliance™, the world'sthe world's most most comprehensive comprehensive air transportationair transportation networknetwork serving serving 1,329 1,329 destinations destinations in 194 in countries.194 countries. Air CanadaAir Canada is the is onlythe onlyinternational international network network carriercarrier in North in North America America to receive to receive a Four-Star a Four-Star ranking ranking accordingaccording to independent to independent U.K. researchU.K. research firm Skytraxfirm Skytrax that that rankedranked Air Canada Air Canada in a worldwidein a worldwide survey survey of more of more than than 18 million18 million airline airline passengers passengers as Best as BestInternational International Airline Airline in Northin North America America in 2012 in 2012for the for third the thirdconsecutive consecutive year. year. aircanada.comaircanada.com AC_Cover12_outside_e_M_13-03-2013.inddAC_Cover12_outside_e_M_13-03-2013.indd 1 1 13-03-1513-03-15 11:50 AM 11:50 AM 1. HIGHLIGHTS Investor and Shareholder Information For Further Information The fi nancial and operating highlights for Air Canada for the periods indicated are as follows. Price Range and Trading Volume of Air Canada Variable Voting Shares (AC.A) Shareholder Relations Telephone: 514-422-6644 Fourth Quarter Full Year 2012 High Low Volume Traded Facsimile: 514-422-0296 (Canadian dollars in millions, except st Email: [email protected] where indicated) 2012 2011 Change $ 2012 2011 Change $ 1 Quarter $ 1.44 $ 0.77 6,119,252 nd Financial Performance Metrics 2 Quarter $ 1.06 $ 0.82 2,610,788 Investor Relations Operating revenues 2,841 2,699 142 12,120 11,612 508 3rd Quarter $ 1.34 $ 0.97 13,568,307 Telephone: 514-422-7849 Operating income (loss) 46 (98) 144 437 179 258 Facsimile: 514-422-7877 th Non-operating income (expense) (38) 38 (76) (250) (429) 179 4 Quarter $ 2.00 $ 1.23 4,149,477 [email protected] Income (loss) before income taxes and discontinued 26,447,824 operations 8 (60) 68 187 (250) 437 Head Office Net income (loss) from continuing operations 8 (60) 68 186 (249) 435 Price Range and Trading Volume of Air Canada Voting Shares (AC.B) Air Canada Centre Net income (loss) from discontinued operations – 7373 Côte-Vertu Boulevard West Aveos – – – (55) – (55) 2012 High Low Volume Traded Saint-Laurent, Quebec H4S 1Z3 Net income (loss) 8 (60) 68 131 (249) 380 1st Quarter $ 1.43 $ 0.78 73,809,266 Adjusted net income (loss) (1) (6) (167) 161 53 (122) 175 Internet 2nd Quarter $ 1.06 $ 0.82 27,074,807 aircanada.com Operating margin (%), excluding the impact of benefi t plan amendments (2) 1.6% (3.6)% 5.2 pp 2.6% 1.5% 1.1 pp 3rd Quarter $ 1.34 $ 0.96 36,002,193 Operating margin % 1.6% (3.6)% 5.2 pp 3.6% 1.5% 2.1 pp 4th Quarter $ 2.01 $ 1.27 97,432,237 Air Canada complies with the guidelines EBITDAR, excluding the impact of benefi t plan adopted by the Toronto Stock Exchange. amendments (2) (3) 284 162 122 1,327 1,242 85 234,318,503 EBITDAR (3) 284 162 122 1,451 1,242 209 Price Range and Trading Volume of Air Canada Warrants (AC.WT)* EBITDAR margin (%), excluding the impact of Transfer Agent and Registrar benefi t plan amendments (2) (3) Canadian Stock Transfer Company Inc. 10.0% 6.0% 4.0 pp 10.9% 10.7% 0.2 pp 2012 High Low Volume Traded EBITDAR margin % (3) 10.0% 6.0% 4.0 pp 12.0% 10.7% 1.3 pp as administrative agent for CIBC Mellon Trust Company Cash, cash equivalents and short-term investments 2,026 2,099 (73) 2,026 2,099 (73) 1st Quarter $ 0.120 $ 0.010 12,444,861 Telephone: 1-800-387-0825 Free cash fl ow (4) (23) (62) 39 187 356 (169) 2nd Quarter $ 0.035 $ 0.010 12,585,826 Adjusted net debt (5) 4,281 4,576 (295) 4,281 4,576 (295) 3rd Quarter $ 0.030 $ 0.005 6,825,363 Duplicate Communication Net income (loss) per share – diluted $ 0.03 $ (0.22) $ 0.25 $ 0.45 $ (0.92) $ 1.37 Shareholders receiving more than one copy Adjusted net income (loss) per share – diluted (1) $ (0.02) $ (0.60) $ 0.58 $ 0.19 $ (0.44) $ 0.63 4th Quarter $ 0.005 $ 0.005 2,988,370 are requested to call 1-800-387-0825 or write to the Transfer Agent and Registrar at 34,844,420 Operating Statistics Change % Change % the following address: *These warrants expired on October 27, 2012 and were delisted from Revenue passenger miles (millions) (RPM) 12,574 12,065 4.2 55,646 54,223 2.6 2001 University Street, Suite 1600, the TSX after close of market on October 29,2012. Available seat miles (millions) (ASM) 15,484 15,290 1.3 67,269 66,460 1.2 Montreal, Quebec H3A 2A6 Passenger load factor % 81.2% 78.9% 2.3 pp 82.7% 81.6% 1.1 pp Restrictions on Voting Securities Inquiries may be submitted by electronic mail Passenger revenue per RPM (“Yield”) (cents) 19.7 19.5 1.2 19.0 18.7 1.8 Currently, the Air Canada Public Participation Act (ACPPA) limits ownership of Air to [email protected] Passenger revenue per ASM (“RASM”) (cents) 16.0 15.4 4.2 15.8 15.3 3.2 Canada’s voting interests by non-residents of Canada to a maximum of 25%. The Canada Operating revenue per ASM (cents) 18.4 17.7 3.9 18.0 17.5 3.1 Transportation Act (CTA) also requires that Canadians own and control at least 75% of the voting interests of licensed Canadian carriers. Accordingly, Air Canada's articles contain Operating expense per ASM (“CASM”) (cents) 18.1 18.3 (1.3) 17.4 17.2 1.0 restrictions to ensure that it remains “Canadian” as defined under the CTA. The restric- (6) Adjusted CASM (cents) 12.4 12.6 (2.0) 11.8 11.7 1.0 tions provide that non-Canadians can only hold variable voting shares of Air Canada, that Average number of full-time equivalent (FTE) such variable voting shares will not carry more than 25% (or any higher percentage that employees (thousands) (7) 24.1 23.6 2.1 24.0 23.7 1.4 the Governor in Council may by regulation specify) of the aggregate votes attached to all Ce rapport annuel est publié dans les deux langues officielles du Canada. Pour en (8) issued and outstanding voting shares and that the total number of votes cast by the hold- Aircraft in operating fl eet at period end 351 352 (0.3) 351 352 (0.3) recevoir un exemplaire en français, veuillez ers of such variable voting shares at any meeting of shareholders will not exceed 25% (or Average fl eet utilization (hours per day) (9) 9.5 9.4 1.3 10.1 10.1 0.6 communiquer avec les Relations avec les any such higher percentage) of the votes that may be cast at such meeting. Revenue frequencies (thousands) 134 133 0.5 557 551 1.1 actionnaires. Average aircraft fl ight length (miles) (9) 863 857 0.8 891 892 (0.1) The Government of Canada's Bill C-10, the Budget Implementation Act 2009, contains provi- Economic fuel cost per litre (cents) (10) 88.8 88.6 0.2 89.7 85.2 5.3 sions whereby the restrictions on voting securities in the ACPPA would be repealed and (9) the CTA would be amended to provide the Governor in Council with flexibility to increase Fuel litres (millions) 924 912 1.3 3,976 3,937 1.0 Designed and produced in-house by the Revenue passengers carried (millions) (11) 8.3 7.9 5.1 34.9 33.9 2.9 the foreign ownership limit from the existing 25% level to a maximum of 49%. These Air Canada Multimedia Centre provisions will come into force on a date to be fixed by order of the Governor in Council Cover photo: Chris Nicholls (1) Adjusted net income (loss) and adjusted net income (loss) per share – diluted are non-GAAP fi nancial measures. Refer to section 20 “Non-GAAP Financial Measures” of the MD&A for additional made on the recommendation of the Minister of Finance, in the case of the ACPPA, and information. Printing: RR Donnelley on the recommendation of the Minister of Transport, in the case of the CTA. (2) In the third quarter of 2012, Air Canada recorded an operating expense reduction of $124 million related to changes to the terms of the ACPA collective agreement pertaining to retirement age.
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