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Air Canada raportoi ennätykselliset vuoden 2014 tulokset

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MONTRÉAL, Canada – Air Canada today reported full year adjusted net income of $531 million or $1.81 per diluted share compared to adjusted net income of $340 million or $1.20 per diluted share in 201

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MONTRÉAL, Canada – Air Canada today reported full year adjusted net income of $531 million or $1.81 per diluted share compared to adjusted net income of $340 million or $1.20 per diluted share in 2013, an improvement of $191 million or $0.61 per diluted share. EBITDAR(1) (earnings before interest, taxes, depreciation, amortization and aircraft rent) amounted to $1.671 billion compared to EBITDAR (excluding the impact of benefit plan amendments) of $1.433 billion in 2013, an improvement of $238 million or 16.6 percent. On a GAAP basis, Air Canada reported 2014 operating income of $815 million, an increase of $196 million or 31.7 percent from 2013. The airline reported net income of $105 million or $0.34 per diluted share in 2014 compared to net income of $10 million or $0.02 per diluted share in 2013.

“In 2014, Air Canada achieved its best full year financial performance in the Corporation’s 77-year history,” said Calin Rovinescu, President and Chief Executive Officer. “Adjusted net income was $531 million, representing an increase of 56.2 percent year-over-year. EBITDAR increased 16.6 per cent from the previous year. Fourth quarter EBITDAR of $319 million increased $42 million compared to EBITDAR for the previous year’s quarter, excluding benefit plan amendments. We served almost three million more customers in 2014, or a total of 38.5 million including three million customers on rouge®. We recorded our highest system load factor ever as we continued to expand our widebody fleet and grow internationally. Air Canada’s share price gained 60 per cent over the year, a more than six-fold increase in value since the start of 2013. Record results for a second consecutive year represent a significant step towards our goal of sustainable profitability, and allow us to pay out $46 million to employees through the profit sharing program, an increase of $15 million from the previous year.
“We continue to implement cost reduction and revenue-generating initiatives including profitable international growth and the strategic deployment of rouge® to compete in leisure markets. We remain focused on prudent capacity management and a pricing strategy based on market demand which, overall, has continued to remain strong into 2015. While fuel prices remain volatile, the recent decrease is expected to drive significant cost savings in 2015 and provides us with an opportunity to increase adjusted net income, reduce adjusted net debt and further strengthen our balance sheet. I would like to thank our 27,000 employees for their part in the accomplishments realized over the past year and for their continued focus on taking care of our customers as we work towards sustainable profitability in this highly competitive industry environment,” concluded Mr. Rovinescu.

Koko vuoden tuloslaskelman kohokohdat

In 2014, on capacity growth of 7.8 percent, system passenger revenues of $11.804 billion increased $783 million or 7.1 percent from 2013. The increase in system passenger revenues was mainly due to traffic growth of 8.5 per cent partly offset by a yield decline of 1.3 percent. An increase in average stage length of 2.3 percent versus 2013, reflecting international long-haul growth, had the effect of reducing yield by 1.3 percentage points. On a stage length adjusted basis, system yield was unchanged from 2013. Modest yield declines are an anticipated and natural consequence of the successful implementation of Air Canada’s business strategy to profitably increase long-haul international and leisure flying.

Passenger revenue per available seat mile (PRASM) decreased 0.6 percent from 2013 as the lower yield was largely offset by a passenger load factor improvement of 0.6 percentage points. In 2014, system business cabin revenues increased $109 million or 4.9 percent on yield growth.

In 2014, operating expenses of $12.457 billion increased $694 million or 6 percent from 2013 on capacity growth of 7.8 percent. The unfavourable impact of a weaker Canadian dollar on foreign currency denominated operating expenses (mainly U.S. dollars) in 2014, when compared to 2013, increased operating expenses by approximately $397 million.

Air Canada’s adjusted cost per available seat mile (adjusted CASM(1)), which excludes fuel expense, the cost of ground packages at Air Canada Vacations® and unusual items, decreased 2.6 percent from 2013, in line with the 2.5 percent to 3.5 percent decrease projected in Air Canada’s news release dated November 6, 2014.

In 2014, Air Canada recorded operating income of $815 million compared to operating income of $619 million in 2013, an improvement of $196 million or 31.7 percent. The airline recorded an operating margin of 6.1 percent compared to an operating margin (excluding the impact of benefit plan amendments) of 4.3 percent in 2013, an improvement of 1.8 percentage points.

Neljännen vuosineljänneksen tuloslaskelman kohokohdat

In the fourth quarter of 2014, on capacity growth of 8.5 percent, system passenger revenues of $2.755 billion increased $195 million or 7.6 percent from the fourth quarter of 2013. The increase in system passenger revenues was due to traffic growth of 9.4 percent partly offset by a yield decline of 1.9 percent. An increase in average stage length of 2.2 percent versus the fourth quarter of 2013 had the effect of reducing yield by 1.2 percentage points. On a stage length adjusted basis, system yield marginally declined 0.7 percent year-over-year.

PRASM decreased 1.2 percent from the same quarter in 2013 as the lower yield was partly offset by a passenger load factor improvement of 0.6 percentage points. In the fourth quarter of 2014, system business cabin revenues increased $28 million or 5.0 percent on yield growth of 6.7 per cent partly offset by a decrease in traffic of 1.5 percent.

In the fourth quarter of 2014, operating expenses of $2.998 billion increased $239 million or 9 per cent from the fourth quarter of 2013. The unfavourable impact of a weaker Canadian dollar on foreign currency denominated operating expenses (mainly U.S. dollars) in the fourth quarter of 2014, when compared to the fourth quarter of 2013, increased operating expenses by approximately $89 million.

Adjusted CASM was unchanged from the fourth quarter of 2013 versus the 1.0 per cent to 2.0 per cent decrease projected in Air Canada’s news release dated November 6, 2014. This difference was primarily due to higher than forecasted employee benefits expense mainly due to revised actuarial valuations related to pension and post-employment benefits, an increase in accruals related to employee profit sharing programs, the timing of maintenance events versus what was previously projected and, to a lesser extent, the impact of a weaker than anticipated Canadian dollar.

In the fourth quarter of 2014, Air Canada recorded operating income of $106 million compared to operating income of $135 million in the fourth quarter of 2013, a decrease of $29 million. In the fourth quarter of 2013, Air Canada recorded a reduction of $82 million in operating expenses related to benefit plan amendments while no such adjustment was recorded in the fourth quarter of 2014. Air Canada recorded an operating margin of 3.4 percent compared to an operating margin (excluding the impact of benefit plan amendments) of 1.8 percent in the fourth quarter of 2013, an improvement of 1.6 percentage points.

For the fourth quarter of 2014, adjusted net income of $67 million or $0.23 per diluted share increased $64 million or $0.22 per diluted share from the same quarter of 2013. The airline reported fourth quarter EBITDAR of $319 million compared to fourth quarter EBITDAR (excluding the impact of benefit plan amendments) of $277 million in 2013, an improvement of $42 million or 15.2 percent.

Talous- ja pääomanhallinnan kohokohdat

At December 31, 2014, unrestricted liquidity (cash, short-term investments and undrawn lines of credit) amounted to $2.685 billion (December 31, 2013 – $2.364 billion). Air Canada’s principal objective in managing liquidity risk is to maintain a minimum unrestricted liquidity level of $1.7 billion.

At December 31, 2014, adjusted net debt(1) amounted to $5.132 billion, an increase of $781 million from December 31, 2013, mainly due to the purchase of six Boeing 787-8 and one Boeing 777 aircraft in 2014 and the unfavourable impact of a weaker Canadian dollar as at December 31, 2014 compared to December 31, 2013 on Air Canada’s foreign currency denominated debt (mainly U.S. dollars), which accounted for an increase of $365 million to long-term debt in 2014. The airline’s adjusted net debt to EBITDAR ratio was 3.1 at December 31, 2014 versus a ratio 3.0 at December 31, 2013. Air Canada uses this ratio to manage its financial leverage risk and its objective is to maintain the ratio below 3.5.

For the 12 months ended December 31, 2014, return on invested capital (ROIC(1)) was 12.1 per cent versus 10.5 percent for the 12 months ended December 31, 2013. Air Canada’s goal remains to achieve a sustainable ROIC of 10 to 13 percent.

Further to Air Canada’s foreign exchange risk management practices (which are more fully described in Air Canada’s 2014 MD&A), foreign denominated revenues essentially act as a natural hedge against U.S. dollar denominated non-fuel operating expenses. As such, net U.S. dollar operating expenses are largely attributable to the airline’s fuel purchases which are currently at a much lower cost in Canadian dollars despite the impact of a weaker Canadian dollar.

U.S. dollar currency derivatives and U.S. dollar cash reserves, which, as at December 31, 2014, amounted to US$2.292 billion and US$620 million, respectively, are employed to offset approximately 60 percent of the net U.S. dollar currency exposure in 2015 and 2016. The currency derivatives enable Air Canada to purchase U.S. dollars at a weighted average price of C$1.0884 (subject to various option pricing features, such as knock-out terms and profit cap limitations). These derivatives and U.S. dollar cash reserves will be available to mitigate certain cash flow exposure from the currency movements in 2015; however the benefit of these hedging activities is recorded as a foreign exchange gain and not within operating income.

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