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AC Q2 Financial Report

Fri Jul 23, 2021 4:11 pm

A summary of some of the main numbers (3-months to June 30th, in millions):
Revenue: $837
Operating income: -$1,133
Net income: -$1,165
EBITDA: -$656

Total assets: 26,504
Working capital: 506
Net debt: 7,085

Cash burn: 8 (per day)
Passenger load factor: 42.2%

Summary of changes since Q2 2020:
    Revenue up 59%
    Operating income up 27%
    Net income up 50%
    EBITDA up 22%
    Revenue passenger miles up 115%
    Available seat miles up 78%

Summary of changes since Q4 2020:
    Total assets down 8%
    Working capital down 67%
    Net debt up 30%

Government support received during Q2 summarized:
Unsecured facility: "As at June 30, 2021, $858 million has been drawn under this facility to support customer refunds of non-refundable tickets, and a further $139 million is being drawn under the facility for refunds paid up until June 30, 2021"

Equity sale: "Gross proceeds of $500 million for 21,570,942 Air Canada shares at a price of $23.17933 per share (net proceeds of $480 million)."

Warrants: "As consideration for the Government making the above secured and unsecured credit facilities available to Air Canada, Air Canada issued an aggregate of 14,576,564 warrants initially exercisable for the purchase of an equal number of Air Canada shares, subject to customary adjustments, at an exercise price of $27.2698 per share during a 10-year term"

CEWS: "Air Canada recorded a total gross subsidy under the CEWS program of $160 million in the second quarter of 2021"

Financials: ... FSN_q2.pdf
MD&A: ... MDA_q2.pdf
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Re: AC Q2 Financial Report

Fri Jul 23, 2021 4:32 pm

In the MDA also "In the second quarter of 2021, net cash burn of $745 million (or approximately $8 million per day, on average) was lower than management’s net cash burn expectations of $13 million to $15 million per day,"

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