Table 5
Financial performance indicators, 2010 to 2012

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Financial performance indicators, 2010 to 2012
Table summary
This table provides information on financial performance indicators for 2010 to 2012. There are nine columns in this table. The first three reflect data on Levels I and II air carriers; the next three on Level III air carriers; and the final three on the total of Levels I to III air carriers. The table shows details on liquidity ratios, solvency ratios, and profitability ratios, which appear as rows, expressed in ratios for all three time periods, which appear as column headers.
  Levels I and II Level III Levels I to III
2010 2011 2012 2010 2011 2012 2010 2011 2012
  ratio
Liquidity ratios  
Current ratio 1 1.219 1.112 1.053 1.427 1.327 1.251 1.228 1.123 1.063
Debt structure ratio 2 0.381 0.290 0.324 0.336 0.373 0.409 0.379 0.293 0.327
Solvency ratios  
Debt-to-asset (debt) ratio 3 0.700 1.051 1.001 0.688 0.686 0.670 0.699 1.030 0.981
Debt-to equity (leverage) ratio 4 2.334 ... ... 2.200 2.189 2.035 2.327 ... ...
Profitability ratios  
Operating ratio 5 0.949 0.971 0.948 0.963 0.939 0.925 0.950 0.969 0.947
Profit margin 6 0.028 0.005 0.033 0.015 0.054 0.058 0.028 0.008 0.034
Return on assets 7 0.029 0.005 0.039 0.018 0.064 0.074 0.028 0.009 0.041
Return on investment 8 0.056 0.029 0.062 0.038 0.082 0.092 0.055 0.032 0.064
1.
Current ratio = Current assets divided by current liabilities.
2.
Debt structure ratio = Current liabilities divided by total liabilities.
3.
Debt-to-asset (debt) ratio = Total liabilities divided by total assets.
4.
Debt-to equity (leverage) ratio = Total liabilities divided by total shareholders' equity.
5.
Operating ratio = Operating expenses divided by operating revenue.
6.
Profit margin = Net income divided by operating revenue.
7.
Return on assets = Net income divided by total assets.
8.
Return on investment = Sum of net income and interest expenses divided by total assets.
Note(s):
Level I air carriers. This includes every Canadian air carrier that, in the calendar year before the year in which information is provided, transported at least 2 million revenue passengers or at least 400 thousand tonnes of cargo.

Level II air carriers. This includes every Canadian air carrier that, in the calendar year before the year in which information is provided, transported (a) at least 100 thousand but fewer than 2 million revenue passengers; or (b) at least 50 thousand but less than 400 thousand tonnes of cargo.

Level III air carriers. This includes every Canadian air carrier that (a) is not a level I air carrier or level II air carrier; and (b) in the calendar year before the year in which information is provided, realized gross revenues of at least 2 million dollars for the provision of air services for which the air carrier held a licence.
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