Air Canada’s Annual Meeting of Shareholders · 2020-03-13 · Air Canada’s Annual Meeting of...
Transcript of Air Canada’s Annual Meeting of Shareholders · 2020-03-13 · Air Canada’s Annual Meeting of...
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Air Canada’s Annual Meeting of ShareholdersCalin RovinescuPresident and Chief Executive Officer, Air Canada
Montréal, May 5, 2017
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Celebrating 80 years
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September 1
1937
First flight from Vancouver to Seattle
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1938
First airline to install alcohol de-icing nozzles
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1943
First trans-Atlantic flight, Montreal to Prestwick
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July
1950
TCA’s 3 millionth passenger
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1950s
Installation of anti-skid brakes
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1960s 1963
1965 Computerized reservation system
Introduction of jet aircraft
Covered walkways
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1965
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1970s
Jumbo jet era –Air Canada takes delivery of its first Boeing 747
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1977
First female pilot, Captain Judy Cameron
2015
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1988 Privatization of Air Canada
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1990s
First carrier to make its European flights non-smoking
Debut of self-service
kiosks
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2000s
Merger with Canadian Airlines
Hostile takeover bid
SARS
9-11
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2000s
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The Turnaround
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2017-‐05-‐17 17
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$9.7 Billion
2009
Record Operating Revenues
$14.7Billion
2016
50%INCREASE
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Record EBITDAR
$679Million
2009
$2.8Billion
2016
300%INCREASE
RECORD18.9%MARGIN
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Return on Invested Capital
-1.5%
2009
14.7%
2016
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Leverage Ratio
8.3X
2009
2.6X
2016
NOW SUSTAINABLE
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Unrestricted Liquidity
$1.4Billion
2009
$3.4Billion
2016
140%IMPROVEMENT
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Domestic Registered Pension Plans
-$2.7Billion deficit
2009
$1.9Billion surplus
2016
REVERSAL OF
$4.6 Billion
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Record Number of Passengers
2016
45%INCREASE31
Million
2009
45 Million
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Average Passenger Load Factor
2016
82.5%
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Return on investment
over1,600%
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Q1 Results for 2017
System traffic
14%
Revenues
8.9%
Adjusted CASM
6%
Fuel costs
48%
EBITDAR results Exceeded analysts’ consensus estimates
Unrestricted liquidity
$4.073 billion
Free Cash Flow$470
million
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We get to play multi-dimensional chess, in full view of the public
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We convey everything good about Canada
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Lessons Learned
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Global Champion
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Our four guiding corporate priorities since 2009
Revenue growth and cost transformation
International expansion
Culture change
Customerengagement
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Invest in Risk
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Grew capacity outside Canada by 74%- 90% of growth in 2016 was on international markets
Invest in Risk
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Aircraft Planned To Come
Boeing 787 Dreamliner 37 12
Boeing 737 Max 61 First to be delivered in 2017
Invested in fleet: $10 billion CapEx program
Invest in Risk
Bombardier C-Series (order for 45)
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Launched leisure airline: Air Canada Rouge- Maintain or expand leisure routes- Enter new international markets- Flexibility- Best New Long-Haul Airline- 49 aircraft, 93 routes,
touching five continents
Invest in Risk
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De-risked Air Canada- Beneficial effects:
• Route diversification• Increased fleet flexibility• Fully-funded pension plans• Long-term labour contracts
(10-year agreements)- Lowered balance sheet with
$1.25 billion refinancing• Reduced debt by
$355 million• Expected to generate
$60 million in annualized interest savings
Invest in Risk
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2016 Investor targets:- Achieve annual EBITDAR
margin of 15% to 18% (18.9% in 2016)
- Achieve ROIC of 9% to 12% (14.7% in 2016)
- Target leverage ratio of 2.2 by 2018 (2.6 at year end)
- Reduce overall unit cost structure, making progress each quarter to reduce CASM by 21%
Invest in Risk
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Invest in Brainpower
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Air Canada creating jobs and opportunities:- Hired 1,500 in 2016 (800 more expected for 2017)- Since 2009, company has grown from about 26,000 to more than 30,000
Invest in Brainpower
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Support companies that also invest in brainpower- Create leading-edge technologies and capabilities- Challenge the status quo- First major North American airline to order Bombardier C Series- Encourage disruption
Invest in Brainpower
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Culture change - Recruitment website gets 110,000 visits each month- 290 applicants for every job filled
Invest in Brainpower
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Invest in Diversity
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- 60 different languages spoken- 20% belong to visible minorities
Invest in Diversity
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2017-‐05-‐17 46
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Promoting women throughout the company
Invest in Diversity
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Air Canada is amongst the most bilingual private sector companies in Canada- Almost 50% of contact employees are bilingual
• Materially in excess of national statistics throughout the country
- 94% of customers were satisfied or extremely satisfied overall with service received in their preferred official language (Ipsos Reid 2016)
Invest in Diversity
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Leave the Room Better
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The Air Canada Foundation- Committed to children’s causes through:
• Dreams Take Flight• Syrian Refugee Mission• Children’s Miracle Network• Breakfast Club of Canada• Starlight Children’s Foundation
Leave the Room Better
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The Air Canada Foundation turns 5 this year- Raised 7% more funds than in 2015- Increased grants to Canadian
charitable organizations by about 40%
- 6.5 million miles donated to pediatric hospitals in 2016
Leave the Room Better
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Sustainability efforts measure our progress- 40% reduction in our carbon footprint- Listed amongst top 100 companies in the world for CSR reputation
Leave the Room Better
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- Performance recognized on Jantzi Social Index
Leave the Room Better
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Share Success Stories
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- Private enterprise employs more than 75% of all working people
- Largest companies take much risk deploying billions in capital
- Employ millions of Canadians- Account for most of the value of
Canadians’ investment portfolios
Share Success Stories
- Contribute the largest share of corporate taxes
- Responsible for:• most Canadian exports• most private-sector
investments made in research and development
• most investments made in corporate philanthropy
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Share Success StoriesAir Canada :- Saved 26,000 jobs- Created 4,000 jobs- Saved pensions- Increased salaries- Paid profit-sharing bonuses- Built a powerful new
leisure carrier - Grew international capacity
connecting to 6 continents
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Conclusion
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8decades
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As a Global Champion we will:- Change- Improve- Innovate
- Grow stronger- Stay ahead of
the pack
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Thank you David Richardson 60
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Thank You
— To our 30,000 dedicated employees for their hard work and taking care of our customers and producing record results
— To our shareholders for their ongoing support— To our customers for their continued loyalty
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Air Canada Annual Meeting of Shareholders
Montréal, May 5, 2017
2017-‐05-‐17 63