Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated Statements Of Cash Flows

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Consolidated Statements Of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Net income $ 172,750 $ 236,820 [1],[2],[3],[4],[5],[6] $ 206,371 [1],[2]
Adjustments to reconcile net income to net cash provided by operating activities:      
Amalgamation gain   (31,023) [4],[5]  
Depreciation 384,855 333,754 [4],[5] 220,996
Asset impairment 24,496 14,437 [4],[5] 32,574
Amortization of debt issuance costs 33,001 26,410 [4],[5] 16,364
Amortization of intangibles 17,319 22,070 [4],[5] 15,701
Provision for doubtful accounts 4,843 1,312 [4],[5] 1,364
Capitalized interest on pre-delivery payments (675) (590) [4],[5] (1,106)
Gain on disposal of assets (12,939) (37,203) [4],[5] (36,007)
Loss on discontinued operations (AeroTurbine) 52,745    
Mark-to-market of non-hedged derivatives 23,167 769 [4],[5] (18,929)
Deferred taxes 23,892 17,707 [4],[5] 2,228
Share-based compensation 6,236 3,402 [4],[5] 3,910
Changes in assets and liabilities:      
Trade receivables and notes receivable, net (16,434) (371) [4],[5] (6,686)
Inventories (18,100) 3,183 [4],[5] 35,238
Other assets and derivative assets (41,056) (8,320) [4],[5] (7,236)
Other liabilities (23,255) 45,073 [4],[5] (37,224)
Deferred revenue (9,289) 14,182 [4],[5] (1,613)
Net cash provided by operating activities 621,556 641,612 [4],[5] 425,945
Purchase of flight equipment (763,159) (1,939,874) [4],[5] (1,264,446)
Proceeds from sale/disposal of assets 140,785 664,218 [4],[5] 153,481
Prepayments on flight equipment (47,077) (140,094) [4],[5] (453,305)
Purchase of subsidiaries, net of cash acquired (*)   103,691 [4],[5]  
Purchase of investments (2,500) (7,500) [4],[5]  
Proceeds from the disposal of subsidiaries, net of cash disposed 119,917    
Purchase of intangibles   (9,006) [4],[5]  
Movement in restricted cash (15,831) (50,262) [4],[5] (27,349)
Net cash used in investing activities (567,865) (1,378,827) [4],[5] (1,591,619)
Issuance of debt 1,672,089 2,324,609 [4],[5] 2,431,839
Repayment of debt (1,626,556) (1,485,690) [4],[5] (1,414,456)
Debt issuance costs paid (37,306) (60,889) [4],[5] (32,723)
Maintenance payments received 110,358 90,165 [4],[5] 72,920
Maintenance payments returned (54,751) (42,250) [4],[5] (46,897)
Security deposits received 20,135 29,535 [4],[5] 42,169
Security deposits returned (37,190) (39,710) [4],[5] (12,840)
Repurchase of shares (100,000)    
Issuance of equity interests (**)   110,243 [4],[5]  
Capital contributions from non-controlling interests   32,375 [4],[5] 111,700
Net cash (used in) provided by financing activities (53,221) 958,388 [4],[5] 1,151,712
Net increase (decrease) in cash and cash equivalents 470 221,173 [4],[5] (13,962)
Effect of exchange rate changes 6,161 660 [4],[5] 3,016
Cash and cash equivalents at beginning of period 404,450 [4],[5] 182,617 [4],[5] 193,563
Cash and cash equivalents at end of period 411,081 404,450 [4],[5] 182,617 [4],[5]
* Purchase of subsidiaries, net of cash acquired:      
Fair value of net assets acquired   (403,350) [4]  
Amalgamation gain   31,023 [4]  
Cash acquired   103,691 [4]  
**The issuance of equity interest is a net presentation of the following items:      
Purchase of non-controlling interests   (262,092) [4]  
Purchase of investments   (41,041) [4]  
Supplemental cash flow information:      
Interest paid 224,129 185,106 [4] 100,012
Taxes paid (received) 135 641 [4] (3,446)
Purchase Of Subsidiaries [Member]
     
* Purchase of subsidiaries, net of cash acquired:      
Consideration paid   372,327 [4]  
Issuance of Equity Interest [Member]
     
* Purchase of subsidiaries, net of cash acquired:      
Consideration paid   $ 413,376 [4]  
[1] As a result of the sale of AeroTurbine and based on ASC 205-20, which governs financials statements for discontinued operations, the results of AeroTurbine have been reclassified to discontinued operations.
[2] Certain reclassifications have been made to prior years' Consolidated Income Statements to reflect the current year presentation.
[3] Includes the results of Genesis for the period from March 25, 2010 (date of acquisition) to December 31, 2010.
[4] Includes the results of Genesis for the period from March 25, 2010 (date of acquisition) to December 31, 2010 and the issue of shares to Genesis and Waha.
[5] The Amalgamation gain, net of transaction expenses of $274, as presented in the consolidated income statement, consists of the Amalgamation gain of $31,023, as presented in the consolidated statement of cash flow and transaction expenses of $30,749 (Note 1).
[6] Includes the results of Genesis Lease Limited ("Genesis") for the period from March 25, 2010 (date of acquisition) to December 31, 2010 and the issue of shares to Genesis and Waha Capital PJSC ("Waha").