Table 5
Financial performance indicators, 2006 to 2008

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Financial performance indicators, 2006 to 2008
  Levels I and II Level III Levels I to III
2006 2007 2008 2006 2007 2008 2006 2007 2008
  ratio
Liquidity ratios  
Current ratio 1 0.849 0.699 0.683 1.200 1.269 1.155 0.862 0.735 0.710
Debt structure ratio 2 0.504 0.360 0.395 0.398 0.389 0.438 0.499 0.362 0.398
Solvency ratios  
Debt-to-asset (debt) ratio 3 0.820 0.748 0.851 0.743 0.714 0.695 0.816 0.746 0.841
Debt-to equity (leverage) ratio 4 4.555 2.962 5.709 2.894 2.499 2.283 4.437 2.930 5.292
Profitability ratios  
Operating ratio 5 0.954 0.930 0.968 0.922 0.927 0.947 0.952 0.930 0.966
Profit margin 6 0.018 0.057 -0.045 0.067 0.040 0.036 0.021 0.056 -0.039
Return on assets 7 0.016 0.057 -0.048 0.084 0.047 0.045 0.019 0.057 -0.042
Return on investment 8 0.035 0.083 -0.023 0.105 0.069 0.064 0.039 0.082 -0.018
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 each of the two calendar years immediately preceding the reporting year, transported at least 1 million revenue passengers, or at least 200 thousand tonnes of revenue goods.
Level II air carriers. This includes every Canadian air carrier that, in each of the two calendar years immediately preceding the reporting year, transported at least 100 thousand but fewer than 1 million revenue passengers, or at least 30 thousand but less than 200 thousand tonnes of revenue goods.
Level III air carriers. This includes every Canadian air carrier that, in each of the two calendar years immediately preceding the reporting year, realized annual gross revenues of at least 1 million dollars for the air services for which the air carrier held a licence.