EXHIBIT 5.24 Cargojet Inc.'s 2020 Consolidated Statements of Cash Flows CARGOJET INC. Consolidated Statements of Cash Flows Year ended December 31, 2020 and 2019 (in millions of Canadian dollars) \begin{tabular}{llll} & Note & 2020 & 2019 \\ \hline \end{tabular} Cash flows from operating activities Net (loss) earnings $(87.8)$11.6 Adjustments to reconcile net cash from operating activities Depreciation of property, plant and equipment and amortizationofcontractassets5,8109.194.0 Share-based compensation 1132.910.5 Finance costs 1839.643.6 Crew incentive 118.51.9 Gain on disposal of property, plant and equipment 8(0.8) (1.3) Impairment of property, plant and equipment 80.6 Employee pension liability 1713.23.5 Inome tax provision 1544.09.2 Fair value adjustment on stock warrant 5177.90.9 Gain on total return swap 27(50.8)(7.8) Unrealized foreign exchange gain 19 (2.2) (4.3) Gain on extinguishment of debt 13 (1.1) Unrealized foreign exchange gain 19 (2.2) (4.3) Gain on extinguishment of debt 13 Other gains and expenses (4.7) Interest paid Cash generated from operating activities \begin{tabular}{rr} 24.1 & (25.4) \\ \hline 259.0 & 131.7 \end{tabular} Changes in non-cash working capital items and deposits Contract acquisition asset - (6.5) Trade and other receivables 10.013.9 Inventories Prepaid expenses and deposits Trade other payables Net cash generated from operating activities \begin{tabular}{rr} 21.9 & 7.2 \\ \hline 292.6 & 144.9 \\ \hline \hline \end{tabular} Cash flows from investing activities Purchase of property, plant and equipment 8(146.6)(218.1) Proceedsfromdisposalofproperty,plantandequipment190.81.3 Proceeds from insurance claim 83.6 Proceeds from total return swap \& settlement of derivative financial instrument 2714.54.1 Acquisition of business (3.1) Settlement of provision Net cash used in investing activities (127.7) (217.2) Cash flows from financing activities Repayment of borrowings (171.3)(61.6) Proceeds from borrowings 99.8 Repayment of obligations under lease liabilities 10,13 (77.3) Options settled in cash 11 (7.1) (2.0) Proceedsfromdebentureissuancenetofissuancecosts14109.9109.7 Withholding tax paid on vested RSU's 11 (2.4) Dividends paid to shareholders Net cash (used in) provided from financing activities Net change in cash Cash (bank overdraft), beginning of Year Cash, end of year \begin{tabular}{rr} 1.6 & (0.9) \\ \hline$3.7 & $1.6 \\ \hline \hline \end{tabular} Cargojet had current liabilities of $180.6 million at the end of 2020 and $114.5 million at the end of 2019. Calculate Cargojet's operating cash flow ratio for both years. What do these results tell you about the company's ability to generate sufficient cash to cover its current liabilities? (Round answers to 1 decimal place, e.g. 52.6.) Cash flow from operating activities % while current liabilities %
