The consolidated statements of cashflows for Cargojet Inc. are in Exhibit 5.24. The company provides domestic air cargo services between 14 major Canadian cities and also operates international routes for cargo customers. 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) Cash flows from operating activities Note 2020 2019 Net (loss) earnings $ (87.8) $11.6 Adjustments to reconcile net cash from operating activities Depreciation of property, plant and equipment and amortization of contract assets Share-based compensation Finance costs Crew incentive Gain on disposal of property, plant and equipment Impairment of property, plant and equipment Employee pension liability Inome tax provision Fair value adjustment on stock warrant Gain on total return swap Unrealized foreign exchange gain Gain on extinguishment of debt Other gains and expenses Interest paid Cash generated from operating activities Changes in non-cash working capital items and deposits Contract acquisition asset Trade and other receivables Inventories Prepaid expenses and deposits Trade other payables 5.8 109.1 94.0 11 32.9 10.5 18 39.6 43.6 11 8.5 19 8 (0.8) (1.3) 8 0.6 - 17 13.2 3.5 15 44.0 9.2 5 177.9 0.9 27 (50.8) (7.8) 19 (2.2) (4.3) (1.1) - (4.7) 24.1 (25.4) 259.0 1317 10.0 13.9 0.8 (0.7) 0.9 (6.5) @ (0.7) 21.9 7.2 Net cash generated from operating activities 292.6 144.9 Cash flows from investing activities Purchase of property, plant and equipment 8 (146.6) (218.1) Proceeds from disposal of property, plant and equipment 19 0.8 13 Proceeds from insurance claim 8 3.6 Proceeds from total return swap & settlement of derivative financial instrument 27 14.5 4.1