Westjet 2001 Annual Report Download - page 37

Download and view the complete annual report

Please find page 37 of the 2001 Westjet annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 60

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60

35
2001 was quite different from 2000’s
total of $65.8 million in cash provided
from financing activity due mainly to our
$52.1 million equity issue in December
2000. The exercise of share options
generated $3.9 million in cash for the
Corporation in 2001 as compared with
$2.7 million in 2000. That was the only
equity raised during 2001, and along with
$8.9 million of debt financing, almost
completely offset our repayment of long-
term debt and capital lease obligations of
$11.9 million during the year. This $8.9
million draw of the balance of our hangar
and simulator term debt financings
compared with $22.4 million in new debt,
the majority of which was for those same
assets in 2000.
Since most of the aircraft added to our
fleet in 2001 were operating leases, our
investment activity in capital assets was
down from the $124.9 million in 2000 to
$86.1 million in 2001. Our capital
expenditures were for one 737-200
aircraft, completion of construction of the
Calgary hangar, the installation of two
simulators, spare engines and parts, and
included pre-delivery payments or
deposits to Boeing for future 737-700
aircraft deliveries, all of which amounted
to $18.4 million in 2000 and $34.8 million
in 2001.
PASSENGER REVENUE
($ Millions)
0
50
100
150
200
250
300
350
400
450
500
1996 1997 1998 1999 2000 2001
36.7
74.2
125.4
203.6
315.9
452.9
MANAGEMENT’S DISCUSSION AND ANALYSIS
0%
2%
4%
6%
8%
10%
12%
14%
16%
1996 1997 1998 1999 2000 2001
2.9%
13.8%
8.7%
13.6%
15.9%
13.0%
RETURN ON CAPITAL EMPLOYED
New Destination
YSB - Sudbury, Ontario
WestJet's service to Sudbury, Ontario began December 10, 2001.
About 165,000 people live in the Greater Sudbury area. Sudbury
gives WestJet a presence in Northern Ontario between Thunder
Bay and Hamilton, and it's located within a large catchement region
of several smaller communities. In addition to the annual Cinefest
International Film Festival and the extensive outdoor recreational
pursuits it offers, Sudbury is known for its huge nickel. Now it's
known for saving a nickel on air travel too.