Westjet 2001 Annual Report Download - page 51

Download and view the complete annual report

Please find page 51 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

49
Years ended December 31, 2001 and 2000
(Tabular Amounts are Stated in Thousands of Dollars)
4. Long-term debt (continued):
Future scheduled repayment of long-term debt is as follows:
2002 $ 8,470
2003 6,186
2004 5,111
2005 6,407
2006 and thereafter 23,601
$ 49,775
The Corporation has available a facility with a chartered bank of $2,000,000 for letters of guarantee and
U.S. $7,000,000 for forward foreign exchange contracts. At December 31, 2001, letters of guarantee
totaling $1,252,000 have been issued under these facilities. The credit facilities are secured by a fixed
first charge on one aircraft, a general security agreement and an assignment of insurance proceeds.
Cash interest paid during the year was $5,570,000, including imputed interest on capital leases of
$1,293,000.
5. Leases:
The Corporation has entered into operating leases for aircraft, buildings, computer hardware and software
licenses and capital leases relating to computer hardware and aircraft. The obligations on a calendar-
year basis are as follows (see note 8 for additional lease commitments):
Capital Operating
Leases Leases
2002 $ 4,764 $ 31,399
2003 4,645 29,369
2004 4,586 27,160
2005 4,586 23,112
2006 and thereafter 2,934 197,305
Total lease payments $ 21,515 $ 308,345
Less imputed interest at 8.40% 3,717
Net minimum lease payments 17,798
Less current portion of obligations under capital lease 3,398
Obligations under capital lease $ 14,400
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS