Westjet 2001 Annual Report Download - page 56

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54
Years ended December 31, 2001 and 2000
(Tabular Amounts are Stated in Thousands of Dollars)
8. Commitments: (continued)
(a) Aircraft (continued):
The Corporation has also entered into an agreement to purchase twenty-six Boeing next generation
aircraft, to be delivered over the course of 2002 to 2006. This agreement provides the Corporation
with the option to purchase an additional forty-eight aircraft for delivery prior to the end of 2008.
The Corporation has made deposits of $34,993,000 U.S. (2000 - $13,494,000 U.S.) relating to these
purchases and the remaining estimated amounts to be paid in deposits and purchase prices in U.S.
dollars are as follows:
2002 $ 133,552
2003 389,599
2004 468,672
2005 234,879
2006 and thereafter 47,808
$ 1,274,510
The Corporation has received a commitment for financing from the Export Import Bank of the United
States on the twenty-six Boeing next generation aircraft. This $744,000,000 U.S. commitment may
be used for the aircraft purchases beginning in 2002.
(b) Employee profit share:
The Corporation has an employee profit sharing plan whereby eligible employees will participate in
the pre-tax operating income of the Corporation. The profit share ranges from a minimum of 10% to
a maximum of 20% of earnings before employee profit share and income taxes. The amounts paid
under the plan are subject to approval by the Board of Directors.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS