Westjet 2003 Annual Report Download

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WESTJET AIRLINES LTD. 2003 ANNUAL REPORT
It’s all about choice

Table of contents

  • Page 1
    It's all about choice WESTJET AIRLINES LTD. 2003 ANNUAL REPORT

  • Page 2
    ...Ltd. is Canada's leading low-fare airline, and is based in Calgary, Alberta. At year-end 2003, WestJet employed 3,973 people, and carried 7.0 million guests to its 24 destinations of Victoria, Comox, Vancouver, Abbotsford/Fraser Valley, Prince George, Kelowna, Grande Prairie, Calgary, Edmonton, Fort...

  • Page 3
    ...2003 WestJet Annual Report 737-700 Series Firm Deliveries 737-700 Series Options 1,000,000th guest flies on June 5, 1997. Available Seat Miles (Millions of miles) December 17, 1998, WestJet's cargo program carries mail for Canada Post for the first time. Average Stage Length (Miles) 2003 WestJet...

  • Page 4
    ... states that every day you must make a difference Chooses WestJet flights 47 on Sunday nights and 431 (soon to be 131) on Tuesdays Met her husband on a "blind date" Dr. Monea credits WestJet for helping her clearly see how air travel should be. " Thank goodness for WestJet! Their people keep...

  • Page 5
    ...quarter of profitability. This record is especially gratifying given the multiple challenges that we faced throughout the year. " ® Trademarks of AIR MILES International Trading B.V. Used under license by Loyalty Management Group Canada Inc. and WestJet. WestJet completes Initial Public Offering...

  • Page 6
    ...'re planning a game of pick-up hockey. Clive Beddoe Executive Chairman, President and Chief Executive Officer WestJet Airlines Ltd. March 2004 WestJet expands into eastern Canada in 2000 with service to Hamilton, Moncton, and Ottawa. 2003 WestJet Annual Report | 10 | 2003 WestJet Annual Report...

  • Page 7
    ...to charities such as Kids Help Phone and Missing Children Society. A supporter of Hope Air, WestJet also donated more than $70,000 worth of flights to this national organization that arranges free air transportation for Canadians who must travel to medical care, but can not afford the cost of flight...

  • Page 8
    ...company responsible for the installation of winglets on all new WestJet aircraft Fast cars, dirt bikes, sky-diving - he runs on adrenaline He sees work as a good way to pay for his toys "It is quite a pleasure and an honour to work with the individuals at WestJet. Not only do we share good personal...

  • Page 9
    ... fleet of Boeing NextGeneration 737-700 series aircraft more comfortable by offering our guests more legroom for the longer time they are spending in the air as Yvonne Andal, Supervisor A/R & A/P: A golf fanatic, she's determined to break 100 this year. 16 | 2003 WestJet Annual Report December...

  • Page 10
    ... committed to removing it when fuel prices decline and stabilize. 2003 WestJet Annual Report | Sam Hebert, Specialty Sales Agent: He has travelled Europe and hitchhiked across Canada, but not on this bike. Annual audited financial information (in millions except per share data) Total revenue Net...

  • Page 11
    ... our leased 2003 WestJet Annual Report | Cost per Available Seat Mile (Dollars): Aircraft fuel Airport operations Flight operations and navigational charges Maintenance Amortization Sales and marketing General and administration Aircraft leasing Inflight Reservations Employee profit share Total 20...

  • Page 12
    ... of Halifax. But thanks to WestJet, she's still able to ski the Rockies now and then. Kate likes to be at the chairlift when it opens in the morning - to get as many "runs" as possible out of the day. So, in addition to friendly service and always-low fares, she chooses WestJet because our flights...

  • Page 13
    ... BY CHOICE. ~ Oprah Winfrey Keith Horsburgh, Aircraft Maintenance Engineer: A proud new dad of a three-month-old baby, he commutes from Medicine Hat to work at our Calgary hangar. WestJet guests ate 2,850,700 cookies in 2003! 2003 WestJet Annual Report | 24 | 2003 WestJet Annual Report 25

  • Page 14
    ... 737Agreement reached with Worldspan global distribution service in April 2003. 2003 WestJet Annual Report | • WE ARE TEAM WESTJET 26 | 2003 WestJet Annual Report ® Trademarks of AIR MILES International Trading B.V. Used under license by Loyalty Management Group Canada Inc. and WestJet. 27

  • Page 15
    ... ratio. 2003 WestJet Annual Report | 28 | 2003 WestJet Annual Report With commencement of service to Newfoundland in June 2003, WestJet's network spans Canada coast to coast for the first time. June 26, 2003: WestJet guests gain ability to earn AIR MILES® reward miles when booking on westjet...

  • Page 16
    "We choose to work at WestJet" After sitting beside each other on airlines travelling all over the world, it's perhaps fitting that Ana and Kris Olson ended up working for one. Ana is a web services analyst in marketing, and Kris is a business analyst in BeanLand - helping keep our finances in tune,...

  • Page 17
    ...-year-old son at Whistler. WestJet by the Numbers Pounds of baggage carried by WestJet on an average day in 2003: 434,300 Average age of a WestJetter: 34.5 years Guests flown per day in 1996: 1,377 Guests flown per day in 2003: 13,360 Fastest aircraft turnaround: 6 minutes Coldest day for WestJet...

  • Page 18
    ...travel credits related to guest compensation for flight delays, missing baggage and other inconveniences as a gesture of good faith. These types of credits are non-refundable and expire one year from the date of issue. We record a liability based on the estimated incremental cost of a one-way flight...

  • Page 19
    ...way. " WestJet represents an ideal opportunity to invest - a solid business plan, a motivated workforce, and an excellent product offering." ~Ryan Thompson, WestJet Investor "I've been a WestJet shareholder through some very challenging times in the airline industry. WestJet's ability to profitably...

  • Page 20
    .... Clive J. Beddoe, Executive Chairman, President and Chief Executive Officer Calgary, Canada February 11, 2004 Alexander (Sandy) J. Campbell, FCGA Senior Vice President, Finance, and Chief Financial Officer Chartered Accountants Calgary, Canada February 11, 2004 38 | 2003 WestJet Annual Report...

  • Page 21
    ... Dollars, Except Per Share Data) 2003 Revenues: Guest revenues Charter and other Expenses: Aircraft fuel Airport operations Flight operations and navigational charges Maintenance Amortization Sales and marketing General and administration Aircraft leasing Inflight Reservations Employee profit share...

  • Page 22
    ... ticket sales under current liabilities. (d) Non-refundable guest credits: The Corporation, under certain circumstances, may issue future travel credits which are non-refundable and which expire one year from the date of issue. The utilization of guest credits is recorded as revenue when the guest...

  • Page 23
    ... Statements WestJet Airlines Ltd. Years ended December 31, 2003 and 2002 (Tabular Amounts are Stated in Thousands of Dollars, Except Per Share Data) 1. Significant accounting policies (continued): (i) Maintenance costs: Costs related to the acquisition of an aircraft and preparation for service...

  • Page 24
    ...,000 under this facility at an average fixed rate of interest of 4.98%. Two special-purpose entities are used as the financial intermediaries to facilitate the financing of the Ex-Im Bank supported aircraft. The Corporation has entered into a foreign exchange forward fixing agreement for the right...

  • Page 25
    ... Statements Notes to Consolidated Financial Statements WestJet Airlines Ltd. Years ended December 31, 2003 and 2002 (Tabular Amounts are Stated in Thousands of Dollars, Except Per Share Data) 5. Leases: The Corporation has entered into operating leases and agreements for aircraft, buildings...

  • Page 26
    ...the Corporation elected to purchase these shares through the open market and will continue to review this option in the future. Current market price for common shares issued from treasury is determined based on the weighted average trading price of the common shares on the Toronto Stock Exchange for...

  • Page 27
    ... of the Corporation's receivables result from tickets sold to individual guests through the use of major credit cards and travel agents. These receivables are short-term, generally being settled shortly after the sale. The Corporation manages the credit exposure related to financial instruments by...

  • Page 28
    ...want to. Victoria • Comox • Vancouver • Abbotsford • Prince George • Kelowna • Grande Prairie • Calgary • Edmonton • Fort McMurray • Saskatoon • Regina • Winnipeg • Thunder Bay • Windsor • London • Hamilton • Toronto • Ottawa • Montréal • Moncton • Halifax...

  • Page 29
    ... Toll Free Phone Number: North America: 1-800-387-0825 Outside North America: 416-643-5500 Email: [email protected] Website: www.cibcmellon.com Stock Exchange Listing: WestJet is publicly traded on the Toronto Stock Exchange under the symbol WJA. ANNUAL AND SPECIAL MEETING: WestJet Airlines...

  • Page 30
    ... In what year did WestJet take delivery of its first NextGeneration Boeing 737-700 aircraft? A. 2000 B. 2001 C. 2002 D. 2003 7. How many times has WestJet stock split three for two? A. 0 B. 1 C. 2 D. 3 8. How can you book a WestJet flight? A. Travel Agent B. westjet.com C. Sales Super Centre D. All...

  • Page 31
    WESTJET MAIN OFFICE: 5055 - 11 St. NE, Calgary, Alberta, Canada T2E 8N4 Phone: Toll-free 1-888-293-7853, Calgary (403) 444-2600 Fax (403) 444-2301