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40 | 2003 WestJet Annual Report
WestJet Airlines Ltd.
Consolidated Balance Sheets
Years ended December 31, 2003 and 2002
(Stated in Thousands of Dollars)
2003 2002
Assets
Current assets:
Cash and cash equivalents $ 241,384 $ 100,410
Accounts receivable 11,781 20,532
Prepaid expenses and deposits 19,928 19,759
Inventory 3,764 2,314
276,857 143,015
Property and equipment (note 2) 1,140,226 605,124
Other long-term assets (note 3) 59,775 36,066
$ 1,476,858 $ 784,205
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities $ 82,822 $ 67,008
Income taxes payable 9,820 7,982
Advance ticket sales 58,086 44,195
Non-refundable guest credits 21,718 15,915
Current portion of long-term debt (note 4) 59,334 32,674
Current portion of obligations under capital lease (note 5) 6,297 7,290
238,077 175,064
Long-term debt (note 4) 589,531 198,996
Obligations under capital lease (note 5) 7,015 16,352
Future income tax (note 7) 61,423 38,037
896,046 428,449
Shareholders’ equity:
Share capital (note 6) 376,081 211,564
Retained earnings 204,731 144,192
580,812 355,756
Commitments and contingencies (notes 5 and 8)
$ 1,476,858 $ 784,205
See accompanying notes to consolidated financial statements.
On behalf of the Board:
Clive Beddoe, Director
Wilmot Matthews, Director
WestJet Airlines Ltd.
Consolidated Statements of Earnings and Retained Earnings
Years ended December 31, 2003 and 2002
(Stated in Thousands of Dollars, Except Per Share Data)
2003 2002
Revenues:
Guest revenues $ 794,450 $ 643,174
Charter and other 65,146 36,822
859,596 679,996
Expenses:
Aircraft fuel 155,756 111,737
Airport operations 116,135 88,586
Flight operations and navigational charges 104,955 75,759
Maintenance 75,718 81,973
Amortization 63,208 52,637
Sales and marketing 57,871 44,707
General and administration 46,105 39,791
Aircraft leasing 44,179 35,822
Inflight 38,077 27,284
Reservations 22,213 20,106
Employee profit share (note 8(b)) 15,855 15,233
740,072 593,635
Earnings from operations 119,524 86,361
Non-operating income (expense):
Interest income 4,003 3,078
Interest expense (24,915) (7,038)
Gain (loss) on foreign exchange (1,848) 346
Gain on disposal of property and equipment 631 97
(22,129) (3,517)
Earnings before income taxes 97,395 82,844
Income taxes (note 7):
Current 11,264 12,626
Future 25,592 18,438
36,856 31,064
Net earnings 60,539 51,780
Retained earnings, beginning of year 144,192 92,412
Retained earnings, end of year $ 204,731 $ 144,192
Earnings per share (note 6(d)):
Basic $ 0.79 $ 0.70
Diluted $ 0.77 $ 0.69
See accompanying notes to consolidated financial statements.
2003 WestJet Annual Report |41