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WESTJET ANNUAL REPORT 2004
Notes to Consolidated Financial Statements
WESTJET AIRLINES LTD.
Years ended December 31, 2004 and 2003
(Tabular Amounts are Stated in Thousands of Dollars, Except Per Share Data)
6. Leases:
The Corporation has entered into operating leases and agreements for aircraft, buildings, computer hardware and
software licenses, satellite programming and capital leases relating to aircraft. The obligations are as follows (see note
9 for additional commitments):
Capital Operating
Leases Leases
2005 $ 6,984 $ 81,992
2006 – 87,118
2007 – 85,434
2008 – 84,991
2009 – 82,706
2010 and thereafter – 416,166
Total lease payments 6,984 $ 838,407
Less imputed interest at 8.09% (420)
Net minimum lease payments 6,564
Less current portion of obligations under capital lease (6,564)
Obligations under capital lease $–
The Corporation’s capital leases are denominated in US dollars. The obligation in 2005 is US $5,800,000.
Included in operating leases are US dollar operating leases primarily related to aircraft. The obligations of these operating
leases in US dollars are 2005 – $58,312,000, 2006 – $66,776,000, 2007 – $66,711,000, 2008 – $66,711,000, 2009 – $66,711,000,
2010 and thereafter – $330,083,000.
Subsequent to December 31, 2004, the Corporation entered into an agreement with an independent third party to lease
three 737-700 aircraft to be delivered during January to March 2005 for an eight-year term in US dollars. The Corporation
also entered into arrangements to lease five 737-800 aircraft to be delivered during April to June 2005 for a term of
10 years in US dollars with another independent third party.
7. Share capital:
The non-voting common shares and the non-voting preferred shares are subject to limitations to be fixed by the Board
of Directors.
(a) Authorized:
Unlimited number of voting common shares
Unlimited number of non-voting shares
Unlimited number of non-voting first, second and third preferred shares
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