Westjet 2005 Annual Report Download - page 32

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30
YOUR OWNERS’ MANUAL
FINANCIAL CONDITION
Liquidity and Capital Resources
We ended 2005 with a strong cash position of $259.6
million compared to $148.5 million in 2004. At year-end,
our working capital ratio improved to 0.8 from 0.6 in 2004.
The increase in our cash position from the previous year
was due in large part to our cash flow from operations,
which was $248.5 million for the year ended 2005, an
increase of $103.0 million over 2004. Despite the continued
cost pressures resulting from the high price of fuel, our
ability to generate cash flow from operations is evidence
of the improving yield environment in 2005. In addition to
our healthy cash position at year end, our capital position
is strengthened by the fact that we have financing
commitments for all of our 2006 and 2007 deliveries
secured by way of either a final commitment or a
preliminary commitment from the Export-Import Bank
of the United States (“Ex-Im Bank”) as described in more
detail below.
Our cash flow related to investing activities is driven
primarily by aircraft acquisitions that occurred throughout
Shannon Lamb and Brad Lagore
Business Analysts
AS AT DECEMBER 31, 2005, WESTJET:
EMPLOYED 4,973 people
OPERATED 51 Next-Generation Boeing 737 aircraft
AVERAGED 1,877 flights per week
INTRODUCED technology that allowed 390,855 guests
to print their own boarding pass thanks to Web check-in,
launched April 14, 2005
2005 NUMBERS:
2Average age of WestJet’s Next-Generation aircraft at
year-end 2005
119 Seats on 737-600 series
136 Seats on 737-700 series
166 Seats on 737-800 series
1,996,051 Total number of WestJet guests who used
self-serve check-in kiosks
figure 30-A
Over 9 million guests
have passed
through our doors