Westjet 2009 Annual Report Download - page 35

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WestJet 2009 Annual Report 5
• our belief that 2009 demonstrated our ability to survive
extreme challenges was based on our fi nancial results
for 2009;
• our expectation that our strong balance sheet and low-cost
structure will help us successfully navigate through this
period of uncertainty was based on our current strategic
plan and preliminary fi nancial analysis;
• our expectation that we are prepared if the recovery is
long and drawn out was based on our preliminary fi nancial
analysis and 2009 fi nancial results; and
• our expectation that our WestJetters are committed to the
continued growth and success of our airline, and our belief
that they will make the best of 2010, was based on our past
fi nancial results and experience.
Our actual results, performance or achievements could differ
materially from those expressed in, or implied by, these forward-
looking statements. We can give no assurance that any of the
events anticipated will transpire or occur or, if any of them do,
what benefi ts or costs we will derive from them. By their nature,
forward-looking statements are subject to numerous risks and
uncertainties including, but not limited to, the impact of general
economic conditions, changing domestic and international
industry conditions, volatility of fuel prices, terrorism, pandemics,
currency fl uctuations, interest rates, competition from other
industry participants (including new entrants and generally as
to capacity fl uctuations and the pricing environment), labour
matters, government regulation, stock-market volatility, the
ability to access suffi cient capital from internal and external
sources and additional risk factors discussed in our AIF and other
documents we fi le from time to time with securities regulatory
authorities, which are available through the Internet on SEDAR
at www.sedar.com or, upon request, without charge from us.
Additionally, risks and uncertainties are discussed in detail on
page 25 of this MD&A.
The forward-looking information contained in this MD&A is
expressly qualifi ed by this cautionary statement. Our assumptions
relating to the forward-looking statements referred to previously
are updated quarterly and, except as required by law, we do not
undertake to update any other forward-looking statements.
• our assessment of the impact of transition to IFRS was
based on standards adopted by the International Accounting
Standards Board thus far and our initial assessment of
Canadian GAAP and IFRS differences;
• our belief that we will approach 2010 the same way we
approached 2009 was based on our current strategic plan;
• our plan that, as we head into 2010, we can leverage some
of our new initiatives was based on the functionalities of the
new systems and our current strategic plan;
• our expectation that the first quarter of 2010 should
benefit from our recent expansion in the transborder
and international market was based on our actual and
forecasted bookings;
• our expected fi rst-quarter and full-year capacity increases
for 2010 were based on our actual and forecasted
commercial schedules, as well as the fi ve new aircraft
delivered in the fourth quarter of 2009 and the further fi ve
aircraft to be delivered throughout 2010;
• our expectation that we will not see the same substantial
relief on costs in 2010 as we did in 2009 was based on the
stabilization of market jet fuel prices;
• our expected fuel costs per litre for the fi rst quarter of
2010 and our expectation of the impact that settlements of
fuel hedging contracts will have on our fuel costs per litre
were based on realized jet fuel prices for January 2010 and
forward curve prices for February and March 2010, as well
as the exchange rate for the Canadian dollar in the fi rst
quarter similar to the current market rate;
• our expectation of total capital expenditures for 2010, with
the majority of the spending related to aircraft deposits and
rotables, was based on our current budget and forecasts;
• our belief that, as we move forward into 2010, it is
unclear whether or not the initial indications of economic
improvement are here to stay was based on actual and
forecasted bookings and suggestions by commentators
regarding market conditions;
• our belief that we will continue to see pressure on yield
in the fi rst quarter, as fi rst quarter RASM appears to be
tracking to year-over-year declines of less than fi ve per cent
was based on our actual and forecasted bookings;