Westjet 2010 Annual Report Download - page 7

WestJet 2010 Annual Report 5
nine aircraft to 2017 and 2018 that were previously scheduled
to be delivered between 2011 and 2015. The entirety of our order
with Boeing remains intact, but the revisions allow us to better
match the timing of aircraft deliveries with the dates for
potential lease returns. This allows us to accelerate or decelerate
capacity growth, dependent on economic and market conditions,
without deviating from our long-term growth strategy.
Our long-term vision remains the same – to become one of the
most successful airlines in the world by 2016. This does not
mean that we will be among the largest, fly the most aircraft
or go to the most destinations. Rather, we want to be top five in
brand strength, on-time performance, profit margin, culture and
guest loyalty and satisfaction.
As WestJet continues to grow, having just celebrated our 15th
birthday, we will stay true to the business model that has
produced 55 out of 57 profitable quarters. A low-cost structure
and a caring guest experience will remain the foundations of
success for WestJet as we move toward our 2016 vision. A culture
of engagement, where doing the right things for our business
happens each day, will be fostered by all WestJetters.
Staying true should not be misinterpreted as status quo. WestJet
will continue to evolve as the complexity of the airline business
changes with advancements in technology, ongoing consolidation,
and ever-changing market and consumer demands. We will
embrace change and always stay true to our people, our guests
and our shareholders.
In summary, WestJet’s 2010 results proved again that our
measured growth strategy continued to deliver profitable
results. We are confident in our business model and our ability
to consistently generate positive cash flow, maintain a strong
balance sheet and fund our growth objectives. WestJet’s brand
strength and visibility are growing with additional frequencies
in key Canadian business markets, further expansion in the
vacations market and an expanding global reach with airline
partnerships. Combined with the commitment of all WestJetters
to the strong underlying fundamentals of our low-cost structure
and the revenue opportunities that lie ahead with a strengthening
economy, we believe that 2011 will be another exciting year of
growth, success and profitability for WestJet.
On behalf of the Board of Directors, Executive team and more
than 8,000 WestJetters, I thank all of our shareholders and
guests for their ongoing support and loyalty.
Gregg Saretsky
President and Chief Executive Officer
March 16, 2011
Caution regarding forward-looking statements
Certain information set forth in the above president’s message to shareholders, including
information regarding our strategy of profitable and measured growth, increases in
our airline partnerships and resulting increases in guest access to our network and
geographic reach, new fare products and flight scheduling, our vision and related
objectives regarding brand strength, on-time performance, profit margin, culture, and
guest loyalty and satisfaction, our cost structure and guest experience, our ability to
generate cash flow, maintain a strong balance sheet and fund our growth objectives, and
our expectations for growth, success and profitability in 2011, contain forward-looking
statements. By their nature, forward-looking statements are subject to numerous risks
and uncertainties, some of which are beyond WestJet’s control. These forward-looking
statements are based on our existing strategy and currently available implementation
plans, agreements and bookings, but may vary due to factors including, but not limited
to, changes in fuel prices, changes in guest demand, general economic conditions,
competitive environment, ability to effectively implement and maintain critical systems,
ability to successfully negotiate and effectively implement new partnering relationships
and obtain the necessary regulatory approvals relating thereto and other factors
described in WestJet’s public reports and filings, which are available on WestJet’s
profile at www.sedar.com. Readers are cautioned that undue reliance should not be
placed on forward-looking statements as actual results may vary materially from the
forward-looking statements. WestJet does not undertake to update, correct or revise
any forward-looking statements as a result of any new information, future events or
otherwise, except as may be required by applicable law.