Westjet 2012 Annual Report Download - page 95

Download and view the complete annual report

Please find page 95 of the 2012 Westjet annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 95

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95

Notes to Consolidated Financial Statements
For the years ended December 31, 2012 and 2011
(Stated in thousands of Canadian dollars, except share and per share amounts)
19. Additional financial information (continued)
(b) Liabilities
Note
December 31
2012
December 31
2011
Accounts payable and accrued liabilities:
Trade and industry
281,574
244,822
Taxes payable
101,379
23,433
WestJet Rewards
41,117
22,020
Derivatives
16
1,509
112
Other
34,424
16,722
460,003
307,109
Other current liabilities:
Advanced ticket sales
Non-refundable guest credits
Other liabilities:
Deferred contract incentives (i)
9,646
10,029
Derivatives
16
268
420
9,914
10,449
(i) Deferred contract incentives relate to discounts received on aircraft related items as well as the net effect of rent free periods and cost escalations on
land leases. Incentives, rent free periods and costs escalations are amortized over the terms of the related contracts.
20. Subsequent events
(a) Aircraft Financing
Subsequent to year end, on February 5, 2013, the Corporation signed an $820 million commitment letter with Export
Development Canada (EDC) pursuant to which EDC will make available to WestJet Encore financing support for the purchase of
the Bombardier Q400s. The Corporation will be charged a non-refundable commitment fee of 0.2% per annum on the remaining
undisbursed portion of the commitment, commencing on the date of the letter. Availability of any undrawn amount will expire at
the end of 2018. The available amount for each aircraft would be up to 80% of the delivery price with a term to maturity of 12
years, payable in quarterly installments.
WestJet 2012 Annual Report
/ 95