$100-million cost-savings target will be met one year ahead of our goal.

WestJet aims to provide our guests with affordable air travel by keeping costs low. In January 2013, we launched a company-wide business transformation initiative with the goal to reduce annual costs by $100 million by the end of 2015. During the year, we identified and put into action measures we believe will enable us to achieve that goal by the end of 2014, a full year ahead of plan.

The $100 million in savings that we have identified are not an end point. In 2014, we expect to execute on the initiatives we have already identified, while continuing to look for new ways to reduce costs and provide low fares.

See president's message to shareholders for cautionary note regarding forward-looking information.