The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Konark Gupta - Scotiabank Global Banking and Markets, Research Division - Analyst
: And congrats, Annick, on the new role as well as to Jean-Marc on retirement. Maybe the first one for you, Annick, you mentioned about domestic
and transborder expansion in your multiyear planning. Can you elaborate on that? And is there an existing airline models that you like to adopt as
you transition over the next 5 years?
Question: Konark Gupta - Scotiabank Global Banking and Markets, Research Division - Analyst
: That's great color. And then with respect to -- I understand you are not providing any guidance at this point, but with respect to your expectations
for the travel restrictions, you mentioned that the demand will come back pretty quickly. What are you seeing at this point as a majority of population
is getting vaccinated at least a single dose. What kind of forward bookings are you looking for the upcoming winter season, if you can give any
context as a percentage of perhaps what you typically saw pre-pandemic?
Question: Konark Gupta - Scotiabank Global Banking and Markets, Research Division - Analyst
: That makes sense. And you touched on the bookings, obviously, but the other side of the equation is pricing and fuel as well. Can you comment
on what kind of pricing environment are you seeing at this point? And how concerned are you with respect to the fuel price going back to the
pre-pandemic levels? Are you actively hedging? Or do you plan to hedge?
Question: Konark Gupta - Scotiabank Global Banking and Markets, Research Division - Analyst
: And regarding fuel, are you -- yes, no, that's helpful. Regarding fuel, are you actively hedging, or do you plan to hedge given the fuel price continues
to run?
Question: Konark Gupta - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. That's great. And last one from me, and just kind of a housekeeping one for the hotel discontinuation that you announced today. Can you
remind us what is the book value of the properties you have related to the discontinued operations that could potentially be divested?
Question: Cameron Doerksen - National Bank Financial, Inc., Research Division - Analyst
: I just wanted to come back to the, I guess, the network strategy question that you've spoken about, a little bit so far. But I just want to make sure I
understand it correctly. I mean, it sounds to me like the plan here is to kind of refocus operations around a hub for lack of a better word in Montreal
and feed domestic traffic through there. But I'm wondering, is your intention to sort of cease operating direct point-to-point place to [some]
destinations from Western Canada or from Atlantic provinces? I mean, is that how we should look at this? Is that really be a very Montreal focused
operation now?
Question: Cameron Doerksen - National Bank Financial, Inc., Research Division - Analyst
: Okay. Okay. No, that clarifies it a little bit. And just really a second question for me, for Denis. I know you've been deferring some aircraft lease
payments. When do you have to start repaying those? I mean, I think if I look through here, was $50-something million that you had deferred. But
when does that start to be repaid?
Question: Cameron Doerksen - National Bank Financial, Inc., Research Division - Analyst
: Okay. And then maybe final, just a housekeeping item for me is really about the, I guess, the refunds that you're paying out, if I read correctly, you
sort of expect to fully refund that, I guess, the entire -- I guess, $310 million that's covering that. Is that the case that almost all customers you're
expecting to refund? It seems to me that other airlines are suggesting that maybe the refund activity is not as much as they would have expected?
Question: Cameron Doerksen - National Bank Financial, Inc., Research Division - Analyst
: Right. But I guess, maybe the question for me was that it sounds to me like maybe the percentage of customers who are looking to refund as
opposed to keep their vouchers is maybe higher than what other airlines have suggested, is the case.
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