EasyJet 2011 Annual Report Download - page 106

Download and view the complete annual report

Please find page 106 of the 2011 EasyJet 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 108

  • 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
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

Glossary
Aircraft dry / wet leasing
Payments to lessors under dry leasing arrangements
relate solely to the provision of an aircraft. Payments
to lessors under wet leasing arrangements relate to
the provision of aircraft, crew, maintenance and
insurance.
Aircraft owned / leased at end of year
Number of aircraft owned or on lease arrangements
of over one month’s duration at the end of the period.
Available seat kilometres (ASK)
Seats flown multiplied by the number of kilometres
flown.
Average fare
Passenger and ancillary revenue divided by
passengers.
Block hours
Hours of service for aircraft, measured from the time
that the aircraft leaves the terminal at the departure
airport to the time that it arrives at the terminal at the
destination airport.
Cost per ASK
Revenue less profit before tax, divided by available
seat kilometres.
Cost per seat
Revenue less profit before tax, divided by seats flown.
Cost per seat, excluding fuel
Revenue, less profit before tax, plus fuel costs, divided
by seats flown.
EBITDAR
Earnings before interest, taxes, depreciation,
amortisation, aircraft dry leasing costs, and profit or
loss on disposal of assets held for sale.
Gearing
Net debt (adjusted by adding seven times aircraft dry
leasing payments for the year and deducting
restricted cash) divided by the sum of shareholders’
equity and adjusted net debt.
Load factor
Number of passengers as a percentage of number of
seats flown. The load factor is not weighted for the
effect of varying sector lengths.
Operated aircraft utilisation
Average number of block hours per day per aircraft
operated.
Other costs
Administrative and operational costs not reported
elsewhere, including some employee costs,
compensation paid to passengers, exchange gains
and losses and the profit or loss on the disposal of
property plant and equipment.
Passengers
Number of earned seats flown. Earned seats
comprises seats sold to passengers (including no-
shows), seats provided for promotional purposes and
seats provided to staff for business travel.
Profit before tax per seat
Profit before tax divided by seats flown.
Return on capital employed (ROCE)
Normalised profit after tax divided by average net
debt plus average shareholders’ equity.
Return on equity
Profit for the year divided by the average of opening
and closing shareholders’ equity.
Revenue
The sum of passenger revenue and ancillary revenue.
Revenue passenger kilometres (RPK)
Number of passengers multiplied by the number of
kilometres those passengers were flown.
Revenue per ASK
Revenue divided by available seat kilometres.
Revenue per seat
Revenue divided by seats flown.
Seats flown
Seats available for passengers.
Sector
A one-way revenue flight.
104
easyJet plc
Annual report
and accounts 2011