EasyJet 2012 Annual Report Download - page 106

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Accounts & other information
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) excluding
operating leases
Normalised profit after tax divided by average net debt plus
average shareholders’ equity.
Return on capital employed (ROCE) including
operating leases
Normalised profit after tax adjusted for implied interest on
operating lease costs, divided by average net debt plus
average shareholders’ equity, plus an adjustment to capitalise
operating leases at seven times the annual lease rental, in line
with market practice.
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.
easyJet plc
Annual report and accounts 2012
104