EasyJet 2015 Annual Report Download - page 128

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124 easyJet plc Annual report and accounts 2015
Glossary
Adjusted capital employed Capital employed plus seven times operating lease costs incurred in the year.
Adjusted net cash/debt Net cash/debt less seven times operating lease costs incurred in the year.
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 adjusted
capital employed
The average of opening and closing adjusted capital employed.
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.
Capital employed Shareholders’ equity less net cash/debt.
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 aircraft held for sale.
Gearing Adjusted net cash/debt divided by the sum of shareholders’ equity and adjusted net cash/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.
Net cash/debt Total cash less borrowings. (Cash includes money market deposits but excludes restricted cash).
Normalised operating
profit after tax
Reported operating profit adjusted for one-third of operating lease costs incurred in the year, less
tax at the prevailing UK corporation tax rate at the end of the financial year.
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.
Revenue The sum of seat revenue and non-seat 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.
ROCE Return on capital employed.
ROCE (excluding
lease adjustments)
Operating profit, less tax at the prevailing UK corporation tax rate at the end of the financial year,
divided by average capital employed.
ROCE (including
lease adjustments)
Normalised operating profit after tax divided by average adjusted capital employed.
Seats flown Seats available for passengers.
Sector A one-way revenue flight.