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Glossary

  • AIRCRAFT LEASING: an agreement through which a company (the lessor), acquires a resource chosen by its client (the lessee) for subsequent rental to the latter for a determined period..
  • AIRCRAFT UTILIZATION: the average number of hours operated per day by the aircraft.
  • AVAILABLE SEAT KILOMETERS (ASK): the aircraft seating capacity multiplied by the number of kilometers flown.
  • AVERAGE STAGE LENGTH: the average number of kilometers flown per flight.
  • BLOCK HOURS: refers to the time an aircraft is in flight plus taxiing time.
  • BREAKEVEN LOAD FACTOR: the passenger load factor that will result in passenger revenues being equal to operating expenses.
  • BRENT: refers to oil produced in the North Sea, traded on the London Stock Exchange and used as a reference in the European and Asian derivatives markets.
  • CHARTER: a flight operated by an airline outside its normal or regular operations.
  • EBITDAR: earnings before interest, taxes, depreciation, amortization and rent. Airlines normally present EBITDAR, since aircraft leasing represents a significant operating expense for their business.
  • LESSOR: the party renting a property or other asset to another party, the lessee.
  • LOAD FACTOR: the percentage of aircraft seating capacity that is actually utilized (calculated by dividing RPK by ASK).
  • LONG-HAUL FLIGHTS: long-distance flights (in GOL’s case, flights of more than four hours’ duration).
  • OPERATING COST PER AVAILABLE SEAT KILOMETER (CASK): operating expenses divided by the total number of available seat kilometers.
  • OPERATING COST PER AVAILABLE SEAT KILOMETER EX-FUEL (CASK EX-FUEL): operating cost divided by the total number of available seat kilometers excluding fuel expenses.
  • OPERATING REVENUE PER AVAILABLE SEAT KILOMETER (RASK): total operating revenue divided by the total number of available seat kilometers.
  • PASSENGER REVENUE PER AVAILABLE SEAT KILOMETER (PRASK): total passenger revenue divided by the total number of available seat kilometers.
  • REVENUE PASSENGERS: the total number of passengers on board who have paid more than 25% of the full flight fare.
  • REVENUE PASSENGER KILOMETERS (RPK): the sum of the products of the number of paying passengers on a given flight and the length of the flight
  • SALE-LEASEBACK: a financial transaction whereby a resource is sold and then leased back for a long period, enabling use of the resource without owning it.
  • SLOT: the right of an aircraft to take off or land at a given airport for a determined period of time.
  • SUB-LEASE: an arrangement whereby a lessor in a rent agreement leases the item rented to a third party.
  • TOTAL CASH: the sum of cash, financial investments and short and long-term restricted cash.
  • WTI BARREL: stands for West Texas Intermediate - the West Texas region is where U.S. oil exploration is concentrated. Serves as a reference for the U.S. petroleum byproduct markets.
  • YIELD PER PASSENGER KILOMETER: the average value paid by a passenger to fly one kilometer.