Mild hyperaeration I'm not sure about. I can explain the spirometry to you though.
All those letters are abbreviations. FVC stands for Forced Vital Capacity, IE the volume of air you can exhale after taking the fullest breath and exhaling to your fullest. Taking as deep a breath as possible and exhaling as quickly as possible for as long as possible is for this reason called the "FVC maneuver".
FVC basically means the functional capacity of your lungs, what you can breathe in and breathe out. There's a residual volume (you might see this abbreviated as RV) that stays in your lungs even after you've evacuated this vital capacity.
FEV1 is Forced Expiratory Volume in one second. This is one of the most useful tools in figuring out precisely what's going on with a particular lung disease. The first second of the breath is when the majority of the volume is supposed to be exhaled; by measuring the amount of volume exhaled during this time, the tester can measure, indirectly, the amount of obstruction.
For your FEV1/FVC I'm not sure if the 78% is the ratio given or the percet predicted, so I can't tell you really about that.
What I can tell you is that it's really easy for you to interpret your own results. If your percent predicted is between 80% and 120% you're normal. Good to know, hey? 80% is low normal, they don't start worrying for real until they start dropping to the mid-70s, really.
I'm looking at your values and percent predicted, hee, you sound short to me. Values are based usually on age, height, and sex. Weight doesn't play as big of a role in lung volume as height does.
Sometimes if you've had these tests done for a particular reason, you might see other values on the chart. Values like PEF, (peak expiratory flow,) FEF (forced expiratory flow, often followed with a percentage, indicating which percentage of the airway is being measured). These can tell a story in greater detail -- like say, if FEV1 and PEF are normal, but the FEFs are lower, that indicates problems with your lower airways. If everything is about the same percent predicted, it indicates a problem throughout the lung.