How to Add Emphasis to Your Writing

How to Add Emphasis to Your Writing How to Add Emphasis to Your Writing How to Add Emphasis to Your Writing By Mark Nichol Some people consider italics and boldface type and quotation marks, when they’re used other than as dialogue markers to be just so many noisy bells and whistles. They often are, when they’re misused, but when they’re employed correctly and strategically, they send strong signals. The following rules apply primarily for books and magazines. 1. Italics Italics, based on handwriting script, serve several functions. They identify the titles of stand-alone creative works like books, films and television series, and paintings. But parts of compositions chapters, episodes of TV shows, short poems collected into anthologies, and the like are enclosed in quotation marks. They denote a word that would be stressed if spoken: â€Å"Stop the car I really have to go to the bathroom.† They indicate a word being introduced as itself, not as an idea: â€Å"Write, right, and rite are all pronounced identically.† Terms of more than one word are often enclosed in quotation marks, but this format may look awkward when used inconsistently alongside single italicized words, so self-referring phrases are often italicized as well (â€Å"it’s rank and file, not rank in file†). They also identify letters used as such: â€Å"The letter n on that sign is backward.† But letters compared to shapes (â€Å"turn right at the Y in the road†; â€Å"I watched a graceful V of geese fly overhead†) are set in roman type. (The lowercase term roman refers to the default type style.) The same is true for names of letters used in expressions (â€Å"dot your i’s and cross your t’s†). They signal the use of an unfamiliar foreign term: â€Å"The Roman legatus was the equivalent of a general in a modern army.† Note, however, that many words you might think are foreign have been adopted into English, that most welcoming of languages. Check your dictionary’s main section (not the foreign-words appendix); if a foreign term appears there, no italics are necessary. Also, foreign proper nouns need no emphasis. The rule of thumb for repetition of foreign terms is to italicize on first reference only, and leave them in roman type when they recur. Use your judgment, though, depending on the frequency and interval of recurrence. 2. Boldface Boldface lettering is best reserved for display type (chapter and section titles and the like). But they’re often used in textbooks and other learning materials to emphasize newly introduced terms, such as those that would appear in a glossary or be on a vocabulary quiz. Otherwise, this type style is the printed or posted equivalent of shouting. 3. Quotation Marks Quotation marks are often used as what are called scare quotes - emphasis markers that communicate novelty, irony, or a nontraditional use of a word or phrase. Writers overuse scare quotes. Except in special cases, they should trust readers to understand the unusual use of a word or phrase. The context in â€Å"I played dumb,† for example, precludes the need for a visual hint to the reader that the writer’s stupidity was an act, but â€Å"I had a ‘fit’ so she’d go away† may need a subtle clue that the tantrum was feigned. (Fit appears in single, not double, quotation marks here because they’re used within double quotes.) Newspapers traditionally omit emphasis because formatting it is time consuming, and many web sites have the same policy, but the many exceptions in both cases or using quotation marks in place of italics, as often seen on this site acknowledge that italics and judicious use of boldface and scare quotes aid comprehension. Just don’t have a fit and go â€Å"overboard.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Punctuation category, check our popular posts, or choose a related post below:100 Words for Facial ExpressionsList of Greek Words in the English LanguageNominalized Verbs

Managing Human resources Essay Example | Topics and Well Written Essays - 1500 words

Managing Human resources - Essay Example ts are losing ground to a new generation of value-added core HR functions that include career planning, executive development, training, succession planning and organization development’ (Rowden, 1999, 22). In any case, the importance of human resource management (HRM) for the development of business activities cannot be denied; in fact, HR can help a firm to improve its position in its industry; in order for this target to be achieved it is necessary that the knowledge available in all organizational departments is appropriately evaluated and processed (Lawler et al., 2003). On the other hand, the cost involved in the development of various HR policies could be a reason for the limitation of relevant business initiatives; the specific issue is highlighted in the study of Haines (1997) where it is noticed that most firms worldwide ‘view their human resources as an expense rather than an asset -- an element that is expendable and perhaps discarded when the skills possesse d becomes obsolete’ (Haines, 1997, 95). Indeed, in a survey conducted by the National Statistics of UK – the most recent available data on this issue – it was proved that ‘‘nine out of ten employers (90 per cent) had provided any job-related training (either off- or on-the-job training) to their employees in the 12 months prior to the interview’ (National Statistics Online, UK, 2002). In the above report it is noticed that for previous years, the indications regarding the behaviour of employers towards their employees are similar. Current paper focuses on the examination of the various aspects of rewarding in a specific firm: JINNIKINS JEANS. The practices of the firm regarding the specific issue are presented and explained trying to identify the potential effects of these practices on the firm’s objectives – either in the short and the long term. In the firm under examination, the reward system is based on specific actions – in hierarchical order; the benefits for the

How, and in how far does the current United Kingdom constitutional Essay

How, and in how far does the current United Kingdom constitutional system demonstrate the operation of the doctrine of the Separation of Powers - Essay Example With regard to the UK position, the doctrine of the separation of powers has traditionally been limited and criticised for being somewhat unclear in comparison to other democracies3. Nevertheless, it has been commented that the doctrine does in fact influence everyday operations of the executive, legislature and judiciary4 and Barnett argues that â€Å"Separation of powers†¦Ã¢â‚¬ ¦ runs like a thread throughout the constitution of the United Kingdom5.† Nevertheless, in the UK there has not been a clear separation of the branches of the state6, but rather a fusion. For example, the executive clearly carries out legislative functions and a prime example is the Law Commission. Although the Law Commission Act 1965 clearly requires the Commission to be â€Å"independent7† in reviewing law reform, its committee members are appointed by the Lord Chancellor who also grants prior approval to projects that the Law Commission will review. Additionally, the judiciary obtain their power from the Crown and there is a distinct overlap of functions between the powers, which should be separated for the effective application of the separation of powers8. This obfuscation of the theoretical separation of powers has ramifications for the procedure of passing Acts of Parliament. Parliament is essentially the legislative section of the British political system. As such, through the executive Prime Minister and the Cabinet, Parliament sanctions executive sovereignty in a party governmental system. Theoretically Parliament is a policy influencing body, relying on the executive to formulate policy and reacts to it and therefore the party machine reinforces power of the executive to initiate policy. Parliament is not therefore involved in the policy making process and has minor powers of initiation. Whilst government controls Parliament the passing of an Act of Parliament ultimately depends on control, possession of

Unconventional Beauty Treatments by Celebrities

Unconventional Beauty Treatments by Celebrities In today’s world, in order to achieve recognition in a particular field that you are pertaining to, the first and the foremost thing that counts is ‘the persona’ with which you carry yourself! Be it Multi National Companies or small scale companies, one of the most crucial things that can get you one step closer towards achieving your goals is having a good and magnificent personality. You ought to look presentable in any case whatsoever! And with regard to the celebrities in the Hollywood and Bollywood fraternity, it goes without saying as they have no other choice but to look beautiful and handsome in order to make a living! These celebs come up with the most queer beauty treatments ever! Recently, there was an article published in one of the most well known newspapers about these most bizarre of the beautifying treatments undergone by celebs. What we need to understand and assess is that, how beneficial are these so called beauty treatments from a scientific and a medical point of view! Let’s have a look on these various ‘freakish beautifying treatments’. Liquid Gold Facial: The heart of Liquid Gold, Seabuckthorn, was known for many years in northern states, as a skin care remedy and nutritional supplement. The berries of this shrub are always been associated with regeneration as they are rich in vitamins and nutrients. The oil of these berries assist in combating dry skin, visible fine lines, wrinkles and various signs of early ageing. These yellow-orange berries comprise of more than 100 nutrients, bioactive substances like phytosterols, water soluble vitamins (B1, B2, C, P, Folic acid, K) and fat soluble ones such as A, E and EFA (80-95% essential fatty acids), free amino acids, alpha and beta carotenes etc. The Hollywood supermodel Bar Refaeli lately got a Liquid Gold Facial done which is also favored by Ayurveda since it is said to possess anti-aging properties. When we look at this from a medical point of view, Liquid Gold is a strong resurfacing and firming treatment in order to reduce wrinkles, pigmentation and sun damage. This formulation is fortified with silk proteins, licorice extract and Glycolic Acid. It increases the skin’s metabolism, thereby adding on to tightening the enlarged pores and makes the complexion brighter and clearer. Also, this formulation is immediately absorbed by cell membranes, reinstalling a golden glow to even the most lack-luster skin. It helps to fight hyperpigmentation, acne, wrinkles, fine lines and large pores thereby making you look young and evergreen. There are no evidences available in form of articles or papers to prove the authenticity of this liquid gold facial. Facelift tape: Lady Gaga uses facelift tape in order to pull the skin around the cheekbones and neck to look younger. As per the experts, medically it is just not advisable to do daily face taping since it could lead to internal scarring, which may give rise to poor absorption of nutrients to the skin and early ageing. Moreover, doing face-taping everyday may cause the facial muscles to loosen, causing wrinkles and fine lines to appear earlier than usual. There are some benefits of using a facelift tape as well. Like for example, if applied correctly, it can make a drastic change in the way you appear, only till the tape is in place! Also, it’s much reasonable as compared to surgeries and even some wrinkle creams. It can also prove to be beneficial to those celebs who are willing to go for a facelift surgery as it will give them an idea of what they will look after they have undergone the surgery and hence assist them in making a better decision in such a case. Japanese nightingale droppings facial: This does sound nasty. But Tom Cruise vouches for this ‘bird poop facial’. Making a preparation of nightingale droppings, rice bran and water and rubbing it on the face, makes his face look shiny which contributes in making him look good as ever! This ‘nightingale poop facial’ which is also referred to as â€Å"Geisha facial† originates from Japan. Hence the name, â€Å"Japanese Nightingale Droppings Facial†. It is said to carry out exfoliation of the dirt from the skin causing it to appear shining bright and squeaky clean. There are proclamations that the powder made from the excreta/faeces of Uguisu bird (which is used in Geisha Facial) has properties which provide multiple skin benefits. It may be useful for cleansing skin pores, whitening skin pigment of dark spots and discolorations from scars and sun spots, balancing and evening out and thus making the skin tone brighter. It also helps in healing and re-energizing of the skin which has been hampered because of the exposure to sun and aging. This powder is fit for oily skin, rough and aging skin, although it might not be suited to a skin type that is sensitive and prone to allergies. There are no evidences to prove that it works or vice versa. All the so called â€Å"skin-gains† are obtainable in a variety of other skin products. We might hear of people using human faeces in future for skin treatment! That’s so sickening! Mayonnaise as a moisturizer! Past years’ legend, Joan Crawford was said to make use of Mayonnaise to moisturize her skin and hair. This is really like taking your breakfast â€Å"spread tad bit seriously! Taking into consideration the medical background, the chief ingredients in Mayonnaise are soya bean oil and eggs, which make it a potent treatment for dry facial skin. Mayo also comprises of vinegar, which helps in encouraging the turnover of skin cells, leaving the face feeling as if it has been exfoliated. Experts say that doing a gentle mayo massage on skin daily may help boosting up skin’s moisture. Mayonnaise is said to be the possessor of moisturizing properties that extend beyond your skin. It is also observed to be a good hair conditioner as it gives a healthy shine to the hair. But it would be much preferable to limit the mayonnaise to just your bread and instead make use of so many easily available wonderful hair cosmetics for giving that shine to your hair! Snake Venom as a replacement for Botox! Snake Venom is the first choice for Katy Holmes as a replacement for Botox injections. It seems that, she believes that this synthetic venom product has some kind of ‘muscle-shocking’ effect. It smoothens out the wrinkles and relaxes the muscles of the face. When we look at this from a medical point of view, we can see that Scientists firstdiscovered a link betweenanti-agingand the paralysis-inducing properties ofviper venom,a few years ago. If thevipercould send its victims into a permanent stupor with itsvenom, they hypothesised thatperhaps the same science could be used to tamecrow’s feetandforehead furrows. The synthetic venom like counterpartSYN-AKEisatopical synthetic tripeptidewhichwhen applied to the skin, relaxes the â€Å"frowning and grimacing† muscles that lead todeep wrinkles. Clients of the Sonya Dakar clinic in Beverly Hills line up for thesesnake-venom facials, whileHollywood gossip sitesproclaimGwyneth Paltrow’s love beliefforDakar’s UltraLuxe-9 Age Control Complex($190), aSYN-AKE-infused skin cream. But there is absolutely no evidence or any independent medical research to prove the authenticity of the same. Bee venoms have been used as a replacement for Botox treatment. The research has shown that this product contributes in producing natural collagen, a special kind of protein that provides elasticity to the skin cells and keeps the skin young. To add on to it, increases the number of keratinocytes – special cells, protecting them from getting influenced by certain harmful extrinsic factors like dehydration, agents of infectious diseases, ultraviolet (UV) radiation. De-puff with Piles cream! Sandra Bullock believes that haemorrhoid tube works wonders to tighten up facial skin. These haemorrhoid creams comprise of vasoconstrictors – which are responsible for shrinking the blood vessels. This is helpful when it’s about haemorrhoids, since there are swollen veins, but not so helpful when it concerns sensitive area below the eyes. As a matter of fact, certain ingredients in these creams may cause irritation in the eyes and worsen the situation. Also, there’s never been any convincing or high quality medical study to prove the effectiveness of the same. Hence, not being enthusiastic about this choice will be the best thing to do. Shine with red wine! Actress Teri Hatcher pours Red Wine in her bath which helps softening her skin. Studies have proved that there are certain ingredients present in red wine such as the tartaric acid, an alpha hydroxyl agent helps in exfoliation of the skin, thereby making it softer. Drinking red wine is also beneficial as because of the antioxidants present in red wine, the skin is prevented from ageing. What we can gather from all this is that, when it comes to your skin particularly your face, dare not take chances! Some of these bizarre treatments by celebrities do have a scientific base and some kind of possible reasoning but not all. Hence, consulting the expert Dermatologist and/or Facial Plastic Surgeon for such skin treatments is always advisable. References: http://debrajshome.wordpress.com/2014/04/27/bollywood-hollywood-celebrity-beauty-tips/ http://www.theestheticclinic.com/dr-debraj-shome.html

Marketing Plan for Maggie Essay

Promotions showcases which mode of promotion is most effective and how do consumers respond to various celebrity endorsements. Place focuses on efficiency of distribution network of Maggi Tomato Ketchup. We have also drawn out some inferences by applying various statistical tools like ‘SIGN TEST’. Towards the end we have suggested some recommendations as a group on how can we improve the marketing mix of the product. Nestle, which world knows as cautious and conservatory company is a Swiss originated 140 years old Multinational. The man at the helm is Swiss national Carlo Donati, an all inspiration and image of the company. His philosophy is ‘bottom line dictating top line’ based on delegation and decentralization. It resulted from a merger in 1905 between the Anglo-Swiss Milk Company for milk products established in 1866 by the Page Brothers in Cham, Switzerland and the Farine Lactee Henri Nestle Company set up in 1867 by Henri Nestle to provide an infant food product. The first Nestle factory to begin production in the United States was opened in Fulton, Oswego County, New York. Nestle India Ltd. (NIL), the Indian subsidiary of the global FMCG major, Nestle SA, introduced the Maggi brand in India in 1982, with its launch of Maggi 2 Minute Noodles, an instant noodles product. Nestle India’s business objective and that of its management and employees is to manufacture and market the Company’s products in such a way as to create value that can be sustained over the long term for consumers, shareholders, employees, business partners and the national economy. The product mix of Nestle India consists of milk products and baby products (42. %), beverages (29. 3 %), processed foods (14. 4 %), chocolate and confectionary (13. 8 %).

Essay on Lawrence Lessig - 2664 Words

In 2012, copyright laws and the creative industries they protect, have come face to face with the Internet in an unprecedented struggle for power. According to some, this is having a dramatic effect on our culture (Lessig 2001; Lessig 2004). Whilst most of the attention has been focused towards the United States and the two controlling industry bodies, the Motion Picture Association of America (MPAA) and the Recording Industry Association of America (RIAA), the consequences for stricter copyright laws, or new measures to protect them will have international effects (Barrett 2012; Horten 2012; Lessig 2001; Lessig 2004). This essay seeks to discuss the concepts raised in the accompanying poster whilst also examining both the past and present†¦show more content†¦ACTA represents an international framework for legislating Internet users and Internet Service Providers (ISPs) in order to protect against copyright infringements (Barrett 2012; Department of Foreign Affairs and Trade 2012; Horten 2012). SOPA and PIPA were United States specific acts aimed at providing unprecedented powers to copyright holders to shut down both domestic and foreign websites, financial services and advertising services which may be connected to copyright infringements (Barrett 2012; Horten 2012). On the surface these measures pose as an attempt to stop copyright infringements, however their influence runs far beyond that of just copyright. These measures threatened the very fabric of the Internet that Lessig (2001; 2004) sees as vital to the cultural commons; it is an attempt to â€Å"reintroduce the barriers that the internet originally removed†(Lessig 2001: 16) SOPA and PIPA would have substantially impacted the rights of allegedly infringing international corporations, individuals or ISPs by enacting laws that could shut them down before being proven guilty (Barrett 2012). These measures could have also impacted claims of fair use, criminalized many innocent people and may have also influenced free speech. With these effects considered, the cultural commons of the Internet could be left closedShow MoreRelated`` For The Love Of Culture `` By Lawrence Lessig1740 Words   |  7 Pagescrime by using information and be subjected to lawsuits, despite good intentions. Lawrence Lessig’s three proposals for copyright changes are key concepts facing issues like this. It is crucial we pay attention because our cultural future is in jeopardy. In Lawrence Lessig’s article â€Å"For the Love of Culture†, he explains his concern that our copyright laws are hampering our opportunity to learn about our past. Lessig gives us a good example in the beginning about a daughter of a late great AmericanRead MoreAnalysis Of Lawrence Lessig s Remix : Making Art And Commerce Thrive1448 Words   |  6 Pages‘remix culture’ that redefine the way the world is perceived through the reproduction and recyclability of their works and the works of others. Remix culture, or ‘read-write culture’ , lets people generate â€Å"art as readily as they consume it† . In Lawrence Lessig’s book Remix: Making Art and Commerce Thrive in the Hybrid Economy, he argues that the contemporary generation’s form of ‘literacy’ is technologically-based . In this contemporary society, technology plays a significant role in the appropriationRead More Creative Commons - America Needs Fair Use Licenses Essay1723 Words   |  7 Pagesbeen developed which addresses many of these issues in an effort to encourage new creative development through the open sharing of intellectual property. (Lessig) There are many issues with the current copyright laws that exist in the Canada and the United States today. Many critics of these laws like, Creative Commons founder Lawrence Lessig; believe that current copyright laws only exist to protect entrenched, and often uncreative interests at the expense of everyone else. (Plotkin) In the UnitedRead MoreE Phishing Software And The Privacy Of Consumers Online By Warning And Preventing Them From Phishing Websites1574 Words   |  7 Pagestransformation to or copy/cut and paste from works is a crime (Lessig, 2012, p ) In addition, copyrights go to ridiculous measures to supposedly protect works, which only yields inconveniences to most legal consumers. Lessig points out that in his Adobe E-Book some e-books restrict how many passages can be copied, how times he is allowed to read the novel, and decide whether the software is permitted to read aloud or not. (Lessig, 2012, ) DRMs do little to stop piracy and hurt consumers inRead MoreAnalysis Of Disney Company s Recreation Of Public Domain Fairy Tales2060 Words   |  9 Pagesas regulates the capabilities of younger generations to apply their artiscic and imaginative creativity. The regulation of culture is present now within America in regards to creativity as well as the control is so great creativity suffers. Lawrence Lessig, a law professor at Harvard and is an avoid advocate to reduced copyright laws. He writes a chapter in Helle Posdam’s book called Copyright and Other Fairy Tales about the dangers of copyright laws in such a technological world: It’s a world whereRead MoreWhen Does Fair Use Become Theft and Viceversa680 Words   |  3 Pagesespecially those passed in the US over the last 15 years, are draconian and destroy the very creativity that they claim to nurture. By combining documentary footage with interviews with Girl Talk, Creative Commons founder and Stanford law professor Lawrence Lessig, BoingBoing founder Cory Doctorow and Brazilian musician Gilberto Gil, Gaylor proclaims sampling and remixing as a natural extension of human creativity. In his film, he identifies 2 major groups: the Copy Right (those who feel that ideas areRead MoreEssay Filesharing1193 Words   |  5 Pagesinformation. Perhaps the most useful article I found was an article written by Lawrence Lessig, A Stanford professor and author of â€Å"Free Culture†. In his article Lessig pointed out that the battle against online piracy is hopeless the way it is currently being fought. He noted that prosecuting these so-called â€Å"pirates† has not led to an increase of profits for the artists nor a decrease in the amount if illegal filesharing.(2) Lessig also wrote about a consequence of P2P network piracy that I had not beforeRead MoreInternet Regulation S hould Not Be Regulated Essay1297 Words   |  6 PagesIntroduction In this paper, I will be arguing against the text by Lawrence Lessig by providing evidence and reasoning that proves that complete internet regulation would never be implemented on a global scale due to the privacy concerns that the United States would face while minimal internet regulation, like what Lessig suggests, would be unable to coexist with countries like China and Saudi Arabia who morally conflict with a global majority. Internet regulation will never be consistent in a globalRead More Buying Favor: Why Congress Depends on Funding From Special Interests2126 Words   |  9 Pages The previous sentence summarizes the collective sentiment of the general public concerning the legislative branch of the federal government. A 2010 Gallop poll revealed that over eighty-nine percent of Americans have no confidence in Congress (Lessig 2). It is theorized that Congress is so far out of favor because it has been unable to resolve the nation’s most important issues, such as Medicare, Medicaid, immigration reform, and the growing budget deficit, due to seemingly trivial reasons. Read MoreBill Gates and Microsoft1662 Words   |  7 PagesCode) programming language for use on the Altair. They were contracted to work as programmers at MITS headquarters in New Mexico (Stevenson). When the company that Gates and Allen worked for went bankrupt, Microsoft moved to Seattle, Washington (Lessig). His big break came in 1980 when IBM asked him to provide the operating system for IBM’s computer (â€Å"Bill Gates†). Instead of creating a new program Microsoft purchased QDOS (Quick and Dirty Operating System) and modified it for IBM’s PC. Gates

Introduction To EasyJet Plc - Free Essay Example

Sample details Pages: 6 Words: 1677 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? EasyJet is a low-fare airline which was established in 1995 by a Greek businessman Stelios Haji-Ioannou. The company has a big growth from its original bases in Lutton, from where easyjet operated only two routes to Edinburgh, and Glasgow. Nowadays it is giving its services by 171 airplanes on more over 100 destinations through all over the world including Europe, North Africa and even the Middle East. Its official company name is easyJet Airline Company Limited. Only in the last year easyJet has carried about 44.6 millions of passengers, which was a 2nd result just behind the Ryanair. It seems for the company, that its revenue growth considerably increased over a past few years. It employs 4,859 thousands of people, from which many of them are taking care of a companys 165 airplanes. Don’t waste time! Our writers will create an original "Introduction To EasyJet Plc" essay for you Create order Easyjets major markets which are really strong are held in London, Milan, Malpensa, Geneva and Paris from where they have leaded the company to successful conquer in European transporting industry. In June of 2007 the company has introduced plans for building their own airliner Ecojet. Unfortunately, from that period of time company didnt release any new information yet. As easyjets products are only services, there are only three of them. The first one is of course booking which a customer can do by a phone or internet where the 2nd option is much cheaper to reduce call centre costs. The second service is cabin and onboard services, which have environmental background (some flights provide a film), and either hospitality where the customer has an option to buy a meal for himself. On December 14th 2004, Easyjet and Holitopia together opened EasyJetHotels which are online booking accommodation through the whole world. 2. Key Financial Results Current Year (2008) Previous Year (2007) % Movement Revenue pound; million 2,362.8 1,797.2 +31,5 Operating profit / loss pound; million 91 172 -47 Capital employed pound; million 2,186.0 1,895.1 +15,3 Total assets pound; million 3,095.8 2,516.4 +23 Net cash generated / used in operating activities pound; million 296,2 270,8 +10,9 Number of employees pound; thousands 6,375 5,493 +16 Earnings per share pound; pence 19,8 36,6 -45,9 Final proposed dividend per share 0 0 0 Year end share price 3,15 6,10 -48 Year end market capitalization pound; million 332,955 639,280 -47,9 Current Year (2008) Previous Year (2007) % Movement Gross profit margin (%) 5 11 -54 Operating expenses (%) 89 83 +7,22 Current ratio pound; million 700,2 740,7 -5,5 Gearing ratio (%) 28,7 20,4 +40,7 Debt ratio (%) 59 54 +8,72 3. Financial Ratios 4. Price / Earnings Share ratio (Current and Sector Average) P/E Ratio: Share Price Æ’ÂÂ   pound; 3,99 = 21 times EPS pound; 0,19 Share Price: P/E Ratio x Earnings Per Share Current Share Price: 21 x 19 p = 399 pence Share Price if sector average were applied: 11.45 x 19 p = 217,55 pence As we can see from the above, the current P/E Ratio is 21 times, while the sectors average is 11,45 what makes the sectors average much smaller ratio. We can see that if we would inject the sectors average P/E Ratio share price of the EasyJet company would have cost less. 5. Easyjets share price over the last year From the EasyJets share price graph which shows any core movements, we can actually outline three of them. The first noticeable movement was a fall down by 4,1 % of EasyJets share prices on May 14th 2009, and its big gain on the next day by 3,4 %. On that day all of the big European air carriers like Ryanair, British Airways, Air France-KLM and either Lufthansa has suffered big losses. EasyJets share price has fallen down to 270,25 pence per share from 283,75 pence. The main reason which caused this movement were the oil prices that remained stubbornly high. Source: https://www.centreforaviation.com/news/share-market/2009/05/14/ryanair-easyjet-british-airways-air-france-klm-and-lufthansa-fall-heavilyshare-wrap/page1 The second movement is the one which has caused a fall down from 335 pence for share on 29th of January 2009 to 312,75 and over the whole period to 5th of February to 294 pence. The main reason of this fall was caused by Andy Harrison EasyJets Chief of Executive Officer who had offloaded half his stake in the carrier, raising approximately GBP1.3 million. The company itself said that the sale was made of because of their CEOs divorce. Source: https://www.centreforaviation.com/news/share-market/2009/02/02/british-airways-catches-a-case-of-stelioses-easyjet-share-fallout-continues/page1 The third and the biggest movement which was a raise in EasyJets share price was on 21st of November 2008 from its fall, a week earlier when founder of the company Sir Stelios Haji-loannou upgraded his public attack on the carriers expansion planning. The raise was by 10,7 %, mainly because of the investors who were optimistic that the company should do well now. Source: https://www.centreforaviation.com/news/share-market/2008/11/24/easyjet-surges-and-vueling-suffers-europe-airline-share-prices/page1 6. The companys analysis performance This report will describe EasyJets overall performance over the last trading period during the year ending 30th of September 2008. The aim of this report is also to show a prospects of the company, and advise whenever is good or bad choice to invest in it. We will have to calculate the financial ratios which measure the financial structure of the company and show how it relates to the trading activities(Holmes;2005:page no. 216). EasyJet at a glance Revenue up to 2,363 million (+31%) Cash flow from operations to 292 million (+12%) Gearing up to 28,7 % (+8.3 pp) Seats flown to 51.9 million (+17%) Europes No. 1 in air network (www.easyjet.com) Over 100 airports served Financial Ratio analysis Stock Market Indicators: Stock market indicators are very significant to make a decision to either buy or sell a shares of the specific company. In the UK the market place for all companies is London Stock Exchange. EasyJet company is based in FTSE 250 index which is a complex of the companies ranked from 101 to 350. Above ranking is based on a companys market capitalization calculated by multiplying amount of the ordinary shares by the share price: Market capitalization: 105,7 x 3,15 = 332,955 million pounds EPS Ratio Basic earnings per share ratio is the one of investment ratios. Although EPS has decreased by 45,9 % we need to understand that this is mainly because of the shares price change. The Price/Earnings ratio of the EasyJet indicates is a pretty good investment choice. Price/Earnings Ratio: Market Price per share Æ’ÂÂ   302,302 = 15,22 times EPS 19,8 The ratio of 15.22 means that if we buy the shares for pound;100, then 15.22 years of current earnings of 6.57 pence per share are being bought. This also confirms that stock exchange have a trust in the company. The other two investment ratios which are dividend yield, and dividend payout are both equal to zero since the company has never declared to pay, or never paid out cash dividends for their ordinary shares. They also admit in their annual report that they do not plan to do so. Profitability Profitability ratios will help to highlight EasyJets ability to generate earnings compared with its expenses. The first ratio that is essential is Gross profit margin which has decreased in 2008 to 5 % from 11 % in 2007. As we can see EasyJet has increased its revenue, but the gross profit margin decreased. That situation can only means that the company has aroused the fares, which can be the reason of the companys many competitors. Operating expenses have increased from 83 % to 89 %. This indicator shows that the investors have less opportunity to have a bigger profit this year compared to the previous one. ROCE: Profit before interest and tax Æ’ÂÂ   123 = 5,6 % Capital employed 2,186 The ROCE ratio (return on capital employed) has decreased by 44 % from 10 % to 5,6 %. It is not a really significant ratio, but a noticeable decrease in it confirms that the company uses more assets to generate more sales. Short-Term Solvency The main two indicators for short-term solvency are two ratios which are acid test ratio and current ratio. Acid test ratio is really helpful to provide information if the company has a proper amount of short-time assets to cover short-time liabilities without selling any goods, or inventory. Acid test ratio: Cash + accounts receivable + Short time investments Æ’ÂÂ   1,569,3 = 1,72 times Current liabilities 909,8 Above equations confirm that EasyJet is a safe company, that could manage their business in extreme situations. Current ratio is used to give an idea if the company could pay its short-time liabilities with its short-time assets. It can also show the results of companys operating cycle or faculty to turn its product into cash. Current ratio: Current assets Æ’ÂÂ   1,415 = 1,55 times Current liabilities 909,8 Current ratio is similar to the acid test ratio but it doesnt include any inventory in it. For EasyJet the result of 1,55 times are good news, for every pound in current liabilities there is pound;1,55 in current assets. Long-Term Solvency Long-Term solvency ratios helps to measure a companys capacity to get a long-term obligations. These ratios are gearing ratio, interest cover and debt ratio. Gearing has increased to 28,7 % from 20,4 % which means the company is considered to be more risky according to previous year. By Debt ratio we can see our businesss long-term solvency. It shows how much your leverage your company posses. Debt ratio: Total liabilities Æ’ÂÂ   1817,6 = 0,58 Total Assets 3095,8 The Debt ratio of 0,58 confirms that a company has more assets than liabilities. EasyJets gearing ratio is average. There is a debt capacity that remains unused. If the Debt ratio is less than one, it means that company could have some more borrowings. In EasyJets case, that could be either some new aircrafts or opening new lines. Conclusion EasyJet is a company, with a great financial strength like low gearing and big cash holdings that equals pound;863 million. Their total revenue went up by 31,5 % which means that the company has a constant growth. The passenger numbers has increased by 17.3 % to 43.7 million. That means that more people choose these airlines. The gearing ratio which is low, confirms that the company still wants to expand, which leads to opening new routes and growing their fleet. Long-term solvency ratios showed that EasyJet has more assets than liabilities. This leads the managers to utilize the total debt capacity. On the other hand short-term solvency ratios, shows that the company has enough of current assets to fully cover their obligations to creditors. Although Gross profit margin and ROCE of profitability ratios have decreased, they show that the company tried to generate more sales from its assets. I think that EasyJet has a lot of indicators that show a positive prospects of the company. After reviewing the companys annual report I would definitely try to invest some money in above company and buy some shares.