Hospitality Industry Questions and Answers

Hospitality Industry Questions and Answers Introduction What is Hospitality? People serving you popcorn when you entered a cinema, concierge in a five star hotel and the museum tour guide have the common? They are all work in servicing which is under the house of hospitality industry. Do you know that hospitality industry is the largest industry throughout the world? It is the main source of income for majority countries. Hospitality is not just about a simple servicing, but it involves in showing respect for ones guests, provide for their needs and wants, and treating each other as equals. Hospitality industry involved hotels, casinos, and resorts which provide comfort and a sort of guidance to guests. The term hospital, hospice and hostel are deriving from hospitality and these establishments protect more of the connotation of personal care. It refers to a types of establishment where provide shelter and foods for people which is in needed or away from their home. Hospitality was founded by Bob Luitweiler in year 1949 and this establis hment are responsible in setting up a building, provide secure, pleasant place for a temporary stay, cleaning and maintaining premises. Now days, customers expectation is high. Quality is perhaps the most variable feature in hospitality industry. Answer for Question 1 Hospitality, a contemporaneous human exchange, which is voluntary entered into, and designed to intensify the mutual well being of the parties concerned through the provision of accommodation, and / or food, and / or drink. Hospitality industry had a wide scope. According to the historians, the development of hospitality industry had been traced in a thousand of years and many cultures. A professional hospitality industry must always keep updating according to the needs and wants of the societies. Success in the hotel industry are always relies on catering to the needs of the targeted clientele. Besides, providing a wide variety of services and pleasantness desirable atmosphere will always drive the hospitality industry into a large, multi faceted and diverse industry. The main component in hospitality industry is all about dealing with customers and lead to the satisfaction of the customers in every service provided since the yore days. Hospitality industry has begun since 3000 B.C ago. The field of hospitality encompassing travel, tourism, restaurants, and recreation. There are some advantages and disadvantages for every business and staff. This happen same to hospitality industry. For your knowledge, hospitality industry is a very wide scope; it mainly concentrated in two largest establishments throughout the world. Example for these two establishments is stated in the figure belowà ¢Ã¢â€š ¬Ã‚ ¦ Lodging What is lodging? It means the lodging segment of the hospitality industry example like hotels, inns, motels, resorts, chalet, and others more. In summary, lodging means any establishment which provides a bed for a fee or embrace of rent and a reasonable allowance for utilities and use appliances and furniture. Basically a lodging establishment always included elements of entertainment, personal services, recreation and food service for wayfarer. Majority of lodging facilities in the world extend from tiny bed and breakfasts meal to the latest development, megaresorts. Niches between these ultimate include commercial hotels, city center hotels, resort hotels, suburban hotels, highways hotels/motels, airport hotels, economy properties, conference centers, all suite hotels, and casino hotels. Essence of a successful set of business operations means the successful in exchange products or services for value. In a set of business, its a chain of supply with demand. Luxury hotels are selling their suite and other kind of facilities in the hotel to the guests which provide their demand. Supply and demand is the point where profits earn in a business. Product and services in a service industry like lodging, is a holistic concept. It consist of tangibles like hotel type and physical amenities and intangibilities like services provided by the lodging staff. Customer wants and needs are always changing and varied. As customer are becoming increasingly demanding, hotels must be designed and created to be more responsive and effective in order to achieve different travelers needs and wants. Advantages In 21st century, people have a necessity in staying at some city or town for an extended period of time. When a people are away from home, lodging is the only accommodation for them to have a stay. Many people are worried about how much they are going to spend for the accommodation. As a matter of fact, staying in a hotel got a couple of benefits. Privilege of day services such like room cleaning and laundry really put away the stress of the guests in doing the laundry them self after a tiring working day. Leisure places like gymnastic room or swimming pool are other attractions for customer to choosing in staying in a hotel. Since price is the first priority to the customer, hotel must be always updated to the latest promotions and events from the competitors. Furthermore, localization played an important role in advantages in lodging. There are two types of location of a hotel which is more preferred by peoples. First of all is conference hotel which is located in a city or a conference area of a country. These hotels normally targeted more on businessman. The location of the hotel enables them to travel to the work place or meeting center easily. Secondly are vocational locations. Hotels which is located near a beautiful view example like beach resort or a hotel located in a tourism area are mostly targeted on family. These hotels are free from the peak working hour in a busy city, free from noise and air pollution is always the selection of a family vacation. Environment is another factor of advantages in lodging. Example like a hotel located on a beautiful waterfront enable the guest to enjoy the mesmerizing views from their room. It is an indeed to stay at one of these hotels for stressful or a busy businessman. Do you know that other than the view of a lodging, customers demand for quality entertainment too? Good entertainment example like a luxury pub, sea diving or even a luxury swimming pool will attracts more guests with stress release and entertainment seeker demand. Disadvantages Large hotels with thousands of rooms, modern leisure facilities and wide choice of dining options are always the advantages in lodging. But, this also causes disadvantages to the lodging. A waiting line in reception area always can be seen in large lodging. A large hotel requires good management. A failure management will just slow down the running process in a hotel daily. We cant predict whether the guest will have a late check out and this causes the incoming guest to have a wait before they can check into their room. Secondly, a large hotel sometimes will face the problem of insufficient staffs. In a luxury dining, due to the staff are insufficient, they are always run off their feet by the number of guests. Unfortunately, guests will be kept waiting when they need something while the staffs are busying in handling another guest. Example like you ask for a menu, you might be able to be waiting for the menus to be brought to you until your stomach start rumbling. Food service Food service is a large industry which deals with all the preparations of food outside the home. Example like establishing a restaurant, catering a wedding party, and running a cafeteria are all forms of food service. Normally these restaurants lay institutional food service in business, colleges, hospitals and remedial faculties. A bunches amount of goods and services fall under the coverage of food service, example like establishment which transport food and equipment related to kitchen, silverware and so forth. Job opportunities had been wider up due to human energy is needed in this set of industry. Restaurateurs, waiters, dietitians and chefs are some example of worker needed in food service industry. Some people in this industry are sent for training so that they are qualified to work in this industry. High class luxury dining needs talent and qualified people to work in it. Colleges now days are offering hospitality courses. In year 2008, there were 546,300 privately owned food service and drinking places around the United Sates. 47 percent of these establishment primarily serve patrons who order and pay before eating while 39 percent of establishment offer full service restaurant; being served well and after consume their delicious cuisine only make a payment. Another 9 percent had been comprised by drinking places and special food service like caterers had comprised about 5 percent of all establishments in this industry. Food service can be defined as worlds most widespread and familiar industry. Advantages In food service industry, human energy is needed in a big amount. From the chef, assistant chef until waiter got quite a many positions. Here is where the job opportunities once again wider up. The requirements for these positions example like a cleaner in a dining or waiters do not need high education levels. People with a diploma or degree on hand can hold the position of a manager in a department. As there is getting more and more lodging and dining is developing, it is quite an opportunities for youngers out there to get a bright future for themselves through hardworking. Besides, food industry targeted people which are looking for foods when they are starving. This is why choosing a correct location will be the final judges on how well the set of business will go. A restaurant which located in a down town of course will grab some customers from the busy working life in the city. First its easy to find, save up the customer time, and even some time rusher people can just have a take away meal near a restaurant near his / her company. In this highly competitive hospitality industry, a well and professional trained staff is essential to the key of success of any food service establishment. Besides, technology influences the food services industry in many ways by enhancing efficiency and productivity. Order are being taken down by electronic devices, patron seating are all contributing in an efficient fast serving Disadvantages Yes it is an advantage when the job opportunities are getting wider and a student which is just graduated will be easier to get a job in hospitality industry. But, a new staff with just a piece of diploma or degree and without any working experience will eventually affect the efficiency of service in any establishment. Some time in on the job training will be needed again before these new employees are able to handle the tasks and responsibilities in a restaurant. Besides, location of a restaurant in down town is a good starting point in successful service industry. But, do you know it is very expensive for the rental for the shop which is located in down town? Shop lots in down town got limited quantities too, and competitors are many out there. Another factor which leads to disadvantages in food service industry is about the working hour. Works in the food industry are always grueling and demanding. Working hours are often long and irregular and dealing with varied and complex situation. Besides, people also must highly attune to the need of customer satisfaction. However, wages are heavily based on the tips from customers, and employees may have a limited access to the benefits and protections from the government such as minimum wage laws. Conclusion In hospitality industry, good service is the top priority and is the primary focus in order to achieve customer satisfaction. Working in hospitality industry must always keep this in mind, Customers do not buy service delivery but they buy experiences; they do not buy service quality but they buy memories; they do not buy foods and drinks but the buy meal experiences; they do not buy event or functions but they buy occasions. In hospitality industry, we are the dreamers of dreams. We are required to make the guest to feel that the host being hospitable through feelings of generosity which is a desire to please and a genuine regard for the guest as an individual. Remember, hospitality industries are always an honorable profession and we are the industry which mostly deals with customers needs and wants. Question 2 Find out the factors that affecting travel and tourism. Explain in detail Introduction Travel and tourism is mainly for recreation, leisure or business purposes. Tourism is very important to the hospitality industry as it is the main support of the revenue in lodging. Tourism refers to the activities of persons travelling to and staying in a place outside for not more than one consecutive year for leisure, business and other purpose. Therefore, these people are considered to be tourists; on a visit that is temporary and short term. These organizations include restaurants, hotels, motels and resorts. There are two types of tourism which is domestic tourism and outbound tourism. Domestic tourism refers to people which take holidays or a few days trip in their own country. Example like a family is visit to another part of the country. Outbound tourism refers to people which travel away from home and visit to another country for leisure or business purpose. However, no matter what type of travel it is, these people will always ended up in staying in lodging. This is where the revenue of the hospitality industry started. Answer for Question 2 Travel and tourism has become a popular global leisure activity. Tourists are generally classified in statistics according to the duration and purpose of their journey. Day trippers refers to tourists which is away from home just for a day and dont need any accommodation. Visitors which need an accommodation can be classified by their length of stay, such as one night or more. These visitors may be classified as to whether they are touring for business or leisure purposes. People travel for leisure is because they are living in a hectic life style, they are seeking for a relaxation which is away from a busying life, and they need a rest and prestige. There are a few factors which affecting travel and tourism. Growing Leisure Leisure can be defined as the opposite meaning of idleness. People now days are busying in working, keeping themselves in a busy and hectic life style. But, as the world is neither changing, nor the policies in any organization is changing too. Most of the companies out there had been generous in providing their employees paid holidays and even some large organization are providing a three day weekends. A more flexible arrangements has been added into peoples leisure time, and eventually, these liberal company policies had enable the employees to go for a vacation or travel to give themselves a break. Income In the 21st century, most of the women are working in order to maintain their family income. What does it mean by maintain the family income? It is more on referring if one spouse loses a job, that wont causes elimination of all the family income. Besides, due to the education which is though is school or college, women had more motives in working outside. They seek for challenges, they seek for work which is professional and excitement and another reason why women choose to work after marriage is they want to give a more comfortable and satisfying life to her family. Everyone works in maintaining a comfortable life style. Of course, when you are busy in working, especially for a marriage person, after a tiring working day, they might still need to take care of their children at home in the night and some house works still need to be done. Eventually, leisure time for our own will be immolated. So, if there is a time for them to get away from this hectic life style, it is not surpris ing when they spend their money on the goods and services they demanded. Time will be a bounty for them. They wont bother about the price for their travel, because it is not easy for them to get a rest in such pressure and hectic life style, good and quality travelling will always be their wise choice. Push and Pull Factors The travelling motives for people tend to categorize as escaping from and / or escaping to a particular destination. Push factor brings up the meaning of a person who travel to a place due to his / her response in what is missing. Pull factors brings up the meaning of attractiveness of a places and attract the people to visit to it. Push and pull factor can be classifies into nine motives to travel which seven of those are socio psychological or known as push motives; the other two are defined as cultural or pull motives. Push motives are escapism, relaxation, retrogression, social inter action, self exploration and prestige while pull motives are innovation and education. There is also two main type of push and pull factors which is personal and interpersonal. Interpersonal is a result of social interaction. Personal rewards are self determination, sense of competence or challenge. Technology change Technological changes within tourism included several different factors from medical advances to the innovative tourism. Better communication, transport like cruise ships and safety have emboldened new customers which demand easier, quicker and cheaper service, this demand can only be fulfill by the help of technology. Besides, new transportation also got an advance in time management. Shorter and efficient time period is just needed for a person to travel from a country to another side of the planet. Furthermore, through technological advances, online booking has been one of the biggest factors in affecting travel and tourism. Users are enabling to check for travelling packages from tour agencies websites and direct purchase it by just a few clicks at home without need to go to the agencies. With the association and sponsored from different tour agencies and organizations, MATTA FAIR had been organized. MATTA FAIR is an open public fair which offer supreme packages which can be affo rd by economical income family. Development in technology had leads more and more people are getting to travelling around the world rather than remain at their own country and stick in the hectic daily schedule. Demographic The topic middle aging of America which is a significant demographic change had proved that middle age generally indicated to higher income and a greater propensity to travel. The group of people with age around 35 to 44 is most likely to stay in accommodations or a longer outstation trip, whether is for leisure or business purpose. Another significant demographic development for tourism is about the growing of the mature market which mean group of people with age over 55. This group of people got their mortgages paid and a large proportion of them have a nest egg of savings and retirement benefits to withdrawn. This had enabled these groups of people to travel around the world and enjoy for the rest for their life. This people with age 55 65 years old as the first baby boomers which move into their mature years will be very excited and active in seeking a whole new experience which is deal with the travel and leisure moment in their life after being retired. And this is the reason they are able to have a long period vacation. Another group of aging people which is over the age of 85 normally suggest an expansion in assisted living facilities. Safety Security Safety and security have been identified as one of the global forces that would drive the tourism industry in a new millennium. Things that tourisms worried when they are staying in a hotel at any destination are all about the same which is: Assault Raping Larceny Robbery Fire within premises Protecting the lives of guests and workers, property and assets of the business from criminal actions includes security checks on existing design and technology. Lighting of the public and external areas, building access, key control, security of guestroom doors, and guarding of the property must be always keep updated and check by the maintenance department. All the employees should be trained to know about all the appropriate security procedures when there is an emergency happened example like a fire situation. If the safety and security in a lodging establishment is good and well management, eventually guests which stay at the first time will get good impression from it and eventually will recognize it to their friends when they back to their country. Conclusion Travel and tourism is important to the hospitality industry. The most common reason why people go for travel is leisure, and sometimes followed by business. An attractive environment appeals to tourists, whether is natural or built, and the development of the industry in a locality will relate to the surrounding area. People are travelling by car more than any other means. Travel by air had been increase over the last 10 years. But, the fares begin to rise and this causes people taught that travelling is expensive. This is why some people just ignore travelling and keep themselves in busy working. Communications between air lines and tourism industry should make an agreement in order to bring up the tourism industry. Rising of fares will never give any help in bringing the tourism industry to a new millennium.

Tv News vs. Internet News

It is hard to believe that just a few years ago, watching TV or reading newspapers were the only ways of gathering news. Nowadays as thanks to the Internet there is one more option, the question whether it is best to rely on television news, or to follow online news emerged. When set beside, those two ways of gathering news seem to be enormously different. The biggest difference between online news and television news is the access to information. While watching news on TV, we are dependent on broadcast schedule of any TV station.By contrast, there is no schedule involved in following online news. The access to information is constant and it is the user’s choice when to follow the news. Secondly, compared to television news, the amount of online information seems to be much more greater. While on TV only the most important pieces of everyday news are broadcast, the Internet offers basically unlimited amount of information concerning every branch of science and all fields of li fe.Nevertheless, the quality of television news still remains much more higher, as online articles are often anonymous or unverified. Last but not least, unlike television news, following online news gives the reader the possibility of commenting on any given article. While watching television news, the receiver only gathers the news, whereas the online news follower may participate in live â€Å"debate† and express his view on every piece of news presented.To sum up, there are many differences between television news and online news, such as the access to information, the quality of news, or the receiver’s participation. While online news seems to be more available and gives the receiver the chance to comment, the television news still remains more reliable. It is up to the receiver to choose what is more important to him.

Children and Childhood in Somalia

Describe ‘some' significant aspects of your own childhood and show how these differ from the experiences of children growing up in other times and cultures. Within this essay, I aim to discuss aspects of my childhood of which I deem significant, and further compare these experiences, showing not only how they differ, but also the similarities, between childhood during the Victorian era in Britain, and a different culture, specifically the African country of Somalia. The United Nations Convention on the Rights of the Child (UNRC) states that all children, 17 and under, live a safe, happy and fulfilled childhood (Clark; 2010).Growing up in 1990's and 2000's Britain, the children of my era were fortunate enough to be under such protection. Somalia has no such government in charge since the 1990's, therefore is one of only two countries to have not signed this worldwide treaty, with the USA being the other, and I expect to find that my childhood varies vastly from those in Somalia, and also the children of the Victorian era who did not have such education guidelines as recent times do. Growing up, luxuries were handed to me constantly. Whether it was education, holidays, food or toys, I gratefully accepted them and didn't think twice.Education is free and compulsory to every child in England from the age of five until the age of seventeen. We also have the Early Years Foundation (EYFS), a series of structural learning, development and care for all children from birth to the age of five. All schools or registered early years providers in the private, voluntary and independent sectors must follow the EYFS (http://www. direct. gov. uk). The EYFS ensures several things; parents being kept up to date with their childs progress, the welfare and wellbeing of all children regardless off gender, ethnicity, disabilities etc. and the early years practicioners work with the parents very closely. The latter is interesting; in England, we have the luxury of parents being a ble to come to playschools and similar institutions to be with the children. This would be impossible in Somalia for many children. UNICEF research (2008, http://www. unicef. org) has indicated that around 1 in 14 women die due to pregnancy or pregnancy complications, leaving many children without a mother. Compare this to England and the maternal mortality rate (MMR) was approximately 11 in 100,000 between 2006 and 2008 (http://www. atient. co. uk). When children in Somalia get older, not all of them attend primary or secondary schools. The enrolment rate in Somalia for primary education is a mere 23% (UNICEF Somalia Statistics). During the Victorian era, things were extremely different to present day. Families had to pay for their children to go to schools, and with children working in factories and mines, or as chimneysweeps, many never attended school. A young school student growing up in the nineties would not have to work unlike those in the Victorian era.A personal experience of working for myself is that of a paper round at the age of 13. This was merely more money on top of pocket money, and supplied plenty of expenditure for that age. In the period preceding 1833, before the Factory Act took place, children of 13 and under would be working extremely long hours with little breaks. Only children from rich and middle class families attended school, and it wasn't until 1870, when the Elementary Education Act was introduced, that things began to take a turn towards how children today experience schol.This act saw the beginning of a stream of education bills aimed to help children get access to education. In 1880, school was mandatory for all children up until the age of 10, and in 1889 this limit was raised to 12. Families still had to pay for schooling at this point, until 1891 when the fee was abolished. Thankfully, this was the start of how all children would be provided with free education, a luxury that not all those in Somalia have.

Comparing the Family of Kingsolver’s Bean Trees with...

Comparing the Family Presented in Barbara Kingsolver’s The Bean Trees with the Ideal Family of Socrates In The Republic, Socrates idealized the perfect city. One of the aspects that he deliberated on was the raising of children and family structure. The conclusion reached by Socrates is that no parent will know his own offspring or any child his parents (457 d). It was Socrates belief that the best atmosphere would be created in a communal upbringing of the citys children. In the same sense, he believed that they should take every precaution to insure that no mother knows her own child (460 c). Not even the mother, the traditional child-rearer, would be permitted to know or have a say in the lives of her own children, but†¦show more content†¦All of these little details contribute to Kingsolver underlying message of the varied kinds of families that exist, and the importance they play. Ryan acknowledges that Taylor has always known that a father and mother and 2.3 children dont necessarily make a family (80). Taylor recognizes the existence and importance of makeshift families , and knows what can be gained from the love of others. Kingsolver repeated theme of the extended family and how it benefits and helps one grow, is evident throughout her novel. She uses Taylor to illustrate her belief in Socrates idea of the communal family, and how it is often the best thing for the upbringing of a child. Kingsolver strongly disagrees with Socrates on the role of the mother in the family. While Socrates sees no need for a single maternal influence, Kingsolver entire writing centers on the importance of motherhood. When Taylor leaves Kentucky to head out into the world on her own, she leaves behind her mother, who has played a significant role in creating the strong woman that Taylor has become. Taylor frequently comments on the many things she learned from her mother, who urged her to talk to her teacher about the job at the hospital, and encouraged her that barefoot and pregnant was not [her] style (3). Taylors mother wouldnt allow her daughter to become like all the other girls in their town, but rather, she hoped for her success in life. She was a positive role model, an idea that

Self Esteem - 1583 Words

Self-Esteem is a personal judgment of ones worth and the satisfaction or dissatisfaction with ones own self. By this definition Self-Esteem is how each individual person views them selves as a person both mentality and physically. According to William James, the American psychologist, self esteem involves only one mental perception of the own qualities and their physical. Self esteem plays an important role of who people are and starts at a very young age. There are both positives and negative cycles of self esteem. Self esteem is the one of the most important aspects in psychology because it can either give confidence or accept defeat. William James introduced self esteem during his later years has a psychologist, to which a†¦show more content†¦The feedback given to us can also bring family and friends closer to you because you are asking for their input, however because self esteem is a personal judgment, you may need to take feedback with a grain of salt. Self esteem als o has two interrelated components self efficacy, and self respect. Self efficacy is described as an individuals perception of how effective behavior will be in any particular circumstance. (Ciccarelli G-16) Self respect is described as a sense of ones own dignity or worth. Self efficacy can determine whether or not a person will accept a challenge or bow down in avoidance. Self respect will either raise or plummet because of efficacy. The concept of self-efficacy is the focal point of Albert Banduras social cognitive theory. By means of the self-system, individuals exercise control over their thoughts, feelings and actions. Among the beliefs with which an individual evaluates the control over his/her actions and environment, self-efficacy beliefs are the most influential arbiter of human activity. Self-efficacy Ââ€" the belief in ones capabilities to organize and execute the courses of action required to produce given attainments Ââ€" is constructed on the basis of the four most i nfluential sources: enactive attainment, vicarious experience, verbal persuasion and physiological as well as emotional factors. Self-efficacy plays the central roleShow MoreRelatedSelf Esteem And Self-Esteem832 Words   |  4 Pagesoneself is self-esteem. Self esteem or â€Å"confidence in ones own worth or abilities; self-respect† (Merriam-Webster) can be portrayed in two different ways. The first way is having a habit of negative thinking about oneself which is low self-esteem, and the second way is high self-esteem made from positive thoughts. Positive self esteem allows people to have strength and flexibility to take charge of ones life and grow from ones mistakes without fear of rejection. 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Continuing The Greater Co Prosperity Sphere Through Oil...

Continuing the Greater Co-Prosperity Sphere Through Oil Independence 1. Addressing the Problem: Due to the Japanese presence in China during the late 1930s and early 1940s, the United States embargoed oil exports to Japan as a punishment for interfering with the open trade policy in China. This embargo was detrimental to the Japanese supply because Japan depended on the US for 80% of its imported oil. The Japanese also had no significant natural sources of oil in its possession. Therefore, the oil problem became a crisis as military demands quickly drained Japanese stockpiles. The Japanese needed to find oil to support its larger dream of establishing the Greater Co-Prosperity Sphere (GCPS). The reference point of the Japanese decision†¦show more content†¦Nonetheless, Japanese leadership overwhelmingly agreed that the first choice was incompatible with GCPS and was therefore not a choice to consider. 2. The Alternative Approach: A more effective approach would have been to appease the Americans in the short-term, while additionally searching for and quickly mobilizing other sources of oil in order to reduce dependence on the US. This two-step approach would have been more effective in pursuing the Japanese’s GCPS because the short-term setback would have allowed for the long-term survival of Japan’s plan to become a regional great power. By taking the admittedly high-risk route of attacking Pearl Harbor, the Japanese significantly constricted the GCPS’s chances of survival. In order to obtain vital amounts of oil for the continuation of Japanese military power, appeasing the Americans by letting go of China for the time being would have allowed the GCPS to survive another day and to continue once the country had obtained its own independent source of oil. a. 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Financial Performance EasyJet Plc Vs Flybe Group Plc - Sample

Question: Discuss about theFinancial Performance of EasyJet Plc Vs Flybe Group Plc. Answer: Introduction Easyjet and Flybe Plc are both airline companies based in UK. The report aims to compare the financial performance of the two companies for the year 2014-2015 using tools like ratio analysis. The annual report of both the companies was used to do the financial analysis and comment on the performance. This report would be useful to various stakeholders like investors, creditors and management. Even though the report captures most of the events of both companies for the said financial year, yet the stakeholders may completely be not dependent on the report alone for their decisions as the report possesses some limitations with respect to qualitative factors which have not been taken into consideration. Easyjet is the second largest airline that operates in Europe. The company has a fleet of 241 aircrafts and operates on 735 routes.(yahoo. Finance, 2016). The company is known for providing affordable flying for short haul distance. Other than flying the passengers, it also engages in leasing and trading of aircrafts. The airline is also a provider of graphic design services. The company is headquartered in Luton, UK. Flybe Plc is also a provider of airline services. The company carries its operations through two segments Flybe UK and Flybe Aviation services. The Flybe UK segements offers passengers transportation services in the United Kingdom and also passengers transportation services from UK to the rest of Europe. The company has a fleet of 74 aircrafts. (yahoo.finance, 2016). The Flybe Aviation services indulges in providing aviation services like repair and maintenance, services to third party customers and overhaul services in Western Europe. The company is based in Exeter, UK. Financial Statement Analysis The financial analysis of a company can be carried with the help of ratios. A comparison of the above two companies for the year 2014-2015 has been done. The ratios can be dividend into five categories i.e. profitability, liquidity, capital structure, efficiency and market performance. Profitability Easyjet Plc Flybe Plc Particulars 2014 2015 2014 2015 Operating profit margin 12.8% 14.7% 0.2% -2.2% Net profit margin 9.9% 11.7% 1.3% -6.2% Return on assets 13.0% 14.3% 0.2% -2.3% Return on equity 20.7% 24.4% 4.1% -25.5% (Easyjet, 2015) (Flybe, 2015) Easyjet has an increasing trend in all the profitability ratios. The companys operating profit margin has increased to 14.7% in 2015. This is mainly due to an increase in revenue by 3.5% in 2015. The increase in revenue is on account of increase in passenger volumes and increase in price. The airline majorly operates in Western and Northern Europe which has a strong demand for airline given its rich and need based customers. With a strong economic growth, the demand for both personal and business travel increased resulting in higher revenue. Also due to its quality service and network, the airline has loyal customers. Another reason is a fall in operating costs due to a fall in fuel price which is the major cost contributor. Even the currency was stable resulting in low costs. Even though other cost pressures, the company mitigated the same with its previous savings. The return on asset increased by 1.3%. The total assets have increased in plant equipment as the company acquired 20 aircrafts in 2015 as part of its strategy to increase the network. Even though the total assets have increased, still there in an increase in the return due to an increased EBIT more than the increase in assets. The return on equity has increased by 4% as the profits available to shareholders have increased with no change in share capital. Flybe Plc has had a bad year in 2015. The company profits have turned into losses. This is as a result of a fall in revenue and an increase in costs. The company undertook a turnaround strategy in 2013 where it decided to become a regional airline as a result of which it has changed its fleet of aircrafts from expensive E-jets to more reasonable turboprops. The revenue fell in 2015 due to a fall in capacity. The cost has increased manifold including reasons like loan revaluation loss of 10 million, loss on discontinued operations of the Finland joint venture. The company still has 7 E-jets to be divested which have huge maintenance costs, thus draining the profits. The company has not been able to cash on the falling fuel prices as the fuel price is forward hedged by Flybe, thus current low prices do not impact them. Therefore all above reasons led to incurring losses for the company in 2015. The return on assets and return on equity have reduced significantly mainly due to falling p rofits. both total assets and equity have not changed much. Easyjet has a higher profitability as compared to Flybe. Liquidity Easyjet Plc Flybe Plc Particulars 2014 2015 2014 2015 Current ratio 0.89 0.72 1.41 1.20 (Easyjet, 2015) (Flybe, 2015) The current ratio of Easyjet has decreased in 2015 signifying low liquidity. Moreover the ratio is less than 1 which means the current assets are not sufficient to pay for the companys current obligations. The companys payables are much higher than its receivables and also it has increased borrowings in 2015 along with derivative financial instruments. Flybe has a reasonable liquidity above 1 in both the years. The current ratio has decreased in 2015 as the liabilities have increased whereas the current assets have not increased in the same proportion. Flybe has better short term liquidity. Efficiency Ratios Easyjet Plc Flybe Plc Particulars 2014 2015 2014 2015 Receivables turnover 22.6 22.7 7.2 5.8 Total asset turnover 1.01 0.97 1.13 1.03 (Easyjet, 2015) (Flybe, 2015) Easyjet has a impressive receivables turnover ratio which means the company is efficient in collecting its receivables on time and thus will not face any cash crunch. The company has a positive cash flow in 2015. The total assets turnover is equal to 1 has decreased further in 2015 which means the efficiency with which the assets are being used to generate sales has reduced. FLybe has a very low receivables turnover because receivables have increased and sales have decreased. This shows inefficient working capital management. However, the company has a better assets turnover ratio. Flybe is efficiently utilizing its assets to generate sales whereas Easyjet has a better working capital management. Capital Structure Easyjet Plc Flybe Plc Particulars 2014 2015 2014 2015 Debt ratio 0.52 0.53 0.65 0.75 Debt to equity ratio 1.1 1.1 1.8 3.0 (Easyjet, 2015) (Flybe, 2015) Easyjet has a low debt ratio which has remained unchanged in 2015. The company has low gearing with lower cost of funding and a higher operational flexibility. The company has a capital structure where equity and debt are in equal proportions. This makes the company less risky. Flybe has a higher debt and debt to equity ratio which means it has a riskier capital structure where there is more debt than owners funds in the companys funding. The debt ratio has increased in 2015 due to a higher increase in total liabilities than an increase in total assets. Most of companys assets have been financed through debt. The debt equity ratio has increased considerably from 1.8 to 3, this is because of a decrease in equity and an increase in total liabilities. There is no change in share capital; however the equity has decreased due an increase in deficit in retained earnings as the company is incurring consecutive losses in these years. Easyjet has a more stable capital structure. Market Performance Easyjet Plc Flybe Plc Particulars 2014 2015 2014 2015 EPS 114.5 139.1 10.2 -10.93 Dividend yield 3.42 3.06 0 0 Price/earnings ratio 12.43 12.77 12.89 -5.31 (LSE, 2016) The EPS of Easyjet has increased in 2015 due to an increase in return available for shareholders as there is no change in the issued capital. The dividend yield has remained more or less the same which means the company has a stable dividend payment policy. The company has an increasing PE ratio of 12.5 approx. This means the share price of the company has increased more than the increase in EPS. This shows positive sentiments of investors with respect to the shares of Easyjet making them a valuable investment. The increasing profit margins year on year have led to increase on the share price making it a sought after investment. Flybes EPS has become negative in 2015 due to losses incurred. There is no change in the share capital. The company has not paid dividends in the last two years, hence the dividend yield is 0 for both the years. The company has a good PE ratio in 2014 but the ratio has become negative in 2015 due to losses incurred which have resulted in a negative EPS. The companys share price has fallen to its lowest in 2015-16. (Strang, 2016). As a result the PE ratio has also fallen. Easyjet has a way better market performance even in a tough environment in the UK as a result of the Brexit vote. All airlines have suffered but since Easyjet is a strong competitor, the companys profits have fallen only to some extent in 2016. The market performance of Flybe is very poor with negative returns. However, since the company has completed the three year transformation strategy in 2016, it has become profit making from a loss making airline. The market sentiments are still negative. Performance Factors There may be various performance factors which may be taken into consideration to assess the overall performance of the airline. Easyjet Plc The financial performance of the company has been good in both 2014 and 2015. Other factors which have affected the companys performance are discussed below: a) Disruption in operations there was a disruption in operations in the year 2015 due to French ATC strike in April and a fire broke out at the Rome Fiumicino airport. As a result of this, the flights got delayed and caused inconvenience to the customers resulting in low customer satisfaction. (BBC, 2015) b) Constant currency there was a fall in the price of fuel during 2015 as a result of constant currency. The fall in fuel prices led to a decrease in operating costs and thus the profit margins of the company increased. Flybe Plc a) Three year transformation program The new CEO Saad Hammad in 2013, introduced a new transformation strategy for the company. The aim of the strategy was to place Flybe as a regional airline. As a result of this, the company has replaced its E-jets with turboprops. The company has been able to replace all its E-jets except seven ones remaining which are a big drain on profits, thus reducing the profits. The company has also recruited new employees in the company. Though the current financial performance of the company has been hindered, but it is believed that the company is now better aligned to its strategic objectives. (Flybe, 2015) b) Forward hedging the fuel prices have gone down but the company did not benefit from that because it has forward hedging on oil prices and as such the benefits will be achieved in the future. Thus the operating costs have increased. (Flybe, 2015) Conclusion From the above discussion, we see that Easyjet has a better overall financial performance as compared to Flybe group. From the investor point of view, Easyjet has a better profitability and market performance and a stable dividend payment policy thus maximizing returns for the shareholders. Flybe is not an attractive option for a potential investor as the company is making losses and has more debts than equity. The market performance is poor. From the creditor point of view, Easyjet has a better stability as it has a stable capital structure as compared to Flybe. From management point of view, efficiency ratios and liquidity ratios are important. Flybe has a better working capital management which means that the company may be on the right path to achieving its objectives as per its strategy. Easyjet has low liquidity. References EasyJet Plc, (2015), How 20 Years Have Flown, EasyJet Plc Annual Report and Accounts Flybe Plc, (2015), Continuing Our Transformation, Flybe Group Plc Annual Report 2014/15 Strang, A., (2016), Can This Share Avoid a Crash Landing, accessed online on 16th November, 2016, available at https://www.iii.co.uk/articles/365755/can-share-avoid-crash-landing?context=LSE:FLYB BBC, (2015), Chaos at Rome Fiumicino Airport after Terminal Fire, accessed online on 16th November, 2016, available at, https://www.bbc.com/news/world-europe-32622652 Yahoo.finance, (2016),Easyjet Plc (EZJ.L), accessed online on 16th November, 2016, available at https://uk.finance.yahoo.com/q/pr?s=EZJ.L Yahoo.finance,(2016) Flybe Group Plc(FLYB.L), accessed online on 16th November, 2016, available at https://finance.yahoo.com/quote/FLYB.L/profile?p=FLYB.L LSE, (2016), FLYBE GROUP PLC ORD 1P, accessed online on 16th November, 2016, available at https://www.londonstockexchange.com/exchange/prices/stocks/summary/fundamentals.html?fourWayKey=GB00B4QMVR10GBGBXSSMM LSE, (2016), EASYJET PLC ORD 27 2/7P, accessed online on 16th November, 2016, available at https://www.londonstockexchange.com/exchange/prices/stocks/summary/fundamentals.html?fourWayKey=GB00B7KR2P84GBGBXSET1