Author information pack
Your Paper Your Way
We now differentiate between the requirements for new and revised submissions. You may choose to submit your manuscript as a single Word or PDF file to be used in the refereeing process. Only when your paper is at the revision stage, will you be requested to put your paper in to a 'correct format' for acceptance and provide the items required for the publication of your article.
To find out more, please visit the Preparation section below.
There is a submission fee of USD $120.00. Submissions will only be considered after payment of the submission fee via SubmissionStart. Submission fee is non-refundable and a paper may be rejected by the Editor without being sent for review, should a paper be inconsistent with the Aims and Scope of the Journal as set out on the Journal website, or not adhere to the style requirements as outlined in the Guide for Authors. The submission fees are used to support journal related activities.
Submitted papers are first considered by one of the three Editors-in-Chief and then allocated to a Handling Editor, which may be the Editor or an Associate Editor who is a specialist on that topic. Papers that are not desk rejected are then typically sent out to two referees. If one or more of these turns down the invitation to provide a review, other referees will subsequently be appointed. Normally, at least two authoritative reviews are needed before the Handling Editor can make a decision (or recommendation to the Editor, if the Handling Editor is an Associate Editor) as to whether to accept, reject, or ask for a revision of the submitted paper. However, in some cases only one review will be obtained. In other cases, should the Editor in charge of a manuscript not be in agreement with the outcome of the reviews (or parts of them), s/he may retain the right to send the paper for a final round of review to clear any doubts on the quality of the paper and its results, methodology, and approach. In all cases, it is up to the Editor in charge of that manuscript to make a final decision.
Appeals against a Chief Editor's decision can be made for a fee of $240 USD via Submission Start. Any such appeal should take the form of a document describing the errors that you perceive in the review process and an explanation of how their resolution could change the editor's decision. This document, your paper and all its reviews and related decisions will then be sent to one independent referee whose decision will be final and cannot be appealed against.
You can use this list to carry out a final check of your submission before you send it to the journal for review. Please check the relevant section in this Guide for Authors for more details.
One author has been designated as the corresponding author with contact details:
• E-mail address
• Full postal address
• Include keywords
• All figures (include relevant captions)
• All tables (including titles, description, footnotes)
• Ensure all figure and table citations in the text match the files provided
• Indicate clearly if color should be used for any figures in print
Graphical Abstracts / Highlights files (where applicable)
Supplemental files (where applicable)
• Manuscript has been 'spell checked' and 'grammar checked'
• All references mentioned in the Reference List are cited in the text, and vice versa
• Permission has been obtained for use of copyrighted material from other sources (including the Internet)
• A competing interests statement is provided, even if the authors have no competing interests to declare
• Journal policies detailed in this guide have been reviewed
• Referee suggestions and contact details provided, based on journal requirements
Ethics in publishing
Please see our information pages on Ethics in publishing and Ethical guidelines for journal publication.
Declaration of interest
All authors must disclose any financial and personal relationships with other people or organizations that could inappropriately influence (bias) their work. Examples of potential conflicts of interest include employment, consultancies, stock ownership, honoraria, paid expert testimony, patent applications/registrations, and grants or other funding. Authors must disclose any interests in two places: 1. A summary declaration of interest statement in the title page file (if double-blind) or the manuscript file (if single-blind). If there are no interests to declare then please state this: 'Declarations of interest: none'. This summary statement will be ultimately published if the article is accepted. 2. Detailed disclosures as part of a separate Declaration of Interest form, which forms part of the journal's official records. It is important for potential interests to be declared in both places and that the information matches. More information.
Submission of an article implies that the work described has not been published previously (except in the form of an abstract or as part of a published lecture or academic thesis or as an electronic preprint, see 'Multiple, redundant or concurrent publication' section of our ethics policy for more information), that it is not under consideration for publication elsewhere, that its publication is approved by all authors and tacitly or explicitly by the responsible authorities where the work was carried out, and that, if accepted, it will not be published elsewhere in the same form, in English or in any other language, including electronically without the written consent of the copyright-holder. Double submissions are not accepted and those manuscripts which will be identified as such will be immediately withdrawn; accordingly, authors are kindly required to contact the editors should they intend to withdraw their paper to submit it elsewhere. To verify originality, your article may be checked by the originality detection service CrossCheck.
Changes to authorship
Authors are expected to consider carefully the list and order of authors before submitting their manuscript and provide the definitive list of authors at the time of the original submission. Any addition, deletion or rearrangement of author names in the authorship list should be made only before the manuscript has been accepted and only if approved by the journal Editor. To request such a change, the Editor must receive the following from the corresponding author: (a) the reason for the change in author list and (b) written confirmation (e-mail, letter) from all authors that they agree with the addition, removal or rearrangement. In the case of addition or removal of authors, this includes confirmation from the author being added or removed.
Only in exceptional circumstances will the Editor consider the addition, deletion or rearrangement of authors after the manuscript has been accepted. While the Editor considers the request, publication of the manuscript will be suspended. If the manuscript has already been published in an online issue, any requests approved by the Editor will result in a corrigendum.
Upon acceptance of an article, authors will be asked to complete a 'Journal Publishing Agreement' (see more information on this). An e-mail will be sent to the corresponding author confirming receipt of the manuscript together with a 'Journal Publishing Agreement' form or a link to the online version of this agreement.
Subscribers may reproduce tables of contents or prepare lists of articles including abstracts for internal circulation within their institutions. Permission of the Publisher is required for resale or distribution outside the institution and for all other derivative works, including compilations and translations. If excerpts from other copyrighted works are included, the author(s) must obtain written permission from the copyright owners and credit the source(s) in the article. Elsevier has preprinted forms for use by authors in these cases.For open access articles: Upon acceptance of an article, authors will be asked to complete an 'Exclusive License Agreement' (more information). Permitted third party reuse of open access articles is determined by the author's choice of user license.
As an author you (or your employer or institution) have certain rights to reuse your work. More information.
Find out how you can share your research published in Elsevier journals.
Role of the funding source
You are requested to identify who provided financial support for the conduct of the research and/or preparation of the article and to briefly describe the role of the sponsor(s), if any, in study design; in the collection, analysis and interpretation of data; in the writing of the report; and in the decision to submit the article for publication. If the funding source(s) had no such involvement then this should be stated.
Elsevier has established a number of agreements with funding bodies which allow authors to comply with their funder's open access policies. Some funding bodies will reimburse the author for the Open Access Publication Fee. Details of existing agreements are available online.
This journal offers authors a choice in publishing their research:
• Articles are made available to subscribers as well as developing countries and patient groups through our universal access programs.
• No open access publication fee payable by authors.
• Articles are freely available to both subscribers and the wider public with permitted reuse.
• An open access publication fee is payable by authors or on their behalf, e.g. by their research funder or institution.
Regardless of how you choose to publish your article, the journal will apply the same peer review criteria and acceptance standards.For open access articles, permitted third party (re)use is defined by the following Creative Commons user licenses:
Creative Commons Attribution (CC BY)
Lets others distribute and copy the article, create extracts, abstracts, and other revised versions, adaptations or derivative works of or from an article (such as a translation), include in a collective work (such as an anthology), text or data mine the article, even for commercial purposes, as long as they credit the author(s), do not represent the author as endorsing their adaptation of the article, and do not modify the article in such a way as to damage the author's honor or reputation.
For non-commercial purposes, lets others distribute and copy the article, and to include in a collective work (such as an anthology), as long as they credit the author(s) and provided they do not alter or modify the article.
The open access publication fee for this journal is USD 1100, excluding taxes. Learn more about Elsevier's pricing policy: http://www.elsevier.com/openaccesspricing.
Green open access
Authors can share their research in a variety of different ways and Elsevier has a number of green open access options available. We recommend authors see our green open access page for further information. Authors can also self-archive their manuscripts immediately and enable public access from their institution's repository after an embargo period. This is the version that has been accepted for publication and which typically includes author-incorporated changes suggested during submission, peer review and in editor-author communications. Embargo period: For subscription articles, an appropriate amount of time is needed for journals to deliver value to subscribing customers before an article becomes freely available to the public. This is the embargo period and it begins from the date the article is formally published online in its final and fully citable form. Find out more.
This journal has an embargo period of 24 months.
An adapted embargo period of 12 months will apply for UK researchers who are grant recipient from the Research Council UK, Wellcome Trust, Higher Education Funding Council for England, and who wish to self-archive their accepted author manuscript. For more information, please follow this link.
Researcher Academy is a free e-learning platform designed to support early and mid-career researchers throughout their research journey. The "Learn" environment at Researcher Academy offers several interactive modules, webinars, downloadable guides and resources to guide you through the process of writing for research and going through peer review. Feel free to use these free resources to improve your submission and navigate the publication process with ease.
Language (usage and editing services)
Please write your text in good English (American or British usage is accepted, but not a mixture of these). Authors who feel their English language manuscript may require editing to eliminate possible grammatical or spelling errors and to conform to correct scientific English may wish to use the English Language Editing service available from Elsevier's WebShop.
Our online submission system guides you stepwise through the process of entering your article details and uploading your files. The system converts your article files to a single PDF file used in the peer-review process. Editable files (e.g., Word, LaTeX) are required to typeset your article for final publication. All correspondence, including notification of the Editor's decision and requests for revision, is sent by e-mail.
Manuscripts cannot exceed 2500 words. This includes only the body of the text and excludes references, tables, and art. The total length of your paper including any references, tables, and figures canot exceed 14 pages.
Submit your article
Please submit your article via http://ees.elsevier.com/frl.
Please submit the names and institutional e-mail addresses of several potential referees. For more details, visit our Support site. Note that the editor retains the sole right to decide whether or not the suggested reviewers are used.
Submission to this journal proceeds totally online and you will be guided stepwise through the creation and uploading of your files. The system automatically converts your files to a single PDF file, which is used in the peer-review process.
As part of the Your Paper Your Way service, you may choose to submit your manuscript as a single file to be used in the refereeing process. This can be a PDF file or a Word document, in any format or lay-out that can be used by referees to evaluate your manuscript. It should contain high enough quality figures for refereeing. If you prefer to do so, you may still provide all or some of the source files at the initial submission. Please note that individual figure files larger than 10 MB must be uploaded separately.
There are no strict requirements on reference formatting at submission. References can be in any style or format as long as the style is consistent. Where applicable, author(s) name(s), journal title/book title, chapter title/article title, year of publication, volume number/book chapter and the pagination must be present. Use of DOI is highly encouraged. The reference style used by the journal will be applied to the accepted article by Elsevier at the proof stage. Note that missing data will be highlighted at proof stage for the author to correct.
There are no strict formatting requirements but all manuscripts must contain the essential elements needed to convey your manuscript, for example Abstract, Keywords, Introduction, Materials and Methods, Results, Conclusions, Artwork and Tables with Captions.
If your article includes any Videos and/or other Supplementary material, this should be included in your initial submission for peer review purposes.
Divide the article into clearly defined sections.
Please ensure the text of your paper is double-spaced - this is an essential peer review requirement.
Figures and tables embedded in text
Please ensure the figures and the tables included in the single file are placed next to the relevant text in the manuscript, rather than at the bottom or the top of the file. The corresponding caption should be placed directly below the figure or table.
This journal operates a single blind review process. All contributions will be initially assessed by the editor for suitability for the journal. Papers deemed suitable are then typically sent to a minimum of one independent expert reviewer to assess the scientific quality of the paper. The Editor is responsible for the final decision regarding acceptance or rejection of articles. The Editor's decision is final. More information on types of peer review.
REVISED SUBMISSIONSUse of word processing software
Regardless of the file format of the original submission, at revision you must provide us with an editable file of the entire article. Keep the layout of the text as simple as possible. Most formatting codes will be removed and replaced on processing the article. The electronic text should be prepared in a way very similar to that of conventional manuscripts (see also the Guide to Publishing with Elsevier). See also the section on Electronic artwork.
To avoid unnecessary errors you are strongly advised to use the 'spell-check' and 'grammar-check' functions of your word processor.
IMPORTANT NOTE: revised papers which have originally been submitted in EES should be resubmitted in EES and not in EVISE; please login to EES using your credentials and you will be able to find the submission in the “Incomplete Submissions Being Revised” folder and please click on “Edit Revision” to complete the revision process. If you require any further assistance, please do not hesitate to contact the Journal Manager, at firstname.lastname@example.org.LaTeX
You are recommended to use the Elsevier article class elsarticle.cls to prepare your manuscript and BibTeX to generate your bibliography.
Our LaTeX site has detailed submission instructions, templates and other information.
Article structureSubdivision - numbered sections
Divide your article into clearly defined and numbered sections. Subsections should be numbered 1.1 (then 1.1.1, 1.1.2, ...), 1.2, etc. (the abstract is not included in section numbering). Use this numbering also for internal cross-referencing: do not just refer to 'the text'. Any subsection may be given a brief heading. Each heading should appear on its own separate line.
State the objectives of the work and provide an adequate background, avoiding a detailed literature survey or a summary of the results.
Results should be clear and concise.
This should explore the significance of the results of the work, not repeat them. A combined Results and Discussion section is often appropriate. Avoid extensive citations and discussion of published literature.
The main conclusions of the study may be presented in a short Conclusions section, which may stand alone or form a subsection of a Discussion or Results and Discussion section.
If there is more than one appendix, they should be identified as A, B, etc. Formulae and equations in appendices should be given separate numbering: Eq. (A.1), Eq. (A.2), etc.; in a subsequent appendix, Eq. (B.1) and so on. Similarly for tables and figures: Table A.1; Fig. A.1, etc.
• Title. Concise and informative. Titles are often used in information-retrieval systems. Avoid abbreviations and formulae where possible.
• Author names and affiliations. Please clearly indicate the given name(s) and family name(s) of each author and check that all names are accurately spelled. You can add your name between parentheses in your own script behind the English transliteration. Present the authors' affiliation addresses (where the actual work was done) below the names. Indicate all affiliations with a lower-case superscript letter immediately after the author's name and in front of the appropriate address. Provide the full postal address of each affiliation, including the country name and, if available, the e-mail address of each author.
• Corresponding author. Clearly indicate who will handle correspondence at all stages of refereeing and publication, also post-publication. This responsibility includes answering any future queries about Methodology and Materials. Ensure that the e-mail address is given and that contact details are kept up to date by the corresponding author.
• Present/permanent address. If an author has moved since the work described in the article was done, or was visiting at the time, a 'Present address' (or 'Permanent address') may be indicated as a footnote to that author's name. The address at which the author actually did the work must be retained as the main, affiliation address. Superscript Arabic numerals are used for such footnotes.
A concise and factual abstract is required. The abstract should state briefly the purpose of the research, the principal results and major conclusions. An abstract is often presented separately from the article, so it must be able to stand alone. For this reason, References should be avoided, but if essential, then cite the author(s) and year(s). Also, non-standard or uncommon abbreviations should be avoided, but if essential they must be defined at their first mention in the abstract itself.
Highlights are mandatory for this journal. They consist of a short collection of bullet points that convey the core findings of the article and should be submitted in a separate editable file in the online submission system. Please use 'Highlights' in the file name and include 3 to 5 bullet points (maximum 85 characters, including spaces, per bullet point). You can view example Highlights on our information site.
Immediately after the abstract, provide a maximum of 6 keywords, using American spelling and avoiding general and plural terms and multiple concepts (avoid, for example, 'and', 'of'). Be sparing with abbreviations: only abbreviations firmly established in the field may be eligible. These keywords will be used for indexing purposes.
Please provide up to 6 standard JEL codes. The available codes may be accessed at JEL.
Define abbreviations that are not standard in this field in a footnote to be placed on the first page of the article. Such abbreviations that are unavoidable in the abstract must be defined at their first mention there, as well as in the footnote. Ensure consistency of abbreviations throughout the article.
Collate acknowledgements in a separate section at the end of the article before the references and do not, therefore, include them on the title page, as a footnote to the title or otherwise. List here those individuals who provided help during the research (e.g., providing language help, writing assistance or proof reading the article, etc.).
Formatting of funding sources
List funding sources in this standard way to facilitate compliance to funder's requirements:
It is not necessary to include detailed descriptions on the program or type of grants and awards. When funding is from a block grant or other resources available to a university, college, or other research institution, submit the name of the institute or organization that provided the funding.If no funding has been provided for the research, please include the following sentence:
This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors.Math formulae
Please submit math equations as editable text and not as images. Present simple formulae in line with normal text where possible and use the solidus (/) instead of a horizontal line for small fractional terms, e.g., X/Y. In principle, variables are to be presented in italics. Powers of e are often more conveniently denoted by exp. Number consecutively any equations that have to be displayed separately from the text (if referred to explicitly in the text).
Footnotes should be used sparingly. Number them consecutively throughout the article. Many word processors build footnotes into the text, and this feature may be used. Should this not be the case, indicate the position of footnotes in the text and present the footnotes themselves separately at the end of the article.
• Make sure you use uniform lettering and sizing of your original artwork.
• Preferred fonts: Arial (or Helvetica), Times New Roman (or Times), Symbol, Courier.
• Number the illustrations according to their sequence in the text.
• Use a logical naming convention for your artwork files.
• Indicate per figure if it is a single, 1.5 or 2-column fitting image.
• For Word submissions only, you may still provide figures and their captions, and tables within a single file at the revision stage.
• Please note that individual figure files larger than 10 MB must be provided in separate source files.
A detailed guide on electronic artwork is available.
You are urged to visit this site; some excerpts from the detailed information are given here.
Regardless of the application used, when your electronic artwork is finalized, please 'save as' or convert the images to one of the following formats (note the resolution requirements for line drawings, halftones, and line/halftone combinations given below):
EPS (or PDF): Vector drawings. Embed the font or save the text as 'graphics'.
TIFF (or JPG): Color or grayscale photographs (halftones): always use a minimum of 300 dpi.
TIFF (or JPG): Bitmapped line drawings: use a minimum of 1000 dpi.
TIFF (or JPG): Combinations bitmapped line/half-tone (color or grayscale): a minimum of 500 dpi is required.
Please do not:
• Supply files that are optimized for screen use (e.g., GIF, BMP, PICT, WPG); the resolution is too low.
• Supply files that are too low in resolution.
• Submit graphics that are disproportionately large for the content.
Please make sure that artwork files are in an acceptable format (TIFF (or JPEG), EPS (or PDF), or MS Office files) and with the correct resolution. If, together with your accepted article, you submit usable color figures then Elsevier will ensure, at no additional charge, that these figures will appear in color online (e.g., ScienceDirect and other sites) regardless of whether or not these illustrations are reproduced in color in the printed version. For color reproduction in print, you will receive information regarding the costs from Elsevier after receipt of your accepted article. Please indicate your preference for color: in print or online only. Further information on the preparation of electronic artwork.
Ensure that each illustration has a caption. A caption should comprise a brief title (not on the figure itself) and a description of the illustration. Keep text in the illustrations themselves to a minimum but explain all symbols and abbreviations used.
Please submit tables as editable text and not as images. Tables can be placed either next to the relevant text in the article, or on separate page(s) at the end. Number tables consecutively in accordance with their appearance in the text and place any table notes below the table body. Be sparing in the use of tables and ensure that the data presented in them do not duplicate results described elsewhere in the article. Please avoid using vertical rules and shading in table cells.
ReferencesCitation in text
Please ensure that every reference cited in the text is also present in the reference list (and vice versa). Any references cited in the abstract must be given in full. Unpublished results and personal communications are not recommended in the reference list, but may be mentioned in the text. If these references are included in the reference list they should follow the standard reference style of the journal and should include a substitution of the publication date with either 'Unpublished results' or 'Personal communication'. Citation of a reference as 'in press' implies that the item has been accepted for publication.
Increased discoverability of research and high quality peer review are ensured by online links to the sources cited. In order to allow us to create links to abstracting and indexing services, such as Scopus, CrossRef and PubMed, please ensure that data provided in the references are correct. Please note that incorrect surnames, journal/book titles, publication year and pagination may prevent link creation. When copying references, please be careful as they may already contain errors. Use of the DOI is encouraged.
As a minimum, the full URL should be given and the date when the reference was last accessed. Any further information, if known (DOI, author names, dates, reference to a source publication, etc.), should also be given. Web references can be listed separately (e.g., after the reference list) under a different heading if desired, or can be included in the reference list.
This journal encourages you to cite underlying or relevant datasets in your manuscript by citing them in your text and including a data reference in your Reference List. Data references should include the following elements: author name(s), dataset title, data repository, version (where available), year, and global persistent identifier. Add [dataset] immediately before the reference so we can properly identify it as a data reference. The [dataset] identifier will not appear in your published article.
References in a special issue
Please ensure that the words 'this issue' are added to any references in the list (and any citations in the text) to other articles in the same Special Issue.
Most Elsevier journals have their reference template available in many of the most popular reference management software products. These include all products that support Citation Style Language styles, such as Mendeley and Zotero, as well as EndNote. Using the word processor plug-ins from these products, authors only need to select the appropriate journal template when preparing their article, after which citations and bibliographies will be automatically formatted in the journal's style. If no template is yet available for this journal, please follow the format of the sample references and citations as shown in this Guide.
Users of Mendeley Desktop can easily install the reference style for this journal by clicking the following link:
When preparing your manuscript, you will then be able to select this style using the Mendeley plug-ins for Microsoft Word or LibreOffice.
There are no strict requirements on reference formatting at submission. References can be in any style or format as long as the style is consistent. Where applicable, author(s) name(s), journal title/book title, chapter title/article title, year of publication, volume number/book chapter and the pagination must be present. Use of DOI is highly encouraged. The reference style used by the journal will be applied to the accepted article by Elsevier at the proof stage. Note that missing data will be highlighted at proof stage for the author to correct. If you do wish to format the references yourself they should be arranged according to the following examples:
Text: All citations in the text should refer to:
1. Single author: the author's name (without initials, unless there is ambiguity) and the year of publication;
2. Two authors: both authors' names and the year of publication;
3. Three or more authors: first author's name followed by 'et al.' and the year of publication.
Citations may be made directly (or parenthetically). Groups of references should be listed first alphabetically, then chronologically.
Examples: 'as demonstrated (Allan, 2000a, 2000b, 1999; Allan and Jones, 1999). Kramer et al. (2010) have recently shown ....'
List: References should be arranged first alphabetically and then further sorted chronologically if necessary. More than one reference from the same author(s) in the same year must be identified by the letters 'a', 'b', 'c', etc., placed after the year of publication.
Reference to a journal publication:
Van der Geer, J., Hanraads, J.A.J., Lupton, R.A., 2010. The art of writing a scientific article. J. Sci. Commun. 163, 51–59.
Reference to a book:
Strunk Jr., W., White, E.B., 2000. The Elements of Style, fourth ed. Longman, New York.
Reference to a chapter in an edited book:
Mettam, G.R., Adams, L.B., 2009. How to prepare an electronic version of your article, in: Jones, B.S., Smith , R.Z. (Eds.), Introduction to the Electronic Age. E-Publishing Inc., New York, pp. 281–304.
Reference to a website:
Cancer Research UK, 1975. Cancer statistics reports for the UK. http://www.cancerresearchuk.org/aboutcancer/statistics/cancerstatsreport/ (accessed 13 March 2003).
Reference to a dataset:
[dataset] Oguro, M., Imahiro, S., Saito, S., Nakashizuka, T., 2015. Mortality data for Japanese oak wilt disease and surrounding forest compositions. Mendeley Data, v1. https://doi.org/10.17632/xwj98nb39r.1.
Journal abbreviations source
Journal names should be abbreviated according to the List of Title Word Abbreviations.
The journal encourages authors to create an AudioSlides presentation with their published article. AudioSlides are brief, webinar-style presentations that are shown next to the online article on ScienceDirect. This gives authors the opportunity to summarize their research in their own words and to help readers understand what the paper is about. More information and examples are available. Authors of this journal will automatically receive an invitation e-mail to create an AudioSlides presentation after acceptance of their paper.
Include interactive data visualizations in your publication and let your readers interact and engage more closely with your research. Follow the instructions here to find out about available data visualization options and how to include them with your article.
Supplementary material such as applications, images and sound clips, can be published with your article to enhance it. Submitted supplementary items are published exactly as they are received (Excel or PowerPoint files will appear as such online). Please submit your material together with the article and supply a concise, descriptive caption for each supplementary file. If you wish to make changes to supplementary material during any stage of the process, please make sure to provide an updated file. Do not annotate any corrections on a previous version. Please switch off the 'Track Changes' option in Microsoft Office files as these will appear in the published version.
This journal encourages and enables you to share data that supports your research publication where appropriate, and enables you to interlink the data with your published articles. Research data refers to the results of observations or experimentation that validate research findings. To facilitate reproducibility and data reuse, this journal also encourages you to share your software, code, models, algorithms, protocols, methods and other useful materials related to the project.
If you have made your research data available in a data repository, you can link your article directly to the dataset. Elsevier collaborates with a number of repositories to link articles on ScienceDirect with relevant repositories, giving readers access to underlying data that gives them a better understanding of the research described.
For supported data repositories a repository banner will automatically appear next to your published article on ScienceDirect.In addition, you can link to relevant data or entities through identifiers within the text of your manuscript, using the following format: Database: xxxx (e.g., TAIR: AT1G01020; CCDC: 734053; PDB: 1XFN).
This journal supports Mendeley Data, enabling you to deposit any research data (including raw and processed data, video, code, software, algorithms, protocols, and methods) associated with your manuscript in a free-to-use, open access repository. During the submission process, after uploading your manuscript, you will have the opportunity to upload your relevant datasets directly to Mendeley Data. The datasets will be listed and directly accessible to readers next to your published article online.
Data in Brief
You have the option of converting any or all parts of your supplementary or additional raw data into one or multiple data articles, a new kind of article that houses and describes your data. Data articles ensure that your data is actively reviewed, curated, formatted, indexed, given a DOI and publicly available to all upon publication. You are encouraged to submit your article for Data in Brief as an additional item directly alongside the revised version of your manuscript. If your research article is accepted, your data article will automatically be transferred over to Data in Brief where it will be editorially reviewed and published in the open access data journal, Data in Brief. Please note an open access fee of 500 USD is payable for publication in Data in Brief. Full details can be found on the Data in Brief website. Please use this template to write your Data in Brief.
To foster transparency, we encourage you to state the availability of your data in your submission. This may be a requirement of your funding body or institution. If your data is unavailable to access or unsuitable to post, you will have the opportunity to indicate why during the submission process, for example by stating that the research data is confidential. The statement will appear with your published article on ScienceDirect. For more information, visit the Data Statement page.
Online proof correction
Corresponding authors will receive an e-mail with a link to our online proofing system, allowing annotation and correction of proofs online. The environment is similar to MS Word: in addition to editing text, you can also comment on figures/tables and answer questions from the Copy Editor. Web-based proofing provides a faster and less error-prone process by allowing you to directly type your corrections, eliminating the potential introduction of errors.
If preferred, you can still choose to annotate and upload your edits on the PDF version. All instructions for proofing will be given in the e-mail we send to authors, including alternative methods to the online version and PDF.
We will do everything possible to get your article published quickly and accurately. Please use this proof only for checking the typesetting, editing, completeness and correctness of the text, tables and figures. Significant changes to the article as accepted for publication will only be considered at this stage with permission from the Editor. It is important to ensure that all corrections are sent back to us in one communication. Please check carefully before replying, as inclusion of any subsequent corrections cannot be guaranteed. Proofreading is solely your responsibility.
The corresponding author will, at no cost, receive a customized Share Link providing 50 days free access to the final published version of the article on ScienceDirect. The Share Link can be used for sharing the article via any communication channel, including email and social media. For an extra charge, paper offprints can be ordered via the offprint order form which is sent once the article is accepted for publication. Both corresponding and co-authors may order offprints at any time via Elsevier's Webshop. Corresponding authors who have published their article open access do not receive a Share Link as their final published version of the article is available open access on ScienceDirect and can be shared through the article DOI link.
Visit the Elsevier Support Center to find the answers you need. Here you will find everything from Frequently Asked Questions to ways to get in touch.
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The research and financial analysis of this report are based on the information provided by the Ryanair Financial Report, relevant internet and library.
The purpose of this research paper is using financial management techniques to provide an overview of Ryanair Holding Plc. After analyzing the information from different resources, this research paper will supply other companies with a guide to make many decisions required to effectively manage of their business and to develop their future financial plans for the future requires reliable and pertinent information on the financial performance and financial position of the firm although if the analysis forecasts serious financial problems.
Financial management techniques in today’s business
The main objective of financial management is maximizing shareholders’ wealth. Company needs money to acquire resources to operate. Money for investment is referred to as finance, financial management is concerned with managing a company’s finances. When company decides to use their expertise, time and money in a particular way, they have an objective in mind. The objective governs the decisions to be made. A company’s major objective is maximizing the wealth of its shareholders, but other objectives should be satisfied at the same time, like managerial objective, short-term objective, other parties’ objective, non-financial objective. The company needs machine, staff, and working capital to exist and grow in the market, which is the reason why we have to invest. First, we should have strategic management and analysis. Like current environment, capacity for change. Where are we now? Where are we going? P.E.S.T and SWOT analysis can help you analysis the company’s situations. The rule of thumb is that long-term assets should be financed by long-term funds and short-tem assets by short-term funds. Short-term finance is usually cheaper than long-term finance. This is largely due to the risks taken by creditors. There are some financial management techniques that we could apply in the chosen company Ryanair Holding PLC.
The Irish company Ryanair is the famous low-fares airline company in Europe. It started in 1985 and had IPO in 1997 when it floated Ryanair Holdings plc on Dublin and New York (NASDAQ) Stock exchanges. Company goal is to be the Europe’s largest airline in the next 8 years. Ryanair operates 45 routes across 11 European countries. They have daily services from most of these routes. In 1995, Ryanair had become the biggest passenger carrier on the Dublin-London route. But compare with other large airlines, Ryanair only operates European continental routes. It lacks the link with other continents. However, in addition to route availability, the actual flight schedule is also important to maximize the available flying time of the airlines most significant tangible asset, its aircraft. Ryanair has a fleet of 31 Boeing 737’s, orders for up to a further 25 new 737-800’s which will be delivered over the next 2 years. Over the past ten years it has increased its annual traffic from under 700,000 to over 15 million passengers. Along the way it changed the face of air travel, broke hire fare cartels, rocked airport monopolies and made it possible for millions to travel.
Ryanair provide unique services with low price. If their seats are not booked, customers can seat wherever they like. However, their in-flight services are limited. For example, customers have to pay if they want any drinks or food. There are always some complains about seats overbooking from customers.
Ryanair has committed itself to safe operations and has put in place extensive safety training programs to ensure the recruitment of suitably qualified pilots and maintenance personnel. In addition, the company is also committed to the operation and maintenance of its aircraft in accordance with the highest European Aviation Industry Standards, which are closely monitored by the Irish Aviation Authority.
In year 2000, Ryanair launched Europe’s largest travel website at WWW.RYANAIR.COM, which within three months of its launch was taking over 50,000 bookings per week, by offering unbelievably low airfares. The passenger acceptance of this website enabled Ryanair to reduce travel agent commission.
Ryanair is well positioned in European market to implement its low cost strategy. After the full EU air transport deregulation in 1997, Ryanair was free to set up new routes to Continental Europe. The airline entering these market offered air fares which were more than 50% lower than the cheapest fares then provided by the flag carrier airlines. The European airline sector is dominated by high cost; long haul national carriers like British Airway, Lufthansa and KLM. These airlines control 50-60% of market share, but are beginning to lose the bottom end of the market to low cost carrier like Ryanair.
The major revenues of Ryanair gain from the tickets that they sold during the year. Therefore, we can regard the tickets as a kind of the stock of the airlines’ company. But they don’t have any value before they are sold. That is the only different with the tangible stock value. Once the tickets are sold, the company gets the revenues from the operation. They have amount of cash and debt. The company uses cash to pay the relevant cost, like staff wages, fuel and oil cost, marketing and distribution cost and so on. The rest of the revenues are kept in retained profit as the capital of company. If the profit grows, the company share price will increase accordingly. Once the share price increased, the shareholders will enjoy the prior return on their investment, more and more investors will have more interest in the company. Therefore, the company achieves the source of finance. After that, they should consider about where they should invest to growth in the market and expand their company.
Last year, Ryanair company’s operation revenues are 298149 in 2002 (Increase 64413 than 2001). It includes net cash inflow from operating activities: 125417. This should thank for the contribution of the sales team. Ryanair insists to offer lower airfares in European countries and try to increase sales continuously. Increased revenue is one of the major sources of finance.
The strength of the performance is highlighted by the fact that the groups’ cash on hand is equivalent to 53.6% of annual turnover. This figure is a little bit high according to their sale growth. They should invest the cash flow to generate more return. But there is a special reason that they have to maintain a deposit US$500,000 with the guarantor bank for as long as the bank gave its guarantee.
The operating expenses during the year are Ђ 229740; Net cash inflow from operating activities is 12304; profit and loss account is 112758. As the growth of the profit during the year, EPS increased by 17% to 35.16 and is based on 164,759,808 shares which represent the weighted average number of ordinary shares outstanding during the year. We can see the profit is increasing; the capital of the company is increasing. Because the market is growing, Ryanair should think about where they should invest and how. i.e. Invest new aircraft, improve quality of service or setup new routes.
Ryanair announced a new investment program with a US$2billion order for up to 45 new Boeing 737-800 series aircraft. Continued strong cash flows generated from trading operations combined with the proceeds of the London offering and the receipt of debt financing for the first of the Boeing 737-800 next generation aircraft, has allowed the group to increase its cash on hand by 74m. Before Ryanair makes decision about buying what type of aircraft, the two alternatives would be mutually exclusive, in that the choice of one will exclude the other. The company may use NPV and IRR to calculate which one may give more return.
Net Profit Ratio:
Return On capital Employed:
Current Assets Ratio:
Ratios are quiet common method of analyzing financial management. It refers to the use of simple ratios which are calculated from the figures of financial statements in order to measure certain aspects of a firm’s financial condition.
Ratios make comparisons with:
The performance of the business in previous years
The budgeted or planned performance in the current years
The performance of similar business
The ratios make easier to make better decision. However, there are some limitations in ratio analysis. For instance, since ratios are constructed from accounting data, if we do comparison within two different firms, their accounting policies (i.e. depreciation charge, the accounting years) could lead to the inaccurate illustration.
The Net Profit Ratio was dramatically increased by 15% during the year 2001 and 2002. Even though their expenses cost had increased by a certain percentages in different items and because of their low fares system. They still gained a high return in net profit when compared to 2001. The reason of this was because the rise of sales and the interest received. These revenues gave the company a good return that could cover the expenses and other additional costs. The increase in profitability reflects the positive impact of the growth in passenger’s volume because of the increase in seat capacity on exiting routes and the launch of new 7 European routes during the year.
In the Return On Capital Employed Ratio the amount of money that the investors can get back after investing in the company, the ratio decreased to 28% in that year. The explanation of this figure was because their company needed to consider the contract that with Boeing worth US$2 billion by ordering for up to 45 aircraft in the coming years, in order to succeed the expansion of our company.
Asset Turnover Ratio is a measure of productivity as much as profitability. Within 2001 and 2002, the ratio dropped from 1.56 to 1.04, it meant that more assets were to be used to generate every unit of sales .The reason was because their introduction on new fleet of 22 aircraft on our network of 27 routes in request to increase the level of passengers and the low fares system.
According to the Current Asset Ratio, The company had a well cover of their current liabilities under current assets. Even though in Acid ЁC Test Ratio, which we examined that by excluding the inventories, their current assets also covered the liabilities by 1.14 in 2001, and 1.60 in 2002. It increased by 46%. From the current assets, cash was the major inflows to their company in the past two years. Especially in 2002, there was an increase in cash from 892160 TO 12742400.
Move to the cash flows statement. Cash is King. Company fail, not because of their insufficient profits, but because they have run out of cash to pay their liabilities. Cash and bank balances should be kept to a minimum, as they earn nothing for the company, but make sure you have enough cash to pay employees and creditors. Cash generated from operating activities grew up for 25.6 million. This increase was due to the increase of sales and profits and the add back of the non-cash items primarily depreciation charge since they had a new aircraft during the year. The cash flows was from trading operations combined with the proceeds of the London offering and the receipt of debt financing for the first Boeing 737-800 next generation aircraft, has allowed the group to increase the cash on hands despite having to pay advance deposits to Boeing. The performance is highlighted by the fact that the cash on hand is equivalent to 53.6%of annual turnover.
The next ratio is Gearing which means how reliable of the company on the financial institutions when raising the finance. Even though their ratio was slightly increased by2%, they were still in a low-geared situation in these two years. The interest cover were good since Ryanair only needs to pay interest once a year and they could pay 4.4 times in 2001 and 6.6times in 2002.
The Earning Per Share considers the profits that could be paid to each ordinary shareholder. The increase in profit resulted in the increase in EPS. This also stated that the increase in the value of shareholders as the company’s profit and traffic has grown.
After finishing the ratio analysis, we can see that Ryanair is healthy. Here is the comparison ratio with other major airline companies and industrial average. After seeing this you will more agree that Ryanair’s performance is good.
Other non-financial consideration
Ryanair has a bad reputation for over booking and early check-in time. On the other way, every company has limitation. For airline companies, these problems are normal. Ryanair changed their booking system last Christmas and the new system is more accurate and working well. Company said that they will not only improve the hardware but also the staff. There are a group of new staffs now is trained by American Airline.
After reading the research paper, hopefully you have an understanding of airline finance. Ryanair is a new member of airline companies (started from 1985). It is young and healthy. Based on Europe and has a strong relationship with America, there are lots of areas that it can improve and expand to. Ryanair’s developing speed like a flying superman, going up and away. It is the kind of company we should put money in.
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