Finance and Funding in Travel and Tourism

This study explores the financial management, costing, pricing methods, and factors influencing profit in the travel and tourism sector using case studies of Carnival Corporation and Dalata Hotel Group. It also delves into management accounting information and funding sources for capital projects associated with tourism.

Finance and Funding in Travel and Tourism
1

Table of Contents
Introduction.................................................................................................................................................3
Task 1..........................................................................................................................................................4
1.1 Explain the importance of costs and volume in financial management of travel and tourism
businesses using Carnival Corporation & plc as your case study............................................................4
1.2 Analyse pricing methods used in the travel and tourism sector.........................................................8
1.3 Analyse factors influencing profit for travel and tourism businesses using Carnival Corporation &
plc cruise brands as your case study......................................................................................................10
Task 2........................................................................................................................................................12
2.1 Explain different types of management accounting information that could be used in travel and
tourism businesses.................................................................................................................................12
2.2 Assess the use of management accounting information as a decision-making tool..........................12
TASK 3.....................................................................................................................................................26
3.1 Interpret financial accounts of Dalata Hotel Group plc for the year ended 31st December 2016
showing at least two years performance (for example comparing 2016 to 2015)..................................26
Task 4........................................................................................................................................................32
4.1 Analyse sources and distribution of funding for the development of capital projects associated with
tourism...................................................................................................................................................32
Conclusion:...............................................................................................................................................36
References.................................................................................................................................................37
2

Introduction
In this study, the importance of costing and the methods followed by Carnival Corporation in
pricing the various services have been discussed along with the importance of Cost-Volume-
Price analysis. The different types of cruise used by Carnival Corporation and the unique
facilities provided by the company have also been evaluated. The importance of management
accounting system and the ways in which the data is used in the managerial decision-making
process have been discussed with the case study of Dalata Hotels along with the interpretation of
the final accounts of the company. In the last part, the role of the department of media, culture
and sports in the UK region has been discussed along with the different ways in which the capital
projects are funded in the tourism industry. Also, the ways in which the funds are utilised has
also been included in this study.
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Task 1
Introduction
In this section, the meaning and importance of costing have been discussed along with the
different types of costing methods followed by Carnival Corporation. The importance of Cost-
volume-price analysis has also been included along with the pricing strategies followed by
Carnival Corporation. The factors that affect the performance of the cruise business have also
been included in this section.
1.1 Explain the importance of costs and volume in financial management of travel and
tourism businesses using Carnival Corporation & plc as your case study.
Costing/Pricing
Price is one of the important factors since an efficient pricing strategy enables the business to
compete and sustain in the competitive market condition. Carnival Corporation should formulate
the strategies such that the profits can be realised along with providing services that are expected
by the customers (Teplická, 2015).
Types of Costs
The companies determine the pricing strategy by formulating various methods to determine the
costs incurred in the production of goods and services. The different types of costs that are
incurred by Carnival Corporation are:
Costs identified based on traceability
 Direct Costs: The costs incurred by Carnival Corporation in the form of wages to
the crews, stores, administrative expenses, fuel charges, etc.
 Indirect Costs: These are the costs which cannot be directly traced to a particular
department or source. The cost incurred in promotional activities, payroll of staffs other
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than crew, port charges, are the indirect costs for Carnival Corporation (Accounting Tools,
2018).
Behavioural costs based on Activity
 Fixed Costs: These costs do not change and remain constant even though there
are variations in the level of activity. The fixed costs in the Carnival Corporation can be
rent, depreciation, expenses towards insurance.
 Variable costs: These costs vary according to the variations in the level of
activity. Fuel costs, port charges, incentives and commissions of employees are some of
the indirect expenses incurred by the company.
Breakeven Point
It is used in cost accounting to determine the specific point where the total costs and the revenues
are equal by representing through a graph.
Figure 1: Breakeven point
Source: (Ready Ratios, 2018)
Calculation of Break-even point
The break-even point can be determined by the following formula:
Total Revenue – Total Cost = 0.
Where, Total Costs = Fixed Costs + Variable Costs*N
5

Total Revenues = Price per unit * N – (Variable Costs*N + Fixed Costs) = 0
So, the breakeven point (N) = Fixed Costs / (Price Per unit – Variable costs)
Cost-Volume-Profit Analysis
This model was first developed by Hess and Mann in 1903, which determined the fixed costs and
variable costs to determine the breakeven point. However, it has been further improved and in
2001, Yunker designed the way in which this model can be used in the managerial decision-
making process. He proposed a theory which relates a link between the CVP models and demand
curve and connected the volatility of the profit both on quantity and price (Daniel, 2012). This
technique is the most effective and a simple model which is used to determine the breakeven
point and forecasting the sales.
Figure 2: Cost-Volume-Profit Analysis
Source: (Harcourt, 2016).
Cost-Volume-Price (CVP) Approach
The traditional approach used the equation to determine the breakeven point:
Pr(x) = px-(bx+a) = (p-b)x-a
Where, Pr(x) = Profits, p=profits, x=quantity sold, b=unit variable cost (average), a=fixed costs
(Daniel, 2012).
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Importance of Cost-Volume-Price Analysis
This model is used by the management to forecast the profits by analysing the volume of sales
required to achieve the desired sales objectives. Carnival Corporation will have the following
benefits of using this model:
Controlling the Costs: This model helps to evaluate the ways in which the variable costs can be
controlled and the impact of the new investments on the profits.
Profit Planning: The number of seats that have to be filled in order to realise the profits can be
ascertained by using this model (Wicks, 2017).
Pricing Strategy: An effective pricing strategy can be developed since the cost price of the
service can be ascertained. The sales price of the tickets and other services such as
accommodation, food, etc. can also be ascertained. This helps to compete in the market
effectively.
Budget Preparation: The provisions for various expenses can be effectively made since the
sales target and the forecast of sales can be ascertained by preparing budgets.
Decision Making: The decisions related to marketing and promotion can be taken effectively.
The strategies that can be used by Carnival Corporation to design an effective distribution
channel can also be done. These decisions help to minimise the wastages and improve
operational efficiencies (Wicks, 2017).
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1.2 Analyse pricing methods used in the travel and tourism sector.
Costing/Pricing Strategies
Pricing strategy is devised according to the prevailing trends in the market and the expectations
of the customers towards the company. This helps not only to compete in the competitive market
scenario but also helps to increase the market share of the company. The strategy has to be
formulated so that the different types of costs, both fixed and variable, should be included along
with the profit margin which has been decided by the management. Hence, an effective pricing
can be derived from:
Sales Price = Fixed Costs + Variable Costs + Profit margin
Carnival Corporation formulates the pricing strategy based on the various services provided to
the customers. There are different types of cruises and brands such as:
Figure 3: Carnival's contemporary, premium, and luxury cruises
Source: (Cederholm, 2015)
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Pricing methods of Carnival Corporation
The pricing strategies that are followed by Carnival Corporation are:
Value-based pricing strategy: This technique is used while providing new and innovative
services to the passengers. For example, the enhanced port everglades terminal is used in
Princess Cruises so that the passengers can get onboard easily (Princess Cruise Lines, 2018).
Since this is a new service which is provided by the company, the cost incurred to install this
terminal is included while deciding the ticket price for the seats.
Competition-based pricing: The competitive price is determined for the various services by
analysing the price offered by the competitors to avail the same service. The company provides
discounts to the customers for using Carnival Cruises to reach a destination. This ensures to
compete with the competitors such as Royal Caribbean Cruises Ltd, Norwegian Cruise Line
Holdings Ltd and Mediterranean Shipping Company SA.
Cost-based pricing: This is the simplest method used to derive the selling price for the services
provided to the customers. The selling price is ascertained by adding an appropriate profit
margin to the different costs that are incurred while providing the services. Carnival Corporation
uses this method of pricing in P&O cruises while arranging for the trips to the destinations such
as Moreton island and the Loyalty Islands.
Mark-up Strategy: This involves ascertaining all the costs incurred while utilising the resources
for a trip and the time spent on each trip. The selling price is derived by considering all the costs
incurred and the profits that are to be earned which has been decided by the management. The
profits are realised at each stage of the different services provided by the company. The company
uses this strategy while providing the additional services such as Medallion Class Cruises on the
Princess Cruises.
Mark-down Strategy: This strategy is used by the company so that a large number of customers
are attracted to avail the different services. Carnival Cruise Lines is providing a discount for the
customers at $429 for 5 days for the advanced booking of the trip on 1 May 2018 (Carnival
Cruise Line, 2018).
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1.3 Analyse factors influencing profit for travel and tourism businesses using Carnival
Corporation & plc cruise brands as your case study.
The cruise industry is one of the most exciting and fastest growing industries and it is still in a
developing stage since this is not preferred by most of the customers to reach a destination.
However, there is a potential for this industry to grow and this can be ascertained by the fact that
in 2014, there were 296 cruise ships all over the world and it has increased to 314 in 2017 and
the capacity of the ships will be increased to 537,000 passengers by the end of 2018 (Cruise
Market Watch, 2018).
There are various factors which affect the performance of Carnival Corporation, such as:
Seasonal Variation: The cruise industry depends on the seasons in order to predict the sales and
the number of passengers availing the facilities of the company. Carnival Corporation plans the
trip according to the seasons so that the customers are attracted. Such as, the Caribbean route is
preferred by the customers during the summer season and hence, the company schedules regular
trips in the Caribbean Sea in the Carnival Cruise Lines (Carnival Cruise Lines, 2018).
Political Environment: The political environment of the countries is determined by the
company before planning a tour. This is done to ensure passengers safety and security during
their visits to the destination.
Economic Environment: The economic condition of the people of a particular region is
ascertained in order to forecast the sales. The economic condition of the UK region is favourable
for the cruise business since people can afford to spend on their holidays.
Social Environment: The passengers prefer the destination where the local communities accept
the visitors. The culture of the local people to accept and adopt the ways to be friendly with them
builds confidence and the passengers are attracted to visit such places. The various destinations
planned by Carnival Corporation helps the passengers with the local communities of the
Caribbean area where people are friendly and accept the foreigners’ change in culture and
beliefs.
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Current Trends: Carnival Corporation has provided various facilities considering the current
changes in the tourism industry. The Princess Cruises offer varieties of activities for the
customers such as arranging destination-themed activities and Discovery at Sea enrichment
programmes. The Discovery of Sea enrichment program is conducted both onboard and ashore
activities where the passengers enjoy the Discovery and Animal Planet tours arranged
exclusively by the Princess Cruises (The Princess Cruise Lines, 2018).
Planning: The Company plans the trip in an effective way such that, the customers enjoy the trip
along with reducing the fuel costs. For example, the Holland America cruise starts from
Montreal, Canada halts in Prince Edward Island, Halifax and Bar Harbor while reaching Boston.
This enables the passengers to get ashore and explore these places and also, the fuel costs are
minimised (Holland America Line, 2018).
Conclusion
Carnival Corporation has developed an effective pricing strategy which has enabled the company
to attract the passengers and to realise the profits. The use of Cost-Volume-Profit analysis helps
the company to ascertain the ways in which the costs can be minimised and the sales required to
achieve the planned profit objectives. The company has diversified its services and uses
innovative services to enhance its market share.
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Task 2
2.1 Explain different types of management accounting information that could be used in
travel and tourism businesses
2.2 Assess the use of management accounting information as a decision-making tool.
Slide 1
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Slide 2
13

Slide 3: The slide above shows the management accounting tool and the Management
Information system (MIS) in the Dalata hotel group. The major roles of the Management
Information system have also been described. There are diverse types roles of MAI’s like
variance analysis, forecast, financial statement and so on (Tsui and Fung, 2016).
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Slide 4:
The given presentation slide describes the various features of the financial statements of Dalata
hotel group. Management Information System (MIS) is utilized as a tool for initial and short-
term decision making of the organization. The financial statements are very much helpful in
assets, income and revenue management.
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Slide 5: The above slide shows the current changes in the Dalata group’s balance sheet, balance
sheet are an asset that allows the company to get knowledge of the present changes in their
financial performance (Blanke and Chiesa, 2013).
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Slide 6: The above presentation slide shows the Income statement of the Dalata group in which it
can be seen about the changes in the income and the expenses of that particular year. The
changes in the Income statement of the Dalata hotel group allows them not just understand but
also measure the financial changes in the revenue (Tsui and Fung, 2016).
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Slide 7: The above presentation tells about the changes in the cash flow and the cash receipts of
a present year. Dalata group’s trade outflow and expenses are getting higher than the last years
which can raise a concern for the group (Blanke and Chiesa, 2013).
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Slide 8: The above-given slide speaks up about the budget expenses that are applied by the
Daaalata group. They provide all the important facts which are related to the cash and sales to
help in managing their business and control the expenses (Tsui and Fung, 2016).
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Slide 9: The computer-based data is provided by the Management Information System (MIS),
this information is utilized by the Dalata hotel group to take and collect the financial facts and
figures. There are different kinds of MI like Transaction Processing System (TPS), Office
Automation System (OAS), Decision support system (DSS), etcetera.
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Slide 10: The presentation slide describes the uses of the management information system in the
Dalata hotel group. They can also track the mechanization of their hotel group by using the DSS
systems. Dalata hotel group can also accept the payment systems to collect all the important data
related to the product quality and delivery (Hanifi and Taleei, 2016).
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Slide 11: The given slide speaks about the utilization of the management accounting system as
the tool of decision making for Dalata hotel group. (MIS) Management information system is a
very much essential tactic to take the appropriate decisions of Dalata hotel group. The different
parts of price determination are the one where management information system is applied
(Blanke and Chiesa, 2013).
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Slide 12: Management Information System is used to determine the important decisions in the
Dalata hotel group. This helps in getting the knowledge and all the data about balance sheet
forecast and the cash flow forecast, it also engages in maintaining the level of productivity of
services in the Dalata hotel group (Hanifi and Taleei, 2016).
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Slide 13: In the above slide it says about the Management Information System in determining the
costs at diverse levels of the holiday packages at the hotel to satisfy all the desires of the clients.
Management Information System (MIS) is used a usual of products and services to maximize the
benefits of the Dalata hotel group.
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Slide 14
25

TASK 3
Introduction:
Dalata hotel Plc. is an inn industry, which is situated in the UK. This association gives
accommodation facilities to the all-inclusive community. The fundamental clients of Finance
related accounting data are outer to the organization. In any case, with regards to administrative
accounting, they are set up for the utilization of the inner administration and workers and more
often than not outside clients don't have the entrance to this management accounting information.
For the investigation of budgetary execution, a few proportions are computed for the finance
related year finished December 2015 to 2016. This will help in thinking about the execution
which organization had performed in the year.
3.1 Interpret financial accounts of Dalata Hotel Group plc for the year ended 31st
December 2016 showing at least two years performance (for example comparing 2016 to
2015).
Dalata Hotel group Balance sheet:
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Dalata Hotel group Income statement:
Financial accounts of the Dalata Hotel group.
Financial accounts of Dalata Hotel Plc.
Particulars Sum ('000) Sum ('000)
( In €) (In €)
2016 2015
Liquidity Measurement Ratios
Current Assets 98771 162278
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Current Liabilities 68821 56238
Current Ratio 1.435186934 2.885557808
Quick Assets 91688 157614
Quick Ratio 1.332267767 2.80262456
Cash and cash equivalents 81080 149155
Cash Ratio 1.178128769 2.652210249
Debt Ratios
Total Liabilities 364994 324040
Debt Equity Ratio 0.588337508 0.603094011
Debt Ratio 0.370410889 0.376206266
Interest 7535 8684
Interest Coverage Ratio 4.854147313 2.276946108
Operating Cash Flow 77813 54403
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Cash Flow to Debt Ratio 0.213189806 0.167889767
Profitability Indicator Ratios
EBIT 36576 19773
Equity 620382 537296
Non-Current Liabilities 296173 267802
Capital Employed 916555 805098
Return on Capital Employed 0.039905952 0.024559743
Return on Equity 0.058957223 0.036800944
Total Assets 985376 861336
Return on Total Assets 0.037118826 0.022956198
Average Trade Payables 45670
Average Payment Period 152.1446516
Cash Flow Indicator Ratios
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Operating Cash flow/sales Ratio 0.267811847 0.241070044
Fixed Cost Bearing Funds 264681 250168
Capital Gearing Ratio 2.343885659 2.147740718
Management expenses 115392 104355
Management cost to Sales Ratio 2.517947518 2.162550908
Gross Profit 180687 138766
Gross Profit Ratio 62% 61%
Net profit 44111 28457
Net profit Ratio 15% 13%
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Rate of sales 109864
Average Inventory 1583
Inventory Turnover Ratio 69.40240051
Analysis:
The above extent exhibits association's money related execution that has been extended as of
late. The present proportion depicts the present resources and current liabilities of the
organization (Aravind, 2015). Net resources are the distinction between the two, it computes the
position of organization whether its meet current commitments or not in the required way. From
the above counts, it can be dissected that quick ratios and current ratios are better in 2015 and
2016 and it is declined from 2.89 of every 2015 to 1.45 out of 2016. The gross benefit of Dalata
group was 138,766 in the time of 2015 and at the time of 2016, it is 180,687 benefits (Clarke,
2012). It is seen that the income of the organization was high in the year 2015 contrasted with
the time of 2016 and the market value share is high at the time of 2015 agreeing the year 2016.
The perfect liquidity proportion is 1.1 for quick ratios and 2.1 for current apportion. The
organization can oversee no less than 1 of its liquidity position to control working capital
(Vittorini and Cipollone, 2016).
Conclusion:
This report depicted Dalata hotel Plc’s. Financial performance through the ratio analysis. This
assignment helps in completing the most recent two years execution of the Dalata hotel Plc.
There have been no any extents which exhibit that association was going up against any mishap
and no high borrowings from various sources. Debt equity ratio isn't so high which is declined in
2016 it demonstrates that Dalata hotel group isn't taking much obtaining from outside.
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Task 4
4.1 Analyse sources and distribution of funding for the development of capital projects
associated with tourism.
Sources of funding for the
development of capital
projects
Introduction
The development projects
are undertaken to attract the
tourists and generate the
revenues. The funding of
these projects is planned by
both the regional
governments as well as other
world bodies such as
UNESCO and European
Social Funds.
Role of Department of
Culture, Media and Sport
This department ensures that
the old monuments and
structures in the UK region
are protected from
Recently, the Inter-American
Development Bank Group along
with the Department of Business,
Energy and Industrial Strategy of
UK has planned to contribute 177
million pounds towards
Sustainable Infrastructure Program
in Latin America and the
Caribbean. It provides the support
to the local government in
developing tourism infrastructure
and so that the economic condition
of the people can be improved.
Commercial Banks
These banks fund small
sized and medium sized
projects such as the
construction of bridges,
railings and improve the
market area around the
places of visit. The private
banks in the UK region such
as HSBC, Barclays and
Standard Chartered sign an
agreement with the
government and funding is
done at different stages. The
amount is also spent to
upgrade the technologies
used in the museums to
attract the visitors. The UK
region has a positive
environment for the banks
to operate which provides
an opportunity for these
banks to get involved in the
development activities
which helps to improve
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encroachments and
degradation. The protection
of these heritage sites and
monuments ensure a steady
flow of tourists to the region
which increases the revenues
to the government. The
department also maintains
the data regarding the
number of tourists visiting
the museums such as The
British Museum, The
National Maritime Museum,
etc. This department gets the
support from 44 agencies
and public bodies. The
department also supports the
funding of The National
Lottery fund in order to
support the projects which
aim to develop health,
education and environment.
The department promotes
activities which help to
protect the heritage sites
from degradation. It
provides various
recommendations to the UK
government to formulate the
policies to protect the
historical structures and
their reputation in the
market. The interest that is
charged is competitive and
hence, the government
benefits by procuring the
loans at a lower interest
which helps to reduce the
input costs and maximise
the profits.
Other Financial
Institutions
These institutions fund the
small and medium scale
projects at a fixed rate. The
private financial institutions
such as J.P. Morgan
Securities, Marks &
Spencer financial services.
An agreement is signed
between the government
and these institutions and
the funds are released as per
the requirement and in a
single transaction. These
banks charge the higher
interest since they deal with
relatively smaller amounts
and the minimum loan
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monuments including the
artefacts preserved in the
museums.
Sources of Funding the
Capital Projects
Development Banks
The development banks can
be the regional banks and
the National banks. These
banks provide the funds to
the government at
concessional rates to
undertake the large and
medium scale projects such
as constructing roads and
footpaths near the heritage
sites. These facilities enable
visitors to commute easily to
different places (Blake and
Hartwell, 2017).
periods.
International Agencies
The UNESCO enlists the
various sites in its heritage
list and releases the funds to
conduct repairs and
maintenance of these sites
throughout the world. The
large funds provided are for
the long-term projects.
European Social Funds fund
provides the funds to
maintain the various sites in
the UK region (Hanifi and
Taleei, 2016). UNESCO
funds the projects after
conducting research and
surveys for analysing the
actual amount required for
repairs and maintenance of
the sites. It also conducts
regular audits to ascertain
the level of progress made
and the effectiveness of the
maintenance activities
conducted to preserve the
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various structures and
monuments. It also
recommends the UK
government on the various
ways in which these sites
can be safeguarded.
Conclusion
The government plans and
implements various projects
to improve the facilities
provided by the tourists.
This helps to attract the
visitors and generate
income. This also ensures
the protection of the
historical sites which
enables to study human
evolution.
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Conclusion:
In this report, an entire utterly unyielding examination has been set up finished the financial
components, cost setting devices and procedure and different strategies on the loose. This
program has examined the taken care of different viewpoints including costs, volume and
benefits which are critical parts of the agreement and the marker of the productivity of the
business. This report has likewise been characterized the factor that affects the choice of the
benefit of Carnival Corporation. The budgetary investigation identified with Dalata group’s
money related position has been incorporated into it. The PowerPoint introduction is prepared
which demonstrates the management accounting information (MIS) which demonstrates the
entire idea of money related proclamations, asset report, benefit and profit and loss account,
money streams of the Dalata group plc. The leafless are additionally arranged which
demonstrates the part of the general population and private office in giving the wellsprings of
cash to the start of capital ventures in the travel and tourism area.
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