Adventure Travel And Tours Limited Business Proposal And Financial Plan

Introduction to Business investors or stakeholders

The vision statement of Adventure Travel and Tours Limited is to become one of the well-known tourist resorts in Australia in the eyes of community, people and customer. The start-up tourist resort expects and demands the best that they desire to offer by keeping the service on top of the choice of valued local visitors and tourists (Renz 2016).

The mission statement of Adventure Travel and Tours Limited is to offer superior hospitality experience and enhance guest’s maximum satisfaction. In addition, the start-up tourist resort believes in creation of positive work environment for attainment of results to satisfy guests, investors and employees. Adventure Travel and Tours Limited aims at satisfying the tourist and local visitors who actually travel for relaxation (Petty et al. 2015).

The goal of Adventure Travel and Tours Limited is to satisfy the need of valued customers and guests by conducting market research.

To exceed in the customer expectations where the start-up company will provide access to luxury services to the valued customers in terms of tours, travels and resort
To maintain 90% occupancy rate at the time of peak periods
To hire experienced and hardworking staff members

BASIC ASSUMPTIONS:
Type of Business: Save Time On Research and Writing Hire a Pro to Write You a 100% Plagiarism-Free Paper. Get My Paper	Company
Nature of Project:	Tours and Travels
Capital Structure:
Equity	50%
Non-Current Debts	50%
Types of Debts:
5 yr. Bonds at Par	0%
5 years Loan from Bank	100%
Required Rate of Return on Equity	10.00%
Interest Rate on Loan:
Bonds	0.00%
Loan from Bank	8.50%
Tax Rate	30%
Inflation Rate	0.00%
Mode of Sales:
Cash	100%
Credit	0%
Cash Collection Period	30 days
Mode of Purchase:
Cash	50%
Credit	50%
Cash Payment Period	60 days
Wages & Salary Payment	15th day on the following month
Electricity, Telephone & Internet payment	7th day on the following month
Other Operating Payments	Last day of the month
Insurance & Membership Fees	6 months’ Advance
Depreciation Method:
Building & Improvement	Straight Line Method
Furniture & Fittings	10% – Reducing Balance Method
Computer, Electrical Equipment & Other Accessories	30% – Reducing Balance Method
Kitchen Appliances, Cutleries & Cookeries	40% – Reducing Balance Method
Motor Vehicle	Straight Line Method

Motor vehicle and building & improvement will be depreciated by using straight-line method
Computer, Electrical Equipment, Kitchen appliances, and furniture & Fittings will be depreciated by using reducing balance method
Mode of payment will be 50% of cash and 50% on credit
Loan from bank will taken at 8.50% (Madura 2014)

Particulars	Amount	Residual Value
Non-Current Assets:
Land	$2,500,000	$0
Building & Improvement	$5,000,000	$1,500,000
Furniture & Fittings	$1,500,000	$450,000
Computer, Electrical Equipment & Other Accessories	$3,000,000	$0
Kitchen Appliances, Cutleries & Cookeries	$1,250,000	$0
Motor Vehicle	$1,000,000	$300,000
Preliminary Expenses:
Land Registration	$65,000
Business Registration	$125,000
License Fees	$50,000
Deposit for Electricity	$72,000	$72,000
Deposit for Telephone & Internet	$35,000	$35,000
Recruitment Cost	$125,000
Share Issuance Cost	$30,000
Other Miscellaneous Expenses	$200,000
Working Capital:
Purchase of Food, Drinks & Other Supplies	$2,250,000
Wages & Salaries	$500,000
Power & Fuel	$200,000
Promotion & Advertisement	$150,000
General Administrative Expenses	$300,000	$3,400,000
TOTAL START UP COST	$18,352,000
Capital Funding:
Equity Capital	$9,176,000
Loan From Bank	$9,176,000
TOTAL CAPITAL EMPLOYED	$18,352,000

Total start-up cost that will be required for starting Adventure Tours and Travel Limited will be $18352000.
In case of capital funding, the start-up business will apply for loan from bank amounting to $9176000, equity capital amounting to $9176000 (Lasher 2013)

DEPRECIATION & AMORTIZATION SCHEDULE:
Particulars	Opening Balance	Salvage Value	Estimated Life	Depreciation Rate	Period	Depreciation Amount	Closing Balance
					(in Years)
Building & Improvements:
Year 1	$5,000,000	$1,500,000	25		1	$140,000	$4,860,000
Year 2	$4,860,000	$1,500,000	24		1	$140,000	$4,720,000
Year 3	$4,720,000	$1,500,000	23		1	$140,000	$4,580,000
Furniture & Fittings:
Year 1	$1,500,000	$450,000	12	10%	1	$150,000	$1,350,000
Year 2	$1,350,000	$450,000	11	10%	1	$135,000	$1,215,000
Year 3	$1,215,000	$450,000	10	10%	1	$121,500	$1,093,500
Computer, Electronic Equipment & Other Accessories:
Year 1	$3,000,000	$0	7	30%	1	$900,000	$2,100,000
Year 2	$2,100,000	$0	6	30%	1	$630,000	$1,470,000
Year 3	$1,470,000	$0	5	30%	1	$441,000	$1,029,000
Kitchen Appliances, Cutleries & Crookeries:
Year 1	$1,250,000	$0	5	40%	1	$500,000	$750,000
Year 2	$750,000	$0	4	40%	1	$300,000	$450,000
Year 3	$450,000	$0	3	40%	1	$180,000	$270,000
Motor Vehicle:
Year 1	$1,000,000	$300,000	10		1	$70,000	$930,000
Year 2	$930,000	$300,000	9		1	$70,000	$860,000
Year 3	$860,000	$300,000	8		1	$70,000	$790,000

PROJECTED ROOM BOOKINGS:
	1st Year	2nd Year	3rd Year
Particulars	Qt.1	Qt.2	Qt.3	Qt.4	Qt.1	Qt.2	Qt.3	Qt.4	Qt.1	Qt.2	Qt.3	Qt.4
Nature Villa – Room Available	20	20	20	20	20	25	25	25	35	35	35	35
Occupancy Rate	50%	55%	60%	80%	80%	60%	70%	85%	87%	65%	67%	85%
Projected Booking – Nature Villa	900	990	1080	1440	1440	1350	1575	1913	2740.5	2047.5	2110.5	2677.5
Palm Cottage – Room Available	15	15	15	15	15	15	15	20	20	20	20	20
Occupancy Rate	60%	65%	67%	85%	85%	70%	72%	87%	88%	72%	74%	92%
Projected Booking – Palm Cottage	810	878	905	1148	1148	945	972	1566	1584	1296	1332	1656
Deluxe Suit – Room Available	3	3	3	3	3	3	3	3	5	5	5	5
Occupancy Rate	90%	75%	72%	92%	92%	75%	75%	94%	90%	78%	80%	92%
Projected Booking – Deluxe Suit	243	203	194	248	248	203	203	254	405	351	360	414

PROJECTED SALES REVENUE:-
	1st Year	2nd Year	3rd Year
Particulars	Qt.1	Qt.2	Qt.3	Qt.4	Qt.1	Qt.2	Qt.3	Qt.4	Qt.1	Qt.2	Qt.3	Qt.4
Nature Villa – Room Booking	900	990	1080	1440	1440	1350	1575	1912.5	2740.5	2047.5	2110.5	2677.5
Average Room Rent	$8,500	$8,500	$8,500	$8,500	$8,500	$8,500	$8,500	$8,500	$10,000	$10,000	$10,000	$10,000
Projected Room Rent – Nature Villa	$7,650,000	$8,415,000	$9,180,000	$12,240,000	$12,240,000	$11,475,000	$13,387,500	$16,256,250	$27,405,000	$20,475,000	$21,105,000	$26,775,000
Palm Cottage – Room Booking	810	878	905	1148	1148	945	972	1566	1584	1296	1332	1656
Average Room Rent	$12,000	$12,000	$12,000	$12,000	$12,000	$12,000	$12,000	$12,000	$13,000	$13,000	$13,000	$13,000
Projected Room Rent – Palm Cottage	$9,720,000	$10,530,000	$10,854,000	$13,770,000	$13,770,000	$11,340,000	$11,664,000	$18,792,000	$20,592,000	$16,848,000	$17,316,000	$21,528,000
Deluxe Suit – Room Booking	243	203	194	248	248	203	203	254	405	351	360	414
Average Room Rent	$15,000	$15,000	$15,000	$15,000	$15,000	$15,000	$15,000	$15,000	$17,500	$17,500	$17,500	$17,500
Projected Room Rent – Deluxe Suit	$3,645,000	$3,037,500	$2,916,000	$3,726,000	$3,726,000	$3,037,500	$3,037,500	$3,807,000	$7,087,500	$6,142,500	$6,300,000	$7,245,000
Average Guest per Room	2	2	2	2	2	2	2	2	2	2	2	2
Average Fooding & Drinking Charges per Guest	$4,000	$4,000	$4,000	$4,000	$4,000	$4,000	$4,000	$4,000	$4,500	$4,500	$4,500	$4,500
Total Revenue from Fooding & Drinking	$15,624,000	$16,560,000	$17,431,200	$22,687,200	$22,687,200	$19,980,000	$21,996,000	$29,858,400	$42,565,500	$33,250,500	$34,222,500	$42,727,500

PROJECTED EXPENSES:-
	1st Year	2nd Year	3rd Year
Particulars	Qt.1	Qt.2	Qt.3	Qt.4	Qt.1	Qt.2	Qt.3	Qt.4	Qt.1	Qt.2	Qt.3	Qt.4
One-Time Start-Up Cost:
Land	$2,500,000
Building & Improvement	$5,000,000
Furniture & Fittings	$1,500,000
Computer, Electrical Equipment & Other Accessories	$3,000,000
Kitchen Appliances, Cutleries & Crookeries	$1,250,000
Motor Vehicle	$1,000,000
Land Registration	$65,000
Business Registration	$125,000
License Fees	$50,000
Deposit for Electricity	$72,000
Deposit for Telephone & Internet	$35,000
Recruitment Cost	$125,000
Share Issuance Cost	$30,000
Other Miscellaneous Expenses	$200,000
Fixed Operating Expenses:
Depreciation on Building & Improvement	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000
Depreciation on Furniture & Fittings	$37,500	$37,500	$37,500	$37,500	$33,750	$33,750	$33,750	$33,750	$30,375	$30,375	$30,375	$30,375
Depreciation on Computer, Electronic Equipment & Other Devices	$225,000	$225,000	$225,000	$225,000	$157,500	$157,500	$157,500	$157,500	$110,250	$110,250	$110,250	$110,250
Depreciation on Kitchen Appliances, Cutleries & Cookeries	$125,000	$125,000	$125,000	$125,000	$75,000	$75,000	$75,000	$75,000	$45,000	$45,000	$45,000	$45,000
Depreciation on Motor Vehicles	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500
Wages & Salary to Permanent Staffs	$450,000	$1,000,000	$1,000,000	$1,000,000	$1,100,000	$1,100,000	$1,100,000	$1,100,000	$1,200,000	$1,200,000	$1,200,000	$1,200,000
Membership to Hotel Association	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000	$2,500	$2,500	$2,500	$2,500
Insurance	$5,000	$5,000	$5,000	$5,000	$5,000	$5,000	$5,000	$5,000	$6,000	$6,000	$6,000	$6,000
Advertisement & Promotion	$50,000	$125,000	$50,000	$50,000	$62,500	$62,500	$62,500	$62,500	$68,750	$68,750	$68,750	$68,750
Variable Operating Expenses:
Cost of Fooding & Drinking	$5,468,400	$5,796,000	$6,100,920	$7,940,520	$7,940,520	$6,993,000	$7,698,600	$10,450,440	$14,897,925	$11,637,675	$11,977,875	$14,954,625
Wages to Temporary Staffs	$2,613,150	$2,755,125	$2,890,620	$3,755,520	$3,755,520	$3,290,625	$3,604,050	$4,928,603	$7,010,775	$5,498,325	$5,658,300	$7,050,150
Supplies Expenses	$4,324,050	$4,539,375	$4,749,840	$6,161,940	$6,161,940	$5,376,375	$5,863,050	$8,067,668	$11,455,088	$9,013,613	$9,274,838	$11,536,763
Electricity	$4,984,200	$5,224,500	$5,461,560	$7,081,560	$7,081,560	$6,169,500	$6,717,600	$9,263,970	$13,145,175	$10,355,625	$10,655,325	$13,245,975
Power & Fuel	$2,868,975	$3,033,563	$3,188,430	$4,146,480	$4,146,480	$3,643,313	$4,001,625	$5,450,141	$7,761,938	$6,074,213	$6,251,400	$7,797,825
Telephone & Internet	$498,420	$522,450	$546,156	$708,156	$708,156	$616,950	$671,760	$926,397	$1,314,518	$1,035,563	$1,065,533	$1,324,598
Cost of Tour	$317,363	$336,375	$354,071	$460,834	$553,001	$487,013	$536,153	$727,799	$1,106,703	$864,513	$889,785	$1,110,915
Cleaning Charges	$2,882,700	$3,026,250	$3,166,560	$4,107,960	$4,107,960	$3,584,250	$3,908,700	$5,378,445	$7,636,725	$6,009,075	$6,183,225	$7,691,175
Maintenance Charges	$4,324,050	$4,539,375	$4,749,840	$6,161,940	$6,161,940	$5,376,375	$5,863,050	$8,067,668	$11,455,088	$9,013,613	$9,274,838	$11,536,763
Special Discount on Corporate Booking	$525,375	$549,563	$573,750	$743,400	$743,400	$646,313	$702,225	$971,381	$1,377,113	$1,086,638	$1,118,025	$1,388,700
Commission to Travel Agencies	$210,150	$219,825	$229,500	$297,360	$297,360	$258,525	$280,890	$388,553	$550,845	$434,655	$447,210	$555,480
TOTAL EXPENSES	$44,915,833	$32,114,400	$33,508,247	$43,062,670	$43,146,087	$37,930,488	$41,335,953	$56,109,313	$79,227,266	$62,538,881	$64,311,728	$79,708,343

The net cash flow from operating activities in the first quarter of initial year arrives at $13,716,158 and gradually increases till third quarter of final year as it arrives at $24,673,103 (Karadag 2015).
The net cash flow from investing activities in the first quarter of initial year arrives at ($14,952,000) and gradually decreases till third quarter of final year as it arrives at ($37,500,000). The negative figure in the investing activities signifies that Adventure Tours and Travels Limited need to purchase non-current assets such as machinery, equipment for the company.
The net cash flow from financing activities in the first quarter of initial year arrives at $18,157,010 and gradually decreases till third quarter of final year as it arrives at ($6,618,190). Adventure Tours and Travel limited will issue shares, take loan from bank in the initial years of operations (Brigham and Ehrhardt 2013).

Working Capital Management:
Particulars	Year 1	Year 2	Year 3
	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4
Current Assets:
Cash at Bank	$16,921,168	$24,611,521	$38,690,831	$51,471,289	$46,601,520	$56,775,403	$73,625,886	$91,899,874	$95,075,345	$111,624,260	$139,946,717	$120,501,630
Total Current Assets	$16,921,168	$24,611,521	$38,690,831	$51,471,289	$46,601,520	$56,775,403	$73,625,886	$91,899,874	$95,075,345	$111,624,260	$139,946,717	$120,501,630
Current Liabilities:
Current Liabilities:
Accounts Payable	$3,264,150	$3,445,125	$3,616,920	$4,700,820	$4,700,820	$4,123,125	$4,520,550	$6,172,703	$8,784,338	$6,883,763	$7,084,238	$8,830,463
Accrued Expenses:	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Salary to Staff	$1,021,050	$1,251,708	$1,296,873	$1,585,173	$1,618,507	$1,463,542	$1,568,017	$2,009,534	$2,736,925	$2,232,775	$2,286,100	$2,750,050
Electricity, Internet & Other Resources	$1,827,540	$1,915,650	$2,002,572	$2,596,572	$2,596,572	$2,262,150	$2,463,120	$3,396,789	$4,819,898	$3,797,063	$3,906,953	$4,856,858
Total Current Liabilities	$6,112,740	$6,612,483	$6,916,365	$8,882,565	$8,915,899	$7,848,817	$8,551,687	$11,579,026	$16,341,160	$12,913,600	$13,277,290	$16,437,370
Net Working Capital	$10,808,428	$17,999,038	$31,774,465	$42,588,724	$37,685,621	$48,926,587	$65,074,200	$80,320,848	$78,734,185	$98,710,660	$126,669,427	$104,064,260

The start-up company working capital for first quarter arrives at $10808428 and last quarter of third year arrives at $104064260. By the end of third year, there will be enough working capital for the company so that they can easily meet the day-to-day working of business practices (Brigham and Daves 2014).

BREAK EVEN ANALYSIS:
Particulars	Year 1	Year 2	Year 3
	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4
Weighted Average Room Rent	$10,760	$10,395	$10,395	$10,395	$10,395	$10,174	$10,174	$10,365	$11,625	$11,625	$11,625	$11,625
Fooding & Drinking Charges per room	$8,000	$8,000	$8,000	$8,000	$8,000	$8,000	$8,000	$8,000	$9,000	$9,000	$9,000	$9,000
Total Revenue per Booking	$18,760	$18,395	$18,395	$18,395	$18,395	$18,174	$18,174	$18,365	$20,625	$20,625	$20,625	$20,625
Variable Expenses per Unit:
Cost of Fooding & Drinking	$2,800	$2,800	$2,800	$2,800	$2,800	$2,800	$2,800	$2,800	$3,150	$3,150	$3,150	$3,150
Wages to Temporary Staffs	$1,338	$1,331	$1,327	$1,324	$1,324	$1,318	$1,311	$1,321	$1,482	$1,488	$1,488	$1,485
Supplies Expenses	$2,214	$2,193	$2,180	$2,173	$2,173	$2,153	$2,132	$2,162	$2,422	$2,440	$2,439	$2,430
Electricity	$2,552	$2,524	$2,507	$2,497	$2,497	$2,470	$2,443	$2,482	$2,779	$2,803	$2,802	$2,790
Power & Fuel	$1,469	$1,465	$1,463	$1,462	$1,462	$1,459	$1,455	$1,460	$1,641	$1,644	$1,644	$1,643
Telephone & Internet	$255	$252	$251	$250	$250	$247	$244	$248	$278	$280	$280	$279
Cleaning Charges	$1,476	$1,462	$1,453	$1,449	$1,449	$1,435	$1,422	$1,441	$1,615	$1,626	$1,626	$1,620
Maintenance Charges	$2,214	$2,193	$2,180	$2,173	$2,173	$2,153	$2,132	$2,162	$2,422	$2,440	$2,439	$2,430
Special Discount on Corporate Booking	$269	$265	$263	$262	$262	$259	$255	$260	$291	$294	$294	$293
Commission to Travel Agencies	$108	$106	$105	$105	$105	$104	$102	$104	$116	$118	$118	$117
Total Variable Expenses per booking	$14,695	$14,592	$14,529	$14,494	$14,494	$14,396	$14,298	$14,440	$16,197	$16,283	$16,280	$16,236
Contribution Margin per Booking	$4,065	$3,802	$3,866	$3,900	$3,900	$3,778	$3,877	$3,925	$4,428	$4,342	$4,345	$4,389
Depreciation on Building & Improvement	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000	$35,000
Depreciation on Furniture & Fittings	$37,500	$37,500	$37,500	$37,500	$33,750	$33,750	$33,750	$33,750	$30,375	$30,375	$30,375	$30,375
Depreciation on Computer, Electronic Equipment & Other Devices	$225,000	$225,000	$225,000	$225,000	$157,500	$157,500	$157,500	$157,500	$110,250	$110,250	$110,250	$110,250
Depreciation on Kitchen Appliances, Cutleries & Crookeries	$125,000	$125,000	$125,000	$125,000	$75,000	$75,000	$75,000	$75,000	$45,000	$45,000	$45,000	$45,000
Depreciation on Motor Vehicles	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500	$17,500
Wages & Salary to Permanent Staffs	$450,000	$1,000,000	$1,000,000	$1,000,000	$1,100,000	$1,100,000	$1,100,000	$1,100,000	$1,200,000	$1,200,000	$1,200,000	$1,200,000
Membership to Hotel Association	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000	$2,000	$2,500	$2,500	$2,500	$2,500
Insurance	$5,000	$5,000	$5,000	$5,000	$5,000	$5,000	$5,000	$5,000	$6,000	$6,000	$6,000	$6,000
Advertisement & Promotion	$50,000	$125,000	$50,000	$50,000	$62,500	$62,500	$62,500	$62,500	$68,750	$68,750	$68,750	$68,750
Total Fixed Expenses	$947,000	$1,572,000	$1,497,000	$1,497,000	$1,488,250	$1,488,250	$1,488,250	$1,488,250	$1,515,375	$1,515,375	$1,515,375	$1,515,375
Break Even Sales (in Units)	233	413	387	384	382	394	384	379	342	349	349	345
Break Even Sales (in amount)	$4,370,175	$7,604,701	$7,123,278	$7,060,246	$7,018,979	$7,159,493	$6,977,070	$6,963,529	$7,058,901	$7,198,856	$7,194,049	$7,121,685

The break-even sales in unit is at 233 for first quarter of operations and end up with 345 for the last quarter of third year of operations that is less than the projected sales generated from rooms occupancy (Arnold 2013)
The break-even sales in amount is even low than the projected sales generated from rooms occupancy

The initial investment of the start-up tours and travel companies arrives at $18,352,000.
To attain success in the business, the start-up company NPV will arrive at $80,935,265 for the initial 3 years of business operations

RATIO ANALYSIS:
Particulars	Year 1	Year 2	Year 3
	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Quarter 1	Quarter 2	Quarter 3	Quarter 4
Total Revenue	$36,601,875	$38,510,438	$40,352,175	$52,388,775	$52,530,570	$45,935,438	$50,207,625	$68,861,959	$97,975,508	$76,959,383	$79,194,375	$98,595,900
Net Profit	$6,968,428	$6,750,610	$7,222,688	$9,874,515	$9,932,894	$8,456,273	$9,378,908	$13,529,037	$19,930,365	$15,312,150	$15,805,683	$20,081,268
Current Assets	$16,921,168	$24,611,521	$38,690,831	$51,471,289	$46,601,520	$56,775,403	$73,625,886	$91,899,874	$95,075,345	$111,624,260	$139,946,717	$120,501,630
Current Liabilities	$17,379,268	$19,904,195	$22,374,883	$27,303,437	$21,071,767	$22,541,566	$26,058,109	$33,144,159	$31,496,269	$32,662,354	$37,767,749	$40,529,009
Owner’s Equity	$9,176,000	$9,176,000	$9,176,000	$9,176,000	$9,176,000	$9,176,000	$9,176,000	$9,176,000	$9,176,000	$9,176,000	$9,176,000	$9,176,000
Net Profit Margin	19.04%	17.53%	17.90%	18.85%	18.91%	18.41%	18.68%	19.65%	20.34%	19.90%	19.96%	20.37%
Current Ratio	0.974	1.236	1.729	1.885	2.212	2.519	2.825	2.773	3.019	3.418	3.705	2.973
Return on Equity	0.759	0.736	0.787	1.076	1.082	0.922	1.022	1.474	2.172	1.669	1.723	2.188

From the above projected ratio analysis figures, business investors and stakeholders will be informed about Adventure Tours and Travels Limited operations. The start-up tours and Travels Company will be achieving net profit margin at 19.04% in the first year of operations and end at 20.37% in the third year of operations. The current ratio will be at 0.97 in the initial stage of year and then it will lead to 2.97 where the company can easily meet the short-term obligations in the most appropriate way. Return on equity will be at 0.759 in the first year and 2.18 in the third year of operations for Adventure Tours and Travels Limited.

Reference List

Arnold, G., 2013. Corporate financial management. Pearson Higher Ed.

Brigham, E.F. and Daves, P.R., 2014. Intermediate Financial Management. Cengage Learning.

Brigham, E.F. and Ehrhardt, M.C., 2013. Financial management: Theory & practice. Cengage Learning.

Karadag, H., 2015. Financial management challenges in small and medium-sized enterprises: A strategic management approach. Emerging Markets Journal, 5(1), p.26.

Lasher, W.R., 2013. Practical financial management. Nelson Education.

Madura, J., 2014. International financial management. Nelson Education.

Petty, J.W., Titman, S., Keown, A.J., Martin, P., Martin, J.D. and Burrow, M., 2015. Financial management: Principles and applications. Pearson Higher Education AU.

Renz, D.O., 2016. The Jossey-Bass handbook of nonprofit leadership and management. John Wiley & Sons.

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