Organization of gastronomic tourism in Ukraine

There is a list of top ten restaurant chains in the world:

Table. 2.1.

Top 10 restaurant chains (part from top 100 restaurant chains U.S. sales)

Rank	Chain	Segment	2011, dollars	2010, dollars	2009, dollars
1	McDonald's	Sandwich	34,172.0	32,395.4	31,032.6
2	Subway	Sandwich	11,434.0	10,633.0	9,999.3
3	Starbucks Coffee	Beverage-Snack	8,490.0	7,955.0	7,415.0
4	Burger King	Sandwich	8,131.0	8,433.0	8,799.0
5	Wendy's	Sandwich	8,108.0	7,943.0	8,023.0
6	Taco Bell	Sandwich	7,000.0	6,900.0	6,800.0
7	Dunkin' Donuts	Beverage-Snack	5,931.0	5,420.0	5,176.0
8	Pizza Hut	Pizza	5,500.0	5,400.0	5,000.0
9	KFC	Chicken	4,600.0	4,700.0	4,900.0
10	Applebee's Neighborhood Grill & Bar	Casual Dining	4,428.1	4,317.0	4,397.4

The restaurant sector is generally cyclical in nature with consumer spending. As the economy and wages improve, consumers are more willing to spend their hard-earned dollars eating out at restaurants. However, some companies have positioned themselves to weather all types of economic cycles and have managed to gain profitability over the long term. These companies, arranged by market capitalization, are the largest restaurant companies in the world[36].

“McDonald's Corporation” is the largest fast-food restaurant chain in the world, with over 35,000 locations in 119 countries. McDonald's has staked its claim in the industry through its affordable food and unmistakable golden arches branding. With a new chief executive officer (CEO), McDonald's looks to improve its operations, including refranchising 4,000 locations by the end of 2018 and reducing its selling, general and administrative (SG&A) expenses by of $500 million per year. Management also believes the company can increase its franchisee penetration in China to 20 to 25%, which will bring in margins closer to long-term assumptions.

Subway is an American fast food restaurant franchise that primarily sells submarine sandwiches (subs) and salads. It is owned and operated by Doctor's Associates Inc. (trademarked as Subway IP Inc.) Subway is one of the fastest growing franchises in the world, with 44,672 restaurants in 111 countries and territories as of March 14, 2016. The United States alone has 27,058 outlets. It is the largest single-brand restaurant chain and the largest restaurant operator in the world.

Starbucks Corporation is the world's leading coffee retailer, with over 20,800 stores globally. The company sells high-quality coffees, teas and other beverages, along with a variety of fresh food items. Starbucks has recently created a reinvigorated food and beverage menu, as well as improved store designs, to improve customer experience. Management also believes the company is well-positioned to adapt to evolving consumer behaviors, thanks to branding that transcends channels with digital, social media, and loyalty programs. With a compelling story of domestic growth through new store formats such as express stores, beverage trucks and drive-thrus, Starbucks is poised for future growth[37].

Burger King, often abbreviated as BK, is an American global chain of hamburger fast food restaurants headquartered in unincorporated Miami-Dade County, Florida, United States. The company began in 1953 as Insta-Burger King, a Jacksonville, Florida-based restaurant chain. After Insta-Burger King ran into financial difficulties in 1954, its two Miami-based franchisees, David Edgerton and James McLamore, purchased the company and renamed it Burger King. Over the next half century, the company would change hands four times, with its third set of owners, a partnership of TPG Capital, Bain Capital, and Goldman Sachs Capital Partners, taking it public in 2002. In late 2010, 3G Capital of Brazil acquired a majority stake in BK in a deal valued at US$3.26 billion. The new owners promptly initiated a restructuring of the company to reverse its fortunes. 3G, along with partner Berkshire Hathaway, eventually merged the company with Canadian-based doughnut chain Tim Hortons under the auspices of a new Canadian-based parent company, Restaurant Brands International.

Wendy's is an international fast food restaurant chain founded by Dave Thomas on November 15, 1969, in Columbus, Ohio, United States. The company moved its headquarters to Dublin, Ohio, on January 29, 2006. As of March 1999, Wendy's was the world's third largest hamburger fast food chain with approximately 6,487 locations, following Burger King's 12,000+ locations and McDonald's' 31,000+ locations. On April 24, 2008, the company announced a merger with Triarc Companies Inc., a publicly traded company and the parent company of Arby's. Despite the new ownership, Wendy's headquarters remained in Dublin. Previously, Wendy's had rejected more than two buyout offers from Triarc. Following the merger, Triarc became known as Wendy's/Arby's Group, and later as The Wendy's Company).

Approximately 85% of Wendy's restaurants are franchised, and 77% of them are located in North America. Wendy's and its affiliates employ more than 47,000 people in its global operations. In fiscal year 2006, the firm had $2.469 billion (USD) in total sales. While Wendy's sets standards for exterior store appearance, food quality and menu, individual owners have control over hours of operations, interior decor, pricing and staff uniforms and wages.

Wendy's menu consists primarily of hamburgers, chicken sandwiches, French fries and beverages, including the Frosty. Unlike Burger King and McDonald's, the company does not have a signature sandwich, such as the Whopper or the Big Mac. Instead, it has the Dave's 1/4 lb. Single (introduced in 2011 as Dave's Hot 'N Juicy as a reworking of the longstanding Wendy's Single, shortened to simply Dave's in 2016), a square-pattied burger made with fresh ground beef rather than round frozen patties. Wendy's uses these square hamburger patties - which hang over the edge of a circular bun - as its signature item[38].

Taco Bell is an American chain of fast-food restaurants based in Irvine, California, in the U.S. A subsidiary of Yum! Brands, Inc., they serve a variety of Tex-Mex foods including tacos, burritos, quesadillas, nachos, other specialty items, and a variety of “value menu” items. Taco Bell serves more than 2 billion customers each year in more than 6,500 restaurants (mostly in the U.S.), more than 80 percent of which are owned and operated by independent franchisees.

Dunkin Brands Group, Inc. is a holding company with over 11,000 Dunkin' Donuts and over 7,600 Baskin-Robbins franchises across the globe. Mainly known as a donut and coffee chain, Dunkin' Donuts has expanded its service and menu items, such as adding breakfast sandwiches, bakery sandwiches, and frozen and iced beverages. Franchisees own all the Dunkin' Donuts and Baskin-Robbins locations, providing an annuity-like stream of royalties to Dunkin Brands Group. Each restaurant provides average cash returns of almost 20%, which should attract a large base of new franchise owners, especially in the Southeast, Midwest and Western United States. Over the long term, Dunkin Brands expects that it can double the number of its U.S. stores from 8,300 to 17,000.

Pizza Hut is an American restaurant chain and international franchise, known for pizza and side dishes. It is now corporately known as Pizza Hut, Inc. and is a subsidiary of Yum! Brands, Inc., the world's largest restaurant company.

In 2015, the company had more than 6,000 Pizza Hut restaurants in the United States, and 5,139 store locations in 94 other countries and territories worldwide. Pizza Hut has a total of 11,139 branches worldwide.

Kentucky Fried Chicken (KFC) is a fast food restaurant chain that specializes in fried chicken and is headquartered in Louisville, Kentucky, in the United States. It is the world's second largest restaurant chain (as measured by sales) after McDonald's, with 18,875 outlets in 118 countries and territories as of December 2013. The company is a subsidiary of Yum! Brands, a restaurant company that also owns the Pizza Hut and Taco Bell chains.

KFC was one of the first fast food chains to expand internationally, opening outlets in Canada, the United Kingdom, Mexico, and Jamaica by the mid-1960s. Throughout the 1970s and 1980s, KFC experienced mixed fortunes domestically, as it went through a series of changes in corporate ownership with little or no experience in the restaurant business. In the early 1970s, KFC was sold to the spirits distributor Heublein, who were taken over by the R.J. Reynolds food and tobacco conglomerate, who sold the chain to PepsiCo. The chain continued to expand overseas however, and in 1987 KFC became the first Western restaurant chain to open in China. The chain has since expanded rapidly in China, which is now the company's single largest market. PepsiCo spun off its restaurants division as Tricon Global Restaurants, which later changed its name to Yum! Brands.

KFC's original product is pressure fried chicken pieces, seasoned with Sanders' recipe of 11 herbs and spices. The constituents of the recipe represent a notable trade secret. Larger portions of fried chicken are served in a cardboard "bucket», “which has become a well known feature of the chain since it was first introduced by franchisee Pete Harman in 1957. Since the early 1990s, KFC has expanded its menu to offer other chicken products such as chicken fillet burgers and wraps, as well as salads and side dishes, such as French fries and coleslaw, desserts, and soft drinks, the latter often supplied by PepsiCo. KFC is known for its former and current slogan “Finger Lickin' Good”, “which was replaced by "Nobody does chicken like KFC"and“So good” in the interim[39].

Applebee's International, Inc., (Formerly T.J Applebee's RX for Edibles & Elixirs) “is a company which develops, franchises, and operates the Applebee's Neighborhood Grill and Bar restaurant chain.

As of December 2011, there were 2,019 restaurants operating system-wide in the United States, one U.S. territory (Puerto Rico) and 15 other countries. The company is headquartered in Kansas City, Missouri after moving from Lenexa, Kansas in September 2011. On September 3, 2015, it was announced that DineEquity would be consolidating its headquarters for Applebee's and IHOP to DineEquity's Glendale, California location. As a result, President Steven R. Layt chose not to relocate and resigned effective September 4, 2015.

The Applebee's concept focuses on casual dining, with mainstream American dishes such as salads, shrimp, chicken, pasta, and “riblets” (which is considered Applebee's signature dish). All Applebee's restaurants feature a bar area and serve alcoholic beverages (except where prohibited by law).

On November 29, 2007, IHOP (now DineEquity) announced that it had completed a $2 billion purchase of the Applebee's chain[40].

According to this information, it can be seen, that there is a huge number of different restaurant chains, that are situated all over the world and some of them are situated in Ukraine also. These chains are well known in majority of countries, even if there are no its representatives in it. Restaurant chains bring profit and start its developing in Ukraine. There are several restaurant chains in Ukraine:

Kozyrnayakarta, Sushiya, Sindikatvkusa, Babuin, Blinoff, Mafia, Scorini, Carte Blanche, PEES BOY CLUB, Kofein, Coffee Life, FreshLine, KoKAWA, Invino, Kofe House, il Molino, CITY*ZEN cafe&bar, Evraziya, First Line Group, Yàkitoriya, Puzatahata, Pan-Picca, Kompot, L'v³vs'kamajsternyashokoladu, Kumpel' Gruð, Stargorod, GOOD FOOD HOUSE and so on.



2.2 General characteristic of LLC “Globus Travel”

Travel agency “Globus Travel” has been existed for over 10 years and has rather competitive indices on the market. Travel agency “Globus Travel” exists since 2002 and the director's name is BilokinOlenaIvanivna. Travel agency is situated in Ukraine, Kharkiv, RomenaRollanast., 4, 61022. Travel agency works 6 days in a week, from Monday to Saturday, from 10.00 to 19.00.

The office of the travel agency is situated in the five-storey building, on the ground floor. It has such advantages: it is situated in the center of the city, there is a good road junction. From disadvantages, this office is not so distinguishing. Office consists of three rooms: the biggest one is for communication with clients; the second is for rest for clients and the third is secondary room for workers. The biggest room comprises three tables with computers and different necessary equipment; there is also two bookshelves with awards and diplomas, different books and additional information for work.

According to the staff, the travel agency engaged all vacant positions. Staff of the company consists of 4 persons. The director, who also is responsible for selling tours, two managers and accountant.

Travel agency “Globus Travel” offers a wide selection of tours around the world, different types of travel, with special dates, by different means of transport and so on.

Main activities of tourism firm “Globus Travel”:

1) rest holiday;

2) excursions;

3) sea and river cruises;

4) children's rest;

5) exotic tours;

6) educational programmes;

7) corporate rest;

8) tours in Ukraine;

9) booking of hotel rooms, tickets and other services.

In addition, travel agency can help with different kind of paper, visas and personal trips or its organizations. A client can select and take into account all wishes. Travel agency has a web site that helps clients to find what they need, among this; travel agency has pages in all modern social networks. It is very comfortable nowadays, especially for young travelers.

Agency managers are trying to find an individual approach to each client, to understand it and to rouse some interest, keeping service policy on the principle of “everything “is for the customer.” Managers in the office are interconnected and automated.

The company cooperates with many tour operators, so there is always a huge amounts of different tours to buy. It works with such tour operators as: Coral travel, TEZ TOUR, TUI, Join UP, Pegasus, Anex Tour, Natali Tours, Accord Tour, Muzenidis, Turtess.

General organizational structure, as well as in many small companies is simple. The organization is headed by a director. The director organizes and coordinates work in all areas of tourism activities.

Travel company“Globus Travel” has a linear organizational structure.

This organizational structure is very effective, because, firstly, all responsibilities of employees are clearly delineated and, secondly, there is a division of labor in different areas of tourism and thus, if it is necessary, any employee can replace the other in his direction of tourism.

The list of legislative and regulatory documents that the company uses in the implementation of business: Constitution of Ukraine, Civil Code of Ukraine, the Economic Code of Ukraine [1]; The Law of Ukraine "On Enterprises in Ukraine"dated 27.03.1991 p. Number 887-XII., The Law of Ukraine "On Business Associations"from 09.19.1991 g. Number 1576-CP. Law of Ukraine "On Legal Status of Foreigners"of 4.2. 1994 r. ¹3929-XII., the Law of Ukraine "on tourism"from 15.09.1995 r. Number 324/95-VR.Law of Ukraine "On licensing certain types of economic activity"from 01.06.2000 r. 1775-IP number; Cabinet of Ministers of Ukraine "On the Rules of entry of foreigners to Ukraine, their departure from Ukraine and transit through its territory"from 29.12. 1995 r. ¹ 1074., Cabinet of Ministers of Ukraine "On Tourism Development Program to 2005"from 28.06. 1997. ¹ 702., The Cabinet of Ministers of Ukraine "On the list of licensing"of 14.11. 2000 r. 1698.number, Cabinet of Ministers of Ukraine "On the terms of the license to conduct certain types of business, size and order of enrollment fees for extradition"of 29.11. 2000 r. Number 1755; Instruction on the conditions and rules of business related to the organization of foreign and foreign tourism (under license), and monitoring their compliance / approved by order of the Licensing Chamber of Ukraine and the State Committee of Ukraine for Tourism of 12.01.1999 p. ¹ 5/1 [1].

To carry out its activity travel company concludes agreements (contracts) on the one hand, with another organizations, enterprises, private entrepreneurs, involved in the formation and promotion of tourist product, on the other hand, consumers of the tourism product (tourists).

For an effective enterprise "Globus Travel” cooperates with many organizations and institutions, such as insurance companies, hotels, transportation companies, excursion bureaus, visa centers, banks and so on.

Tourist travel becomes popular in Ukraine. It contributes to the cultural and spiritual development of society, the development of international relations in the field of science, arts and sports, and also can be used for other needs in accordance with the wishes of customers[41].

The aim of "Globus Travel" the implementation of tourism activities to meet the needs of the population in travel and leisure.

To achieve this goal, the company has set itself the following objectives:

1) organization of tour destinations suitable for clients;

2) preparation of programs service according to the wishes of the client;

3) to increase economic and tourism development in the region.

The target segment, which is chosen for the client:

1) age - 30-45 years;

2) income - average and above average;

3) education - usually higher, but it is not important;

4) marital status - usually a family from two to four people, but company can select a tour for different people;

5) life style - energetic, active man busy in trading or management activities, often working on weekends and holidays, has lack of time to rest and family, sensitive to innovations skeptical to advertising.

Motive of the trip - (the desire to relax with the family, the desire to get treatment).

In addition to the segment, there are other groups of consumers, that are able to generate substantial revenue. Such category of customers, as children, teenagers, people close to retirement age, with low income and enough free time also are examined as potential clients.

Speaking about promotion of tours, travel company often uses the system of sales. Travel agency proposes such sales as:

1) sales for holidays;

2) family sales;

3) for group of people;

4) for children.

There are a lot of different advertisement (booklets) inside of the travel agency. When a tourist choses a tour, he can doubt and theses colorful booklets can help to determine. Different stands, calendars, catalogs, journals, booklets and other methods of advertisement not only attract attention, but also can inform a client about interesting propositions and sales. There are such possible advertisement:

1) catalogs of travels contain descriptions of travel products and services illustrations prices. Catalogues are used by tour operators to present the program of tours. The catalog includes illustrated descriptions of different routes, hotels, excursions, transport services, the date of departure;

2) brochures and booklets - less volumetric edition, containing a list of tourist destinations vacation, more information about locations, prices, schedules and other transport. Used to inform potential customers about existing tourism services, also is used as an aid in the sale. Brochures are usually printed on one page illustrated their production more easily and cheaply. They are the most popular way of advertising;

3) sales Letters are sent to potential clients with defined target groups. They help to realize the "hot packages"or convey information quickly. Letters and selling used alone or in combination with prospectuses and brochures;

4) advertising in the media - this is an advertising in print, television, radio, outdoor advertising. The main feature -is the opportunity to deliver advertising information to a large number of people [42].

Special documents and booklets are also made for clients' comfort. They are given with the tour package. The tourist receives all necessary information about the trip, country, where he is going, advices about payment, changes and cancellation of the tour and also about other questions, such as visa, customs and foreign exchange regulations, climate, attractions, health care, insurance, etc., everything, that is related to tourist travel.

The main documents, which are given to a tourist:

1) contract for the provision of tourist services;

2) tourist voucher;

3) insurance contract;

4) a document confirming payment of the tour and services specified in the contract with the tourist company (document, that confirms income, check, cashier's check, etc.);

5) tour program, newsletter;

6) ticket for transport;

7) immigration documents (passport, visa).



2.3 Financial performance of LLC “Globus Travel”

Financial statement analysis is the process of reviewing and evaluating a company's financial statements [43].

Table 2.2

The analysis of the enterprise for the period of 01.01.2012- 01.01.2013

01.01.2012 - 01.01.2013
The name of the item	Absolute increase	Growth rate, %	Changes
	At the beg.	At the end	At the beg.	At the end	In absolute increase (3 - 2)	In growth rate (5 - 4)
1	2	3	4	5	6	7
Àssets
Fixed assets	72,50	87,20	45,57	61,37	-14,70	+15,80
Current assets	86,10	53,80	54,12	37,86	-32,30	-16,26
- inventory	0,20	0,60	0,13	0,42	+0,40	+0,30
- accounts receivables	1,00	1,10	0,63	0,77	+0,10	+0,15
- cash and cash equivalents	84,90	52,10	53,36	36,66	-32,80	-16,70
- other current assets	0,00	0,00	0,00	0,00	0,00	0,00
Other assets	0,50	1,10	0,31	0,77	+0,60	+0,46
Balance	159,10	142,10	100,00	100,00	-17,00	0,00

Equity
	146,90	136,50	92,33	96,06	-10,40	+3,73
Long-term liabilities	0,00	0,00	0,00	0,00	0,00	0,00
Current liabilities	12,20	5,60	7,67	3,94	-6.60	-3,73
- accounts payable	0,00	0,00	0,00	0,00	0,00	0,00
- note payables	0,00	0,00	0,00	0,00	-5,40	-2,97
- credit payables	11,00	5,60	6,91	3,94	-1,20	-0,75
- other payables	1,20	0,00	0,75	0,00	0,00	0,00
Other liabilities	0,00	0,00	0,00	0,00	0,00	0,00
Balance	159,10	142,10	100,00	100,00	-17,00	0,00

Table 2.3

The analysis of the enterprise for the period of 01.01.2013- 01.01.2014

01.01.2013 - 01.01.2014
The name of the item	Absolute increase	Growth rate, %	Changes
	At the beg.	At the end	At the beg.	At the end	In absolute increase (3 - 2)	In growth rate (5 - 4)
1	2	3	4	5	6	7
Àssets
Fixed assets	87,20	78,60	61,37	53,80	-8,60	-7,57
Current assets	53,80	66,60	37,86	45,59	+12,80	+7,72
- inventory	0,60	0,60	0,42	0,41	0,00	-0,01
- accounts receivables	1,10	0,50	0,77	0,34	-0,60	-0,43
- cash and cash equivalents	52,10	65,50	36,66	44,83	+13,40	+8,17



1	2	3	4	5	6	7
- other current assets	0,00	0,00	0,00	0,00	0,00	0,00
Other assets	1,10	0,90	0,77	0,62	-0,20	-0,16
Balance	142,10	146,10	100,00	100,00	+4,00	0,00
Liabilities
Equity	136,50	136,70	96,06	93,57	+0,20	-2,49
Long-term liabilities	0,00	0,00	0,00	0,00	0,00	0,00
Current liabilities	5,60	9,40	3,94	6,43	+3,80	+2,49
- accounts payable	0,00	0,00	0,00	0,00	0,00	0,00
- note payables	0,00	0,00	0,00	0,00	0,00	0,00
- credit payables	5,60	9,40	3,94	6,43	+3,80	+2,49
- other payables	0,00	0,00	0,00	0,00	0,00	0,00
Other liabilities	0,00	0,00	0,00	0,00	0,00	0,00
Balance	142,10	146,10	100,00	100,00	+4,00	0,00

Table 2.4

The analysis of the enterprise for the period of 01.01.2013- 01.01.2014

01.01.2014 - 01.01.2015
The name of the item	Absolute increase	Growth rate, %	Changes
	At the beg	At the end	At the beg.	At the end	In absolute increase	In growth rate (5 - 4)
1	2	3	4	5	6	7
Àssets
Fixed assets	78,6	67,60	53,80	44,18	-11,00	-9,62

Current assets	66,60	84,70	45,59	55,36	+18,10	+9,77
-inventory	0,60	0,20	0,41	0,13	-0,40	-0,28
- accounts receivables	0,50	1,30	0,34	0,85	+0,80	+0,51
- cash and cash equivalents	65,50	83,20	44,83	54,38	+17,70	+9,55
- other current assets	0,00	0,00	0,00	0,00	0,00	0,00
Other assets	0,90	0,70	0,62	0,46	-0,20	-0,16
Balance	146,10	153,0	100,00	100,00	+6,90	0,00
Liabilities
Equity	136,70	145,80	93,57	95,29	+9,10	+1,73
Long-term liabilities	0,00	0,00	0,00	0,00	0,00	0,00
Current liabilities	9,40	7,20	6,43	4,71	-2,20	-1,73
- accounts payable	0,00	0,00	0,00	0,00	0,00	0,00
- note payables	0,00	0,00	0,00	0,00	0,00	0,00
- credit payables	9,40	7,20	6,43	4,71	-2,20	-1,73
- other payables	0,00	0,00	0,00	0,00	0,00	0,00
Other liabilities	0,00	0,00	0,00	0,00	0,00	0,00
Balance	146,10	153,00	100,00	100,00	+6,90	0,00

In general, analyzing the data obtained during the vertical and horizontal analysis, it can be seen that changes in the structure of the balance minor deviations on average ± 1%, although some elements, such as fixed and current assets in general and cash and cash equivalents showed changes in 9%.

According to the liabilities, it can be said, that the company has no accounts and note payables. There are no long-term liabilities, it indicates, that the company has no problems with debts. Thus, the company has a fairly stable financial position and no dependence on external investors [44].

Table. 2.5

The liquidity for 2012-2013 (in units)

Assets	Beg.	End	Passive	Beg.	End	Difference
A1	84.90	52.10	L1	11.00	5,60	+73,90	+46,50
A2	1.00	1.10	L2	1.20	0.00	-0,20	+1.10
A3	0,70	1.70	L3	0	0	+0.70	+1.70
A4	72.50	87.20	L4	146.90	136.50	-74,40	-49.30

Table 2.6

The liquidity for 2013-2014(in units)

Assets	Beg.	End	Passive	Beg.	End	Difference
A1	52.10	65.50	L1	5.60	9.40	+46.50	+56.10
A2	1.10	0.50	L2	0	0	+1.10	+0.50
A3	1.70	1.50	L3	0	0	+1.70	+1.50
A4	87.20	78.60	L4	136.50	136.70	-49.30	-58.10

Table. 2.7

The liquidity for 2014-2015(in units)

Assets	Beg.	End	Passive	Beg.	End	Difference
A1	65.50	83.20	L1	9.40	7.20	+56.10	+76.00
A2	0.50	1.30	L2	0	0	+0.50	+1.30
A3	1.50	0.90	L3	0	0	+1.50	+0.90
A4	78.60	67.60	L4	136.50	145.80	-58.10	-78.20

If A1>L1, A2>L2, A3>L3, A4 ?L4, that means, that the balance is liquid and company is solvent.

Liquidity ratios analyze the ability of a company to pay off both its current liabilities as they become due as well as their long-term liabilities as they become current. Liquidity is not only a measure of how much cash a business has. It is also a measure of how easy it will be for the company to raise enough cash or convert assets into cash. Assets like accounts receivable, trading securities, and inventory are relatively easy for many companies to convert into cash in the short term [45].

The cash ratio or cash coverage ratio is a liquidity ratio that measures a firm's ability to pay off its current liabilities with only cash and cash equivalents.

The cash coverage ratio is calculated by adding cash and cash equivalents and dividing by the total current liabilities of a company.



The cash ratio shows how well a company can pay off its current liabilities with only cash and cash equivalents. This ratio shows cash and equivalents as a percentage of current liabilities. The figure means that the company can pay all the current liabilities with cash and equivalents. As with most liquidity ratios, a higher cash coverage ratio means that the company is more liquid and can more easily fund its debt.

The current ratio is a liquidity and efficiency ratio that measures a firm's ability to pay off its short-term liabilities with its current assets. The current ratio is an important measure of liquidity because short-term liabilities are due within the next year.

This means that a company has a limited amount of time in order to raise the funds to pay for these liabilities. Current assets like cash, cash equivalents, and marketable securities can easily be converted into cash in the short term. This means that companies with larger amounts of current assets will more easily be able to pay off current liabilities when they become due without having to sell off long-term, revenue generating assets.

The current ratio is calculated by dividing current assets by current liabilities. This ratio is stated in numeric format rather than in decimal format [46].

Higher quick ratios are more favorable for companies because it shows there are more quick assets than current liabilities. Obviously, as the ratio increases so does the liquidity of the company. More assets will be easily converted into cash if need be.

The current ratio is a liquidity and efficiency ratio that measures a firm's ability to pay off its short-term liabilities with its current assets. The current ratio is an important measure of liquidity because short-term liabilities are due within the next year.

This means that a company has a limited amount of time in order to raise the funds to pay for these liabilities. Current assets like cash, cash equivalents, and marketable securities can easily be converted into cash in the short term. This means that companies with larger amounts of current assets will more easily be able to pay off current liabilities when they become due without having to sell off long-term, revenue generating assets [47].

The Current Ratio means how many times Current Assets are more, than Current Liabilities.

Net working capital is a liquidity calculation that measures a company's ability to pay off its current liabilities with current assets. This measurement is important to management, vendors, and general creditors because it shows the firm's short-term liquidity as well as management's ability to use its assets efficiently.

, (2.4.)

This ratio helps to see how much current assets, assets that are expected to be converted into cash in the current year, are available to pay for the liabilities that will become due in the coming 12 months [48].



Table 2.8

Liquidity Ratios(in units)

The name of the ratio	Formula	01.01.2013	01.01.2014
Cash ratio	Cash and cash equivalents/Current liabilities	6,959	9,034
Quick ratio	(Current assets-Inventory)/ Current Liabilities	7,041	9, 500
Current ratio	Ñurrent assets/Current liabilities	7,057	9,607
Net working capital	Ñurrent assets-Current liabilities	73, 900	48,200

Table 2.9

Liquidity Ratios(in units)

The name of the ratio	Formula	01.01.2013	01.01.2014
1	2	3	4
Cash ratio	Cash and cash equivalents/Current liabilities	9,304	6,968
Quick ratio	(Current assets-Inventory)/ Current Liabilities	9,500	7,021
Current ratio	Ñurrent assets/Current liabilities	9,607	7,085
Net working capital	Ñurrent assets-Current liabilities	48,200	57,200

Table 2.10

Liquidity ratios (in units)

The name of the ratio	Formula	01.01.2014	01.01.2015
Cash ratio	Cash and cash equivalents/Current liabilities	6,968	11,556
Quick ratio	(Current assets-Inventory)/ Current Liabilities	7,021	11,736
Current ratio	Ñurrent assets/Current liabilities	7,085	11,764
Net working capital	Ñurrent assets-Current liabilities	57,20	77,500

As can be seen from the data, the liquidity ratios significantly exceed the average item. Consequently, the company has the cash flow to cover its short-term obligations.

Thus, the liquidity ratios of the company are within the norm, or even exceed it. As for the dynamics of the change in the direction of growth or decrease insignificant that suggests a relatively high level of liquidity of “Globus Travel” and the absence of threats to its financial stability, and therefore a possible insolvency. The excess of current assets over current liabilities during the period under review shows that the “Globus Travel” is able to pay off its short-term obligations and has sufficient financial resources to expand its activities in the future.

Financial leverage ratios, sometimes called equity or debt ratios, measure the value of equity in a company by analyzing its overall debt picture. These ratios either compare debt or equity to assets as well as shares outstanding to measure the true value of the equity in a business.

The equity ratio is an investment leverage or solvency ratio that measures the amount of assets that are financed by owners' investments by comparing the total equity in the company to the total assets.

The equity ratio highlights two important financial concepts of a solvent and sustainable business. The first component shows how much of the total company assets are owned outright by the investors. In other words, after all of the liabilities are paid off, the investors will end up with the remaining assets.

The second component inversely shows how leveraged the company is with debt. The equity ratio measures how much of a firm's assets were financed by investors. In other words, this is the investors' stake in the company [49].

The debt to equity ratio is a financial, liquidity ratio that compares a company's total debt to total equity. The debt to equity ratio shows the percentage of company financing that comes from creditors and investors. A higher debt to equity ratio indicates that more creditor financing (bank loans) is used than investor financing (shareholders).



Debt ratio is a solvency ratio that measures a firm's total liabilities as a percentage of its total assets. In a sense, the debt ratio shows a company's ability to pay off its liabilities with its assets. In other words, this shows how many assets the company must sell in order to pay off all of its liabilities.

This ratio measures the financial leverage of a company. Companies with higher levels of liabilities compared with assets are considered highly leveraged and more risky for lenders.

Total Debt/Equity Ratio is a debt ratio used to measure a company's financial leverage, calculated by dividing a company's long-term liabilities by its stockholders' equity. The D/E ratio indicates how much debt a company is using to finance its assets relative to the amount of value represented in shareholders' equity.

Table 2.11

Financial leverage ratios for 2014-2015(in units)

The name of the ratio	Formula	01.01.2014	01.01.2015
Equity Ratio	Total equity/Total assets	0,936	0,953
Debt to Equity Ratio	Total liabilities/ Total equity	0,169	1,049
Total Debt to Assets	Long-term liabilities/ Total Assets	0,064	0,047
Total Debt to Equity	Long-term liabilities/ Total Equity	0,069	0,049



Table 2.12

Financial leverage ratios for 2013-2014 (in units)

The name of the ratio	Formula	01.01.2013	01.01.2014
Equity Ratio	Total equity/Total assets	0,961	0,936
Debt to Equity Ratio	Total liabilities/ Total equity	1,041	1,069
Total Debt to Assets	Long-term liabilities/ Total Assets	0,039	0,064
Total Debt to Equity	Long-term liabilities/ Total Equity	0,041	0,069

Table 2.13

Financial leverage ratios for 2014-2015 (in units)

The name of the ratio	Formula	01.01.2014	01.01.2015
1	2	3	4
Equity Ratio	Total equity/Total assets	0,936	0,953

Table 2.13 (the end)

1	2	3	4
Debt to Equity Ratio	Total liabilities/ Total equity	0,169	1,049
Total Debt to Assets	Long-term liabilities/ Total Assets	0,064	0,047
Total Debt to Equity	Long-term liabilities/ Total Equity	0,069	0,049

After the analysis of financial leverage ratio, it can be seen, that there is no need for the company in borrowed funds, because during all 3 period, there is a high Equity Ratio. A debt to equity ratio of 1 would mean that the amount of debts and stockholder's equity has an equal stake in the business assets. A lower debt ratio usually implies a more stable business with the potential of longevity because a company with lower ratio also has lower overall debt.

Thus, the financial stability of the enterprise can be characterized as good.

In this way, this part contains an analysis of the market of tourism enterprises, characteristic of the development of tourism firm "Globus Travel" and financial analysis. So, in conclusion we can say that the data on the period from 2012 to 2015 varies depending on the balance. It was made a financial analysis of the enterprise according to different financial ratios that showed stable financial results [50].

CHAPTER 3. DEVELOPMENT OF THE GASTRONOMIC TOUR

3.1 Creation of a new gastronomic tour

Nowadays we have a lot of existing destinations, where to go. Nevertheless, it is possible to create something new and interesting. In the development of the tourism product, there must be a clear answer to the question: “What does the tourist demand?” Nowadaysa tourist does not pay a lot of attention for hotel accommodation, but for a new experience and familiarity with the unknown, comfort, attention, and relaxing ambiance. Therefore, the creation of a tourist product begins with a study of its consumer qualities and properties, identify the most attractive aspects for visitors. They are reference points in the development and implementation of the tourism product. That is why, it was decided to create and conduct a survey and according to the results, the tourist product can be created.

It is presented the example of the questionnaire in Annex F, which will be given to different type of people of different age, interests and income.

The interrogation was held with the help of Google form. 370 persons were asked. The majority of respondents were men. This fact can be explained because of the women's fashion for slimness and fear to gain weight

Fig. 3.1. The division of respondents due to gender

This fact can be explained because of the women's fashion for slimness and fear to gain weight.

The age was rather different, but the majority was youth:

Fig. 3.2. The division of respondents according to the age

It means, that it is necessary to create a tour for a wide range of people in such way, it will satisfy needs both of students and for adults.

The most popular season is summer:

Fig. 3.3. The preferences of season among the respondents

It is, because all people have vacations: at schools, universities, at work. People try to spend these days in the best way.Some tours are made especially during months with low seasonality with the purpose to increase the tourist flows. According to the questionnaire, the gastronomic tour can be held from April to October. In winter it will be also possible, of course, but the demand will be significantly lower.

Fig. 3.4. Attitude of the respondents to the tourism

Fig. 3.5. Intentions of people according to the travelling

There is almost equal values. It can be because of people have some obstacles for travelling or respondents are not interested in travelling.

The majority of respondents travel or want to travel more, it means, that people havemotivation, but there is something, that prevent them from it.

Where: 1 - is extremely negative;

2 - negative;

3 - neutral;

4 - mood;

5 - very good.

Fig. 3.6. The attitude of respondents towards the gastronomic tourism

The attitude of people to gastronomic tourism is rather positive; it means that this type has strong prospects among Ukrainian tourists.



Fig. 3.7. The preferences of the countries

According to the results of the questionnaire, the leading destination for gastronomic tourism is Western Europe (France, Germany, Holland, Belgium, Monaco, Austria). It means, that these countries are the first competitors for Ukraine.

Taking into account these results, we should analyze the reason of the popularity of the main competitor. France is the leader in gastronomic tourism. This is because of cheese and vine. Only here gastronomic tourists can learn the secrets of making cheese, begin to distinguish cognac from armagnac, try hundreds of wines and snack frog legs. France is the country, which arose, combining several provinces, each of which has its own gastronomy. In the Annex G, there is a map of France gastronomy.



Fig. 3.8. Main obstacles, preventing travelling

The most popular obstacles are the lack of money and free time, so it is necessary to create a tour in more convenient location. If the majority of people can't pay for the tours in such countries as France, Germany and others, Ukraine can be more suitable situated in very convenient geographical location, so it can be proposed a tour of a lower cost in Ukraine.

Ukraine also can propose lower prices for all costs. As far as we have different levels and qualities of life.

Fig. 3.9. The preferences of type of the gastronomictourism

Table 3.1

The differences in the cost of the tour by country

The name of the country	The average price of the tour, ˆ
France	400-2000
Italy	500 - 2500
Spain	1400-6000
Switzerland	1800
Ukraine	100-200

After the analysis of Ukrainian cuisine and the projects of development of gastronomic tourism in Ukraine, the most famous regions in gastronomic tourism are Transcarpathia region and Poltava region, but the other regions possess enough resources to create a gastronomic tour in Zaporizhzhya.

The order of the stages of formation of a tour is regulated by GOST R 50681 - 94 “Tourist and excursion service. Planning of tourist services”. The basis for the development of the tour is a brief description, a set of requirements identified through market research, agreed with the customer and taking into account the possibilities of a supplierThe process of formation of the tour for its subsequent sale involves the following steps:

1) development of a plan (ideas of the tour);

2) search and selection of partners and suppliers;

3) the formation of primary and secondary systems services;

4) experimental verification of the tour, the most common form of experimental verification is the so-called promotional tour.

Table 3.2

Information about the tour

Criteria	The description
Type of tourism:	Domestic tourism, inbound tourism
Geographical location:	Kharkiv, Dnipro, Zaporizhzhya
Classification of tourism: According to the goal according to the form of participation according to the age according to the duration according means of transport	Gastronomic and event tourism mixed group mature several days bus
Necessary documents:	Passport of Ukrainian or foreign citizent
Time of the tour	April-October
Source of financing	Family budget
Route length (km)	650 km
Total amount of tours per month	4-5
Total amount of tours per year	30-35
According to the form of organization	Exclusive tour
According to the character of organization	Group
The amount of people in group	7-15
The continuation of the tour	4 days/3nights
Touristic resources	Sightseen of Dnipro, Zaporizhzhyaand Khortytsya, national cuisine
The cost of the tour	2770 UAH

Table 3.3

Characteristics of potential travel consumers

Criteria	Potential consumer
Geographical criteria	Person from Kharkiv, Poltava, Dnipro, Khersonskaya
Social-demographical criteria	Age 18-35 Gender- male Marital status - doesn't matter, but more often married Level of income Educational level - higher
Motivation	Interest to the national Ukrainian and world cuisines

Table 3.4

Characteristics of sightseen tours

Sightseen
City	Dnipro
Cultural and historical sightseen	Park Globa, Dnipro embankment, Swan Fountain , Scythian stone “woman”, synagogue "Golden Rose",the monument "Eternal Glory", Dnepr Area.
City	Zaporizhzhya
Cultural and historical sightseen	Zaporozhye oak, St. Basil's Cathedral, Zaporizhia Regional Art Museum, Theatre Magara, Oak Grove, Dnipro water-power plant, Soborniy avenue.
City	Khortitsa
Cultural and historical sightseen	Zaporizhzhya Sich
Entertainment programs	Master classes of national cuisines; performance of the Cossacks on Khortitsa

The tour starts in Kharkiv. Tourists are met near the historical museum.

Fig. 3.10. The place of meeting

The way to Dnipro takes approximately 3-4 hours. The tour begins with a bus tour of the city of Dnipro.



Fig. 3.11. The route from Kharkiv to Dnipro

Tourists are suggested to visit such places: Park Globa, Dnipro embankment, Swan Fountain , Scythian stone “woman”, synagogue "Golden Rose",the monument “Eternal Glory”, Dnepr Area. After this, tourists are proposed to visit a master class of Italian cuisine and to try own-prepared pizza. In the evening, tourists are settled in the “Dnepropetrovsk Hotel”. The group goes to Zaporizhzhya in the morning.

Fig. 3.12. The route from Dnipro to Zaporizhzhya

There will be a sightseen excursion. An interesting narration about the history of the city and also visiting of main attractions. Diner (Ukrainian cuisine). Excursion to the brewery “Carlsberg Ukraine”. Settlement at the hotel Vodogray.Spend the night at a hotel. Breakfast is included. Departure from the hotel.

Fig. 3.13. The route from Zaporizhzhya to Khortitsa

Move to the Khortitsa, is the next largest island on the Dnieper River. Khortytsya Island -is very picturesque place: feather grass steppes, meadows, pine and oak forests adorn it. In 2007, the island was named one of the "Seven Wonders of Ukraine". Here was the center of the Ukrainian Cossacks - Zaporizhzhya Sich. MasterclassesofUkrainiancuisine. The tour of the historical and cultural complex “Zaporizhzhya Sich”, in which a tourist move a few centuries back in time and plunge into an interesting and exciting life of the brave and courageous Zaporozhye Cossacks.



Fig. 3.14.The route fromKhortitsa to Kharkiv

Breakfast is included in the hotel. The fair of different nationals cuisines. Visiting of master classes, the tourist can choose the appropriate, they are paid separately.

Transport is presented by minibus “Reno for 15-20 people: soft seats, 20 seats + luggage, television, air conditioner, audio system.

Fig. 3.14.The route fromKhortitsa to Kharkiv

In Dnipro, it was chosen “Dnipropetrovsk Hotel”. Hotel Dnepropetrovsk is located on one of most beautiful embankments of Dnipro not far from the historical and cultural center. The convenient location and comfortable traffic interchange secure most convenient conditions for leisure.Rooms at the “Dnipropetrovsk Hotel”are decorated in a classic style. Each room includes cable TV, a balcony and a refrigerator. Private bathrooms are equipped with a bath and comes with free toiletries. Guests can enjoy European and Ukrainian cuisine in the hotel's restaurants, or relax in the bar.

Table 3.5

Types of rooms and the cost in Dnipro

The type of a room	The cost per night, UAH
1) The tariff "Day"	280
2)Economy Single	300
3)Standard Single	360
4)Standard Double	460
5)Standard double room with a large bed	490
6) Family suite	520
7) Double Superior	600
8) Business Class	630
9) Comfort Class	880
10) Suite-comfort	1014

Located just a short walk from the sandy beach of the Dnepr River, Vodogray Hotel features terrace, children's playground and a sauna. Available in all the areas of the hotel, Wi-Fi is provided free of charge. Air-conditioned rooms feature TVHotel Dnepropetrovsk is located on one of most beautiful embankments of Dnepr not far from the historical and cultural center. The convenient location and comfortable traffic interchange secure most convenient conditions both for work and for leisure guests. and a bathroom with free toiletries. Guests are welcome to try Ukranian cuisine in the onsite restaurant.

This hotel proposes different types of rooms, which are presented in the
table 3.6.

Table 3.6.

Types of rooms and the cost in Khortitsa

The type of a room	The cost per night, UAH
Single Room	300

1	2
Suite	500
Deluxe Rooms	1000

The most convenient variant is Suite, but it is possible only for couples or relatives.

For the foreigners, it is necessary to take visa for entrance in Ukraine. There are three types of visas:

1) transit visa;

2) short-term visa;

3) long-term visa.

For travelling, it is necessary to make short-term visa. Issued to foreigners and stateless persons to enter Ukraine if their stay in Ukraine does not exceed 90 days within 180 days from the date of first entry.

Short-term visa is issued as a single, double and reusable for six months or a period marked in the documents that are the basis for the design of such a visa, but no more than five years, except in countries that permit the issuance of visas to enter Ukraine for a period citizens of over 5 years. There is more information about visa formalities to Ukraine in Annex H.

The costs of the tour include: transfer, guide service, accommodation, excursions, breakfast are included in the hotel.



Table 3.7

The cost of the tour

N	The article of the cost	The cost
		1 person	Group (10persons)
1	2	3	4
	Transportation costs Rent&Petrol	7*8*24=1500/10=134.4	Total2450
	The cost of living (3 nights) The cost of living in suite	900 750	9000 7500
	2	3	4
	Excursions	700	7000
4.	Insurance	50	500
5.	Master classes (per one masterclass)	150	1500
6.	The total cost	2072,4	20724
7.	Profit - 30%	621,72	6217
8.	The price of the tour	2694,12=2700	27700

The cost per one night is 300 UAH in Single and 500 UAH per one night for two persons in Suite.

Each tourist decides, how many master classes to visit, a master class will cost 350 UAH.

The cost of the tour for one person is 2770 UAH.The cost of the tour includes:

1) Transportation by comfortable minibus;

2) medical insurance;

3) all excursions with a guide;

4) entrance tickets to the museum;

5) entrance tickets to the equestrian theater

6) master class of Italian cuisine;

7) all sightseen tours;

8) accompaniment of the guide.

The additional cost : nutrition, master classes, own costs.

There is an information about fixed and variable costs, there is a calculation of break even point. If company sales 10 tours, it will just have a profit in 82,48 UAH. The cost for master classes was divided into fixed and variable and the cost for bus expenses also was calculated in this way.

More detailed information about the cost of the tour is presented in the table 3.8.

Table 3.9

The seasonality of the tour

Month	Quantity of tourists per month	Quantity of groups per month
1	2	3
April	50	5
May	40	4
June	50	4
July	50	5
August	40	4
September	50	5
October	40	4
Total	320	31

Table 3.10

The timetable of the tour

The number of days	The program of the day
Day 1	09.00 Meeting near the historical museum in Kharkiv, move to Dnipro 13.00 Dinner in Puzata Hata 14.00 A sightseen tour in Dnipro 17.00 Gastronomic master class of Italian cuisine 19.00 Settlement in a hotel, free time
Day 2	09.00 Breakfast at the hotel 10.00 Move to Zaporizhzhya 12.00 Sightseen tour in Zaporizhzhya 14.00 Dinner with Ukrainian cuisine 16.00 Excursion to the brewery “Carlsberg Ukraine” 18.30 Master class 21.00 Settlement at the hotel
Day 3	09.00 Move to Khortitsa 10.00 An excursion program 21.00 Coming back to the hotel
Day 4	09.00 Breakfast at the hotel 10.00 Time for master classes and fair 19.00 Coming back to Kharkiv

It is very important to keep the following timetable and always be in time, because it depends on the pastime of the group and the profitability of guide's work.

Sometimes it can cause the problems of safety.

Tab. 3.11.

The program of the tour

Cities, the distance between them, means of transport, the point of arrival and departure from it	Name of tourist enterprises and accommodations	Planned tourist services. Name of excursions (with a list of the main objects of the show), tourist walks and hikes.	Type of transport
Kharkiv-Dnipro, 217 km, by bus, 3-4 hours	-	A sightseeing tour along the Dnieper	Bus
Movement in Dnipro	Puzata Hata	Diner in Puzata Hata	Bus, hiking
Movement in Dnipro	Sightseen tour	A sightseen tour	Bus
Movement to the mall	Anti cafe	Master class of Italian cuisine	Bus
Anti café- Hotel	Hotel Dnipropetrovsk

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