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Corporate Travel Management Limited Annual Financial Report

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Corporate Travel Management Limited Annual Financial Report Corporate Travel Management Limited (changed from previous names: 7 July 2010 Corporate Travel Holdings Pty Ltd 16 October 2010 Corporate Travel Management Pty Ltd) ABN 17 131 207 611 Registered office: 27A/52 Charlotte Street Brisbane Queensland 4000 Annual Financial Report for the year ended 30 June 2010 Contents Chairman’s Report 3 Managing Director’s Report 4 Directors' Report 6 Corporate Travel Management Limited Financial Report Consolidated Statement of Comprehensive Income 12 Consolidated Statement of Financial Position 13 Consolidated Statement of Changes in Equity 14 Consolidated Statement of Cash Flows 15 Notes to the Financial Statements 1. Corporate information 16 2. Summary of significant accounting policies 16 3. Correction of errors and Reclassification of comparatives 27 4. Segment Reporting 31 5. Revenue 32 6. Expenses 32 7. Income tax 33 8. Earnings per share 36 9. Dividends paid and proposed 36 10. Cash and cash equivalents 37 11. Trade and other receivables 38 12. Financial assets at fair value 39 13. Other current assets 39 14. Plant and equipment 39 15. Intangible assets and goodwill 40 16. Impairment testing of goodwill 41 17. Trade and other payables 42 18. Borrowings 42 19. Income tax payable 44 20. Provisions 44 21. Contributed equity, reserves and retained earnings 45 22. Financial risk management objectives and policies 46 23. Business combinations 47 24. Commitments and contingencies 49 25. Related party disclosures 50 26. Parent entity financial information 52 27. Auditors’ remuneration 52 28. Events occurring after the reporting period 53 29. Director and Executive disclosures 54 Directors’ Declaration 56 Independent Auditor’s Report 57 2 Chairman’s Report Corporate Travel Management Limited (CTM) continues to grow strongly as it enters its 17th year of operation. The business has developed a national footprint with offices in Brisbane, Sydney, Melbourne, Perth and the Gold Coast. Importantly, CTM has taken its first steps into the international market with the acquisition of New Zealand based Cavalier Travel Services in August 2010. This acquisition gives CTM an enhanced capability to deliver its unique customer service offering to the New Zealand corporate travel market and to better meet the service needs of customers and companies with Trans Tasman links. The integration process is well underway, building on CTM’s experience with successful mergers and acquisitions that have included Rhodes Corp Travel in October 2001, Debretts Travel Services in January 2007 and Travelogic Group in July 2008. Together with strong organic growth, this corporate activity has enabled CTM to deliver record TTV (total transaction value) of $351.5 million for the year to June 2010. Revenue for the period totalled $31.6 million, and the net profit before tax of $4.74 million represented a solid rebound from the previous year, when the industry felt the full impact of the global financial crisis on corporate travel. The return of China, India and other parts of Asia to longer term average economic growth rates, together with the resilience of the Australian economy and stronger Australian Dollar have all been factors in the recovery of corporate travel activity to pre-GFC levels. CTM’s strategy to expand its presence in the rapidly growing West Australian market and to enter the New Zealand market has complimented its strong eastern seaboard presence and given it the national and global positioning to deliver enhanced service levels, service offerings and service value to its customers. The Company will continue to explore opportunities to expand its operations domestically and internationally, recognising the growing integration of Australian companies into Asia, as well as Europe and North America. Profitability is driven by a combination of service excellence, service innovation, service efficiency and a highly motivated results-driven workforce, supported by sound, flexible and cost effective management systems and controls. CTM’s business is highly scalable and profit margins and overall profitability will further improve as it continues its strategy to grow the business both organically and by acquisition. Reflecting the growing scale, geographic reach and complexity of the business, the Company has been refining and improving its governance structures. It has taken the initiative to transition from a management-based Board to one with a majority of independent non-executive board members, including an independent Chairman. As well, the Company has developed a comprehensive suite of governance policies and enhanced risk management systems and management controls, aimed at further improving corporate governance and management practice. I would like to take this opportunity to thank the previous Board and the management team for their efforts and congratulate them on the tremendous success in building CTM as a highly competitive, innovative and profitable business, meeting and exceeding the service expectations of its customers. The Board has declared a final dividend of $12.39 per share for the year to June 2010, which represents a dividend payout ratio of 22.6% per cent, reflecting the continued commitment to providing capital to support the company’s future growth. Tony Bellas Chairman Corporate Travel Management Limited 25 October 2010 3 Managing Director’s Report Dear Shareholders, Introduction Over the last two years, both Australia and the broader global economy have experienced extraordinary circumstances. CTM’s business has withstood the global financial crisis (GFC) that affected many of our customers and is now well placed to capitalise on improved economic conditions in Australia and abroad. Outstanding performance In the year to 30 June 2010, CTM’s TTV (total transaction value) of $351.5 million was 11.1 percent higher than the previous year and travel income of $30.9 million was 12.2 per cent higher than the previous year. Importantly, CTM’s profitability has recovered strongly following the difficult market conditions experienced in the 2008/09 financial year. CTM’s net profit after tax (NPAT) of $3.3 million in the year to 30 June 2010 compares with $0.4 million in 2008/09 and represents a return close to the pre-GFC NPAT of $3.4 million recorded in 2007/08. Financial condition CTM is in a sound financial position, with total assets of $24.1 million at 30 June 2010, an increase of $2.5 million or 11.7 per cent from 30 June 2009. Contributing to the Company’s sound financial position was the continued generation of strong cash flows, with net cash flows from operating activities of $3.3 million over the year to 30 June 2010. This performance has allowed CTM to keep its gearing low and provide internally generated funding to support the Company’s growth objectives. Total equity of $11.7 million at 30 June 2010 compares with $8.4 million at 30 June 2009, an increase of $3.3 million or 39.3 per cent over the year. Business drivers The success of CTM’s business has been based on three key drivers: • Retaining current business; • Generating new business; and • Improving productivity, achieving improved service outcomes for CTM’s customers from the Company’s service platform. The past year represents a story in two halves and can be characterised in terms of these key business drivers: • In the first half of the year, CTM’s focus was on business retention - lowering CTM’s cost to serve, and improving its service offering and value proposition to existing customers, to ensure CTM retained their business. • In the second half of the year, CTM focused on securing new business – expanding its customer base with a strategy underpinned by superior service offerings delivered on a cost competitive basis. As well, over the past year, CTM has further developed and refined its business systems and operating structures, to enhance operational control, better manage business risk and provide a platform to grow the business with an increasing return on scale. 4 Managing Director’s Report (continued) Employees Another fundamental plank of CTM’s success has been its highly skilled and motivated workforce. Over the past year, CTM has sought to broaden and strengthen the Company’s skills and capabilities through its in-house training programs, selective recruitment and a commitment to provide the resourcing to support CTM’s people in delivering service excellence at least cost to CTM’s customers. Over the past year, the total number of employees increased by 16% to 275, reflecting CTM’s positioning to grow the business in response to improving economic conditions and the commensurate growth of the activity levels of CTM’s customers. The Board and the senior management team appreciate the contribution that CTM’s staff have made to the Company’s strong performance in 2009/10. Their professionalism and commitment have been fundamental to the development of CTM’s reputation as a highly valued business partner for CTM’s customers. At present, all of the shares in the company are owned by a number of the senior executives. During June 2010, all members of staff were offered the opportunity to share in CTM’s future by purchasing shares in the Company. In a strong show of confidence in the future of the Company, almost 68% per cent of the staff indicated they would like to participate in share ownership. The aim of this initiative is to strengthen the commitment to the Company, and to better align the objectives of the Company with the personal aspirations of our people. Positioning For The Future The past two years have been focussed on consolidation, productivity improvement, enhancing CTM’s management systems and controls, and strengthening the Company’s balance sheet, to support its objectives in terms of profitability and growth. CTM is well placed to capitalise on the opportunities that are emerging as CTM’s our customers adjust to the changing economic environment – to economic expansion at home and amongst Australia’s major trading partners in Asia, Europe and North America, and to the rapidly developing structural shift in exchange rate relativities.
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