Essay Sample about the Flight Centre Travel Group 2017 Annual Report

Published: 2022-09-07
Essay Sample about the Flight Centre Travel Group 2017 Annual Report
Type of paper:  Essay
Categories: Company Strategic management
Pages: 2
Wordcount: 547 words
5 min read

Other than the financial statements, the Flight Centre Travel Group 2017 Annual Report includes other additional information about the Group. The report begins by introducing the Group's mission, vision, values, purpose, and business model. It then provides the corporate directory which introduces the name of the directors, the secretary; the Group's head office and the place of business in Australia, the Group's auditor, the stock market, and finally the Group's website. Consequently, the chairman's message outlines the strategic success of the Group including enhancing the productivity, expanding the geographical coverage, and expanding the products range.

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The section on strategic update and strategic transformation explain how the Group is successfully implementing the strategic objectives to increase productivity in the short-term. The section also outlines the Group's move to implement a transformation program in various areas including information technology, mergers and acquisitions, land, air, e-commerce, and corporate finance. The outlook section illustrates the expected growth in revenue across the various markets that the Group operates.

The section on Director's Report begins by giving the names of the five Directors including C.L. Kelly, the director who resigned in the 2017 financial year. It also explains the primary activities of the Group including the continuing operation, the significant changes, and the expected developments in the subsequent year. It is followed by other activities such as the declared dividends and the significant acquisitions made by the Group. The report shows that the interim and final dividends have decreased from $ 158 million in 2016 to $138 million in 2017. It is then followed by the profiles of the directors, their responsibilities, their skills, experience, and the number of ordinary shares they hold in the Group. Further, the section outlines the profile of the company secretary by indicating the date of appointment and the experience. The section concludes by providing an audited remuneration report of the directors.

The section on the independent auditor's report presents a declaration from the Ernest and Young to the Directors of the Flight Centre Travel Group. The declaration shows that the auditor's opinion is not subject to any violations regarding the auditors' independence as stipulated under the Corporations Act 2001 and any other professional conduct governing the audit process. After this section then follows the financial statements of the Group including the statement of profit or loss and other comprehensive income, the statement of cash flows, the balance sheet, the statement of changes in equity, and finally the notes to the financial statements.

After the financial statements, then follows the section on other significant matters in the reporting period (FY 2017). It encompasses the declaration of directors, the auditor's report, the information on the Group's shareholders, and the tax policies. The director's declaration asserts the Groups' financial statements are reported in compliance with the Corporations Act 2001, and they reflect a true and fair view of Company. Consequently, in the independent auditor's report the opinion shows that upon auditing all the financial statements, the report reflects a true and fair view of the consolidated financial position. Also, the auditor's opinion suggests that report complies with the Australian Accounting Standards and the Corporations Regulations 2001. The auditor's report outlines the key audit areas, the substantive tests used, the responsibilities of the directors in developing the report, the auditor's remuneration.

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