Airports Company South Africa owns and operates the country’s nine key airports, including the three international airports located in the largest metros, O.R. Tambo International in Johannesburg, King Shaka International in Durban and Cape Town International.

ABOUT OUR INTEGRATED REPORT

OUR REPORTING PHILOSOPHY

Our Integrated Annual Report is designed to provide an accurate and balanced commentary on our strategy, performance and future outlook as these relate to material financial, economic, social and governance issues. The report primarily addresses value-creation considerations for long-term investors but also provides important information for all of our key stakeholders.

OUR REPORTING SUITE

Our reporting suite comprises the Integrated Report (IR), which includes our Consolidated Annual Financial Statements (AFS), as well as a separate Governance and Remuneration Report. Both are available in digital format at www.airports.co.za.

Integrated Report and Governance and Remuneration Report

Purpose and framework

Airports Company South Africa’s IAR is a report to all stakeholders. It presents our approach to value creation in the short, medium and long term.

The Governance and Remuneration Report provides further details of our governance structure, procedures and performance as well as our remuneration practices.

These reports are written with reference to the following frameworks and standards:

  • International Integrated Reporting Council’s (IIRC) International Integrated Reporting <IR> Framework
  • International Financial Reporting Standards (IFRS)
  • Companies Act (No. 71 of 2008) (Companies Act)
  • Public Finance Management Act (No. 1 of 1999) (PFMA)
  • King Code of Governance for South Africa 2016™ (King IV)
  • ISO/ South African National Standards (SANS) 31000

Scope and boundary

The IAR and Governance and Remuneration Report contain material information on the Group’s performance for the financial year 1 April 2021 to 31 March 2022 (the year under review/reporting period).

Our method for determining materiality is explained here.

As applicable, we disclose all relevant internal and external factors that substantially influence our business.

There were no restatements to comparatives unless otherwise indicated.

The financial reporting framework was determined in accordance with IFRS.

Assurance

Assurance is provided by executive and management oversight, as well as by external sources, as follows:

  • Strategic objectives and Key Performance Indicators (KPIs) are internally and externally assured and are audited both internally and by the Auditor-General of South Africa as per the Public Audit Act of South Africa (No. 25 of 2004). 
  • The National Treasury’s Framework for Managing Programme Performance Information confirms that performance information is useful if indicators and targets are well defined, verifiable, attainable, specific, measurable, time-bound and relevant. We consider all of these elements in finalising the information presented in each IAR. 
  • The external audit opinion of the Consolidated Annual Financial Statements for FY2021/22 includes a summary of the work performed. 

CONSOLIDATED ANNUAL FINANCIAL STATEMENTS

Purpose and framework

This section of the report focuses on the current and prior year’s financial results and contains the following: 

  • Annual Financial Statements 
  • Auditor-General’s Report 
  • Directors’ responsibilities and approval
  • Directors’ Report
  • Audit and Risk Committee Report
  • Company Secretary’s Certificate

The report was developed using the following frameworks and standards: 

  • IFRS 
  • Companies Act 
  • PFMA
  • King IV

Scope and boundary

The AFS contain consolidated financial results for the Group for the financial year ending 31 March 2022.

The financial reporting boundary was determined in accordance with IFRS.

Assurance

Assurance includes reports on:

  • Board
  • Executive Committee
  • Board subcommittees 
  • Internal controls
  • Management and governance oversight 
  • Internal audit
  • External audit opinion

SUPPLEMENTARY INFORMATION

Our results presentation is also available on our website and provides stakeholders with a high-level summary of the following:

  • Strategy
  • Operational performance
  • Financial performance

FORWARD-LOOKING STATEMENTS

The forward-looking statements in this report – or any verbal statements that may be made by Directors, prescribed officers or employees acting on the Group’s behalf – constitute or are based on certain assumptions that may change or be subject to revision. They relate to events or circumstances that may or may not occur and are therefore uncertain by nature. Factors that could cause actual future results to differ materially from those in the forward-looking statements include, but are not limited to:

  • The COVID-19 pandemic
  • Global and domestic economic conditions
  • Geopolitical tensions
  • The nature of the aviation sector and, specifically, the performance of airline operators
  • Changes in passenger profiles and choices
  • Retail offerings at our airports
  • Interest rates
  • Credit and the associated risks of borrowing and funding
  • Rating agencies’ statements and determinations
  • Gross and operating margins
  • Capital management
  • Economic regulatory framework and permission application processes and outcomes

Airports Company South Africa does not undertake to update or otherwise revise any of these forward-looking statements based on new information or future events. The forward-looking statements have not been reviewed or reported on by the Group’s external auditor.

BOARD APPROVAL

The Board acknowledges responsibility for overseeing the integrity and completeness of this IAR and exercises this responsibility with the support of the various Board committees. The Board approved the reporting frameworks and materiality determination process applied in the report. The Board confirms that it considers this report to be accurate, reliable and complete in presenting information and material matters. The Board concludes that this IAR is presented as per the <IR> Framework and was approved on 31 July 2022.

FEEDBACK

Should you have any queries about our report, wish to comment on the report or make any suggestions as to how it could be improved, you are invited to contact Laurie Less, Group Executive: Corporate Services by e-mail on laurene.less@airports.co.za.

General Information

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