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ACSA-Availability of Annual Financial Statements
Airports Company South Africa SOC Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/004149/30)
Issuer Code: BIACSA
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31 MARCH 2023
PERFORMANCE HEADLINES:
• Revenue up 55%, from R3.9 billion to R6.0 billion
• ACSA reports a loss of R143 million, down from R1 billion
loss in previous financial year
• Gearing decreases to 24% from 26%
KEMPTON PARK, Aviation Park, 12 September 2023 - Noteholders are
hereby notified that Airports Company South Africa (ACSA) has
today reported its audited financial results for the year to 31
March 2023, which reflect steady recovery and improvement as
compared to the previous year, as COVID-19 related travel
restrictions were progressively lifted in all major air travel
markets.
Earnings before interest, tax, depreciation, and amortisation
(EBITDA) amounted to R2.0 billion (2021/22: R342 million).
Revenue was R6 billion for the 12-month period, up by 55% from
the R3.9 billion reported in the previous financial year. The
Group continued to tightly control expenses, which increased by
4% to R3.5 billion from the previous year's R3.3 billion.
The Recover and Sustain Strategy and the revised Financial Plan
provided a structured management approach and a means of
resourcing the business in a way that has enabled the Group
to secure and safeguard its long-term sustainability.
Aeronautical revenue improved significantly by 64% to R3 billion
(FY2021/22: R1.8 billion). This was due to a 20% increase in
aircraft movements to 211 787 (2021/22: 176 817) and a 50%
increase in the number of departing passengers to 15.8 million
(2021/22: 10.5 million). The implementation of the 3.1% tariff
increase approved by the Regulator also contributed to the
increase in revenue.
Non-aeronautical revenue followed a similar trend, increasing
by 46% to R3.1 billion (2021/22: R2.1 billion) and reflecting a
significant improvement in trading conditions during the year.
The bulk of this income was derived from property rentals (R982
million) and retail activities (R848 million).
Operating expenditure increased by 10% to R2.2 billion (2021/22:
R2 billion). This was largely due to increases in the cost of
maintenance and information systems, reflecting the full
reopening of airports and supporting services. Utilities costs,
in particular, increased due to higher consumption and higher
energy prices.
Employee expenditure decreased by 6% to R1.2 billion (2021/22:
R1.3 billion). This takes into account a mid-year cost-of-living
adjustment of 6.5% and 7.5% for executive management and
employees respectively as well as a once-off cost-of-living
relief package amounting to R54 million, which was paid to all
employees.
Capital expenditure was limited to airport maintenance and
repairs during the financial year, with most uncontracted
projects remaining on hold until funding. A total of R422 million
(FY2021/22: R546 million) was spent on those projects in the
current financial year.
Restatement of the annual financial statements
Noteholders are advised of the restatements to the 2021/22 and
2020/21 figures in the 2022/23 annual financial statements, as
outlined in note G.15 of the annual financial statements.
Deferred tax liability
Non-allowance assets (airport assets and commercial buildings),
which the South African Revenue Services (SARS) does not permit
capital allowances on, in terms of Income Tax Act No.58 of 1962,
were previously treated as bearing allowances in calculating
deferred tax. This resulted in the deferred tax liability being
understated, due to an over-stated tax base. The restatement has
been effected on the balances as of 1 April 2022, which was the
earliest practicable date at which the tax asset register could
be recalculated.
Income tax liability
The income tax liability has been restated to align with the
SARS statement of account. The error occurred in 2021, where the
tax expense recognised in the financial statements did not agree
to the final tax computation for tax return purposes.
The annual financial statements have been audited by the group's
auditors, Auditor-General South Africa, who expressed an
unqualified opinion thereon.
The annual financial statements, including the audit opinion and
key audit matters, can be found on the group's website at
https://www.airports.co.za/business/investor-
relations/financial-information
Media enquiries:
Ntokozo Mazibuko, Media Relations Specialist
E-mail: Ntokozo.Mazibuko@airports.co.za
Mobile: 066 548 4644
Thea Govindsamy, Media Relations Consultant
E-mail: Thea.Govindsamy@airports.co.za
Mobile: 072 300 1006
12 September 2023
Debt Sponsor
The Standard Bank of South Africa Limited
Date: 12-09-2023 01:30:00
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