ABOUT OUR INTEGRATED ANNUAL REPORT

OUR REPORTING PHILOSOPHY

We seek to provide investors and other stakeholders with the relevant material information they may require about our performance, strategy and future prospects. We strive to improve the quality and disclosure of our reporting by aligning with relevant frameworks and best practice.

OUR REPORTING SUITE

A digital version of this Integrated Annual Report (IAR) and the documents listed below can be found at www.airports.co.za

Integrated Annual Report and Governance and Remuneration Report

Purpose and framework

Scope and boundary

Assurance

Airports Company South Africa’s FY2019/20 IAR is a report
to all our stakeholders. It sets out our short-, medium- and
long-term views on value creation. The Governance and Remuneration Report provides further details of our governance structure and performance as well as our remuneration practices. These reports are built on the following frameworks and standards:

  •  International Integrated Reporting Council’s (IIRC) International Integrated Reporting <IR> Framework
  • IFRS (International Financial Reporting Standards)
  • 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

The IAR and Governance and Remuneration Report contain material information on the Group’s performance for the financial year 1 April 2019 to 31 March 2020 (the financial year under review).

Our method for determining materiality is defined and explained here

We disclose all relevant internal and external factors that substantially influence our business, where applicable.

There were no restatements to comparatives unless otherwise stated. The financial reporting boundary was determined in accordance with IFRS.

  • Management and governance oversight.
  • The strategic objectives and key performance indicators were internally and externally assured and were 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, timebound and relevant. We consider these elements in finalising the information presented in this IAR. The external audit opinion on the Consolidated Annual Financial Statements for FY2019/20 includes a summary of the work performed.

Integrated Annual Report and Governance and Remuneration Report

Purpose and framework

Scope and boundary

Assurance

This report focuses on the current and prior year’s financial results contain the following:

  • Audit and Risk Committee Report
  • Directors’ responsibilities and approval
  • Company Secretary’s certificate
  • Auditor General Report
  • Directors’ report
  • Consolidated Annual Financial Statements

The report was developed using the following frameworks and standards:

  • IFRS
  • Companies Act
  • PFMA
  • King IV Report

The Annual Financial Statements contain consolidated financial results for the Group for the financial year ending 31 March 2020. The financial reporting boundary was determined in accordance with IFRS.

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

Our integrated reporting process has been elevated over the last seven years through the inclusion of quarterly CEO reports presented to the Board. This management approach embeds the process of managing, measuring and reporting on our business, our people and society, as well as the context of environmental concerns, in line with our sustainability framework.

Supplementary information

Results presentation

The Annual Financial Statements contain consolidated financial results for the Group for the financial year ending 31 March 2020. The financial reporting boundary was determined in accordance with IFRS.

Provides our stakeholders with a high-level summary of the following:

  • Operational performance
  • Financial performance
  • Short-, medium- and long-term strategy

Supplementary information

A comprehensive overview of the skills and competencies of our Board and Executive Committee members.  Read more

Supplementary informaFeedbacktion

If you wish to contribute to the improvement of our IAR through comments, suggestions or queries on the information, data and/or presentation thereof, email Refentse Shinners, Group Executive: Corporate Affairs at refentse.shinners@airports.co.za

FORWARD-LOOKING STATEMENTS

The forward-looking statements in this report, or oral statements that may be made by officers or directors, prescribed officers or employees acting on the Group’s behalf, constitute or are based on various or certain assumptions which may change or be subject to revision. These statements involve risk and uncertainty as they relate to events or circumstances that may or may not occur. Factors which 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
  • 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 associated risks of borrowing and funding
  • Rating agencies’ statements and determinations
  • Gross and operating margins
  • Capital management
  • Competitive and economic regulatory factors

Airports Company South Africa does not undertake to update or otherwise revise any of these forward-looking statements publicly, whether reflecting on new information or future events or otherwise. 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 various sub-committees. The Board approved the reporting frameworks and materiality determination process applied in the report. The Board confirms that, after applying its collective mind to the preparation and presentation of the IAR and reviewing the content herein, it considers this report to be accurate, reliable and complete in presenting information and material matters. The Board concludes that this report is presented as per the <IR> Framework and approved the FY2019/20 IAR on 28 September 2020.

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Adv. Sandile Nogxina

Chairman of the Board

SKM_C65820100814201

Mpumi Z Mpofu

CEO

CFO SIGNATURE

Siphamandla Mthethwa

CFO

How we integrate