About our integrated report

Our reporting philosophy

We continuously strive to improve our reporting elements through disclosure and alignment to relevant reporting frameworks and best practice. The Company seeks to provide investors and other stakeholders with relevant and material information about performance and our future prospects.

Our reporting suite

This integrated report (our primary report)

Purpose and framework Scope and boundary Assurance

A report to providers of financial capital and other stakeholders stipulating a long, medium and short-term view of value creation.

The report was developed using the following frameworks and standards:

  • IIRC’s International Integrated Reporting <IR> Framework
  • IFRS
  • Companies Act
  • PFMA
  • King IV
  • ISO/SANS 31000

The report contains material information on Company performance across all areas of operation for the financial year 1 April 2017 to 31 March 2018 (the financial year).

Our materiality determination process is defined in material matters.

We disclose 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 were internally and externally assured, and audited 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 considered these elements in finalising the information presented in this integrated report. The external audit opinion on the consolidated annual financial statements 2018 includes a summary of the work performed against our strategic objectives.

Our integrated reporting process has matured over the past five years to include quarterly integrated reports presented to the board by our Chief Executive Officer. This embeds the process of managing, measuring and reporting on our business, our people and society, and our environment, in line with our Sustainability Framework.

Supplementary reports

Consolidated annual financial statements

Purpose and framework Scope and boundary Assurance
Reports on the current and prior year financial results and contains:
  • Report of the audit and risk committee
  • Directors’ responsibilities and approval
  • Company Secretary’s certification
  • Report of the Auditor-General to Parliament
  • Directors’ report
  • Consolidated annual financial statements

The report was developed using the following frameworks and standards:

  • IFRS
  • Companies Act
  • PFMA

Consolidated financial results for the Company and all subsidiaries for the financial year ending 31 March 2018. The financial reporting boundary was determined in accordance with IFRS. Refer to the legal structure.

  • Internal controls
  • Management and governance oversight
  • Internal audit
  • External audit opinion

Results presentation1

Provides investors with a high-level summary of:
  • Operational performance
  • Financial performance
  • Short, medium and long-term strategy

Value creation model1

Additional information on the value creation model.

Board and executive curricula vitae1

A comprehensive overview of the skills and competencies of our board and Executive Committee members.
1 These supplementary reports were not developed using any specific framework or standard and were subject to management oversight and internal control to ensure integrity of information.

All reports in the table above, including a digital version of the integrated report, can be found at www.airports.co.za.

Forward looking statements

The forward-looking statements contained in this report, or oral statements that may be made by us or by officers, Directors, prescribed officers or employees acting on our behalf, constitute, or are based on, various or certain assumptions which might change or be subject to revision. These statements involve risk and uncertainty, as they relate to events and circumstances that may or may not occur. Factors that could cause actual future results to differ materially from those in the forward-looking statements include, but are not limited to: 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; interest rates; credit and the associated risks of borrowing and funding; rating agencies’ outcomes; gross and operating margins; capital management; and competitive and economic regulatory factors. Airports Company South Africa does not undertake to update or revise any of these forward-looking statements publicly, whether to reflect new information or future events or otherwise. The forward-looking statements have not been reviewed or reported on by the Company’s external auditor.

Board approval

The board acknowledges responsibility for overseeing the integrity and completeness of this integrated report and exercises this responsibility with the support of various sub‑committees. The board approved the reporting frameworks and materiality determination process applied the report. The board confirms that, after applying its collective mind to the preparation and presentation of the report 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 per the  Framework and approved the 2018 integrated report on 30 July 2018.

Deon Botha

Acting Chairperson

Bongani Maseko

Chief Executive Officer

Dirk Kunz

Acting Chief Financial Officer