| Tue 18 Aug 2015, 16:55 | | Airports Company South Africa SOC Ltd - Releases Annual Financial Results for the year ended 31 March 2015 |
|
AIR04 AIR05 AIR01 AIR02 AIR03 AIRL01 201508180042A
Releases Annual Financial Results for the year ended 31 March 2015
Airports Company of South Africa SOC Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/004149/06)
JSE Code: BIACSA
(“ACSA”)
Airports Company South Africa delivers value despite challenging conditions
Highlights:
• Revenue increased by 8.9% to R7.7 billion (2014:
R7.1billion)
• Aeronautical revenue R4.9 billion (63% of total revenue)
• Non-aeronautical revenue R2.8 billion (37% of total
revenue)
• Operating profit increased by 17.2% to R3.8 billion (2014:
R3.2 billion)
• After-tax profits decreased by 8.5% to R1.6 billion (2014:
R1.7 billion)
• Capital expenditure decreased by 11% to R826 million
(2014: R928 million)
18 August 2015. Airports Company South Africa, owner of South Africa’s nine
principal airports with additional operations in Brazil and India, has reported
an 8.9% increase in revenue in the year ended 31 March 2015.
“I am proud of the performance and progress achieved in the past financial year.
Driven by a passionate workforce, Airports Company South Africa is steadily
achieving its vision of being a world leading airports business by focusing on
the customer. Despite a volatile global and challenging local economy, Airports
Company South Africa has nonetheless shown good financial performance,” CEO Bongani
Maseko said.
The group continued to produce strong results in the year ended 31 March 2015, achieving
after-tax profits of R1.6 billion, albeit an 8.5% decline from R1.7 billion in 2014.
“We continue to ensure that both the funding and cost of borrowing are well managed.
The resulting decrease in financing costs and debt levels has allowed us to continue
to deliver on all investor commitments,” Maseko said. Profitability was driven mainly
by strong aeronautical and non-aeronautical revenue performance along with an increase
in the fair values of our investment properties. Weak growth in the South African economy
was expected to place a strain on passenger numbers.
“Despite this, the group experienced a 2.4% increase in departing passenger numbers from
17.4 million in 2014, to 17.8 million in the current year. This increased both aeronautical
and non-aeronautical revenue performance,” he said.
Total assets remained stable at R27.4 billion, compared to R27.9 billion in 2014. Cash
generated by operations increased by 4.1% to R4.6 billion, up from R4.4 billion in 2014.
The company continued to minimise its cost of borrowings through early debt redemptions where
possible, reducing its debt burden by a full R1.9 billion during the period in review.
Airports Company South Africa continues to seek enhancement of shareholder value by increasing
profitability, ensuring that funding and the cost of borrowing are well managed whilst
preserving liquidity levels, added Maseko.
Maseko believed the company would continue to identify and secure new business opportunities.
It would achieve this by providing commercially viable airport management solutions for
South African and airports internationally.
Amongst other initiatives Maseko indicated that in the next three years Airports Company South
Africa planned to develop a model to secure new business in Africa and other emerging markets,
accelerate the company’s sustainability and transformation programme, rolling out an information
technology strategy and engage with industry players and legislators on the company’s regulatory
and funding framework.
ENDS
Media Queries:
Airports Company South Africa
Nangamso Jacobs
Media Liaison Officer
T: 011 723 1595
M: 061 819 5280
18 August 2015
Debt Sponsor: The Standard Bank of South Africa Limited
Date: 18/08/2015 04:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
