About our integrated report
Your guide to our Integrated Annual Report
"Airports Company South Africa is the owner and operator of South Africa's nine key airports, which include the three main airport gateways, O.R. Tambo International, Cape Town International and King Shaka International."
Our reporting philosophy
Our Integrated Annual Report is designed to provide 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 consists of the Integrated Annual Report (IAR), which includes our Consolidated Annual Financial Statements (AFS), as well as a separate Governance and Remuneration Report.
Integrated Annual Report
Governance and Remuneration Report
Annual Financial Statements
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
Integrated annual 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 structures, procedures, and performance as well as of our remuneration practices.
These reports are written with reference to the following frameworks and standards:
- International Integrated Reporting Council's (IIRC) International Integrated Reporting
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 2022 to 31 March 2023 (the year under review/reporting period).
Our method for determining materiality is explained here.
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 the following external sources:
- Strategic goals and essential performance benchmarks undergo internal and external assurance processes, subject to audits conducted by both internal audit teams and the Auditor-General of South Africa, in strict adherence to the regulations outlined in 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 FY2022/23 includes a summary of the work performed.
Consolidated annual financial statements
Purpose and framework
This section of the report focuses on the financial results for FY2022/23 as well the prior year's financial results and contains the following:
- Annual Financial Statements (AFS)
- 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 IVScope and boundary
The AFS contain consolidated financial results for the Group for the financial year ending 31 March 2023.
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
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
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 Ms Laurene Less, Group Executive: Corporate Services by e-mail on laurene.less@airports.co.za.
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:
- 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.
How to navigate our report
How to find your way around our Integrated Annual Report
The graphic below illustrates how our business processes interrelate and is intended to help you navigate our IAR:
Get to know us
Get to know us by having a look at our Group Overview . This will give you a comprehensive overview of who we are and what we do. In this section, you'll learn about our vision, mission, values, and mandate, and will be able to review key metrics related to our business.
Meet our leadership
Meet the people who set our company's course and oversee the process of implementing its strategic objectives. Click here to read our Chairman's Message for top-level commentary on key events during the reporting period. To meet our Board click here, our Executive Committee click here and the various Committees of the Board click here. This section also provides easy-to-read graphics illustrating the composition of the Board, fills you in on the Board's key focus areas and gives you a report back on its performance.
Find out how we are governed
We pride ourselves on stringent compliance with both local and international best practice in corporate governance. Click here to read about how our corporate governance approach, structures and procedures enable us to secure our brand, reputation, and sustainability.
Gain insights into our strategy and how we create value
Our strategy defines our direction as a business as well as our key objectives and the actions we plan to take in order to fulfil those objectives in the short-, medium- and long-term. Click here to read about how we create value through our strategy and about how we adopt a flexible approach to changing circumstances. To read our CEO's message for the reporting period, click here and for our CFO's report, click here.
Understand our operating environment
Gain a detailed understanding of the environment in which we operate and of how that impacts on our operations. Click here to read about the context within which we operate, the key risks we face as a business, click here to read about our processes for identifying and managing risk and click here to read about the ways in which we engage with our stakeholders
Read about how we fared in FY2022/23
Click here to read about how we performed in the 2022/23 financial year and find out what we foresee for the 2023/24 financial year.
Join us on our transformation journey
Transformation is a primary objective for our business and informs everything we do, so we have a dedicated section in our IAR to tell you all about that. Click here to read about our approach to transformation and about how we're working to transform our own organisation as well as about how we're contributing to broader transformation in our country.
View our Annual Financial Statements
Click here to view our consolidated annual financial statements.
