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Airports Company South Africa Limited (ACSA) exceeds budget, increases revenues by 19%, EBITDA by 24%
Wednesday, July 16, 2003 | 00:00

Airports Company South Africa Limited (ACSA) - which owns and operates the country's 10 principal airports, including the three major international airports at Johannesburg, Cape Town and Durban - increased revenues by 19% to a higher than budgeted R1 589m (2002: R1 335m) for the year ended 31 March 2003.

Announcing the results today, Monhla Hlahla, Managing Director, said revenue was boosted by a strong surge in non-aeronautical activities, with commercial revenues growing by 24% to R629.m.

"Non-aeronautical revenue rose to R746,5m from R637,8m and now makes up 45% of total revenue, continuing the upward trend over the past few years. This also confirms the viability of the strategy to bring commercially-based non-aeronautical revenue and regulation-bound aeronautical revenue into balance”. 

"Headline earnings for the year rose by 32% to R542,2m (R409,8m) after adjusting for profit of R118,5m on the sale of the NATCOS Tank Farm at Durban International Airport. Group profit before tax was R879,5m (R593m) and group net profit was R660,7m (R409,8m) after providing R217,5m for taxation. Group earnings per share rose to 132.14 cents (81.96) and headline earnings per share to 108.43 cents (81.96)”.

"ACSA aims to maintain sustainable growth in dividends and retains a portion of after tax profits to fund airport infrastructure upgrades. The company declared a dividend of R160m compared with R105m in 2002”.

"EBITDA rose by 24% to R916,5m, reflecting improved efficiencies and exceeding budget. The company achieved a return on investment of 18,4% (15,9%) and other indices of efficiency also improved. Thus revenue per employee climbed to R884 177 from R750 873, while operating income per employee grew to R422 696 from R334 801”.

"Net cash generated by operations was a pleasing R614,2m (R433,9m). The major cash consumer was capital expenditure of R870m invested in new airport infrastructure, notably the new Domestic Terminal at O.R. Tambo International Airport (ORTIA), the largest aviation project ever to have been undertaken in Africa in recent times. The company also completed the new International Departures Terminal at Cape Town International Airport (CIA) and commenced work on the terminal at Port Elizabeth Airport.  Group capital and reserves grew to R2 902m from R2 401m”.

“The number of passengers departing from ACSA’s airports grew by 9% to 11,08m, with 6,2m departing from ORTIA, 2,6m from CIA and 1,3m from DIA.  These figures were materially boosted by the Cricket World Cup and the World Summit on Sustainable Development”.
"There were 217 827 aircraft landings compared with 211 238 in 2002 and the number of operating airlines in South Africa remains at 47”.

Ms. Hlahla continued that further airport upgrade projects in the pipeline were an international pier at ORTIA, extensions to the ORTIA International Terminal and a new apron to take capacity to 20 million passengers a year by 2030. At CIA a new domestic terminal is planned. 

"A major logistics based project that will materially boost ACSA's activities and revenues in this sector is the development, jointly with government, of a massive freight-handling facility at ORTIA, Cargo City, which will handle a large proportion of all goods passing in and out of southern Africa”.

"In addition, the ORTIA IDZ project is in its initial stages and agreement with the Gauteng Government on plans for the Bulk Duty Free facility at ORTIA is expected shortly”.

"The two projects are some of the initiatives by the Commercial Division to expand and strengthen the scope of our operations and our revenue streams”.

“The financial results show that the group is operating efficiently and continual steps are being taken to enhance efficiencies still further. The cumulative effect of these factors points to continued above-average performance by ACSA," concluded Ms. Hlahla. 

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