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ACSA posts excellent financial results for the year ended 31 March 2008
Thursday, August 14, 2008 | 00:00

Infrastructure investment increased by 215% to R5,2 billion
Revenue increased by 9% to R2,797 billion
Departing passenger volumes increased by 10,6% to 18,2 million
Commercial and other non-aeronautical revenues increased by 20,2% to R1,429 billion
 
Airports Company South Africa (ACSA) has once again recorded excellent financial results, with increased revenues and air traffic for the year ended 31 March 2008 despite a difficult operating and economic regulatory environment.
 
During the year under review, Group revenue rose by 9 percent to R2, 8 billion (2007: R2,6 billion). The increase is mainly attributable to strong performance in non-aeronautical revenues, which contributed 51 percent to Group revenues. Non-aeronautical revenues increased by 20 percent to R1,4 billion (2007: R1,2 billion) whilst aeronautical revenue remained constant at R1,4 billion.

Priscillah Mabelane, ACSA’s Finance Director, said the robust growth in non-aeronautical revenue was mainly attributable to increases from activities such as property, core retail, car hire as well as advertising.
She added: “Earnings before interest, taxation, depreciation and amortisation (EBITDA) for the Group reduced by 1 percent to R1,62 billion, whilst EBITDA margin remained strong at 58 percent. Headline earnings for the year reduced by 18 percent to R546 million primarily due to increase in borrowing costs associated with our capital expenditure programme.”             
ACSA continued to experience strong growth in traffic and non-aeronautical revenues due to strong positive growth in passenger numbers against a backdrop of positive economic growth, particularly in the first nine months of the financial year.

“These results are good and reflective of the difficult operating and economic regulatory climate. ACSA is a young, dynamic and long-term infrastructure business. We will continue to focus on being efficient and deliver excellent service to our customers,” said Ms. Monhla Hlahla, ACSA’s Managing Director.

ACSA started a five year capital expenditure programme which is expansionary, and in line with traffic demand expectations and our country’s preparations for the 2010 FIFA World Cup. During the five year period to 2012, ACSA will spend R19,3 billion, escalated to R22 billion. About 62 percent of the expenditure will be within the first three years leading to the 2010 FIFA world cup.

ACSA nearly tripled the previous year’s investment in infrastructure developments by spending R5,2 billion during the period under review. That comprises primarily:
• R1,703 billion at O.R. Tambo International:
• R603 million at Cape Town International;
• R1,925 billion at the new green field airport development at La Mercy, and Durban International and;
• R298 million at the domestic airports.

In conclusion, ACSA’s Chairman, Dr Franklin Sonn, said ACSA remained focused on its commitment to deliver aviation infrastructure that our country’s needs for 2010 and beyond.

“Our management team and staff are absolutely determined that come 2010, we will be able to hoist South Africa’s flag high by delivering world class service standards. What the Chinese are doing in the Beijing Olympics is surely an example for us in this regard. Our infrastructure delivery programme is on track and our airports will be ready to host visitors during the 2010 FIFA world cup and beyond,” he added.


For more information, contact:

Solomon Makgale
Acting Group Executive: Corporate Affairs
082 781 8863

 

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