2005 annual financial results presentation monhla hlahla managing director
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2005 ANNUAL FINANCIAL RESULTS PRESENTATION
Monhla Hlahla Managing Director
Proposed developments at JIA
ECONOMIC AND INDUSTRY ANALYSIS
Continued Rand strength;
Interest Rates at 20 year lows;
GDP growth exceeded forecasts and domestic driven;
Impact of low cost carriers;
High oil price continue to put pressure on airlines.
Monhla Hlahla Managing Director
AIRLINE PERFORMANCE (Latest Financial Results)
Revenue (million) Operating Profit (m)
SAA (ZAR) 17 442 7% 1 111 >100%
BA Comair (ZAR) 1 474 8% 41 29%
Kenya Airways (USD) 524 38% 73 103%
Ethiopian Airlines (USD) 390 20% 31 97%
Air Mauritius (USD) 480 19% 59 7%
British Airways (USD) 14 417 12% 996 45%
Lufthansa (USD) 13 939 20% 330 544%
Cathay Pacific (USD) 5 016 32% 674 136%
Quantas (USD) 8 083 21% 782 135%
Monhla Hlahla Managing Director
Source: ATI (Air Transport Intelligence)
DEPARTING PASSENGERS
0
2000000
4000000
6000000
8000000
10000000
12000000
14000000
2001 2002 2003 2004 2005
Domestic
International
Regional
Unscheduled
TOTAL
Monhla Hlahla Managing Director
CAGR 7,15%
AIRCRAFT LANDINGS
0
50000
100000
150000
200000
250000
2001 2002 2003 2004 2005
Domestic InternationalRegionalUnscheduledTOTAL
Monhla Hlahla Managing Director
CAGR 2,64%
STRATEGIC THRUSTS
Exploit New Opportunities
Continue efforts to diversify revenue streams;
Mozambique concession;
Mumbai Airport privatisation bid and;
Property income.
Monhla Hlahla Managing Director
STRATEGIC THRUSTS
Increase Shareholder Value
R492m invested in infrastructure development;
EBITDA increased 2.37% to R1,151m;
Profit before tax increased by 22% to R875m;
Headline Earnings increased by 26% to R593m;
Economic Value Added increased by 168% to R152m;
Proposed dividends increased by 29% to R295m and;
Contribution of taxes to the South African fiscus increased by 16.3% to R283m.
Monhla Hlahla Managing Director
STRATEGIC THRUSTS
International Benchmarks
Provide world-class safe and secure infrastructure and services;
JIA awarded the Skytrax Best Airport in Africa;
AETRA rated CIA as the second best airport in the Africa and Middle East region;
AETRA rated DIA as the third best airport in the region and was rated fifth in the world within its passenger category;
Significant progress made in addressing safety and security issues.
Monhla Hlahla Managing Director
STRATEGIC THRUSTS
Unlock Human Capital
Continued investment in training;
Project “Soaring Service” launched – aimed at improving customer service-focused competencies and behaviours;
Talent attraction and retention including talent mapping;
Woman development programme;
Continuous improvement in Performance Management;
HIV / AIDS prevention and awareness campaigns;
Employment Equity.
Monhla Hlahla Managing Director
STRATEGIC THRUSTS
Good Corporate Citizen
Extensive Corporate Social Responsibility Programme including Wheelchair Tennis South Africa, construction of a crèche in Katlehong;
ACSA’s development plans will generate 18,000 temporary jobs and approximately 1,800 permanent jobs in the industry;
45% of general services and 51% of consultancy services procured from BEE companies (including state owned enterprises)
Corporate Governance
Monhla Hlahla Managing Director
Proposed developments at JIA
Johannesburg International Airport
NEW INTERNATIONAL PIER
NEW ECHO APRON
NEW CENTRAL TERMINAL BUILDING
(CTB)
NEW MULTI-STOREY PARKADE
(MSP2)
NEW MULTI-STOREY PARKADE
(MSP3)
NEW GAUTRAIN RAIL AIRPORT LINK
Monhla Hlahla Managing Director
Proposed developments at JIA
Cape Town International Airport
NEW DOMESTIC TERMINAL
NEW CENTRAL TERMINAL BUILDING (CTB)
NEW MULTI-STOREY PARKADE (MSP1)
Monhla Hlahla Managing Director
Durban International Airport
EXISTING TERMINAL UPGRADE
POSSIBLE DOMTEX TERMINAL EXTENSION
NEW MULTI-STOREY PARKADE (MSP1)
Monhla Hlahla Managing Director
Proposed developments at JIA
FINANCIAL PERFORMANCE
Brooks Mparutsa Financial Director
FINANCIAL OVERVIEW
Financial performance satisfactory;
Passenger traffic growth spurred revenue growth;
Commercial initiatives in changing environment and;
All airports achieve positive EBITDA
Brooks Mparutsa Financial Director
HIGHLIGHTS
Passenger Traffic 12.1 %
Commercial Revenue 11.7%
EBITDA 2.4 %
Profit before tax 22.3 %
Headline Earnings 25.7 %
Proposed Dividends per Share 29.4 %
Monhla Hlahla Managing Director
FINANCIAL HIGHLIGHTS
2005 2004 % Change
Passenger Traffic 13,340,976 11,900,019 12.11
Revenue 1,963,106 1,864,883 5.27
EBITDA 1,150,680 1,124,055 2.37
Profit before tax 875,003 715,549 22.28
Headline Earnings 593,174 471,630 25.77
Proposed Dividend per Share 59,00 45,60 29,39
Brooks Mparutsa Financial Director
Key Indicators for the Financial Year Ended 31 March 2005
2005 2004 % Change
Commercial Revenue 780,340 698,552 11,71
NAR (%) 45% 46% -1.08
Cost to Income (%) 53% 52% -0.02
Revenue per Employee 1,087,750 1,010,961 7.6
Capex 491,783 473,462 3.87
Gearing Ratio 7.85% 6.07% 29.37
Brooks Mparutsa Financial Director
Proposed developments at JIA
REGULATORY ENVIRONMENT
ACSA and the airlines (the industry), jointly presented a proposal of a regulatory approach that the industry believes will create a predictable and stable regulatory environment that also improves transparency.
Brooks Mparutsa Financial Director
CAPITAL EXPENDITURE
ACSA envisages spending R5.2bn in the period to 2009 and;
Continued high inflation within the building and construction industry is a significant risk for ACSA.
Brooks Mparutsa Financial Director
TRAFFIC
Domestic traffic growth is forecast to decelerate following a period of significant growth;
Low Cost Carriers will continue to contribute to traffic growth;
New airlines envisaged in 2006 include: Etihad Airways; Gulf Air; Thai Airways; Virgin Nigeria and Ghana International.
Brooks Mparutsa Financial Director
CAPITAL STRUCTURE
ACSA capital structure is not optimal.
In delivering the planned infrastructure, ACSA intends on finalising it’s capital structure, enhancing shareholder value.
Brooks Mparutsa Financial Director
DUBE TRADEPORT
ACSA continues to engage the KwaZulu-Natal Provincial Government on matters pertaining to the development of the Dube Tradeport and in particular, the King Shaka International Airport.
Brooks Mparutsa Financial Director
SAFETY AND SECURITY
Aviation security remains a strategic focus for ACSA;
Key in delivering aviation security is co-operation and interdependence with the airlines and organs of state such as SAPS; Home Affairs, Customs, CAA etc.;
SAPS will deploy in excess of 500 additional officers to JIA as well as investment in capital equipment;
Key components in ACSA’s strategy is continued and accelerated investment in capital equipment as well as personnel;
The National Aviation Security Plan has been approved and implementation will commence during the 2006 financial year.
Brooks Mparutsa Financial Director
Thank you
Proposed developments at JIA
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