SUBSIDIARIES

ACSA has established several specialised subsidiaries aimed at bolstering and advancing the Group’s objectives in creation of value.

					Investments in joint ventures³	Investments in associates⁴		Active	Dormant subsidiaries
	Airports Consultancy and Advisory Services SOC Ltd	JIA Piazza Park (Pty) Ltd	Precinct 2A SOC Ltd	Sakhisizwe Community Programme	Airport Logistics Property Holdings (Pty) Ltd	La Mercy JV Property Investments (Pty) Ltd	Guarulhos International Airport Private Limited7	ACSA Global Ltd⁵	Lexshell 342 Investment Holdings (Pty) Ltd	Airport Management Share Incentive Scheme (Pty) Ltd⁶
Purpose of existence	The Company through which ACSA provides airport consultancy and advisory services to airports in South Africa and internationally. This subsidiary will be leveraged to provide services for future prospects.	The Company through which ACSA operate the Intercontinental Hotel at OR Tambo International Airport.	The subsidiary is in the process of being wound up and reintegrated into ACSA.	Sakhisizwe is a special purpose entity that seeks to transform the aviation industry by providing study bursaries to financially and academically deserving students from previously disadvantaged backgrounds.	A property holding Company held by ACSA with the Bidvest Group that owns three distribution warehouses at OR Tambo International Airport and Cape Town International Airport.	A land development and property investment Company held in collaboration with Dube Trade Port Corporation. Our strategy is to build an investment property portfolio at King Shaka International Airport – Dube Trade Port – through landlease agreements	A Company in which ACSA holds a 20-year concession to develop, operate and maintain the Guarulhos International Airport in São Paulo. ACSA also provided technical advisory and consultancy services for the first five years of the concession. The Technical Services Agreement terminated in 2017, owing to effluxion of time.	The investment holding Company through which ACSA held a 10% interest in the Mumbai International Airport Private Limited, which was disposed of in the fiscal year, FY2020/21	An employee share option entity wholly owned by the ACSA Kagano Trust⁸	Employee share incentive scheme that holds investments (specifically Group ordinary shares).
Year of inception	2016	1998	1998	1996	2003	2009	2012	2005	1999	1999
ACSA shareholding	100%	100%	100%	SPE	50%	40%	10.2%	100%	SPE	SPE
Other shareholders and their respective shareholdings	n/a	n/a	n/a	n/a	Bidvest Holdings Ltd (50%)	Dube Trade Port Corporation (60%)	A joint venture between Investments e Participações em Infrastructura S.A (Invepar) (80%) and ACSA (20%), which together hold 51% of Guarulhos Participações S.A (GRUPAR). The other 49% is held by state-owned airport authority Infraero.	n/a	ACSA Kagano Trust	Airports Company Management Share Incentive Scheme Trust
Equity injections	Nil	R100 million	R100 million	Nil	Nil	R38 million	R1.2 billion	R100 million	Nil	Nil
Net asset value 31 March 2023	Nil	R34 million	(R177 million)	R645 927	R179 million	R141 million	Nil	(R27 million)	(R42 million)	R17 million
Subsidiaries are all entities – including special purpose entities (SPE) – over which the ACSA has control, generally evidenced by a shareholding of more than half of the voting rights. A SPE is a ring-fenced entity that isolates financial risk to the holding Company. Joint ventures are entities over which ACSA has joint control over the economic activity through a contractual planning arrangement. ACSA recognises its interests in the joint venture using equity accounting. Associates are all entities over which ACSA has significant influence but not control, generally with a shareholding of between 20% and 50% of the voting rights. Investments in associations are accounted for using the equity method of accounting and are initially recognised at cost.				ACSA Global Ltd and Precinct 2a SOC Ltd are in the process of being wound up. Airport Management Share Incentive Scheme (AMSIS) exists only as a special purpose vehicle for the Management Trust and holds ordinary shares in ACSA as an investment on behalf of its holding Company, the Management Trust. The Management Trust is dormant and has no beneficiaries, as all beneficiary shares were bought back during 2009. We intend to repurchase our ordinary shares from AMSIS and thereafter possibly winding up the Management Trust and AMSIS. The sale of our shares in Guarulhos International Airport is currently under consideration.			The ACSA Kagano Trust was formed under the Trust Property Control Act to administer the staff share scheme (until they were paid out in 2013) and to be a holding Company with its two subsidiaries: Lexshell 342 and Lexshell 343. Lexshell 343, currently dormant, was specifically formed to hold Group share options should ACSA list on the JSE. We intend to repurchase our ordinary shares from Lexshell 342 and possibly wind up the Kagano Trust, Lexshell 342 and Lexshell 343. The Kagano Trust is dormant and has no beneficiaries.

ABBREVIATIONS

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