About our integrated report
Your guide to our Integrated Annual Report
"Airports Company South Africa (ACSA) owns and operates the country’s nine key airports. These include the three main international airports: OR Tambo International in Johannesburg, King Shaka International in Durban and Cape Town International in the City of Cape Town. ACSA also provides management and consulting services to other airports, both locally and internationally."
Our reporting philosophy
Our Integrated Annual Report is designed to provide accurate and balanced financial and non-financial information covering key areas such as the Company’s strategy, operating environment and the outlook on the competitive landscape. Most importantly, the report focuses on how value is created, captured and delivered in the short, medium and long-term operating horizons, as well on an impact assessment of ACSA’s operations on all of its stakeholders, including communities.
Our reporting suite
Our reporting suite consists of the Integrated Annual Report, the Consolidated Annual Financial Statements and the Governance and Remuneration Report. All these reports are available in digital format and are accessible at www.airports.co.za.
Integrated Annual Report
Governance and Remuneration Report
Annual Financial Statements
Supplementary information
Our financial and non-financial information performance presentation is also available on our website and provides stakeholders with a highlevel summary of the following key components:
- Strategy
- Operational performance
- Financial performance
- Environmental, social and governance (ESG) performance
Integrated annual report and governance and remuneration report
Purpose and framework
ACSA’s Integrated Annual Report is publicly distributed and accessible by all stakeholders. It provides information on ACSA’s approach to the creation, capturing and delivery of value in the short, medium and long-term.
The Governance and Remuneration Report provides further information on ACSA’s governance and remuneration structures, procedures, and performance instruments, which guide our remuneration practices.
These reports are prepared in accordance with the principles and guidelines outlined by:
- 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 Integrated Annual Report and the Governance and Remuneration Report contain material information on the Group’s performance for the financial year between 1 April 2023 and 31 March 2024, also referred to in this document as the year under review or the reporting period.
Our method for determining materiality is explained here.
The reporting suite discloses all relevant internal and external factors that substantially influence and impact on ACSA’s business.
There were no restatements to comparatives unless otherwise indicated.
The financial reporting framework was prepared in accordance with IFRS guidelines.
Assurance
Assurance is provided by management oversight as well as by the following sources:
- Strategic objectives, key performance indicators (KPIs) and audit assurance processes conducted by both internal audit and by the Auditor-General of South Africa in accordance with 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. All these elements were taken into consideration when preparing the information presented in this Integrated Annual Report
- The external audit opinion of the Consolidated Annual Financial Statements for the 2024 financial year ACSA conducts an assessment on compliance.
Consolidated annual financial statements
Purpose and framework
This section of the report focuses on the financial results for the 2024 financial year and compares these to the results for the previous period. It contains the following:
- Consolidated Annual Financial Statements
- 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 IV™
Scope and boundary
The Annual Financial Statement contains consolidated financial results for the Group for the financial year ending 31 March 2024.
The financial reporting boundary was determined in accordance with IFRS.
Stakeholders
ACSA has a vast network of stakeholders, encompassing capital and funding providers, government departments and regulators, business partners and tourism bodies, professional associations, communities and non-governmental organisations (NGOs), environmental lobby groups, media, academia, employees and bargaining unions, suppliers, airlines and passengers, retail customers, and retailers and distributors. The stakeholder ecosystem and our methods of engagement with stakeholders are illustrated in the Operating environment section.
Forward-looking statements
The forward-looking statements in this report, as well as any verbal statements that may be made by Directors, prescribed officers or employees on behalf of ACSA are based on certain assumptions that may change or be subject to revision. These statements pertain to events or circumstances that may or may not occur.
Factors that could cause future results to differ significantly from those projected in the forward-looking statements include, but are not limited to:
- Macro and micro economics environment
- Aero and geopolitical landscape
- Aviation and air travel competitive landscape as it relates to airlines and airports
- Changes in consumer preferences and behaviour
- Retail offerings at our airports
- Changes in interest rates, which impact the propensity for travel and borrowing costs
- 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
ACSA 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.
Board approval
The Board acknowledges its fiduciary duty to ensure the integrity and thoroughness of this Integrated Annual Report, fulfilling this responsibility with the support of various committees of the Board. The Board has approved the reporting frameworks and materiality determination procedures used in the report. Moreover, the Board asserts its belief that the report accurately, and comprehensively presents the ACSA Group’s financial and non-financial information, as well as significant issues. The Board concludes that this report is presented as per the
Feedback
Should you have any questions regarding our report and would like to provide feedback, or have suggestions for improvement, kindly feel free to reach out to Ms Laurie Less, Group Executive: Corporate Services by email at laurene.less@airports.co.za.
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 2024/24 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.
