Airports Company South Africa owns and operates South Africa’s nine principal airports including three international gateways; O.R. Tambo, Cape Town and King Shaka International Airports.


Integrated Annual Report and Governance and Remuneration Report


Our Integrated Annual Report (IAR) aims to provide a balanced and accurate reflection of our strategy, performance and future outlook in relation to material financial, economic, social and governance issues. The report primarily addresses value creation considerations for long-term investors but also provides appropriate information to all our key stakeholders.

Purpose and framework

Airports Company South Africa’s FY2020/21 IAR is a report to all our stakeholders. It sets out our short-, medium- and long-term views on value creation. The Governance and Remuneration Report provides further details of our governance structure and performance as well as our remuneration practices. These reports are built on the following frameworks and standards:

International Integrated Reporting Council’s (IIRC) International Integrated Reporting Framework

  • IFRS (International Financial Reporting Standards)
  • 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 IAR and Governance and Remuneration Report contain material information on the Group’s performance for the financial year 1 April 2020 to 31 March 2021 (the financial year under review).

Our method for determining materiality is explained here.

We disclose all relevant internal and external factors that substantially influence our business, where applicable.

There were no restatements to comparatives unless otherwise stated.

The financial reporting boundary was determined in accordance with IFRS.


  • Management and governance oversight. 
  • The strategic objectives and key performance indicators were internally and externally assured and were audited both internally and by the Auditor-General of South Africa as per 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, timebound and relevant. We consider these elements in finalising the information presented in this IAR. 
  • The external audit opinion on the Consolidated Annual Financial Statements for FY2020/21 includes

Consolidated Annual Financial Statements

Purpose and framework

This report focuses on the current and prior year’s financial results and contains the following: 

  • Audit and Risk Committee Report 
  • Directors’ responsibilities and approval 
  • Company Secretary’s certificate 
  • Auditor-General’s Report 
  • Directors’ report 
  • Annual Financial Statements


The report was developed using the following frameworks and standards: 

  • IFRS 
  • Companies Act 
  • PFMA
  • King IV Report

Scope and boundary

The Annual Financial Statements contain consolidated financial results for the Group for the financial year ending 31 March 2021.

The financial reporting boundary was determined in accordance with IFRS.


  • Internal controls •
  • Management and governance oversight
  • Executive committee 
  • Internal audit 
  • Board subcommittees 
  • Board 
  • External audit opinion



Results presentation Provides our stakeholders with a high-level summary of the following:
  • Operational performance
  • Financial performance
  • Short-, medium- and long-term strategy
Board and executive curricula vitae A comprehensive overview of the skills and competencies of our Board and Executive Committee members is found here.
The forward-looking statements in this report – or oral statements that may be made by officers or Directors, prescribed officers or employees acting on the Group’s behalf – constitute or are based on various or certain assumptions which may change or be subject to revision. These statements involve risk and uncertainty as they relate to events or circumstances that may or may not occur. Factors that could cause actual future results to differ materially from those in the forward-looking statements include, but are not limited to:
  • The COVID-19 pandemic
  • Global and domestic economic conditions
  • The nature of the aviation sector and specifically the performance of airline operators
  • Changes in passenger profiles and choices  Retail offerings at our airports
  • Interest rates
  • Credit and associated risks of borrowing and funding
  • Rating agencies’ statements and determinations
  • Gross and operating margins
  • Capital management
  • Economic regulatory framework and permission application process and outcomes

Airports Company South Africa does not undertake to update or otherwise revise any of these forward-looking statements publicly, whether reflecting on new information or future events or otherwise. The forward-looking statements have not been reviewed or reported on by the Group’s external auditor.


The Board acknowledges responsibility for overseeing the integrity and completeness of this IAR and exercises this responsibility with the support of various Board committees. The Board approved the reporting frameworks and materiality determination process applied in the report. The Board confirms that it considers this report to be accurate, reliable and complete in presenting information and material matters. The Board concludes that this FY2020/21 IAR is presented as per the <IR> Framework and was approved on 14 September 2021.

Dr Sandile Nogxina

Board Chairman


If you wish to contribute to the improvement of our IAR through comments, suggestions or queries on the information, data and/ or presentation thereof, email Refentse Shinners, Group Executive: Corporate Affairs at All these reports can be found at