INTEGRATED REPORT 2019

Abridged statement of comprehensive income

The moderate increase to revenues combined with regulatory cost pressures led to reduced earnings before tax, depreciation and amortisation (EBITDA) of 7.5% when compared to the prior year. Taking account of capital costs at the earnings before interest and tax level, this reduction is 9.1%. Positive impact on the year’s performance came from a reduced drag of the associate company’s contribution to net profits and fair value gains to the investment property portfolio.

FY2018/19 FY2017/18 Movement
R’000
%
Revenue and other operating income 7 143 261 6 764 471 378 790 5,6%
Employee costs (1 636 774) (1 401 840) (234 934) -16,8%
1 Operating expenses (2 641 973) (2 359 153) (282 820) -12%
EBITDA 2 864 514 3 003 478 (138 964) -4,6%
2 Fair value (losses)/gains on investment properties (134 222) 537 247 (671 469) -125,0%
Depreciation, amortisation and impairments (1 422 202) (1 247 477) (174 725) -14,0%
3 Losses from equity-accounted investments (97 782) (476 499) 378 717 -79,5%
4 Net finance expense (595 789) (589 007) (6 782) -1,2%
Losses on property and equipment - (6 857) 6 857 100,0%
Profit before tax 614 519 1 220 885 (606 366) -49,7%
Tax expense (387 746) (668 463) 280 717 41,9%
Profit for the year 226 773 552 422 (325 649) -58,9%

1 The increase in operating expenses was largely due to higher security and bad debt provision costs.

2 Losses were due to a change in the valuation methodology to be in line with market trends.

3 Reduced losses of R134 million in Guarulhos International Airport (GRU) and a positive contribution by Mumbai International Airport Private Limited (MIAL) reduced our losses from equity accounted associates.

4 Lower cash levels resulted in the reduction in finance income, resulting in slightly higher net finance costs.

TO THE TOP