INTEGRATED REPORT 2019

Abridged statement of financial position

The Group remained within a primarily refurbishment and replacement cycle during the year and thus capital expenditure was in line with depreciation. Cash and short-term investments decreased on the back of the repayment of the AIR01 bond in March 2019 to the amount of R2 billion, which in turn reduced the total liabilities to R9.4 billion (FY2017/18: R11.6 billion).

FY2018/19 FY2017/18 Movement
R’000
%
ASSETS
Non-current assets 27 610 590 28 611 710 (1 001 120) -3%
1Property and equipment, investment properties and intangible assets 26 108 198 26 651 226 (543 028) -2%
2 Investments in associates and joint ventures 1 263 990 1 735 177 (471 187) -27%
Other non-current assets 238 402 225 307 13 095 6%
Current assets 3 151 454 4 669 431 (1 517 977) -33%
3 Investments and cash and cash equivalents 1 893 012 3 199 849 (1 306 837) -41%
4 Other current assets 1 258 442 1 469 582 (175 140) -12%
Non-current assets held for sale 785 570 - 785 570 100%
Total assets 31 547 614 33 281 141 (1 733 527) -5%
EQUITY AND LIABILITIES
Equity 22 092 290 21 734 255 358 035 2%
Non-current liabilities
5 Interest bearing borrowings 5 760 519 5 789 163 (28 644) 0%
Other non-current liabilities 1 757 626 1 692 949 64 677 -4%
Current liabilities 1 937 179 4 064 770 (2 127 591) 52%
Total liabilities 9 455 324 11 546 886 (2 091 562) 18%
Total equity and liabilities 31 547 614 33 281 141 (1 733 527) 5%

1 Investment property fair value losses amounted to R134 million. Additions of R1.1 billion were offset by depreciation, amortisation and impairments of R1.4billion.

2 Guarulhos International Airport (GRU) losses reduced from R480 million to R69 million. Mumbai International Airport (MIAL) made profits of R16 million, after which it was reclassified as held for sale due to a pending sale of the investment, valued at R782 million.

3 Cash decreased mainly due to the repayment of the AIR01 bond of R2billion in March 2019.

4 Trade and other receivables reduced due to higher bad debts provision of R284 million (2018: R163 million).

5 Borrowings decreased due to the repayment of inflation-linked bond and amortisation of loans of R296 million, and settlement of the AIR01 bond of R2 billion. Net debt capitalisation was 18% (2018: 22%).

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