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.