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Annual Report 2013 Originthe Emergence of an Existence origin existence invention application exploration the next great step... Integrated Annual Report 2013 originthe emergence of an existence Performance Highlights for the Past Five Years Revenue (R’billion) EBITDA (R’millions) 6.0 700 5.0 600 500 4.0 400 3.0 300 2.0 200 1.0 100 - - 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Profit after taxation (R’mllions) Profit per passenger (Rands) 250 50 45 200 40 35 150 30 25 100 20 15 50 10 5 - - 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Sectors flown Passengers carried 45,000 6,000,000 40,000 5,000,000 35,000 30,000 4,000,000 25,000 3,000,000 20,000 15,000 2,000,000 10,000 1,000,000 5,000 - - 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Fuel burn (litres) per 1,000 available seat kilometres 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 - 2009 2010 2011 2012 2013 Integrated Annual Report 2013 Contents 2 Report Profile 4 Who We Are and What We Do 7 Group Value-added Statement 8 Chairman and CEO’s Report 12 Core Values 13 Group Objectives 14 Strategic Intent 16 Internal Control and Risk Management 20 Sustainable Development Report 45 Corporate Governance 54 Audit Committee Report 57 Remuneration Report 60 Social and Ethics Committee Report 61 Report of the Directors 67 Statement of Responsibility by the Board of Directors 68 Certificate of the Company Secretary 69 Independent Auditor’s Report 70 Statements of Financial Position 71 Statements of Comprehensive Income 72 Statements of Changes in Equity 73 Statements of Cash Flow 74 Segmental Report 75 Accounting Policies 85 Notes to the Annual Financial Statements 118 Notice of Annual General Meeting 129 Share Price Performance 130 Shareholder Analysis Form of Proxy for Annual General Meeting Integrated Annual Report 2013 1 originthe emergence of an existence Report Profile Scope, Boundary and Reporting Cycle This Report was prepared in accordance with International Financial Reporting Standards, the Financial Reporting Guides issues by the This Integrated Annual Report (“Report”) of the Comair Group (“the Group”) Accounting Practices Committee, the Listings Requirements of the JSE presents the economic, social and environmental sustainability of the Group’s as well as the requirements of the Companies Act (Act No. 71 of 2008) airline and non-airline businesses in respect of its operations in South Africa as amended. only, as well as presenting the financial results of the Group for the annual financial year 1 July 2012 to 30 June 2013. While the performance of the The Group’s reporting on sustainable development is guided by the Group’s associates is discussed in this Report, the Report focuses more Sustainability Reporting Guidelines of the Global Reporting Initiative (“GRI”), on the performance of the Group’s subsidiaries as their contribution to the and undertaken in accordance with G3.1. Group’s performance is more significant. In addition, this Report does not extend to cover the performance or issues facing the Group’s suppliers in The Group has applied the majority of the principles contained in the its supply chain, outsourced operations such as, but not limited to, its fleet King Code of Governance for South Africa 2009 (“King III”).The Group’s maintenance or its leased facilities. These limitations are not considered application of the principles of King III, as well as the few instances of material to impair the completeness of this Report. There have been no non-compliance, are recorded and explained in the Group’s King III restatements of previously reported information nor have there been changes register that is continuously updated and maintained and located on the to the basis of calculations or to the assumptions and techniques applied Group’s website www.comair.co. za. A summary report is also attached to in compiling the data presented in this Report. the Corporate Governance Report. The Report will be sent to shareholders who are recorded as such in the Group’s Securities Register on 20 September 2013 and is available on Our Stakeholders the Group’s website at www.comair.co.za. Printed copies are available on The Group’s commitment to its stakeholders to conduct its business in a request from the Group Secretary. This, the Group’s third Integrated Annual sustainable way and to respond to their needs is entrenched in the Group’s Report, and the prior period’s Integrated Annual Report which covered core values. The nature of the Group’s business implies a close relationship the period 1 July 2011 to 30 June 2012, was published on 28 September with its stakeholders who include but are not limited to, those customers 2012 and is also available on the Group’s website. who purchase the Group products and services and to whom the Group must provide, amongst other things, a safe, secure and reliable service; Reporting Principles its employees, who are responsible for providing safe, secure and reliable services; its various suppliers who form an integral part of the Group’s ability The content of this Report is driven by those issues that have the greatest to provide a safe, secure and reliable service; Government Regulatory and potential to impact the Group’s ability to operate. We consider a broad range Industry Bodies, since the industry in which the Group operates, is subject of external and internal factors including the outcome of various stakeholder to extensive government and regulatory oversight; the community in an engagement processes driving the Group’s integrated reporting process attempt to improve the lives of fellow South Africans; the media who play when deciding which issues are of the utmost importance to address. an important role in the Group’s engagement with stakeholders; and its Whilst this Report attempts to highlight the significant issues raised and investors, since one of the main objectives of the Group is to create wealth the outcomes of these various engagement processes, the content of this for its investors as reflected in the stakeholder diagram set out below. Without Report predominantly focuses on the information deemed relevant to the regular communication with the Group’s various stakeholder groups, the Group’s shareholders and potential investors. Group would not be able to deliver its products and services in a safe, secure or reliable way. Of the stakeholder group’s identified below, and as The information included in this Report aims to provide shareholders and part of the Group’s regular business activities, certain stakeholder groups investors with a good understanding of the significant economic, social are considered to be more significant in determining the Group’s ability to and environmental risks and opportunities the Group faces in the short operate and generate value. and medium term as well as the Group’s response in order to ensure its ability to create and sustain value for its shareholders and investors in the long term. In addition, the Group attempts to explain its efforts to reduce its impact on the environment and the societies in which it operates. 2 Integrated Annual Report 2013 Integrated Annual Report 2013 Contact Us Media We welcome the opinions and suggestions of all our stakeholders. All Communities Customers* opinions, suggestions and questions must please be directed to the Group Secretary, Derek Borer. Please find our contact details included on the inside back cover of this Report. Employees and COMAIR Investors* trade unions* LIMITED Government and Industry regulatory bodies* associations* Suppliers* * Considered to be significant stakeholder groups Risk Management The Group follows a comprehensive and integrated risk management process where the identification and management of risk forms part of the Executive Management business plan. The Board, through the Group’s Risk Management Committee, actively monitors this process. For more information on the Group’s risk management process, refer to the Internal Control and Risk Management Report on pages 16 to 19 of this Report. Significant Events During the Reporting Period No significant changes regarding the Group’s size, structure or ownership occurred during the reporting period compared to previous financial years. Hence there are no significant changes from previous reporting periods in the scope, boundary, or measurement methods applied in this Report. External Audit and Assurance The Group’s Financial Statements on pages 70 to 117 were audited by the Group’s independent external auditors, Grant Thornton (Jhb) Inc. (“GT”), which merged with PKF (Jhb) Inc., in accordance with International Standards of Auditing. The report of the external auditors is included on page 69. Independent “limited assurance” was also obtained from Grant Thornton (Jhb) Inc. in terms of ISAE 3000 on whether this Report (inclusive of the supplemental GRI Content Index Table on the Group’s website www. comair. co.za), is in alignment with the AA1000APS (2008) principals (inclusivity, materiality and responsiveness) as well as to assess whether the Group’s self-declaration of a C application level is fairly stated in all material respects, in accordance with the GRI G3.1 Guidelines. Their Assurance Statement can be obtained from the Group Secretary or be accessed via the Group’s website www.comair.co.za. Integrated Annual Report 2013 3 originthe emergence of an existence Who We Are and What We Do The Group is a South African company listed on the Johannesburg Stock In addition to providing scheduled and non-scheduled airline services, the Exchange since 1998, offering scheduled and non-schedule airline services Group offers the following non-airline-related services: within South Africa, sub-Saharan Africa and the Indian Ocean Islands as it main business.
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