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South African Airways Annual Report 2015/16

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South African Airways Annual Report 2015/16 SOUTH AFRICAN AIRWAYS INTEGRATED ANNUAL REPORT ANNUAL REPORT INTEGRATED AIRWAYS SOUTH AFRICAN FOR THE YEAR ENDED 2016 INTEGRATED ANNUAL REPORT FOR THE YEAR ENDED 2016 03 15 27 Organisational overview Leadership Performance overview Key metrics for 2015/2016 4 Board of Directors 16 SAA Commercial 28 Awards 5 Executive Committee 18 SAA Operations 32 3-Year Financial Highlights 6,7 Message from the Chair 22 SAA Voyager 36 SAA’s Mandate, Vision, Mission 6,7 CEO Report 24 SAA Cargo 38 and Values Subsidiaries How we achieve shareholder 8 SAA Technical 40 value Mango 42 Our Business Activities 9 AirChefs 44 Operating context 10 Group value-added statement 10 Strategic Objectives 11 SAA at a Glance 12 About this report This integrated report reviews SAA’s economic, operational, the Public Finance Management Act, Act No 1 of 1999 and and environmental performance for the year from 1 April 2015 with reference to the frameworks defined in the International to 31 March 2016. It follows the Company’s 2015 integrated Integrated Reporting Council. report, issued in September 2016, following the delay in signing off the 2014/15 Annual Financial Statements due to Materiality the outstanding ‘going concern’ sign off by the auditors, which Materiality has been applied in determining the content and was dependent on a government guarantee. The report details disclosure in the report, ensuring the report is both concise and SAA’s financial statements and provides material information relevant to SAA’s shareholder and stakeholder. Material issues concerning strategy, governance frameworks and performance are considered to be those that could affect the Company’s for the year under review, detailing our progress against ability to create value over short, medium and long term, strategic objectives. including matters that have significant financial impact and are The integrated report is published in line with the King Code on likely to have a significant impact on the current and projected Corporate Governance, the Companies Act, Act No 71 of 2008 revenue and profitability of the business. SOUTH AFRICAN AIRWAYS GROUP INTEGRATED ANNUAL REPORT FOR THE YEAR ENDED 2016 Table of Contents 47 63 73 Our key business enablers Corporate governance Group and Company Customer services 48 Corporate Governance Report 64 annual financial statements for the year ended 31 March 2016 Human Resources 50 Report of the Audit and Risk 68 Committee Statement by the Company 74 Information Technology Services 53 Secretary Shareholder and 54 Directors’ Report 75 Stakeholder Relations Independent Auditors’ Report 92 Environmental Sustainability 57 Group and Company statement 94 Legal, Risk and Compliance 58 of profit or loss and other Procurement 60 comprehensive income Group and Company statement 95 of financial position Group and Company statement 96 of changes in equity Group and Company statement 98 of cash flows Notes to the Group and 99 Company annual financial statements Corporate information IBC Statement of responsibility Navigation The Audit and Risk Committee acknowledges its responsibility on behalf of the This integrated report is cross-referenced Board to ensure the integrity of the SAA Integrated Report for 2016. The committee with other sources of information as has accordingly reviewed and recommended the report to the Board, who shown below. approved the Integrated Report for the financial year ended 31 March 2016. More information about SAA and its activities can be found on the Company’s website www.flysaa.com Refer to page numbers elsewhere in D Myeni Y Kwinana the integrated report Chairperson Chairperson South African Airways SOC Limited South African Airways SOC Limited Audit and Risk Committee SOUTH AFRICAN AIRWAYS GROUP INTEGRATED ANNUAL REPORT FOR THE YEAR ENDED 2016 1 2 SOUTH AFRICAN AIRWAYS GROUP INTEGRATED ANNUAL REPORT FOR THE YEAR ENDED 2016 ORGANISATIONAL OVERVIEW 03 Organisational overview Key metrics for 2015/2016 4 Awards 5 3-Year Financial Highlights 6,7 SAA’s Mandate, Vision, Mission 6,7 and Values How we achieve shareholder 8 value Our Business Activities 9 Operating context 10 Group value-added statement 10 Strategic Objectives 11 SAA at a Glance 12 SOUTH AFRICAN AIRWAYS GROUP INTEGRATED ANNUAL REPORT FOR THE YEAR ENDED 2016 3 Organisational overview (continued) Organisational Overview Key metrics for 2015/2016 SAA is South Africa’s national flag carrier and the continent’s 6 920 697 total passengers most awarded airline. For over 80 years, SAA has been 77% passenger load factor transporting passengers and cargo from South Africa. SAA serves 56 destinations, in partnership with SA Express, SA 28 409 million available seat kilometres Airlink and its low cost carrier, Mango, within South Africa and across the continent, and nine intercontinental routes. It 114 000 tonnes of freight is a member of the largest international airline network, Star 53% cargo load factor Alliance. SAA provides related services through the Group and its wholly owned subsidiaries: SAA Technical, Mango, and 53 578 flights in the year AirChefs, the catering entity of SAA. Two new routes launched: Accra to Washington DC and Johannesburg to Abuja, Nigeria New code share agreement with Air China; expanded code share agreements with Air Mauritius and Jet Airways 2,5 million Voyager members 15 000 miles issued every minute and 10 000 miles redeemed simultaneously 10 706 employees R9,2 billion contribution to the country’s GDP annually (2013 Oxford Study) R39,5 million annual training spend 4 SOUTH AFRICAN AIRWAYS GROUP INTEGRATED ANNUAL REPORT FOR THE YEAR ENDED 2016 ORGANISATIONAL OVERVIEW Awards Aircraft Technology Engineering & Maintenance Awards: Best Line Maintenance Provider for 2015 – SAA Technical World Travel Awards™ 2015: Africa’s Leading Airline (21 consecutive years) – SAA Sunday Times Generation Next Survey Awards ‘coolest’ domestic airline – SAA Africa’s leading in-flight magazine – Sawubona, SAA’s inflight magazine South African Tourism Ubuntu Awards in New York City Africa’s Leading Low-Cost Airline – Mango “Top Producing Airline” honouring travel providers in North America that excel at promoting travel to South Africa – SAA Skytrax: 4-Star rating (14 consecutive years) – SAA Air Cargo News Top three African Cargo Airlines Best Airline in Africa – SAA Best Airline Staff in Africa (4 consecutive years) – SAA Nkonki SOC Integrated Reporting Awards SAA’s 2014 Integrated Report was ranked sixth Best Low-Cost Airline in Africa – Mango Sunday Times Top Brands Awards Best Domestic Airline – 1st SAA, 2nd Mango South Africa’s Top Low-Cost Airline consumer brand – Mango Business Traveller Africa Awards Best African Airline’ Award – SAA (9th consecutive year) Best African Regional Short-Haul Airline – SAA Best African Long-Haul Airline – SAA Best Sparkling Wines International Business Class – 3rd SAA Best Red Wine International Business Class 5th SAA Global Traveller Magazine, GT Tested Reader’s survey Best Airline in Africa - SAA (12th consecutive year) SOUTH AFRICAN AIRWAYS GROUP INTEGRATED ANNUAL REPORT FOR THE YEAR ENDED 2016 5 Organisational overview (continued) 3-Year financial Highlights SAA’s Mandate Mandate SAA’s mandate is to “engage in passenger airline and cargo SAA’s mandate defines the Company’s geographic area of transport services, air charter services and other related focus (“within the African continent and internationally”), while services” in support of the state’s desire “to promote air links prescribing both cargo and passenger offerings along with their with the Republic’s main business, trading and tourism markets related services, as well as the targeting of both the business within the African continent and internationally” as defined in and leisure segments. the SAA Act, Act No. 5 of 2007 and reconfirmed in the signed SAA’s development mandate requires the Company to FY16 Shareholder’s Compact, drafted by National Treasury in contribute to the broader socio-economic objectives of South its capacity as the SAA Shareholder Ministry. Africa through contribution to GDP, fostering job creation, skills SAA is required to pursue this mandate in a manner that is development and an enabler to the tourism industry. financially sustainable, while being compliant with applicable operational regulations and legislation, inclusive of laws and regulations aimed at transformation, skills development and employment equity. 6 SOUTH AFRICAN AIRWAYS GROUP INTEGRATED ANNUAL REPORT FOR THE YEAR ENDED 2016 ORGANISATIONAL OVERVIEW Operating profit/ (loss) before interest, Cost compression Total income Operating costs tax, depreciation and saving amortisation R30 385m R30 034m R351m R1 111m 2015: R30 105m 2015: R32 546m 2015: (R2 441m) 2015: R790m 2014: R30 266m 2014: R30 640m 2014: (R374m) 2014: R435m Vision and Mission Our values Vision Safety Africa’s leading world-class airline. Adopting a zero-defect philosophy and striving for zero safety incidents through proper training, work Mission practices, risk management and adherence to To deliver commercially sustainable world-class air safety regulations at all times. passenger and aviation services in South Africa, the African Valuing its people continent and our tourism and trading partners SAA is committed to their satisfaction, development and well-being by treating them with respect, dignity and fairness. Strategic Objectives Customer-focused To support South Africa’s National Developmental Agenda Striving to meet the unique needs of customers (internally and externally) by tailoring each To achieve
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