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Annual Report 2014 the Company Is Well on Its Way to a Profitable and Sustainable Future

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Annual Report 2014 the Company Is Well on Its Way to a Profitable and Sustainable Future ANNUAL REPORT 2014 THE COMPANY IS WELL ON ITS WAY TO A PROFITABLE AND SUSTAINABLE FUTURE 3 4 INDEX 1. OVERVIEW Denel Group Overview 6 Company History 8 Shareholder’s Foreword 12 2. BOARD OF DIRECTORS 5. ANNUAL FINANCIAL STATEMENTS Chairman’s Report 16 Report of the Audit & Risk Committee 90 Board of Directors 18 Independent Auditor’s Report to the Members of 91 3. BUSINESS UNIT REPORTS Denel Aerostructures SOC Ltd for the Year ended 31 March CEO’s Report 22 2014 Operations 26 Directors’ Responsibilities and Approval 93 Finance 29 Certificate by the Company Secretary 94 Programmes 32 Directors’ Report 94 Human Resources 36 Engineering 39 Statement of Financial Position 99 at 31 March 2014 Business Development 42 Statement of Comprehensive Income 101 Quality 45 for the Year ended 31 March 2014 4. SUSTAINABILITY REPORT Statement of Changes in Equity 102 About the Report 49 for the Year ended 31 March 2014 Sustainability Vision, Strategy and Commitments 50 Statement of Cash Flows 103 Stakeholder’s Engagement 54 as at 31 March 2014 Corporate Governance Report 58 Accounting Policies 104 Risk Governance 64 Notes to the Annual Financial Statements 120 Sourcing and Supply 69 6. INFORMATION SERVICES Human Resources and Transformation 71 Socio-economic Development 79 Contact Information 157 Occupational Health and Safety 82 Glossary 158 Environmental Responsibility 85 5 1964 Atlas Aircraft Corporation established GROUP OVERVIEW 6 DENEL AEROSTRUCTURES OVERVIEW Denel Aerostructures SOC Ltd is a business entity within the Denel Group, a state-owned company and South Africa’s premier provider of defence, security-related and aerospace products, systems and solutions.Denel Aerostructures (DAe) is the leading aerospace company in Africa – a powerhouse in aerospace design and manufacturing for the military and commercial aviation sectors. As a strategic partner in global programmes the company continues to build on its long-standing reputation for innovation, quality and specialised solutions in aerospace design and manufacturing with over 50 years of experience in the industry. DAe uses advanced manufacturing technologies to design and produce complex composite and metallic aircraft structures which it supplies to Original Equipment Manufacturers and other aerostructure suppliers. 7 1968 1964 1970 1980 Atlas Aircraft Corporation established Aermacchi MB-326 Impala Allouette / MRO Oryx / Super Puma conversion 2011 2011 2007 2009 A400M Interim Type Certification Denel Aerostructures SOC Ltd name changed A400M MSN 001 first flight Denel Saab Aerostructures (Pty) Ltd established 2011 2011 2013 2012 Completion of A109 Programme Completion of Gripen Programme New contract with US Business Jet RSS - Ribs, Spars and Sword 8 1995 1992 1983 1990 Cheetah / Design Authority Rooivalk / OEM Denel (Pty) Ltd established Ace / All-composite turbo prop trainer 2005 2000 1996 Airbus A400M SAAB Gripen Gulfstream G150 2014 COMPANY HISTORY A400M ISO Lock System 9 SOUTH AFRICAN GOVERNMENT South African Minister of Public Enterprises Minister of Defence and Military Veterans Other Ministers Goverment Denel Board of Chief: SA Dept. of Directors National Defence Armscor Defence (Secretary Force of Defence) Denel SOC Ltd Denel Corporate Office BUSINESS ENTITIES Associated Companies Denel Supporting Denel Denel Denel Land Denel PMP Overberg Test Businesses Dynamics Aviation Systems Turbomeca Africa Range (Pty) Ltd ADS • Missiles • Aviation • Land Systems • Denel Industrial Optronics (Pty) Ltd • UAV Systems • Denel Technical • Mechem Properties • Denel Integrated Academy • LMT SOC Ltd • Densecure Rheinmetall Denel Systems Solutions SOC Ltd Munition (Pty) Ltd Tawazun Dynamics (Pty) Ltd 10 THE DENEL GROUP: Denel SOC Ltd is a proudly South African, state-owned These solutions are designed to meet unique user requirements house with significant elements of production outsourced company reporting to the Minister of Public Enterprises. and provide full lifecycle support which reduces the cost of to the broader South African manufacturing and defence Strategic direction and oversight is provided by an ownership. industries. The Group contributes towards South Africa’s independent Board of Directors while the executive national developmental priorities such as skills and management is responsible for the day-to-day operations Denel plays an active role in industrial development through supplier development, growing the strategic technology of the company. Denel’s product offerings include artillery, its comprehensive R&D programmes, manufacturing and base and creating skilled jobs that bring downstream combat turrets, munitions, unmanned aerial vehicle systems, maintenance activities and strong human capital base. The benefits to the broader society. The Denel group consists missiles, MRO of aircraft, the testing of airborne systems, research, design, development, integration, qualification, of a number of business entities. satellite development and humanitarian demining systems. certification and industrialisation are primarily done in- PERFORMANCE INTEGRITY DENEL AEROSTRUCTURES We embrace operational We are honest, truthful and VALUES excellence. ethical. CARING INNOVATION We care for our people, ACCOUNTABILITY We create sustainable innovative customers, communites, We take responsibility for our solutions. nation and the environment. actions. 11 Denel Aerostructures continues to make a valuable contribution to the success of the Denel Group, South Africa’s premier defence, security and technology company. DAe is this year commemorating a distinguished half a century of leadership in the country’s aerospace and aviation sectors. In the same year South Africans are celebrating the gains our country has made during two decades of democracy. Since the democratic transition of 1994 Denel has become synonymous with a transformed defence industry, which is a source of pride for all South Africans. The Denel Group has enjoyed a successful financial year characterised by significant growth in revenue, increased profits and the largest multi-year order book in its history. The improved financial performance of Denel Aerostructures during this period contributed in no small measure to the group’s overall success. Shareholder’s FOREWORD 12 It is pleasing to note the consistent improvement in the aerospace supply chain and provide them with training and My sincere thanks go towards the Board of Denel company’s balance sheet and the fact that it has exceeded technical support. Aerostructures for its oversight and strategic direction. I also expectations in its financial performance since the introduction want to congratulate the executive management and each and During the past year the Denel Group launched a campaign of the turnaround strategy. every employee of the company for their contributions to this to emphasise our shared values of Performance, Integrity, successful financial year and our on-going quest to make Denel High-tech manufacturing in South Africa is on the brink of a new Innovation, Caring and Accountability. Denel Aerostructures Aerostructures a sustainable enterprise and a proud participant era with the implementation of the National Development Plan has embraced these values and this is also reflected in the in the global aerospace and high-tech industries. and Industrial Policy Action Plan. Both these seminal policy company commitment to transformation. documents place strong emphasis on the ability of advanced I wish to express my appreciation for the continued support manufacturing sectors, such as aerospace, to create skilled that DAe receives from the Minister of Public Enterprises, the jobs, stimulate an interest in science and technology among Deputy Minister and the Director General. We pay tribute to our youth and deepen the country’s transition to a knowledge- the contribution made to our business by the outgoing Minister based economy. and welcome the appointment of his successor, Ms Lynne We are delighted with DAe’s achievement in improving its Brown. B-BEE ranking from level 6 to level 2 over the past four years We also continue to enjoy productive relationships with other and the fact that more than 90% of the company’s local spend Riaz Saloojee government departments and institutions such as Defence and is directed towards emerging suppliers. We will continue with Military Veterans, Trade and Industry, Science and Technology, Group Chief Executive: Denel SOC Ltd our drive to bring emerging companies into the international Armscor and the CSIR. 13 DURING THE PAST YEAR THE DENEL GROUP LAUNCHED A CAMPAIGN TO EMPHASISE OUR SHARED VALUES OF PERFORMANCE, INTEGRITY, INNOVATION, CARING AND ACCOUNTABILITY. 14 1968 Aermacchi MB-326 Impala BOARD OF DIRECTORS 15 CHAIrman’s REPORT Denel Aerostructures this year celebrates a proud half century I am delighted to, once again, present improved financial results business. In this period we have renegotiated contracts with as South Africa’s leading aerospace manufacturer. In this for the company. Three years ago our shareholder, the South our main partner, Airbus, restructured our rental footprint and period the company has grown into an enterprise that is African government, demonstrated its faith in the ability of the overhauled our internal controls and financial management partnering with some of the world’s leading Original Equipment Board and management to turn Denel Aerostructures around systems. Manufacturers on major manufacturing programmes. As a and to make it a profitable going concern.This confidence
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