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National airlines results chaos

Sep 26 2012 12:33 James-Brent Styan

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Cape Town – The country's two state-owned airlines, South African Airways (SAA) and South African Express (SAX), will only table their annual results for the 2011/12 financial year in a few months' time.

The airlines, like all state-owned entities, are meant to table their annual results within six months after year-end, in this case by September 30.

Minister of Public Enterprises Malusi Gigaba wrote a letter to Max Sisulu, the speaker of the national assembly, explaining the delay in the submissions.

“As you may be aware, SAX 2010/11 financial statements and annual report were tabled in September 2011 but were
subsequently withdrawn in January 2012.

"This was after forensic investigations by Sizwe Ntsaluba revealed that the financial statements were materially misstated.

"The financial statements were restated and the audit was finalised in August 2012. I will table the 2010/2011 annual financial statements shortly.”

Gigaba said the annual financial statements for SAX for 2011/12 will only be completed in March 2013.

SAA results

Gigaba said SAA has not been able to finalise its annual report “due to the need to address the immediate financial position of the airline before the auditors can finalise the annual financial statements”.

The airline earlier this year indicated it needs a financial injection of around R6bn.

It is unclear if this amount will need to be allocated before the statements can be finalised.

“Accordingly, I postponed the AGM (annual general meeting) as SAA has not been able to finalise the 2012 annual report in order to meet the legislative requirements.

"To this end, my department is in discussions with the National Treasury to find a resolution to the financial
challenges of the airline,” Gigaba said.

He added it is anticipated that the SAA-related issues will be resolved within the next two months.
“I will be in a position to receive and table the annual report at the end of November 2012.”

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saa  |  airlines



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