Cape Town – South African Airways (SAA) is bleeding cash. The airline has reported a net cash outflow of R396m in the year to March 31 2012.The airline has finally released its full-year results, following a period of turmoil at board and executive level.The final loss for the year after tax was R1.06bn, on a turnover of R22.4bn.In the director’s report, signed off by acting chairperson Duduzile Myeni and former CEO Siza Mzimela, it is noted that the airline remains a massively undercapitalised business.“The directors have given consideration to the short- to medium-term cash flow requirements of the airline. In light of the potential adverse cash flow impact arising from the state of the global airline industry, SAA approached the shareholder for a guarantee to be made available to the amount of R5bn. "This guarantee has been granted and will be effective from September 1 2012 to September 30 2014,” the director report reads.The director report further notes that “ the shareholder has indicated that the capital adequacy and business model of the SAA will be assessed". - Fin24Follow James-Brent Styan on Twitter by @jamesstyan.