Data provided by McGregor BFA
All data is delayed
Loading...
See More

SAA bleeding cash

Nov 20 2012 11:32 James-Brent Styan

Related Articles

Loubser: Govt must support SAA

SAA task team set up

SAA developments worry cabinet

Gigaba: We can turn SAA around

SAA 'not falling apart'

Spotlight falls on SAA efficiency

 
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".

 - Fin24

Follow James-Brent Styan on Twitter by @jamesstyan.
 
saa
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
48 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Land reform process lawful - Zuma

The land reform process is being done according to the law and the Constitution, says President Jacob Zuma.

 
 

Latest elections multimedia

11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille
The EFF's ad was banned, see why
Why Jack Parow wants you to vote on 7 May

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...