Performance Review 2010 Monhla Hlahla21 October 2010

1. Introduction

2. Strategic Deliverables

3. Service Quality Standards

4. Financial Highlights

5. Traffic Performance

6. Capital Expenditure

7. Revenue

8. Financial Statement Overview

9. Key Ratios

10. Economic Regulation

11. Outlook

Table of Contents

2

Introduction

Infrastructure developments successfully delivered on time and forecasto Investment positioned ACSA for future demand and economic growth

o Optimisation of investments key to extracting value for all stakeholders

o Employee development - invaluable experience gained

Obtained the appropriate funding for the capital investment o Optimisation of capital structure

Global economic recovery, albeit uncertaino Positive traffic profile (excl. the FIFA World Cup)

o Strong growth in commercial revenues

o Softened capital markets – reduced interest costs and improved liquidity

Unfavourable economic regulatory outcome

Successful facilitation of the FIFA World Cup 2010

3

Strategic Deliverables

Seamless facilitation of the FIFA 2010 World Cup™

Ensure long term business sustainabilityo Permission Application 2011-2015

o Economic regulatory policy review and direction

o Optimisation of capital structure

Focus on airports operational efficiency o Baggage pilferage reduced

o On-time performance improved – Airport Management Centre (AMC)

Optimising business excellence BBBEE – R7.6 billion from total expenditure of R9.1 billion (11.5% to black women-owned

businesses)

CSI – R11 million direct expenditure

Revenue efficiency

Employee development, succession planning and retention

4

Target   Internationals 3,7 Nationals 3,6

Year under review

Service Quality Standards (ASQ)

5

Annual Report and Budget Review Priscillah Mabelane21 October 2010

Financial Highlights Passenger Traffic2% decrease to 16,5 million    

Revenue12% increase to R 3,5 billion    

Normalised EBITDA6% increase to R 1,83 billion    

Net Earnings (incl. profit on sale of asset)Increased to R901 million    

Capital ExpenditureR5,2 billion    

Financials 7

Financial Highlights – 2010

Financials

-1%

-2%

-2%

1% -12%

0,000

8

Departing Passengers

Financials

-2%

3%

-4%

7%

-2%

0,000

9

Aircraft Landings

Major capex spend over the investment cycle to date

King Shaka Intl. - R6,6 billionO.R. Tambo Intl. CTB - R2,3 billionCape Town Intl. CTB - R1,6 billion

Financials

Capital Expenditure

10

R’million

Financials11

Revenue

  2010 2009 %

Income Statement R'm R'm Change

Revenue   3,531   3,166    

EBITDA   2,673   1,744    EBITDA Margin (excl. disposal of asset)   52%   55%    

Depreciation   (1,077) (749)

EBIT   1,668 1,013

Net finance costs   (673) (379)

Tax expense   (94)  (189)   

Net earnings   901   444    Net earnings (excl Profit on disposal) 141   430    

Financials

12%

53%

30%

78%

30%

65%

103%

50%

3%

12

Financial Statement Overview

  2010 2009 %

Balance Sheet R'm R'm Change

Property, plant and equipment 23,268   18,694    

Investment property   2,433   2,265    

Other non-current assets   886   682    

Current assets   1,303 1,957

Interest bearing borrowings   (16,010) (11,948)

Other non-current liabilities   (981) (865)

Current liabilities   (1,926)   (2,704)   

Shareholders equity   (8,974)   (8,081)   

24%

7%

30%

34%

13%

29%

33%

11%

Financials 13

Financial Statement Overview

  % KEY RATIOS 2010 2009 Change

FINANCIAL

- ROCE   7% 4%

- ROCE (exc disposal of assets) 3% 4%

CREDIT

- EBITDA INTEREST COVER   1.9 1.8

- GEARING (Net debt/Capitalisation) 64%   58%    

- NET DEBT/EBITDA   5.8   6.3    

1%

7%

3%

3%

12%

Financials 14

Key Ratios

Remuneration of investments only allowed when assets are brought into use

The investment cycle now concluded - thus included in recent tariff application

Convergence of tariff application and outcome

Review of the economic regulatory framework

15

Predictability & consistency of the economic regulatory model is key to a sustainable aviation industry

Predictability & consistency of the economic regulatory model is key to a sustainable aviation industry

Financials 15

Economic Regulation

Outlook Monhla Hlahla21 October 2010

Business sustainability– Economic Regulations– Sale of DIA

Business excellence – Efficient asset utilisation – Leveraging IT– Sustainable environment management systems and design– Leveraging of technical and operational experience gained to support other airports

outside the ACSA network

Develop air traffic growth strategy

Continuous growth in socio-economic impact– Enterprise Development – Industrial Development– Sustainable Airport Communities

Outlook 17

Outlook

Outlook 18

Thank You