1. Airports Company South Africa
2003 / 2004 Budget Presentation
Updated and Revised

2. Passenger Growth - Summary
Pax
2002/3
2003/4
% growth
Domestic
14,778,946
15,493,880
4.8%
International
6,323,242
6,735,372
6.5%
Regional
620,154
646,364
4.2%
Unscheduled
126,870
131,290
3.5%
Total
21,849,212
23,006,906
5.3%

3. ATM Growth - Summary Pax 2002/3 2003/4 % growth 119 845 125 406 4.6%
Domestic
4.6%
International
22 125
23 023
4.1%
Regional
11 373
12 064
6.1%
Unscheduled
65 515
68 282
4.2%
Total
4.5%

4. Capex - Summary Per BU JIA CIA DIA Other Total Security
2003/4
Per Permission
Over Spend
JIA
89 908
CIA
10 990
DIA
24 654
7 591
17 063
Other
83 300
19 670
63 630
Total
Security -
Over Spend excl Security
71 488

5. Salient Features Revenue Operating Expenses EBITDA EBIT
2002/2003
2003/2004
% growth
Revenue
15.8%
Operating Expenses
11.9%
EBITDA
18.5%
EBIT
18.4%
Finance charges
(13 002)
(73 554)
465.7%
Net Income after tax
10.6%(1)
ROI
15.29%
16.12%
5.4%
Note 1: Excluding Profit on Sale of Natcos

6. Consolidated Income Statement
2002/2003
2003/2004
Aeronautical Revenue
Commercial Revenue
Other Revenue
84 860
Total Revenue
Personnel costs
Repairs and Maintenance
86 329
92 100
Utilities
74 814
93 142
Security
39 980
45 637
Other Costs
Operating Expenditure
EBITDA
Depreciation
Net Operating Income
% change 14 17 24
15.83 10 7 12
11.98
18.49 28
16.28

7. Consolidated Balance Sheet
2002/2003
2003/2004
Share Capital
Retained Income
Deferred tax & PRF
66 262
62 167
Trade Creditors
89 528
Sundry creditors and provisions
Loans and funding
Total Liabilities
Assets Net Book Value
Trade Debtors
Sundry Debtors, loans & Cash
89 420
Total Assets

8. Cash Flow Statement 2003/2004 859 335 Net Profit before tax & interest
Depreciation
Working capital changes
1 943
Cash generated by operations
Interest paid
( )
Taxation paid
( )
Dividends paid
( )
Net cash inflow from operating activities
Net cash inflow from investing activities
26 142
Additions to fixed assets
( )
Increase in loans
52 937
Movement in cash for year
(19 928)

9. Airports Company South Africa