NATIONAL ASSEMBLY
QUESTION FOR WRITTEN REPLY
QUESTION 1366
Dr S M van Dyk (DA) to ask the Minister for Public Enterprises (Alec Erwin†):
(1) Whether the SA Airways has shown financial losses of R16,6 billion since 1 January 2002 up to the latest specified date for which information is available; if not, what did the losses amount to; if so, what are the relevant details;
(2) whether the SAA received R8,9 billion from the State from 1 January 2004 up to the latest specified date for which information is available; if not, what was the amount received; if so, what were the reasons for this;
(3) whether the SAA's balance sheet was in the red with R9 billion in 2007; if not, (a) what was the amount and (b) what were the reasons for this; if so, what are the relevant details;
(4)(a) how much cash did the SAA have in the bank on 1 August 2008, (b) how is the SAA's expenditure currently disbursed and (c) what was the SAA's outstanding debt on 1 August 2008;
(5)(a) why is the SAA requesting a further R2,8 billion, besides the initial R5,7 billion, from the State and (b) for what purposes will this money be utilised?
Reply:
(1) The losses for SAA from the period 2002 to 2008 were R13,74 billion. This excludes restructuring costs of R1,345 billion and interest of R137 million paid on loans raised with financial institutions based on government guarantees during the year ended 31 March 2008.
(2) SAA received the following amounts through investments, restructuring funding
and guarantees for loans:-
|
Year: |
Details |
Cash injection (R' bn) |
Guarantees (R' bn) |
|
2003/04 |
Recapitalization following hedging losses |
6,089 |
- |
|
2005/06 |
Conversion of loan to equity (excluding shares bought back) |
2,361 |
- |
|
2006/07 |
Support to restore going concern -guarantee |
- |
1,300 |
|
2007/08 |
Labour restructuring costs |
0,744 |
- |
|
|
Grounding of B747-400s |
- |
1,560 |
|
|
Total |
9,194 |
2,860 |
Total financial support including cash injection and guarantees since 2004 was R12,054 billion.
(3) SAA's ordinary shareholder's equity was R270 million as at 31 March 2007.
(4) (a) The cash position as at 31 March 2008 was R5,4 billion.
(b) SAA's expenditure is disbursed on a 45 day net basis (30 days from date of statement). All expenses and payments are authorized as per the SAA delegation of authority.
(c) The total debt as at 31 March 2008 was R17.7 billion
(5) (a-b) SAA is not requesting a further R2,8 billion and the airline has not received R5,7 billion to date.
