SA Express going-concern issues ‘resolved ’

The 2015-16 financial statements of state-owned airline SA Express have been signed off by the board and will be tabled in parliament as soon as are port from the auditor-general has been received for inclusion, the airline’s spokeswoman, Mbali Zibi, said yesterday.

Earlier this month, Public Enterprises Minister Lynne Brown wrote to National Assembly Speaker Baleka Mbete, saying the financials could not be tabled due to ongoing disquiet about the airline’s going-concern status.

The airline, which was supposed to have tabled its financial statements by the end of September, is supported by a state guarantee of R1.1-billion.

“The SA Express executives are still engaging with the auditor-general to satisfy the solvency and liquidity test required to demonstrate that the airline is [a] going concern,” Brown said in her letter to Mbete.

Zibi said these issues had now been resolved and, once the auditor-general’s report was received for inclusion with the financial statements, they would be tabled in parliament.

SA Express made a net loss of R132-million in 2014-15 on revenue ofR2.6-billion.

As at end-March last year, it had accumulated losses of R733-million and its total liabilities exceeded its assets by R126-million.

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