LEAVING
LASTING IMPRESSIONS
2022/23 AT A GLANCE
During the 2023 financial year, we achieved revenue of R278.0m, marginally improving on our pre-Covid 2018/19 income levels (R277m). We also made a pleasing return to profit, as we achieved a positive earnings before interest, taxation, depreciation and amortisation (EBITDA) of R45.7m. It is safe to say we have put the pandemic behind us.
THE REPORT
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ABOUT THE CTICC
OUR FIRST 20 YEARS
FOREWORDS
OUR EVENTS
OUR ECONOMIC REVIEW
OUR PEOPLE
GOVERNANCE
OUR FUTURE
ANNUAL FINANCIAL STATEMENTS
OUR SOCIAL IMPACT
OUR ENVIRONMENT
FOREWORDS
Yellowwood tree
This is South Africa’s national tree and is a protected species due to being overharvested in the past. It is also one of our tallest trees – it can grow more than 30m tall. Its towering canopy provides a vibrant feeding ground for birds and insects. One of the biggest yellowwoods can be found in the Tsitsikamma forest, standing over 36m tall and over 600 years old.
ABOUT THE CTICC
Quiver tree
The quiver tree is the largest aloe species in the world and can only be found in southern Africa. It gets its name from the San people who used the tree’s thinner branches as quivers to carry arrows. Its trunk can be hollowed out to keep water, meat and vegetables fresh due to the way air passes through the fibrous tissue.
The CTICC has been Cape Town and South Africa’s top international convention centre on the African continent for 20 years. It was created to host international, regional and local conferences and exhibitions in South Africa and the Mother City. Our complex consists of two buildings, CTICC 1 and CTICC 2, connected by a Skybridge. We offer a world-class venue for conferences, exhibitions, trade fairs, banquets, concerts, film and photo shoots and stage productions – including digital and hybrid events.
RECREATING OUR WHY, WHAT AND HOW
"Our commitment to environmental, social and financial sustainability has been at the forefront of everything we do for the last two decades."
LEAVING LASTING IMPRESSIONS – FOR TWO DECADES AND COUNTING
To mark our 20th birthday in June 2023, we launched a new logo to reflect the road we have traveled to date. This logo is supported by a variation on the line you see emblazoned on the Integrated Annual Report – “Leaving lasting impressions on tomorrow”. We also pay homage to some of our dedicated staff. We started with 86 people when we first opened our doors and we are now 209 staff strong. One of our staff members has been with us for an unbroken 20 years – Zanoxolo Filifili. You can read more about his journey in this section.
ACHIEVEMENTS OVER 20 YEARS
OUR FIRST 20 YEARS
Wild plum tree
Harpephllum caffrum, known as the wild plum or “suurbessie” is the fourth largest tree family in southern Africa. This tree is often used in parks and on streets because it provides good shade. This tree attracts birds, bees, butterflies and other insects. Its fruit is used for making jam and, in traditional medicine, its bark is used to treat acne and eczema.
OUR EVENTS
Willow leaf fig tree
The willow leaf fig tree, also known as the “wonderboom” (meaning “tree of wonder”), gets its name from the same tree that grows at the foot of the Magaliesberg, which is more than 1 000 years old. Legend has it that this tree was able to grow so big because a chief of an indigenous tribe was buried beneath it. This tree can be found throughout South Africa and as far as Sudan.
In the 2023 financial year, event numbers revived faster than anticipated. We hosted 427 events – an 89% increase compared to the previous financial year. We hosted 33 international conferences, compared to just five in the 2022 financial year and none at all in 2020/21. The return of large events fed a considerable rise in the total number of delegate and visitor days: 706 728 for the 2022/23 year in review, marking a move back towards pre-lockdown numbers. However, we are still a long way from where we could have been, had there been no pandemic.
REVIVING OUR IMPACT
REGENERATING OUR ECONOMIC IMPACT
The CTICC’s financial performance does not seem to have been unduly affected by the pandemic’s long shadow or South African various economic challenges. Indeed, we returned an earnings before interest, depreciation and amortisation (EBITDA) of R45.7m and a net profit for the year in review (R25.7m), despite budgeting for a further loss after the previous two years of pandemic-driven lockdowns. This is a very encouraging improvement on our reported EBITDA loss in 2021/22 (R34.0m). In this context, we are making progress toward a full economic recovery.
OUR ECONOMIC REVIEW
Marula tree
According to archaeologists, the marula tree goes back as far as 10 000 BC. Female trees can bear up to 500 kg of fruit each year, while male trees go into flower. Nearly every part of the marula tree can be used. The bark contains an antihistamine that prevents malaria and treats stomach issues. The fruit is used to make jam or fermented for alcoholic drinks. Its leaves are used as a spice and the oil from the seed is used in beauty products.
OUR SOCIAL IMPACT
Mopane tree
The mopane tree, otherwise known as the “ironwood tree” is incredibly durable and difficult to cut down. It has distinctive butterfly-shaped leaves and its kidney-shaped pods are known for their antibacterial properties. This tree is home to the mopane moth. The caterpillar of the moth, known as the mopane worm, is harvested and eaten.
The opening up of the year in review allowed us to make tangible efforts to deliver on the social aspects of our long-established environmental, social and governance (ESG) commitment. We are proud of the contribution we make to our Local Community Partners (LCPs), as this allows them to leave lasting impressions on the communities they serve. Our LCPs, like all of us, have felt the impact of the year’s broader socio-economic challenges and our commitment, amounting to R1.2m for the 2022/23 financial year, definitely made an impact. In the year under review, we assisted with venue sponsorship, the donation of goods and catering, amongst other ad hoc assistance.
SUPPORTING STRUGGLING COMMUNITIES
MAKING GREAT IMPRESSIONS INTO THE FUTURE
The significant revival of events at the CTICC during the year under review has allowed an increase in the investment in our people. We were able to recruit for critical positions in the business, having previously gone through a retrenchment process and frozen certain positions. This year, we have been able to fill these roles and the staffing organogram is now stronger. In line with this, our training spend has increased. We have also maintained our excellent client satisfaction score. Thanks to our staff, we remain resilient and on track to a bright future.
"We have been pleased to be able to rehire a number of former staff members as demand for events has grown. It remains our policy to rehire where possible."
OUR PEOPLE
Boabab tree
Also known as the “upside down tree” thanks to the root-like appearance of its branches, the baobab is a symbol of life on the African planes. This is because it serves as an ecosystem for birds, insects, mammals and fungi and its bark and leaves are used in traditional medicine. These trees can also store up to 4 500 litres of water.
OUR ENVIRONMENT
Paperbark thorn tree
The paperbark thorn tree is the quintessential African tree. Once it has matured, it naturally forms an umbrella canopy that is iconic to our landscape. Its sweetly scented flowers attract birds, insects and butterflies. Its gum is edible and is used to make adhesive and ink. In traditional medicine, its bark is used to treat colds, coughs and fever or urinary tract infections.
The CTICC has always taken responsibility for its environmental, social and governance (ESG) performance, which drives our commitment to sustainability. During the 2023 financial year, the CTICC used a total of 28 175 kL of water and 40 460.3 total gigajoules of energy from primary sources and electricity generation. Greenhouse gas emissions amounted to 11 796 metric tonnes. All figures increased from the previous financial year due to the steep rise in events. We are in the process of establishing a new baseline so that we can work towards lowering our impact on the environment. We are dedicated to the United Nations Global Compact (UNGC), as well as the global Sustainable Development Goals (SDGs). In the year in review, we achieved all 17 of the SDGs and we pledged our support for the Net Zero Carbon Events initiative.
GROWING OUR SUSTAINABILITY COMMITMENT
CULTIVATING BEST PRACTICE GOVERNANCE
The Board of Directors is committed to upholding good ethical standards and applying corporate governance principles in accordance with the King IV Report on Corporate Governance for South Africa, 2016™ (“King IV™”). During the year under review, we engaged with key stakeholders.
"King IV encourages organisations to take a proactive approach to corporate governance, which is exactly what the CTICC is doing"
GOVERNANCE
Tamboti tree
The tamboti tree has rough bark, which elephants love to rub against and porcupines find delicious – sometimes eating so much that they cause the tree to die. Elephants, monkeys and antelope eat its leaves and fruit but the tree is highly toxic to humans. Its seeds are often inhabited by moth larvae and when they are exposed to heat, the larvae wriggle, causing the seeds to “jump” around. This is why the tree is nicknamed the “jumping beanstalk”.
THE FUTURE
False Olive
The false olive is a fast-growing, drought-resistant evergreen tree that is indigenous to South Africa. Its leaves have a long, narrow shape, reminiscent of the olive tree, hence its common name. This hardy tree can adapt to different soil types and its flowers attract insects and butterflies and, therefore, several types of birds too.
When the pandemic compelled us to pause and contemplate, we took action. We began by refreshing our vision, mission and purpose so that we remain relevant, resilient and impactful. In the 2023 financial year, we started conceptualising how we could continue accelerating economic opportunity, inclusivity and innovation. We are doing this by future-proofing the CTICC and turning challenges into opportunities. We also secured 16 new international conferences, and 75 events are now confirmed from September 2023 to November 2030.
REIMAGINING OUR FUTURE
OUR FULL FINANCIAL REPORT FOR 2022/23
The Annual Financial Statements consist of the Directors' Responsibility Statement, the Report of the Directors, the Risk Management Report, the Company Secretary’s Certificate, the Board Committee Reports, the Report of the Auditor-General, the Statements of Financial Position and Performance, the Statement of Changes in Net Assets, the Cash Flow Statement, the Statement of Comparison of Budget and Actual Amounts, Accounting Policies, as well as the Notes to the Financial Statements and General Information.
