Manager Fleet and Capex Accounting at South African Airways (SAA)

Reference Number    
SAA250818-2

Job Purpose    

• The role is responsible for safeguarding the assets relating to aircraft ownership and leases and accounting for leased assets (particularly aircraft) in terms of IFRS 16. The role includes providing accurate estimates of expected aircraft operating costs, reporting on the efficiency of lease management, and ensuring owned and leased aircraft are properly valued, considering any impairments required in terms of International Financial Reporting Standards. It also involves ensuring all liabilities relating to aircraft ownership and leases are disclosed and accounted for, and that aircraft maintenance costs are correctly recorded.
• Additional responsibilities include accounting for maintenance reserves related to leased aircraft and any associated security deposits, as well as treasury transactions such as long-term loans,  and hedging activities (fuel and forex). The role contributes to route planning by providing input into the profitability of current or future routes and supports fleet management by assisting in the planning of maintenance events to minimize costs for leased and owned aircraft.
• Furthermore, the role oversees the control, reporting, and budgeting of the SAA Group’s capital expenditure, and maintains the SAA Group fixed asset register along with the recording and accounting of any fixed asset transactions.

Principal Accountabilities    

• Ensure all liabilities relating to aircraft maintenance such as return conditions and other lease liabilities are accurately calculated and recorded
• Continuously engage with the relevant subsidiary financial controllers regarding maintenance issues
• Accounting for lease assets and liabilities in terms of IFRS 16
• Accounting for external currency denominated and South African Rand denominated loans
• Accounting for maintenance reserves and security deposits
• Analysis of fuel costs
• Analysis of maintenance costs to ensure they are correctly accounted for
• Accounting for Fuel and Foreign Exchange and other derivative instrument transactions when required
• The design and alignment of policies and procedures across the relevant work streams in area of accountability
• Monitor and enforce adherence to all relevant legislation
• Facilitate and maintain effective, amicable and professional relationships with various stakeholders and service providers through appropriate relationship building, networking and reporting activities
• Clearing of general ledger accounts within area of responsibility and adhering to proper “housekeeping” in terms of accounting best practice
• Scrutinise and follow up on any abnormalities in general ledger accounts within area of responsibility
• Drives and supports people development initiatives
• Manages and implements change initiatives with the vision and strategic direction of the Airline
• Oversight of Capital expenditure processes which include:
• Manage and control the capital expenditure budget
• Maintain the group fixed asset and impairment register
• Reconcile of all related balance sheet and income statement accounts with the fixed asset register for all companies and subsidiaries
• Prepare and report monthly on the fixed assets including consolidation of various entities up to the final group consolidation
• Extensive support and reporting to internal and external auditors in the financial year-end audit to ensure that the annual audit is effectively performed as well as ensure that audit findings are resolved and corrective actions are implemented
• Sound liaison with internal and external auditors
• Monitor and track capital work in progress
• Capitalization of completed Capital Expenditure projects and analysis of any capital work in progress
• Setting, maintaining and reporting on rates of depreciation
• Performance of monthly depreciation calculation and prepare monthly and annual report of fixed assets, depreciation
• Processing of asset transfers between departments or subsidiaries
• Monthly calculation of profit and loss on disposal of assets for the various stages of consolidation
• Control of physical verification of all fixed assets
• Preparations of statutory reports

Qualifications & Experience    

• Bachelor’s degree in Accounting at NQF level 7
• Qualified Chartered Accountant SA(CA) registered with SAICA
• At least 5-7 years’ experience in a financial accounting environment of which 3 years is in a management level
• Experience and knowledge of the aviation industry and exposure to fleet and maintenance accounting/fixed asset accounting will be an advantage
• Exposure to financial reporting, particularly International Financial Reporting Standards (IFRS) as relates to assets, maintenance costs and leases

Knowledge and Skills    

• Knowledge of IFRS, Companies Act, PFMA & relevant legislation
• Accounting principles and procedures
• Good knowledge of standard costing systems and principles
• Understanding of Capital Expenditure projects
• Computer literate (MS Office and advanced Excel, SAP FI, TM1)
• Good interpersonal skills
• Excellent communication skills (verbal & written)
• Ability to perform under pressure and meet deadlines
• Analytical
• Strong numeric skills
• Attention to detail
• Strong problem-solution skills
• Innovative
• Good administrative, planning and organising skills
• Reliable and team player
• Confidentiality and accountability

Attributes    

• Leads with purpose
• Manages output of indirect reports
• Drives innovation
• Role models behaviours and values
• Organisational resilience
• Commercial and financial acumen
• Building alliances
• Results focus and self-driven
• Judgement and decision making
• Analytical thinking
• Proactive
• Assertive