Condensed segmental analysis

for the year ended 30 September 2021
  2021
Reviewed
2020
Reviewed
Restated1
%
change
in total
Rm Total EE ICT AE Other Total EE ICT AE Other
Revenue2
Segment revenue 9 905 5 551 2 490 1 854 10 8 259 3 767 2 524 1 951 17 20
Adjusted for revenue from equity-accounted joint ventures and associates (330) (294) (25) (5) (6) (213) (179) (28) (6)
Revenue 9 575 5 257 2 465 1 849 4 8 046 3 588 2 496 1 951 11
Revenue as reported in the statement of profit or loss 9 575 8 046 19
Segment revenue – % of total 100 56 25 19 100 46 30 24
Segment revenue – % change over prior year 47 (1) (5) (41)
Analysis of revenue
Category of revenue
Products 7 632 5 138 1 340 1 154 6 014 3 406 1 286 1 322
Services 1 575 119 785 671 1 581 182 798 601
9 207 5 257 2 125 1 825 7 595 3 588 2 084 1 923
Timing of revenue recognition:
Revenue recognised at a point in time 7 911 5 189 1 574 1 148 6 215 3 468 1 508 1 239
Revenue recognised over time 1 296 68 551 677 1 380 120 576 684
9 207 5 257 2 125 1 825 7 595 3 588 2 084 1 923
Other revenue
Interest recognised on lease and loan receivables 340 340 412 412
Rental revenue 28 24 4 39 28 11
Total revenue 9 575 5 257 2 465 1 849 4 8 046 3 588 2 496 1 951 11
Revenue by geography
South Africa 6 942 3 447 2 365 1 126 4 5 703 2 279 2 390 1 023 11
Rest of Africa (excluding South Africa) 1 468 1 310 100 58 1 178 911 106 161
Asia 477 58 419 567 40 527
Australia 218 189 29 190 164 26
Europe 276 95 181 221 76 145
The Americas 194 158 36 187 118 69
Total revenue 9 575 5 257 2 465 1 849 4 8 046 3 588 2 496 1 951 11
1 Revenue has been disaggregated to align revenue disclosures to the annual financial statements.
2 Inter-segment revenue has been eliminated, however it is immaterial and has not been separately disclosed.

  2021
Reviewed
2020
Reviewed
Restated
%
change
in total
Rm Note Total EE ICT AE Other Total EE ICT AE Other
Operating profit
Segment operating profit/(loss)1 986 373 608 100 (95) 868 28 604 269 (33) 14
Adjusted for operating (profit)/loss from equity-accounted joint ventures and associates (4) 5 (2) (1) (6) 22 30 (3) (5)
Profit on disposal of property, plant and equipment and intangible assets 3 12 3 3 6 4 3 1
Impairment of non-financial assets
Impairment of goodwill 3 (75) (61) (14)
Impairment of property, plant and equipment 3 (1) (1) (4) (4)
Fair value remeasurements
Gain on option contract 3 41 41
Loss on option contract 3 (92) (92)
Gain on investment at fair value through profit or loss 3 103 103
Gain on contingent consideration 3 13 13 2 2
Loss on put option liability 3 (3) (3)
Profit on disposal of associate 3 1 1
Loss on disposal of subsidiary 3 (1) (1) (20) (20)
Transaction-related share-based payments 3 (7) (6) (1)
Operating profit/(loss) before impairment of financial assets 1 051 484 600 62 (95) 794 (4) 581 255 (38)
Impairment of financial assets
Credit write-off 3 (20) (8) (9) (3) (298) (298)
Expected credit losses 3 19 (23) 29 13 (288) (26) (243) (19)
Operating profit/(loss) 1 050 453 620 72 (95) 208 (30) 40 236 (38)
Operating profit as reported in the statement of profit or loss 1 050 208 405
Segment operating profit/(loss) – % of total 100 38 62 10 (10) 100 3 70 31 (4)
Segment operating profit/(loss) – % change over prior year 1 232 1 (63) (188)
1 The net interest charged on Group funding provided to the Group’s in-house finance operation has been eliminated in line with IFRS 10 – Consolidated Financial Statements. The interest eliminated amounted to Rnil million (2020: R134 million). Should this operation be externally funded, this would result in a reduction of ICT’s operating profit by the quantum of the external interest paid.

Impact of restatement

Operating profit for total operations has been restated as segment operating profit, which excludes the profit on disposal of property, plant and equipment and intangible assets, the fair value remeasurement gain on contingent consideration and the fair value remeasurement loss on the put option liability. Additional disclosure for 2020 is provided to reconcile segment operating profit to the restated operating profit per the statement of profit or loss. Refer to note 14.

2020
Rm
Operating profit
for total
operations as
previously
reported
Profit on disposal
of property, plant
and equipment
and intangible
assets excluded
from segment
operating profit
Fair value
remeasurement
gain on
contingent
consideration
excluded from
segment
operating profit
Fair value
remeasurement
loss on put option
liability excluded
from segment
operating profi
Segment
operating profit
as now reported
EE 31 (3) 28
ICT 604 604
AE 269 (1) (2) 3 269
Other (33) (33)
871 (4) (2) 3 868

Rm 2021
Reviewed
%
of total
2020
Reviewed
%
of total
Total assets
EE 2 708 26 2 420 25
ICT 4 334 42 4 328 44
AE 2 755 27 2 500 26
Other 540 5 478 5
Total assets as reported in the statement of financial position1 10 337 100 9 726 100
Total liabilities
EE 1 246 35 1 007 32
ICT 834 23 1 037 32
AE 839 24 793 25
Other 636 18 346 11
Total liabilities as reported in the statement of financial position1 3 555 100 3 183 100
1 Intercompany receivables, payables and loans have been eliminated in line with the consolidation principles of IFRS.