Segmental analysis

for the six months ended 31 March 2022
Six months ended 31 March 2022 Unaudited Restated1 Six months ended 31 March 2021 Unaudited Year ended 30 September 2021 Audited
Rm Total EE ICT AE Other Total EE ICT AE Other % change in total Total EE ICT AE Other
Revenue2
Segment revenue 5 215 2 854 1 260 1 097 4 4 766 2 561 1 253 945 7 9 9 905 5 551 2 490 1 854 10
Adjusted for revenue from equity-accounted joint ventures and associates (101) (94) (4) (3) (152) (133) (14) (2) (3) (330) (294) (25) (5) (6)
Revenue 5 114 2 760 1 260 1 093 1 4 614 2 428 1 239 943 4 9 575 5 257 2 465 1 849 4
Revenue as reported in the statement of profit
or loss
5 114 4 614 11 9 575
Segment revenue – % of total 100 55 24 21 100 54 26 20 100 56 25 19
Segment revenue – % change over prior year 11 1 16 (43)
Analysis of revenue
Category of revenue
Products 4 018 2 711 723 584 3 450 2 378 692 380 7 632 5 138 1 340 1 154
Services 920 49 375 496 971 50 374 547 1 575 119 785 671
4 938 2 760 1 098 1 080 4 421 2 428 1 066 927 9 207 5 257 2 125 1 825
Timing of revenue recognition:
Revenue recognised at a point in time 4 258 2 739 834 685 3 790 2 404 858 528 7 911 5 189 1 574 1 148
Revenue recognised over time 680 21 264 395 631 24 208 399 1 296 68 551 677
4 938 2 760 1 098 1 080 4 421 2 428 1 066 927 9 207 5 257 2 125 1 825
Other revenue
Interest recognised on lease and loan receivables 162 162 173 173 340 340
Rental revenue 14 13 1 20 16 4 28 24 4
Total revenue 5 114 2 760 1 260 1 093 1 4 614 2 428 1 239 943 4 9 575 5 257 2 465 1 849 4
Revenue by geography
South Africa 3 501 1 656 1 213 631 1 3 222 1 473 1 183 562 4 6 942 3 447 2 365 1 126 4
Rest of Africa (excluding South Africa) 900 816 47 37 769 689 56 24 1 468 1 310 100 58
Asia 317 26 291 291 29 262 477 58 419
Australia 113 101 12 106 91 15 218 189 29
Europe 149 61 88 120 53 67 276 95 181
The Americas 134 100 34 106 93 13 194 158 36
Total revenue 5 114 2 760 1 260 1 093 1 4 614 2 428 1 239 943 4 9 575 5 257 2 465 1 849 4
1 Revenue has been disaggregated to align segment revenue disclosures to the annual financial statements. This change was first applied in the 30 September 2021 audited results.
2 Inter-segment revenue has been eliminated, however it is immaterial and has not been separately disclosed.

 

Six months ended 31 March 2022 Unaudited Restated1 Six months ended 31 March 2021 Unaudited Year ended 30 September 2021 Audited
Rm Note Total EE ICT AE Other Total EE ICT AE Other % change in total Total EE ICT AE Other
Operating profit
Segment operating profit/(loss)1 449 151 305 55 (62) 445 163 293 31 (42) 1 986 373 608 100 (95)
Adjusted for operating loss/(profit) from equity-accounted joint ventures and associates 10 11 2 (3) (4) 1 (1) (1) (3) (4) 5 (2) (1) (6)
Profit on disposal of property, plant and equipment and intangible assets 3 2 2 3 2 1 12 3 3 6
Impairment of non-financial assets
Impairment of property, plant and equipment 3 (1) (1)
Fair value remeasurements
Gain on investment at fair value through profit or loss 3 4 4 17 17 103 103
Gain on contingent consideration 3 3 3 13 13
Gain on option contract 3 8 8 41 41
Loss on option contract 3 (9) (9) (92) (92)
Gain on put option liability 3 1 1
Financial guarantee cost (5) (5)
Profit on disposal of associate 3 1 1
Loss on disposal of subsidiary 3 (1) (1)
Expenses arising from share-based payment transactions 3 (6) (6) (5) (5) (7) (6) (1)
Operating profit/(loss) before impairment of financial assets 457 166 305 62 (76) 456 183 287 31 (45) 1 051 484 600 62 (95)
Reversal of impairment/(impairment) of financial assets
Credit write-off 3 (6) (1) (5) (5) (2) (3) (20) (8) (9) (3)
Expected credit losses 3 14 9 7 1 (3) (3) (11) 8 19 (23) 29 13
Operating profit/(loss) 465 174 307 63 (79) 448 170 284 39 (45) 1 050 453 620 72 (95)
Operating profit as reported in the statement of profit or loss 465 448 4 1 050
Segment operating profit/(loss) – % of total 100 34 68 12 (14) 100 37 66 7 (10) 100 38 62 10 (10)
Segment operating profit/(loss) – % change over prior year (7) 4 77 (48)
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 R60 million (March 2021: Rnil) (September 2021: Rnil). 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. Additional disclosure for the six months ended 31 March 2021 is provided to reconcile segment operating profit to the restated operating profit per the statement of profit or loss. Refer to note 15. This change was first applied in the 30 September 2021 audited results.

Six months ended 31 March 2021
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 Segment operating profit as now reported
EE 165 (2) 163
ICT 293 293
AE 32 (1) 31
Other (42) (42)
448 (3) 445

 

Six months ended 31 March Year ended 30 September
Rm 2022 Unaudited %
of total
2021 Unaudited %
of total
2021
Audited
%
of total
Total assets
EE 2 718 27 2 587 26 2 708 26
ICT 4 371 43 4 357 44 4 334 42
AE 2 807 27 2 611 26 2 755 27
Other 297 3 347 4 540 5
Total assets as reported in the statement of financial position1 10 193 100 9 902 100 10 337 100
Total liabilities
EE 1 259 36 1 152 34 1 246 35
ICT 661 19 1 039 31 834 23
AE 842 25 761 23 839 24
Other 674 20 418 12 636 18
Total liabilities as reported in the statement of
financial position1
3 436 100 3 370 100 3 555 100
1 Intercompany receivables, payables, and loans have been eliminated in line with the consolidation principles of IFRS.