Segmental analysis

for the six months ended 31 March 2023
Six months ended 31 March 2023 Unaudited Six months ended 31 March 2022 Unaudited % change in total Year ended 30 September 2022 Audited
Rm Total EE ICT AE Other Total EE ICT AE Other Total EE ICT AE Other
Revenue1
Segment revenue 6 209 3 162 1 401 1 639 7 5 215 2 854 1 260 1 097 4 19 11 237 6 266 2 599 2 361 11
Adjusted for revenue from equity-accounted investees (6) (3) (3) (101) (94) (4) (3) (108) (94) (7) (7)
Revenue 6 203 3 162 1 401 1 636 4 5 114 2 760 1 260 1 093 1 11 129 6 172 2 599 2 354 4
Revenue as reported in the statement of profit or loss 6 203 5 114 21 11 129
Segment revenue – % of total 100 51 23 26 100 55 24 21 100 56 23 21
Segment revenue – % change over prior year 11 11 49 75
Analysis of revenue
Category of revenue
Products 4 960 3 029 748 1 183 4 018 2 711 723 584 9 262 6 026 1 478 1 758
Services 1 057 133 484 440 920 49 375 496 1 504 146 789 569
6 017 3 162 1 232 1 623 4 938 2 760 1 098 1 080 10 766 6 172 2 267 2 327
Timing of revenue recognition
Revenue recognised at a point in time 5 266 3 113 914 1 239 4 258 2 739 834 685 9 333 6 135 1 612 1 586
Revenue recognised over time 751 49 318 384 680 21 264 395 1 433 37 655 741
6 017 3 162 1 232 1 623 4 938 2 760 1 098 1 080 10 766 6 172 2 267 2 327
Other revenue
Interest recognised on lease and loan receivables 169 169 162 162 332 332
Rental revenue 17 13 4 14 13 1 31 27 4
Total revenue 6 203 3 162 1 401 1 636 4 5 114 2 760 1 260 1 093 1 11 129 6 172 2 599 2 354 4
Revenue by geography
South Africa 4 398 2 125 1 339 930 4 3 501 1 656 1 213 631 1 7 810 4 011 2 451 1 344 4
Rest of Africa (excluding South Africa) 954 773 44 137 900 816 47 37 1 814 1 584 99 131
Asia 331 17 314 317 26 291 650 51 599
Australia 125 113 12 113 101 12 241 204 37
Europe 263 64 18 181 149 61 88 385 129 48 208
America 132 70 62 134 100 34 229 193 1 35
Total revenue 6 203 3 162 1 401 1 636 4 5 114 2 760 1 260 1 093 1 11 129 6 172 2 599 2 354 4
1 Inter-segment revenue has been eliminated, however, it is immaterial and has not been separately disclosed.

Six months ended 31 March 2023 Unaudited Six months ended 31 March 2022 Unaudited % change in total Year ended 30 September 2022 Audited
Rm Note Total EE ICT AE Other Total EE ICT AE Other Total EE ICT AE Other
Operating profit
Segment operating profit/(loss)1 625 218 318 163 (74) 449 151 305 55 (62) 39 1 140 436 644 164 (104)
Adjusted for operating (profit)/loss from equity-accounted investees (8) (5) (3) 10 11 2 (3) 10 11 5 (6)
Profit on disposal of property, plant and equipment and intangible assets 3 2 2 2 2 1 1
Impairment of intangible assets 3 (17) (17)
Insurance income 3 44 44
Fair value remeasurements
Gain on investment at fair value through profit or loss 3 4 4 6 6
(Loss)/gain on contingent consideration 3 (1) (1) 3 3 3 3
Gain/(loss) on put option derivative asset 3 8 8 (9) (9) 16 16
Gain on call option derivative liability 3 20 20 8 8 59 59
Gain on put option liability 3 1 1 1 1
Financial guarantee 3 (5) (5) (4) (4)
Expenses arising from share-based payment transactions 3 (6) (6) (6) (6)
Operating profit/(loss) before impairment of financial assets 673 220 317 169 (33) 457 166 305 62 (76) 1 226 453 644 249 (120)
(Impairment)/reversal of impairment of financial assets
Credit write-off 3 (4) (1) (3) (6) (1) (5) (13) (3) (9) (1)
Expected credit losses 3 (49) (1) (27) (15) (6) 14 9 7 1 (3) 18 24 9 (12) (3)
Operating profit/(loss) 620 218 287 154 (39) 465 174 307 63 (79) 1 231 474 644 236 (123)
Operating profit as reported in the statement of profit or loss 620 465 33 1 231
Segment operating profit/(loss) – % of total 100 35 51 26 (12) 100 34 68 12 (14) 100 39 56 14 (9)
Segment operating profit/(loss) – % change over prior year 44 4 196 19
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 R94 million (March 2022: R60 million, September 2022: R137 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.

Six months ended 31 March Year ended
30 September
Rm 2023 Unaudited %
of total
2022 Unaudited %
of total
2022 Audited %
of total
Total assets
EE 3 155 26 2 718 27 2 893 26
ICT 4 311 36 4 371 43 4 277 39
AE 3 908 32 2 807 27 3 284 31
Other 686 6 297 3 478 4
Total assets as reported in the statement of financial position1 12 060 100 10 193 100 10 932 100
Total liabilities
EE 1 554 32 1 259 36 1 362 36
ICT 785 16 661 19 769 21
AE 1 446 30 842 25 991 26
Other 1 047 22 674 20 620 17
Total liabilities as reported in the statement of financial position1 4 832 100 3 436 100 3 742 100
1 Intercompany receivables, payables and loans have been eliminated in line with the consolidation principles
of IFRS.