NOTES TO THE INTERIM FINANCIAL STATEMENTS
4. SEGMENT INFORMATION (continued)
INTER- SEGMENT $M
REGULATED NETWORKS $M
TOTAL $M
GAS TRADING $M
TECHNOLOGY $M
30 JUN 2017 12 MONTHS
External revenue: Sales
674.8
281.8
202.9
– 1,159.5
Third party contributions
61.2
– –
1.1
–
62.3
Intersegment revenue
5.9
10.0
(15.9) (15.9)
–
Segment revenue
741.9
281.8
214.0
1,221.8
External expenses: Electricity transmission expenses
(212.6)
–
– –
– – – – – –
(212.6) (181.7)
Gas purchases and production expenses
– –
(181.7)
Technology cost of sales Asset maintenance expenses Employee benefit expenses
–
(35.7) (14.4) (26.0) (13.0)
(35.7) (85.3) (57.0) (66.6)
(50.9) (16.0) (31.7)
(20.0) (15.0) (21.9)
Other expenses
Intersegment expenses
(8.3)
(6.3)
(1.3)
15.9
–
Segment operating expenses
(319.5)
(244.9)
(90.4)
15.9 (638.9)
Segment EBITDA
422.4
36.9
123.6
– – –
582.9
Depreciation and amortisation
(103.5)
(15.1)
(68.9)
(187.5)
Segment profit/(loss)
318.9
21.8
54.7
395.4
Segment capital expenditure
210.6
32.7
104.3
–
347.6
In March 2017, the Technology segment granted an indefeasible right of use (“IRU”) to the Regulated Networks segment for the exclusive use of a network of fibre and fibre-associated telecommunications assets. The agreement is recognised as a finance lease and replaces the previous telecommunications services agreement between the two segments. The impact is a reduction in intersegment sales for the Technology segment and an equivalent reduction in intersegment expenses for the Regulated Networks segment. During the year, the Technology segment procured and sold $1.4 million of battery assets to Regulated Networks at zero margin. The battery assets are included in the segment capital expenditure for Regulated Networks. The impact of the sale transaction is not reflected in the segment information presented for Technology.
Reconciliation to revenue, profit/(loss) before income tax and capital expenditure reported in the financial statements: 30 JUN 2017
PROFIT/ (LOSS) BEFORE INCOME TAX $M
CAPITAL EXPENDITURE $M
REVENUE $M
Reported in segment information
1,221.8
395.4
347.6
Amounts not allocated to segments (corporate activities): Revenue
4.9
4.9
– – – – – – –
Employee benefit expenses Other operating expenses Depreciation and amortisation
– – – – – – –
(25.8) (25.3) (12.1)
Interest costs (net)
(137.3)
Fair value change on financial instruments Associates (share of net profit/(loss))
1.6 1.6
Capital expenditure
–
19.8
Reported in the financial statements
1,226.7
203.0
367.4
36
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