for the year ended 30 June 2012

Segment information

Operating segments reflect the management structure of the group for the period under review and the manner in which performance is evaluated and resources allocated as managed by the group’s chief operating decision maker, defined as the executive committee members (exco) of the group.

These operating segments for the year under review are defined as:

	Operating segment		Revenue source
		Investments and Concessions
		– Infrastructure Concessions – Property Developments	– Equipment supply, operations and maintenance revenue in concession contract developments in the transport, power and real estate sectors – Rental and development sales of A-grade Group Five branded property assets generating development and investment returns
		Manufacturing	– Manufacture and sale of fibre cement products – exterior and interior walling, ceiling boards, roof tiles and pipes, fibre cement-clad, steel-framed modular housing systems – Manufacture and sale of steel products, including scaffolding, formwork and steel reinforcing for use in concrete structures, fabricated steel structures and large bore steel pipes
		Construction
		– Building and Housing – Civil Engineering – Engineering	– Building and housing contractor for large real estate and related infrastructure contracts – Civil engineering contractor for roads, ports, airports, pipelines and large structures in the mining and industrial sectors – Engineering projects contractor for structural, mechanical, piping and electrical engineering, as well as complete plant construction solutions – Multi-disciplinary project delivery from feasibility through to supporting bankability and front-end design, as well as project management of contracts during execution to completion – Industrial services contractor

The group is focused by discipline and each discipline is led by an executive committee member.

The role of exco is to drive the strategic intent of the group per segment. The executive committee members meet monthly to review the group’s performance. Of primary focus to exco is the revenue, operating profit, capital expenditure and current assets per segment. Exco assesses the performance of the operating segments based on a measure of adjusted operating profit. This measurement basis excludes the effects of non-operational income and expenditure from the operating segments such as pension fund valuation assets and deficits and profit or losses on sale of subsidiaries. Gains or losses on disposal of property, plant and equipment as well as investment property and fair value adjustments on service concessions, investment in property development and investment property are not adjusted as these are deemed to be in the segments’ core operational control. The operating profit does not include any impairment adjustments. As exco reviews operating profit the results of discontinued operations are not included in the measure of operating profit.

Management do not believe that there are any additional segments that require separate reporting.

The reportable operating segments derive their revenue as described above.

The group is also considered by geographical segment due to the extensive geographic footprint maintained by the group. The geographies are grouped into regions for reporting purposes as the group moves towards establishing operational hubs for management of regions.

The prior year comparatives have been restated to adjust for the exclusion of the construction material business now reflected as a discontinued operation and the inclusion of all fair value adjustments as these are deemed to be in the segments' core operational control.

The segmental information presented below includes the reconciliation of IFRS measures presented on the face of the income statement to non-IFRS measures which are used by management to analyse the group’s performance.

Financial performance: Group revenue and operating profit

Revenue   Operating profit

Note: Graphs represent F2012 values only.

	2012			Gross revenue		Internal revenue		External revenue		Operating profit
	R’000
	Operational segments
	Investments and Concessions			647 739		–		647 739		153 795
	Infrastructure Concessions			619 915		–		619 915		143 708
	Property Developments			27 824		–		27 824		10 087
	Manufacturing			1 164 849		(140 520)		1 024 329		46 490
	Construction			7 204 326		(93 016)		7 111 310		121 315
	Building and Housing			2 139 449		(73 477)		2 065 972		52 133
	Civil Engineering			2 998 800		(1 053)		2 997 747		(37 541)
	Engineering			2 066 077		(18 486)		2 047 591		106 723
				9 016 914		(233 536)		8 783 378		321 600
	Adjustment for non-operational items
	Pension fund valuation surplus									15 790
	Impairment of investment in associate – Investments and Concessions									(1 399)
	Remeasurement of employment obligation									(4 593)
	Operating profit per income statement									331 398
	2011 Restated			Gross revenue		Internal revenue		External revenue		Operating profit
	R’000
	Operational segments
	Investments and Concessions			554 659		–		554 659		110 774
	Infrastructure Concessions			522 870		–		522 870		105 641
	Property Developments			31 789		–		31 789		5 133
	Manufacturing			997 375		(129 852)		867 523		25 547
	Construction			7 404 220		(53 637)		7 350 583		471 536
	Building and Housing			2 174 074		(31 070)		2 143 004		134 506
	Civil Engineering			3 550 849		(2 488)		3 548 361		227 723
	Engineering			1 679 297		(20 079)		1 659 218		109 307
				8 956 254		(183 489)		8 772 765		607 857
	Adjustment for non-operational items
	Pension fund valuation deficit									(2 000)
	Loss on disposal of subsidiary									(299)
	Operating profit per income statement									605 558

Sales between segments are carried out at arm’s length and are reflected above.

Financial position: Current assets and capital expenditure

Current assets   Capital expenditure

Note: Graphs represent F2012 values only.

	Operational segments (R’000)			2012		2011		2012		2011
	Investments and Concessions			234 850		231 280		34 922		6 376
	Infrastructure Concessions			118 916		147 205		34 820		6 081
	Property Developments			115 934		84 075		102		295
	Manufacturing			459 931		402 767		25 368		32 020
	Construction Materials			–		168 731		–		15 616
	Construction			2 803 249		2 760 195		278 632		96 340
	Building and Housing			689 507		650 514		2 638		3 745
	Civil Engineering			1 352 077		1 649 477		201 851		57 596
	Engineering			761 665		460 204		74 143		34 999
				3 498 030		3 562 973		338 922		150 352
	Bank balances and cash			2 268 226		2 234 779		–		–
	Total current assets per statement of financial position			5 776 256		5 797 752
	Property, plant and equipment – additions							338 922		150 352

The measures of current assets and capital expenditure have been disclosed for each reportable segment as these are regularly provided to exco.

Geographic information

South Africa is regarded as the group’s country of domicile. As described, the various geographies are monitored via operational hubs and thus disclosed as such below.

Revenue

Note: Graphs represent F2012 values only.

	Geographical regions (R’000)			2012		Restated 2011
	Eastern Europe			433 948		300 358
	Middle East			43 805		405 211
	Eastern Africa			85 986		25 550
	Southern Africa			6 962 809		6 782 019
	Central Africa			830 197		1 030 594
	Western Africa			426 633		229 033
				8 783 378		8 772 765
	Per income statement			8 783 378		8 772 765