61
FLEXIGROUP LIMITED FINANCIAL REPORT 2011
3. Segment information
(a) Description of segments
Management has determined the operating segments based on the reports reviewed by the executive management
committee that are used to make strategic decisions.
The committee considers the business from a product perspective and has identifed two reportable segments; the core
leasing business (principally Flexirent) and the interest-free loan business (Certegy).
The Group only operates predominantly in one geographical segment (Australasia).
(b) Segment information provided to the executive management committee
The segment information provided to the executive management committee for the reportable segments for the year ended
30 June 2011 is as below. There are non-reportable components within the disclosed segments that are not removed as they
are immaterial at the segment level.
2011
Interest-free
Leases
loans
Total
Revenue from continuing operations
162,630 60,347 222,977
Borrowing costs
(33,100)
(17,534) (50,634)
Borrowing costs – vendor note
–
(1,500)
(1,500)
Impairment losses on loans and receivables
(14,159)
(9,020)
(23,179)
Operating expenditure
(63,977)
(12,749)
(76,726)
Amortisation of Certegy intangibles and access rights
(63)
(1,085)
(1,148)
Proft before income tax
51,331
18,459 69,790
Income tax expense
(12,235)
(5,795)
(18,030)
Statutory proft for the year
39,096
12,664 51,760
Amortisation of Certegy intangibles and access rights
63
1,085
1,148
Cash Net Proft After Tax
39,159
13,749 52,908
Total segment assets
573,188 329,269 902,457
2010
Interest-free
Leases
loans
Total
Revenue from continuing operations
159,731 44,486 204,217
Borrowing costs
(36,451)
(13,374)
(49,825)
Borrowing costs – vendor note
–
(1,415)
(1,415)
Impairment losses on loans and receivables
(15,402)
(9,029)
(24,431)
Operating expenditure
(61,199)
(9,833)
(71,032)
Amortisation of Certegy intangibles
–
(1,085)
(1,085 )
Proft before income tax
46,679
9,750 56,429
Income tax beneft/(expense)
5,682
(3,189)
2,493
Statutory proft for the year
52,361
6,561 58,922
Credit relating to the re-setting of the tax cost base of assets
(18,400)
–
(18,400)
Amortisation of Certegy intangibles
–
1,085
1,085
Cash Net Proft After Tax
33,961
7,646 41,607
Total segment assets
573,540 249,914 823,454