annual report 2011

IOOF | annual report 2011
External
management and
service fee revenue
External other
fee revenue
Platform
management and
administration
Financial
advice and
distribution
Investment
management
Estate
and trustee
services
Corporate
and
other
2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
343,961 342,518 58,399 53,839 129,789 126,900 18,910 18,298 - 12 551,059 541,567
8,909 8,975 2,115 2,183 2,581 1,187 1,873 2,129 20 3 15,498 14,477
Inter-segment
- - 68,502 66,898 - - - - - - 68,502 66,898
revenue (i)
Service fees and (97,516) (99,749) (125,084) (115,903) (53,216) (49,336) - 82 219 254 (275,597) (264,652)
other direct costs
Amortisation
(4,500) (5,188) (2,966) (3,248) - - - - - - (7,466) (8,436)
of deferred
acquisition costs
Inter-segment (68,047) (66,728) - - (296) (49) (159) (121) - - (68,502) (66,898)
expenses (i)
Gross Margin 182,807 179,828 966 3,769 78,858 78,702 20,624 20,388 239 269 283,494 282,956
Other external
- 16 61,964 58,957 1,721 300 323 - 837 2,024 64,845 61,297
revenue
Finance income - 272 1,619 1,352 1,359 1,703 - 132 8,269 5,878 11,247 9,337
Inter-segment
- - 504 422 - - - - - - 504 422
revenue (i)
Share of net profits 3 - 146 24 9,052 7,564 - - - - 9,201 7,588
of associates
Operating
(75,270) (92,094) (50,062) (49,973) (33,486) (39,528) (14,126) (14,098) (31,822) (30,644) (204,766) (226,337)
expenditure
Share-based
(626) (564) (760) (596) (698) (667) (95) (72) (1,053) (128) (3,232) (2,027)
payments expense
Finance costs - (4) (18) (7) - - - - (743) (1,085) (761) (1,096)
Inter-segment
- - - - - - - - (504) (422) (504) (422)
expenses (i)
Depreciation and (12,778) (13,382) (5,410) (5,212) (2,688) (2,806) (116) (144) (721) (1,301) (21,713) (22,845)
amortisation
Reportable
94,136 74,072 8,949 8,736 54,118 45,268 6,610 6,206 (25,498) (25,409) 138,315 108,873
segment profit
before income tax
Reportable
209,086 249,636 122,684 27,808 150,191 123,995 10,784 8,087 597,001 666,747 1,089,746 1,076,273
segment assets (ii)
Reportable
(1,604) 4,465 41,020 26,903 68,589 59,214 308 116 79,455 99,367 187,768 190,065
segment liabilities (ii)
Investment in
associates
- - 4,403 3,159 9,469 9,732 - - 867 - 14,739 12,891
Total
(i) Segment revenues, expenses and results include transfers between segments. Such transfers are priced on a commercial basis and are eliminated on consolidation.
(ii) Reportable segment assets and liabilities include inter-segment assets and liabilities.
Geographical segments
The Group predominantly operates in one geographical segment being Australia.
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