Pace plc Annual Report and Accounts 2012 - Financial Statements

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Financial StatementsNotesContinued3 Segmental analysisIn accordance with IFRS 8 ‘Operating Segments’, the chief operating decision-maker (CODM) has been identified as the Boardof Directors which reviews internal monthly management reports, budget and forecast information to evaluate the performanceof the business and make decisions.The Group determines operating segments on the basis of SBU areas, being the basis on which the Group manages itsworldwide interests.During the year the Group consolidated Pace Europe, Pace Enterprise and certain other immaterial operating segments into a newSBU named Pace International. This was done in order to reflect the management structure of those operating segments, whichchanged in the year.The Group has the following reportable segments:——Pace Americas;——Pace International; and——Other.Other include central and unallocated costs and other immaterial SBUs, which are operating segments that are allowed to beaggregated under IFRS 8.Reconciliations between Pace Americas, Pace International and the geographical revenue disclosure given are not possibledue to the different revenue streams which sit under each reportable segment.Performance is measured based on segmental adjusted EBITA, as included in the internal management information which is reviewedby the CODM. Adjusted EBITA is used to measure performance as management believes that such information is the mostrelevant in evaluating the results of certain segments, relative to other entities that operate within these industries.Revenues disclosed below materially represent revenues to external customers and, where appropriate, pricing is determinedon an arm’s length basis. There are no material inter-segment transactions.The tables below present segmental information on the revised basis, with prior periods amended to conform to the currentperiod presentation:PacePaceAmericas International Other TotalYear ended 31 December 2012 $m $m $m $mSegmental income statementRevenue 1,441.9 953.6 7.9 2,403.4Adjusted EBITA 144.0 72.3 (58.2) 158.1Exceptional items (12.5)Amortisation of other intangibles (51.8)Interest (13.7)Tax (21.7)Profit for the year 58.4PacePaceAmericas International Other TotalYear ended 31 December 2011 (restated) $m $m $m $mSegmental income statementRevenue 1,350.6 953.1 5.6 2,309.3Adjusted EBITA 157.9 60.3 (76.8) 141.4Exceptional items (12.7)Amortisation of other intangibles (55.7)Interest (18.3)Tax (15.9)Profit for the year 38.848Annual Report and Accounts 2012 Pace plc
3 Segmental analysis continuedMajor customersTransactions with the Group’s three (2011: two) largest customers represented 49% (2011: 27%) of the Group’s total revenuesand are disclosed within the Pace Americas reporting segment.Geographical analysisIn presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers.2012 2011Revenue by destination $m $mEurope 402.4 457.7North America 1,317.6 1,065.1Latin America 374.4 469.0Rest of World 309.0 317.52,403.4 2,309.3Segment assets are based on the geographical location of the assets. The split of non-current assets by location is as follows:2012 2011Non-current assets $m $mUK 134.4 65.7Europe 124.7 183.9Latin America 3.5 5.4North America 359.8 412.6Rest of World 0.8 2.9623.2 670.5Non-current assets relate to property, plant and equipment and intangible assets and, as required under IFRS 8, exclude deferredtax assets, financial instruments and post-employment benefit assets.The Group has three main revenue streams, being Set-top boxes & Media Servers, Gateways and Software & Services.These revenue streams arise in each operating segment and are not defined by geographical locations.The following table provides an analysis of the Group’s revenue streams according to those classifications:2012 2011$m $mSet-top boxes & Media Servers 1,826.0 1,775.4Gateways 469.4 433.5Software & Services 108.0 100.42,403.4 2,309.3Annual Report and Accounts 2012 Pace plc 49
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Pace plc Annual Report and Accounts 2012 - Financial Statements

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