Notes – Performance for the year

IFRS 8 IN13

IFRS 8 20–22 

IFRS 8 27–28

6. Operating segments¹

6 – A. Basis for segmentation

The Group has the following six strategic divisions, which are its reportable segments. These divisions offer different products and services, and are managed separately because they require different technology and marketing strategies.

The following summary describes the operations of each reportable segment.

IFRS 8 12

IFRS 8 22(aa)

IAS 41 46(a)

IFRS 8 16

IAS 41 46(a)

IFRS 8 27(a)

The Group’s chief executive officer reviews the internal management reports of each division at least quarterly.

Other operations include the cultivation and sale of farm animals (sheep and cattle), the construction of storage units and warehouses, the rental of investment property and the manufacture of furniture and related parts (see Notes 8 and 16). None of these segments met the quantitative thresholds for reportable segments in 2018 or 2017.

There are varying levels of integration between the Forestry and Timber Products segments, and the Non-recycled Papers and Recycled Papers segments. This integration includes transfers of raw materials and shared distribution services, respectively. Inter-segment pricing is determined on an arm’s length basis.

6 – B. Information about reportable segments

i. Segmented revenue*

ii. Segmented EBITDA*

iii. Segmented assets*

* As a percentage of the total for all reportable segments. Excludes other segments.
** The Group has changed its internal organisation and the composition of its reportable segments.
EBITDA – Earnings Before (Income from continuing operations, excluding) Interest, Tax, Depreciation and Amortisation

IFRS 8 27

IFRS 8 23

Information related to each reportable segment is set out below. Segment profit (loss) before tax is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments relative to other entities that operate in the same industries.

The Group has disclosed these amounts for each reportable segment because they are regularly reviewed by the CODM. IFRS 8 Operating Segments does not specify the disclosure requirements for a discontinued operation; nevertheless, if the CODM regularly reviews the financial results of the discontinued operation (e.g. until the discontinuance is completed), and the definition of an operating segment is otherwise met, then an entity may need to disclose such information to meet the core principle of IFRS 8.

IFRS 8 16

External revenue
IFRS 8 23(a) / IFRS 8 32
IFRS 8 23(b)
Segment profit
IFRS 8 21(b) / IFRS 8 23
IFRS 8 23(c) / IFRS 8 23(d)
IFRS 8 23(e) / IFRS 8 23(g)
IFRS 8 23(i)
Impairment losses non-financials
IAS 36 129(a)
IAS 36 130(d)(ii)
IAS 36 129(b)
Segment assets
IFRS 8 21(b) / IFRS 8 24(a)
IFRS 8 24(b)
Segment liabilities
IFRS 8 21(b)

* As a result of the acquisition of Papyrus Pty Limited (‘Papyrus’) during the year ended 31 December 2018 (see Note 22), the Group has changed its internal organisation and the composition of its operating segments, which resulted in a change in reportable segments. Accordingly, the Group has restated the previously reported segment information for the year ended 31 December 2017.

** See Note 7.