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Group structure

Contribution to group revenue
Investments and
    Infrastructure Concessions  
  Property Developments
Manufacturing     Fibre Cement  
    Sand and aggregates  
  Readymix and extenders
  Mining crushing services
Construction     Building and Housing  
  Civil Engineering

*Engineering and Construction (E+C)

As previously communicated, the group’s strategy is to establish E+C as a fifth cluster within the group. However, market conditions have slowed the intended growth plan of this business. For F2011 the unit remained managed and reported as part of the Engineering segment.

E+C allows the group to grow by moving up the hierarchy of infrastructure delivery to take on design, build and engineering procurement and construction (EPC).

For comparative purposes we provide both the group’s total operating margin and the core operating margin in the operational reviews. The core margin is net of all the non-core transactions of pension fund surpluses and deficits, fair value adjustments, impairments etc. Commentary is therefore provided against the core margin, as we believe this is the pure operational margin as reflected in our annual financial statements’ segmental report.


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