9. Segment information
(a) IFRS 8 disclosures
(i) Income statement
| Year ended 31 March 2022 | North America US$m | Latin America US$m | UK and Ireland US$m | EMEA/ Asia Pacific US$m | Total operating segments US$m | Central Activities1 US$m | Total continuing operations US$m |
| Revenue from external customers | |||||||
| Ongoing activities | 4,122 | 791 | 847 | 507 | 6,267 | — | 6,267 |
| Exited business activities | — | — | — | 21 | 21 | — | 21 |
| Total | 4,122 | 791 | 847 | 528 | 6,288 | — | 6,288 |
| Reconciliation from Benchmark EBIT to profit/(loss) before tax | |||||||
| Benchmark EBIT | |||||||
| Ongoing activities before transfer pricing and other adjustments | 1,418 | 221 | 179 | (23) | 1,795 | (155) | 1,640 |
| Transfer pricing and other allocation adjustments | (37) | 2 | 9 | 23 | (3) | 3 | — |
| Ongoing activities | 1,381 | 223 | 188 | — | 1,792 | (152) | 1,640 |
| Exited business activities | — | — | (4) | 9 | 5 | — | 5 |
| Total | 1,381 | 223 | 184 | 9 | 1,797 | (152) | 1,645 |
| Net interest expense included in Benchmark PBT (note 15(b)) | (4) | (1) | (1) | (2) | (8) | (102) | (110) |
| Benchmark PBT | 1,377 | 222 | 183 | 7 | 1,789 | (254) | 1,535 |
| Exceptional items (note 14(a)) | 6 | — | — | (80) | (74) | 95 | 21 |
| Amortisation of acquisition intangibles (note 21) | (110) | (23) | (7) | (34) | (174) | — | (174) |
| Acquisition and disposal expenses | (21) | (7) | (1) | (18) | (47) | — | (47) |
| Adjustment to the fair value of contingent consideration | (8) | (20) | 4 | (2) | (26) | — | (26) |
| Non-benchmark share of post-tax loss of associates | — | — | (26) | — | (26) | (5) | (31) |
| Interest on uncertain tax provisions | — | — | — | — | — | 1 | 1 |
| Financing fair value remeasurements (note 15(c)) | — | — | — | — | — | 168 | 168 |
| Profit/(loss) before tax | 1,244 | 172 | 153 | (127) | 1,442 | 5 | 1,447 |
1 The decrease in Central Activities Benchmark EBIT in the year ended 31 March 2022 is primarily attributable to increased employee share incentive plan and bonus costs.
| Year ended 31 March 20212 | North America US$m | Latin America US$m | UK and Ireland US$m | EMEA/ Asia Pacific US$m | Total operating segments US$m | Central Activities US$m | Total continuing operations US$m |
| Revenue from external customers | |||||||
| Ongoing activities | 3,530 | 625 | 737 | 450 | 5,342 | — | 5,342 |
| Exited business activities | — | — | 12 | 18 | 30 | — | 30 |
| Total | 3,530 | 625 | 749 | 468 | 5,372 | — | 5,372 |
| Reconciliation from Benchmark EBIT to profit/(loss) before tax | |||||||
| Benchmark EBIT | |||||||
| Ongoing activities | 1,201 | 172 | 123 | (27) | 1,469 | (90) | 1,379 |
| Exited business activities | — | — | (2) | 9 | 7 | — | 7 |
| Total | 1,201 | 172 | 121 | (18) | 1,476 | (90) | 1,386 |
| Net interest expense included in Benchmark PBT (note 15(b)) | (5) | (2) | (1) | (2) | (10) | (111) | (121) |
| Benchmark PBT | 1,196 | 170 | 120 | (20) | 1,466 | (201) | 1,265 |
| Exceptional items (note 14(a)) | 112 | (1) | (63) | (13) | 35 | — | 35 |
| Impairment of goodwill (note 20) | — | — | — | (53) | (53) | — | (53) |
| Amortisation of acquisition intangibles (note 21) | (90) | (14) | (7) | (27) | (138) | — | (138) |
| Acquisition and disposal expenses | (16) | (4) | (1) | (20) | (41) | — | (41) |
| Adjustment to the fair value of contingent consideration | — | — | — | (1) | (1) | — | (1) |
| Non-benchmark share of post-tax (loss)/profit of associates | — | — | (3) | — | (3) | 19 | 16 |
| Interest on uncertain tax provisions | — | — | — | — | — | (11) | (11) |
| Financing fair value remeasurements (note 15(c)) | — | — | — | — | — | 5 | 5 |
| Profit/(loss) before tax | 1,202 | 151 | 46 | (134) | 1,265 | (188) | 1,077 |
1 The decrease in Central Activities Benchmark EBIT in the year ended 31 March 2022 is primarily attributable to increased employee share incentive plan and bonus costs.
2 Revenue and Benchmark EBIT for the year ended 31 March 2021 have been re-presented for the reclassification to exited business activities of certain B2B businesses.
Additional information by operating segment, including that on total and organic growth at constant exchange rates, is provided in the Strategic report.
(ii) Reconciliation of revenue from ongoing activities
| North America US$m | Latin America US$m | UK and Ireland US$m | EMEA/ Asia Pacific US$m | Total ongoing activities US$m | |
| Revenue for the year ended 31 March 20211 | |||||
| Adjustment to constant exchange rates | 1 | (1) | (9) | (5) | (14) |
| Revenue at constant exchange rates for the year ended 31 March 2021 | 3,531 | 624 | 728 | 445 | 5,328 |
| Organic revenue growth | 464 | 105 | 77 | 13 | 659 |
| Revenue from acquisitions | 127 | 54 | 1 | 46 | 228 |
| Revenue at constant exchange rates for the year ended 31 March 2022 | 4,122 | 783 | 806 | 504 | 6,215 |
| Adjustment to actual exchange rates | — | 8 | 41 | 3 | 52 |
| Revenue for the year ended 31 March 2022 | |||||
| Organic revenue growth at constant exchange rates | |||||
| Revenue growth at constant exchange rates |
1 Revenue for the year ended 31 March 2021 has been re-presented for the reclassification to exited business activities of certain B2B businesses.
The table above demonstrates the application of the methodology set out in note 6 in determining organic and total revenue growth at constant exchange rates. Revenue at constant exchange rates is reported for both years using the average exchange rates applicable for the year ended 31 March 2021.
(iii) Balance sheet
Net assets/(liabilities)
| At 31 March 2022 | North America US$m | Latin America US$m | UK and Ireland US$m | EMEA/ Asia Pacific US$m | Total operating segments US$m | Central Activities and other US$m | Total Group US$m |
| Goodwill | 3,546 | 760 | 694 | 737 | 5,737 | — | 5,737 |
| Investments in associates | 4 | — | — | — | 4 | — | 4 |
| Right-of-use assets | 83 | 14 | 24 | 27 | 148 | 5 | 153 |
| Assets classified as held-for-sale | — | — | 29 | — | 29 | 12 | 41 |
| Other assets | 2,191 | 674 | 528 | 619 | 4,012 | 947 | 4,959 |
| Total assets | 5,824 | 1,448 | 1,275 | 1,383 | 9,930 | 964 | 10,894 |
| Lease obligations | (105) | (17) | (25) | (30) | (177) | (3) | (180) |
| Other liabilities | (1,129) | (327) | (300) | (364) | (2,120) | (4,587) | (6,707) |
| Total liabilities | (1,234) | (344) | (325) | (394) | (2,297) | (4,590) | (6,887) |
| Net assets/(liabilities) | 4,590 | 1,104 | 950 | 989 | 7,633 | (3,626) | 4,007 |
| At 31 March 2021 | North America US$m | Latin America US$m | UK and Ireland US$m | EMEA/ Asia Pacific US$m | Total operating segments US$m | Central Activities and other US$m | Total Group US$m |
| Goodwill | 3,133 | 611 | 718 | 799 | 5,261 | — | 5,261 |
| Investments in associates | 4 | — | 61 | 9 | 74 | 54 | 128 |
| Right-of-use assets | 89 | 12 | 32 | 34 | 167 | 5 | 172 |
| Other assets | 1,880 | 483 | 471 | 681 | 3,515 | 995 | 4,510 |
| Total assets | 5,106 | 1,106 | 1,282 | 1,523 | 9,017 | 1,054 | 10,071 |
| Lease obligations | (113) | (14) | (34) | (37) | (198) | (4) | (202) |
| Other liabilities | (881) | (196) | (311) | (457) | (1,845) | (4,905) | (6,750) |
| Total liabilities | (994) | (210) | (345) | (494) | (2,043) | (4,909) | (6,952) |
| Net assets/(liabilities) | 4,112 | 896 | 937 | 1,029 | 6,974 | (3,855) | 3,119 |
Central Activities and other comprises:
| 2022 | 2021 | ||||||
| Assets US$m | Liabilities US$m | Net assets/(liabilities) US$m | Assets US$m | Liabilities US$m | Net assets/(liabilities) US$m | ||
| Central Activities | 682 | (155) | 527 | 583 | (245) | 338 | |
| Investments in associates | — | — | — | 54 | — | 54 | |
| Net debt1 | 199 | (3,973) | (3,774) | 297 | (4,127) | (3,830) | |
| Tax | 83 | (462) | (379) | 120 | (537) | (417) | |
| 964 | (4,590) | (3,626) | 1,054 | (4,909) | (3,855) | ||
1 Total Net debt comprises Net debt included within Central Activities plus lease obligations, net of interest, included in operating segments of US$176m (2021: US$196m). We have updated our definition of Net debt to include lease obligations and Net debt for the year ended 31 March 2021 is restated accordingly (note 6).
Capital employed
| 2022 US$m | 2021 (Restated) (Note 6) US$m | |
| North America | 4,590 | 4,112 |
| Latin America | 1,104 | 896 |
| UK and Ireland | 950 | 937 |
| EMEA/Asia Pacific | 989 | 1,029 |
| Total operating segments | 7,633 | 6,974 |
| Central Activities | 527 | 392 |
| Add: lease obligations in operating segments | 177 | 198 |
| Less: accrued interest on lease obligations in operating segments | (1) | (2) |
| Less: right-of-use assets | (153) | (172) |
| Less: non-controlling interests | (38) | (38) |
| Capital employed attributable to owners | 8,145 | 7,352 |
The three-point average capital employed figure of US$7,774m (2021 restated: US$6,901m), used in our calculation of ROCE, is determined by calculating the arithmetic average of capital employed at 31 March 2022, 30 September 2021 and 31 March 2021.
(iv) Capital expenditure, amortisation and depreciation
| Capital expenditure | Right-of-use asset additions | Amortisation | Depreciation | ||||||||
| 2022 US$m | 2021 US$m | 2022 US$m | 2021 US$m | 2022 US$m | 2021 US$m | 2022 US$m | 2021 US$m | ||||
| North America | 251 | 211 | 17 | 26 | 167 | 160 | 58 | 59 | |||
| Latin America | 106 | 81 | 5 | 3 | 69 | 61 | 17 | 17 | |||
| UK and Ireland | 49 | 41 | 6 | 14 | 51 | 50 | 26 | 28 | |||
| EMEA/Asia Pacific | 47 | 28 | 11 | 14 | 33 | 27 | 22 | 22 | |||
| Total operating segments | 453 | 361 | 39 | 57 | 320 | 298 | 123 | 126 | |||
| Central Activities | 55 | 61 | — | — | 38 | 28 | 3 | 1 | |||
| Total Group | 508 | 422 | 39 | 57 | 358 | 326 | 126 | 127 | |||
Amortisation and depreciation above only include amounts charged to Benchmark PBT.
(v) Revenue by country – continuing operations
| 2022 US$m | 2021 US$m | |
| USA | 4,121 | 3,529 |
| UK | 843 | 744 |
| Brazil | 692 | 546 |
| Germany | 93 | 81 |
| Colombia | 68 | 60 |
| South Africa | 57 | 55 |
| Other | 414 | 357 |
| 6,288 | 5,372 |
Revenue is primarily attributable to countries other than Ireland. No single client accounted for 10% or more of revenue in the current or prior year. Revenue from the USA, the UK and Brazil in aggregate comprises 90% (2021: 90%) of Group revenue.
(vi) Non-current assets by country
| 2022 US$m | 2021 US$m | |
| USA | 5,050 | 4,437 |
| UK | 1,018 | 1,079 |
| Brazil | 907 | 731 |
| Germany | 441 | 477 |
| South Africa | 264 | 268 |
| Colombia | 155 | 164 |
| Other | 674 | 703 |
| Segment non-current assets by country | 8,509 | 7,859 |
| Central Activities | 666 | 695 |
| Deferred tax | 46 | 86 |
| 9,221 | 8,640 |
To add clarity to the presentation of this information, non-current assets for Central Activities and deferred tax have been excluded from the analysis by country. The Group has no significant non-current assets located in Ireland.
(b) Information on business segments (including non-GAAP disclosures)
| Year ended 31 March 2022 | Business-to- Business US$m | Consumer Services US$m | Total business segments US$m | Central Activities1 US$m | Total continuing operations US$m |
| Revenue from external customers | |||||
| Ongoing activities | 4,654 | 1,613 | 6,267 | — | 6,267 |
| Exited business activities | 21 | — | 21 | — | 21 |
| Total | 4,675 | 1,613 | 6,288 | — | 6,288 |
| Reconciliation from Benchmark EBIT to profit before tax | |||||
| Benchmark EBIT | |||||
| Ongoing activities before transfer pricing and other adjustments | 1,409 | 386 | 1,795 | (155) | 1,640 |
| Transfer pricing and other allocation adjustments | 9 | (12) | (3) | 3 | — |
| Ongoing activities | 1,418 | 374 | 1,792 | (152) | 1,640 |
| Exited business activities | 8 | (3) | 5 | — | 5 |
| Total | 1,426 | 371 | 1,797 | (152) | 1,645 |
| Net interest expense included in Benchmark PBT (note 15(b)) | (6) | (2) | (8) | (102) | (110) |
| Benchmark PBT | 1,420 | 369 | 1,789 | (254) | 1,535 |
| Exceptional items (note 14(a)) | (74) | — | (74) | 95 | 21 |
| Amortisation of acquisition intangibles (note 21) | (145) | (29) | (174) | — | (174) |
| Acquisition and disposal expenses | (34) | (13) | (47) | — | (47) |
| Adjustment to the fair value of contingent consideration | (26) | — | (26) | — | (26) |
| Non-benchmark share of post-tax loss of associates | — | (26) | (26) | (5) | (31) |
| Interest on uncertain tax provisions | — | — | — | 1 | 1 |
| Financing fair value remeasurements (note 15(c)) | — | — | — | 168 | 168 |
| Profit before tax | 1,141 | 301 | 1,442 | 5 | 1,447 |
| Year ended 31 March 20212 | Business-to- Business US$m | Consumer Services US$m | Total business segments US$m | Central Activities US$m | Total continuing operations US$m |
| Revenue from external customers | |||||
| Ongoing activities | 4,035 | 1,307 | 5,342 | — | 5,342 |
| Exited business activities | 30 | — | 30 | — | 30 |
| Total | 4,065 | 1,307 | 5,372 | — | 5,372 |
| Reconciliation from Benchmark EBIT to profit/(loss) before tax | |||||
| Benchmark EBIT | |||||
| Ongoing activities | 1,184 | 285 | 1,469 | (90) | 1,379 |
| Exited business activities | 9 | (2) | 7 | — | 7 |
| Total | 1,193 | 283 | 1,476 | (90) | 1,386 |
| Net interest expense included in Benchmark PBT (note 15(b)) | (8) | (2) | (10) | (111) | (121) |
| Benchmark PBT | 1,185 | 281 | 1,466 | (201) | 1,265 |
| Exceptional items (note 14(a)) | 35 | — | 35 | — | 35 |
| Impairment of goodwill (note 20) | (53) | — | (53) | — | (53) |
| Amortisation of acquisition intangibles (note 21) | (118) | (20) | (138) | — | (138) |
| Acquisition and disposal expenses | (40) | (1) | (41) | — | (41) |
| Adjustment to the fair value of contingent consideration | (1) | — | (1) | — | (1) |
| Non-benchmark share of post-tax (loss)/profit of associates | — | (3) | (3) | 19 | 16 |
| Interest on uncertain tax provisions | — | — | — | (11) | (11) |
| Financing fair value remeasurements (note 15(c)) | — | — | — | 5 | 5 |
| Profit/(loss) before tax | 1,008 | 257 | 1,265 | (188) | 1,077 |
1 The decrease in Central Activities Benchmark EBIT in the year ended 31 March 2022 is primarily attributable to increased employee share incentive plan and bonus costs.
2 Revenue and Benchmark EBIT for the year ended 31 March 2021 have been re-presented for the reclassification to exited business activities of certain B2B businesses.
Additional information by business segment, including that on total and organic growth at constant exchange rates, is provided in the Strategic report.