Annual Report 2004 81
Australia International Consolidated
2004 2003 2004 2003 2004 2003
28. Segment Information (continued) $million $million $million $million $million $million
Primary Reporting
Geographic segments
Revenue
Total segment revenue 1,633.1 1,445.9 120.7 134.6 1,753.8 1,580.5
Other unallocated revenue (0.6) 38.9
Total revenue 1,753.2 1,619.4
Results
Earnings before interest, tax and significant items 505.9 529.8 3.8 15.6 509.7 545.4
Significant items:
Insurance recovery 116.6 – – – 116.6 –
Costs associated with Moomba liquids recovery plant fire (17.5) – – – (17.5) –
Profit on sale of oil and gas assets 43.9 – – – 43.9 –
Write-down of exploration and development expenditure (4.7) (1.3) (17.4) (58.4) (22.1) (59.7)
Organisation restructure costs (21.6) – – – (21.6) –
Accelerated depreciation – Heytesbury – (20.2) – – – (20.2)
622.6 508.3 (13.6) (42.8) 609.0 465.5
Gain on sale of listed investments 0.1 45.8
Unallocated corporate expenses (34.7) (45.8)
Earnings before interest and tax 574.4 465.5
Unallocated borrowing costs (33.6) (34.6)
Profit from ordinary activities before income tax expense 540.8 430.9
Income tax expense (160.9) (103.9)
Net profit after income tax attributable to the 
shareholders of Santos Ltd 379.9 327.0
Non-cash expenses
Depreciation, depletion and amortisation 434.4 454.9 90.8 65.9 525.2 520.8
Unallocated corporate depreciation, depletion and amortisation 14.5 10.8
Total depreciation, depletion and amortisation 539.7 531.6
Write-down of exploration and development expenditure 4.7 1.3 17.4 58.4 22.1 59.7
Unallocated corporate write-down of listed investment – 4.4
Total non-cash expenses 561.8 595.7
Acquisition of non-current assets
Controlled entities 92.2 24.0 35.1 – 127.3 24.0
Oil and gas assets, property, plant and equipment 761.8 587.0 146.4 140.0 908.2 727.0
Unallocated corporate acquisition of oil and gas assets, 
property, plant and equipment 21.3 23.3
Total acquisition of non-current assets 1,056.8 774.3
Assets
Segment assets 5,120.1 4,447.8 694.7 602.7 5,814.8 5,050.5
Unallocated corporate assets 141.2 167.8
Consolidated total assets 5,956.0 5,218.3
Liabilities
Segment liabilities 2,129.1 1,678.3 120.9 174.9 2,250.0 1,853.2
Unallocated corporate liabilities 207.7 277.2
Consolidated total liabilities 2,457.7 2,130.4
Secondary Reporting
Business segments
The Santos Group operates predominantly in one business, namely the exploration, development, production, transportation and marketing of
hydrocarbons. Revenue is derived from the sale of gas and liquid hydrocarbons and the transportation of crude oil.
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