Ac c oun ting polic y Earnings per shar e T he Gr oup pr esen ts basic and dilut ed e arnings per shar e EPS da t a f or its or dinary shar es B asic EPS is calcula t ed b y dividing the pr o ft or los s a ttribut able t o or dinary shar ehold ers o f the C ompan y b y the w eigh t ed a v er age number o f or dinary shar es outs t anding during the period Dilut ed EPS is de t ermined b y ad jus ting the pr o ft or los s a ttribut able t o or dinary shar eholders and the w eigh t ed a v er age number o f or dinary shar es outs t anding f or the e f f ec ts o f al l dilutiv e po t en tial or dinary shar es which c omprise per f ormanc e righ ts gr an t ed t o emplo y ees 1C REVENUE R e v enue r epr esen ts the f air v alue o f the c onsider a tion r ec eiv ed or r ec eiv able f or servic es r ender ed e x cluding s ales r ela t ed t a x es and in tr a gr oup tr ans ac tions AA SB 15 R e v enue fr om c on tr ac ts with cus t omers came in t o e f f ec t on 1 April 2018 and r eplac ed AA SB 118 R e v enue AA SB 111 C ons truc tion C on tr ac ts and r ela t ed in t erpr e t a tions W hils t AA SB 118 is based on deliv er ables and the tr ans f er o f risk and r e w ar ds AA SB 15 iden tifes per f ormanc e obli ga tions P er f ormanc e obliga tions v ary acr os s busines s lines and r egions and on a c on tr ac t b y c on tr ac t basis Under AA SB 15 r e v enue is r ec ognised a t an amoun t tha t r e fec ts the c onsider a tion t o which an en tit y e xpec ts t o be en titled in e x change f or tr ans f erring servic es t o a cus t omer T he Gr oup adop t ed AA SB 15 fr om 1 April 2018 and the e f f ec t o f initial ly applying this s t andar d is mainly a ttribut ed t o the f ol lo wing nonpr ojec t r ela t ed w orks in pr ogr es s is no longer r ec ognised as r e v enue de f err al in the r ec ognition o f r e v enues a tt aching t o the Gr oup s T ribology oper a tions Indus trial division T he na tur e and e f f ec t o f initial ly applying AA SB 15 on the Gr oup s fnancial s t a t emen ts ar e disclosed in no t e 7b Dis aggr ega tion o f r e v enue fr om c on tinuing oper a tions R e v enue is dis aggr ega t ed b y geogr aphical loca tions o f e xt ernal cus t omers In mil lions o f A UD C onsolida t ed 2019 2018 A frica 543 466 A sia P acifc 6218 5516 EMENA 3950 3485 Americas 5937 5002 T o t al r e v enue 16648 14469 Ac c oun ting polic y R e v enue Servic es r ender ed T he Gr oup r ec ognise r e v enue when the amoun t o f r e v enue can be r e adily me asur ed and it is pr obable tha t futur e ec onomic bene fts wil l fo w t o the Gr oup AA SB 15 es t ab lishes a fv e s t ep model t o ac c oun t f or r e v enue arising fr om c on tr ac ts with cus t omers and r equir es judgemen t t aking in t o c onsider a tion al l o f the r ele v an t f ac ts and cir cums t anc es when applying e ach s t ep o f the model t o c on tr ac t with cus t omers T he Gr oup r ec ognises r e v enue based on tw o models ser vic es tr ans f err ed a t a poin t in time and servic es tr ans f err ed o v er time T he ma jorit y o f the Gr oup s cus t omer c on tr ac ts giv e rise t o shor t t erm pr ojec ts wher e r e v enue is r ec ognised a t a poin t in time R e v enue fr om these pr ojec ts is r ec og nised in the pr o ft and los s s t a t emen t upon c omple tion o f the per f ormanc e obliga tions usual ly when the r epor t o f fndings or t es t inspec tion c er tifca t e is is sued R e v enue fr om these pr ojec ts is me asur ed ac c or ding t o the tr ans ac tion pric e agr eed in the c on tr ac t Onc e servic es ar e r ender ed the cus t omer is in v oic ed and pa ymen t is due as per the t erms o f the agr eemen t t ypical ly be tw een 3090 da ys F or long t erm pr ojec ts the Gr oup r ec ognise r e v enue in the pr o ft and los s s t a t emen t o v er time R e v enue fr om these pr ojec ts is r ec ognised based on the me asur e o f pr ogr es s W hen the Gr oup has a righ t t o c onsider a tion fr om a cus t om er a t the amoun t c orr esponding dir ec tly t o the cus t omer s v alue o f the per f ormanc e c omple t ed t o da t e r e v enue is r ec ognised in the amoun t t o which the Gr oup has a righ t t o in v oic e L ong t erm c on tr ac t in v oic es ar e is sued per c on tr ac tual ly agr eed ins t almen ts and pric es with pa ymen t due t ypical ly be tw een 3090 da ys fr om in v oicing Dividend Inc ome Dividend inc ome is r ec ognised in pr o ft and los s on the da t e tha t the Gr oup s righ t t o r ec eiv e pa ymen t is es t ablished 52 ALS LIMITED AND IT S SUBSIDIARIES A NNU AL F INANCIAL R EPOR T F OR THE Y EAR E NDED 31 M AR CH 2019 F INANCIAL REPOR T F INANCIAL S T A TEMENT S N O TES T O THE FINANCIAL S T A TEMENT S Financial o v ervie w