Notes to the financial statements (cont’d) For the year ended 30 June 2012 6  Operating segments The Group’s chief operating decision maker is the Group Managing Director. The strategic business units offer different products and  services, and are managed separately because they require different technology and marketing strategies. The principal products and  services of each of these strategic business units are as follows: The provision of administration and management services through master trust platforms, which offer a single access point to a range  of investment products. The management and investment of monies on behalf of corporate, superannuation, institutional clients and private individual  investor clients. Investment management segment includes revenue and results of the Perennial Group. The provision of financial planning advice supported by services such as investment research, training, compliance support and access  to financial products. The provision of estate planning, trustee, custodial, agency and estate administration services to clients. Corporate and other costs include those of a strategic, shareholder or governance nature incurred in carrying on business as a listed  entity managing multiple business units. Information regarding the results of each reportable segment is included below. Performance is measured based on segment profit  before income tax as management believes that such information is the most relevant in evaluating the results of certain segments  relative to other entities that operate within these industries. Corporate and other Trustee services Financial advice and distribution Investment management Platform management and administration Reconciliation of reportable segment revenues and expenses Total Total 2012 2011 Expenses $’000 $’000 Service fees and other  direct costs 252,994  275,597  Amortisation of deferred  acquisition costs 6,568  7,4 66  Operating expenditure 226,508  204,766  Share-based payments  expense 3,013  3,232  Depreciation and  amortisation 24,738  21,713  Impairment 9,174  - Consolidated expenses 522,995  512,774  Total Total 2012 2011 Revenues $’000 $’000 External management  and service fee revenue 524,275  551,059  External other fee  revenue 21,503  15,498  Other external revenue 60,606  64,845  Finance income 18,380  11,247  Consolidated revenue 624,764  642,649  page 82