5. Segment information: According to geographic segments

The management of the Group is organized by means of companies of individual countries. For the definition of business segments to be disclosed, the Group has aggregated companies of individual countries on the basis of similar economic structures (foreign exchange risks, growth perspectives, element of an economic area), similar products and trade landscapes, and economic attributes (gross profit margins).

The three segments to be disclosed are:

Business segment “Europe”, consisting of the European companies and business units.
Business segment “NAFTA”, consisting of the companies in the USA, Canada, and Mexico.
Business segment “All other segments”, consisting of the companies in Australia, Japan, South Africa, Hong Kong, China and Brazil as well as the business units distributors and duty-free.

The Group considers the operating result as the segment result. Transactions between segments are valued and recorded in accordance with the cost-plus method.

Segment income

	Segment Europe		Segment NAFTA		All other segments		Total
CHF million	2014	2013	2014	2013	2014	2013	2014	2013
Sales	2,003.1	1,870.5	1,259.4	876.2	393.8	359.9	3,656.3	3,106.6
Less sales between segments	258.9	216.2	12.0	7.9	–	–	270.9	224.1
Third party sales	1,744.2	1,654.3	1,247.4	868.3	393.8	359.9	3,385.4	2,882.5
Operating profit	259.4	249.4	165.6	109.4	49.3	45.3	474.3	404.1
Net financial result							– 1.8	– 2.8
Income before taxes							472.5	401.3
Taxes							– 129.9	– 98.3
Net income							342.6	303.0

The following countries achieved the highest sales Group-wide in 2014:

USA CHF 1,080.2 million (CHF 709.1 million in 2013)
Germany CHF 518.9 million (CHF 501.1 million in 2013)
France CHF 380.6 million (CHF 362.9 million in 2013)

Balance sheet and other information

	Segment Europe		Segment NAFTA		All other segments		Total
CHF million	2014	2013	2014	2013	2014	2013	2014	2013
Assets ¹⁾	3,401.2	3,193.9	2,015.4	554.5	164.9	132.3	5,581.5	3,880.7
Liabilities ¹⁾	2,120.8	989.7	344.6	152.3	114.4	104.0	2,579.8	1,246.0
Investments	151.2	154.8	58.3	32.2	25.1	4.4	234.6	191.4
Depreciation and amortization	76.4	70.9	31.1	25.0	2.4	2.6	109.9	98.5
Impairment	3.5	0.1	0.1	0.3	0.2	0.3	3.8	0.7

1) Positions in assets of CHF –7.6 million (CHF 4.7 million in 2013) and in liabilities of CHF 52.3 million (CHF 60.1 million in 2013) which cannot be clearly allocated to a particular segment are disclosed in the category “All other segments”.

The following countries held the greatest portion of fixed and intangible assets Group-wide in 2014:

USA CHF 1,279.2 million (CHF 214.6 million in 2013)
Germany CHF 263.9 million (CHF 227.7 million in 2013)
Switzerland CHF 169.6 million (CHF 165.1 million in 2013)
Italy CHF 123.8 million (CHF 128.5 million in 2013)