Business segments

For management purposes the Group is organised on a worldwide basis into four major operating businesses. The strategic business units are the basis upon which the Group reports its primary segment information. Financial information on business and geographical segments is presented in section I (see "segment information” below).

There are no material inter-segment transactions. All consolidation entries are included in the relevant segment.

According to the monthly reporting scheme, which is the basis for the primary segment information, all sales and all direct and indirect expenses (including overhead and administrative costs) are allocated to business segments.