7. Segment Information: According to Geographic Segments
The Lindt & Sprüngli Group is organized and managed by means of individual countries. For the definition of business segments to be disclosed, the Lindt & Sprüngli 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 as well as economic attributes (gross profit margins). The three business segments to be disclosed are:
- “Europe”, consisting of the European companies and business units including Russia;
- “North America”, consisting of the companies in the USA, Canada and Mexico; and
- “Rest of the World”, 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 Lindt & Sprüngli Group considers the operating profit as the segment result. Transactions between segments are valued and recorded in accordance with the “Cost Plus”–Method.
|
|
Segment Europe |
|
Segment North America |
|
Rest of the World |
|
Total |
||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CHF million |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Sales |
|
2,612.5 |
|
2,266.9 |
|
1,694.9 |
|
1,541.9 |
|
568.2 |
|
469.4 |
|
4,875.6 |
|
4,278.2 |
Whereof sales between segments |
|
283.7 |
|
255.5 |
|
6.4 |
|
5.9 |
|
– |
|
– |
|
290.1 |
|
261.4 |
Third party sales |
|
2,328.8 |
|
2,011.4 |
|
1,688.5 |
|
1,536.0 |
|
568.2 |
|
469.4 |
|
4,585.5 |
|
4,016.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
424.9 |
|
289.9 |
|
129.4 |
|
88.9 |
|
90.6 |
|
41.5 |
|
644.9 |
|
420.3 |
Net financial result |
|
|
|
|
|
|
|
|
|
|
|
|
|
– 23.2 |
|
– 26.2 |
Income before taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
621.7 |
|
394.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
– 131.2 |
|
– 74.0 |
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
490.5 |
|
320.1 |
The following countries achieved the highest sales in 2021:
- USA CHF 1,428.9 million (CHF 1,312.0 million in prior year)
- Germany CHF 745.9 million (CHF 668.9 million in prior year)
- France CHF 428.8 million (CHF 402.5 million in prior year)
- Switzerland CHF 353.6 million (CHF 298.4 million in prior year)
For better understanding, the revenues of the Lindt & Sprüngli Group are further disaggregated by sales channels, such as Global Retail (consisting of store network, own webshops and other direct sales), key accounts (local and international) and distributors (local and international). The disaggregation by sales channel is not used by Management for business controlling and thus does not represent an operating segment. In 2021, revenues of Global Retail amounted to CHF 585.4 million (CHF 446.9 million in prior year). There is no individual customer exceeding 10% of the third party sales recognized in the reporting period.
|
|
Segment Europe |
|
Segment North America |
|
Rest of the World |
|
Total |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CHF million |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Assets |
|
6,173.3 |
|
5,523.1 |
|
2,410.5 |
|
2,199.5 |
|
372.3 |
|
328.4 |
|
8,956.1 |
|
8,051.0 |
||||
Liabilities |
|
2,819.1 |
|
2,614.9 |
|
726.0 |
|
656.2 |
|
187.4 |
|
173.6 |
|
3,732.5 |
|
3,444.7 |
||||
Investments1 |
|
185.1 |
|
201.6 |
|
122.6 |
|
116.5 |
|
26.6 |
|
15.2 |
|
334.3 |
|
333.3 |
||||
Depreciation and amortization |
|
156.6 |
|
139.8 |
|
91.6 |
|
90.3 |
|
21.1 |
|
21.3 |
|
269.3 |
|
251.4 |
||||
Impairment |
|
6.8 |
|
6.2 |
|
0.1 |
|
14.5 |
|
0.4 |
|
3.7 |
|
7.3 |
|
24.4 |
||||
|
||||||||||||||||||||
The following countries held the largest share of right-of-use, fixed and intangible assets in 2021:
- USA CHF 1,444.3 million (CHF 1,361.7 million in prior year)
- Switzerland CHF 694.8 million (CHF 695.1 million in prior year)
- Germany CHF 317.6 million (CHF 327.7 million in prior year)