Other operating income and 3 31 8 10 221 depreciation

Other operating income and expenses (15) (154) (3) (31) (8) (10) - (221)
Depreciation and
amortization expense (132) (641) (183) (199) (366) (42) - (1,563)
Impairment expense (15) (96) (1) - (5) (19) - (136)
Intangible assets and goodwill
(b)
4,900 7,207 1,231 5,850 3,560 946 - 23,694
Property, plant and equipment 2,484 2,125 525 501 1,550 3,972 - 11,157
Inventories 4,795 1,566 447 1,361 1,909 230 (212) 10,096
Other operating assets 1,392 874 782 731 761 920 7,194
(c)
12,654
Total assets 13,571 11,772 2,985 8,443 7,780 6,068 6,982 57,601
Equity - - - - - - 25,799 25,799
Liabilities 1,426 2,451 1,400 922 2,425 1,131 22,047
(d)
31,802
Total liabilities and equity 1,426 2,451 1,400 922 2,425 1,131 47,846 57,601
Operating investments
(e)
(233) (553) (229) (204) (399) (337) - (1,955)
The Group’s brands and trade names are organized into six
business groups. Four business groups – Wines and Spirits,
Fashion and Leather Goods, Perfumes and Cosmetics and
Watches and Jewelry – comprise brands dealing with the same
category of products that use similar production and distribution
processes. The Selective Retailing business comprises the Group’s
own-label retailing activities. Other activities and holding
companies comprise brands and businesses that are not associated
with any of the above mentioned business groups, most often
relating to the Group’s new businesses and holding or real
estate companies.
23. SEGMENT INFORMATION
The Group, mainly through its Watches and Jewelry business
group, may be exposed to changes in the prices of certain
precious metals, such as gold. In certain cases, in order to ensure
visibility with regard to production costs, hedges may be
implemented. This is achieved either by negotiating the forecast
price of future deliveries of alloys with precious metal refiners,
or the price of semi-finished products with producers; or
directly by purchasing hedges from top-ranking banks. In the
latter case, gold may be purchased from banks, or future and/or
options contracts may be taken out with a physical delivery
of the gold. Derivatives outstanding relating to the hedging of
precious metal prices as of December 31, 2015 have a negative
market value of 2 million euros. Considering nominal values
of 145 million euros for those derivatives, a uniform 1% change
in their underlying assets’ prices as of December 31, 2015 would
have a net impact on the Group’s consolidated reserves in an
amount of less than 1.5 million euros. These instruments mature
in 2016.
54
Financial Documents - December 31, 2015
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Selected notes to the consolidated financial statements

Fiscal year 2014
(EUR millions)
Wines and Fashion and Perfumes Watches Selective Other and Eliminations Total
Spirits Leather and and Retailing holding and not
Goods Cosmetics Jewelry companies allocated
(a)
Sales outside the Group 3,945 10,796 3,368 2,720 9,511 298 - 30,638
Intra-Group sales 28 32 548 62 23 14 (707) -
Total revenue 3,973 10,828 3,916 2,782 9,534 312 (707) 30,638
Profit from recurring operations 1,147 3,189 415 283 882 (162) (39) 5,715
Other operating income and expenses (34) (110) (14) 1 (74) (53) - (284)
Depreciation and
amortization expense (119) (555) (149) (171) (296) (41) - (1,331)
Impairment expense (22) (71) (9) (1) (85) (34) - (222)
Intangible assets and goodwill
(b)
3,758 7,242 1,183 5,635 3,161 862 - 21,841
Property, plant and equipment 2,339 2,165 477 425 1,415 3,566 - 10,387
Inventories 4,567 1,561 398 1,244 1,668 239 (202) 9,475
Other operating assets 1,340 781 664 635 668 608 6,963 (c) 11,659
Total assets 12,004 11,749 2,722 7,939 6,912 5,275 6,761 53,362
Equity - - - - - - 23,003 23,003
Liabilities 1,461 2,265 1,325 743 2,053 932 21,580
(d)
30,359
Total liabilities and equity 1,461 2,265 1,325 743