1. Segmental analysis

The Group's operating segments under IFRS 8 have been determined based on management accounts reviewed by the Board. The performance of operating segments is assessed on profits before interest and tax, excluding equity settled share option charges recognised under IFRS 2 Share-Based Payment and unrealised foreign exchange gains or losses on derivatives which do not qualify for hedge accounting. The activities, products and services of the operating segments are detailed in the Directors' Report. The Property Management segment holds properties and property leases which are sub-let to other segments and external parties.

External revenueInternal revenueTotal revenue
2013
£m
2012
£m
2013
£m
2012
£m
2013
£m
2012
£m
NEXT Retail2,190.92,191.46.06.72,196.92,198.1
NEXT Directory1,192.61,088.73.71,196.31,088.7
NEXT International Retail77.776.377.776.3
NEXT Sourcing8.87.5498.3511.5507.1519.0
3,470.03,363.9508.0518.23,978.03,882.1
Lipsy58.154.90.53.558.658.4
Property Management20.36.2192.0188.8212.3195.0
Total segment revenues3,548.43,425.0700.5710.54,248.94,135.5
Third party distribution14.416.114.416.1
Eliminations(700.5)(710.5)(700.5)(710.5)
Continuing operations3,562.83,441.13,562.83,441.1
Discontinued (Ventura)64.82.066.8
20132012
Segment profitUnderlying
£m
Exceptional
items
(Note 6)
£m
Total
£m
Underlying
£m
Exceptional
items
(Note 6)
£m
Total
£m
NEXT Retail331.1331.1323.7323.7
NEXT Directory302.1302.1262.6262.6
NEXT International Retail8.48.47.97.9
NEXT Sourcing30.830.821.121.1
672.4672.4615.3615.3
Lipsy2.02.01.31.3
Property Management3.59.112.65.65.6
Total segment profit677.99.1687.0622.2622.2
Central costs and other(13.9)35.821.9(7.1)3.1(4.0)
Share option charge(17.8)(17.8)(16.8)(16.8)
Unrealised foreign exchange3.43.4(1.1)(1.1)
Trading profit649.644.9694.5597.23.1600.3
Share of results of associates0.60.61.51.5
Finance income0.40.40.56.16.6
Finance costs(29.0)(29.0)(28.9)(28.9)
Profit before tax – continuing operations621.644.9666.5570.39.2579.5
Profit before tax – discontinued (Ventura)2.938.040.9

Transactions between operating segments are made on an arm's length basis in a manner similar to those with third parties. Segment revenue and segment profit include transactions between business segments which are eliminated on consolidation.

Property, plant
& equipment
Capital expenditureDepreciation
2013
£m
2012
£m
2013
£m
2012
£m
2013
£m
2012
£m
NEXT Retail374.1407.273.2105.4101.4100.8
NEXT Directory84.588.86.716.310.912.1
NEXT International Retail1.11.70.40.50.7
NEXT Sourcing2.63.40.60.71.01.3
Lipsy6.88.90.82.92.32.1
Property Management68.071.80.20.20.2
Ventura (discontinued)0.31.4
Other0.20.10.10.10.10.2
Total537.3581.981.6126.1116.4118.8

Analyses of the Group's external revenues (by customer location) and non-current assets (excluding investments, the defined benefit pension surplus, other financial assets and deferred tax assets) by geographical location are detailed below:

External revenue by geographical location2013
Continuing
£m
2012
Continuing
£m
2012
Discontinued
£m
United Kingdom3,319.33,245.763.7
Rest of Europe171.1148.1
Middle East34.228.0
Asia13.911.2
Rest of World24.38.11.1
3,562.83,441.164.8
Non-current assets by geographical location2013
£m
2012
£m
United Kingdom537.9579.6
Rest of Europe12.015.0
Middle East4.54.6
Asia27.628.2
Rest of World0.10.1
582.1627.5

There were no discontinued operations in the current year (last year: Ventura).