HERMÈS - 2019 Universal Registration Document

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CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

LEASES NOTE 14 Right-of-use assets 14.1 The breakdown of right-of-use assets by nature of the underlying asset is as follows:

Amortisation and impairment

31/12/2018 Net

Gross

31/12/2019 Net

In millions of euros

Stores

814.2 168.7 982.9

1,449.5

(657.9) (119.9) (777.7)

791.7 162.6 954.3

Offices and other

282.5

TOTAL

1,732.0

The change in right-of-use assets during the financial year is as follows:

Stores

Offices and other

Total

In millions of euros

Gross amount at 1 January

1,365.1

260.2

1,625.3

Implementation of new leases and revisions Expiry and early termination of leases

163.7

30.9

194.7

(105.8)

(10.4)

(116.2)

Exchange rate impact

25.7

1.8

27.5

Other movements and reclassifications

0.8

-

0.7

GROSS AMOUNT AT THE END OF THE PERIOD

1,449.5

282.5

1,732.0

Stores

Offices and other

Total

In millions of euros

Amortisation and impairment losses at 1 January

(550.9) (181.5)

(91.4) (36.7)

(642.4) (218.2)

Amortisation and impairment

Expiry and early termination of leases

85.8

9.0

94.8

Exchange rate impact

(11.2)

(0.7)

(11.9)

Other movements and reclassifications

(0.1)

-

(0.1)

AMORTISATION AND IMPAIRMENT LOSSES AT END OF PERIOD

(657.9)

(119.9)

(777.7)

Lease liabilities 14.2

< 1 year 195.6

1 to 5 years

> 5 years

31/12/2019

31/12/2018

In millions of euros

Total lease liabilities

531.1

364.9

1,091.6

1,116.0

The change in liabilities over the financial year is analysed below:

In millions of euros Lease liabilities at 1 January

1,116.0

Implementation of new leases and revisions Expiry and early termination of leases

180.7 (21.6)

Repayments

(202.8)

Exchange rate impact

18.3

Other movements and reclassifications LEASE LIABILITIES AT END OF PERIOD

1.0

1,091.6

At the end of December 2019, rents relating to uncapitalised leases unit value or on leases with a remaining term of less than 12 months) in correspond to rents with variable payments in the amount of the amount of €9.2 million (compared with €8.4 million in 2018).

€259.5 million for the financial year (compared with €223.5 million for the financial year 2018) and exempted rents (rents on assets with a low

Financial expenses relating to lease liabilities are presented in Note 9.

2019 UNIVERSAL REGISTRATION DOCUMENT HERMÈS INTERNATIONAL

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