HERMÈS - 2020 Universal registration document

CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

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

31/12/2020

31/12/2019

Stores Offices and other

Total

Total

In millions of euros

Gross amount at 1 January

1,449.5

282.5 101.9 (19.5)

1,732.0

1,625.3

Implementation of new leases and revisions 1

775.5

877.4

194.7

Expiry and early termination of leases

(197.6) (107.3)

(217.2) (111.6)

(116.2)

Exchange rate impact

(4.3)

27.5

Other movements and reclassifications

(5.3)

0.4

(4.9)

0.7

GROSS AMOUNT AT THE END OF THE PERIOD 1,732.0 The “Implementation of new leases” line includes in particular a new commercial lease for a building located at 706 Madison Avenue in New York. It will house the (1) new Maison Hermès. The current Madison Avenue store will remain open until the inauguration of the new address, scheduled for 2022. 1,914.8 361.0 2,275.8

31/12/2020

31/12/2019

Stores Offices and other

Total

Total

In millions of euros

Amortisation and impairment losses at 1 January

(657.9) (231.6)

(119.9)

(777.7) (277.1)

(642.4) (218.2)

Amortisation and impairment

(45.5)

Expiry and early termination of leases

164.0

18.9

182.9

94.8

Exchange rate impact

39.9

1.7

41.6

(11.9)

Other movements and reclassifications

1.5

(0.7)

0.7

(0.1)

AMORTISATION AND IMPAIRMENT LOSSES AT END OF PERIOD

(684.1)

(145.5)

(829.7)

(777.7)

Lease liabilities 14.2

< 1 year 195.6

1 to 5 years

> 5 years

31/12/2020

31/12/2019

In millions of euros

TOTAL LEASE LIABILITIES

757.8

689.8

1,643.1

1,091.6

5

The breakdown of changes in liabilities over the financial year is as follows:

31/12/2020

31/12/2019

In millions of euros

Lease liabilities at 1 January

1,091.6

1,116.0

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

893.3 (48.4)

180.7 (21.6)

Repayments

(198.7)

(202.8)

Exchange rate impact

(84.5) (10.2)

18.3

Other movements and reclassifications LEASE LIABILITIES AT END OF PERIOD

1.0

1,643.1

1,091.6

At the end of December 2020, rents relating to uncapitalised leases unit value or with a term of less than 12 months) in the amount of correspond to rents with variable payments in the amount of €5.2 million (compared with €9.2 million in 2019).

€260.1 million for the financial year (compared with €259.5 million for the financial year 2019) and exempted rents (leases on assets with a low

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

2020 UNIVERSAL REGISTRATION DOCUMENT HERMÈS INTERNATIONAL

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