HERMÈS - 2020 Universal registration document

5

CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at 31/12/2019

< 1 year 4,384.2 3,576.4

1 to 5 years

> 5 years

Total

Floating rate

Fixed rate

In millions of euros Financial assets

- - - - - - -

- - - - - - - - - - - -

4,384.2 1,608.2 2,776.0 3,576.4 1,133.4 2,443.0

Euro

US dollar

190.8 161.1 147.6

190.8 161.1 147.6

185.0

5.8

Chinese yuan

26.7 29.3 38.6

134.4 118.3

Singapore dollar Hong Kong dollar Other currencies

78.6

78.6

40.0 34.5

229.7

229.7

195.2

Financial liabilities 1

20.5 11.2

1.0 1.0

21.5 12.2

21.2 11.8

0.3 0.3

Euro

9.4

-

9.4

9.4

-

Other currencies 2

Net cash position before hedging Net cash position after hedging

4,363.7 4,363.7

(1.0) (1.0)

4,362.7 1,587.0 2,775.7 4,362.7 1,587.0 2,775.7

As at 31/12/2019

< 1 year 4,384.2 4,384.2

1 to 5 years

> 5 years

Total

Floating rate

Fixed rate

In millions of euros Financial assets

- -

- - - - - - -

4,384.2 1,608.2 2,776.0 4,384.2 1,608.2 2,776.0

Cash and cash equivalents

Financial liabilities 1

20.5

1.0 1.0

21.5

21.2

0.3

Medium and long-term financial liabilities Bank overdrafts and short-term liabilities

7.9

8.9

8.9

-

12.6

-

12.6

12.3

0.3

Net cash position before hedging Net cash position after hedging

4,363.7 4,367.7

(1.0) (1.0)

4,362.7 1,587.0 2,775.7 4,362.7 1,587.0 2,775.7

Excluding commitments to buy-out non-controlling interests (€28.7 million as at 31 December 2019). (1) Mainly consists of long-term amortisable floating-rate loan taken out by Hermès Brazil and foreign subsidiaries’ bank overdrafts. (2)

25.3.1 EQUITY RISKS Investments in equities are not material at Group level. As such, the Group has no exposure to equity risk.

25.3.2 SENSITIVITY TO INTEREST RATE FLUCTUATIONS A uniform 1 percentage point increase in interest rates would have had a positive impact of €17.0 million on the consolidated net income before tax (€15.9 million in 2019). The market value of investments is equivalent to their carrying amount. Financial liabilities do not include the liability associated with employee profit-sharing, which is included in “Other liabilities”.

386 2020 UNIVERSAL REGISTRATION DOCUMENT HERMÈS INTERNATIONAL