HERMÈS - 2018 Registration document

Consolidated financial statements Notes to the consolidated financial statements

23.2.1 Net currency position

As at 31 December 2018

Monetary assets/

Net position before hedging

Net position after hedging

(liabilities) 1 Future cash flows

Derivatives 2

Hedging ratio

In millions of euros

Yuan

145.1

371.8 356.3 284.9 262.7 500.0 106.4

516.9 375.6 337.6 290.3 285.2 102.9

(510.0) (374.5) (341.9) (295.8) (293.2) (107.5)

6.9 1.1

99%

Yen

19.3 52.7 27.6 (3.5) 14.4 10.1

100% 101% 102% 103% 105%

Singapore dollar Hong Kong dollar

(4.3) (5.5) (8.0) (4.7)

US dollar

(214.8)

Pound sterling

80.0 52.0 42.1 37.8 32.9 14.3

94.4 62.1 47.4 42.6 37.2 16.3 13.7 12.9

(91.7) (66.4) (47.1) (42.6) (36.3) (16.6) (13.6) (12.0)

2.7

97%

Euro 3

Swiss franc

(4.4)

107%

Canadian dollar Australian dollar

5.3 4.8 4.4 2.0 6.9 0.8 1.8 5.4 0.6 1.5 1.0

0.4

99%

(0.1)

100%

Thai baht

0.9

98%

Rouble

(0.3)

102%

Danish krone

6.9

0.1 0.8

99% 94% 98% 98% 85% 98% 81% 98%

Malaysian ringgit South Korean won

12.0

(0.1)

(12.7)

(12.8)

12.5

(0.3)

Mexican peso Brazilian real

10.8

12.6 11.7

(12.3) (10.0)

0.3 1.8 0.2 1.5 0.1 0.1

6.3 8.3 6.3 5.3 1.9 1.2 0.5

Turkish lira Indian rupee Czech crown Emirati dirham New Polish zloty Swedish krona Norwegian krone Argentine peso

8.9 7.8 6.3 1.9 1.3 0.5 0.2

(8.7) (6.3) (6.2) (1.9) (1.6) (0.6) 5.6

5

(1.1)

(4.4)

(5.5)

101% 100% 122% 115%

-

(0.0) (0.3) (0.1)

0.1 0.0 0.2

-

-

0.2

SUMMARY

84.4

2,183.4

2,267.9

(2,278.7)

(10.9)

100%

(1) Monetary assets are comprised of receivables and loans as well as bank balances, investments and cash equivalents whose date of maturity is less than three months from the date of acquisition. Monetary liabilities are comprised of financial liabilities as well as operating liabilities and various liabilities. (2) Purchase/(Sale). (3) Euro foreign exchange risk for subsidiaries having a different functional currency.

2018 REGISTRATION DOCUMENT HERMÈS INTERNATIONAL

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