HERMES_REGISTRATION_DOCUMENT_2017

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CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF CASH FLOWS FOR 2017

CONSOLIDATED STATEMENT OF CASH FLOWS FOR 2017

5.5

Before allocation

2017

2016

Notes

In millions of euros

CASH FLOWS RELATED TO OPERATING ACTIVITIES Net income attributable to owners of the parent

1,221.5

1,100.3

Depreciation and amortisation

11, 12 and 13 10, 11 and 12

201.1

201.8

Impairment losses

41.9 (1.4) 19.7 78.6 (5.3)

30.3

Mark-to-Market financial instruments

7.2

Foreign exchange gains/(losses) on fair value adjustments

30.4 70.1

Change in provisions

Net income from associates

15 21

(10.9)

Net income attributable to non-controlling interests

4.3 1.3

3.9

Capital gains/(losses) on disposals

(18.8) (29.3)

Deferred tax expense

(25.3)

Accrued expenses and income related to share-based payments

62.0 (0.3)

53.8 (0.1)

Other

Operating cash flows

1,598.1

1,438.7

Dividend income

(17.9) (8.6) 689.7

(11.6)

Interest income and expenses

(3.4)

Current tax expense

612.5

Operating cash flows before financial interest, dividends and taxes Change in working capital requirements related to the activity

2,261.3

2,036.2

34.7

22.5

Interest income and expenses

8.6

3.4

Income tax paid

(698.9) 1,605.6

(588.2) 1,473.9

Change in net cash related to operating activities CASH FLOWS RELATED TO INVESTING ACTIVITIES Purchase of intangible assets Purchase of property, plant and equipment assets

11

(49.3)

(46.9)

12 et 13

(216.0)

(215.2)

Investments in subsidiaries and associates

(4.9)

(23.3) (13.0)

Purchase of other financial assets

14

(142.7)

Amounts payable to fixed asset suppliers Proceeds from sale of operating assets Proceeds from sale of investments in associates Proceeds from sale of other financial assets Change in net cash related to investing activities CASH FLOWS RELATED TO FINANCING ACTIVITIES Dividends paid Dividends received

15.8

2.8

3.6

18.1

-

9.5

14

10.7 36.0

22.8 25.7

(346.7)

(219.6)

(401.9) (187.9)

(360.1) (108.8)

Treasury share buybacks net of disposals

Proceeds from borrowings Repayment of borrowings

0.7

3.6

(1.8)

(5.8) (0.0)

Other increases/(decreases) in equity

-

Change in net cash related to financing activities

(590.9)

(471.2)

Change in scope

0.0

(0.0)

Change in foreign currency translation adjustment on intra-group transactions

(23.5) (52.7) 591.8

(27.6)

Foreign currency translation adjustment CHANGE IN NET CASH POSITION

19 19 19 19

(6.9)

748.6

Net cash position at the beginning of the period Net cash position at the end of the period

2,319.8 2,911.7

1,571.2 2,319.8

N.B.: The values shown in the tables are generally expressed in millions of euros. In certain cases, the effects of rounding up/down can lead to a slight discrepancy on the level of the totals or changes.

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2017 REGISTRATION DOCUMENT HERMÈS INTERNATIONAL