HERMES_REGISTRATION_DOCUMENT_2017

5

CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

INVESTMENTS IN ASSOCIATES

NOTE 15

2017

2016

In millions of euros

Balance as at 1st January

87.3 (0.1)

85.4

Impact of changes in scope of consolidation

4.6

Net income from associates

5.3

10.9

Dividends paid

(18.1)

(14.1)

Exchange rate fluctuations

(2.0)

0.6

Other

-

-

Balance as at 31 December

72.5

87.3

LOANS AND DEPOSITS

NOTE 16

Exchange rate impact

31/12/2016

Increases

Decreases

Other

31/12/2017

In millions of euros

Loans and deposits 1

62.2 14.7 47.5

6.0 0.5 5.5

(2.6)

(4.3) (0.9) (3.3)

0.5

61.8 14.2 47.6

Impairments

-

-

TOTAL

(2.6)

0.5

(1) Security deposits amounted to €39.1 million as at 31 December 2017, compared with €39.3 million as at 31 December 2016.

INVENTORIES AND WORK-IN-PROGRESS

NOTE 17

31/12/2017

31/12/2016

Gross

Impairment

Net

Gross

Impairment

Net

In millions of euros

Retail, intermediate and finished goods Raw materials and work-in-progress

947.3 571.0

412.8 209.2 622.1

534.4 361.8 896.2

1,029.5

448.1 214.3 662.4

581.5 333.6 915.1

547.9

TOTAL

1,518.3

1,577.4

Net income/(expense) from impairment of retail, intermediate and finished goods Net income/(expense) from impairment of raw materials and work in progress

-

14.8

-

-

(38.5)

-

-

1.2

-

-

(59.8)

-

No inventories were offered as collateral to secure financial debt.

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2017 REGISTRATION DOCUMENT HERMÈS INTERNATIONAL