HERMES_REGISTRATION_DOCUMENT_2017

CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

22.2.1 Net currency position

As at 31/12/2017

Future cash flows

Net position before hedging

Net position after hedging

Monetary assets/ (liabilities) 1

Derivatives 2

Hedging ratio

In millions of euros

Yuan

120.7

248.6 228.1 241.1 376.9 189.8

369.3 280.2 263.4 258.9 208.8

(336.9) (273.4) (266.2) (269.0) (222.6)

32.4

91% 98%

Singapore dollar

52.1 22.3

6.8

Yen

(2.8)

101% 104% 107% 112%

US dollar

(118.1)

(10.1) (13.8)

Hong Kong dollar

19.0

4.9 7.5 4.7 6.4 3.0 6.3 7.2 5.9 0.1 1.8 0.7 0.0 0.8 0.1 - 1.7

63.5 36.8 37.6 27.4

68.4 44.4 42.3 33.8 31.1 26.9 20.0 14.8 12.5 11.4 10.9

(76.4) (42.1) (46.5) (28.5) (37.2) (26.9) (16.9) (14.9) (10.0) (11.4) (10.5)

(8.0)

Euro 3

Canadian dollar

2.3

95%

Swiss franc

(4.2)

110%

Australian dollar Pound sterling

5.3

84%

(71.3)

102.4

(6.2) (0.0)

120% 100%

Thai baht

23.9 13.7

Rouble

3.1

85%

Danish krone Brazilian real

7.7 6.5

(0.1)

101%

2.5

80%

Malaysian ringgit

11.4

-

100%

Mexican peso

9.2

0.4

97% 99%

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

(0.1)

(10.5)

(10.6)

10.5 (7.6) (4.6) (5.2)

(0.1) (0.5)

7.0 5.0 4.5

7.1 6.7 5.2 1.3 0.8 0.5

108%

2.1

69%

(0.0) (0.3)

100%

5

(0.8)

(4.1)

(4.9)

4.7

95% 97%

1.3

(1.3)

0.0 0.8 0.1

-

-

0.4

(0.4)

83%

(0.1) 74.8

-

(0.1)

-

(0.1)

SUMMARY

1,628.2

1,703.1

(1,693.4)

9.6

99%

(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.

2017 REGISTRATION DOCUMENT HERMÈS INTERNATIONAL

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