HERMES_REGISTRATION_DOCUMENT_2017
5
CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As at 31/12/2016
Future cash flows
Net position before hedging
Net position after hedging
Monetary assets/ (liabilities) 1
Derivatives 2
Hedging ratio
In millions of euros
US dollar
(46.1) 118.6
394.2 192.6 237.8 209.9 195.8
348.1 311.2 261.3 253.6 113.8
(382.8) (281.8) (254.6) (248.8) (122.4)
(34.7)
110%
Yuan
29.3
91% 97% 98% 95% 93% 97% 98% 95% 98% 99% 98% 97% 83% 91% 98% 99% 97%
Yen
23.5 43.8
6.6 4.9
Singapore dollar Hong Kong dollar
(82.0)
(8.6)
108%
12.9
58.8 79.3 35.1 35.0 23.6 21.9 22.0
71.7 60.6 46.3 39.4 27.6 26.3 25.6
(68.0) (56.5) (44.9) (38.7) (26.3) (25.8) (25.4)
3.7 4.1 1.4 0.7 1.3 0.5 0.3 0.3 1.4 0.0 0.5 0.1 0.0
Euro 3
Pound sterling
(18.7)
Swiss franc
11.2
Canadian dollar Australian dollar
4.5 3.9 4.3 3.6
Rouble
Thai baht
South Korean won
(0.2)
(10.0)
(10.2)
10.0 (9.1) (6.7) (6.0) (4.7) (4.1) (3.8)
(0.2)
Mexican peso Brazilian real Turkish lira Indian rupee Czech crown Danish krone Emirati dirham Argentine peso Swedish krona
0.6 1.4
8.8 6.7 6.0 4.6 4.1 3.8
9.4 8.1 6.0 5.2 4.2 3.9
(0.0)
100%
0.6 0.1 0.0 0.0 1.1 0.1
(3.0)
(3.0)
2.9
(0.1)
- -
1.1 0.1
- -
1.1 0.1
- -
83.1
1,527.2
1,610.3
(1,597.6)
12.6
99%
SUMMARY
(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.
A10%appreciation in the currencies towhich theGroup is exposedat the closing date would have resulted in a -€134.6 million decrease in equity (before tax) in the fair value reserve. An impairment of 10% would have an impact of +€134.5 million (before tax). Moreover, a 10% appreciation in the currencies to which the Group is exposed would have led to a €1.1 million increase in net income at the closing date. A 10% depreciation would have led to a -€0.9 million decrease in net income.
22.2.2 Sensitivity to exchange rate fluctuations The sensitivity of equity to foreign exchange risk is analysed for the cash flow hedge reserve. The impact on equity corresponds to the change in the market value of cash flow hedging derivatives relative to the current variance in exchange rates, ceteris paribus.
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2017 REGISTRATION DOCUMENT HERMÈS INTERNATIONAL
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