HERMES_REGISTRATION_DOCUMENT_2017

PARENT COMPANY FINANCIAL STATEMENTS

NOTE TO THE FINANCIAL STATEMENTS

FINANCIAL ASSETS

NOTE 7

Gross value as at 31/12/2016

Acquisitions/ Subscriptions

Gross value as at 31/12/2017

Net value as at 31/12/2017

Disposals

Impairments

In millions of euros

Note

11

Investments in subsidiaries and associates

1,090.5

70.5

(35.1) (24.4)

1,125.9

(464.2)

661.6

20.3 10.2

4.1 3.0 2.7

-

-

-

Hermès Horizons 1

13.2 11.8

(10.9) (10.3)

2.3 1.5

Maroquinerie de Belley 2 Maroquinerie de Sayat 2 Maroquinerie de la Tardoire 3

9.1 9.0 7.3 1.5

(9.0)

-

-

Hermès Do Brasil Industria E Comercio 2

6.0

13.3

(11.1)

2.2

(1.5)

-

-

Ganterie de Saint-Junien 3

-

50.4

50.4

(0.4) (2.7)

50.0

CHP3 4

0.0

4.0 0.4

4.0

1.4

Maroquinerie de Normandie 2

1,033.1

(0.2) (0.2) (0.2)

1,033.2

(429.0)

604.2 111.9

Other equity interests 5 Other financial assets Financial investments 6

48.5 19.0 25.7

71.6 70.0

119.9

(8.0) (8.0)

88.8 26.2

80.8 26.2

0.5 1.1 0.1

Treasury shares (including liquidity contract) 7

Deposits and guarantees Other long-term investments

3.8 3.2

4.9 2.7

4.9 2.6

(0.5)

(0.1)

FINANCIAL ASSETS

1,142.3

142.1

(35.9)

1,248.4

(472.3)

776.1

The detailed list of investment securities is presented at the end of the notes to the financial statements. The main changes in the year are shown in the notes below: (1) Dissolution of Hermès Horizons by the transfer of all assets and liabilities. (2) Capital increases of Hermès Group subsidiaries. (3) Sale of shares in Maroquinerie de la Tardoire and Ganterie de Saint-Junien to Maroquinerie Nontronnaise. (4) CHP3 is wholly owned by Hermès International.

(5) Other provisions for impairment of securities mainly relate to the subsidiaries Maroquinerie de Saint-Antoine, Hermès Argentina, H Brasil, Castille Investissements, Compagnie Hermès de Participations, Hermès Cuirs Précieux, John Lobb, La Manufacture de Seloncourt, Maroquinerie de Normandie, Manufacture de Haute Maroquinerie, Maroquinerie Nontronnaise, Maroquinerie Iséroise. (6) Subscription to two financial investments for €70 million with a maturity of 5 years. (7) As at 31 December 2017, Hermès International held 87,539 treasury shares (liquidity contract and unallocated shares intended for external growth operations). These shares were valued on the basis of their stock market price when they were purchased, i.e. €299.55 per share.

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2017 REGISTRATION DOCUMENT HERMÈS INTERNATIONAL

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