Hermès // 2021 Universal Registration Document

CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The amount of trade and other receivables due breaks down as follows:

31/12/2021

31/12/2020

Gross 108

Impairment

Net

Net

Under 3 months

0 0 3 3

108

106

Between 3 and 6 months

2 5

2 2

3 5

Over 6 months

TOTAL

114

111

113

the expected risk of non-recovery is low, as evidenced by the level of impairment of trade receivables, which amounted to 1% of the gross value at the end of 2021 (2% at end of 2020). There is no significant concentration of credit risk.

With the exception of other non-current assets, all receivables are due within one year. There were no significant payment deferrals that would justify the discounting of receivables. The Group’s policy is to recommend that insurance be taken out covering accounts receivable inasmuch as local conditions permit. Consequently,

Customer risk was not significantly affected by the health crisis.

4.5.3 TRADE PAYABLES AND OTHER LIABILITIES

31/12/2021

31/12/2020

In millions of euros Trade payable

450

373

Amounts payable to fixed asset suppliers

85

76

Trade and other payables Current tax liabilities Other current liabilities Other non-current liabilities

535 347

448 218 795

1,168

45

36

TRADE PAYABLES AND OTHER LIABILITIES

2,094

1,497

5

4.5.4 CHANGE IN WORKING CAPITAL REQUIREMENTS

2021

2020

In millions of euros

Inventories and work-in-progress Trade and other receivables

(116)

(158)

(30)

38

Trade and other payables

71

(24)

Other receivables and payables

421 346

(207) (350)

TOTAL

2021 UNIVERSAL REGISTRATION DOCUMENT HERMÈS INTERNATIONAL

373