Hermès - Registration Document 2016

COMMENTS ON THE FINANCIAL YEAR AND OUTLOOK

SUMMARY CONSOLIDATED FINANCIAL STATEMENTS

SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS

4.1.3

2016

2015

In millions of euros

Cash flows related to operating activities

1,474 1,439

1,186 1,218

of which operating cash flows

of which change in working capital requirements Cash flows related to investing activities

46

(31)

(220) (262) (471) (360) (109)

(241) (252) (837) (840)

of which operating investments

Cash flows related to financing activities

of which dividends paid

of which treasury share buybacks net of disposals

(5)

Foreign currency translation adjustment and change in scope

(35) 749

42

CHANGE IN NET CASH POSITION Net cash position at end of period

150

2,320 2,345

1,571 1,614

Restated net cash 1

(1) Includes non-liquid financial investments and borrowings.

4

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