Hermès - Registration Document 2016

5

CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

INVESTMENTS IN ASSOCIATES

NOTE 15

2016

2015

In millions of euros

Balance as at 1 January

85.4

91.3

Impact of changes in scope of consolidation

4.6

0.1

Net income from associates

10.9

17.7

Dividends paid

(14.1)

(15.7)

Exchange rate fluctuations

0.6

2.8

Others

-

(10.8)

Balance as at 31 December

87.3

85.4

LOANS AND DEPOSITS

NOTE 16

Exchange rate impact

31/12/2015

Increases

Decreases

Others

31/12/2016

In millions of euros

Loans and deposits 1

55.9

11.2

(1.3) (0.1) (1.1)

1.1 0.2 0.9

(4.8)

62.2 14.7 47.5

Impairments

5.3

8.9 2.4

0.5

TOTAL

50.6

(5.3)

(1) Security deposits amounted to €39.3 million as at 31 December 2016, compared with €35.9 million as at 31 December 2015.

INVENTORIES AND WORK-IN-PROGRESS

NOTE 17

31/12/2016

31/12/2015

Gross

Impairment

Net

Gross

Impairment

Net

In millions of euros

Retail, intermediate and finished goods Raw materials and work-in-progress

1,029.5

448.1 214.3 662.4

581.5 333.6 915.1

978.0 533.1

407.6 154.2 561.8

570.4 378.9 949.2

547.9

TOTAL

1,577.4

1,511.1

Net income/(expense) from impairment of retail, intermediate and finished goods Net income/(expense) from impairment of raw materials and work in progress

-

(38.5)

-

-

(79.1)

-

-

(59.8)

-

-

(10.1)

-

No inventories were offered as collateral to secure financial debt.

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2016 REGISTRATION DOCUMENT HERMÈS INTERNATIONAL