Hermès - Registration Document 2016

CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

TRADE AND OTHER RECEIVABLES

NOTE 18

31/12/2016

31/12/2015

Gross

Impairment

Net

Net

In millions of euros

Trade and other receivables

312.4 264.9

5.1 0.3 4.8 0.1 0.3 5.6 -

307.2 264.5

303.0 269.5

o/w:

not yet due

s

due 1

47.5

42.7 22.7

33.5 31.8

s

Current tax receivables

22.7

Other assets

198.5

198.4

183.0

Other non-current assets

9.7

9.5

5.9

TOTAL

543.4

537.8

523.8

(1) The amount of trade and other receivables payable is broken down as follows:

31/12/2016

31/12/2015

Gross

Impairment

Net

Net

Under 3 months

35.7

0.3 0.9 3.6

35.4

28.9

Between 3 and 6 months

4.0 7.7

3.1 4.2

3.3 1.3

Over 6 months

The Group’s policy is to recommend that insurance be taken out covering accounts receivable inasmuch as local conditions permit. Consequently, the risk of non-recovery is low, as evidenced by accounts receivable impairment, which amounted to 2%of the gross value at the end of 2016 (2% end of 2015). There is no significant concentration of credit risk.

Except for other non-current assets, all accounts receivable are due wit- hin one year. There were no significant payment deferrals that would justify the discounting of receivables.

5

CASH AND CASH EQUIVALENTS

NOTE 19

19.1 Change in net cash position

Impact on scope of consolidation

Exchange rate impact

31/12/2015

Cash flows

31/12/2016

Others 1

In millions of euros

Cash and cash equivalents Marketable securities 2

535.7

454.0 292.7 746.7

0.8

- - - - -

(0.3)

990.2

1,053.1 1,588.8

(7.8) (7.0)

-

1,338.0 2,328.2

Sub-total

(0.3)

Bank overdrafts and current accounts in debit

(17.6)

9.2

0.0

-

(8.4)

1,571.2

755.9

(7.0)

(0.3)

2,319.8

NET CASH POSITION

(1) Corresponds with the mark-to-market on cash and cash equivalents. (2) Primarily invested in money market SICAVs and cash equivalents with a duration of less than three months.

All of the cash and cash equivalents have a maturity of less than three months and a sensitivity of less than 0.5%.

The gains and losses generated through disposal of marketable secu- rities during the financial year and recorded through profit or loss were equal to €0.2 million in 2016 (versus €0.6 million in 2015). No unrea- lised gain or loss existed as at 31 December 2016.

2016 REGISTRATION DOCUMENT HERMÈS INTERNATIONAL

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