Hermès - Registration Document 2016
5
CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As at 31/12/2015
Net position before hedging
Monetary assets/
Net position after hedging
(liabilities) 1 Future cash flows
Derivatives 2
Hedging ratio
In millions of euros
US dollar
67.4
346.8 181.8 234.7 179.4 191.6
414.2 322.9 256.9 216.4 215.7
(422.5) (307.7) (246.1) (204.4) (227.2)
(8.3) 15.2 10.8 12.0
102%
Yuan
141.1
95% 96% 94%
Yen
22.2 37.0 24.1 14.3 (7.4)
Singapore dollar Hong Kong dollar
(11.5)
105%
61.2 80.3 27.5 26.7 19.2 15.0
75.5 72.9 33.7 31.1 24.9 20.1 12.3
(68.8) (74.4) (34.5) (29.1) (24.0) (18.6) (11.1)
6.8
91%
Euro 3
Pound sterling
(1.5) (0.8)
102% 102% 94% 96% 92% 90% 60% 92% 92% 84% 100% 100%
Swiss franc
6.2 4.4 5.7 5.1 4.3 0.0 0.3 0.7 0.8 0.0 0.0 1.0
Canadian dollar
2.0 0.9 1.5 1.3 4.0 0.0 0.4 0.4 0.8 0.0
Thai baht
Rouble
Mexican peso Australian dollar South Korean won
8.0
(7.3)
17.2 (9.2)
9.9
(5.9)
(9.2)
9.2
Turkish lira Czech crown Brazilian real Indian rupee Emirati dirham Argentine peso
5.2 4.0 3.8 3.3
5.4 4.7 4.6 3.3
(5.0) (4.3) (3.8) (3.3)
(2.1)
(2.1)
1.9
(0.2)
92%
-
1.0
-
1.0
Summary
319.8
1,394.6
1,714.4
(1,679.6)
34.8
98%
(1) The monetary assets are recognised from receivables and loans as well as from bank balances, investments and cash equivalents dated less than three months from the acquisition date. Monetary liabilities are recognised from financial debts as well as operating liabilities and miscellaneous liabilities. (2) Purchase/(Sale). (3) Euro foreign exchange risk for subsidiaries having a different functional currency.
A10%appreciation in the currencies towhich theGroup is exposedat the closing date would have resulted in a €120.7 million decrease in equity (before tax) in the fair value reserve. A 10% depreciation would have a positive impact of €105.8 million (before tax). Moreover, a 10% appreciation in the currencies to which the Group is exposed would have led to a €1.4 million increase in net income at the closing date. A 10% depreciation would have led to a €1.1 million decrease in net income.
22.2.2 Sensitivity to exchange rate fluctuations The sensitivity of equity to foreign exchange risk is analysed for the cash flow hedge reserve. The impact on equity corresponds to the change in the market value of cash flow hedging derivatives relative to the current variance in exchange rates, ceteris paribus .
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2016 REGISTRATION DOCUMENT HERMÈS INTERNATIONAL
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