151 / 330
2016 REGISTRATION DOCUMENT
HERMÈS INTERNATIONAL
151
COMMENTS ON THE FINANCIAL YEAR AND OUTLOOK
4
SUMMARY CONSOLIDATED FINANCIAL STATEMENTS
4.1.3
SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
In millions of euros
2016
2015
Cash flows related to operating activities
1,474
1,186
of which operating cash flows
1,439
1,218
of which change in working capital requirements
46
(31)
Cash flows related to investing activities
(220)
(241)
of which operating investments
(262)
(252)
Cash flows related to financing activities
(471)
(837)
of which dividends paid
(360)
(840)
of which treasury share buybacks net of disposals
(109)
(5)
Foreign currency translation adjustment and change in scope
(35)
42
CHANGE IN NET CASH POSITION
749
150
Net cash position at end of period
2,320
1,571
Restated net cash
1
2,345
1,614
(1) Includes non-liquid financial investments and borrowings.