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2016 REGISTRATION DOCUMENT
HERMÈS INTERNATIONAL
180
CONSOLIDATED FINANCIAL STATEMENTS
5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
8.3
Deferred tax
The net change in deferred tax assets and liabilities is broken down as follows:
In millions of euros
2016
2015
Deferred tax assets at 1 January
360.3
335.8
Deferred tax liabilities at 1 January
50.7
31.3
Net deferred tax assets at 1 January
309.6
304.4
Impact on statement of profit or loss
57.0
3.9
Impact on scope of consolidation
-
-
Impact of exchange rate movements
4.1
15.8
Others
1
10.7
(14.7)
Net deferred tax assets at the end of the period
381.4
309.6
Balance of deferred tax assets at the end of the period
430.4
360.3
Balance of deferred tax liabilities at the end of the period
49.0
50.7
(1) Other items primarily involve deferred taxes resulting from changes in the portion of revaluation of financial instruments recorded under equity (transferable
portion) and in actuarial gains and losses on employee benefit obligations. These changes had no impact on net income for the year (see Note 20.4).
Deferred taxes mainly related to the following adjustments:
In millions of euros
2016
2015
Internal margins on inventories and provisions for inventories
263.0
231.0
Employee benefits
63.1
59.6
Derivatives
12.1
(4.0)
Impairment losses
17.1
9.9
Regulated provisions
(40.8)
(43.4)
Others
66.9
56.3
TOTAL
381.4
309.6
As at 31 December 2016, tax loss carry-forwards and other temporary differences that did not lead to the recognition of deferred tax assets repre-
sented potential tax savings of €48.6 million (compared with €27.5 million in 2015).