186 / 330
2016 REGISTRATION DOCUMENT
HERMÈS INTERNATIONAL
186
CONSOLIDATED FINANCIAL STATEMENTS
5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
19.2
Change in working capital requirements related to the activity
In millions of euros
31/12/2015
Change in
working capital
requirements
related to the
activity
Other cash
flows
Exchange
rate impact
Impact of
revaluation
of financial
and hedging
instruments
Others
31/12/2016
Inventories and work-in-progress
949.4
(37.8)
-
3.6
-
-
915.1
Trade and other receivables
303.0
34.3
-
2.6
(32.6)
(0.1)
307.2
Other current assets
183.0
8.8
-
0.1
(0.0)
6.5
198.4
Other non-current assets
0.2
8.8
-
0.0
-
-
9.0
Available-for-sale securities (excluding liquidity
contract and forward financial investments)
0.4
(0.3)
-
-
-
0.6
0.7
Loans and deposits
55.6
4.9
-
1.1
-
0.3
61.9
Deferred tax assets
244.7
33.6
-
2.8
-
(16.6)
264.5
Trade payables (excluding debt on fixed assets)
(402.7)
(15.5)
-
(0.9)
0.9
(4.8)
(423.0)
Other liabilities and miscellaneous (excluding
current tax expense)
(496.2)
(74.1)
-
(3.4)
1.1
(3.2)
(575.9)
Net financial derivatives
1.5
14.8
-
(0.0)
(19.4)
(10.2)
(13.3)
Change in working capital requirements related
to the activity
838.9
(22.5)
-
5.9
(50.0)
(27.5)
744.6
NOTE 20
EQUITY
As at 31 December 2016, Hermès International’s share capital
consisted of 105,569,412 fully paid shares with a par value of €0.51
each, of which 1,079,660 treasury shares.
Infinancialyear2016,thefollowingtreasurysharemovementsoccurred:
s
buyback of 319,621shares for €109.6million, excludingmovements
under the liquidity contract;
s
purchase of 4,252 shares as part of the liquidity contract;
s
delivery of 416,480 bonus shares allotted to Hermès Group
employees.
It is specified that no shares are reserved for issuance under put options
or agreements to sell shares.
For management purposes, theHermès Group uses the notion of “equity
attributable to owners of the parent” as shown in the consolidated sta-
tement of changes in equity. More specifically, equity includes the part
of financial instruments that has been transferred to equity as well as
actuarial gains and losses, as defined in Notes 1.9 and 1.17.
The Group’s objectives, policies and procedures in the area of capi-
tal management are in keeping with sound management principles
designed to ensure that operations are well-balanced financially and to
minimise the use of debt. As its surplus cash position gives it some flexi-
bility, the Group does not use prudential ratios such as “return on equity”
in its capital management. During the current year, the Group made no
change in its capital management policy and objectives.
Lastly, the parent company, Hermès International, is governed by French
laws on capital requirements. Equity must be greater than or equal to at
least half of the share capital. If it drops below this level, an Extraordinary
General Meeting must be called to approve the measures required to
remedy this situation. Hermès International has never been in this posi-
tion and has always met this requirement.
20.1
Dividends
An ordinary dividend of €3.35 per share was paid, representing a total
amount of €350.4 million, after having been approved by the sharehol-
ders at the General Meeting held on 31 May 2016 to approve the finan-
cial statements for the year ended 31 December 2015.