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2016 REGISTRATION DOCUMENT
HERMÈS INTERNATIONAL
190
CONSOLIDATED FINANCIAL STATEMENTS
5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As at 31/12/2015
In millions of euros
Monetary assets/
(liabilities)
1
Future cash flows
Net position
before hedging
Derivatives
2
Net position
after hedging
Hedging ratio
US dollar
67.4
346.8
414.2
(422.5)
(8.3)
102%
Yuan
141.1
181.8
322.9
(307.7)
15.2
95%
Yen
22.2
234.7
256.9
(246.1)
10.8
96%
Singapore dollar
37.0
179.4
216.4
(204.4)
12.0
94%
Hong Kong dollar
24.1
191.6
215.7
(227.2)
(11.5)
105%
Euro
3
14.3
61.2
75.5
(68.8)
6.8
91%
Pound sterling
(7.4)
80.3
72.9
(74.4)
(1.5)
102%
Swiss franc
6.2
27.5
33.7
(34.5)
(0.8)
102%
Canadian dollar
4.4
26.7
31.1
(29.1)
2.0
94%
Thai baht
5.7
19.2
24.9
(24.0)
0.9
96%
Rouble
5.1
15.0
20.1
(18.6)
1.5
92%
Mexican peso
4.3
8.0
12.3
(11.1)
1.3
90%
Australian dollar
(7.3)
17.2
9.9
(5.9)
4.0
60%
South Korean won
0.0
(9.2)
(9.2)
9.2
0.0
100%
Turkish lira
0.3
5.2
5.4
(5.0)
0.4
92%
Czech crown
0.7
4.0
4.7
(4.3)
0.4
92%
Brazilian real
0.8
3.8
4.6
(3.8)
0.8
84%
Indian rupee
0.0
3.3
3.3
(3.3)
0.0
100%
Emirati dirham
0.0
(2.1)
(2.1)
1.9
(0.2)
92%
Argentine peso
1.0
-
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.
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
.
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.