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2016 REGISTRATION DOCUMENT
HERMÈS INTERNATIONAL
194
CONSOLIDATED FINANCIAL STATEMENTS
5
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
In millions of euros
As at 31/12/2015
< 1 year
1 to 5 years
> 5 years
Total
Floating rate
Fixed rate
Financial assets
1,589.2
-
-
1,589.2
1,439.2
150.0
Euro
1,000.4
-
-
1,000.4
850.4
150.0
Yuan
48.2
-
-
48.2
48.2
-
US dollar
119.8
-
-
119.8
119.8
-
Yen
17.6
-
-
17.6
17.6
-
Others
403.3
-
-
403.3
403.3
-
Financial liabilities
1
30.2
1.8
-
32.0
25.9
6.0
Euro
18.6
0.7
-
19.3
18.0
1.2
Yen
4.2
-
-
4.2
-
4.2
Others
2
7.4
1.1
-
8.5
7.9
0.6
Net cash position before hedging
1,559.0
(1.8)
-
1,557.2
1,413.3
144.0
Net cash position after hedging
1,559.0
(1.8)
-
1,557.2
1,413.3
144.0
In millions of euros
As at 31/12/2015
< 1 year
1 to 5 years
> 5 years
Total
Floating rate
Fixed rate
Financial assets
1,589.2
-
-
1,589.2
1,439.2
150.0
Cash and cash equivalents
1,589.2
-
-
1,589.2
1,439.2
150.0
Financial liabilities
1
30.2
1.8
-
32.0
25.9
6.0
Medium- and long-term financial debt
1.8
-
1.8
0.3
1.5
Bank overdrafts and short-term debt
30.1
-
-
30.1
25.6
4.5
Current accounts in debit
0.1
-
-
0.1
0.1
-
Net cash position before hedging
1,559.0
(1.8)
-
1,557.2
1,413.3
144.0
Net cash position after hedging
1,559.0
(1.8)
-
1,557.2
1,413.3
144.0
(1) Excluding commitments to buy out non-controlling interests (€9.6 million as at 31 December 2015).
(2) Mainly consists of long-term reducing fixed-rate loans taken out by Hermès India Retail and Distributors to finance investments linked to the Bombay store (opened
in October 2011).
22.3.1 Equity risk
Investments in equities are not material at Group level. As such, the
Group has no exposure to equity risk.
22.3.2 Sensitivity to interest rate fluctuations
A uniform1 percentage point increase in interest rates would have had a
positive impact of €21.3 million on the consolidated net income before
tax (€14.1 million in 2015).
The market value of investments is equivalent to their carrying amount.
Financial liabilities do not include the liability associated with employee
profit-sharing, which is included in “Other liabilities”.
22.4
Fair value and hierarchy by level of fair value
of financial assets and liabilities
In compliancewith IFRS7
Financial Instruments: Disclosures,
the assets
and liabilities recorded at fair value are classified according to the three
following fair value levels:
s
level 1
: prices listed on an active market. If listed prices in an active
market are available, they are used as a priority in order to determine
market value;
s
level 2
: internal model with parameters that can be observed on the
basis of internal valuation techniques. These techniques require the
use of the usual mathematical calculation methods that include data
that can be observed within the markets (future prices, yield curve,
etc.). The calculation of most financial derivatives traded within mar-
kets is performed on the basis of models that are commonly used by
participants in order to assess these financial instruments.
s
level 3
: internal model with non-observable parameters.