HERMÈS - 2018 Registration document

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Comments on the financial year and outlook Comments on the summary consolidated statement of cash flows

4.2.2 INVESTMENTS In 2018, Hermès pursued the qualitative development of its distri- bution network and the strengthening of its production capacity, with €312 million in operating investments. The Group opened, refurbished or extended approximately 20 branches.

In addition, the Leather Goods and Saddlery métier continued to invest in new capacities, including with the opening of the Allan production unit in Franche-Comté.

BREAKDOWN OF INVESTMENTS In millions of euros

2018

2017

Operating investments

312.3

265.2

Investments in financial assets

8.4

4.9

Subtotal − Investments (excluding financial investments)

320.7

270.1 142.7 412.8

80.0

Financial investments 1

Total investments

400.7

(1) Financial investments correspond to the investments for which the sensitivity and maturity requires that they be classified as financial assets in accordance with IFRS.

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2018 REGISTRATION DOCUMENT HERMÈS INTERNATIONAL