• Sales are up +8 % at constant rates

and +18 % at current exchange rates

• Operating income rose +19 % and

operating margin reached 31,8 % of sales

(31,5 % in 2014)

• The net profitability is stable at 20 % of sales

HERMÈS 2015 RESULTS / 3

ACTIVITY

• Activity was steady in the Group’s own stores

in all regions (+9 % at constant rates)

• The retail growth remained solid throughout

the year

• The favorable currency impacts represent

€ 389M on sales

HERMÈS 2015 RESULTS / 4

ACTIVITY

• The development of all sectors continues

thanks to the reinforcement of the production

capacities, the success of the recent collections

and a sustained demand

HERMÈS 2015 RESULTS / 5

ACTIVITY

• Cash flow reached €1 218M, up by 16%

• Restated net cash position amounts to

€1 614M as at 31st December 2015 against

€1 494M as at 31st December 2014

HERMÈS 2015 RESULTS / 6

TREASURY

HERMÈS 2015 RESULTS / 7

INVESTMENTS

Investments amount to € 267M, mainly due to :

• The pursuit of increased production

capacities, conservation of the maisons’

know-how and safeguarding its procurements

• The development of the distribution network

with more than twenty new or renovated

branches

HERMÈS 2015 RESULTS / 8

DISTRIBUTIONNETWORK

• 3 store openings (Porto Cervo, NY perfume,

Molière Mexico) and 2 concession take overs

(Fukuoka and Singapore Airport)

• Renovation with extension in the Bond

Street, Goum, Cannes, Turin, Dublin, The

Gardens, Cidade jardim, Seattle, Boston,

Dallas, Houston, Washington, Kyoto

Takashimaya, Tokyo Ikebukuro stores notably

• Opening of the flagship in Miami

• Increase in production capacities at the two

new sites in Isère and Charente

• Inauguration of the new workshop in Héricourt

• Pursuit of the investments for a second project

in the Franche-Comté region

HERMÈS 2015 RESULTS / 9

PRODUCTION

• NadègeVanhée-Cybulskis’ first collection of Women’s ready-to-wear

• Wanderland exhibition in London, Dans l’œil du flaneur in Paris

• 6th edition of the Saut Hermès at the Grand Palais

• Festival des métiers in Bangkok and Sao Paulo

• Leather Forever exhibition in Singapore

• Launch of a new fragrance Le Jardin de Monsieur Li

• Lauch of the MANIfeste d’Hermès and Hermèsistiblesites

HERMÈS 2015 RESULTS / 10

COMMUNICATION

HERMÈS 2015 RESULTS / 12

REVENUE

AND NET RESULT

Sales : +13% CAGR over 10 years

NR : +14.7% CAGR over 10 years

247268

288 290 289

422

594

740

790

859

973

1 4271 515

1 625

1 765

1 914

2 401

2 841

3 484

3 755

4 119

4 841

200,0

700,0

1200,0

1700,0

2200,0

2700,0

3200,0

3700,0

4200,0

4700,0

180,0

280,0

380,0

480,0

580,0

680,0

780,0

880,0

980,0

1080,0

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Résultat Net Chiffre d'affairesNet Result Revenue

In €MIn €M

HERMÈS 2015 RESULTS / 13

REVENUE BYGEOGRAPHICAL

AREA

HERMÈS 2015 RESULTS / 14

In €M 2015Change at

Constant rates

France

Europe (Excl. France)684

906

6.2 %

10.8 %

EUROPE 1 590 8.7 %

Japan

Asia-Pacific600

1 694

18.3 %

5.1%

ASIA 2 294 8.5 %

Americas

Others884

73

6.8 %

- 2.2 %

TOTAL 4 841 8.1 %

Lotte World Tower, Séoul

REVENUE BY

GEOGRAPHICAL AREA

HERMÈS 2015 RESULTS / 15

Lotte World Tower, Séoul

REVENUE BY

GEOGRAPHICAL AREA

France

14%

Europe (excl.

France)

19%

Japan

12%Asia Pacific

(excl. Japan)

35%

Americas

18%

Other

2%

HERMÈS 2015 RESULTS / 16

REVENUEBY SECTOR

HERMÈS 2015 RESULTS / 17

In €M 2015

Change at

constant

rates

Leathergoods - Saddlery

Ready-to-wear & Fashion Accessories

Silk & textiles

Others Hermès Sectors

Perfumes

Watches

Others products

2 274

1 101

521

332

241

163

209

12.6%

7.8%

-0.5%

8.5%

3.3%

0.1%

-0.2%

TOTAL 4 841 8.1 %

REVENUE

BY SECTOR

HERMÈS 2015 RESULTS / 18

Leathergoods and

Saddlery

47%

Ready-to-wear

and Fashion

accessories

23%

Silk and Textiles

11%

Other Hermès

sectors

7%

Perfumes

5%

Watches

3%

Other products

4%

REVENUE

BY SECTOR

/ 19

EMPLOYEES

HERMÈS 2015 RESULTS

/ 20

EMPLOYEES

Employees worldwide

+ 500 people in 2015, mainly in production and sales

including 7461 in France

HERMÈS 2015 RESULTS

HERMÈS 2015 RESULTS / 21

INCOMESTATEMENT

HERMÈS 2015 RESULTS / 22

In €M 2015%

revenue2014

%

revenue

Revenue

Cost of sales

4 841

-1 642

4 119

-1 366

Gross profit 3 199 66.1% 2 753 66.8%

Selling and Marketing

Administrative expenses

Others income and expense

-215

-1 204

- 239

-4.4%

-24.9%

-4.9%

-208

-1 084

- 162

-5.0%

-26.3%

-3.9%

Recurring operating income 1 541 31.8% 1 299 31.5%

Others non-recurring income and

expenses

- -

OPERATING INCOME 1 541 31.8% 1 299 31.5%

Change +18.6% -

CONSOLIDATED

INCOME STATEMENT

HERMÈS 2015 RESULTS / 23

In €M 2015%

revenue2014

%

revenue

OPERATING INCOME 1 541 31.8 1 299 31.5

Net financial income

Income tax expense

Net income from associates

Net income attribuable to non

controlling interest

-46

-536

-35.8 %

18

-5

-25

-424

-33.2%

12

-4

NET INCOME ATTRIBUABLE

TO OWNERS OF THE

PARENT

973 20.1 859 20.9

Change +13.2% -

CONSOLIDATED

INCOME STATEMENT

HERMÈS 2015 RESULTS / 24

RECURRING

OPERATING INCOME

26.9 26.525.5 25.5

24.2

27.8

31.232.1 32.4

31.5 31.8

15

17

19

21

23

25

27

29

31

33

35

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

ROI in % Sales

HERMÈS 2015 RESULTS / 25

NET RESULT

17.317.7 17.7

16.4

15.1

17.6

20.9 21.2 21.0 20.920.1

5

7

9

11

13

15

17

19

21

23

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

In % of sales

HERMÈS 2015 RESULTS / 26

In M€ 2015

Stores and distribution

Production and securing of supplies

Real estate and others

135

76

56

Investments 267

INVESTMENTS

HERMÈS 2015 RESULTS / 27

In €M 2015 2014

Operating cash flows

Change in working capital

Investments

Dividends paid

Other changes

Changes in Net cash position

1 218

2

-267

-840

7

120

1 049

-105

-322

-295

76

403

Closing restated Net cash position 1 614 1 494

Opening restated Net cash position 1 494 1 091

RESTATED CASH FLOW

STATEMENT

HERMÈS 2015 RESULTS / 28

In M€ 2015 2014

Operating cash flows

Change in working capital

Investments

Dividends paid

Others changes

Changes in net cash position

1 218

2

-267

-840

36

149

1 049

-105

-325

-295

76

400

Closing IFRS Net cash position 1 571 1 422

Opening IFRS Net cash position 1 422 1 022

Lotte World Tower, Séoul

IFRS CASH FLOW

STATEMENT

HERMÈS 2015 RESULTS / 29

723

885

10181049

1218

2011 2012 2013 2014 2015

In €M

EVOLUTION OF THE OPERATING CASH FLOWS

HERMÈS 2015 RESULTS / 30

1022

1422

1571

2013 2014 2015

In €M

NET CASH POSITION AT CLOSING

HERMÈS RÉSULTATS 2015 / 31

2,00

2,502,70

2,95

3,35

2011 2012 2013 2014 2015

Ordinary dividend

Exceptional dividend

EVOLUTION OF DIVIDEND

BY SHARE

In €/share

For the period

+ €5 + €5

HERMÈS 2015 RESULTS / 32

• Thanks to its unique business model, Hermès will

continue its long-term development strategy based

on creativity, maintaining control over know-how

and a singular communication

• The development of the distribution network will

continue with the opening, renovation or extension

of more than twenty subsidiaries

HERMÈS 2015 RESULTS / 33

OUTLOOK

• As indicated in the February 10th 2016 publication, sales

growth in 2016 could be below the medium-term goal of 8%

revenue growth at constant exchange rates owing to the

economic, geopolitical and monetary uncertainties around

the world

• In 2016, Hermès will celebrate "nature at a gallop". Through

horses, its very first customer, Hermès has developed a

genuine and profound bond with nature, built on inspiration,

admiration and respect.

HERMÈS 2015 RESULTS / 34

OUTLOOK

HERMÈS 2015 RESULTS / 36

HERMÈS 2015 RESULTS / 37

Goum - Moscow

HERMÈS 2015 RESULTS / 38

Miami

HERMÈS 2015 RESULTS / 39

London Bond Street

HERMÈS 2015 RESULTS / 40

Seattle

HERMÈS 2015 RESULTS / 41

Wanderland Exhibition

HERMÈS 2015 RESULTS / 42

Women’s Ready-to-wear fashion show

Shoes Presentation