I MONCLER – ANNUAL REPORT AT DECEMBER 31, 2014 INDEX ANNUAL REPORT Corporate Information .............................................................................................................................. 1 BOARD OF DIRECTORS’ REPORT FOR THE YEAR ENDED DECEMBER 31, 2014 ....................... 2 Section One ............................................................................................................................................. 3 Letter to the Shareholders ........................................................................................................................ 4 Financial Highlights ................................................................................................................................. 6 Corporate Bodies ...................................................................................................................................... 7 Organizational Chart as of December 31, 2014 ........................................................................................ 8 Group Structure ....................................................................................................................................... 9 The Moncler Brand ................................................................................................................................. 11 Vision and Strategy ................................................................................................................................ 17 Critical Success Factors .......................................................................................................................... 18 Business Model ....................................................................................................................................... 20 Human Resources ................................................................................................................................... 27 Moncler and the Financial Markets ......................................................................................................... 29 Section Two .......................................................................................................................................... 31 Introduction ........................................................................................................................................... 32 Performance of the Moncler Group ......................................................................................................... 32 Performance of the Parent Company Moncler S.p.A. .............................................................................. 39 Main Risks .............................................................................................................................................. 41 Corporate Governance ............................................................................................................................ 45 Related parties transactions .................................................................................................................... 45 Atypical and/or unusual transactions ..................................................................................................... 46 Treasury shares ...................................................................................................................................... 46 Significant events after the reporting date and outlook ................................................................................. 47 Other information ................................................................................................................................... 48 Motion to approve the financial statements and the allocation of the result for the year ended December 31, 2014 .... 50
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