MONCLER – ANNUAL REPORT AT DECEMBER 31, 2014 II CONSOLIDATED FINANCIAL STATEMENTS ................................................................................... 51 MONCLER GROUP CONSOLIDATED FINANCIAL STATEMENTS .................................................... 52 EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ............................. 57 1. General information about the Group ................................................................................................. 57 2. Summary of significant accounting principles used in the preparation of the Consolidated Financial Statements ... 60 3. Scope for consolidation ....................................................................................................................... 76 4. Comments on the consolidated statement of income ........................................................................... 77 5. Comments on the consolidated statement of financial position ........................................................... 83 6. Discontinued operations ..................................................................................................................... 97 7. Segment information .......................................................................................................................... 97 8. Commitments and guarantees given ................................................................................................... 97 9. Contingent liability ............................................................................................................................. 98 10. Information about financial risks ...................................................................................................... 99 11. Other information ........................................................................................................................... 103 12. Significant events after the reporting date ...................................................................................... 110 SEPARATE FINANCIAL STATEMENTS ........................................................................................... 111 MONCLER S.P.A. FINANCIAL STATEMENTS................................................................................... 112 EXPLANATORY NOTES TO THE SEPARATE FINANCIAL STATEMENTS ..................................... 117 1. General information ......................................................................................................................... 117 2. Significant accounting principles ...................................................................................................... 119 3. Comments on the statement of income ............................................................................................. 131 4. Comments on the statement of financial position .............................................................................. 134 5. Discontinued operations ................................................................................................................... 144 6. Commitments and guarantees given ................................................................................................. 144 7. Contingent liability ........................................................................................................................... 145 8. Information about financial risks ...................................................................................................... 145 9. Other information ............................................................................................................................. 147 10. Significant events after the reporting date ...................................................................................... 152
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