Intangible assets changes are shown in the following tables:

As at 31 December 2021

GROSS VALUE BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Key money Software Other Assets in progress Intangible assets and advances Goodwill Total 1 January 2021 223,900 56,837 77,839 10,888 4,153 155,582 529,199 Acquisitions 0 0 13,734 931 6,239 0 20,904 Disposals 0 0 (121) (587) 0 0 (708) Changes in consolidation area 775,454 10,799 6,799 20,226 3 447,835 1,261,116 Translation adjustement 0 940 76 (19) 2 0 999 Other movements, including transfers 0 0 7,401 16 (3,436) 0 3,981 31 December 2021 999,354 68,576 105,728 31,455 6,961 603,417 1,815,491

ACCUMULATED AMORTIZATION AND IMPAIRMENT BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Key money Software Other Assets in progress Intangible assets and advances Goodwill Total 1 January 2021 0 (41,733) (40,835) (8,741) 0 0 (91,309) Amortization 0 (3,927) (13,313) (21,003) 0 0 (38,243) Disposals 0 0 51 586 0 0 637 Changes in consolidation area 0 (7,211) (5,144) 0 0 0 (12,355) Translation adjustement 0 (686) (57) 13 0 0 (730) Other movements, including transfers 0 0 0 0 0 0 0 31 December 2021 0 (53,557) (59,298) (29,145) 0 0 (142,000)

As at 31 December 2020

GROSS VALUE BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Key money Software Other Assets in progress Intangible assets and advances Goodwill Total 1 January 2020 223,900 57,690 58,597 10,078 5,416 155,582 511,263 Acquisitions 0 0 13,960 682 3,307 0 17,949 Disposals 0 0 (295) (34) 0 0 (329) Translation adjustement 0 (853) (253) (22) 0 0 (1,128) Other movements, including transfers 0 0 5,830 184 (4,570) 0 1,444 31 December 2020 223,900 56,837 77,839 10,888 4,153 155,582 529,199

ACCUMULATED AMORTIZATION AND IMPAIRMENT BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Key money Software Other Assets in progress Intangible assets and advances Goodwill Total 11 January 2020 0 (37,177) (31,193) (7,921) 0 0 (76,291) Depreciation 0 (4,978) (9,831) (865) 0 0 (15,674) Disposals 0 0 6 32 0 0 38 Translation adjustement 0 422 183 13 0 0 618 Other movements, including transfers 0 0 0 0 0 0 0 31 December 2020 0 (41,733) (40,835) (8,741) 0 0 (91,309)

The increase in intangible assets reflects the acquisition of Stone Island; more specifically, the increase in the items Brands, Oth- er intangible assets and Goodwill is due to the recognition of the Stone Island brand, the order backlog and the goodwill arising from the mentioned Purchase Price Allocation. The order backlog was fully amortised during the year.

The increase in the caption software and assets in progress and advances pertained to the investments in information tech- nology to support the business and the corporate functions and for the e-commerce internalization project.

Please refer to the Directors report for additional informa- tion related to investments made during the year.

5.2 IMPAIRMENT OF INTANGIBLE ASSETS WITH AN INDEFINITE USEFUL LIFE AND GOODWILL

The captions Brands, Other intangible fi xed assets with an indefi nite useful life and Goodwill deriving from pre- vious acquisitions have not been amortised, but have been tested for impairment by management.

The impairment tests on the Moncler brand and on the Stone Is- land brand were performed by comparing its carrying value with that derived from the discounted cash flow method applying the Royalty Relief Method, based on which the cash flows are linked to the recognition of a royalty percentage applied to revenues that the brand is able to generate.

The recoverable amount of Moncler goodwill and of Stone Island goodwill have been tested based on the asset side ap- proach which compares the value in use of the cash-generating unit with the carrying amount of its net invested capital.

For the 2021 valuation, the expected cash flows and reve- nues are based on the 2022-2024 Business Plan approved by the Board of Directors on 24 february 2022 and for 2025-2026 on the basis of management estimates consistent with the expected de- velopment plans.

The g rate used was 2.5%. The discount rate was calculated using the Weighted Av-

erage Cost of Capital (WACC), by weighting the expected rate of return on invested capital, net of hedging costs from a sample of companies within the same industry. The calculation took into ac- count fluctuation in the market as compared to the previous year and the resulting impact on interest rates. The weighted average cost of capital (WACC) was calculated at 8%.

The results of the sensitivity analysis indicated that the car- rying amount of the Moncler brand is in line with the benchmark with a g rate = 0% and WACC = 87.7% and the carrying amount of the Stone Island brand with a g rate = 0% and WACC = 8.1%

Similarly, the same sensitivity analysis applied to the group of cash-generating unit Moncler and to the cash-generating unit Stone Island shows a full recovery considering changes in param- eters still higher than those indicated for the brands, confirming the wide recoverability of goodwill.

It is also underlined that the market capitalisation of the Company, based on the average price of Moncler share in 2021, showed a significant positive difference with respect to the Group net equity, confirming again the value of the goodwill.

5.3 NET PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENTS

(Euro/000) 31 December 2021 31 December 2020 Gross value Accumulated Net value Net value depreciation and impairment Land and buildings 1,024,942 (349,475) 675,467 598,028 Plant and Equipment 47,437 (25,266) 22,171 21,005 Fixtures and fittings 154,740 (106,310) 48,430 43,516 Leasehold improvements 333,106 (205,286) 127,820 107,454 Other fixed assets 37,239 (27,215) 10,024 9,367 Assets in progress 29,410 0 29,410 23,617 Total 1,626,874 (713,552) 913,322 802,987

CONSOLIDATED FINANCIAL STATEMENTS130 131CONSOLIDATED FINANCIAL STATEMENTS MONCLER GROUP

2021