It is reported in the following table an analysis of the contractual maturities (including interests), for financial liabilities.
NON DERIVATIVE FINANCIAL LIABILITIES
(Euro/000) Contractual cash flows Total book Total within 1-2 years 2-5 years more than value 1 year 5 years Bank overdraft 3 3 3 0 0 0 Self-liquidating loans 130,000 130,000 130,000 0 0 0 Financial debt to third parties 0 0 0 0 0 0 Unsecured loans 21,514 21,514 11,801 7,446 2,266 0 Financial lease liabilities 710,276 710,276 125,597 121,111 267,821 195,747
DERIVATIVE FINANCIAL LIABILITIES
(Euro/000) Contractual cash flows Total book Total within 1-2 years 2-5 years more than value 1 year 5 years Interest rate swap hedging 23 23 23 0 0 0 Forward contracts on exchange rate hedging 18,215 18,215 17,057 1,159 0 0 - Outflows 18,937 18,937 17,778 1,159 0 0 - Inflows (722) (722) (722) 0 0 0
9.4 OPERATING AND CAPITAL MANAGEMENT RISKS
In the management of operating risk, the Group s main objective is to manage the risks associated with the de- velopment of business in foreign markets that are subject to speciļ¬ c laws and regulations.
The Group has implemented guidelines in the following areas: appropriate level of segregation of duties; reconciliation and constant monitoring of significant trans-
actions; documentation of controls and procedures; technical and professional training of employees; periodic assessment of corporate risks and identification of
corrective actions. As far as the capital management risk is concerned, the Group s objectives are aimed at the going concern issue in order to en- sure a fair economic return to shareholders and other stakehold- ers while maintaining a good rating in the capital debt market. The Group manages its capital structure and makes adjustments in line with changes in general economic conditions and with the strategic objectives.
10. OTHER INFORMATION
10.1 RELATED PARTY TRANSACTIONS
Set out below are the transactions with related parties deemed relevant for the purposes of the Related-party procedure adopted by the Group.
The Related-party procedure is available on the Company s website (www.monclergroup.com, under Governance/Corporate documents ).
Transactions and balances with consolidated companies have been eliminated during consolidation and are therefore not commented here.
During 2021, related-party transactions mainly relate to trading transactions carried out on an arm s length basis with the following parties: Yagi Tsusho Ltd, counterparty to the transaction, which led
to the establishment of Moncler Japan Ltd., acquires fin- ished products from Moncler Group companies (EUR 97.4 million in 2021 and EUR 107.2million in 2020) and then sells them to Moncler Japan Ltd. (EUR 108.1 million in 2021 and EUR 119.0 million in 2020) pursuant to the contract agreed upon the companys establishment.
Gokse Tekstil Kozmetik Sanayi ic ve dis ticaret limited sir- keti, company held by the minority shareholder of Moncler Istanbul Giyim ve Tekstil Ticaret Ltd. Sti, provides services
to that company by virtue of the contract signed at the time of incorporation of the company. Total costs recognised for 2021 amounted to EUR 0.1 million (EUR 0.1 million in 2020).
The company La Rotonda S.r.l., owned by a manager of the Moncler Group, acquires finished products from Industries S.p.A. and provides services to the same. Total revenues recognised for 2021 amounted to EUR 1.4 million (EUR 1.2 million in 2020) and total costs recognised amounted to EUR 0.2 million (EUR 0.2 million in 2020).
The company Rivetex S.r.l. (formerly Amanpulo S.r.l.), a company referable to Carlo Rivetti and his family mem- bers, rents a building to Moncler Group; in 2021 total costs amounted to EUR 0.4 million.
Mr Fabrizio Ruffini, brother of the Chairman of the Board of Directors and Chief Executive Officer of Moncler S.p.A., provides consultancy services relating to research, devel- opment and quality control for Moncler branded products. Total costs recognised for 2021 amounted to EUR 0.6 mil- lion (EUR 0.6 million in 2020).
The company Industries S.p.A. adheres to the Parent Company Moncler S.p.A. fiscal consolidation.
COMPENSATION PAID TO DIRECTORS, BOARD OF STATUTORY AUDITORS AND EXECUTIVES WITH STRATEGIC RESPONSIBILITIES Compensation paid to the members of the Board of Directors in 2021 amounted to EUR 7,484 thousand (EUR 3,882 thousand in 2020).
Compensation paid to the members of the Board of Audi- tors in 2021 amounted to EUR 142 thousand (EUR 152 thousand in 2020).
In 2021 total compensation paid to executives with strate- gic responsibilities amounted to EUR 2,616 thousand (EUR 994 thousand in 2020).
In 2021 the costs relating to performance share plans (de- scribed in paragraph 10.2) referring to members of the Board of Directors and Key management personnel amounted to EUR 8,916 thousand (EUR 10,017 thousand in 2020). The following tables summarise the afore-mentioned related-par- ty transactions that took place during 2021 and the prior year.
(Euro/000) Type of relationship Note 31 December % 31 December % 2021 2020 Yagi Tsusho Ltd Distribution a 97,416 (20.3)% 107,178 (30.6)% agreement Yagi Tsusho Ltd Distribution a (108,056) 22.5% (119,027) 33.9% agreement GokseTekstil Kozmetik Sanayi ic ve Service b (109) 0.0% (127) 0.1% dis ticaret limited sirketi agreement La Rotonda S.r.l. Trade transactions c 1,391 0.1% 1,198 0.1% La Rotonda S.r.l. Trade transactions d (155) 0.0% (154) 0.0% Rivetex S.r.l. Trade transactions d (356) 0.0% 0 0.0% Fabrizio Ruffini Service agreement b (552) 0.2% (552) 0.3% Directors, board of statutory Labour services b (17,265) 7.3% (13,342) 7.7% auditors and executives with strategic responsibilities Executives with strategic Labour services d (1,893) 0.3% (1,703) 0.4% responsibilities Total (29,579) (26,529)
a effect in % based on cost of sales b effect in % based on general and administrative expenses c effect in % based on revenues d effect in % based on selling expenses
CONSOLIDATED FINANCIAL STATEMENTS146 147CONSOLIDATED FINANCIAL STATEMENTS MONCLER GROUP
2021
