SEPARATE FINANCIAL STATEMENTS172 173SEPARATE FINANCIAL STATEMENTS MONCLER GROUP

2021

STATEMENT OF CASH FLOW

(Euro) 2021 of which 2020 of which related parties related parties (note 8.1) (note 8.1) Cash flow from operating activities Net result of the period 136,481,615 173,929,732 Depreciation and amortization 1,351,600 1,147,967 Net financial (income)/expenses 1,651,309 (67,772) Equity-settled share-based payment transactions 6,507,510 7,858,405 Income tax expenses 50,363,722 (14,949,883) Changes in trade receivables - (Increase)/Decrease 50,980,920 51,942,353 (75,238,156) (75,489,832) Changes in trade payables - Increase/(Decrease) 15,072,092 2,367,148 (3,848,195) 31,022 Changes in other current assets/liabilities 8,496,403 3,188,956 312,860 (1,765,162) Cash flow generated/(absorbed) from operating activities 270,905,171 89,144,958 Interest paid (1,449,348) (342,356) Interest received 33,122 336,600 Income tax paid (78,659,157) (89,382,904) Income tax received from fiscal consolidation 17,446,765 17,446,765 53,725,682 53,725,682 VAT received from Fiscal Consolidation 11,918,361 11,918,361 (12,346,306) (12,346,306) Changes in other non-current assets/liabilities 55,937 348,527 Net cash flow from operating activities (a) 220,250,851 41,484,201 Cash flow from investing activities Purchase of tangible and intangible fixed assets (1,113,719) (830,916) Stone Island transaction (578,267,579) 0 Net cash flow from investing activities (b) (579,381,298) (830,916) Cash flow from financing activities Repayment of current and non-current lease liabilities (618,547) (448,972) Borrowings variation, other than bank borrowings 419,035,978 418,973,761 (35,498,470) (35,498,470) Dividends paid to shareholders (120,679,237) 0 Share Capital and reserves increase 0 1,116,022 Net cash flow from financing activities (c) 297,738,194 (34,831,420) Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c) (61,392,253) 5,821,865 Cash and cash equivalents at the beginning of the period 62,293,383 56,471,518 Net increase/(decrease) in cash and cash equivalents (61,392,253) 5,821,865 Cash and cash equivalents at the end of the period 901,130 62,293,383

On behalf of the Board of Directors

Remo Ruffini Chairman and Chief Executive Officer