SEPARATE FINANCIAL STATEMENTS188 189SEPARATE FINANCIAL STATEMENTS MONCLER GROUP

2021

NEW STANDARDS AND INTERPRETATIONS NOT YET EFFECTIVE AND NOT EARLY ADOPTED BY THE COMPANY At the date when these annual financial statements were pre- pared, the European Union s competent authorities concluded the approval process needed for the adoption of the accounting standards and amendments described below. With reference of the applicable principles, the Company has decided not to exer- cise the option of the early adoption, if applicable.

Document Title Issued Date Effective Date Approval date EU Regulation and date of publication Annual Improvements May 2020 1 January 2022 28 June 2021 (UE) 2021/1080 to IFRS Standards 2 July 2021 (2018 2020 Cycle) [Amendments to IFRS 1, IFRS 9, IFRS 7, IFRS 16 and IAS 41] Property, plant and May 2020 1 January 2022 28 June 2021 (UE) 2021/1080 equipment: proceeds 2 July 2021 before intended use (Amendments to IAS 16) Onerous contracts - May 2020 1 January 2022 28 June 2021 (UE) 2021/1080 Cost of fulfilling a contract 2 July 2021 (Amendments to IAS 37) Reference to the May 2020 1 January 2022 28 June 2021 (UE) 2021/1080 Conceptual Framework 2 July 2021 (Amendments to IFRS 3) IFRS 17 Insurance contracts May 2017 1 January 2023 19 November 2021 (UE) 2021/2036 (incuding amendments June 2020 23 November 2021 published in June 2020)

In addition, at the date of these financial statements, the compe- tent bodies of the European Union had not yet completed their en- dorsement process for the following accounting standards and amendments:

Document Title Issue date by IASB Effective date Approval date by EU of IASB document Standards IFRS 14 Regulatory January 2014 1 January 2016 Postponed pending the Deferral Accounts conclusion of the IASB project on rate- regulated activities . Amendments Sale or Contribution September 2014 Deferred until the Postponed pending the of Assets between an completion of the conclusion of IASB Investor and its IASB project on the project on the equity Associate or Joint equity method method Venture (Amendments to IFRS 10 and IAS 28) Classification of January 2020 1 January 2023 TBD Liabilities as Current July 2020 or Non-current (Amendments to IAS 1), including subsequent amendment issued in July 2020 Disclosure of Accounting February 2021 1 January 2023 TBD policies (Amendments to IAS 1 and IFRS Practice Statement 2) Definition of Accounting February 2021 1 January 2023 TBD Estimates (Amendments to IAS 8) Deferred tax related May 2021 1 January 2023 TBD to assets and liabilities arising from a single transaction (Amendments to IAS 12) Initial Application of December 2021 1 January 2023 TBD IFRS 17 and IFRS 9 Comparative Information (Amendment to IFRS 17)

The Company will comply with these new standards and amend- ments based on their relevant effective dates when endorsed by the European Union and it will evaluate their potential impacts on the Financial Statements.

3. COMMENTS ON THE INCOME STATEMENT

3.1 REVENUE

The company s revenues mainly include royalty income from the use of Moncler trademark and management fees.

The increase of EUR 63,491 thousand compared with the previous year is due to the increase in business volumes.

3.2 GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses amounted to EUR 54,996 thousand (EUR 39,637 thousand in 2020) and primarily include designing and product development expenses in the amount of EUR 12,755 thousand (EUR 10,763 thousand in 2020), the per- sonnel expenses of other functions in the amount of EUR 13,401 thousand (EUR 9,663 thousand in 2020), legal, financial and ad- ministrative expenses in the amount of EUR 3,327 thousand (EUR 2,250 thousand in 2020), directors fees in the amount of EUR 6,907 thousand (EUR 2,308 thousand in 2020), auditing and at- testation service, statutory auditors expenses, costs for supervi- sory body and internal audit in the amount of EUR 499 thousand (EUR 404 thousand in 2020).

This item also includes costs related to stock-based com- pensation plans for EUR 6,663 thousand (EUR 7,958 thousand in 2020).

3.3 MARKETING EXPENSES Marketing expenses amounted to EUR 58,600 thousand (EUR 40,452 thousand in 2020) and are mostly made up of expenses related to media-plan and events.

3.4 PERSONNEL EXPENSES, DEPRECIATION AND AMORTISATION

The total personnel expenses, included under general and ad- ministrative expenses, amounted to EUR 16,533 thousand (EUR 12,463 thousand in 2020) including social security contribution and leaving indemnity expenses.

The average number of FTE ( full-time-equivalent ) in 2021 was 129 (111 in 2020).

In 2021 depreciation and amortisation amounted to EUR 1,352 thousand (EUR 1,148 thousand in 2020).

3.5 FINANCIAL INCOME AND EXPENSES

The caption is broken down as follows:

(Euro/000) 2021 2020 Interest income and other financial income 33 337 Foreign currency differences - positive 0 84 Total financial income 33 421 Interests expenses and bank charges (1,439) (322) Foreign currency differences - negative (225) 0 Total financial expenses (1,664) (322) Total net excluded interests on lease liabilities (1,631) 99 Interests on lease liabilities (20) (31) Total net (1,651) 68

In 2021 the item Interest expense mainly refers to interest ac- crued on the loan received from the subsidiary Industries S.p.A. In 2021 and 2020 the company did not received dividends.