SEPARATE FINANCIAL STATEMENTS194 195SEPARATE FINANCIAL STATEMENTS MONCLER GROUP

2021

4.5 DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES

Deferred tax assets and deferred tax liabilities are offset only when there is a law within a given tax jurisdiction which provides for such right to offset. The balances were as follows as at 31 De- cember 2021 and 31 December 2020:

DEFERRED TAXATION

(Euro/000) 31 December 2021 31 December 2020 Deferred tax assets 2,178 1,429 Deferred tax liabilities (220,014) (2,410) Net amount (217,836) (981)

Changes in deferred tax assets and deferred tax liabilities are de- tailed in the following table:

DEFERRED TAX ASSETS (LIABILITIES)

(Euro/000) Opening balance Taxes charged Taxes Other Closing balance 1 January 2021 to the income accounted movements 31 December 2021 statement for in Equity Tangible assets 4 (1) 0 (1) 2 Employee benefits 35 0 0 (1) 34 Other temporary items 1,390 751 0 1 2,142 Tax assets 1,429 750 0 (1) 2,178 Intangible assets 5 (1,253) 0 (216,351) (217,599) Financial assets (2,415) 0 0 0 (2,415) Tax liabilities (2,410) (1,253) 0 (216,351) (220,014) Net deferred tax assets (liabilities) (981) (503) 0 (216,352) (217,836)

DEFERRED TAX ASSETS (LIABILITIES)

(Euro/000) Opening balance Taxes charged Taxes Other Closing balance 1 January 2020 to the income accounted movements 31 December 2020 statement for in Equity Tangible assets 12 (8) 0 0 4 Employee benefits 27 0 8 0 35 Other temporary items 418 973 0 (1) 1,390 Tax assets 457 965 8 (1) 1,429 Intangible assets (62,450) 62,455 0 0 5 Financial assets (2,415) 0 0 0 (2,415) Tax liabilities (64,865) 62,455 0 0 (2,410) Net deferred tax assets (liabilities) (64,408) 63,420 8 (1) (981)

The table amount on which deferred tax have been calculated is detailed in the following table:

DEFERRED TAX ASSETS (LIABILITIES)

(Euro/000) Taxable Amount Closing balance Taxable Closing balance 2021 31 December 2021 Amount 2020 31 December 2020 Tangible assets 5 2 13 4 Employee benefits 143 34 143 35 Other temporary items 8,928 2,142 5,798 1,390 Tax assets 9,076 2,178 5,954 1,429 Intangible assets (779,925) (217,599) 19 5 Financial assets (10,064) (2,415) (10,064) (2,415) Tax liabilities (789,989) (220,014) (10,045) (2,410) Net deferred tax assets (liabilities) (780,913) (217,836) (4,091) (981)

The caption other temporary items mainly refers to the Directors remunerations.

4.6 TRADE RECEIVABLES

TRADE RECEIVABLES

(Euro/000) 31 December 2021 31 December 2020 Trade receivables, third parties 1,219 258 Trade receivables, intra-group 83,878 135,820 Total, net value 85,097 136,078

Trade receivables are originated from the marketing and com- munication operations of the Company related to the brand de- velopment and Group operations and are mostly considered intercompany transactions. There are no trade receivables with a due date greater than five years. There is no difference between the book value and the fair value of trade receivables.

Trade receivables from Group companies mainly relates to the receivable from the subsidiary Industries S.p.A. resulting from the royalties for the use of the Moncler trademark and man- agement fees.

These receivables do not present collectability risks.

4.7 CASH AND CASH EQUIVALENT

As at 31 December 2021, the caption cash and cash equivalent amounted to EUR 901 thousand (EUR 62,293 thousand as at 31 December 2020) and includes funds available at banks. Please refer to the statement of cash flows for further information related to cash fluctuation.

CASH AND CASH EQUIVALENTS INCLUDED IN THE STATEMENT OF CASH FLOW

(Euro/000) 31 December 2021 31 December 2020 Cash in hand and at the bank 901 62,293 Total 901 62,293

4.8 INTRA-GROUP FINANCIAL RECEIVABLES

The financial receivables item, amounting to EUR 1,075 thousand, relates to the receivable for the financial settlement of the afore- mentioned partial demerger. In 2020 (EUR 54,439 thousand), the item refers to the cash pooling account with the subsidiary Indus- tries S.p.A.

4.9 OTHER CURRENT AND NON-CURRENT ASSETS

OTHER CURRENT ASSETS

(Euro/000) 31 December 2021 31 December 2020 Advances on account to vendors 872 490 Prepaid expenses 391 577 Tax receivables excluding income taxes 114 342 Other current assets 10 29 Other current assets, intra-group 4,111 269 Total other current assets 5,498 1,707 Security / guarantees deposits 126 142 Other non current assets 0 1,000 Other non-current assets 126 1,142 Total 5,624 2,849

The caption other current taxes consists mainly of the receivable due from the tax authority related to IRES receivable for person- nel expenses not deducted for IRAP purposes as well as the VAT receivable.

The caption other current assets, intra-group includes main- ly amounts related to the fi scal consolidation, the same caption in 2020 included mainly amounts related to VAT consolidation.

Deposits are mostly related to the amounts paid on behalf of the lessee as a guarantee to the lease agreement.