SEPARATE FINANCIAL STATEMENTS196 197SEPARATE FINANCIAL STATEMENTS MONCLER GROUP

2021

There are no differences between the amounts included in the Consolidated Financial Statements and their fair values.

4.10 TRADE PAYABLES

As at 31 December 2021, the caption trade payables pertains mostly to marketing and communication services.

TRADE PAYABLES

(Euro/000) 31 December 2021 31 December 2020 Trade payables, third parties 29,984 16,112 Trade payables, intra-group 2,409 42 Total 32,393 16,154

Details of the transactions with subsidiaries are provided in the note 8.1 on related parties.

4.11 OTHER CURRENT LIABILITIES

As at 31 December 2021, the caption other current liabilities in- cluded the following:

OTHER CURRENT LIABILITIES

(Euro/000) 31 December 2021 31 December 2020 Directors and audit related payables 3,631 442 Amounts payable to employees and consultants 4,269 1,936 Employees taxation payables 1,399 943 Other current liabilities 2,710 3,013 Other current liabilities, intra-group 11,649 9,345 Total 23,658 15,679

As at 31 December 2021 the caption other current liabilities, in- tra-group mainly included the amounts related to the VAT con- solidation and in 2020 it included the amounts related to fiscal consolidation. For additional information please see note 8.1.

4.12 EMPLOYEES PENSION FUND

As at 31 December 2021, the caption includes the employee pen- sion fund as detailed in the following table:

EMPLOYEES PENSION FUNDS - MOVEMENTS

(Euro/000) 31 December 2021 31 December 2020 Net recognized liability - opening 1,619 1,141 SPW Incorporation 45 0 Interest costs 5 10 Service costs 547 425 Payments (566) (55) Actuarial (Gains)/Losses 8 98 Net recognized liability - closing 1,658 1,619

The actuarial valuation of employee termination benefits (TFR) is based on the Projected Unit Credit Cost method. Reported below are the main economic and demographic assumptions utilised for actuarial valuations.

Assumptions Discount rate 0.56% Inflation rate 1.75% Nominal rate of wage growth 1.25% Labour turnover rate 17.10% Probability of request of advances of TFR 3.80% Percentage required in case of advance 70.00% Life Table - Male M2019 (*) Life Table - Female F2019 (*)

(*) Table ISTAT - resident population

The following table shows the effect of variations, within reason- able limits, in key actuarial assumptions on defined benefit plan obligations at year end.

SENSITIVITY ANALYSIS

(Euro/000) Variation Discount rate (+0.5%) (47) Discount rate (-0.5%) 50 Rate of payments Increases x (+0.5%) (4) Rate of payments Increases x (-0.5%) 4 Rate of Price Inflation Increases (+0.5%) 37 Rate of Price Inflation Decreases (-0.5%) (35) Rate of Salary Increases (+0.5%) 17 Rate of Salary Decreases (-0.5%) (16) Increase the retirement age (+1 year) 2 Decrease the retirement age (-1 year) (2) Increase longevity (+1 year) 0 Decrease longevity (-1 year) (0)

4.13 FINANCIAL LIABILITIES

BORROWINGS

(Euro/000) 31 December 2021 31 December 2020 Short-term financial lease liabilities 1,077 323 Intra-group short-term borrowings 38,610 0 Short-term borrowings 39,687 323 Long-term financial lease liabilities 5,686 994 Intra-group long-term borrowings 327,000 0 Long-term borrowings 332,686 994 Total 372,373 1,317

Borrowings amounted to EUR 372,373 thousand (EUR 1,317 thou- sand in 2020) and refer to the financial debt with Industries S.p.A. and to the financial lease liabilities.

Financial lease liabilities are detailed in the following table:

FINANCIAL LEASE LIABILITIES

(Euro/000) Short-term financial lease liabilities 1,077 Long-term financial lease liabilities 5,686 Total 6,763

The changes in financial lease liabilities during 2021 are reported in the following table:

(Euro/000) IFRS 16 Ex IAS17 Financial lease liabilities 1 January 2021 1,314 3 1,317 Acquisitions 1,232 0 1,232 Disposals (616) (3) (619) Financial expenses 20 0 20 SPW Incorporation 4,813 0 4,813 Other movements, including transfers 0 0 0 31 December 2021 6,763 0 6,763

The following table show the breakdown of the long-term borrow- ings in accordance with their maturity date:

AGEING OF THE LONG-TERM BORROWINGS

(Euro/000) 31 December 2021 31 December 2020 Within 2 years 1,032 255 From 2 to 5 years 329,199 494 Beyond 5 years 2,455 245 Total 332,686 994