SEPARATE FINANCIAL STATEMENTS198 199SEPARATE FINANCIAL STATEMENTS MONCLER GROUP

2021

The non-discounted cash flows referring to the lease liabilities are shown below.

AGEING OF THE LEASE LIABILITIES NOT DISCOUNTED

(Euro/000) 31 December 2021 31 December 2020 Within 1 year 1,155 343 From 1 to 5 years 3,443 798 Beyond 5 years 2,538 249 Total 7,136 1,390

4.14 TAX ASSETS AND LIABILITIES

Tax liabilities amound to EUR 14,356 thousand as at 31 Decem- ber 2021, net of current tax assets (EUR 2,252 thousand as at 31 December 2020). The balance pertains to IRES and IRAP payable.

4.15 SHAREHOLDERS EQUITY

As at 31 December 2021 the subscribed share capital constitut- ed by 273,682,790 shares was fully paid and amounted to EUR 54,736,558 with a nominal value of EUR 0.20 per share.

Changes in shareholders equity for 2021 and the compara- tive period are included in the consolidated statements of chang- es in equity.

As at 31 December 2021, 4,106,180, treasury shares were held, equal to 1.5% of the share capital, for a total value of EUR 146,487 thousand.

The changes in share capital and share premium reserve derive from the reserved share capital increase relating to the transaction with the shareholders of Sportswear Company S.p.A. (n. 15.330.166 ordinary shares at a value of EUR 37.51 per share).

The change in the IFRS 2 reserve is due to the accounting treatment of the performance share plans, i.e., to the recognition of the figurative cost for the period relating to these plans and the reclassification to retained earnings of the cumulative figurative cost of the plans already closed.

The change in retained earnings mainly relates mainly to the to the allocation of 2020 result, the dividend distribution and the above mentioned reclassification of the IFRS 2 reserve .

In 2021 the Parent Company distributed dividends to the Group Shareholders for an amount of EUR 121,274,490. In 2020 the Company did not distribute dividends. The following table includes details about how the shareholders reserve should be used:

INFORMATION ON RESERVES

(Euro) Amount Possible Available Non-available Amounts used Amounts used use amount amount in the previous in the previous 3 years to 3 years for hedge losses other reason Share capital 54,736,558 - - 54,736,558 - - Reserves: Legal reserve 10,334,105 B - 10,334,105 - - Share premium 745,308,990 A, B, C 744,695,783 (*) 613,207 - - OCI Reserve (201,400) - - (201,400) - - Revaluation reserve 85,963 A, B 85,963 - - - FTA Reserve (19,585) A, B, C - (19,585) - - IFRS 2 Reserve 34,979,736 A, B, C 34,979,736 - - - Retained earnings 381,804,606 A, B, C 381,603,206 201,400 - 171,313,688 Total share capital 1,227,028,973 1,161,364,688 65,664,285 - 171,313,688 and reserves Non distributable amount 85,963 Distributable 1,161,278,725 remaining amount

Explanation: A share capital increase - B hedge of losses- C distribution to the shareholders (*) Slare premium reserve entirely available after allocating to legal reserve up to 20% of the share capital

In view of the realignment of the Moncler trademark s tax value to the statutory value, as required by Law Decree 104/2020 (the so-called August Decree), art. 110, par. 8, the Board of Direc- tors proposes the Shareholders Meeting to appoint the Retained earnings reserve as deferred tax reserve for an amount equal to EUR 217,150,636. The caption OCI ( Other Comprehensive Income ) reserve in- cludes the actuarial risks related to the employee pension fund. Changes in that reserve are as follows:

OTHER COMPREHENSIVE INCOME

(Euro/000) Employees pension fund - actuarial valuation Fair value IRS Value before Tax Value after Value before Tax Value after tax effect effect tax effect tax effect effect tax effect Reserve as at 1 January 2020 (133) 30 (103) 0 0 0 Reclassification to Other reserves 0 0 0 0 0 0 Changes in the period (98) 8 (90) 0 0 0 Translation differences of the period 0 0 0 0 0 0 Reversal in the income 0 0 0 0 0 0 statement of the period Reserve as at 31 December 2020 (231) 38 (193) 0 0 0

Reserve as at 1 January 2021 (231) 38 (193) 0 0 0 Reclassification to Other reserves 0 0 0 0 0 0 Changes in the period (8) 0 (8) 0 0 0 Translation differences of the period 0 0 0 0 0 0 Reversal in the income 0 0 0 0 0 0 statement of the period Reserve as at 31 December 2021 (239) 38 (201) 0 0 0

5. COMMITMENTS AND GUARANTEES GIVEN

5.1 COMMITMENTS

The Company does not have significant commitments arising from operating lease contract or other contractual cases that do not fall within the scope of IFRS 16.

5.2 GUARANTEES GIVEN As at the date of the financial statements, the Company had no guarantees toward the Group companies nor third parties.

6. CONTINGENT LIABILITY

The Company is subject to risks which may arise during the per- formance of its ordinary activities. Based on information avail- able to date, management believes that there currently are no contingent liability that need to be accrued in the financial state- ments.

7. INFORMATION ABOUT FINANCIAL RISKS

The Company s financial instruments include cash and cash equivalents, loans, receivables and trade payables and other cur- rent receivables and payables and non-current assets as well as derivatives.

The Company is mostly exposed to interest rate risk, liquid- ity risk and capital risk.

MARKET RISK

EXCHANGE RATE RISK The Company operated mostly with companies in euros and, as such, the exposure to exchange rate risk is limited. As at 31 De- cember 2020, a small portion of the Company s assets and liabil- ities (i.e. trade receivables and payables) were denominated in a currency different from its functional currency.