SEPARATE FINANCIAL STATEMENTS200 201SEPARATE FINANCIAL STATEMENTS MONCLER GROUP

2021

INTEREST RATE RISK The Company s exposure to interest rate risk during 2021 is connect- ed mostly to changes in interest rates relate to outstanding loans.

As at 31 December 2021 the Company had no bank loans and therefore there were no interest rate hedges, consequently any changes in interest rates at the year-end date would not have significant effects on the result of the year.

The Company is not exposed to changes in currency inter- est rates.

CREDIT RISK

The Company has no significant concentrations of credit risk with companies that are not part of the Group. The maximum exposure to credit risk is represented by the amount reported in the finan- cial statements.

As far as the credit risk arising from other financial assets (including cash, short-term bank deposits and some financial de- rivative instruments) is concerned, the credit risk for the Com- pany arises from default of the counterparty with a maximum exposure equal to the carrying amount of financial assets record- ed in the financial statements.

LIQUIDITY RISK

Liquidity risk arises from the ability to obtain financial resourc- es at a sustainable cost in order for the Group to conduct its daily business operations. The factors that influence this risk are relat- ed to the resources generated/absorbed by operating activities, by investing and financing activities and by availability of funds in the financial market.

Management believes that the financial resources availa- ble today, along with those that are generated by the current op- erations will enable the Company to achieve its objectives and to meet its investment needs and the repayment of its debt at the agreed upon maturity date.

OPERATING AND CAPITAL MANAGEMENT RISKS

In the management of operating risk, the Company s main objec- tive is to manage the risks associated with the development of business in foreign markets that are subject to specific laws and regulations. The Group has implemented guidelines in the following areas: appropriate level of segregation of duties; reconciliation and constant monitoring of significant trans-

actions; documentation of controls and procedures; technical and professional training of employees; periodic assessment of corporate risks and identification of

corrective actions. As far as the capital management risk is concerned, the Compa- ny s objectives are aimed at the going concern issue in order to ensure a fair economic return to shareholders and other stake- holders while maintaining a good rating in the capital debt market. The Company manages its capital structure and makes adjust- ments in line with changes in general economic conditions and with the strategic objectives.

8. OTHER INFORMATION

8.1 RELATED-PARTY TRANSACTIONS

Set out below are the transactions with related parties deemed relevant for the purposes of the Related-party procedure adopt- ed by the Group.

The Related-party procedure is available on the Compa- ny s website (www.monclergroup.com, under Governance/Cor- porate documents ).

Transactions with subsidiaries are of a commercial nature and are conducted at market conditions similar to those conducted with third parties and are detailed as follows:

INTERCOMPANY BALANCES

(Euro/000) 31 December 2021 Receivables Payables Net value Industries S.p.A. 87,927 (379,577) (291,650) Sportswear Company S.p.A. 1,075 0 1,075 Other Group companies 62 (91) (29) Total 89,064 (379,668) (290,604)

INTERCOMPANY TRANSACTIONS

(Euro/000) 2021 Revenues Expenses/Other Net value revenues net Industries S.p.A. 299,144 (3,689) 295,455 Other Group companies 0 115 115 Total 299,144 (3,574) 295,570

Moncler S.p.A. granted to the subsidiary Industries S.p.A. a li- cense to use the Moncler brand. Based on the license agreement, the Company is remunerated through payments of royalties. The total amount of royalties and consulting fees for fiscal year 2021 amounted to EUR 299.1 million (EUR 238.0 million in 2020).

In addition, the Company has entered into a legal, fiscal and administrative consulting agreement with Industries S.p.A.

Please note that Moncler S.p.A. is part of the Group s fiscal and VAT consolidation and is responsible with Industries S.p.A. for taxes payable and the related interests.

Compensation paid to the members of the Board of Direc- tors in 2021 are EUR 6,837 thousand (EUR 2,253 thousand in 2020).

Compensation paid to the members of the Board of Auditors in 2021 are EUR 142 thousand (EUR 142 in 2020).

In 2021 the costs relating to Performance Shares (described in note 8.2) referring to members of the Board of Directors amount to EUR 2,296 thousand (EUR 2,611 thousand in 2020).

There are no other related-party transaction. The following tables summarise the afore-mentioned related-par- ty transactions that took place during 2021 and the prior year:

(Euro/000) Type of Note 31 December % 31 December % relationship 2021 2020 Industries S.p.A. Trade transactions c 299,144 99.0% 237,971 99.7% Industries S.p.A. Trade transactions b (2,891) 2.5% (2,266) 2.8% Industries S.p.A. Interest income d 33 100.0% 332 79.0% Industries S.p.A. Interest expense a (831) 49.3% (79) 22.4% Other Group companies Trade transactions b 115 (0.1)% 74 (0.1)% Directors and board of Labour services b (6,979) 6.1% (2,395) 3.0% statutory auditors Directors Labour services b (2,296) 2.0% (2,611) 3.3% Total 286,295 231,026

a- % calculated based on total financial costs b- % calculated on operating costs c- % calculated on revenues d- % calculated based on total financial income

(Euro/000) Type of Note 31 December % 31 December %