Your browser is not up to date and is not able to run this publication.

111 CONSOLIDATED FINANCIAL STATEMENTS110 CONSOLIDATED FINANCIAL STATEMENTS MONCLER GROUP 2022

2.15 BORROWING COSTS

Borrowing costs are recognised on an accrual basis taking into consideration interest accrued on the net carrying amount of finan- cial assets and liabilities using the effective interest rate method.

2.16 TAXATION

Tax expense, recognised in the consolidated income statement, represents the aggregated amount related to current tax and de- ferred tax.

Current taxes are determined in accordance with enforced rules established by local tax authorities. Current taxes are rec- ognised in the consolidated income statement for the period, except to the extent that the tax arises from transactions or events which are recognised directly either in equity or in other comprehensive income.

Deferred tax liabilities and assets are determined based on temporary taxable or deductible differences arising between the tax bases of assets and liabilities and their carrying amounts in the Group Consolidated Financial Statements. Current and deferred tax assets and liabilities are offset when income taxes are levied by the same tax authority and when there is a legally enforceable right to offset the amounts.

Deferred tax liabilities and assets are determined using tax rates that have been enacted by the reporting date and are expect- ed to be enforced when the related deferred income tax asset is re- alised or the deferred tax liability is settled. Deferred tax assets and liabilities are not discounted.

Deferred tax assets recognised on tax losses and on deduct- ible differences are recognised to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.

Tax liabilities include the estimate of risks associated with uncertainties on the tax treatments adopted for determining in- come taxes in accordance with the new IFRIC 23. These uncertain- ties can arise from: i) unclear or complex tax rules; ii) changes in tax regulations or clarifications by tax authorities; iii) ongoing tax audits and/or disputes; iv) public information on ongoing tax assessments and/or disputes involving other entities.

2.17 EARNINGS PER SHARE

The Group presents the basic and diluted earnings per share. The basic earnings per share is calculated by dividing the profit or loss attributable to holders of the Company shares by the weighted average of the number of shares for the financial year (defined as equal to the share capital), adjusted to consider any treasury shares held. The diluted earnings per share is calculated by adjusting the profit or loss attributable to shareholders and the weighted average of the number of company shares as defined above, to consider the effects of all potential shares with a dilution effect.

2.18 SEGMENT INFORMATION

For the purposes of IFRS 8 Operating Segments, the Group s busi- ness can be classified to two operating segments, relating to the Moncler and the Stone Island business, aggregated into a single seg- ment, with similar characteristics to those required by the Standard.

2.19 FAIR VALUE

IFRS 13 is the only point of reference for the fair value measure- ment and related disclosures when such an assessment is required or permitted by other standards. Specifically, the principle defines fair value as the consideration received for the sale of an asset or the amount paid to settle a liability in a regular transaction between market participants at the measurement date. In addition, the new standard replaces and provides for additional disclosures required in relation to fair value measurements by other accounting stan- dards, including IFRS 7.

IFRS 13 establishes a hierarchy that classifies within different lev- els the inputs used in the valuation techniques necessary to mea- sure fair value. The levels, presented in a hierarchical order, are as follows:

level 1: Fair values measured using quoted prices (unadjust- ed) in active markets for identical assets or liabilities;

level 2: Fair values measured using inputs other than quoted prices included within Level 1 that are observable for the as- set or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);

level 3: Fair values measured using inputs for the asset or li- ability that are not based on observable market data (i.e. un- observable inputs).

2.20 PUT & CALL AGREEMENTS WITH MINORITY SHAREHOLDERS

The Group records the financial liabilities relating to put options granted to minority shareholders at the present value of the option exercise price. On the initial recognition of the liability, this value is reclassified from equity by reducing the minority share if the terms and conditions of the put option give the Group access to the eco- nomic benefits associated with the share of the capital option. The Group accounts for this share as if it had already been purchased in application of the anticipated interest method. According to IAS 32, the recognized financial liability is equal to the best estimate of the option s strike price and is subsequently remeasured at each clos- ing date in accordance with IFRS 9. The accounting policy adopted by the Group provides for the recognition to equity of any change in the value of the liability.

2.21 ACCOUNTING STANDARDS AND RECENTLY PUBLISHED INTERPRETATIONS

ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS EFFECTIVE FROM 1 JANUARY 2022

Title Issued date Effective Endorsment EU regulation and date date date of publication Annual Improvements to May 2020 1 January 2022 28 June 2021 (UE) 2021/1080 IFRS Standards 2018 2020 2 July 2021 Cycle[Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41] Property, plant May 2020 1 January 2022 28 June 2021 (UE) 2021/1080 and 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)

The adoption of these amendments had no impacts on the Group s consolidated financial statements.

Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022Moncler - Annual Report 2022
Powered by Fluidbook