117 CONSOLIDATED FINANCIAL STATEMENTS116 CONSOLIDATED FINANCIAL STATEMENTS MONCLER GROUP 2022

4.3 SELLING EXPENSES

In 2022 selling expenses amounted to EUR 757.4 million (EUR 608.5 million in 2021), with an increase of EUR 148.9 million compared to 2021.

Selling expenses in 2022 represented 29.1%, substantially in line compared to 29.7% in 2021.

Selling expenses mainly include rent costs excluded from the application of the IFRS 16 for EUR 195.4 million (EUR 143.6 million of total rent costs in 2021), personnel costs for EUR 177.2 million (EUR 136.9 million in 2021) costs for depreciation of the right of use for EUR 146.6 million (EUR 126.4 million in 2021) and other amortisa- tion and depreciation for EUR 77.9 million (EUR 66.3 million in 2021).

The item also includes costs related to stock-based compen- sation plans for EUR 6.2 million (EUR 5.4 million in 2021).

4.4 GENERAL AND ADMINISTRATIVE EXPENSES

In 2022, general and administrative expenses amounted to EUR 283.9 million, up EUR 46.8 million when compared to last year.

General and administrative expenses represented 10.9% of turnover, in respect to 11.6% in 2021.

The item also includes costs related to stock-based compen- sation plans for EUR 30.9 million (EUR 23.2 million in 2021).

4.5 MARKETING EXPENSES

Marketing expenses were EUR 171.9 million, representing 6.6% of revenues in respect to 6.9% recorded in 2021.

4.6 OPERATING RESULT

In 2022, the operating result of the Moncler Group amounted to EUR 774.5 million, compared to EUR 579.2 million in 2021, repre- senting an EBIT margin of 29.8% (28.3% in 2021).

4.7 FINANCIAL INCOME AND EXPENSES

The caption is broken down as follows:

(Euro/000) 2022 2021 Interest income and other financial income 3,537 3,061 Total financial income 3,537 3,061 Interests expenses and other financial charges (4,328) (3,750) Net foreign currency differences negative (4,480) (1,332) Total financial expenses (8,808) (5,082) Total net excluded interests on lease liabilities (5,271) (2,021) Interests on lease liabilities (21,945) (19,587) Total net (27,216) (21,608)

4.8 INCOME TAX

The income tax effect on the consolidated income statement is as follows:

(Euro/000) 2022 2021 Current income taxes (380,856) (178,961) Deferred tax (income) expenses 240,231 14,902 Income taxes charged in the income statement (140,625) (164,059)

On 28 June 2022, the Board of Directors of Moncler S.p.A. ap- proved the realignment of the tax value of the Stone Island brand to its statutory value, opting for the regime pursuant to Art. 15 of Italian Decree Law 185/2008; this option entailed the payment of a substitute tax for 16% of the brand s value, equal to EUR 124.1 mil- lion, registered under current taxes and the release of EUR 216.4 million in previously-recognised deferred taxes payable. The net positive effect of the transaction was thus EUR 92.3 million.

For the breakdown of deferred tax assets and liabilities by nature, please see paragraph 5.4.

The reconciliation between the theoretical tax burden by ap- plying the theoretical rate of the parent company, and the effective tax burden is shown in the following table:

RECONCILIATION THEORETIC-EFFECTIVE TAX RATE

(Euro/000) Taxable Tax Tax rate Taxable Tax Tax rate Amount Amount 2022 Amount Amount 2021 2022 2022 2021 2021 Profit before tax 747,331 557,612 Income tax using the Company s (179,359) 24.0% (133,827) 24.0% theoretic tax rate Temporary differences (23,920) 3.2% (18,810) 3.4% Permanent differences (6,669) 0.9% (2,193) 0.4% Other differences (170,908) 22.9% (24,131) 4.3% Deferred taxes recognized 240,231 (32.1)% 14,902 (2.7)% in the income statement Income tax at effective tax rate (140,625) 18.8% (164,059) 29.4%

Deferred taxes in 2022 mainly include the benefit deriving from the release of deferred tax liabilities resulting from the realignment of Stone Island trademark s tax value to the statutory value.

4.9 PERSONNEL EXPENSES

The following table lists the details of the main personnel expenses by nature, compared with those of the previous year:

(Euro/000) 2022 2021 Wages and salaries and Social security costs (265,408) (216,920) Accrual for employment benefits (20,977) (15,956) Total (286,385) (232,876)

During the period, personnel expenses increased by 23.0%, from EUR 232.9 million in 2021 to EUR 286.4 million in 2022.

The remuneration related to the members of the Board of Di- rectors is commented separately in the related-party section (note 10.1).

The costs related to the stock based compensation plans, equal to EUR 37.0 million (EUR 28.6 million in 2021) are separate- ly commented in note 10.2.

The following table analyses the number of employees (full-time-equivalent) in 2022 compared to the prior year:

AVERAGE FTE BY AREA

FTE 2022 2021 Italy 1,609 1,395 Other European countries 1,876 1,720 Asia and Japan 1,343 1,167 Americas 395 353 Total 5,223 4,635

The actual number of employees of the Group as at 31 December 2022 was 6,310 unit (5,290 as at 31 December 2021).

4.10 DEPRECIATION AND AMORTISATION

Depreciation and amortisation are broken down as follows:

(Euro/000) 2022 2021 Depreciation of property, plant and equipment (242,754) (208,276) Amortization of intangible assets (22,163) (38,243) Total Depreciation and Amortization (264,917) (246,519)

The increase in both depreciation and amortisation was mainly due to investments made for the new store openings or the relocation/ expansion of already existing stores, in IT, logistic and operation. The amortisation related to the right of use amounted to EUR 159.3