121 CONSOLIDATED FINANCIAL STATEMENTS120 CONSOLIDATED FINANCIAL STATEMENTS MONCLER GROUP 2022

(WACC) was calculated at 8.8% for the Moncler brand and at 9.3% for Stone Island.

The results of the sensitivity analysis indicated that the carry- ing amount of the Moncler brand is in line with the benchmark with a g rate = 0% and WACC = 94.5% and the carrying amount of the Stone Island brand with a g rate = 0% and WACC = 8.0%

Similarly, the same sensitivity analysis applied to the group of cash-generating unit Moncler and to the cash-generating unit Stone Island shows a full recovery of the value of the goodwill re- corded considering changes in parameters even higher than those indicated above for the brands, confirming the wide recoverability of Moncler and Stone Island goodwill.

It is also underlined that the market capitalisation of the Com- pany, based on the average price of Moncler share in 2022, showed a significant positive difference with respect to the Group net equi- ty, confirming again the value of the goodwill.

5.3 NET PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT 31/12/2022 31/12/2021 (Euro/000) Gross value Accumulated Net value Net value depreciation and impairment Land and buildings 1,296,502 (495,760) 800,742 675,467 Plant and Equipment 53,936 (31,687) 22,249 22,171 Fixtures and fittings 166,449 (120,239) 46,210 48,430 Leasehold improvements 386,389 (245,381) 141,008 127,820 Other fixed assets 43,717 (32,715) 11,002 10,024 Assets in progress 53,279 0 53,279 29,410 Total 2,000,272 (925,782) 1,074,490 913,322

The change in property, plant and equipment is included in the fol- lowing tables:

As at 31 December 2022

GROSS VALUE PROPERTY, PLANT AND EQUIPMENT

(Euro/000) Land and Plant and Fixtures Leasehold Other Assets in progress Total buildings Equipment and fittings improvements fixed and advances assets 01/01/2022 1,024,942 47,437 154,740 333,106 37,239 29,410 1,626,874 Acquisitions 286,875 4,064 13,706 53,497 5,483 42,280 405,905 Disposals (14,886) (760) (4,880) (10,403) (851) (2,254) (34,034) Changes in consolidation area 5,554 33 1,659 266 120 323 7,955 Other movements, (5,983) 3,162 1,224 9,923 1,726 (16,480) (6,428) including transfers 31/12/2022 1,296,502 53,936 166,449 386,389 43,717 53,279 2,000,272

ACCUMULATED DEPRECIATION AND IMPAIRMENT PPE

(Euro/000) Land and Plant and Fixtures Leasehold Other Assets in Total buildings Equipment and fittings improvements fixed progress and assets advances 01/01/2022 (349,475) (25,266) (106,310) (205,286) (27,215) 0 (713,552) Acquisitions (162,618) (7,058) (17,903) (49,037) (6,138) 0 (242,754) Disposals 8,485 421 4,618 10,250 718 0 24,492 Changes in consolidation area 1,771 (22) (1,255) (118) (40) 0 336 Other movements, 6,077 238 611 (1,190) (40) 0 5,696 including transfers 31/12/2022 (495,760) (31,687) (120,239) (245,381) (32,715) 0 (925,782)

As at 31 December 2021 GROSS VALUE PROPERTY, PLANT AND EQUIPMENT

(Euro/000) Land and Plant and Fixtures Leasehold Other Assets in Total buildings Equipment and fittings improvements fixed progress and assets advances 01/01/2021 790,863 33,273 127,187 263,157 31,079 23,617 1,269,176 Acquisitions 133,700 7,988 11,627 29,733 4,016 43,145 230,209 Disposals (8,689) (3,600) (3,564) (7,673) (1,021) (2,315) (26,862) Changes in consolidation area 86,248 9,728 7,148 15,365 1,124 2,179 121,792 Translation adjustment 23,084 (148) 4,412 9,161 596 345 37,450 Other movements, (264) 196 7,930 23,363 1,445 (37,561) (4,891) including transfers 31/12/2021 1,024,942 47,437 154,740 333,106 37,239 29,410 1,626,874

ACCUMULATED DEPRECIATION AND IMPAIRMENT PPE

(Euro/000) Land and Plant and Fixtures Leasehold Other Assets in Total buildings Equipment and fittings improvements fixed progress and assets advances 01/01/2021 (192,835) (12,268) (83,671) (155,703) (21,712) 0 (466,189) Acquisitions (138,992) (5,726) (17,037) (41,624) (4,897) 0 (208,276) Disposals 5,109 214 3,233 6,730 659 0 15,945 Changes in consolidation area (13,348) (7,401) (5,212) (8,115) (768) 0 (34,844) Translation adjustment (10,319) (85) (3,782) (6,497) (415) 0 (21,098) Other movements, 910 0 159 (77) (82) 0 910 including transfers 31/12/2021 (349,475) (25,266) (106,310) (205,286) (27,215) 0 (713,552)

The changes related to the right of use assets arising from the ap- plication of the IFRS 16 are reported here below:

RIGHT OF USE ASSETS

(Euro/000) Land and buildings Other fixed Total assets 01/01/2022 654,770 1,426 656,196 Acquisitions 278,041 965 279,006 Disposals (7,137) (48) (7,185) Depreciation (160,476) (1,040) (161,516) Changes in consolidation 0 0 0 area Translation adjustment 6,954 2 6,956 Other movements, 60 0 60 including transfers 31/12/2022 772,212 1,305 773,517

The increases in 2022 refer to new lease agreements for the open- ing or relocation of retail stores and the renewal of existing lease agreements, mainly in the EMEA and APAC regions.

In addition to the above mentioned effect arising from the ap- plication of the IFRS 16, the changes in property plant and equip- ment in 2022 show an increase in the items fixture and fittings, leasehold improvements and assets in progress and advances: all of these items are mainly related to the development of the distri- bution network, the relocation/expansion of already existing stores and the investments in logistic, operation and the enlargement of the production facility in Bacau, Romania.

Please refer to the Directors report for an analysis of invest- ments made during the year.

Based on the business performance recorded in the periods under analysis and the updated forecasts of future trends, no po- tential indicators of impairment were identified and no specific im- pairment tests were performed on these items.