123 CONSOLIDATED FINANCIAL STATEMENTS122 CONSOLIDATED FINANCIAL STATEMENTS MONCLER GROUP 2022

5.4 DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES

Deferred tax assets and deferred tax liabilities are offset only when there is a law within a given tax jurisdiction that provides for such right to offset. The balances were as follows as at 31 December 2022 and 31 December 2021:

DEFERRED TAXATION

(Euro/000) 31/12/2022 31/12/2021 Deferred tax assets 205,932 179,312 Deferred tax liabilities (15,190) (225,621) Net amount 190,742 (46,309)

The decrease in the item Deferred tax liabilities derives from the re- lease resulting from the above mentioned realignment of the Stone Island trademark s tax value to the statutory value.

In view of the nature of the net deferred tax assets and the ex- pectation of future taxable income under the Business Plan 2022- 2024 (approved by the Board of Directors on 24 February 2022), no indicators have been identified regarding the non-recoverability of the deferred tax assets recognised in the financial statements.

The change in deferred tax assets and liabilities, without taking in- to consideration the right of offset of a given tax jurisdiction, is de- tailed in the following table:

DEFERRED TAX ASSETS (LIABILITIES)

(Euro/000) Opening balance - Changes in Taxes charged Taxes Effect of Other Closing balance - 01/01/2022 consolidation area to the income accounted for currency movements 31/12/2022 statement in Equity translation Tangible and instangible assets 23,417 0 335 0 (13) 481 24,220 Inventories 116,976 0 17,809 0 1,220 (13) 135,993 Trade recivables 2,619 0 (458) 0 7 (11) 2,158 Derivatives 2,776 0 0 (748) 0 (10) 2,018 Employee benefits 1,695 0 1,150 20 (71) (3) 2,791 Provisions 16,863 0 4,812 0 (794) 0 20,881 Trade payables 6,200 0 1,798 0 (2) 1 7,997 Other temporary items 8,514 0 1,417 0 (88) (361) 9,482 Tax loss carried forward 252 0 213 0 (11) (61) 393 Tax assets 179,312 0 27,076 (728) 248 24 205,932 Tangible and instangible assets (222,547) 0 212,164 0 (139) 184 (10,338) Financial assets (384) 0 6 0 0 0 (378) Inventories (1,102) 0 (323) 0 0 0 (1,425) Derivatives (150) 0 151 (1,606) 0 0 (1,605) Provisions 0 0 74 0 0 (353) (279) Trade payables (46) 0 1 0 (3) 0 (48) Other temporary items (1,392) 0 1082 (878) (2) 182 (1,008) Tax loss carried forward 0 0 0 0 0 0 0 Tax liabilities (225,621) 0 213,155 (2,593) (144) 13 (15,190) Net deferred tax assets (liabilities) (46,309) 0 240,231 (3,321) 104 37 190,742

DEFERRED TAX ASSETS (LIABILITIES)

(Euro/000) Opening balance - Changes in Taxes charged Taxes Effect of Other Closing balance - 01/01/2021 consolidation area to the income accounted for currency movements 31/12/2021 statement in Equity translation Tangible and intangible assets 21,041 1,499 362 0 493 22 23,417 Financial assets 0 0 0 0 0 0 0 Inventories 97,143 6,831 8,946 0 4,029 27 116,976 Trade receivables 3,235 300 (934) 0 18 0 2,619 Derivatives 384 55 5 2,332 0 0 2,776 Employee benefits 2,029 14 (346) (12) 9 1 1,695 Provisions 15,589 348 1,034 0 (109) 1 16,863 Trade payables 4,857 0 1,321 0 23 (1) 6,200 Other temporary items 5,039 628 2,111 0 (122) 858 8,514 Tax loss carried forward 1,515 0 (1,274) 0 11 0 252 Tax assets 150,832 9,675 11,225 2,320 4,352 908 179,312 Tangible and intangible assets (3,596) (78) 3,478 0 (362) (221,989) (222,547) Financial assets (300) (76) (8) 0 0 0 (384) Inventories (1,065) 0 (37) 0 0 0 (1,102) Trade receivables 0 0 0 0 0 0 0 Derivatives (879) 0 (150) 879 0 0 (150) Employee benefits 0 0 0 0 0 0 0 Provisions 0 0 0 0 0 0 0 Trade payables 7 0 (51) 0 (2) 0 (46) Other temporary items (568) 12 445 663 (1) (1,943) (1,392) Tax loss carried forward 5 0 0 0 0 (5) 0 Tax liabilities (6,396) (142) 3,677 1,542 (365) (223,937) (225,621) Net deferred tax assets (liabilities) 144,436 9,533 14,902 3,862 3,987 (223,029) (46,309)

The taxable amount on which deferred tax assets have been calcu- lated is detailed in the following table:

DEFERRED TAX ASSETS AND LIABILITIES

(Euro/000) Taxable Closing balance- Taxable Closing balance- amount 2022 31/12/2022 amount 2021 31/12/2021 Tangible and intangible assets 91,866 24,220 86,248 23,417 Inventories 548,879 135,993 446,472 116,976 Trade receivables 8,769 2,158 10,608 2,619 Derivatives 8,409 2,018 11,569 2,776 Employee benefits 10,692 2,791 6,488 1,695 Provisions 72,163 20,881 57,346 16,863 Trade payables 28,657 7,997 28,815 6,200 Other temporary items 41,536 9,482 33,749 8,514 Tax loss carried forward 1,748 393 982 252 Tax assets 812,719 205,932 682,277 179,312 Tangible and intangible assets (55,066) (10,338) (806,583) (222,547) Financial assets (1,534) (378) (965) (384) Inventories (5,106) (1,425) (3,819) (1,102) Derivatives (6,687) (1,605) 625 (150) Employee benefits (454) (109) 0 0 Provisions (1,163) (279) 0 0 Trade payables (194) (48) (185) (46) Other temporary items (3,456) (1,008) (2,197) (1,392) Tax loss carried forward 0 0 0 0 Tax liabilities (73,660) (15,190) (813,124) (225,621) Net deferred tax assets (liabilities) 739,059 190,742 (130,847) (46,309)