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167 SEPARATE FINANCIAL STATEMENTS166 SEPARATE FINANCIAL STATEMENTS MONCLER GROUP 2022

right of use assets that do not meet the definition of real estate in- vestments in the item Property, plant and equipment and lease lia- bilities in the item Borrowings.

The Company recognises the related payments due for leas- es as a cost on a straight-line basis over the lease term.

For contracts signed before 1 January 2019, the Company estab- lished whether the agreement was or contained a lease by check- ing if:

fulfilment of the agreement depended on the use of one or more specific assets; and

the agreement transferred the right to use the asset.

Other assets subject to leases are classified as operating leases and are not recognised in the Company s statement of financial po- sition. Payments relating to operating leases are recognised as a straight-line cost over the lease term, while incentives granted to the lessee are recognised as an integral part of the overall lease cost over the lease term.

2.7 FINANCIAL INSTRUMENTS

Trade receivables and debt securities issued are recognised when they are originated. All other financial assets and liabilities are ini- tially recognised at the trade date, i.e., when the Company becomes a contractual party to the financial instrument.

Except for trade receivables that do not comprise a signifi- cant financing component, financial assets are initially measured at fair value plus or minus, in the case of financial assets or liabilities not measured at FVTPL, the transaction costs directly attributable to the acquisition or issue of the financial asset. At the time of initial recognition, trade receivables that do not have a significant financ- ing component are valued at their transaction price.

On initial recognition, a financial asset is classified based on its valuation: at amortised cost, at fair value through other compre- hensive income (FVOCI) and at fair value through profit/(loss) for the period (FVTPL).

Financial assets are not reclassified after initial recognition, unless the Company changes its business model for managing fi- nancial assets. In that case, all the financial assets concerned are reclassified on the first day of the first reporting period following the change in business model.

A financial asset shall be measured at amortised cost if both of the following conditions are met and if it is not designated at FVTPL:

the financial asset is held as part of a business model whose objective is to hold the financial assets in order to collect the related contractual cash flows; and

the contractual terms of the financial asset provide for cash flows at certain dates consisting solely of payments of princi- pal and interest on the amount of principal to be repaid.

At the time of subsequent measurement, assets belonging to this category are valued at amortised cost, using the effective inter- est rate. The effects of measurement are recognised among the fi- nancial income components. These assets are also subject to the impairment model described in the paragraph Trade receivables, fi- nancial assets and other current and non-current receivables.

A financial asset shall be measured at FVOCI if both of the following conditions are met and if it is not designated at FVTPL:

the financial asset is held as part of a business model whose objective is achieved both through the collection of the con- tractual cash flows and through the sale of the financial as- sets; and

the contractual terms of the financial asset provide for cash flows at certain dates consisting solely of payments of princi- pal and interest on the amount of principal to be repaid.

On initial recognition of a security not held for trading, the Compa- ny may make an irrevocable choice to present subsequent changes in fair value in the other components of the comprehensive income statement. This choice is made for each asset.

by applying an appropriate discount rate that reflects market time value of money and the risks inherent to the asset. An impairment loss is recognised for the amount by which the carrying amount ex- ceeds its recoverable amount.

With the exception of impairment losses recognised on good- will, when the circumstances that led to the loss no longer exist, the carrying amount of the asset is increased to its recoverable amount and cannot exceed the carrying amount that would have been de- termined had there been no loss in value. The reversal of an impair- ment loss is recognised immediately in the income statement.

2.6 LEASED ASSETS

On 13 January 2016, the IASB published the new standard IFRS 16 Leases, which replaces IAS 17. This standard was endorsed by the European Union, with its publication on 9 November 2017. IFRS 16 is effective for financial statements commencing on or after 1 Jan- uary 2019. The new standard eliminates the difference in the recog- nition of operating and finance leases, even despite elements that simplify its adoption, and introduces the concept of control in the definition of a lease. To determine whether a contract is a lease, IF- RS 16 establishes that the contract must convey the right to control the use of an identified asset for a given period of time. At the lease commencement date, the Company recognises the right of use asset and lease liability. The right of use asset is initial- ly valued at cost, including the amount of the initial measurement of the lease liability, adjusted for the rent payments made on or before the commencement date, increased by the initial direct costs in- curred and an estimate of costs to be incurred by the lessee in dis- mantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condi- tion required by the terms and conditions of the lease, net of the re- ceived lease incentives.

The right of use asset is amortised on a straight-line basis from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Com- pany at the end of the lease term. In this case, the right of use asset will be amortised over the useful life of the underlying asset, deter- mined on the same basis as that of property and machinery. In addi- tion, the right of use asset is regularly decreased for any impairment losses and adjusted to reflect any changes deriving from subse- quent remeasurement of the lease liability.

The Company values the lease liability at the present value of the payments due for unpaid leases at the commencement date, dis- counting them using the interest rate implicit in the lease. The payments due for the lease included in the measurement of the lease liability include:

fixed payments (including substantially fixed payments); payments due for lease which depend on an index or rate, ini-

tially measured using an index or rate on the commencement date;

amounts that are expected to be paid as a residual value guarantee; and

the payments due for the lease in an optional renewal period if the Company is reasonably certain to exercise the renew- al option, and early termination cancellation penalties, unless the Company is reasonably certain not to terminate the lease in advance.

The lease liability is measured at amortised cost using the effective interest criterion and remeasured in the event of a change in the fu- ture payments due for the lease deriving from a change in the index or rate, in the event of a change in the amount that the Company ex- pects to pay as a guarantee on the residual value or when the Com- pany changes its measurement with reference to the exercise or otherwise of a purchase, extension or cancellation option or in the event of revision of in-substance fixed payments due.

When the lease liability is remeasured, the lessee makes a corresponding change in right of use asset. If the right of use asset carrying value is reduced to zero, the lessee recognises the change in profit/(loss) for the year.

In the statement of financial position, the Company reports

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