175 SEPARATE FINANCIAL STATEMENTS174 SEPARATE FINANCIAL STATEMENTS MONCLER GROUP 2022

3.1 REVENUE

The company s revenues mainly include royalty income from the use of Moncler trademark and Stone Island trademark.

The increase of EUR 116,614 thousand compared with the previous year is due to the first year of royalties relating to the Stone Island brand and to the increase in business volumes.

3.2 GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses amounted to EUR 67,392 thousand (EUR 54,996 thousand in 2021) and primarily include de- signing and product development expenses in the amount of EUR 16,924 thousand (EUR 12,755 thousand in 2021), the personnel ex- penses of other functions in the amount of EUR 14,722 thousand (EUR 13,401 thousand in 2021), legal, financial and administrative expenses in the amount of EUR 3,817 thousand (EUR 3,327 thou- sand in 2021), directors fees in the amount of EUR 8,077 thousand (EUR 6,907 thousand in 2021), auditing and attestation service, statutory auditors expenses, costs for supervisory body and inter- nal audit in the amount of EUR 543 thousand (EUR 499 thousand in 2021).

This item also includes costs related to stock-based com- pensation plans for EUR 10,891 thousand (EUR 6,663 thousand in 2021).

3.3 MARKETING EXPENSES

Marketing expenses amounted to EUR 73,832 thousand (EUR 58,600 thousand in 2021) and are mostly made up of expenses re- lated to media-plan and events.

3.4 PERSONNEL EXPENSES, DEPRECIATION AND AMORTISATION

The total personnel expenses, included under general and adminis- trative expenses, amounted to EUR 18,976 thousand (EUR 16,533 thousand in 2021) including social security contribution and leav- ing indemnity expenses.

The average number of FTE ( full-time-equivalent ) in 2022 was 166 (129 in 2021).

In 2022 depreciation and amortisation, again included under general and administrative expenses, amounted to EUR 2,173 thou- sand (EUR 1,352 thousand in 2021).

3.5 FINANCIAL INCOME AND EXPENSES

The caption is broken down as follows:

(Euro/000) 2022 2021 Interest income and other financial income 5 33 Foreign currency differences - positive 0 0 Total financial income 5 33 Interests expenses and bank charges (4,186) (1,439) Foreign currency differences - negative (127) (225) Total financial expenses (4,313) (1,664) Total net excluded interests on lease liabilities (4,308) (1,631) Interests on lease liabilities (83) (20) Total net (4,391) (1,651)

In 2022 the item Interest expense mainly refers to interest accrued on the loan received from the subsidiary Industries S.p.A.

In 2022 and 2021 the company did not received dividends.

3 COMMENTS ON THE INCOME STATEMENTNEW STANDARDS AND INTERPRETATIONS NOT YET EFFECTIVE AND NOT EARLY ADOPTED BY THE GROUP At the date when these annual financial statements were prepared, the European Union s competent authorities concluded the approv- al process needed for the adoption of the accounting standards and amendments described below. With reference of the applica- ble principles, the Group has decided not to exercise the option of the early adoption, if applicable.

Title Issued date Effective date Endorsment date EU regulation and date of publication IFRS 17 Insurance May 2017 1 January 2023 19 November 2021 (UE) 2021/36 contracts (including June 2020 23 November 2021 amendments published on 25 June 2020) Definition of accounting February 2021 1 January 2023 2 March 2022 (UE) 2022/357 estimates (Amendments 3 March 2022 to IAS 8) Disclosure of Accounting February 2021 1 January 2023 2 March 2022 (UE) 2022/357 policies (Amendments 3 March 2022 and to IAS 1 IFRS Practice Statement 2) Deferred tax related to May 2021 1 January 2023 11 August 2022 (UE) 2022/1392 assets and liabilities arising 12 August 2022 from a single transaction (Amendments to IAS 12 Income taxes) Initial Application of IFRS December 2021 1 January 2023 8 September 2022 (UE) 2022/1491 17 and IFRS 9 Comparative 9 September 2022 Information (Amendment to IFRS 17)

The adoption of these amendments had no impacts on the Compa- ny financial statements.

In addition, at the date of these financial statements, the competent bodies of the European Union had not yet completed their endorsement process for the following accounting standards and amendments:

Title Issue Date Effective date of Approval date by EU IASB document Standards IFRS 14 Regulatory January 2014 1 January 2016 Postponed pending the Deferral Accounts conclusion of the IASB project on rate-regulated activities . Amendments Sale or Contribution September 2014 Deferred until the Postponed pending the of Assets between an completion of the conclusion of IASB Investor and its IASB project on project on the equity method Associate or Joint the equity method Venture (Amendments to IFRS 10 and IAS 28) Classification of January 2020 1 January 2024 TBD Liabilities as Current July 2020 or Non-current October 2022 (Amendments to IAS 1), and Non current liabilities with covenants (Amendments to IAS 1) Lease liability in a sale September 2022 1 January 2024 TBD and leaseback (Amendments to IFRS 16)

The Company will comply with these new standards and amend- ments based on their relevant effective dates when endorsed by the European Union and it will evaluate their potential impacts on the Financial Statements.