177 SEPARATE FINANCIAL STATEMENTS176 SEPARATE FINANCIAL STATEMENTS MONCLER GROUP 2022

ACCUMULATED AMORTIZATION BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Software Other intangible Total assets 01/01/2022 0 (438) (6,885) (7,323) Depreciation 0 (45) (836) (881) Disposals 0 0 0 0 Other movements, including transfers 0 0 0 0 31/12/2022 0 (483) (7,721) (8,204)

As at 31 December 2021

GROSS VALUE BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Software Other intangible Total assets 01/01/2021 223,900 434 7,898 232,232 SPW Incorporation 775,454 0 0 775,454 Acquisitions 0 207 874 1,081 Disposals 0 0 0 0 Impairment 0 0 0 0 Other movements, including transfers 0 0 16 16 31/12/2021 999,354 641 8,788 1,008,783

ACCUMULATED AMORTIZATION BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Software Other intangible Total assets 01/01/2021 0 (427) (6,170) (6,597) Depreciation 0 (11) (715) (726) Disposals 0 0 0 0 Other movements, including transfers 0 0 0 0 31/12/2021 0 (438) (6,885) (7,323)

4.2 IMPAIRMENT OF INTANGIBLE ASSETS WITH AN INDEFINITE USEFUL LIFE

The caption Brands, which has an indefinite useful life, has not been amortised, but has been tested for impairment by management.

The impairment tests on the Moncler brand and on the Stone Island brand were performed by comparing its carrying value with that derived from the discounted cash flow method applying the Royalty Relief Method, based on which the cash flows are linked to the recognition of a royalty percentage applied to revenues that the brand is able to generate.

For the 2022 valuation of the Moncler brand, the expected cash flows and revenues are based on the 2023 Budget approved by the Board of Directors on 2 February 2023, for the year 2024 on the 2022-2024 Business Plan approved by the Board of Directors on 24 February 2022 and for 2025-2027 on the basis of manage- ment estimates consistent with the expected development plans.

For the 2022 valuation of the Stone Island brand, the expect- ed cash flows and revenues are based on the 2023 Budget ap- proved by the Board of Directors on 2 February 2023 and for the years from 2024-2027 on the basis of management estimates con- sistent with the expected development plans.

The g rate used was 2.5%. The discount rate was calculated using the Weighted Average

Cost of Capital (WACC), by weighting the expected rate of return on invested capital, net of hedging costs from a sample of companies within the same industry. The calculation took into account fluctua- tion in the market as compared to the previous year and the result- ing impact on interest rates. The weighted average cost of capital (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%

3.6 INCOME TAX

The tax impact on the income statement is detailed as follows:

(Euro/000) 2022 2021 Current income taxes (209,134) (49,861) Deferred tax income (expenses) 214,879 (503) Income taxes charged in the income statement 5,745 (50,364)

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 na- ture, please see paragraph 4.5.

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 Taxable Tax Tax Amount Amount Rate Amount Amount Rate 2022 2022 2022 2021 2021 2021 Profit before tax 273,091 186,846 Income tax using the Company s theoretic tax rate (65,542) 24.0% (44,843) 24.0% Temporary differences 1,298 0.5% 330 (0.2)% Permanent differences (101) (0.0)% 1,879 (1.0)% Other differences (144,789) (53.0)% (7,227) 3.9% Deferred taxes recognized in the income statement 214,879 78.7% (503) 0.3% Income tax at effective tax rate 5,745 (2.1)% (50,364) 27.0%

The caption Other differences in 2021 includes current IRAP and, in 2022, the substitute tax paid in relation to the realignment of the Stone Island trademark s tax value to the statutory value.

4.1 BRANDS AND OTHER INTANGIBLE ASSETS

BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) 2022 2021 Gross value Accumulated Net value Net value depreciation and impairment Brands 999,354 0 999,354 999,354 Software 641 (483) 158 203 Other intangible assets 9,614 (7,721) 1,893 1,903 Total 1,009,609 (8,204) 1,001,405 1,001,460

Intangible assets changes for the years 2022 and 2021 are shown in the following tables:

As at 31 December 2022

GROSS VALUE BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Software Other intangible Total assets 01/01/2022 999,354 641 8,788 1,008,783 Acquisitions 0 0 826 826 Disposals 0 0 0 0 Impairment 0 0 0 0 Other movements, including transfers 0 0 0 0 31/12/2022 999,354 641 9,614 1,009,609

4 COMMENTS ON THE STATEMENT OF FINANCIAL POSITION