185 SEPARATE FINANCIAL STATEMENTS184 SEPARATE FINANCIAL STATEMENTS MONCLER GROUP 2022

The changes in financial lease liabilities during 2022 are reported in the following table:

(Euro/000) IFRS 16 Ex IAS17 Financial lease liabilities 01/01/2022 6,763 0 6,763 Acquisitions 646 0 646 Disposals (1,360) 0 (1,360) Financial expenses 83 0 83 Other movements, including transfers 0 0 0 31/12/2022 6,132 0 6,132

The following table shows the breakdown of the long-term borrow- ings in accordance with their maturity date:

AGEING OF THE LONG-TERM BORROWINGS

(Euro/000) 31/12/2022 31/12/2021 Within 2 years 1,074 1,032 From 2 to 5 years 51,958 329,199 Beyond 5 years 1,954 2,455 Total 54,986 332,686

The non-discounted cash flows referring to the lease liabilities are shown below.

AGEING OF THE LEASE LIABILITIES NOT DISCOUNTED

(Euro/000) 31/12/2022 31/12/2021 Within 1 year 1,222 1,155 From 1 to 5 years 3,224 3,443 Beyond 5 years 2,009 2,538 Total 6,455 7,136

4.15 TAX ASSETS AND LIABILITIES

Tax liabilities amount to EUR 42,656 thousand as at 31 December 2022, net of current tax assets (EUR 14,356 thousand as at 31 De- cember 2021). The balance pertains to IRES and IRAP payable.

4.16 SHAREHOLDERS EQUITY

As at 31 December 2022 the subscribed share capital constitut- ed by 273,682,790 shares was fully paid and amounted to EUR 54,736,558 with a nominal value of EUR 0.20 per share.

Changes in shareholders equity for 2022 and the compara- tive period are included in the consolidated statements of chang- es in equity.

As at 31 December 2022, 4,858,416, treasury shares were held, equal to 1.8% of the share capital, for a total value of EUR 186,164 thousand.

The change in the IFRS 2 reserve is due to the accounting treatment of the performance share plans, i.e., to the recognition of the figurative cost for the period relating to these plans and the re- classification to retained earnings of the cumulative figurative cost of the plans already closed.

The change in retained earnings mainly relates to the alloca- tion of 2021 result, the dividend distributions and the above-men- tioned reclassification of the IFRS 2 reserve. It also includes the purchase of treasury shares, net of the amount used to service the Performance shares plans.

In 2022 the Company distributed dividends to the sharehold- ers for an amount of EUR 161,288 thousand, of which EUR 160,960 thousand paid in 2022 (Euro 121,275 thousand in 2021, of which EUR 120,684 thousand paid in 2021).

The caption FTA reserve includes the effects of the initial ap- plication of the IFRS 16.

The following table includes details about how the share- holders reserve should be used:

INFORMATION ON RESERVES

(Euro) Amount Possible Available Non-available Amounts used Amounts used use amount amount in the previous in the previous 3 years to 3 years for hedge losses other reason Share capital 54,736,558 - - 54,736,558 - - Reserves: Legal reserve 10,947,312 B - 10,947,312 - - Share premium 745,308,990 A, B, C 745,308,990(*) - - - OCI Reserve (178,575) - - (178,575) - - Revaluation reserve 85,963 A, B 85,963 - - - FTA Reserve (19,585) A, B, C - (19,585) - - IFRS 2 Reserve 61,076,783 A, B, C 61,076,783 - - - Retained earnings 316,821,662 A, B, C 316,643,087 178,575 - 272,163,256 Total share capital 1,188,779,108 1,123,114,823 65,664,285 - 272,163,256 and reserves Non distributable amount 0 Distributable remaining amount 1,123,114,823

Explanation: A share capital increase - B hedge of losses - C distribution to the shareholders (*) Share premium reserve entirely available after allocating to legal reserve up to 20% of the share capital