119 COnSOLIdATed FInAnCIAL STATeMenTS118 COnSOLIdATed FInAnCIAL STATeMenTS MONCLER GROUP 2023

deferred taxes in 2022 mainly included the benefit deriving from the release of deferred tax liabilities resulting from the realignment of Stone Island trademark s tax value to the statutory value.

4.9 PERSONNEL EXPENSES

The following table lists the details of the main personnel expenses by nature, compared with those of the previous year:

(Euro/000) 2023 2022 Wages and salaries and Social security costs (339,286) (265,408) Accrual for employment benefits (25,655) (20,977) Total (364,941) (286,385)

during the period, personnel expenses increased by 27.4%, from eUR 286.4 million in 2022 to eUR 364.9 million in 2023.

The remuneration related to the members of the Board of di- rectors is commented separately in the related-party section (note 10.1).

The costs related to the stock based compensation plans, equal to eUR 40.0 million (eUR 37.0 million in 2022) are separate- ly commented in note 10.2.

The following table analyses the number of employees (full-time- equivalent) in 2023 compared to the prior year:

AVERAGE FTE BY AREA

FTE 2023 2022 Italy 1,951 1,609 Other european countries 2,445 1,876 Asia and Japan 1,706 1,343 Americas 439 395 Total 6,541 5,223

The actual number of employees of the Group as at 31 december 2023 was 7,510 unit (6,310 as at 31 december 2022).

4.10 DEPRECIATION AND AMORTISATION

depreciation and amortisation are broken down as follows:

(Euro/000) 2023 2022 depreciation of property, plant and equipment (265,314) (242,754) Amortization of intangible assets (26,386) (22,163) Total Depreciation and Amortization (291,700) (264,917)

The increase in both depreciation and amortisation was mainly due to investments made for the new store openings or the relocation/ expansion of already existing stores, in IT, logistic and operation.

The amortisation related to the right of use amounted to eUR 177.5 million (eUR 159.3 million in 2022), as explained in para- graph 5.3.

Please refer to comments made in notes 5.1 and 5.3 for addi- tional details related to investments made during the year.

5.1 GOODWILL, BRANDS AND OTHER INTANGIBLE ASSETS

BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) 31/12/2023 31/12/2022 Gross value Accumulated Net value Net value amortization and impairment Brands 999,354 0 999,354 999,354 Licence rights 12 (12) 0 0 Key money 67,939 (56,181) 11,758 15,042 Software 169,096 (98,127) 70,969 61,541 Other intangible assets 34,102 (31,362) 2,740 2,275 Assets in progress 11,652 0 11,652 8,494 Goodwill 603,417 0 603,417 603,417 Total 1,885,572 (185,682) 1,699,890 1,690,123

Intangible assets changes are shown in the following tables:

As at 31 december 2023

GROSS VALUE BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Licence Key money Software Other Assets Goodwill Total rights intangible in progress assets and advances 01/01/2023 999,354 12 75,563 138,062 32,759 8,494 603,417 1,857,661 Acquisitions 0 0 0 27,777 1,371 8,628 0 37,776 disposals 0 0 (4,656) (137) (112) (1) 0 (4,906) Changes in consolidation area 0 0 0 42 (42) 0 0 0 Translation adjustment 0 0 155 (611) 59 (7) 0 (404) Other movements, 0 0 (3,123) 3,963 67 (5,462) 0 (4,555) including transfers 31/12/2023 999,354 12 67,939 169,096 34,102 11,652 603,417 1,885,572

ACCUMULATED AMORTIZATION AND IMPAIRMENT BRANDS AND OTHER INTANGIBLE ASSETS

(Euro/000) Brands Licence Key money Software Other Assets Goodwill Total rights intangible in progress assets and advances 01/01/2023 0 (12) (60,521) (76,521) (30,484) 0 0 (167,538) Amortization 0 0 (3,302) (22,091) (993) 0 0 (26,386) disposals 0 0 4,656 88 112 0 0 4,856 Changes in consolidation area 0 0 0 0 0 0 0 0 Translation adjustment 0 0 (110) 396 3 0 0 289 Other movements, 0 0 3,096 1 0 0 0 3,097 including transfers 31/12/2023 0 (12) (56,181) (98,127) (31,362) 0 0 (185,682)

5 COMMENTS ON THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION