123 COnSOLIdATed FInAnCIAL STATeMenTS122 COnSOLIdATed FInAnCIAL STATeMenTS MONCLER GROUP 2023

ACCUMULATED DEPRECIATION AND IMPAIRMENT PPE

(Euro/000) Land and Plant and Fixtures Leasehold Other fixed Assets in progress Total buildings Equipment and fittings improvements assets and advances 01/01/2022 (349,475) (25,266) (106,310) (205,286) (27,215) 0 (713,552) Acquisitions (162,618) (7,058) (17,903) (49,037) (6,138) 0 (242,754) disposals 8,485 421 4,618 10,250 718 0 24,492 Changes in 1,771 (22) (1,255) (118) (40) 0 336 consolidation area Other movements, 6,077 238 611 (1,190) (40) 0 5,696 including transfers 31/12/2022 (495,760) (31,687) (120,239) (245,381) (32,715) 0 (925,782)

The changes related to the right of use assets arising from the ap- plication of the IFRS 16 are reported here below:

RIGHT OF USE ASSETS

(Euro/000) Land and buildings Other fixed assets Total 01/01/2023 772,212 1,305 773,517 Acquisitions 168,176 2,209 170,385 disposals (15,595) (112) (15,707) depreciation (178,700) (1,411) (180,111) Changes in consolidation area 0 0 0 Translation adjustment (12,433) 0 (12,433) Other movements, 1,850 0 1,850 including transfers 31/12/2023 735,510 1,991 737,501

The increases in 2023 refer to new lease agreements for the open- ing or relocation of retail stores and the renewal of existing lease agreements, mainly in the eMeA, AMeRICAS and APAC regions.

In addition to the above mentioned effect arising from the ap- plication of the IFRS 16, the changes in property plant and equip- ment in 2023 show an increase in the items fixture and fittings, leasehold improvements and assets in progress and advances: all of these items are mainly related to the development of the distri- bution network, the relocation/expansion of already existing stores and the investments in logistic, operation and the enlargement of the production facility in Bacau, Romania and Italy.

Please refer to the directors report for an analysis of invest- ments made during the year.

Based on the business performance recorded in the periods under analysis and the updated forecasts of future trends, no po- tential indicators of impairment were identified and no specific im- pairment tests were performed on these items.

5.4 DEFERRED TAX ASSETS AND DEFERRED TAX LIABILITIES

deferred tax assets and deferred tax liabilities are offset only when there is a law within a given tax jurisdiction that provides for such right to offset. The balances were as follows as at 31 december 2023 and 31 december 2022:

DEFERRED TAXATION

(Euro/000) 31/12/2023 31/12/2022 deferred tax assets 252,197 205,932 deferred tax liabilities (63,034) (15,190) Net amount 189,163 190,742

In view of the nature of the net deferred tax assets and the expec- tation of future taxable income under the Business Plan 2024-2026 (approved by the Board of directors on 14 december 2023), no in- dicators have been identified regarding the non-recoverability of the deferred tax assets recognised in the financial statements.

The change in deferred tax assets and liabilities, without taking in- to consideration the right of offset of a given tax jurisdiction, is de- tailed in the following table:

DEFERRED TAX ASSETS (LIABILITIES)

(Euro/000)   Opening Taxes charged Taxes Effect Other Closing balance to the income accounted of currency movements balance 01/01/2023 statement for in equity translation 31/12/2023 Tangible and intangible assets 24,220 4,030 0 (654) 1 27,597 Financial assets 0 0 0 0 0 0 Inventories 135,993 53,191 0 (8,572) 73 180,685 Trade receivables 2,157 2,341 0 (126) 0 4,372 derivatives 2,018 (63) (1,686) 0 0 269 employee benefits 2,791 874 78 (201) 6 3,548 Provisions 20,881 745 0 (1,566) 0 20,060 Trade payables 7,997 (12) 0 (4) 0 7,981 Other temporary items 9,482 (2,206) 0 (602) 115 6,789 Tax loss carried forward 393 533 0 (17) (13) 896 Tax assets 205,932 59,433 (1,608) (11,742) 182 252,197 Tangible and intangible assets (10,338) (46,438) 0 338 1 (56,437) Financial assets (378) 75 0 0 0 (303) Inventories (1,425) 1,688 0 0 0 263 Trade receivables 0 0 0 0 0 0 derivatives (1,605) (5) 1,080 0 0 (530) employee benefits (109) 95 0 0 0 (14) Provisions (279) 279 0 0 0 0 Trade payables (48) (5,151) 0 2 0 (5,197) Other temporary items (1,008) (1,882) 2,070 (9) 13 (816) Tax loss carried forward 0 0 0 0 0 0 Tax liabilities (15,190) (51,339) 3,150 331 14 (63,034) Net deferred tax assets (liabilities) 190,742 8,094 1,542 (11,411) 196 189,163

DEFERRED TAX ASSETS (LIABILITIES)

(Euro/000)   Opening Taxes charged Taxes Effect Other Closing balance to the income accounted of currency movements balance 01/01/2022 statement for in equity translation 31/12/2022 Tangible and intangible assets 23,417 335 0 (13) 481 24,220 Inventories 116,976 17,809 0 1,220 (12) 135,993 Trade receivables 2,619 (458) 0 7 (11) 2,157 derivatives 2,776 0 (748) 0 (10) 2,018 employee benefits 1,695 1,150 20 (71) (3) 2,791 Provisions 16,863 4,812 0 (794) 0 20,881 Trade payables 6,200 1,798 0 (2) 1 7,997 Other temporary items 8,514 1,417 0 (88) (361) 9,482 Tax loss carried forward 252 213 0 (11) (61) 393 Tax assets 179,312 27,076 (728) 248 24 205,932 Tangible and intangible assets (222,547) 212,164 0 (139) 184 (10,338) Financial assets (384) 6 0 0 0 (378) Inventories (1,102) (323) 0 0 0 (1,425) Trade receivables 0 0 0 0 0 0 derivatives (150) 151 (1,606) 0 0 (1,605) employee benefits 0 0 (109) 0 0 (109) Provisions 0 74 0 0 (353) (279) Trade payables (46) 1 0 (3) 0 (48) Other temporary items (1,392) 1,082 (878) (2) 182 (1,008) Tax loss carried forward 0 0 0 0 0 0 Tax liabilities (225,621) 213,155 (2,593) (144) 13 (15,190) Net deferred tax assets (liabilities) (46,309) 240,231 (3,321) 104 37 190,742