160 SePARATe FInAnCIAL STATeMenTS MONCLER GROUP 2023

CASH FLOWS

STATEMENT OF CASH FLOW

(Euro) 2023 of which 2022 of which related parties related parties (note 8.1) (note 8.1) Cash flow from operating activities net result of the period 195,734,596 278,835,705 depreciation and amortization 2,110,879 2,173,448 net financial (income)/expenses 24,177,727 4,391,237 equity-settled share-based 15,683,236 10,799,165 payment transactions Income tax expenses 74,685,686 (5,744,959) Changes in trade receivables 15,291,068 14,916,284 (28,501,769) (27,810,906) - (Increase)/decrease Changes in trade payables (6,162,133) (2,958,291) 15,893,747 4,866,703 - Increase/(decrease) Changes in other current 3,057,685 121,586 3,924,394 121,586 assets/liabilities Cash flow generated/(absorbed) 324,578,744 281,770,968 from operating activities Interest paid (24,574,432) (4,259,534) Interest received 699,909 4,651 Income tax paid (181,811,354) (241,954,657) Income tax received from fiscal consolidation 81,378,952 81,378,952 59,529,068 59,529,068 VAT received from Fiscal Consolidation (10,075,846) (10,075,846) (761,345) (761,345) Changes in other non-current assets/liabilities 528,191 254,326 Net cash flow from 190,724,164 94,583,477 operating activities (a) Cash flow from investing activities Purchase of tangible and intangible fixed assets (1,259,364) (1,265,748) Stone Island transaction 0 0 Net cash flow from investing activities (b) (1,259,364) (1,265,748) Cash flow from financing activities Repayment of current (1,186,812) (1,360,098) and non-current lease liabilities Borrowings variation, 103,163,893 103,163,893 129,419,761 129,419,762 other than bank borrowings Transaction related to equity 0 (48,351,741) dividends paid to shareholders (303,443,916) (160,960,599) Net cash flow from financing activities (c) (201,466,835) (81,252,677) Net increase/(decrease) in cash (12,002,035) 12,065,052 and cash equivalents (a)+(b)+(c) Cash and cash equivalents 12,966,182 901,130 at the beginning of the period Net increase/(decrease) in cash (12,002,035) 12,065,052 and cash equivalents Cash and cash equivalents 964,147 12,966,182 at the end of the period

On behalf of the Board of directors

ReMO RUFFInI CHAIRMAn And CHIeF exeCUTIVe OFFICeR