177 SePARATe FInAnCIAL STATeMenTS176 SePARATe FInAnCIAL STATeMenTS MONCLER GROUP 2023

The Company will comply with these new standards and amend- ments based on their relevant effective dates when endorsed by the european Union and it will evaluate their potential impacts on the Financial Statements.

3.1 REVENUE

The company s revenues mainly include royalty income from the use of Moncler trademark and Stone Island trademark.

The increase of eUR 54,315 thousand compared with the previous year is due to the increase in business volumes.

3.2 GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses amounted to eUR 80,003 thousand (eUR 67,392 thousand in 2022) and primarily include de- signing and product development expenses in the amount of eUR 19,655 thousand (eUR 16,924 thousand in 2022), the personnel ex- penses of other functions in the amount of eUR 19,349 thousand (eUR 14,722 thousand in 2022), legal, financial and administrative expenses in the amount of eUR 3,763 thousand (eUR 3,817 thou- sand in 2022), directors fees in the amount of eUR 8,846 thousand (eUR 8,077 thousand in 2022), auditing and attestation service, stat- utory auditors expenses, costs for supervisory body and internal au- dit in the amount of eUR 573 thousand (eUR 543 thousand in 2022).

This item also includes costs related to stock-based compen- sation plans for eUR 15,887 thousand (eUR 10,891 thousand in 2022).

3.3 MARKETING EXPENSES

Marketing expenses amounted to eUR 98,421 thousand (eUR 73,832 thousand in 2022) and are mostly made up of expenses re- lated to media-plan and events.

3.4 PERSONNEL EXPENSES, DEPRECIATION AND AMORTISATION

The total personnel expenses, included under general and adminis- trative expenses, amounted to eUR 25,011 thousand (eUR 18,976 thousand in 2022) including social security contribution and leav- ing indemnity expenses.

The average number of FTe ( full-time-equivalent ) in 2023 was 188 (166 in 2022).

In 2023 depreciation and amortisation, again included under general and administrative expenses, amounted to eUR 2,111 thou- sand (eUR 2,173 thousand in 2022).

3.5 FINANCIAL INCOME AND EXPENSES

The caption is broken down as follows:

(Euro/000) 2023 2022 Interest income and other financial income 700 5 Foreign currency differences - positive 0 0 Total financial income 700 5 Interests expenses and bank charges (24,566) (4,186) Foreign currency differences - negative (228) (127) Total financial expenses (24,794) (4,313) Total net excluded interests on lease liabilities (24,094) (4,308) Interests on lease liabilities (84) (83) Total net (24,178) (4,391)

The item Interest expense mainly refers to interest accrued on the loan received from the subsidiary Industries S.p.A.

In 2023 and 2022 the company did not received dividends.

3 COMMENTS ON THE INCOME STATEMENT

2.16 ACCOUNTING STANDARDS AND RECENTLY PUBLISHED INTERPRETATIONS

ACCOUnTInG STAndARdS, AMendMenTS And InTeRPReTATIOnS eFFeCTIVe FROM 1 JAnUARY 2023

Title Issued date Effective date Endorsment date UE regulation and date of publication disclosure of Accounting February 2021 1 January 2023 2 March 2022 (Ue) 2022/357 policies (Amendments to IAS 1 3 March 2022 and IFRS Practice Statement 2) definition of accounting February 2021 1 January 2023 2 March 2022 (Ue) 2022/357 estimates (Amendments to IAS 8) 3 March 2022 deferred tax related to assets May 2021 1 January 2023 11 August 2022 (Ue) 2022/1392 and liabilities arising from 12 August 2022 a single transaction (Amendments to IAS 12 Income taxes) IFRS 17 Insurance contracts May 2017 1 January 2023 19 november 2021 (Ue) 2021/2036 (including amendments June 2020 23 november 2021 published on 25 June 2020) Initial Application of IFRS 17 and december 2021 1 January 2023 8 September 2022 (Ue) 2022/1491 IFRS 9 Comparative Information 9 September 2022 (Amendment to IFRS 17) International Tax Reform May 2023 1 January 2023 8 november 2023 (Ue) 2023/2468 Pillar Two Model Rules 9 november 2023 (Amendments to IAS 12)

The adoption of these amendments had no impacts on the Compa- ny financial statements.

The changes introduced to IAS 12 relating to the recognition of deferred taxation on leasing contracts had no impact since the Company had already previously recognized these effects.

neW STAndARdS And InTeRPReTATIOnS nOT YeT eFFeCTIVe And nOT eARLY AdOPTed BY THe GROUP At the date when these annual financial statements were prepared, the european Union s competent authorities concluded the approv- al process needed for the adoption of the accounting standards and amendments described below. With reference of the applica- ble principles, the Group has decided not to exercise the option of the early adoption, if applicable.

Title Issued date Effective date Endorsment date UE regulation and date of publication Lease liability in a sale and September 2022 1 January 2024 20 november 2023 (Ue) 2023/2579 leaseback (Amendments to IFRS 16) 21 november 2023 Classification of liabilities as current January 2020 1 January 2024 19 december 2023 (Ue) 2023/2822 or non-current (Amendments to IAS 1) October 2022 20 december 2023 and non current liabilities with covenants (Amendments to IAS 1)

The adoption of these amendments had no impacts on the Compa- ny financial statements.

In addition, at the date of these financial statements, the compe- tent bodies of the european Union had not yet completed their en- dorsement process for the following accounting standards and amendments:

Title Issue date Effective date Approval date by UE of IASB document Standards IFRS 14 Regulatory January 2014 1 January 2016 Postponed pending the deferral accounts conclusion of the IASB project on rate-regulated activities . Amendments Sale or Contribution of Assets between an September 2014 deferred until the completion Postponed pending the Investor and its Associate or Joint of the IASB project conclusion of IASB project Venture (Amendments to IFRS 10 and IAS 28) on the equity method on the equity method Supplier Finance Arrangements May 2023 1 January 2024 TBd (Amendments to IAS 7 and IFRS 7) Lack of exchangeability August 2023 1 January 2025 TBd (Amendment to IAS 21)