185 SePARATe FInAnCIAL STATeMenTS184 SePARATe FInAnCIAL STATeMenTS MONCLER GROUP 2023

The following table shows the effect of variations, within reason- able limits, in key actuarial assumptions on defined benefit plan ob- ligations at year end.

SENSITIVITY ANALYSIS

(Euro/000) Variation discount rate (+0.5%) (50) discount rate (-0.5%) 52 Rate of payments Increases x (+0.5%) 0 Rate of payments Increases x (-0.5%) (0) Rate of Price Inflation Increases (+0.5%) 39 Rate of Price Inflation decreases (-0.5%) (38) Rate of Salary Increases (+0.5%) 18 Rate of Salary decreases (-0.5%) (17) Increase the retirement age (+1 year) 0 decrease the retirement age (-1 year) (1) Increase longevity (+1 year) (0) decrease longevity (-1 year) 0

4.13 PROVISIONS NON-CURRENT

The item Provisions non-current amounting to eUR 9.266 thousand includes the provision made in 2022 for the possible repayment of the research and development tax credit referring to the years 2015-2019 by virtue of Resolution no. 41 of 26 July 2022, in which the Italian Revenue Agency revises its position on eligibility for the benefit.

4.14 FINANCIAL LIABILITIES

BORROWINGS

(Euro/000) 31/12/2023 31/12/2022 Short-term financial lease liabilities 934 1,146 Intra-group short-term borrowings 400,644 444,115 Short-term borrowings 401,578 445,261 Long-term financial lease liabilities 3,475 4,986 Intra-group long-term borrowings 250,000 50,000 Long-term borrowings 253,475 54,986 Total 655,053 500,247

Borrowings amounted to eUR 655,053 thousand (eUR 500,247 thousand in 2022) and mainly refer to the financial debt with Indus- tries S.p.A. and with Sportswear Company S.p.A. and to the finan- cial lease liabilities.

Financial lease liabilities are detailed in the following table: FINANCIAL LIABILITIES

(Euro/000) Short-term financial lease liabilities 934 Long-term financial lease liabilities 3,475 Total 4,409

The changes in financial lease liabilities during 2023 are reported in the following table:

(Euro/000) IFRS 16 Ex IAS17 Financial lease liabilities 01/01/2023 6,132 0 6,132 Acquisitions (619) 0 (619) disposals (1,188) 0 (1,188) Financial expenses 84 0 84 Other movements, including transfers 0 0 0 31/12/2023 4,409 0 4,409

4.10 TRADE PAYABLES

As at 31 december 2023, the caption trade payables pertains most- ly to marketing and communication services.

TRADE PAYABLES

(Euro/000) 31/12/2023 31/12/2022 Trade payables, third parties 38,162 41,138 Trade payables, intra-group 4,317 7,276 Total 42,479 48,414

details of the transactions with subsidiaries are provided in the note 8.1 on related parties.

4.11 OTHER CURRENT LIABILITIES

As at 31 december 2023, the caption other current liabilities in- cluded the following:

OTHER CURRENT LIABILITIES

(Euro/000) 31/12/2023 31/12/2022 directors and audit related payables 5,203 3,752 Amounts payable to employees and consultants 6,606 4,079 employees taxation payables 1,890 1,158 Other current liabilities 3,920 7,857 Other current liabilities, intra-group 4,197 23,919 Total 21,816 40,765

As at 31 december 2023 the caption other current liabilities in- tra-group mainly included the amounts related to the VAT consol- idation and as at 31 december 2022 also the amounts related to fiscal consolidation. For additional information please see note 8.1.

4.12 EMPLOYEES PENSION FUND

As at 31 december 2023, the caption includes the employee pen- sion fund as detailed in the following table:

EMPLOYEES PENSION FUNDS - MOVEMENTS

(Euro/000) 31/12/2023 31/12/2022 net recognized liability - opening 1,825 1,658 SPW Incorporation 0 0 Interest costs 75 10 Service costs 736 615 Payments (213) (435) Actuarial (Gains)/Losses (50) (23) Net recognized liability - closing 2,373 1,825

The actuarial valuation of employee termination benefits (TFR) is based on the Projected Unit Credit Cost method. Reported below are the main economic and demographic assumptions utilised for actuarial valuations.

Assumptions discount rate 3.10% Inflation rate 2.25% nominal rate of wage growth 2.25% Labour turnover rate 19.60% Probability of request of advances of TFR 4.40% Percentage required in case of advance 70.00% Life Table - Male M2019 (*) Life Table - Female F2019 (*)

(*) Table ISTAT - resident population