MONCLER ANNUAL REPORT AT 31 DECEMBER 2020CONSOLIDATED FINANCIAL STATEMENTS 113112
The taxable amount on which deferred tax assets have been calculated is detailed in the following table:
Deferred tax assets (liabilities) (Euro/000)
Opening balance - 1 January
2019
Taxes charged to the income
statement
Taxes accounted for
in Equity
Effect of currency
translation
First time adoption
IFRS16 Other
movements
Closing balance -
31 December 2019
Tangible and intangible assets 6,910 2,904 0 167 8,622 165 18,768
Inventories 66,902 20,463 0 1,389 0 (3,967) 84,787
Trade receivables 3,930 (49) 0 (22) 0 (1) 3,858
Derivatives 478 0 (52) 0 0 1 427
Employee benefits 3,354 (324) 46 50 0 (21) 3,105
Provisions 4,785 2,552 0 80 0 4,070 11,487
Trade payables 2,869 1,132 0 14 0 (94) 3,921
Other temporary items 2,680 36 0 20 0 4 2,740
Tax loss carried forward (10) 89 0 0 0 (38) 41
Tax assets 91,898 26,803 (6) 1,698 8,622 119 129,134
Tangible and intangible assets (67,117) 1,570 0 (99) 0 6 (65,640)
Financial assets 51 0 0 0 0 1 52
Inventories (555) (198) 0 0 0 0 (753)
Derivatives 350 0 (470) 0 0 0 (120)
Trade payables 0 11 0 0 0 (8) 3
Other temporary items (2,835) 693 0 0 0 (110) (2,252)
Tax liabilities (70,106) 2,076 (470) (99) 0 (111) (68,710)
Net deferred tax assets (liabilities) 21,792 28,879 (476) 1,599 8,622 8 60,424
Deferred tax assets and liabilities (Euro/000)
Taxable Amount 2020
Closing balance - 31 December 2020
Taxable Amount 2019
Closing balance - 31 December 2019
Tangible and intangible assets 79,586 21,041 69,778 18,768
Inventories 392,633 97,143 349,296 84,787
Trade receivables 12,787 3,235 16,594 3,858
Derivatives 1,596 384 1,778 427
Employee benefits 8,798 2,029 11,648 3,105
Provisions 63,928 15,589 39,125 11,487
Trade payables 17,483 4,857 13,938 3,921
Other temporary items 21,761 5,039 11,650 2,740
Tax loss carried forward 5,662 1,515 183 41
Tax assets 604,234 150,832 513,990 129,134
Tangible and intangible assets (15,654) (3,596) (236,978) (65,640)
Financial assets (1,254) (300) 213 52
Inventories (3,819) (1,065) (2,699) (753)
Derivatives (3,659) (879) (500) (120)
Trade payables 23 7 13 3
Other temporary items (1,740) (515) (8,950) (2,252)
Tax loss carried forward 25 (48) 0 0
Tax liabilities (26,078) (6,396) (248,901) (68,710)
Net deferred tax assets (liabilities) 578,156 144,436 265,089 60,424
5.5. INVENTORY
As at 31 December 2020 Inventory amounted to 202.8 million euros (208.9 million euros as at 31 December 2019) and is broken down as follows:
Inventory (gross amount) increased by approximately 38.8 million euros (+11.1%) and largely included raw materials and finished products for the forthcoming seasons.
The obsolescence provision was calculated using management s best estimate based on the season needs and the inventory balance based on passed sales trends through alternative channels and future sales volumes. This assumption is expressed dif- ferently for the Regions in which the Group operates, taking into account the characteristics of each market. The change in the obsolescence provision is summarised in the following table:
5.6. TRADE RECEIVABLES
As at 31 December 2020 Trade receivables amounted to 174.1 million euros (167.9 million euros as at 31 December 2019) and they are as follows:
Trade receivables are related to the Group s wholesale business and they include balances with a collection time not greater than three months. During 2020 and 2019, there were no concentration of credit risk greater than 10% associated to individual customers. Please refer to note 9.1 for information regarding the exposure of trade receivables to currency risks.
Inventory (Euro/000) 31 December 2020 31 December 2019
Raw materials 88,252 82,158
Work-in-progress 14,197 26,111
Finished products 284,437 239,836
Inventory, gross 386,886 348,105
Obsolescence provision (184,116) (139,237)
Total 202,770 208,868
Obsolescence provision movements (Euro/000)
1 January 2020 Accrued Used
Translation Difference
31 December 2020
Obsolescence provision (139,237) (61,291) 13,419 2,993 (184,116)
Total (139,237) (61,291) 13,419 2,993 (184,116)
Obsolescence provision movements (Euro/000)
1 January 2019 Accrued Used
Translation Difference
31 December 2019
Obsolescence provision (103,648) (36,981) 2,038 (646) (139,237)
Total (103,648) (36,981) 2,038 (646) (139,237)
Trade receivables (Euro/000) 31 December 2020 31 December 2019
Trade account receivables 185,043 177,518
Allowance for doubtful debt (10,699) (9,462)
Allowance for discounts (200) (137)
Total, net value 174,144 167,919