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MONCLER ANNUAL REPORT AT 31 DECEMBER 2020CONSOLIDATED FINANCIAL STATEMENTS 115114

The change in the allowance for doubtful debt and sales return is detailed in the following tables:

The allowance for doubtful debt was calculated in accordance with management s best estimate based on the ageing of accounts receivable as well as the solvency of the most aged accounts and also taking into consideration any balances turned over into collection proceedings. Trade receivables written down are related to specific balances that were past due and for which col- lection is uncertain. In addition, the bad debt provision includes an estimate of the expected loss relating to trade receivables «in bonis», increased in 2020 to take into account the changed economic context. The fund also covers any risk of revocation on trade receivables mainly related to North American customers.

5.7. CASH AND CASH EQUIVALENT

As at 31 December 2020 the caption cash and cash equivalent amounted to 923.5 million euros (759.1 million euros as at 31 December 2019) and included cash and cash equivalents as well as the funds available at banks. The amount included in the Consolidated Financial Statements represents the fair value at the date of the financial statements. The credit risk is very limited since the other parties are class A financial institutions. The consolidated statement of cash flows includes the changes in cash and cash in bank as well as the bank overdrafts. The following table shows the reconciliation between cash and cash in bank with those included in the consolidated statement of cash flows:

5.8. FINANCIAL CURRENT ASSETS

The caption financial current assets refers to the receivables arising from the market valuation of the derivatives on exchange rates hedges.

5.9. OTHER CURRENT AND NON-CURRENT ASSETS

Doubtful debt and discounts allowance (Euro/000)

1 January 2020

Other movements Accrued Used

Translation Difference

31 December 2020

Allowance for doubtful debt (9,462) 0 (1,364) 69 58 (10,699)

Allowance for discounts (137) 0 (72) 0 9 (200)

Total (9,599) 0 (1,436) 69 67 (10,899)

Doubtful debt and discounts allowance (Euro/000)

1 January 2019

Other movements Accrued Used

Translation Difference

31 December 2019

Allowance for doubtful debt (8,290) 0 (1,495) 329 (6) (9,462)

Allowance for discounts (388) (40) 0 299 (8) (137)

Total (8,678) (40) (1,495) 628 (14) (9,599)

Cash and cash equivalents included in the Statement of cash flows (Euro/000) 31 December 2020 31 December 2019

Cash on hand and at banks 923,498 759,073

Bank overdraft (15) (3)

Total 923,483 759,070

Other current and non-current assets (Euro/000) 31 December 2020 31 December 20219

Prepayments and accrued income - current 10,310 8,521

Other current receivables 10,776 15,237

Other current assets 21,086 23,758

Prepayments and accrued income - non-current 110 0

Security / guarantees deposits 33,036 30,113

Investments in associated companies 36 23

Other non-current receivables 341 321

Other non-current assets 33,523 30,457

Total 54,609 54,215

Other current receivables mainly comprise the receivable due from the tax authority for value added tax. Deposits are mostly related to the amounts paid on behalf of the lessee as a guarantee to the lease agreement. The caption investments in associated companies includes the 22.5% interest in the company 3B Restaurant S.r.l. (same % in 2019), which deals with catering. There are no differences between the amounts included in the Consolidated Financial Statements and their fair values.

5.10. TRADE PAYABLES

As at 31 December 2020 Trade payables amounted to 211.9 million euros (248.6 million euros as at 31 December 2019) and in- cluded current payables due to suppliers for goods and services. These payables pertained to amounts that are payable within the upcoming year and did not include amounts that will be paid after 12 months. In 2020 and 2019 there were no outstanding positions associated to individual suppliers that exceed 10% of the total value. There are no differences between the amounts included in the Consolidated Financial Statements and their respective fair values. Please refer to note 9.1 for an analysis of trade payable denominated in foreign currencies.

5.11. OTHER CURRENT AND NON-CURRENT LIABILITIES

The caption taxes payable includes mainly value added tax (VAT) and payroll tax withholding.

5.12. TAX ASSETS AND LIABILITIES

Tax assets amounted to 5.1 million euros as at 31 December 2020 (1.6 million euros as at 31 December 2019). Tax liabilities amounted to 93.6 million euros as at 31 December 2020 (98.5 million euros as at 31 December 2019). They are recognised net of current tax assets, where the offsetting relates to the same tax jurisdiction and tax system.

Other current and non-current liabilities (Euro/000) 31 December 2020 31 December 2019

Deferred income and accrued expenses - current 695 365

Advances and payments on account to customers 12,641 10,192

Employee and social institutions 31,603 39,933

Tax accounts payable, excluding income taxes 17,329 16,881

Other current payables 21,742 19,763

Other current liabilities 84,010 87,134

Deferred income and accrued expenses - non-current 142 223

Other non-current liabilities 142 223

Total 84,152 87,357

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