MONCLER ANNUAL REPORT AT 31 DECEMBER 2020CONSOLIDATED FINANCIAL STATEMENTS 129128
10.
OTHER INFORMATION
10.1. RELATED PARTY TRANSACTIONS
Set out below are the transactions with related parties deemed relevant for the purposes of the Related-party procedure adopted by the Group.
The Related-party procedure is available on the Com- pany s website (www.monclergroup.com, under Governance/ Corporate documents ).
Transactions and balances with consolidated companies have been eliminated during consolidation and are therefore not commented here. During 2020, related-party transactions mainly relate to trad- ing transactions carried out on an arm s length basis with the following parties: Yagi Tsusho Ltd, counterparty to the transaction, which
led to the establishment of Moncler Japan Ltd., acquires finished products from Moncler Group companies (107.2 million euros in 2020 and 128.0 million euros in 2019) and then sells them to Moncler Japan Ltd. (119.0 million euros in 2020 and 145.9 million euros in 2019) pursuant to the contract agreed upon the companys establishment.
Gokse Tekstil Kozmetik Sanayi ic ve dis ticaret limited sir- keti, company held by the minority shareholder of Mon- cler Istanbul Giyim ve Tekstil Ticaret Ltd. Sti, provides services to that company by virtue of the contract signed at the time of incorporation of the company. Total costs recognised for 2020 amounted to 0.1 million euros (0.1 million euros in 2019).
The company La Rotonda S.r.l., owned by a manager of the Moncler Group, acquires finished products from In- dustries S.p.A. and provides services to the same. Total revenues recognised for 2020 amounted to 1.2 million eu- ros (1.3 million euros in 2019) and total costs recognised amounted to 0.2 million euros (0.2 million euros in 2019).
Mr Fabrizio Ruffini, brother of the Chairman of the Board of Directors and Chief Executive Officer of Moncler S.p.A., provides consultancy services relating to research, development and quality control for Moncler branded products. Total costs recognised for 2020 amounted to 0.6 million euros (0.6 million euros in 2019).
The company Industries S.p.A. adheres to the Parent Company Moncler S.p.A. fiscal consolidation.
COMPENSATION PAID TO DIRECTORS, BOARD OF STATUTORY AUDITORS AND EXECUTIVES WITH STRATEGIC RESPONSIBILITIES
Compensation paid to the members of the Board of Directors in 2020 amounted to 3,882 thousand euros (6,610 thousand euros in 2019).
Compensation paid to the members of the Board of Audi- tors in 2020 amounted to 152 thousand euros (164 thousand euros in 2019).
In 2020 total compensation paid to executives with stra- tegic responsibilities amounted to 994 thousand euros (1,455 thousand euros in 2019).
In 2020 the costs relating to stock option plans (described in paragraph 10.2) referring to members of the Board of Di- rectors and Key management personnel amounted to 10,017 thousand euros (10,958 thousand euros in 2019).
The following tables summarise the afore-mentioned related-party transactions that took place during 2020 and the prior year.
The following tables summarise the weight of related-party transactions on the Consolidated Financial Statements as at and for the years ended 31 December 2020 and 2019:
(Euro/000) Type of relationship Note 31 December
2020 % 31 December
2019 %
Yagi Tsusho Ltd Distribution agreement a 107,178 (30.6)% 128,002 (35.3)%
Yagi Tsusho Ltd Distribution agreement a (119,027) 33.9% (145,937) 40.3%
GokseTekstil Kozmetik Sanayi ic ve dis ticaret limited sirketi
Service agreement b (127) 0.1% (132) 0.1%
La Rotonda S.r.l. Trade transactions c 1,198 0.1% 1,252 0.1%
La Rotonda S.r.l. Trade transactions d (154) 0.0% (160) 0.0%
Fabrizio Ruffini Service agreement b (552) 0.3% (553) 0.3%
Directors, board of statutory auditors and executives with strategic responsibilities
Labour services b (13,342) 7.7% (17,363) 10.1%
Executives with strategic responsibilities Labour services d (1,703) 0.4% (1,825) 0.4%
Total (26,529) (36,716)
a effect in % based on cost of sales b effect in % based on general and administrative expenses c effect in % based on revenues d effect in % based on selling expenses
(Euro/000) Type of relationship Note 31 December
2020 % 31 December
2019 %
Yagi Tsusho Ltd Trade payables a (15,677) 7.4% (20,728) 8.3%
Yagi Tsusho Ltd Trade receivables b 10,392 6.0% 14,699 8.8%
La Rotonda S.r.l. Trade receivables b 813 0.5% 908 0.5%
La Rotonda S.r.l. Trade payables a (37) 0.0% (40) 0.0%
Fabrizio Ruffini Trade payables a (137) 0.1% (138) 0.1%
Directors, board of statutory auditors and executives with strategic responsibilities
Other current liabilities
c (589) 0.7% (3,994) 4.6%
Total (5,235) (9,293)
a effect in % based on trade payables b effect in % based on trade receivables c effect in % based on other current liabilities
(Euro/000)
31 December 2020
Revenue Cost of sales Selling
expenses
General and administrative
expenses Trade
receivables Trade
payables Other current
liabilities
Total related parties 1,198 (11,849) (1,857) (14,021) 11,205 (15,851) (589)
Total consolidated financial statements 1,440,409 (350,775) (463,583) (173,444) 174,144 (211,903) (84,010)
Weight % 0.1% 3.4% 0.4% 8.1% 6.4% 7.5% 0.7%
(Euro/000)
31 December 2019
Revenue Cost of sales Selling
expenses
General and administrative
expenses Trade
receivables Trade
payables Other current
liabilities
Total related parties 1,252 (17,935) (1,985) (18,048) 15,607 (20,906) (3,994)
Total consolidated financial statements 1,627,704 (362,424) (488,759) (171,570) 167,919 (248,621) (87,134)
Weight % 0.1% 4.9% 0.4% 10.5% 9.3% 8.4% 4.6%
