MONCLER ANNUAL REPORT AT 31 DECEMBER 2020CONSOLIDATED FINANCIAL STATEMENTS 135134

11.

SIGNIFICANT EVENTS AFTER THE REPORTING DATE

At the date of preparation of this document, there are no significant events that took place after the close of the year.

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The Consolidated Financial Statements, comprised of the consolidated income statement, consolidated statement of compre- hensive income, consolidated statement of financial position, consolidated statement of changes in equity, consolidated state- ment of cash flows and explanatory notes to the Consolidated Financial Statements give a true and fair view of the financial position and the results of operations and cash flows and corresponds to the accounting records of the Parent Company and the companies included in the consolidation.

On behalf of the Board of Directors of Moncler S.p.A.

REMO RUFFINI

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

10.9. COVID-19 IMPACTS

At the end of 2019, the novel coronavirus Covid-19 was first reported in Wuhan, the capital of Hubei province in China. In February 2020, the virus infected more than 105 million people worldwide and caused around 2.3 million fatalities. In order to contain the pandemic and protect the popula- tion, several governments imposed stringent containment and social distancing measures, including the temporary closure of all non-essential activities, which have impacted various areas of Moncler s business.

Since the initial news regarding the spread of Covid-19, the Company promptly appointed an internal Task Force dedi- cated to the management of this emergency, and immediately implemented important actions and clear procedures aimed at safeguarding the health of its employees and protecting the business.

However, the ongoing nature of the pandemic during the year had significant negative effects on 2020 results, both in terms of revenues and margins, also impacted by extraordi- nary write-downs of approximately 30 million euros due to the unpredictable surplus of inventories of Spring/Summer 2020 products.

To support the Milanese community during the pandemic, the Group also decided to allocate approximately 10 million euros to support social initiatives including the creation of a home healthcare programme and the digitization of primary and secondary schools.

Following the first closures of Moncler stores imposed by various governments around the world, the Group en- tered into discussions with the main landlord to renegotiate rents in light of the changed scenario. The resulting benefits, amounting to approximately 25 million euros, were reflected in the 2020 results.

Finally, Moncler also signed up, where possible, for em- ployment support measures made available by local govern- ments following the Covid-19 emergency, mostly adding to the government s contribution.

In this context, it is extremely important to emphasise that the Group s financial strength guarantees high financial independence in support of Moncler s operational needs and development programmes, therefore it is believed that busi- ness continuity is fully guaranteed.