MONCLER ANNUAL REPORT AT 31 DECEMBER 2020SEPARATE FINANCIAL STATEMENTS 145144

CASH FLOWS

On behalf of the Board of Directors

REMO RUFFINI

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

Statement of cash flow (Euro) 2020

of which related parties

(note 8.1) 2019

of which related parties

(note 8.1)

Cash flow from operating activities

Net result of the period 173,929,732 157,649,576

Depreciation and amortization 1,147,967 1,364,532

Net financial (income)/expenses (67,772) 403,218

Equity-settled share-based payment transactions 7,858,405 6,163,059

Income tax expenses (14,949,883) 32,401,283

Changes in trade receivables - (Increase)/Decrease (75,238,156) (75,489,832) (6,029,034) (6,030,520)

Changes in trade payables - Increase/(Decrease) (3,848,195) 31,022 (698,048) (2,277,079)

Changes in other current assets/liabilities 312,860 (1,765,162) 450,808 51,503

Cash flow generated/(absorbed) from operating activities 89,144,958 191,705,394

Interest paid (342,356) (400,539)

Interest received 336,600 161,435

Income tax paid (89,382,904) (42,197,669)

Income tax received from fiscal consolidation 53,725,682 19,352,211

VAT received from Fiscal Consolidation (12,346,306) 12,077,211

Changes in other non-current assets/liabilities 348,527 113,790

Net cash flow from operating activities (a) 41,484,201 180,811,833

Cash flow from investing activities

Purchase of tangible and intangible fixed assets (830,916) (904,106)

Net cash flow from investing activities (b) (830,916) (904,106)

Cash flow from financing activities

Repayment of current and non-current lease liabilities (448,972) (328,291)

Short-term borrowings variation, other than bank borrowings (35,498,470) (35,498,470) (9,142,510) (9,142,510)

Transaction related to equity 0 (15,101,841)

Dividends paid to shareholders 0 (100,849,568)

Share Capital and reserves increase 1,116,022 686,280

Net cash flow from financing activities (c) (34,831,420) (124,735,930)

Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c) 5,821,865 55,171,797

Cash and cash equivalents at the beginning of the period 56,471,518 1,299,721

Net increase/(decrease) in cash and cash equivalents 5,821,865 55,171,797

Cash and cash equivalents at the end of the period 62,293,383 56,471,518