MONCLER ANNUAL REPORT AT 31 DECEMBER 2020SEPARATE FINANCIAL STATEMENTS 165164

Changes in deferred tax assets and deferred tax liabilities are detailed in the following table:

The taxable amount on which deferred tax have been calculated is detailed in the following table:

The caption other temporary items mainly refers to the Directors remunerations.

4.6. TRADE RECEIVABLES

Trade receivables are originated from the marketing and communication operations of the Company related to the brand devel- opment and Group operations and are mostly considered intercompany transactions. There are no trade receivables with a due date greater than five years. There is no difference between the book value and the fair value of trade receivables. Trade receivables from Group companies mainly relates to the receivable from the subsidiary Industries S.p.A. resulting from the royalties for the use of the Moncler trademark and management fees. These receivables do not present collectability risks.

Deferred tax assets (liabilities) (Euro/000)

Opening balance - 1 January 2020

Taxes charged to the income statement

Taxes accounted for

in Equity

First time adoption

IFRS 16 Other

movements Closing balance -

31 December 2020

Tangible assets 12 (8) 0 0 0 4

Employee benefits 27 0 8 0 0 35

Other temporary items 418 973 0 0 (1) 1,390

Tax assets 457 965 8 0 (1) 1,429

Intangible assets (62,450) 62,455 0 0 0 5

Financial assets (2,415) 0 0 0 0 (2,415)

Tax liabilities (64,865) 62,455 0 0 0 (2,410)

Net deferred tax assets (liabilities) (64,408) 63,420 8 0 (1) (981)

Deferred tax assets (liabilities) (Euro/000)

Opening balance - 1 January 2019

Taxes charged to the income statement

Taxes accounted for

in Equity

First time adoption

IFRS 16 Other

movements Closing balance -

31 December 2019

Tangible assets 0 4 0 8 0 12

Employee benefits 20 0 7 0 0 27

Other temporary items 440 (21) 0 0 (1) 418

Tax assets 460 (17) 7 8 (1) 457

Intangible assets (62.447) (5) 0 0 2 (62.450)

Financial assets (2.414) 0 0 0 (1) (2.415)

Tax liabilities (64.861) (5) 0 0 1 (64.865)

Net deferred tax assets (liabilities) (64.401) (22) 7 8 0 (64.408)

Deferred tax assets (liabilities) (Euro/000)

Taxable Amount 2020

Closing balance - 31 December 2020

Taxable Amount 2019

Closing balance - 31 December 2019

Tangible assets 13 4 42 12

Employee benefits 143 35 111 27

Other temporary items 5,798 1,390 1,744 418

Tax assets 5,954 1,429 1,897 457

Intangible assets 19 5 (223,835) (62,450)

Financial assets (10,064) (2,415) (10,064) (2,415)

Tax liabilities (10,045) (2,410) (233,899) (64,865)

Net deferred tax assets (liabilities) (4,091) (981) (232,002) (64,408)

Trade receivables (Euro/000) 31 December 2020 31 December 2019

Trade receivables, third parties 258 509

Trade receivables, intra-group 135,820 60,330

Total, net value 136,078 60,839