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MONCLER ANNUAL REPORT AT 31 DECEMBER 2020SEPARATE FINANCIAL STATEMENTS 167166

4.7. CASH AND CASH EQUIVALENT

As at 31 December 2020, the caption cash and cash equivalent amounted to 62,293 thousand euros (56,472 thousand euros as at 31 December 2019) and includes funds available at banks. Please refer to the statement of cash flows for further information related to cash fluctuation.

4.8. INTRA-GROUP FINANCIAL RECEIVABLES

The item intra-group financial receivables, equal to 54,439 thousand euros (18,940 thousand euros as at 31 December 2019), refers to the correspondent account with the subsidiary Industries S.p.A.

4.9. OTHER CURRENT AND NON-CURRENT ASSETS

The caption other current taxes consists mainly of the receivable due from the tax authority related to IRES receivable for per- sonnel expenses not deducted for IRAP purposes as well as the VAT receivable. The caption other current assets, intra-group includes mainly amounts related to the VAT consolidation, the same caption in 2019 included mainly amounts related to fiscal consolidation. Deposits are mostly related to the amounts paid on behalf of the lessee as a guarantee to the lease agreement. There are no differences between the amounts included in the Consolidated Financial Statements and their fair values.

4.10. TRADE PAYABLES

As at 31 December 2020, the caption trade payables pertains mostly to marketing and communication services.

Details of the transactions with subsidiaries are provided in the note 8.1 on related parties.

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

Cash in hand and at the bank 62,293 56,472

Total 62,293 56,472

Other current assets (Euro/000) 31 December 2020 31 December 2019

Advances on account to vendors 490 940

Prepaid expenses 577 505

Tax receivables excluding income taxes 342 704

Other current assets 29 0

Other current assets, intra-group 269 20,305

Total other current assets 1,707 22,454

Security / guarantees deposits 142 73

Other non current assets 1,000 0

Other non-current assets 1,142 73

Total 2,849 22,527

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

Trade payables, third parties 16,112 18,991

Trade payables, intra-group 42 11

Total 16,154 19,002

4.11. OTHER CURRENT LIABILITIES

As at 31 December 2020, the caption other current liabilities included the following:

As at 31 December 2020 the caption other current liabilities, intra-group mainly included the amounts related to the fiscal consolidation and in 2019 it included the amounts related to VAT consolidation. For additional information please see note 8.1.

4.12. EMPLOYEES PENSION FUND

As at 31 December 2020, the caption includes the employee pension fund as detailed in the following table:

The actuarial valuation of employee termination benefits (TFR) is based on the Projected Unit Credit Cost method. Reported below are the main economic and demographic assumptions utilised for actuarial valuations.

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

Directors and audit related payables 442 2,207

Amounts payable to employees and consultants 1,936 2,342

Employees taxation payables 943 1,399

Other current liabilities 3,013 851

Other current liabilities, intra-group 9,345 12,077

Total 15,679 18,876

Employees pension funds - movements (Euro/000) 31 December 2020 31 December 2019

Net recognized liability - opening 1,141 995

Interest costs 10 16

Service costs 425 336

Payments (55) (208)

Actuarial (Gains)/Losses 98 2

Net recognized liability - closing 1.619 1.141

Assumptions

Discount rate 0.34%

Inflation rate 1.00%

Nominal rate of wage growth 1.00%

Labour turnover rate 12.60%

Probability of request of advances of TFR 0.70%

Percentage required in case of advance 70.00%

Life Table - Male M2019 (*)

Life Table - Female F2019 (*)

(*) Table ISTAT resident population

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