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
