MONCLER ANNUAL REPORT AT 31 DECEMBER 2020SEPARATE FINANCIAL STATEMENTS 169168

The following table shows the effect of variations, within reasonable limits, in key actuarial assumptions on defined benefit plan obligations at year end.

4.13. FINANCIAL LIABILITIES

Borrowings amounted to 1,317 thousand euros (1,605 thousand euros in 2019) and refer only to financial lease liabilities. They are detailed in the following table:

The changes in financial lease liabilities during 2020 are reported in the following table:

Sensitivity analysis (Euro/000) Variation

Discount rate (+0.5%) (59)

Discount rate (-0.5%) 63

Rate of payments Increases x (+0.5%) (5)

Rate of payments Increases x (-0.5%) 5

Rate of Price Inflation Increases (+0.5%) 47

Rate of Price Inflation Decreases (-0.5%) (44)

Rate of Salary Increases (+0.5%) 22

Rate of Salary Decreases (-0.5%) (21)

Increase the retirement age (+1 year) 2

Decrease the retirement age (-1 year) (2)

Increase longevity (+1 year) 0

Decrease longevity (-1 year) (0)

Borrowings (Euro/000) 31 December 2020 31 December 2019

Short-term financial lease liabilities 323 384

Short-term borrowings 323 384

Long-term financial lease liabilities 994 1,221

Long-term borrowings 994 1,221

Total 1,317 1,605

Financial lease liabilities (Euro/000)

Short-term financial lease liabilities 323

Long-term financial lease liabilities 994

Total 1,317

(Euro/000) IFRS 16 Ex IAS 17 Financial lease

liabilities

1 January 2020 1,566 39 1,605

Acquisitions 129 0 129

Disposals (408) (41) (449)

Financial expenses 27 5 32

Other movements, including transfers 0 0 0

31 December 2020 1,314 3 1,317

The following table show the breakdown of the long-term borrowings in accordance with their maturity date:

The non-discounted cash flows referring to the lease liabilities are shown below.

4.14. TAX ASSETS AND LIABILITIES

Tax liabilities amound to 12,252 thousand euros as at 31 December 2020, net of current tax assets (29,088 thousand euros as at 31 December 2019). The balance pertains to IRES and IRAP payable.

4.15. SHAREHOLDERS EQUITY

As at 31 December 2020 the subscribed share capital constituted by 258,352,624 shares was fully paid and amounted to 51,670,524.80 euros with a nominal value of 0.20 euros per share. Changes in shareholders equity for 2020 and the comparative period are included in the consolidated statements of changes in equity. As at 31 December 2020, 5,585,803, treasury shares were held, equal to 2.2% of the share capital, for a total value of 184,731 thousand euros.

The increase of the share capital and the share premium reserve arised from the exercise of n. 68,300 vested options (for the same number of shares) in relation to the Stock Option Plan approved by the Shareholders Meeting of Moncler S.p.A. dated 23 April 2015 at the exercise price of 16.34 euros per share and the free capital increase in execution of the Performance Share Plan approved in 2016 (No. 304,800 shares).

The change in the IFRS 2 reserve is due to the accounting treatment of the Stock Option and Performance Share Plans, i.e., to the recognition of the figurative cost for the period relating to these plans and the reclassification to retained earnings of the cumulative figurative cost of the plans already closed. The change in retained earnings mainly relates mainly to the to the allocation of 2019 result, and the above mentioned reclassi- fication of the IFRS 2 reserve . In 2020 the Company didn t distribute dividends to the shareholders (100,850 thousand euros in 2019).

Ageing of the Long-term borrowings (Euro/000) 31 December 2020 31 December 2019

Within 2 years 255 308

From 2 to 5 years 494 523

Beyond 5 years 245 390

Total 994 1,221

Ageing of the lease liabilities not discounted (Euro/000) 31 December 2020 31 December 2019

Within 1 year 343 373

From 1 to 5 years 798 895

Beyond 5 years 249 401

Total 1,390 1,669