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MONCLER ANNUAL REPORT AT 31 DECEMBER 2020 32

SEPARATE FINANCIAL STATEMENTS

139 SEPARATE FINANCIAL STATEMENTS

140 Income statement 140 Comprehensive income 141 Financial position 142 Changes in equity 144 Cash flows

146 EXPLANATORY NOTES TO THE SEPARATE FINANCIAL STATEMENTS

148 General information 150 Significant accounting principles 158 Comments on the income statement 160 Comments on the statement of financial position 171 Commitments and guarantees given 171 Contingent liabilities 172 Information about financial risks 174 Other information 179 Significant events after the reporting date 180 Motion to approve the financial statements

and the allocation of the result for the year ended 31 December 2020

183 ATTACHMENTS 184 Attestation of the Consolidated Financial

Statements pursuant to art. 154-bis of Legislative Decree no. 58/98

185 Independent Auditors Report on the Consolidated Financial Statements

191 Attestation of the Separate Financial Statements pursuant to art. 154-bis of Legislative Decree no. 58/98

192 Independent Auditors Report on the Separate Financial Statements Report of the Board of Statutory Auditors

197 Report of the Board of Statutory Auditors

210 GLOSSARY

212 CONTACTS

INDEX

CONSOLIDATED FINANCIAL STATEMENTS

77 CONSOLIDATED FINANCIAL STATEMENTS

78 Consolidated income statement 78 Consolidated statement of comprehensive income 79 Consolidated statement of financial position 80 Consolidated statement of changes in equity 82 Consolidated statement of cash flows

84 EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

86 General information about the Group 90 Summary of significant accounting principles used in the

preparation of the Consolidated Financial Statements 100 Scope for consolidation 102 Comments on the consolidated income statement 106 Comments on the consolidated statement of financial

position 122 Segment information 122 Commitments and guarantees given 124 Contingent liabilities 124 Information about financial risks 128 Other information 135 Significant events after the reporting date

BOARD OF DIRECTORS REPORT

7 SECTION ONE 8 Chairman s letter 10 Financial highlights 12 Corporate bodies 14 Group chart as at 31 December 2020 16 Group structure 18 Key events in Moncler s history 22 The Moncler brand 24 Values and Purpose 28 Strategy 30 Moncler's business model 36 Human capital 42 Sustainability 44 Moncler and the financial markets

46 SECTION TWO 48 Introduction 49 Performance of the Moncler Group 54 Performance of the Parent Company Moncler S.p.A. 56 Main risks 60 Corporate governance 64 Related-party transactions 64 Atypical and/or unusual transactions 64 Treasury shares 65 Significant events occurred during the

Financial Year 2020 67 Significant events occurred after the reporting date 68 Business outlook 71 Other information 73 Motion to approve the Financial Statements

and the allocation of the result for the year ended 31 December 2020

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