MONCLER ANNUAL REPORT AT 31 DECEMBER 2020CONSOLIDATED FINANCIAL STATEMENTS 8382

CONSOLIDATED STATEMENT OF CASH FLOWS

On behalf of the Board of Directors of Moncler S.p.A.

REMO RUFFINI

CHAIRMAN AND CHIEF EXECUTIVE OFFICER

Consolidated statement of cash flows (Euro/000)

Year 2020

of which related parties

Year 2019

of which related parties

Cash flow from operating activities

Consolidated result 300,366 358,695

Depreciation and amortization 200,976 171,123

Net financial (income)/expenses 23,302 21,072

Equity-settled share-based payment transactions 30,927 29,147

Income tax expenses 45,153 112,032

Changes in inventories - (Increase)/Decrease 2,764 (36,335)

Changes in trade receivables - (Increase)/Decrease (8,120) 4,402 (1,112) (2,954)

Changes in trade payables - Increase/(Decrease) (40,616) (5,055) 23,657 3,368

Changes in other current assets/liabilities (9,287) (3,405) (8,438) (20)

Cash flow generated/(absorbed) from operating activities 545,465 669,841

Interest and other bank charges paid and received (849) 71

Income tax paid (136,882) (86,852)

Changes in other non-current assets/liabilities (1,284) 5,495

Net cash flow from operating activities (a) 406,450 588,555

Cash flow from investing activities

Purchase of tangible and intangible fixed assets (92,561) (123,660)

Proceeds from sale of tangible and intangible fixed assets 2,192 2,812

Net cash flow from investing activities (b) (90,369) (120,848)

Cash flow from financing activities

Repayment of current and non-current lease liabilities (136,923) (116,803)

Short-term borrowings variation (15,735) (10,898)

Dividends paid to shareholders 0 (100,850)

Dividends paid to non-controlling interests 0 (858)

Share capital increase 1,116 686

Treasury Shares variation 0 (15,102)

Other changes in Net Equity 0 24

Net cash flow from financing activities (c) (151,542) (243,801)

Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c) 164,539 223,906

Cash and cash equivalents at the beginning of the period 759,070 546,268

Effect of exchange rate changes (126) (11,104)

Net increase/(decrease) in cash and cash equivalents 164,539 223,906

Cash and cash equivalents at the end of the period 923,483 759,070