Moncler Group | Annual Report 2024 Consolidated Financial Statements 346 |
1.1 The Group and its core business
The parent company Moncler S.p.A. is a company established
and domiciled in Italy, with its registered of f ice located
at Via Stendhal 47 Milan, Italy, and registration number
of 04642290961.
Moreover, the parent company Moncler S.p.A. is de-facto
controlled by Remo Ruf f ini through Ruf f ini Partecipazioni
Holding S.r.l. (RPH) and Double R S.r.l. (DR): more specif ically,
Remo Ruf f ini owns the entire share capital of RPH, a company
controlling DR which, in turn, as of 31 December 2024
holds a shareholding representing 16.5% of the share capital
of Moncler S.p.A.
The Consolidated Financial Statements as at and for
the yea
r ended 31 December 2024 include the Parent Company
and its subsidiaries (hereafter referred to as the “Group").
To date, the Group's core businesses are the creation,
production and distribution of clothing for men, women
and children, shoes, eyewear and other accessories under
the Moncler and Stone Island brand name.
1.2 Basis for the preparation
of the Consolidated Financial Statements
1.2.1 Relevant accounting principles
The 2024 Consolidated Financial Statements have been prepared
in accordance with International Financial Reporting Standards
(“IFRS") issued by the International Accounting Standards
Board (“IASB") and endorsed by the European Union. IFRS also
includes all International Accounting Standards (“IAS")
and interpretations of the International Financial Reporting
Interpretations Committee (“IFRIC"), previously
known as the Standing Interpretations Committee (“SIC").
The Consolidated Financial Statements include the
consolidated income statement, the consolidated statement
of comprehensive income, the consolidated statement of f inancial
position, the consolidated statement of changes in equity,
the consolidated statement of cash f lows and the explanatory
notes to the Consolidated Financial Statements
122 Presentation of the f inancial statements
The Group presents its consolidated income statement
by destination the method that is considered most representative
for the business at hand This method is in fact consistent
with the internal reporting and management of the business
With reference to the consolidated statement of f inancial
position a basis of presentation has been chosen which
makes a distinction between current and noncurrent assets
and liabilities in accordance with the provisions of paragraph
60 and thereafter of IAS 1
The consolidated statement of cash f lows is prepared under
the indirect method.
In accordance with the provisions of IAS 24, related-party
transactions with the Group and their impact, if signif icant,
on the consolidated statement of f inancial position, consolidated
income statement and consolidated statement of cash f lows
are reported below.
The Consolidated Financial Statements are presented
in thousands of Euros while, unless otherwise indicated,
the data contained in the explanatory notes are presented
in millions of Euros.
1.2.3 Basis for measurement
The Consolidated Financial Statements have been prepared
on
the historical cost basis, except for the measurement of certain
f inancial instruments (i.e. derivatives) as required by IFRS 9,
and on a going concern basis.
The Consolidated Financial Statements are presented
in thousand euros, which is the functional currency of the markets
where the Group mainly operates.
1.2.4 Directors’ assessment
on the assumption of business continuity
Based on the results of the current year and forecasts for future
years, the management believes that there are no factors
rendering business continuity uncertain. In particular, the Group's
f inancial strength and its cash and cash equivalents at the
end of the year guarantee a high level of f inancial independence
to support Moncler's operational needs and development
programmes. For 2025, business operations are fully guaranteed,
both in terms of product of ferings across the various markets
and distribution channels and in the ability to manage
and organise business activities.
1.2.5 Use of estimates and valuations
The preparation of the Consolidated Financial Statements
and the related explanatory notes in conformity with IFRS
requires that management makes estimates and assumptions
that af fect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities
at the reporting date The estimates and related assumptions
are based on historical experience and other relevant factors
The actual results could dif fer from those estimates
The estimates and underlying assumptions are reviewed
periodically
and any variation is ref lected in the consolidated
income
statement in the period in which the estimate is revised
if the revision af fects only that period or even in subsequent
periods
if the revision af fects both current and future periods
In the event that managements estimate and judgment
have a signif icant impact on the amounts recognised
1. General information about the Group
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