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Moncler Group | Annual Report 2024 Consolidated Financial Statements 346 Moncler Group | Annual Report 2024 Consolidated Financial Statements 347

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

in the Consolidated Financial Statements or in case that

t

here is a risk of future adjustments on the amounts

recognised for assets and liabilities in the period immediately

after the reporting date, the following notes will include

the relevant information.

The estimates pertain mainly to the following captions

of the Consolidated Financial Statements:

•Impairment of non-current assets and goodwill;

•Impairment of trade receivables (bad debt provision);

•Allowance for returns;

•Impairment of inventories (obsolescence provision);

•Recoverability of deferred tax assets;

•Provision for losses and contingent liabilities;

•Lease liabilities and right of use assets;

•Incentive systems and variable remuneration;

•IAS 29 hyperinf lation;

•Fin

ancial liabilities for the purchase of minority interests;

•IFRIC 23: uncertainty over income tax treatments.

Impairment of non-current assets and goodwill

Non-current assets include property, plant and equipment,

intangible assets with indef inite useful life and goodwill,

investments and other f inancial assets.

Management periodically reviews non-current assets

for impairment if events or changes in circumstances indicate

that the carrying amount may not be recoverable. When

a review for impairment is conducted, the recoverable amount

is estimated based on the present value of future cash f lows

expected to derive from the asset or from the sale of the asset

itself, at a suitable discount rate.

When the recoverable amount of a non-current asset

is less than its carrying amount, an impairment loss is recognised

immediately in prof it or loss and the carrying amount is reduced

to its recoverable amount determined based on value-in-use

calculation or its sale’s value in an arm’s-length transaction, with

reference to the most recent Group business plan.

Impairment of trade receivables

The bad debt provision represents managements best estimate

of the probable loss for unrecoverable trade receivables

For the description of the criteria applied to estimate

the bad debt provision please refer to paragraph 210 Financial

instruments Trade receivables f inancial assets and other

current and noncurrent receivables

Allowance for returns

The allowance for returns ref lects managements best

estimate of the asset arising from expected product returns

and the associated liability for future refunds

Impairment of inventory

The Group manufactures and sells mainly clothing goods that

are subject to changing consumer needs and fashion trends.

As a result, it is necessary to consider the recoverability

of the cost of inventories and the related required provision.

Inventory impairment represents management’s best estimate

for losses arising from the sales of aged products, taking into

consideration their saleability through the Group’s

distribution channels.

Recoverability of deferred tax assets

The Group is subject to income taxes in numerous jurisdictions.

Judgment is required in determining the provision for income

taxes in each territory. The Group recognises deferred tax assets

when it is expected that they will be realised within a period

that is consistent with management estimates and business plans.

Provision for losses and contingent liabilities

The Group could be subject to legal and tax litigations arising

in the countries where it operates. Litigation is inevitably

subject to risk and uncertainties surrounding the events

and circumstances associated with the claims and associated with

local legislation and jurisdiction. In the normal course of business,

management requests advice from the Group legal consultants

and tax experts. The recognition of a provision is based

on management’s best estimate when an outf low of resources

is probable to settle the obligation and the amount can be reliably

estimated. In those circumstances where the outf low of resources

is possible or the amount of the obligation cannot be reliably

measured, the contingent liabilities are disclosed in the notes

to Consolidated Financial Statements.

Lease liabilities and right of use assets

According to IFRS 16 accounting standard, with reference to

multi-annual lease agreement, the Group recognises the asset

for the right of use and the liability for the lease. The asset

for the right of use is initially valued at cost or at the present value

of the rental costs provided by the contract and then subsequently

at cost net of accumulated depreciation and impairment losses and

adjusted to ref lect the revaluation of the lease liability

The Group values the lease liability at the present value of

the payments due for unpaid leases at the ef fective date discounting

them using the interest rate determined taking into account

the

term of the lease contracts the currency in which they are

denominated the characteristics of the economic environment in

which the contract was stipulated and the credit adjustment

The lease liability is subsequently increased by the interest

accrued on this liability and decreased by the payments due for

the lease made and is revalued in the event of a change

in

the future payments due for the lease deriving from a change

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