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Moncler Group | Annual Report 2024 Consolidated Financial Statements 354  | 

that ref lects market time value of money and the risks inherent

to the asset. An impairment loss is recognised for the amount

by which the carrying amount exceeds its recoverable amount.

With the exception of impairment losses recognised

on goodwill, when the circumstances that led to the loss

no longer exist, the carrying amount of the asset is increased

to its recoverable amount and cannot exceed the carrying

amount that would have been determined had there been

no loss in value. The reversal of an impairment loss is recognised

immediately in the consolidated income statement.

For impairment testing purposes, the goodwill and brand

of Moncler and Stone Island are measured with respect

to the

group of CGUs that compose the entire business.

As of 2019, IFRS 16 requires the recognition of a right

of

use asset and a liability for the obligation to pay rent in

the f inancial statements. Any impairment of the asset for the right

of use must be calculated and recognised in accordance with

the provisions of IAS 36.

For the purpose of the rights-of-use impairment test related

to Moncler and Stone Island business, the following CGUs

have been def ined, which coincide with the organisational units

responsible for monitoring individual markets (“Regions”):

•EMEA Region;

•Americas Region;

•APAC Region;

•Mainland China Region;

•Japan Region;

•Korea Region.

The “rights-of-use” of each individual CGU is subject to

impairment tests in the presence of triggering events

(for the individual CGU) identif ied by a possible impairment

and signalled by the following key performance indicators:

•divestment plans;

•below expectation performance indicators;

•operational losses.

The impairment test is carried out with the following methods

calculation of the CGUs gross value in use excluding

that related to the lease liability from cash f lows

calculation of the CGUs recoverable amount

by deducting the carrying value of the lease liability

from the gross value in use

comparison of the CGUs recoverable value

with the carrying value the latter calculated net

of the carrying value of the lease liability

In calculating the value in use the discount rate used is the

WACC for the geographical area to which it belongs

the aggregate value of which determines the Group WACC

2.8 Leased assets

On 13 January 2016, the IASB published the new standard IFRS

16 Leases, which replaces IAS 17. This standard was endorsed

by the European Union, with its publication on 9 November

2017. IFRS 16 is ef fective for f inancial statements commencing

on or after 1 January 2019. The new standard eliminates

the dif ference in the recognition of operating and f inance leases,

even despite elements that simplify its adoption, and introduces

the concept of control in the def inition of a lease. To determine

whether a contract is a lease, IFRS 16 establishes that the contract

must convey the right to control the use of an identif ied asset

for a given period of time.

At the lease commencement date, the Group recognises

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

is initially valued at cost, including the amount of the initial

measurement of the lease liability, adjusted for the rent

payments made on or before the commencement date, increased by

the initial direct costs incurred and an estimate of costs

to be incurred by the lessee in dismantling and removing

the underlying asset, restoring the site on which it is located or

restoring the underlying asset to the condition required

by the terms and conditions of the lease, net of the received

lease incentives.

The right of use asset is amortised on a straight-line basis

from the commencement date to the end of the lease term, unless

the lease transfers ownership of the underlying asset to the Group

at the end of the lease term. In this case, the right of use asset

will be amortised over the useful life of the underlying asset,

determined on the same basis as that of property and machinery.

In addition, the right of use asset is regularly decreased

for any impairment losses and adjusted to ref lect any changes

deriving from subsequent remeasurement of the lease liability.

The Group values the lease liability at the present value

of the payments due for unpaid leases at the commencement date,

discounting them using the interest rate implicit in the lease.

The payments due for the lease included in the measurement

of the lease liability include

f ixed payments including substantially f ixed payments

payments due for lease which depend on an index or rate

initially measured using an index or rate on the

commencement date

amounts that are expected to be paid as a residual value

guarantee and

the payments due for the lease in an optional renewal period

if the Group is reasonably certain to exercise the renewal

option and early termination cancellation penalties unless

the Group is reasonably certain not to terminate the lease

in advance

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