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Moncler Group | Annual Report 2024 Consolidated Financial Statements 356 Moncler Group | Annual Report 2024 Consolidated Financial Statements 357

On initial recognition of a security not held for trading, the Group

may make an irrevocable choice to present subsequent

changes in fair value in the other components of the comprehensive

income statement. This choice is made for each asset.

At the time of subsequent measurement, the measurement

made at the time of recognition is updated and any changes

in fair value are recognised in the statement of comprehensive

income. As for the category above, these assets are subject

to the impairment model described in the paragraph Trade

receivables, f inancial assets and other current and

non-current receivables.

All f inancial assets not classif ied as valued at amortised

cost or at FVOCI, as indicated above, are valued at FVTPL.

All derivative f inancial instruments are included.

On initial recognition, the Group may irrevocably designate

the f inancial asset as measured at fair value through

prof it/(loss) for the period if this eliminates or signif icantly reduces

a misalignment in accounting that would otherwise result from

measuring the f inancial asset at amortised cost or at FVOCI.

At the time of subsequent measurement, f inancial

assets measured at FVTPL are valued at fair value. Gains

or losses arising from changes in fair value are recognised

in the consolidated income statement in the period in which they

are recognised under f inancial income/expenses.

Financial assets are derecognised from the f inancial

statements when the contractual rights to receive cash f lows

from them expire, when the contractual rights to receive

cash f lows from a transaction in which all the risks and rewards

of ownership of the f inancial asset are materially transferred

or when the Group neither transfers nor retains materially all

the risks and rewards of ownership of the f inancial asset and

does not retain control of the f inancial asset.

Financial liabilities are classif ied as valued at amortised cost

or at FVTPL. A f inancial liability is classif ied at FVTPL when

it is held for trading, it represents a derivative or is designated

as such on initial recognition. Financial liabilities at FVTPL

are measured at fair value and any changes including interest

expense are recognised in prof it or loss for the period

Other f inancial liabilities are measured at amortised cost using

the ef fective interest method Interest expense and exchange

rate gainslosses are recognised in prof itloss for

the period

as are any gains or losses from derecognition

The Groups f inancial instruments consist primarily o

f cash

and cash equivalents accounts receivable accounts

payable

other current and noncurrent assets and liabilities

investments

borrowings and derivative f inancial instruments

Cash and cash equivalents

Cash and cash equivalents include cash and shortterm

deposits held with banks and most liquid assets that are readily

convertible into cash and that have insignif icant risk of change

in value. Bank overdrafts are recorded under current liabilities

on the Group’s consolidated statement of f inancial position.

Trade receivables, f inancial assets and other current

and non-current receivables

Trade and other receivables, generated when the Group provides

money, goods or services directly to a third party, are classif ied

as current assets, except for items with maturity dates greater

than twelve months after the reporting date.

Current and non-current f inancial assets, other current

and non-current assets, trade receivables, excluding derivatives,

with f ixed maturity or determinable payment terms, are

recognised at amortised cost calculated using the ef fective interest

method. When f inancial assets do not have a f ixed maturity,

they are valued at cost. Notes receivable (due date greater than

a year) with interest rate below that of

the market rate are

valued using the current market rate.

The f inancial assets listed above are valued based

on the impairment model introduced by IFRS 9 or by adopting

an expected loss model, replacing the IAS 39 framework,

which is typically based on the valuation of the incurred loss.

For trade receivables, the Group adopts the so-called

simplif ied approach, which does not require the recognition

of periodic changes in credit risk, but rather the accounting

of an Expected Credit Loss (“ECL") calculated over the entire life

of the credit (so-called lifetime ECL).

In particular, the policy implemented by the Group provides

for the stratif ication of trade receivables based on the days

past due and an assessment of the solvency of the counterparty

and applies dif ferent write-down rates that ref lect the relative

expectations of recovery. The Group then applies an analytical

valuation of impaired receivables based on a debtor’s reliability

and ability to pay the due amounts.

The value of receivables is shown in the statement of f inancial

position net of the related bad debt provision. Write-downs,

made in accordance with IFRS 9 are recognised in the consolidated

income statement net of any positive ef fects associated with

reversals of impairment

Financial liabilities trade payables and other current

and noncurrent payables

Trade and other payables arise when the Group acquires money

goods or services directly from a supplier They are included

within current liabilities except for items with maturity dates

greater than twelve months after the reporting date

Financial liabilities excluding derivatives are recognised

initially at fair value which represents the amount at which

the asset was bought in a current transaction between willing

parties and subsequently measured at amortised cost

using the ef fective interest method. Financial liabilities that

are designated as hedged items are subject to the hedge

accounting requirements.

Derivatives instruments

Consistent with the provisions of IFRS 9, derivative f inancial

instruments may be accounted for using hedge accounting

only when:

•the hedged items and the hedging instruments meet

the eligibility requirements;

•at the beginning of the hedging relationship, there

is a formal designation and documentation of the hedging

relationship, of the Group's risk management objectives

and the hedging strategy;

•the hedging relationship meets all of the following

ef fectiveness requirements:

○

there is an economic relationship between the hedged

item and the hedging instrument;

○

the ef fect of credit risk is not dominant with respect

to the changes associated with the hedged risk;

○

the hedge ratio def ined in the hedging relationship

is met, including through rebalancing actions,

and is consistent with the risk management strategy

adopted by the Group.

Fair value hedge

A derivative instrument is designated as fair value hedge when

it

hedges the exposure to changes in fair value of a recognised asset

or liability, that is attributable to a particular risk and could af fect

prof it or loss. The gain or loss on the hedged item, attributable

to the hedged risk, adjusts the carrying amount of the hedged item

and is recognised in the consolidated income statement.

Cash f low hedge

When a derivative f inancial instrument is designated as a hedging

instrument for exposure to variability in cash f lows, the ef fective

portion of changes in fair value of the derivative f inancial

instrument is recognised among the other components of the

comprehensive income statement and stated in the cash f low

hedge reserve The ef fective portion of changes in fair value

of the derivative f inancial instrument that is recognised in the

other components of the comprehensive income statement is

limited to the cumulative change in the fair value of the hedged

instrument at present value since the inception of the hedge

The inef fective portion of changes in fair value of the derivative

f inancial instrument is recognised immediately in the prof itloss

for the period

If the hedge ceases to meet the eligibility criteria

or the hedging instrument is sold matures or is exercised

hedge accounting ceases prospectively When hedge accounting

for cash f low hedges ceases, the accrued amount in the cash f low

hedge reserve remains in equity until, in the case of a hedge

of a transaction that results in the recognition of a non-f inancial

asset or non-f inancial liability, it is included in the cost

of the

non-f inancial asset or non-f inancial liability on initial

recognition

or, in the case of other cash f low hedges, it is reclassif ied in prof it

or loss for the period in the same period or periods in which the

hedged expected future cash f lows af fects prof it/(loss) for the period.

If no more hedged future cash f lows are expected, the amount

shall be reclassif ied immediately from the cash f low hedge reserve

and the reserve for hedging costs to prof it/(loss) for the period.

If hedge accounting cannot be applied, gains or losses,

arising from the fair value measurement of a derivative f inancial

instrument, are immediately recognised in income statement.

Following the hedging relationships put in place, revenues

in foreign currencies are translated in the Consolidated Financial

Statements at the corresponding forward rate for the relative

hedged volume.

2.11 Employee benef its

Short-term employee benef its, such as wages, salaries, social

security contributions, paid leave and annual leave due within

twelve months of the consolidated statement of f inancial position

date and all other fringe benef its are recognised in the year

in which the service is rendered by the employee.

Benef its granted to employees, which are payable on or after

the termination of employment through def ined benef it

and contribution plans, are recognised over the vesting period.

Def ined benef it schemes

Def ined benef it schemes are retirement plans determined based

on employees’ remuneration and years of service.

The Group obligation to contribute to employees’ benef it

plans and the related current service cost are determined by using

an actuarial valuation def ined as the projected unit credit method.

The cumulative net amount of all actuarial gains and losses

are recognised in equity within other comprehensive income

The amount recognised as a liability under the def ined

benef it plans is the present value of the related obligation taking

into consideration expenses to be recognised in future periods

for employee service in prior periods

Def ined contribution schemes

Contribution made to a def ined contribution plan is recognised

as an expense in the income statement in the period in which

the employees render the related service

Up to 31 December 2006 Italian employees were eligible

to def ined benef it schemes referred as postemployment

benef it TFR With the act 296 as of 27 December 2006

and subsequent decrees Pension Reform issued in early 2007

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