Moncler Group | Annual Report 2024 Consolidated Financial Statements 384 Moncler Group | Annual Report 2024 Consolidated Financial Statements 385

The pension funds pertain mainly to the Italian entities of the Group.

Following the recent welfare reform, beginning

on 1 January

2007, the liability has taken the form of a def ined contribution

plan. Therefore, the amount of pension fund (TFR) accrued prior

to the application of the reform and not yet paid to the employees

as at the date of the Consolidated Financial Statements is

considered as a def ined benef it plan, changes in which are shown

in the following table:

The actuarial valuation of employee termination benef its (TFR)

is based on the Projected Unit Credit Cost method. Reported

below are the main economic and demographic assumptions

utilised for actuarial valuations.

EMPLOYEES PENSION FUNDS — MOVEMENTS

EUR/000 31 December 2024 31 December 2023

Net recognized liability — opening(4,792)(4,337)

Changes in consolidation area 0 0

Interest costs(138)(163)

Service costs(782)(866)

Payments 971 558

Actuarial Gains/(Losses)43 16

NET RECOGNIZED LIABILITY — CLOSING(4,698)(4,792)

ASSUMPTIONS

Discount rate 3.10%

Inf lation rate 2.00%

Nominal rate of wage growth 2.00%

Labour turnover rate 13.14%

Probability of request of advances of TFR 1.68%

Percentage required in case of advance 70.00%

Life Table — Male M2019

Life Table — Female F2019

(*) Table ISTAT — resident population

The following table shows the ef fect of variations,

within reasonable limits, in key actuarial assumptions

on def ined benef it plan obligations at year end.

5.16 Financial liabilities

Financial liabilities are detailed in the following table:

Short-term borrowings as at 31 December 2024 include

ban

k overdraft and shortterm bank loans shortterm f inancial

lease liabilities arising from the application of IFRS 16

and under other shortterm loans mainly the current portion

of f inancial liabilities payable to nonbanking third parties

Longterm borrowings include longterm f inancial lease

liabilities arising from the application of IFRS 16 and f inancial

liabilities payable to nonbank third parties

SENSITIVITY ANALYSIS

EUR/000 Variation

Discount rate +0.5%(145)

Discount rate -0.5%154

Rate of TFR payments Increases x (+0.5%)5

Rate of TFR payments Decreases x (-0.5%)(5)

Rate of Price Inf lation Increases (+0.5%)108

Rate of Price Inf lation Decreases (-0.5%)(102)

Rate of Salary Increases (+0.5%)29

Rate of Salary Decreases (-0.5%)(28)

Increase the retirement age (+1 year)(3)

Decrease the retirement age (-1 year)4

Increase longevity (+1 year)(0)

Decrease longevity (-1 year)0

BORROWINGS

EUR/000 31 December 2024 31 December 2023

Bank overdraft and short-term bank loans 6 0

Short-term portion of long-term bank loans 0 1,514

Short-term f inancial lease liabilities 178,284 167,659

Other short-term loans 17,830 15,230

SHORT-TERM BORROWINGS 196,120 184,403

Long-term f inancial lease liabilities 745,921 637,672

Other long-term borrowings 15,267 26,516

LONG-TERM BORROWINGS 761,188 664,188

TOTAL 957,308 848,591