Moncler Group | Annual Report 2024 Separate Financial Statements 424 Moncler Group | Annual Report 2024 Separate Financial Statements 425

1.1 Moncler S.p.A.

Moncler S.p.A. (the “Company” or “Moncler”) 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.

The Company is de-facto indirectly 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.

It is t

he Parent Company for the Moncler Group (hereinafter

referred to as the “Group") and 52 other subsidiaries.

The main activity of the Company is the Moncler and

Stone Island brands m

anagement, including increasing awareness

through dedicated communication and marketing campaigns.

The Moncler Group companies run their businesses

in accordance with the guidelines and the strategies set

up by Moncler’s Board of Directors.

The Company also prepares the Consolidated Financial

Statements and the Management Report is a single document

as permitted by Article 40/2 bis (B), Leg. Decree 127/91.

1.2 Basis for the preparation

of the separate f inancial statements

1.2.1 Relevant accounting principles

The 2024 separate f inancial statements (“f inancial 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 f inancial statements include the statement

of f inancial position the income statement the statement

of comprehensive income the statement of changes in equity

the statement of cash f lows and the explanatory notes

to the f inancial statements

122 Presentation of the f inancial statements

T

he Company presents its 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 statement of f inancial position a basis

of presentation has been chosen which makes a distinction

between current and non-current assets and liabilities,

in ac

cordance with the provisions of paragraph 60 and thereafter

of IAS 1.

The statement of cash f lows is prepared under the

indirect method.

1.2.3 Basis for measurement

The f inancial statements have been prepared on the historical

cost basis except for the measurement of certain f inancial

instruments (i.e. derivative measured at fair value in accordance

with IFRS 9) and on a going concern basis.

The f inancial statements are presented in thousand

euros, which is the functional currency of the markets where

the Company mainly operates.

The explanatory notes have been prepared in thousands

of Euros unless stated otherwise.

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 Companies'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 f inancial 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 actual results could dif fer from those estimates

The estimates and underlying assumptions are reviewed

periodically and any variation is ref lected in the 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

in the f inancial statements or in case that there 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

1. General information

The estimates pertain mainly to the following captions of the

Consolidated Financial Statements:

•impairment of non-current assets with indef inite

useful lives and investments;

•provision for losses and contingent liabilities;

•incentive systems and variable remuneration.

Recoverable amount of non-current assets with indef inite

useful lives and investments ("impairment")

Management periodically reviews non-current assets, assets

held for sale and investments in subsidiaries 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 the income statement 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.

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

Incentive systems and variable remuneration

For the description of the determination of the fair value

of share-based incentive payments for the Moncler Group

management, please see paragraph 2.9.

1.3 Impact of climate change issues

The Group def ined a climate strategy aimed at reducing

greenhouse gas (GHG) emissions, with the intention of positively

contributing to the global goal of combating climate change,

in line with the requirements of the Paris Agreement on climate.

This strategy, integrated into the Group's business model,

includes medium and long-term objectives.

In particular, the Group committed to reducing absolute

CO2e emissions by 70% within Scope 1 and Scope 2 by 2030

(in line with the “1.5°C" ambition) and by 52% within Scope

3 (in line with the “Well-Below 2°C" ambition) per unit of product

sold compared to 2021.

Furthermore, Moncler Group committed to achieving net zero

emissions (Net Zero1) along the entire value chain by 2050.

These objectives have been formally approved by the Science

Based Targets initiative (SBTi)2 and deemed consistent with

the contribution required of companies to limit the maximum

increase in global temperature compared to pre-industrial levels.

The main actions undertaken to achieve these

objectives include:

•use of electricity from renewable sources (both purchased

and self-generated);

•implementation of energy ef f iciency activities

(Building Management System — BMS, lighting systems,

more ef f icient heating and cooling, improvement of building

thermal insulation, and promotion of environmental

standards for buildings);

•adoption of low-impact environmental vehicles in the

Group's car f leet;

•obtaining LEED certif ications for new stores3 and all

new corporate buildings.

1

Achieving Net Zero involves the overall

balance between greenhouse gas

GHG emissions produced and those

absorbed by ecosystems through

neutralisation mechanisms Specif ically

to contribute to Net Zero companies

must reduce emissions and neutralise

residual emissions

2

Promoted by CDP United Nations Global

Compact World Resources Institute

WRI and World Wide Fund for Nature

WWF the Science Based Targets

initiative establishes and promotes

bestpractice in def ining science

based targets as well as assessing

companies objectives

3

Excluding Shopinshop