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Moncler Group | Annual Report 2024 Separate Financial Statements 428 Moncler Group | Annual Report 2024 Separate Financial Statements 429

2.2 Intangible assets

Brands

Separately acquired brands are shown at historical cost. Brands

acquired in a business combination are recognised at fair value

at the acquisition date.

Brands have an indef inite useful life and are carried at cost

less accumulated impairment. Brands are not amortised

but subject to impairment test performed annually or more

frequently if events or changes in circumstances indicate that

the carrying value may not be recoverable.

For further details please refer to note 2.5 “Impairment

of non-f inancial assets".

Intangible assets with a def inite useful life

Software (including licenses and separately identif iable external

de

velopment costs) is capitalised as intangible asset at purchase

price, plus any directly attributable cost of preparing that asset

for its intended use. Software and other intangible assets that

are acquired by the Group and have def inite useful lives are

measured at cost less accumulated amortisation and accumulated

impairment losses.

Amortisation of intangible assets with a def inite useful life

Intangible assets with a def inite useful life are amortised

on a straight line basis over their estimated useful lives

as described in the following table:

CATEGORY DEPRECIATION PERIOD

License rights Based on market conditions within the licence period or legal

limits to use the assets

Software From 3 to 5 years

Other intangible assets Based on market conditions generally within the period of control

over the asset

2.3 Non-current assets available for sale

and discontinued operations

Non-current assets available for sale and discontinued operations

are classif ied as available for sale when their values

are recoverable mainly through a probable sale transaction.

In such conditions, they are valued at the lower of their carrying

value or fair value, net of cost to sell if their value is mainly

recoverable through a sale transaction instead of continued use.

Discontinued operations are operations that:

•include a separate line of business or a dif ferent

geographical area;

•are part of a single coordinated plan for the disposal

of a separate major line of business or geographical

area of activity;

•

consist of subsidiaries acquired exclusively for the purpose

of being sold.

In the income statement, non-current assets held for sale

and di

sposal groups that meet the requirements of IFRS 5

to be def ined as “discontinued operations", are presented

in a single caption that includes both gains and losses, as well

as losses or gains on disposal and the related tax ef fect.

The comparative period is subsequently restated in accordance

with IFRS 5.

As far as the f inancial position is concerned, non-current

assets held for sale and disposal groups that meet the

requirements of IFRS 5 are reclassif ied as current assets

and liabilities in the period in which such requirements arise.

The comparative f inancial statements are not restated

nor reclassif ied.

2.4 Investments

Investments in subsidiaries, associates and others are accounted

for as follows:

•at cost, inclusive of any additional charges; or

•in accordance with IFRS 9.

The Company recognises dividends from subsidiaries associates

and others in its income statement when the right to receive

such dividends has materialised

25 Impairment of nonf inancial assets

At least once a year the Company verif ies whether there is any

indication that intangible assets with a def inite useful

life property plant and equipment and investements have

become impaired If such evidence exists the carrying

a

mount of the assets is reduced to its recoverable amount

Assets with an indef inite useful life are not subject

to amortisation and are tested annually or more frequently

for impairment, whenever events or changes in circumstance

indicate that the carrying amount may not be recoverable.

When the recoverable amount for individual asset cannot

be reliably estimated, the Company determines the recoverable

am

ount of the cash-generating unit to which the asset belongs.

The recoverable amount is the higher of an asset’s fair value less

costs to sell and value-in-use. The Group determines the value

in use as the present value of future cash f lows expected

to be derived from the asset or from the cash-generating unit,

gross

of tax ef fects, by applying an appropriate discount rate

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

t

o 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 income statement.

2.6 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,

ev

en despite elements that simplify its adoption, and introduces

th

e 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 Company 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 straightline basis

from the commencement date to the end of the lease term

unless the lease transfers ownership of the underlying asset

to the Company 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

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