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Moncler Group | Annual Report 2024 Separate Financial Statements 432 Moncler Group | Annual Report 2024 Separate Financial Statements 433

Trade payables and other current

and non-current payables

Trade and other payables arise when the Company acquires

money, goods or services directly from a supplier. They are

included in current liabilities, except for items with maturity

dates

greater than twelve months after the reporting date.

Pay

ables are stated, at initial recognition, at fair value, which

usually comprises the cost of the transaction, inclusive of

transaction costs. Subsequently, they are stated at amortised

cost using the ef fective interest method.

Financial liabilities

The classif ication of f inancial liabilities has not changed since

the introduction of IFRS 9. Amounts due to banks and

other lenders are initially recognised at fair value, net of directly

attributable incidental costs, and are subsequently measured

at

amortised cost, applying the ef fective interest rate method.

I

f there is a change in the expected cash f lows, the value

of the liabilities is recalculated to ref lect this change on the basis

o

f the present value of the new expected cash f lows and

the internal rate of return initially determined. Amounts due

to banks and other lenders are classif ied as current liabilities,

u

nless the Company has an unconditional right to defer their

payment for at least 12 months after the reference date. Loans are

classif ied as non-current when the company has an unconditional

right to defer payments for at least twelve months from

the reporting date.

Derivative 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 Companys risk management objectives

and the hedging strategy

the hedging relationship meets all of the following

ef fectiveness requirements i there is an economic

relationship between the hedged item and the hedging

instrument ii the ef fect of credit risk is not dominant

with respect to the changes associated with the hedged

risk iii 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 Company

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

t

o the hedged risk, adjusts the carrying amount of the hedged

i

tem

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 it/(loss)

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

28 Employee benef its

Shortterm employee benef its such as wages salaries social

security contributions paid leave and annual leave due within

twelve months of the 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

Ben

ef its granted to employees which are payable on or after

t

he 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 Company’s obligation to contribute to employees’ benef it

plans and the related current service cost is 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.

With reference to def ined benef it plans, the increase

in present value of the def ined benef it obligation for employee

service in prior periods (past service cost) is accounted

as an expense on a straight-line basis over the average period

until the benef its become vested.

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 post-employment

benef it (“TFR”). With the act n. 296 as of 27 December 2006

and subsequent decrees (“Pension Reform”) issued in early

2007, the rules and the treatment of TFR scheme were changed.

Starting from contribution vested on or after 1 January 2007

and not yet paid at the reporting date, referring to entities with

more t

han 50 employees, Italian post-employment benef its

is recognised as a def ined contribution plan. The contribution

vested up to 31 December 2006 is still recognised as a def ined

benef it plan and accounted for using actuarial assumptions.

2.9 Share-based payments

The fair value at grant date of the incentives granted to employees

in the form of sharebased payments that are equity settled

is usually included in expenses with a matching increase in equity

over

the period during which the employees obtain the incentives

rights The amount recognised as an expense is adjusted to ref lect

the actual number of incentives for which the continued service

conditions are met and the achievement of nonmarket conditions

so that the f inal amount recognised as an expense is based

on the number of incentives that fulf ill these conditions

at the vesting date In case the incentives granted as sharebased

payments whose conditions are not to be considered to maturity

the fair value at the grant date of the sharebased payment

i

s measured to ref lect such conditions With reference to the

nonvesting conditions any dif ferences between amounts

at the grant date and the actual amounts will not have any impact

on the f inancial statements.

The fair value of the amount payable to employees related

to share appreciation rights, settled in cash, is recognised

as an expense with a corresponding increase in liabilities over

the period during which the employees unconditionally

become entitled to receive the payment. The liability is measured

at year-end and the settlement date based on the fair value

of the share appreciation rights. Any changes in the fair value

of the liability are recognised in prof it or loss for the year.

2.10 Provisions for risks and charges

Provisions for risks and charges are recognised when the

Company has a present legal or constructive obligation as a result

of p

ast events, for which it is probable that an outf low

of resour

ces will be required to settle the obligation and where

the amount of the obligation can be reliably estimated.

Changes in estimates are recognised in the income statement

in the period in which they occur.

2.11 Revenue recognition

Based on the f ive-step model introduced by IFRS 15, the Group

recognises revenues after identifying the contracts with its

clients and the related services to be provided (transfer of goods

and/or services), determining the consideration which it believes

it is entitled to in exchange for the provision of each of these

services and assessing the manner in which these services are

provided (at a given time or over time). Variable components

of the consideration are recognised in the f inancial statements

only when it is highly probable that there will be no signif icant

adjustment to the amount of revenue recognised in the future.

Royalties received from licensee are accrued as earned

on the basis of the terms of the relevant royalty agreement which

is typically based on sales volumes.

2.12 Borrowing costs

Borrowing costs are recognised on an accrual basis taking

into consideration interest accrued on the net carrying amount

of f inancial assets and liabilities using the ef fective interest

rate method

213 Taxation

Tax expense recognised in the consolidated income

statement represents the aggregate amount related to current

tax and deferred tax

C

urrent tax is determined in accordance with enforced rules

established by local tax authorities Current taxes are recognised

in the consolidated income statement for the period except

to the extent that the tax arises from transactions or events

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