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 | Moncler Group | Annual Report 2024 Separate Financial Statements 440

4.2 Impairment of intangible assets

with an indef inite useful life

The caption Brands, which has an indef inite useful life, has not been

amortised, but has been tested for impairment by management.

The impairment tests on the Moncler brand and on the

Stone Island brand were performed by comparing its carrying

value with that derived from the discounted cash f low method

applying the Royalty Relief Method, based on which the cash f lows

are linked to the recognition of a royalty percentage applied

to revenues that the brand is able to generate.

For the 2024 valuation of the Moncler and Stone Island

brand and goodwill, the expected cash f lows and revenues are

based on the 2025 Budget approved by the Board of Directors

on 12 December 2024, for the year 2026 on the Business Plan

2024–2026 approved by the Board of Directors on 14 December

2023 and for 2027

–

2029 on the basis of management estimates

consistent with the expected development plans.

The “g" rate used was 2.5%.

The discount rate was calculated using the Weighted Average

Cost of Capital (WACC), by weighting the expected rate

of return on invested capital, net of hedging costs from a sample

of companies within the same industry. The calculation took

into account the implications of the updated macroeconomic

context on interest rates. The weighted average cost of capital

(

WACC) was calculated at 8.5% for the Moncler brand and at 9.0%

for Stone Island.

The results of the sensitivity analysis indicated that the carrying

amount of the Moncler brand is conf irmed in all scenarios

of reasonable changes of the benchmarks The Stone Island brand

up to a WACC of 96 all other parameters being equal

ACCUMULATED AMORTISATION BRANDS AND OTHER INTANGIBLE ASSETS

EUR/000 Brands Software Other intangible assets TOTAL

1 January 2023 0(483)(7,721)(8,204)

Depreciation 0(41)(898)(939)

Disposals 0 0 0 0

Other movements, including transfers

0 0 0 0

31 DECEMBER 2023 0(524)(8,619)(9,143)

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