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Moncler Group | Annual Report 2024 466 Moncler Group | Annual Report 2024 467

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Impairment test on the brand and the goodwill related to Stone Island CGU

Description of the

key audit matter

The consolidated financial statements of the Group as at December 31,

2024 show “Brands and other intangible assets – net” amounting to

Euro 1,107 million and “Goodwill” amounting to Euro 603 million. These

captions include the brand and goodwill allocated to the Stone Island

cash generating unit (“CGU”) for the Euro 775 million and Euro 448

million respectively. These assets are considered intangibles with an

indefinite useful life and are therefore not amortized; nevertheless, as

required by the International Accounting Standard “IAS 36 - impairment

of assets”, those are tested for impairment at least annually comparing

the recoverable amount of the CGU - determined according to the value

in use methodology - and the book value of its net invested capital,

which includes the above-mentioned brand and goodwill among fixed

assets.

Management evaluation process is articulated and is based on

assumptions regarding, among other things, forecasting CGU’s

expected cash flows and determining an appropriate discount rate

(WACC) and long-term growth rate (g-rate). These assumptions are

influenced by future expectations about the Stone Island business as

well as by market conditions.

In light of the magnitude of the goodwill and brand value recorded in the

consolidated financial statements pertaining to the Stone Island CGU,

the level of judgement involved in the estimates pertaining to the

determination of CGU future cashflows and the key parameters of the

impairment model, we considered the impairment test a key audit

matter of the consolidated financial statements.

Note 5.2 of the consolidated financial statements provides information

on the tests carried out in respect of intangible assets, including a

sensitivity analysis which illustrates the effects of changes in key

parameters used for the impairment test.

Audit procedures

performed

We have examined how management determined the CGU’s value in

use, analyzing methods and assumptions used in developing the

impairment test.

As part of our audit, we have, among others, carried out the following

procedures also with the support of experts

 detection and understanding of the process adopted by Moncler

Group in executing the impairment test

 analysis of the reasonableness of main assumptions adopted in

forecasting cashflows also with analysis of sector data and

information obtained from management

 comparison of actual results with management forecasts in order to

assess the nature of deviations and the reliability of the planning

process

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 assessment of the reasonableness of the discount rate (WACC) and

long-term growth rate (g-rate);

 verification of the clerical accuracy of the model used to determine

the CGU’s value in use;

 verification of the correct determination of the CGU’s carrying

amount;

 verification of the sensitivity analysis prepared by management.

We have also examined the adequacy and compliance of the disclosure

provided by the Group on the impairment test with respect to IAS 36

provisions.

Responsibilities of the Directors and the Board of Statutory Auditors for the Consolidated

Financial Statements

The Directors are responsible for the preparation of consolidated financial statements that give a

true and fair view in accordance with IFRS Accounting Standards as issued by the International

Accounting Standards Board and adopted by the European Union and the requirements of national

regulations issued pursuant to art. 9 of Italian Legislative Decree no. 38/05, and, within the terms

established by law, for such internal control as the Directors determine is necessary to enable the

preparation of consolidated financial statements that are free from material misstatement,

whether due to fraud or error.

In preparing the consolidated financial statements, the Directors are responsible for assessing the

Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going

concern and using the going concern basis of accounting unless they have identified the existence

of the conditions for the liquidation of the Company or the termination of the business or have no

realistic alternatives to such choices.

The Board of Statutory Auditors is responsible for overseeing, within the terms established by law,

the Group’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial

statements as a whole are free from material misstatement, whether due to fraud or error, and to

issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of

assurance, but is not a guarantee that an audit conducted in accordance with International

Standards on Auditing ISA Italia will always detect a material misstatement when it exists

Misstatements can arise from fraud or error and are considered material if individually or in the

aggregate they could reasonably be expected to influence the economic decisions of users taken

on the basis of these consolidated financial statements

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