Moncler Group | Annual Report 2024 Board of Directors’ Report 68 Moncler Group | Annual Report 2024 Board of Directors’ Report 69

Net f inancial position

As of 31 December 2024, the net f inancial position based on

the def inition used by the Group, i.e. excluding the ef fect related

to IFRS 16, was positive and equal to EUR 1,308.8 million

compared with EUR 1,033.7 million of net cash as of 31 December

2023. As required by the IFRS 16 accounting standard,

the Group accounted lease liabilities equal to EUR 924.1 million

as of 31 December 2024 compared with EUR 805.2 million

as of 31 December 2023. The total net f inancial position, including

the lease liabilities, was positive and equal to EUR 384.7 million

(EUR 228.5 million as of 31 December 2023).

Following is the reclassif ied consolidated cash f low statement

FY 2024 and FY 2023.

8

The net f inancial position presented

here is based on the def inition

used by the Group which excludes

lease liabilities

EUR/000 31/12/2024 31/12/2023

Cash 1,187,978 998,799

Financial debt net of f inancial credit 120,773 34,894

NET FINANCIAL POSITION EXCLUDING LEASE

LIABILITIES

1,308,751 1,033,693

Lease liabilities(924,077)(805,177)

TOTAL NET FINANCIAL POSITION 384,674 228,516

EUR/000 FY 2024 FY 2023

EBIT 916,324 893,839

D&A 120,666 114,170

Other non-current assets / (liabilities)16,045 15,333

Change in net working capital(15,348)(48,526)

Change in other current / non-current assets

/ (liabilities)

(18,647)3,694

Net capex(186,675)(174,068)

OPERATING CASH FLOW 832,365 804,442

Net f inancial result 24,916 5,788

Taxes(269,791)(260,791)

FREE CASH FLOW 587,490 549,439

Dividends paid(311,014)(303,443)

Changes in equity and other changes(1,418)(30,526)

NET CASH FLOW 275058 215470

Net Financial Position8 Beginning of Period

1033693 818223

Net Financial Position End of Period

1308751 1033693

CHANGE IN NET FINANCIAL POSITION 275058 215470

Net cash f low in 2024 was positive and equal to EUR 275.1 million

after the payment of EUR 311.0 million of dividends, compared

to a positive net cash f low of EUR 215.5 million in 2023.

Net capital expenditure

In 2024, net capital expenditures were EUR 186.7 million

(6.0% of revenues) compared with EUR 174.1 million

in 2023. Investments related to the distribution network were

equal to EUR 104.1 million, of which more than half dedicated

to renovation and expansion projects. Investments related

to infrastructure were equal to EUR 82.6 million, mainly related

to IT, production and logistics.

EUR/000 31/12/2024 31/12/2023

Distribution 104,070 100,738

Infrastructure 82,605 73,330

NET CAPEX 186,675 174,068

% on revenues 6.0% 5.8%