moncler group annual report annual report annual report moncler group annual report index board directors report section one chairman letter group financial highlights corporate bodies group chart december group structure moncler group history values group strategy business model brand protection moncler financial markets section two introduction performance moncler group performance parent company moncler main risks corporate governance related party transactions atypical unusual transactions treasury shares significant events occurred financial year significant events occurred reporting date sustainability ratings update business outlook information motion approve financial statements allocation result year ended december moncler group annual report section three consolidated sustainability statement general information environment social governance consolidated financial statements consolidated financial statements explanatory notes consolidated financial statements general information group summary material accounting principles used preparation consolidated financial statements scope consolidation comments consolidated income statement comments consolidated statement financial position segment information commitments guarantees given contingent liability information financial risks information significant events reporting date separate financial statements separate financial statements explanatory notes separate financial statements general information material accounting principles comments income statement comments statement financial position commitments guarantees given contingent liability information financial risks information significant events reporting date motion approve financial statements allocation result year ended december iii annual report moncler group attestation consolidated financial statements pursuant art bis legislative decree independent auditors report consolidated financial statements attestation sustainability reporting pursuant article ter paragraph consob regulation may subsequent amendments integrations independent auditor report consolidated sustainability statement attestation separate financial statements pursuant art bis legislative decree independent auditors report separate financial statements report board statutory moncler group annual report board directors report section one section two annual report moncler group section one chairman letter dear shareholders looking back proud say group achieved remarkable results complex volatile environment moncler stone island delivered double digit growth dtc channel driving group revenues billion maintaining resilient ebit margin reaching billion net cash results underscore strength business model operational discipline throughout year doubled makes brands truly distinctive events moncler grenoble moritz moncler genius shanghai impactful one brand history brought disruptive creativity life redefining concept brand experience meanwhile stone island continued reinforce unique identity series powerful brand initiatives deepening connections new loyal communities also continued integrate sustainability business model concrete results recognized leading esg ratings strive reach ever greater heights aware journey still long challenging always inspired continue guide journey pursuit uniqueness live age immediacy capturing attention requires bold creative distinctive ideas ever must remain committed vision recognizable never ordinary always true history dna consistently contemporary relevant true strength lies mostly ideas talent people move global macroeconomic context remains uncertain confident ability navigate evolving market dynamics staying true heritage passion innovation ambition push beyond conventions creativity brand distinctiveness operational excellence continue guide shape future brands drive sustainable growth create long term value thank remo ruffini chairman chief executive officer moncler group annual report group financial highlights revenues eur ebit eur net income eur net capital expenditure eur free cash flow eur net financial position eur note applies pages data including ifrs impacts unless otherwise stated data rounded first decimal free cash flow excludes impacts related implementation ifrs free cash flow reflects impact stone island brand value realignment net financial position presented based definition used group excludes lease liabilities revenues annual report moncler group corporate bodies board directors remo ruffini chairman chief executive officer marco benedetti vice president non executive director control risk sustainability committee nomination remuneration committee roberto eggs executive director bettina fetzer independent director gabriele galateri genola independent director control risk sustainability committee alessandra gritti independent director lead independent director nomination remuneration committee related parties committee jeanne jackson independent director diva moriani independent director nomination remuneration committee related parties committee guido pianaroli independent director control risk sustainability committee related parties committee carlo rivetti non executive director luciano santel executive director maria sharapova independent director board statutory auditors riccardo losi chairman carolyn dittmeier standing auditor nadia fontana standing auditor federica albizzati alternate auditor lorenzo mauro banfi alternate auditor external auditors deloitte touche moncler group annual report group chart december annual report moncler group group structure consolidated financial statements moncler group group december include moncler moncler parent company industries sportswear company sub holding companies directly controlled moncler consolidated subsidiaries parent company holds indirectly majority voting rights exercises control able derive benefits power govern financial operating policies affiliated companies als luxury logistic star color owned respectively consolidated accounted using equity method consolidation area moncler parent company holds moncler stone island brands industries sub holding company moncler brand directly involved management foreign companies distribution channels wholesale retail italy licensee moncler brand industries yield company manufactures apparel products moncler asia pacific ltd company manages dos hong kong sar macau sar moncler australia pty ltd company manages dos australia moncler belgium company manages dos belgium moncler brasil comércio moda acessòrios ltda company manages dos brazil moncler canada ltd company manages dos canada moncler denmark aps company manages dos denmark moncler deutschland gmbh company manages dos promotes goods germany austria moncler españa company manages dos spain moncler france company manages dos distributes promotes goods france moncler holland company manages dos netherlands moncler hungary kft company manages dos hungary moncler ireland limited company manages dos ireland moncler istanbul giyim tekstil ticaret ltd sti company manages dos turkey moncler japan corporation company manages dos distributes promotes goods japan moncler kazakhstan llp company manages dos kazakhstan moncler group annual report moncler korea inc company manages dos distributes promotes goods south korea moncler malaysia sdn bhd company manage dos malaysia moncler mexico company manages dos mexico moncler mexico services inactive company moncler middle east llc holding company middle east moncler new zealand limited company manages dos new zealand moncler norway company manages dos norway moncler prague company manages dos czech republic moncler shanghai commercial ltd company manages dos china moncler singapore pte limited company manages dos singapore moncler suisse company manages dos switzerland moncler sweden company manages dos sweden moncler taiwan limited company manages dos taiwan region moncler uae llc company manages dos united arab emirates moncler ltd company manages dos united kingdom moncler ukraine llc company managed dos ukraine inactive moncler usa inc company manages dos promotes distributes goods north america white tech company manages quality control sportswear company sub holding company stone island brand directly involved management foreign companies distribution channels wholesale retail italy licensee stone island brand stone island amsterdam company manages dos netherlands stone island antwerp company manages dos belgium stone island austria gmbh company manages dos austria stone island canada inc company manages dos canada stone island china ltd company manages dos china stone island españa company manages dos spain stone island france company manages dos france stone island germany gmbh company acts agent germany austria manages dos germany stone island hong kong limited company manages dos hong kong annual report moncler group stone island japan inc company manages dos promotes distributes goods japan stone island korea ltd company manages dos promotes distributes goods korea stone island macau limited company manages dos macau stone island retail ltd company manages dos stone island suisse company manages dos switzerland stone island sweden company manages dos sweden stone island usa inc company manages dos promotes distributes goods usa moncler group annual report moncler group born april moncler group two brands moncler stone island represents expression new concept luxury embraces search experientiality inclusivity sense belonging community mixing diverse meanings worlds including art culture music sport united beyond fashion beyond luxury philosophy two italian brands strengthen ability interpret evolving cultural codes new generations alongside maintaining brands identities highly independent based authenticity constant search uniqueness extraordinary bond consumers communities group intends bring together entrepreneurial managerial cultures well business knowledge technical know brands strengthen competitiveness enhance important growth potential sharing culture sustainability moncler brand moncler brand born monestier clermont small village mountains near grenoble focus sports clothing mountain remo ruffini purchased moncler started process repositioning brand took even distinctive exclusive style evolving line products used purely sport purposes versatile lines clients gender age identity culture wear occasion outerwear brand identifying category gradually naturally integrated complementary products leadership moncler pursues philosophy aimed creating products unique highest quality versatile constantly evolving always remaining true brand dna guided motto born mountains living city tradition uniqueness quality consistency energy always distinctive features moncler brand years able evolve remaining consistent dna heritage identity continuous search open dialogue many consumers world stone island brand culture material research innovation functionality values always defined stone island apparel brand founded massimo osti center excellence ravarino small town region emilia romagna intended become symbol extreme research fibres fabrics applied innovative design truly study form handling materials stone island finds language extreme research maximum functionality founding pillars stone island piece born perfect synthesis experimentation usability study fabrics rationality study uniforms work clothes becomes stone island observatory defining concept function garment goes beyond aesthetics going depth investigation transformation ennobling fibres fabrics unique ability intervene finished garment continuous dyeing experiments led years discovery materials production techniques never previously used development different dye recipes annual report moncler group history moncler brand origins origins name lie roots moncler fact abbreviation monestier clermont mountain village near grenoble rené ramillon andrè vincent founded company gave life renowned jacket creating garments conceived protect workers wore overalls offered high resistance protection harshest climates tested variety expeditions expeditions french mountaineer lionel terray first noticed moncler products foresaw potential result specialist range moncler pour lionel terray moncler jackets chosen equip italian expedition culminated conquest world second highest summit achille compagnoni lino lacedelli equipped expedition makalù olympics mark grenoble winter olympic games moncler became official supplier french alpine ski team city icons moncler made entrance city becoming iconic garment generation youth remo ruffini acquires moncler brand acquired italian entrepreneur remo ruffini current chairman ceo moncler group began strategy global expansion luxury goods segment haute couture moncler gamme rouge moncler gamme bleu moncler universe enhanced haute couture collection ended moncler launched new project moncler grenoble collections made debut new york reinterpreting styles past grenoble started create technical skiing garments après ski wear contemporary take listing december moncler listed italian stock exchange milan shares offered eur rose first day representing europe greatest success story recent years moncler genius moncler launched new project moncler genius one house different voices hub eight minds retaining individuality reinterpreted essence moncler brand stone island joins moncler group december moncler announced signed agreement acquisition stone island agreement moncler group annual report finalised march stone island became part moncler group commerce internalisation moncler completed internalisation commerce com unveiled brand first ever fragrances moncler pour femme moncler pour homme evolution brand three dimensions anniversary moncler launches new chapter evolving brand three dimensions collection genius grenoble reach broader audiences year moncler celebrates anniversary extraordinary event iconic place milan piazza duomo dedicated product launches day programme events worldwide experiences aim engaging connecting communities moncler genius evolves platform creation moncler genius evolved platform creation teaming partners multiple industries spanning art design entertainment music sport culture bring new energy brand new meaning world luxury stone island brand origins first collection stone island born creative mind massimo osti inspired military uniforms realised tela stella fabric recalls waxed jackets corroded sea sun resulted study rigid full bodied two sided two tone truck tarpaulin underwent heavy stone wash procedure badge fabric label showing stone island compass rose applied gft acquires stone island gft gruppo finanziario tessile italian company controlled rivetti family acquired stone island brand years foundation consolidation brand aesthetics characterised extreme research textile fabric treatment garment dyeing techniques rivetti family took full control carlo rivetti together sister cristina took full control stone island brand sportswear company paul harvey appointed brand designer junior collection stone island junior collection created children teenagers years old launched expansion carlo rivetti took creative direction commerce platform stoneisland com launched accessible countries company also released stone island shadow project exploration platform new generation annual report moncler group urban menswear represents continuous investigation new aesthetic functional codes temasek temasek investment company based singapore acquired rivetti family sportswear company company owning stone island brand stone island joins moncler group december stone island announced entry moncler group anniversary stone island celebrated anniversary dedicated product launches iconic installation miami followed events involved main communities brand robert triefus appointed ceo stone island robert triefus appointed chief executive officer stone island leadership brand started new chapter evolution drive worldwide resonance strengthen unique positioning new global communication campaign commerce internalization marked beginning stone island next chapter evolution officially opened milan fashion week january launch new global advertising campaign unveiling compass inside brand manifesto furthermore stone island completed internalisation commerce com site implementing new front end concept platform designed enhance brand storytelling customer experience moncler group annual report values moncler brand moncler nature ever evolving brand pushing towards reinvention continuous development time values taking new meanings always remaining true brand identity moncler strong corporate culture uniqueness characterised ability unleash extraordinary hidden one uniqueness based commitment set increasingly challenging goals willingness celebrate everyone talent awareness every action impact society environment capacity create warmth every relationship strive timeless brand distinction push higher peaks constantly strive better individuals team inspired continuous pursuit excellence always learning committed set new standards never fully satisfied one house voices love bring voices letting everyone talent shine celebrate perspectives leverage multiplicity speak every generation letting voices sing play beautiful harmony embrace crazy strive timeless brand distinction unconventional unique foster inner genius creative edge bring bold dreams crazy apparently unreachable ideas life always great rigor feed energy believe everything truly great often born crazy warm born keep people warm emotional brand bring warmth human connections everything things make relationships build celebrate everyone achievements big small empathy trust create protect tomorrow believe positive brighter better tomorrow agents real meaningful change rise act social environmental challenges world societies facing purpose moncler unleash extraordinary everybody annual report moncler group stone island brand stone island come represent lab life together commitment continuous research innovation combined community grown around brand unique universal intersection generations geographies culture lab life culture lab constant deep relentless research transformation enhancement fibres fabrics leads discovery new materials production techniques never previously used clothing industry life lived experience identity community proud wear stone island strong recognisable aesthetic originates study uniforms working clothes recreated new needs mind define project function garment never aesthetic endless passion endless know product centred ethos spreads stone island collection living brand every day inside outside company moncler group annual report group strategy moncler group main strategic objective development brands authentic way enhancing strong uniqueness also constant contamination diverse entrepreneurial managerial cultures well business knowledge technical know moncler group strategy underpinned four pillars expression concept goes beyond luxury moncler group two brands moncler stone island represents expression concept goes beyond luxury far traditional stereotypes embraces search experientiality inclusivity sense belonging community contamination different worlds including art culture music sport united beyond fashion beyond luxury philosophy moncler stone island intend strengthen ability interpret evolving cultural codes new generations build global group able fully enhance brands potential global level leadership remo ruffini moncler followed growth strategy inspired two key principles become global brand direct consumers moncler group aims sharing knowledge experience brands fully capture growth potential globally maintaining unique positioning strengthening direct consumers approach develop distribution channels omnichannel approach supported strong digital culture engaging directly clients every channel touch point involving understanding expectations even unspoken creating unique distinctive experiences stores cornerstones relationship group strives develop community never stop surprising group pursuing strategy integrated development distribution channels knowing thinking defining implementing strategy digitally key sustain future growth follow sustainable growth path create value stakeholders moncler progressively strengthening commitment long term sustainable responsible growth fully integrated group strategy entirely embraced stone island well group plan based five strategic priorities climate change biodiversity circular economy innovation responsible supply chain enhancement diversity support local communities annual report moncler group business model moncler group integrated flexible business model geared towards direct control phases adding greatest value putting pursuit ever increasing quality satisfaction consumers heart work moncler brand moncler collections moncler success based unique brand strategy aimed developing innovative products strongly anchored history brand journey began remo ruffini acquired company always coherent pursued without compromise heritage uniqueness quality creativity innovation terms used moncler define concept luxury moncler collections divided three parallel dimensions moncler collections moncler grenoble moncler genius moncler men women enfant collections born search shapes functionality innovation materials details constant attention elevation collection categories expressing brand dna respond multiple needs global local customers moncler grenoble brand dna even stronger defined moncler grenoble become technology style innovation lab enriched luxury mountain lifestyle elements celebrating glamorous flair alps sporty consumer interest performance design innovation moncler grenoble fall winter collections split high performance products guaranteeing maximum performance performance style sporty consumer also cares design après ski consumer looking style sporting edge day namic spring summer outdoor collection developed name functionality style moncler genius collections express creativity highest form bringing together different interpretations visions brand talented creators contribute reaching new communities generating new creative energy always remaining true brand uniqueness transversal three brand dimensions footwear collection launch september new family trailgrip products takes increasingly significant role brand product offering developed taking consideration brand codes also different potential usages moncler collections completed offering bags backpacks accessories eyewear addition perfumes introduced end moncler team fashion designers divided collection works close supervision remo ruffini sets design guidelines oversees consistent implementation across collections product categories moncler style department assisted merchandising product development teams help create collections transform designers creative ideas final products moncler group annual report moncler production moncler products designed manufactured distributed according business model featuring direct control phases greatest value added moncler directly manages creative phase purchase raw materials well development prototypes two main product categories outerwear knitwear partly managed internally partly assigned third party manufacturers façon manufacturers take care cut make trim phase accessories shoes moncler uses third parties manufacturers purchase raw materials one main areas value chain raw materials must comply highest qualitative standards industry innovative able offer advanced functional aesthetic features moncler buys best white goose europe north america asia textiles garment accessories buttons zips etc purchased mainly italy japan moncler currently uses suppliers raw materials top suppliers account approximately value suppliers cut make trim phase conducted third party manufacturers façon manufacturers moncler manufacturing plant trebaseleghe padua plant romania currently employs people hub romania established moved current location expanded significantly increase production capacity investments also continue automate stages outerwear production reducing processing times new production plant inaugurated veneto region italy dedicated production knitwear second significant product category terms contribution revenues addition moncler aims progressively increase share business managed internally enhancing control quality sustainability across value chain third party suppliers façon manufacturers working moncler mainly located eastern european countries currently able ensure quality standards among highest world production jackets moncler oversees suppliers directly conducting audits designed check aspects related product quality brand protection compliance current laws moncler code ethics updated supplier code conduct approved production brand uses suppliers split façon finished products manufacturers first suppliers cover value supply throughout history heart moncler outerwear gradually come identified brand combination lengthy experience continuous research development enabled company gain unique expertise area terms knowledge raw material terms garment manufacturing process based orders value annual report moncler group moncler ensures suppliers comply highest quality standards years standards indeed remain key point product differentiation best fine white goose used brand garments fine content fill power main indicators quality moncler contains least fine boasts fill power equal greater cubic inches per grams resulting warm soft light uniquely comfortable garment batch subjected two step checking procedure assess compliance key parameters set accordance strictest international standards stringent quality requirements imposed company tests performed company quality origin respect animal welfare also fundamental moncler sourcing purchasing raw materials moncler considers aspects important quality material since moncler certified dist internal protocol please refer dist moncler com moncler distribution moncler present major markets retail channel consisting directly operated stores dos online store concessions wholesale channel represented multi brand doors shop shops luxury department stores airport locations online luxury multi brand retailers tailers moncler strategy aimed control distribution channel retail also wholesale digital operated direct organisation december network moncler mono brand boutiques counted directly operated stores dos net increase unit compared september units compared december amongst important stores opened fourth quarter new bond street london boca raton florida moncler brand also operated wholesale shop shops sis net decrease unit compared december moncler net openings asia emea americas retail wholesale moncler also continues develop digital channel following internalization com site completed subsequent implementation new front end concept platform evolution continues constant updates order improve experience customer journey inspired world entertainment guaranteeing smooth navigation dedicated including free standing stores concessions travel retail stores factory outlets moncler group annual report contents services also include customization new moncler service launched moncler marketing communication moncler born mountains born protect keep warm born deal extremes dynamic company nature moncler always driven relentless pursuit innovation disruptive creativity clear purpose push boundaries luxury extend reach bring places never seen moncler embraces power endless creativity everything strove towards increasingly ambitious goals sought voices embraced boldest side always exacting precision moncler aims constantly redefining possibilities creativity performance imposing far luxury brand brand extraordinary today fully realize potential moncler defined three key brand dimensions moncler collection moncler grenoble moncler genius plays crucial role shaping brand future unique initiatives narrative strengthens identity moncler genius dimension embodies brand interpretation evolving cultural codes creative collaborations moncler grenoble expression technical inclination tailored outdoors moncler collection features style reminiscent iconic pieces course moncler explored new ways connect diverse audiences deepen influence across fashion culture performance integrating core dimensions unique projects brand highlighted commitment innovation technical excellence timeless design october moncler introduced bold new chapter moncler genius city genius extraordinary immersive event closing shanghai fashion week set monumental square meter space city genius served metropolis immersive experiences creativity innovation merged shanghai distinctive culture addressing question live genius following belief born genius moncler brought together dynamic community creative visionaries around world create groundbreaking collections experiences city genius showcased unique designer neighbourhoods representing powerful creative concepts luxury art design entertainment culture converged guests explored immersive world invited break free conventions experience firsthand limitless possibilities imagination proving genius everywhere within everyone event marked unprecedented moment moncler brand history livestream attracting million viewers across digital platforms guests attended person moncler grenoble dimension closest mountain roots brand authentic dna marked year reaching new heights taking signature blend performance style year around level never seen launch beyond performance campaign end february moncler hosted unique event moritz immersing guests brand experience set natural beauty mountains day slopes together world renowned athletes fall winter moncler grenoble collections showcased heart forest event multi sensory experience sound transmitted individual headphones creating intimate atmosphere celebrated seamless fusion nature style performance annual report moncler group moncler continued exploration moncler collection spring summer enhancing brand ability serve customers year around encompassing elegant city driven attire tuned moncler technical codes collection focused sophisticated clean lines continuously evolving core items puffer lightweight jackets way cut sewn beachwear moncler digital group always looking new ways understand communicate engage consumer base well interact new existing communities moncler accelerated digital transformation leveraging new business organisation finalising expansion commerce activities china launch moncler digital flagship tmall end followed moncler com openings hong kong singapore moncler opened new digital flagship australia also expanded ecommerce footprint china new opening jingdong one largest ecommerce platform international luxury brands goal every project initiative design collections product development even event construction digital native designed digital platforms first point contact clients expanded across channels new approach opened door future full explorations creativity experimentations importantly contamination content channels new digital engagement transformation function created july support evolution moncler strategic vision create new digital opportunities group function defined implemented brand strategy across digital channels spread digital culture throughout whole organisation overseeing five strategic pillars commerce marketing consumer engagement intelligence operations commerce aims defining innovative unique solutions handling online business team charge shaping commerce experiences blending commerce branding services whilst always putting consumer forefront team mainly manages content creation buying merchandising marketing contributes accelerating expansion three brand dimensions developing immersive digital universe owned platforms external touchpoints aims growing consumer reach reinforcing brand identity also increasing client engagement conversion several projects developed launched goals including launch first ever immersive showroom moncler adidas originals collection snapchat custom augmented reality lens push footwear collection launch renewed membership program moncler peaks intelligence analysis management qualitative quantitative data gathers insights omnichannel clients behaviour ultimately identify strategic growth opportunities improve client experience operations manages execution digital strategy ensure seamless customer experience across touchpoints development maintenance improvement moncler flagship com site mobile apps moncler group annual report consumer engagement department charge understanding moncler current potential new clients engaging digital initiatives elevated loyalty program offers exclusive benefits aimed onboarding new clients elevating experience loyal ones particular moncler present following social media platforms instagram facebook twitter youtube linkedin tiktok china wechat weibo douyin red japan line korea kakao talk account stone island brand stone island collections stone island consistently pushed fabric technology experimentation particularly focusing functionality resulting immediately recognisable signature cut form materiality colour alongside stone island men collection brand offers stone island junior collection declination children teenagers years old stone island offering addition main collection structured three sub collections designed meet needs different market segments stone island ghost featuring entirely monochromatic garments sophisticated aesthetic stone island marina strongly inspired navy world brand archival pieces stone island stellina offering looks high performance functionality essential design stone island research development four decades dedicated textile research experimentation study garment function innovation often investigating worlds far clothing made stone island brand defined unique distinctive research essential point reference world apparel design today important challenges also faced thanks commitment creative team managed transfer vision product passion enthusiasm pushing research efforts uncharted territories stone island production complete product development cycle managed internally headquarters ravarino emilia romagna stone island mission always pursue product innovation continuous deployment know around research fibres yarns fabrics finishes dying cultivating ambition offer product unique category achieve mission product development carefully managed internal integrated system modelling prototypes dyeing combine established external partnerships research execution value chain comes selection ancillary materials components well manufacture dyeing managed strict supervision company technicians established partners aligned company ethical regulatory codes annual report moncler group fabrics yarns supplied best italian foreign companies particular japan korea manufacturing italy mediterranean basin far east established third party companies trained know needed satisfy brand standards quality sustainability stone island distribution stone island brand distributed globally wholesale channel direct presence retail stores brand currently present important department stores world also dedicated spaces shop shops best multi brand boutiques main tailers besides developed network directly managed mono brand stores well online store commerce com site internalized accompanied implementation new front end concept platform designed enhance user experience align stone island new global communication strategy line group strategy aimed integrated development distribution channels stone island steadily advancing path toward greater control distribution international markets progressive direct management markets previously managed distributors expansion dtc channel indeed internalization distribution korean japanese markets well internalization dtc channel stone island completed process initiated end assume full control brand distribution chinese market time company keeps enhancing control doors selection wholesale segment channel strategic importance stone island aim elevating positioning brand wholesale channel accounted revenues remaining generated directly managed stores online channel december network stone island mono brand stores comprised directly operated stores dos net decrease unit compared september net increase units compared december stone island brand also operated mono brand wholesale stores net decrease units compared december stone island net openings asia emea americas retail wholesale moncler group annual report stone island marketing communication digital media product absolute protagonist every marketing activity starting brand narrative years brand created strong recognisable iconography entrusted multiculturalism expressed faces models direct photo shoot white background garments perfectly legible stone island tone voice direct informative without adjectives closer rigour industrial design world fashion stone island unveiled compass inside manifesto launched first community form research advertising campaigns creative direction led ferdinando verderi sees members community wearing emblematic items collection shot photographer david sims featured campaigns date include actor jason statham musicians dave liam gallagher designer philippe starck first ever female community member stone island campaign producer peggy gou compass inside declaration values beliefs innate stone island founded mission put material research innovation centre product development collections compass inside speaks every member ever growing stone island global community shared purpose gives stone island unique strength time stone island got closer music world important brand communication tool stone island presents project international music events featuring since high profile talents electronic music scene stone island sound founded project supports contemporary music production aim promoting local communities building ideal world sound map stone island sound evolved creating platform explore sound communities create partnerships artists creators sound distributed via apple music spotify stone island announced global multi year partnership frieze leading international contemporary art culture platform commencing frieze london october stone island became official partner focus section dedicated galleries younger talents frieze global membership program provides access communities art shaping contemporary culture brand website social media platforms offer window world stone island stoneisland com entirely rebuilt brought house create truly authentic stone island experience modular design allows ever evolving narrative whether lab stone island product research development life global communities make stone island meanwhile virtual manifestation brand itinerant selected works exhibition offers visitors chance immersed stone island renowned archive stone island present instagram main social media platforms stone island collaborations common thread runs history stone island collaborations take place mutual respect collaborators case ante litteram collaborations launched already adidas new balance strengthened important collaborations including supreme today nike annual report moncler group persol reciprocal know capsule dior kim jones long term partnerships continue porter new balance moncler group annual report brand protection moncler group dedicates significant effort considerable resources safeguarding value uniqueness authenticity products protecting intellectual industrial property rights relating group brands essential foundation protecting clients internal department specialising brand protection focuses first administrative protection protecting group brands current potential countries product categories commercial interest including product forms characteristics product process inventions addition protecting copyrighted works important achievement reached within administrative activities trademark moncler recognised well known mark euipo european office intellectual property following activities carried department protection group assets enforcement rights fight counterfeiting involve wide range activities training coordinating customs authorities filing relevant applications various countries monitoring taking investigative action physical online market removing illegal content web organising raids seizures local authorities many countries finally taking civil criminal administrative actions group continued hold significant number training sessions italian foreign customs officers enforcement authorities particular year training sessions held moncler brand training sessions held stone island brand constant efforts combat counterfeiting led global level cases seizure moncler brand cases stone island brand removing market approximately finished products respectively well almost counterfeit branded items respectively logos labels intended production garments accessories infringement group rights increasing attention paid digital channel monitored daily basis undertake enforcement activities search engines marketplaces websites social networks every day case stone island online auction listings counterfeit products removed sites violation closed pages linked counterfeit products delisted nearly posts accounts sponsored advertisements major social networks removed case moncler saw reduction auction listings counterfeit products blocking nearly sites removal major search engines almost links sites offering non original products sale removal around posts ads accounts promoting fake moncler products social networks strengthen strategy fighting online counterfeiting brands continuing plans bring civil lawsuits counterfeiting united states sellers promote international sale counterfeit products digital platforms resulting strong deterrent counterfeiters increase protection end clients moncler began enhance authenticity traceability system characterised unique alphanumeric code nfc near field communication tag allowing end consumer immediately receive feedback nature garment purchased scanning nfc smartphone tablet keeping verification mode active code moncler com website managed directly moncler necessary moncler also compiles expert reports defrauded customers wish recover sums annual report moncler group paid unwitting purchase counterfeit garment relevant electronic payment services companies similarly since spring summer stone island using certilogo technology experience provide clients opportunity verify authenticity products starting autumn winter technology also extended stone island junior garments allowing garments generation anti counterfeiting report used payment institutions obtain credit purchase unauthentic garment confirming group commitment applying brand protection procedures aimed regulating methods verifying design creative content cultural assessment risk mitigation areas strengthened particularly departments involved generating creative content stone island policies officially disseminated moncler group annual report moncler financial markets proved another year defined macroeconomic challenges heightened geopolitical tensions conflict russia ukraine remained unresolved continued disrupt energy markets global supply chains conflict israel palestine marked periodic escalations throughout year destabilized middle east weighed global investor sentiment amidst ongoing challenges financial markets displayed remarkable resilience prolonged period monetary policy tightening moderation inflation key developed markets led central banks implement widespread interest rate cuts marking significant easing effort since financial crisis major equity indices posted strong performances global index bmi standing due robust gdp growth post election deregulation prospects continued success stocks driving gain contrast european equity markets lagged weighed weakening manufacturing sector restrictive regulations political instability france germany limited exposure stocks eurostoxx ftse mib asia chinese economy remained subdued country faced several macroeconomic challenges including falling property prices turn weakened consumer confidence however various policy announcements september helped boost investor confidence expectations would bring significant stimulus revive economy result chinese equities rallied second half year shanghai stock exchange index hang seng index meanwhile continued optimism end deflation coupled weak yen ongoing corporate reforms drove strong performance japanese equities making japan second best performing major equity market nikkei focusing specifically luxury sector period extraordinary performance post covid proved challenging year trends deteriorating across board sector particularly impacted weaker demand among chinese consumers driven lower consumer confidence well subdued trends across regions luxury brands remained largely immune broader macroeconomic headwinds investors began question sector fundamentals speculating weaker performance might result temporary fatigue caused limited innovation creativity alongside increased price sensitivity following years meaningful price hikes however towards end year signs recovery emerged especially among american consumers following elections sparked renewed investor optimism expectations market could serve key driver growth luxury sector heading sector ultimately ended year underperforming msci europe ftse mib moncler posting negative stock performance still outperformed peers experiencing smallest share price decline positive performances prada hermès richemont cucinelli annual report moncler group share performance year years years prada hermès richemont cucinelli moncler lvmh swatch zegna burberry kering ferragamo luxury goods sector average ftse mib source factset december moncler market capitalisation eur billion december compared eur billion december year recorded negative total shareholder return tsr number shares december moncler significant shareholders shown chart shareholding double market morgan stanley blackrock inc capital research management company venezio investments pte ltd treasury shares shareholders source consob moncler last updated january course group maintained ongoing dialogue financial community investors analysts also light volatility sector unpredictability global macroeconomic events investor relations team assisted group management participated industry conferences roadshows major financial markets meetings calls fund managers buy side sell side analysts events either physical presence virtual format moncler group annual report financial calendar main events related moncler group reporting timeline provided date event thursday february board directors approval draft financial statements consolidated financial statements december wednesday april annual shareholders meeting approval financial statements december wednesday april board directors approval interim management statement march wednesday july board directors approval half year financial report june tuesday october board directors approval interim management statement september conference call meeting institutional investors equity research analysts take place following board directors except march annual report moncler group section two introduction accordance article paragraph bis legislative decree parent company prepared directors report single document separate financial statements moncler group consolidated financial statements moncler group annual report performance moncler group economic results following reclassified consolidated income statement compared financial data eur revenues revenues revenues yoy performance gross profit selling expenses general administrative expenses marketing expenses ebit net financial income expenses ebt taxes tax rate group net result annual report moncler group consolidated revenues moncler group reached consolidated revenues eur million cfx compared results include moncler brand revenues eur million stone island brand revenues eur million fourth quarter group revenues eur million cfx compared period moncler stone island brands recorded revenues equal eur million eur million respectively moncler group revenues brand moncler group eur eur rep cfx moncler stone island revenues analysis moncler brand revenues moncler brand revenues eur million increase cfx compared fourth quarter revenues brand amounted eur million cfx yoy accelerating compared growth registered moncler brand revenues geography moncler eur eur rep cfx asia emea americas revenues revenues asia includes apac japan korea eur million cfx compared fourth quarter revenues region grew cfx yoy improving sequentially supported return solid double digit growth chinese mainland despite high comparable base still challenging macroeconomic conditions affecting consumer confidence japan korea rest apac also delivered solid performance accelerating compared previous quarter moncler group annual report emea recorded revenues eur million cfx compared fourth quarter revenues region increased cfx yoy improving compared previous quarter thanks acceleration dtc channel registered positive contribution tourists locals despite remaining penalised difficult trends direct online channel revenues americas increased cfx compared eur million fourth quarter revenues region cfx yoy performance dtc channel driving improvement compared previous quarter physical online channels moncler brand revenues channel moncler eur eur rep cfx dtc wholesale revenues dtc channel recorded revenues eur million cfx compared fourth quarter revenues increased cfx yoy driven sequential improvements across regions despite progressively tougher comparable base physical channel continued outperform online channel whose performance remained weak fourth quarter albeit improving substantially compared previous quarter revenues stores open least months comparable store sales growth grew compared wholesale channel recorded revenues eur million decline cfx compared fourth quarter revenues channel declined cfx yoy impacted still challenging market trends ongoing efforts upgrade quality distribution network analysis stone island brand revenues stone island brand revenues reached eur million decrease cfx compared fourth quarter revenues brand amounted eur million cfx yoy comparable store sales growth cssg considers revenues growth dos excluding outlets open least weeks online store stores expanded relocated included annual report moncler group stone island brand revenues geography stone island eur eur rep cfx asia emea americas revenues asia includes apac japan korea reached eur million revenues growing cfx compared fourth quarter region grew cfx mainly driven ongoing strong performance japan improving trends chinese market korea continued show softer trends compared rest region emea continues important region brand recorded revenues eur million decrease cfx compared fourth quarter revenues cfx yoy thanks solid performance dtc channel improving trends wholesale channel italy particular outperformed rest emea region revenues americas cfx compared fourth quarter revenues cfx yoy returning growth several quarters deterioration mainly thanks improvement recorded wholesale channel stone island brand revenues channel stone island eur eur rep cfx dtc wholesale revenues dtc channel grew cfx compared eur million representing total revenues fourth quarter revenues channel cfx yoy asia emea outperforming physical channel continued outperform online channel across regions wholesale channel recorded revenues eur million cfx compared fourth quarter revenues decreased yoy showing substantial improvement albeit still impacted challenging market trends well strict volume control adopted management channel continuously improve quality network moncler group annual report moncler group income statement results consolidated gross profit equal eur million incidence revenues compared increase margin primarily driven positive channel mix higher incidence dtc channel moncler stone island selling expenses eur million compared eur million incidence revenues higher due progressive shift toward dtc led business model general administrative expenses eur million incidence revenues compared eur million revenues reflecting continuous investments organization marketing expenses eur million representing revenues compared higher marketing spending second half compared period related incidence sales mainly due different phasing marketing activities compared previous fiscal year depreciation amortisation excluding related rights use recorded application ifrs eur million compared eur million group ebit eur million margin compared eur million margin showing resilience despite challenging trading environment net financial expenses eur million compared eur million including eur million interest lease liabilities eur million decrease driven higher level interest income due higher interest rates good cash management tax rate equal line group net result equal eur million compared eur million registered representing increase year year margin annual report moncler group moncler group consolidated balance sheet cash flow analysis following reclassified consolidated balance sheet statement december december eur brands goodwill fixed assets right use assets net working capital assets liabilities invested capital net debt net cash lease liabilities pension provisions shareholders equity total sources net working capital net consolidated working capital december eur million compared eur million december equal revenues december reflecting continuous rigorous control working capital levels eur payables inventory receivables net working capital revenues net financial position december net financial position based definition used group excluding effect related ifrs positive equal eur million compared eur million net cash december required ifrs accounting moncler group annual report standard group accounted lease liabilities equal eur million december compared eur million december total net financial position including lease liabilities positive equal eur million eur million december eur cash financial debt net financial credit net financial position excluding lease liabilities lease liabilities total net financial position following reclassified consolidated cash flow statement eur ebit non current assets liabilities change net working capital change current non current assets liabilities net capex operating cash flow net financial result taxes free cash flow dividends paid changes equity changes net cash flow net financial position beginning period net financial position end period change net financial position net financial position presented based definition used group excludes lease liabilities annual report moncler group net cash flow positive equal eur million payment eur million dividends compared positive net cash flow eur million net capital expenditure net capital expenditures eur million revenues compared eur million investments related distribution network equal eur million half dedicated renovation expansion projects investments related infrastructure equal eur million mainly related production logistics eur distribution infrastructure net capex revenues moncler group annual report performance parent company moncler board directors also approved results parent company moncler revenues equal eur million increase compared revenues eur million mainly including proceeds licensing moncler stone island brands general administrative expenses including stock based compensation costs eur million equal revenues marketing expenses eur million eur million equal revenues net financial income equal eur million compared eur million net financial expenses owing eur million dividend payments received subsidiaries taxes equal eur million compared eur million net income eur million increase compared eur million mainly due mentioned dividend payments received subsidiaries moncler balance sheet includes shareholders equity eur million december compared eur million december net financial position negative equal eur million eur million december including lease liabilities derived application ifrs accounting principle equal eur million annual report moncler group moncler reclassified income statement eur revenues revenues revenues general administrative expenses marketing expenses ebit net financial income expenses ebt taxes net result moncler reclassified balance sheet statement eur intangible assets tangible assets investments non current assets liabilities total non current assets liabilities net working capital current assets liabilities total current assets liabilities invested capital net debt net cash pension provisions shareholders equity total sources moncler group annual report main risks regular management business development strategy expose moncler group various types risks could adversely affect group operating results financial position risks integrated corporate enterprise risk management erm process entity responsible managing erm promotes coordination internal functions involved order ensure consistency effectiveness overseeing monitoring main risks within corporate organisation important business risks monitored control risks sustainability committee periodically examined board directors takes account developing strategy risks related armed interstate conflicts several armed intestate conflicts among conflict russia ukraine israel palestine major global consequences terms severe humanitarian crisis also terms economic effects global markets reflected among things increases lead times cost transport energy raw material costs group suppliers raw materials manufacturing sites stores located affected territories however escalation conflicts could unpredictable repercussions neighbouring countries group produces impact production capacity result temporary disruption power supply procurement times costs situation constantly monitored order able react promptly intensification conflicts risks associated markets group operates general geopolitical economic conditions group operates luxury goods sector significant correlation demand goods level wealth level economic growth political stability countries demand generated group ability develop business also depends political stability economic situation various countries operates although moncler operates significant number countries around world reducing risk high concentration business limited geographical areas deterioration economic social political conditions one markets operates could negative consequences sales economic financial results possible introduction national supranational entities constraints movement individuals result example international crises pandemics terrorist attacks well tensions asia pacific area introduction new duties export limitations result trade financial sanctions could also affect sales particularly relation specific geographical areas particular recent years importance asian markets luxury goods sector increased reaching around half turnover moncler brand end whereas stone island recently begun international expansion particularly asia america remains exposed european market revenues fiscal year annual report moncler group cyber risks personal data protection risks rapid technological evolution growing organisational complexity group together increasing sophistication frequency cyber attacks exclude potential risk group cyber attacks use innovative attack techniques moncler investing significantly model managing cyber risks view business continuity data protection adopting best technologies methodologies vulnerability identification system protection ensuring presence qualified cyber security expertise staff training careful process periodic risk assessment review information please refer section three consolidated sustainability reporting risks related cost availability high quality raw materials supply chain control supplier relations moncler stone island brand products require high quality raw materials including limited nylon cotton wool price availability raw materials depend wide variety factors largely beyond group control difficult predict although group always managed ensure supply raw materials adequate production requirements terms quantity quality hypothetical tensions supply side could lead difficulties supply increase costs negative consequences group economic results order minimise risks associated potential unavailability raw materials timescales required production moncler adopts multi sourcing strategy supplier diversification plans purchases medium term time horizon addition suppliers raw materials must meet precise contractual quality composition performance requirements comply applicable laws worker protection working conditions local labour laws respect animal welfare environment use hazardous chemicals area workers rights moncler group includes among supplier qualification criteria company audits carried qualified professionals information please refer section three consolidated sustainability reporting risks related brand image reputation recognition luxury goods sector influenced changing consumer tastes preferences lifestyles various regions operates moncler group success significantly influenced image reputation recognition brands future group able products initiatives maintain image reputation recognition brands sales economic results may affected group therefore constantly strives maintain increase strength moncler stone island brands focus product quality innovation communication development distribution model according criteria selectivity quality sustainability including comes selection counterparties operate group integrates sustainability assessments including related compliance local values religious cultural social communication marketing strategies belief continuous creation value stakeholders fundamental priority strengthening reputation moncler group annual report risks related relations third party producers moncler group directly manages development collections well purchase selection raw materials whereas garment manufacturing phase relies factories independent third parties operate group close supervision façon manufacturers although group depend significant extent façon manufacturer suspension termination relationship significant façon manufacturers could adversely affect group business consequences sales earnings moncler group constantly monitors supply chain third party manufacturers order ensure addition requirements high quality financial reliability full compliance labour laws worker safety environment principles supplier code ethics conduct audits third party contractors sub suppliers risks associated retail distribution network moncler brand moncler group generates revenues retail channel consisting directly operated single brand stores doss online store whereas stone island brand progressively reduced exposure wholesale channel balanced exposure two channels years group demonstrated ability open new stores prestigious locations major world cities top tier department stores despite competition operators luxury goods sector secure positions strong addition nature retail business higher incidence fixed costs mainly relating lease agreements although management demonstrated ability develop profitable retail business years potential slowdown sales specific geographical areas could reduce group ability turn profit environmental risks information please refer section three consolidated sustainability reporting impact climate change issues group consolidated balance sheet information please refer section three consolidated sustainability reporting risks associated dependence key personnel information please refer section three consolidated sustainability reporting risks related counterfeiting brands products protection intellectual property rights luxury goods market characterised counterfeiting brands products annual report moncler group moncler group made significant investments adoption innovative technologies enable tracking products throughout value chain prevent mitigate effects counterfeiting brands products protect intellectual property rights territories operates however presence market significant quantities counterfeit products could still adversely affect brand image negative impact sales financial performance risks related evolution regulatory framework moncler group operates complex international context subject various jurisdictions operates laws regulations constantly monitored regard health safety workers environmental protection rules manufacture composition products consumer protection personal data protection industrial intellectual property rights protection rules competition suppliers management tax customs rules general relevant regulatory provisions group operates accordance applicable provisions law established processes ensure knowledge specific local regulations contexts operates regulatory changes gradually made however since legislation certain matters example taxation characterised high degree complexity interpretation applied group may still significant impact economic results regard moncler group involved programme negotiate advance pricing agreements tax authorities main countries group operates finalised still progress addition enactment new legislation amendments existing legislation impose stringent standards example regard product compliance may entail way example costs adapting production methods characteristics products may limit group operations negative consequences financial performance risks associated exchange rate performance moncler group also operates international markets currencies euro mainly chinese yuan renminbi japanese yen dollar korean british pound therefore exposed risk arising fluctuation exchange rates extent equal amount transactions mainly revenues covered transactions opposite sign expressed currency group strategy place aimed gradually hedging risks associated exchange rate trends limited transaction risks adopted strict policy currency risk sets minimum hedging limit per currency beginning sales campaign minimum hedging limit per currency end sales campaign however due part translation risk deriving conversion euro financial statements foreign companies expressed local currency significant changes exchange rates may entail changes positive negative group results financial position information see specific section notes financial statements risks associated interest rate performance moncler group annual report group avail significant lines credit fully able finance operations addition group option using loans third parties specifically banks chose use loans would subject risk interest rate changes order hedge part risk relating increase rates group may carry hedging activities however significant fluctuations interest rates could lead increase financial expenses negative consequences group results information see specific section notes financial statements credit risks moncler group operates accordance credit monitoring policies aimed reducing risks arising insolvency wholesale customers policies based preliminary analysis reliability customers guaranteed forms insurance cover payment methods addition group significant credit concentrations however emergence significant delinquency certain customers could still result losses receivables negative consequences group results moncler group monitors manages exposure wholesale customers significant positions particular care including applying obtaining bank guarantees cash deposits advance shipments information see specific section notes financial statements liquidity risks group implements financial planning activities aimed reducing liquidity risk including view seasonal nature business particularly moncler brand based evolving financial needs necessary lines credit planned banking system meet needs according corresponding distinction short term long term lines credit addition face risk loss available capital group follows strict rules spread deposits cash cash equivalents balanced manner adequate number highly rated banks avoiding concentration using low free financial products information see specific section notes financial statements risks associated technological innovation moncler group pays particular attention technological innovation processes collections well constant improvement customers experience context inadequate technological innovation could result loss competitive advantage companies operating sector conversely introduction new technologies adoption artificial intelligence tools addition opportunities could generate new risks group adequately identify manage annual report moncler group corporate governance corporate governance system adopted moncler company moncler parent company plays central role clear responsible conduct group headed moncler group operations significantly contributing creation sustainable value medium long term shareholders stakeholders system constructed accordance recommendations listed companies approved corporate governance committee borsa italiana corporate governance code moncler adheres statutory regulatory provisions governing italian listed companies national international best practices based four pillars pivotal role administrative control bodies transparency managerial decisions iii careful diligent monitoring related party transactions handling privileged information compliance values defined code ethics company policies along effectiveness efficiency internal control risk management system icrs moncler adopted traditional italian system managing control consisting two corporate bodies appointed shareholders meeting expresses resolutions shareholders board directors date report composed members executive non executives independent broad powers devolved articles association board statutory auditors function supervising among things management compliance law articles association statutory audit carried deloitte touche registered auditing firm ordinary shareholders meeting held april entrusted relevant activity nine year period following selection process coordinated board statutory auditors board established three board committees proposing advisory investigative functions namely control risks sustainability committee nomination remuneration committee related party transactions committee chairman chief executive officer remo ruffini assisted strategic committee primarily advisory function ongoing basis supports chairman chief executive officer defining implementing strategic decisions thus ensuring uniformity sharing moncler founding values areas responsibility include review business plan sustainability plan strategic decisions including limited related development distribution network marketing plans investments entry new markets environmental social initiatives within icrms supervisory body established composed members external including chairman task ensuring effectiveness adequacy moncler mechanisms internal controls well organisational management model pursuant legislative decree adopted company reporting implementation moncler group annual report addition supervisory body compliance function operates level control function internal audit function operates level iii control function director charge icrms control risks sustainability committee board statutory auditors play important role within icrms among others information regarding among things corporate governance system adopted moncler adherence principles recommendations corporate governance code please refer report corporate governance ownership structure prepared pursuant art bis consolidated law finance available company website www monclergroup com governance documents procedures section section three consolidated sustainability reporting related party transactions information relating related party transactions provided note consolidated financial statements note separate financial statements atypical unusual transactions positions transactions deriving atypical unusual transactions could significant impact results financial position group parent company treasury shares moncler owns company shares december equal current share capital annual report moncler group significant events occurred financial year moncler japan march moncler japan corporation acquired japanese shareholder yagi tsusho ltd remaining share stake moncler japan corporation equal share capital outlay eur million following purchase moncler subsidiary industries holds entire share capital moncler japan corporation dividends april ordinary shareholders meeting approved moncler financial statements december approved distribution gross dividend eur per share eur per share previous year payment related distribution equal eur million performance shares plan april moncler board directors following shareholders resolution approved implementation stock grant plan called performance shares plan resolved favorable opinion nomination remuneration committee grant maximum shares beneficiaries include executive directors managers strategic responsibilities subject achievement performance objectives end three year vesting period significant events occurred reporting date significant events occurred reporting date moncler group annual report sustainability rating update msci second consecutive year moncler group rated highest score aaa msci esg research provides sustainability ratings global public private companies scale aaa ccc according exposure industry specific esg risks ability manage risks relative peers cdp moncler group achieved top score scale global ranking cdp leadership corporate transparency management climate change risks opportunities dow jones best class indices world europe sixth consecutive year moncler group confirmed dow jones best class indices world europe maintaining top rank textiles apparel luxury goods sector highest score global corporate sustainability assessment data october sustainalytics moncler group confirmed industry top rated badge well regional top rated badge sustainalytics annual report moncler group business outlook entering global macroeconomic context operating environment remain volatile unpredictable uncertain landscape group remains focused operational agility responsiveness continuing invest organization talent distinctive brands leveraging unique heritage well commitment innovation disruptive creativity group well positioned adapt evolving market dynamics aiming shape new opportunities create long term value main strategic lines development strengthening moncler brand dimensions globally year around moncler continue reinforce three complementary brand dimensions moncler grenoble moncler collection moncler genius distinctive events tailored marketing strategies focused unlocking respective potential across regions moncler grenoble dimension closely tied brand dna continue elevate signature blend performance style dedicated marketing initiatives complete collection suitable seasons year approach authenticate core dimension firmly assert moncler leadership authentic luxury brand outdoors moncler collection continue explore ways elevate product proposition imagine iconic pieces enhance brand ability serve customers year around relevant collections concepts following monumental event held shanghai october moncler genius maintain role brand recruiter powerful connector new communities embracing forms creativity dedicated activations product launches evolving stone island brand legacy product absolute protagonist marked beginning stone island next chapter evolution unveiling compass inside manifesto launch first global advertising campaign stone island continue journey toward full potential driving global brand awareness intentional marketing approach aimed driving consideration among new target segments achieved amplifying brand dna deeply rooted unique identity value matrix grounded culture research experimentation brand narrative continue position product absolute protagonist aiming elevate product offering expanding core categories maximizing desirability iconic pieces sub collections reinforcing relevance total look approach distinctive signature brand also continue enhance distribution network implementing highly selective omnichannel consumer centric strategy across touchpoints deliver authentic elevated client experience sustainable responsible growth moncler group believes sustainable responsible development according shared values reflective stakeholder expectations consistent group long term strategy approach based commitment set increasingly ambitious goals well awareness every action impact society environment operate moncler remains committed implement actions projects necessary pursue sustainability objectives published plan five strategic priorities sustainability plan climate change biodiversity circular economy innovation responsible supply chain enhancement diversity support local communities building solid foundation group aims continue path improvement integrating sustainability topics way business moncler group annual report information research development since moncler group success depends part image prestige recognition brands part ability manufacture set collections line market trends group conducts research development order design create implement new products new collections research development costs expensed income statement occur accrual basis reconciliation net result shareholders equity parent company group amounts reconciliation group net result shareholders equity end period parent company moncler net result shareholders equity detailed following table reconciliation result new equity parent group eur result net equity result net equity parent company balance inter group dividends share consolidated subsidiaries net book value relates equity interest allocation excess cost resulting acquisition subsidiaries corresponding equity elimination intercompany profit losses translation adjustments effects consolidation entries total group shares minority interest total secondary offices company secondary offices annual report moncler group certification pursuant art paragraph rules markets organised managed italian stock exchange relation art consob regulation adopted resolution december amended integrated concerning conditions listing companies subsidiaries established regulated laws countries outside european union significance consolidated financial statements please note mentioned regulation applicable five companies belonging group moncler japan moncler usa moncler asia pacific moncler shanghai moncler korea adequate procedures ensure full compliance said rules adopted conditions referred article met certification pursuant article paragraph markets regulation adopted consob resolution december moncler controlled remo ruffini ruffini partecipazioni holding rph double formerly ruffini partecipazioni particular remo ruffini holds entire share capital rph controls december held share capital moncler moncler managed coordinated ruffini partecipazioni holding relative evaluations reference made report corporate governance ownership structure available www monclergroup com governance shareholders meeting section moncler group annual report motion approve financial statements allocation result year ended december shareholders invite approve moncler group consolidated financial statements year ended december moncler separate financial statements recommend approve distribution gross dividend eur per ordinary share based net results year moncler equal eur million total amount distributed dividend taken consideration number shares today net shares directly owned company equal eur million pay consolidated income milan february board directors chairman chief executive officer remo ruffini subject change due possible use purchase treasury shares annual report moncler group section three consolidated sustainability statement contents general information environment climate change pollution water biodiversity ecosystems resource use circular economy social workforce workers value chain consumers end users entity specific support communities governance business conduct additional information moncler group annual report esrs general information general basis preparation sustainability statements disclosures relation specific circumstances gov role administrative management supervisory bodies gov information provided sustainability matters addressed undertaking administrative management supervisory bodies gov integration sustainability related performance incentive schemes gov statement due diligence gov risk management internal controls sustainability reporting sbm strategy business model value chain sbm interests views stakeholders sbm material impacts risks opportunities interaction strategy business model iro description processes identify assess material impacts risks opportunities iro disclosure requirements esrs covered undertaking sustainability statement mdr metrics relation material sustainability matters annual report moncler group general basis preparation sustainability statements moncler group consolidated sustainability statement also sustainability statement statement prepared compliance legislative decree september european sustainability reporting standards esrs qualitative quantitative data information contained sustainability statement refer performance moncler group hereinafter also group year ended december statement prepared consolidated basis including data parent company moncler subsidiaries therefore scope consolidation corresponds used consolidated financial statements group noted paragraph dedicated description corporate governance model refers parent company moncler plays central role clear responsible conduct moncler group operations impacts risks opportunities related upstream value chain supply chain downstream value chain clients identiﬁed result double materiality process also fall within reporting scope moncler group sustainability statement approved board directors examined control risks sustainability committee subject issuance conformity opinion auditing ﬁrm deloitte touche form limited assurance english translation original italian document rendicontazione consolidata sostenibilità case discrepancy english italian versions original italian document given priority interpretation legal purposes moncler group annual report disclosures relation specific circumstances group reports information useful disclosure according requirements article delegated act taxonomy regulation takes also account recommendations set task force climate related financial disclosures tcfd voluntary dissemination transparent reporting climate change related risks opportunities paragraph iro disclosure requirements esrs covered undertaking sustainability statement pages includes list disclosure requirements adoption phase measures information deriving european regulations information reported reference disclosure requirement depends results double materiality analysis conducted metrics related calculation scope emissions indirect water consumption upstream downstream value chain data estimated basis indirect sources estimation methodology related areas uncertainty described section scope ghg emissions total ghg emissions paragraph scope emissions section actions resources related water referring short medium long term time horizons reference made respectively periods one year within ﬁve years ﬁve years line provisions paragraph esrs requirement outline changes preparation presentation sustainability information compared previous reporting periods applicable ﬁrst reporting year corporate sustainability reporting directive csrd group describes data relating reporting period january december also providing possible data relating previous year comparison annual report moncler group gov role administrative management supervisory bodies gov information provided sustainability matters addressed undertaking administrative management supervisory bodies corporate governance system corporate governance system adopted moncler hereinafter also moncler company plays central role clear responsible conduct operations moncler group group signiﬁcantly contributing creation sustainable medium long term value shareholders stakeholders accordance best principles social responsibility applicable countries moncler operates system built compliance recommendations corporate governance code approved corporate governance committee borsa italiana moncler adheres well laws regulations governing listed companies based four pillars central role governing control bodies transparency management decisions careful informed monitoring transactions related parties handling inside information compliance values set code ethics company policies along eﬀectiveness eﬃciency internal control risk management system icrms moncler adopted traditional governance control system consisting two corporate bodies appointed shareholders meeting expresses shareholders resolutions board directors turn appoint three board committees board statutory auditors part icrms adopted moncler supervisory body also appointed addition latter compliance function operates second level control function internal audit function operates third level control function director charge icrms control risks sustainability committee board statutory auditors play important roles within icrms moncler group annual report board directors composition board directors composed members including executive non executive members majority independent member position remo ruﬃni chairman ceo marco benedetti vice chairman non executive director roberto eggs executive director bettina fetzer non executive independent director gabriele galateri genola non executive independent director alessandra gritti non executive independent director jeanne jackson non executive independent director diva moriani non executive independent director guido pianaroli non executive independent director carlo rivetti non executive director santel luciano executive director maria sharapova non executive independent director moncler believes corporate bodies composed members diﬀerent skills professional experience cultural heritage oﬀer opportunity take best decisions group operating international context moncler therefore adopted diversity policy applied current board directors document describes characteristics considered optimal composition board directors well board statutory auditors aim including diﬀerent professional proﬁles terms gender ethnicity age seniority monitoring updating diversity policy entrusted board directors acts support nomination remuneration committee necessary board statutory auditors criteria defined diversity policy take account results annual self assessment process board review accordance provisions corporate governance code board directors periodically evaluates functioning size composition board committees ensuring continuous alignment group strategic needs diversity policy also reflects evaluations provided outgoing board directors guidelines shareholders board following examination nomination remuneration committee issues size composition qualitative quantitative six meetings board directors held average attendance around information activities carried well composition board functions please see report corporate governance ownership structures available www monclergroup com governance documents procedures section information curriculum vitae directors please refer proﬁles moncler website www monclergroup com governance board directors section well report corporate governance ownership structures governance documents procedures section noted italian law provide forms collective representation employees within corporate bodies therefore employees representatives within approved board directors december updated assessment nomination remuneration committee february updated version diversity policy approved meeting february view renewal board directors resolved upon shareholders meeting april text available governance documents procedures governance shareholders meeting sections website www monclergroup com diversity policy guidance opinion available website www monclergroup com governance section annual report moncler group terms deemed optimal renewal board directors recommended professional skills include esg environmental social governance ﬁnancial year composition board directors reﬂects commitment diversity female component equal total ﬁve women compared seven men representing ratio percentage independent directors members details skills aspects diversity shown graphs also order develop skills directors statutory auditors company periodically organises induction sessions aim providing adequate knowledge company sector operates main trends may eﬀect growth strategy products business dynamics potential sustainability risks relevant legislative regulatory framework may aﬀect strategic decision making ﬁnancial year board directors board statutory auditors provided control risks sustainability committee review new regulations sustainability reporting double materiality process included analysis list relevant impacts risks opportunities identiﬁed process see also pages moncler group annual report role board directors plays central role guiding managing company group addition powers granted law bylaws board directors exclusive responsibility important decisions economic strategic point view well instrumental guidance business regard sustainability matters within scope powers board line provisions corporate governance code examines approves group business plan strategic objectives actions taken deﬁned including related sustainability matters periodically monitors implementation business plan evaluates general performance periodically comparing results achieved planned deﬁnes nature level risk compatible company strategic objectives also including assessments relevant sustainability risks assesses adequacy organisational administrative accounting structure company strategically important subsidiaries particular reference icrms ensuring risks including sustainability risks related climate change biodiversity human rights correctly identiﬁed measured managed monitored addition board directors plays signiﬁcant role overseeing social environmental issues related group business interactions stakeholders support control risks sustainability committee board examines approves inter alia strategic sustainability guidelines related action plan sustainability plan includes short medium long term objectives related material impacts risks opportunities group including climate change energy transition protection human rights board directors also informed least every six months progress projects contribute achievement objectives sustainability plan social environmental policies sustainability statement prepared compliance new directive corporate sustainability reporting directive csrd least annually results double materiality analysis line european sustainability reporting standards esrs important process identifying assessing sustainability impacts risks opportunities see also pages remuneration policy provides among others integration sustainability objectives remuneration system short medium long term consequent alignment top management remuneration group sustainability strategy see also page board committees board directors taking account recommendations set corporate governance code established three internal board committees propositional consultative oversight functions control risks sustainability committee nomination remuneration committee related parties committee control risks sustainability committee composition control risks sustainability committee currently oﬃce appointed board directors meeting held april remain charge approval annual report moncler group ﬁnancial statements composed following directors necessary skills professional experience carry tasks control risks sustainability committee gabriele galateri genola chairman marco benedetti guido pianaroli role control risks sustainability committee assists board directors preparatory propositional consultative role assessments decisions relating internal control risk management system icrms control risks sustainability committee also assists board directors approving periodic ﬁnancial sustainability reports particular outlined regulations committee assists board directors among others supervision sustainability matters focus impacts risks opportunities related business activity dynamics interactions stakeholders well deﬁnition sustainability strategy related action plan including topics climate change biodiversity human rights deﬁnition guidelines icrms ensure main risks relating moncler subsidiaries including material sustainability risks medium long term properly identiﬁed adequately measured managed monitored determining criteria compatibility risks thus identiﬁed sound correct management company consistent strategic objectives identiﬁed periodic review least year adequacy eﬀectiveness icrms respect characteristics company risk proﬁle assumed well overall eﬀectiveness regarding sustainability matters control risks sustainability committee among things assists board directors annual basis reviews sustainability plan sustainability statement results double materiality analysis line requirements european sustainability reporting standards esrs see also pages reports board directors least every six months progress projects contribute achieving objectives sustainability plan supports adequate oversight activity assessments decisions board directors relating management risks deriving prejudicial events board directors become aware part activities control risks sustainability committee least every six months requests updates sustainability unit sustainability topics related actions taken including evaluation management impacts risks opportunities related environmental social governance esg matters sustainability unit responsible proposing group sustainability strategy identifying promptly reporting top management managing monitoring collaboration relevant departments impacts risks opportunities related sustainability matters particular unit order deﬁne sustainability strategy identiﬁes areas improvement related projects thanks collaboration heads relevant department basis formulates draft sustainability plan planning phase submits sustainability plan strategic committee moncler stone island two internal committees within group composed executive directors strategic managers function managers analyse content moncler group annual report feasibility ﬁnal stage plan assessed control risks sustainability committee veriﬁes consistency group strategy expresses opinion board directors responsible ﬁnal approval identiﬁes oﬃcers responsible achieving objectives set sustainability plan resources instruments know necessary implementation management phase achievement objectives linked management objectives mbo system well medium long term incentive plans see also pages ensure commitments made upheld requests account progress projects various departments turn informs control risks sustainability committee every six months control phase provides annual updates sustainability plan order report state implementation projects set new targets necessary awareness sustainability destination process continuous improvement draws sustainability statement spreads culture sustainability within group promotes dialogue stakeholders particular together corporate aﬀairs compliance investor relations departments institutional investors responds requests information sustainability rating agencies socially responsible investors sri order increasingly integrate sustainability business within company department called ambassadors identiﬁed responsibility raising awareness social environmental issues departments operate promoting sustainability initiatives consistent group goals sustainability data owners instead responsible within area data information published sustainability statement well achieving objectives contained sustainability plan relevant topics nomination remuneration committee company single nomination remuneration committee accordance provisions articles corporate governance code committee appointed board directors meeting april remain charge approval ﬁnancial statements nomination remuneration committee composed following directors necessary expertise professional experience fulﬁll committee duties diva moriani chairman alessandra gritti marco benedetti composition meetings objectives duties activities committee fully aligned recommendations corporate governance code related parties committee related parties committee appointed board meeting april remain oﬃce approval ﬁnancial statements committee composed following directors possess necessary expertise professional experience fulﬁll committee duties alessandra gritti chairman diva moriani guido pianaroli main task related parties committee express opinions related party transactions submitted review accordance terms provisions set forth regulation issued consob resolution march regarding related party transactions rpt regulation relevant procedure adopted company rpt procedure rpt regulation rpt procedure available moncler website www monclergroup com governance documents procedures section annual report moncler group board statutory auditors composition current board statutory auditors appointed shareholders meeting april remain oﬃce date approval ﬁnancial statements ﬁscal year board composed follows member position riccardo losi chairman board statutory auditors carolyn dittmeier standing auditor nadia fontana standing auditor lorenzo mauro banﬁ alternate auditor federica albizzati alternate auditor among standing auditors female component equal total two women compared one man representing ratio average age members oﬃce exhibit characteristics ensure adequate level diversity including terms educational professional background statutory auditors gained experience ﬁeld tax corporate consultancy members board statutory auditors participate well induction sessions organised group also dedicated sustainability matters diversity policy described applied regard renewal board statutory auditors role board statutory auditors responsible overseeing compliance provisions current laws regulations monitoring compliance law bylaws well compliance principles proper management particular board statutory auditors veriﬁes adequacy functioning organisational administrative accounting structures adopted company well correct implementation corporate governance rules established applicable regulations part duties board statutory auditors supervises compliance provisions decree board statutory auditors therefore responsible overseeing adequacy procedures processes structures related preparation sustainability statement verifying compliance applicable regulations board statutory auditors also acts internal control audit committee pursuant article legislative decree therefore required carry tasks provided therein including obligation monitor sustainability statement process supervisory body supervisory body composed carlo alberto marchi chairman external member lorenzo mauro banﬁ external member head internal audit department riccardo greghi internal member supervisory body task supervising eﬀectiveness adequacy moncler internal control system well organisational management control model adopted company model pursuant legislative decree decree full compliance decree supervisory body reports board information curricula vitae statutory auditors please refer proﬁles moncler website www monclergroup com governance board statutory auditors section well report corporate governance ownership structures governance documents procedures section moncler group annual report directors linked operational structures hierarchically ensure full autonomy independence performance functions auditing ﬁrm statutory audit carried deloitte touche deloitte auditing ﬁrm registered relevant oﬃcial register ordinary shareholders meeting held april assigned auditing mandate nine year period following selection process coordinated board statutory auditors additionally deloitte entrusted assurance engagement sustainability report annual report moncler group gov integration sustainability related performance incentive schemes moncler remuneration policy submitted approval shareholders meeting includes integration sustainability objectives short term medium long term incentive remuneration system approach ensures top management remuneration aligned group sustainability strategy nomination remuneration committee reference esg indicators control risks sustainability committee responsible reviewing prior board directors sustainability objectives verifying achievement board directors turn required approve deﬁnition objectives verify achieved remuneration package chairman chief executive oﬃcer executive directors strategic managers includes variable component provides short term incentive management objective mbo includes esg indicator among targets representing total indicator based annual objectives sustainability plan deﬁned relevant year objectives speciﬁcally refer key drivers plan include ﬁght climate change protection biodiversity circular economy responsible supply chain promotion diversity support local communities medium long term incentive represented stock incentive plans long term incentive lti include among objectives esg indicator representing total incentive plan named performance shares plan second award cycle progress esg indicator consists following three objectives carbon neutrality group directly managed sites worldwide achieved energy renewable sources company ﬂeet vehicles low environmental impact compensation unavoidable residual emissions nylon used collections coming preferred raw materials recycled nylon bio based nylon achieving equal pay certiﬁcation global level moncler brand performance share plan approved shareholders meeting april currently progress includes esg indicator consisting three targets relating completion training programme diversity equity inclusion topics management managers senior managers executives senior executives nylon used collections coming preferred raw materials recycled nylon bio based nylon obtaining certiﬁcation new moncler headquarters according leed building design construction standard certiﬁes environmental eﬃciency buildings according well standard relating comfort working conditions employees addition performance criterion plans provide additional target reﬂects achievement high rating group sustainability performance one leading esg rating agencies example global cdp msci sustainalytics moncler group annual report gov statement due diligence reported mapping information provided document regarding due diligence process accordance provisions european sustainability reporting standards esrs particular gov fundamental elements due diligence paragraphs sustainability statement embedding due diligence governance strategy business model gov role administrative management supervisory bodies gov information provided sustainability matters addressed undertaking administrative management supervisory bodies gov integration sustainability related performance incentive schemes sbm material impacts risks opportunities interaction strategy business model engaging affected stakeholders key steps due diligence gov information provided sustainability matters addressed undertaking administrative management supervisory bodies sbm interests views stakeholders iro description processes identify assess material impacts risks opportunities policies related climate change mitigation adaptation processes engaging workers workers representatives impacts policies related value chain workers processes engaging value chain workers impacts processes engaging consumers end users impacts corporate culture business conduct policies whistleblowing system identifying assessing adverse impacts iro description processes identify assess material impacts risks opportunities iro related climate iro related water iro related biodiversity ecosystems taking action material impacts value chain workers approaches managing material risks pursuing material opportunities related value chain workers effectiveness actions taking actions address adverse impacts actions resources related climate change water biodiversity ecosystems workforce workers value chain transition plan climate change mitigation processes remediate negative impacts channels workers raise concerns processes remediate negative impacts channels value chain workers raise concerns annual report moncler group tracking effectiveness efforts communicating actions resources related climate change water biodiversity ecosystems workforce workers value chain metrics targets related climate change water metrics related water consumption biodiversity ecosystems workforce value chain workers moncler group annual report gov risk management internal controls sustainability reporting sustainability statement subjected series internal controls procedures involved data owners sustainability unit external controls auditing ﬁrm strengthen consolidate existing practices moncler group launched project led deﬁnition solid internal control system sustainability reporting system developed response requirements european sustainability reporting standards esrs structured set processes tools procedures designed ensure accuracy completeness sustainability information included group sustainability statement required corporate sustainability reporting directive csrd well compliance standards system designed accordance best practices ﬁeld internal control particular taking account internal control integrated framework coso framework icrms represents benchmark component moncler group internal control system set maintained assessed addition internal control system sustainability reporting operates alignment current regulations corporate governance best practices fully integrating group internal control risk management system project led internal audit function support specialised external company included initial phase dedicated deﬁnition governance model internal control system sustainability reporting subsequently processes roles responsibilities operating model supporting tools information ﬂows methods coordination sustainability unit corporate functions involved process collecting sustainability information identiﬁed time scope application internal control system sustainability reporting deﬁned analysis based potential risk misstatement reporting developed four assessment drivers complexity priority materiality topic ownership potential impact due misstatement data analysis made possible categorise indicators subject reporting three levels risk high medium low identify group companies contribute signiﬁcantly reporting potential reporting risks relate inaccuracy incompleteness data collected errors calculation indicators lack alignment esrs requirements subsequently reference deﬁned scope risk mitigation controls identiﬁed namely process level control entity level control group wide control implemented risks controls identiﬁed reported risk control matrix summarizes information related control design assess eﬀectiveness possible integration existing company procedures addition internal audit function implement independent testing internal control system sustainability reporting line activities already carried ﬁnancial reporting aim ascertaining adequacy correct functioning controls finally summary report formalised detailing results testing activities shortcomings control found relevant corrective actions control risks sustainability committee regularly review results contributing constant improvement system level complexity increases process collecting data calculating indicator requires aggregations estimates use calculation formulas depending management expectations analyses conducted historical data industry publications widespread concentrated annual report moncler group aim progressively increasing level control sustainability reporting process moncler group plans extend scope internal control system sustainability reporting number reference indicators coming years moncler group annual report sbm strategy business model value chain moncler group moncler stone island brands brands stands unmistakably stylish product oﬀering product range includes technical high end clothing jackets jackets sweaters well accessories footwear bags moncler oﬀers products unique design highest quality constantly evolving always maintaining strong consistency brand dna collections three dimensions moncler collection moncler grenoble moncler genius stone island always focused fabric technology experimentation aiming functionality translates immediately recognisable impression terms cut shape material colour alongside stone island men collections brand oﬀers stone island junior collection dedicated line children teenagers aged two stone island oﬀering addition main collection divided three sub collections oriented meet needs diﬀerent market segments stone island ghost totally monochromatic garments sophisticated aesthetics stone island marina strongly inspired naval world garments brand archive stone island stellina oﬀers looks high performance features essential design brands combine tradition quality innovation driven desire continually evolve remain contemporary evolution also reﬂected group commitment sustainability recent years collections developed progressively introducing lower environmental impact raw materials recycled organic certiﬁed line speciﬁc standards compared conventional ones research directed towards ever environmentally friendly solutions moncler group distributes collections always compliance applicable local legislation countries network includes directly operated physical digital stores selected multi brand retailers shop shops within department stores airports online luxury multi brand retailers tailers reference year group recorded growth across regions operates strengthening link communities targeted campaigns dedicated events international presence moncler group reﬂected distribution employees emea region including italy hosts majority workforce employees total due presence corporate headquarters moncler stone island addition moncler production site romania alone represents workforce entire region americas region group employs employees total asia total see also pages moncler group strategy underpinned four main strategic pillars expression concept luxury goes beyond traditional stereotypes interprets developments cultural codes new generations continuing fully exploit potential brands globally developing omnichannel model combines direct relationship consumer strong digital integration lastly promoting sustainable growth embedding sustainability business model creating value stakeholders moncler group adopted business model described allows directly control highest value added phases value chain production distribution ensure optimal management consistent high quality client experience production procurement moncler internally manages entire creative process research selection raw materials prototyping quality control production takes place combination internal resources collaborations façon manufacturers particularly outerwear annual report moncler group knitwear moncler started process partial internalisation production strategic decision strengthen control production cycle ensure excellence cutting edge technologies approach aims protect company know consolidates internal expertise strengthen research development drive product innovation maintaining agility necessary respond quickly market needs company owns production site romania smart factory trebaseleghe padua new knitwear plant padernello paese treviso supply raw materials moncler carefully chooses materials meet highest quality standards line sustainability targets stone island manages product development cycle internally oﬃce ravarino modena focusing innovation research ﬁbres yarns ﬁnishing dyeing company adopted integrated system combines modelling prototyping dyeing supported external partnerships research execution selection materials manufacturing processes closely supervised internal technicians suppliers based italy japan south korea total suppliers involved production moncler stone island products divided raw material suppliers façon manufacturers ﬁnished products suppliers service providers see also pages majority suppliers approximately located emea region primarily italy group distributes purchasing expenditure avoid situations dependence suppliers could represent risk business terms supplier concentration top suppliers account value orders group committed closely monitoring concentration level promptly identifying critical situations could compromise continuity supply context group takes measures mitigate risks possible favours use local suppliers located close main sites approach allows logistical advantages also contributes reducing greenhouse gas ghg emissions generating income creating job opportunities communities group actively present excluding suppliers sales order less euros per year façon manufacturers ﬁnished product suppliers geographic location country product made service raw material suppliers country supplier head oﬃce registered percentages calculated number suppliers suppliers geographical area italy emea excl italy asia americas moncler group annual report suppliers involved production garments added indirect suppliers provide goods services directly related production product including construction companies security cleaning porterage maintenance logistics consulting services sales channels client experience brands distribution takes place direct consumer dtc wholesale channels network mono brand stores strong direct online presence moncler strengthened direct presence new selected openings relocation strategic locations larger stores stone island pursued path towards acquiring direct control distribution markets operates internalisation distribution south korea japan dtc channel united kingdom percentages calculated number suppliers supplier type raw materials façon manufacturers finished products services value orders geographical area italy emea excl italy asia americas annual report moncler group stone island completed process launched end take full control brand distribution chinese market internalised commerce channel moncler stone island omnichannel approach central distribution model includes services aimed providing clients greater ﬂexibility purchasing process allowing book order garment online try store receive directly home well buy garments conveniently home distance sales aware every moment contact client opportunity welcome learn tell engage collect feedback group deﬁnes project initiative aim improving shopping experience involving clients world moncler stone island mind moncler developed retail excellence project extended stone island name omnichannel excellence strengthen direct customer dtc culture project involved several areas ranging redesign client experience organisation stores sales staﬀ redeﬁnition processes operating methods aim knowing engaging consumers building loyalty developing increasingly omnichannel approach ensuring consistency across clients contact points fundamental group also extended principles retail excellence wholesale channel partners starting mono brand points sale airports approach includes sales force training client experience personalisation sales services integrated communication moncler adopted selective distribution system updated periodically ensures compliance qualitative quantitative criteria maintain positioning brand system also adopted stone island establishes rules selecting distributors displaying products staﬀ skills packaging ensuring alignment image values brand brands also subject business partners annual audits carried staﬀ two brands independent third parties verify compliance service quality principles accordance iso standard logistics years group focused eﬀorts increasing automation standardisation processes continuing integrate main logistics service providers systems time internal competence centre developed ensure control business continuity reduce impact processes since stone island logistics distribution system progressively integrated group model many ﬂows aligned already developed moncler improved operational eﬃciency thanks creation synergies spaces resources logistics hubs transport sustainability plan group progressively integrated environmental social aspects way operating demonstrated strategic sustainability plan plan focuses ﬁve strategic priorities climate change biodiversity circular economy responsible sourcing valuing diversity supporting local communities moncler group annual report strategic priority group deﬁned series commitments based careful analysis areas amplify positive impacts reduce negative impacts analysis takes account industry speciﬁc challenges expectations stakeholders including ﬁnancial community consumers suppliers employees integrating risk management exploitation opportunities plan aims spread sustainable practices throughout entire value chain plan includes greenhouse gas emissions science based targets commitment achieve net zero emissions well recycling nylon production scraps sites production chain use yarns fabrics lower impact materials recycled organic regenerative certiﬁed speciﬁc standards sustainability plan also enhances traceability raw materials continuous improvement social environmental standards throughout supply chain close collaboration business partners internal external awareness initiatives also planned foster enhance diversity promote increasingly inclusive culture addition obtaining equal pay certiﬁcation moncler group also committed supporting local communities high social value projects protect vulnerable children families cold identifying plan strategic drivers relative commitments priorities set agenda sustainable development sustainable development goals sdgs also taken account thereby contributing achieving macro goals described sdgs combating inequality ﬁghting climate change group contributes either directly organisations collaborates annual report moncler group legend target achieved target time target delayed targets results act climate nature reduce emissions sdg reduction absolute scope emissions line science based targets ambition reduction scope emissions per product unit sold line science based targets well ambition net zero absolute scope emissions absolute scope emissions ongoing carbon neutral directly managed corporate sites worldwide offices stores production sites logistics hub ongoing renewable energy directly managed corporate sites worldwide offices stores production sites logistics hub low environmental impact vehicles group corporate car fleet worldwide ongoing leed certification new corporate buildings ongoing leed certification new stores excluding shops shops carbon neutrality maintained directly managed corporate sites worldwide offices stores production sites logistics hub electricity used directly managed corporate sites worldwide renewable sources offices stores production sites logistics hub hybrid electric vehicles group corporate car fleet worldwide launched leed building design construction certification process new moncler headquarters milan completed continued leed certification process group new stores worldwide compensated unavoidable residual emissions projects certified voluntary market focusing respectively circular economy renewable energy ongoing promotion measures energy efficiency renewable energy throughout supply chain continued supply chain engagement programme includes addition energy assessment activities aimed moncler group annual report identifying concrete actions reduction energy consumption promotion energy renewable sources activities support suppliers defining emissions reduction targets according internationally recognised standards safeguard biodiversity sdg update analysis impact strategic raw materials biodiversity updated analysis impact strategic raw materials biodiversity according developments science based targets nature support initiatives zero deforestation sustainable forest management paper cardboard wood materials used group made exclusively recycled reused raw materials raw materials certified forest stewardship council fsc programme endorsement forest certification pefc continued round tables deforestation regulation launch regenerative agriculture projects cotton wool supply chains reduce avoid impacts biodiversity wool supply chain extended regenerative agriculture project australia pur projet expansion number farms involved cotton supply chain continued support unlock project extension farms india united states continued collaboration ecosystem services market consortium expanding projects tennessee think circular bold use lower impact materials compared conventional solutions sdg yarns fabrics preferred materials materials aim deliver reduced impacts compared conventional equivalents used moncler group example recycled organic certified according specific standards yarns fabrics used collections made preferred materials collections value considers total weight yarns fabrics used production spring summer fall winter collections annual report moncler group preferred nylon used collections nylon used collections made preferred material example recycled collections preferred cotton used collections around cotton used collections organic recycled collections merino wool used collections certified mulesing free wool certified specific standards example responsible wool standard rws nativa sustainawool around merino wool used collections made materials certified mulesing free collections around wool used collections made certified materials example responsible wool standard rws nativa sustainawool collections extend products life sdg ongoing least nylon production scraps group direct production sites moncler brand outerwear suppliers recycled nylon scraps recycled direct sites since recycling extended moncler external outerwear production network reaching total outerwear nylon scraps ongoing extra life advanced repair service developed global level extra life advanced repair service moncler garments available regions use lower impact packaging compared conventional solutions sdg ongoing packaging end clients made preferred materials packaging moncler stone island end clients made preferred materials ongoing zero single use virgin plastic fossil origin zero single use virgin plastic fossil origin moncler group annual report ongoing packaging used logistics processes made preferred materials group logistics packaging made preferred materials spread sustainability culture employees involved environmental training programme worldwide delivered environmental training programme employees worldwide fair strengthen traceability systems raw materials sdg ongoing suppliers also compliant new human rights environmental modules included dist protocol stone island adopt environmental social modules responsible standard rds certified supply chain suppliers also compliant new human rights environmental modules included dist protocol stone island adopted environmental social modules responsible standard rds certified supply chain ongoing key raw materials traced key raw materials nylon polyester cotton wool traced key raw materials line raw material manual published group raw material manual key raw materials line group raw material manual moncler fur free collections moncler group fur free collections promote fair safe workplace sdg least critical suppliers aligned highest levels moncler group social compliance standard definition critical supplier see page critical suppliers aligned highest levels moncler group social compliance standard ethical social environmental audits carried suppliers outerwear audited ethical social aspects three year period ongoing promotion health safety environmental certifications supplier sites continued awareness raising activities suppliers promote importance certification processes annual report moncler group critical suppliers evaluated involved living wage analysis living wage analyses valid three years critical suppliers evaluated involved living wage analysis nurture uniqueness promote inclusive culture training sdg employees involved training programme diversity equity inclusion employees involved training programme diversity equity inclusion comprises several modules delivered globally including course essentials one unconscious bias building bridges programme involves management extension moncampus corporate training programme young talent global level extended moncampus programme global level involving group regions update piuma leadership model company performance review system focus inclusivity developed first draft leadership model ensure representation sdg women total workforce women management positions women junior management positions women top management positions women management positions revenue generating functions women stem related science technology engineering mathematics positions women total workforce women management positions women junior management positions women top management positions women management positions revenue generating departments women stem related positions moncler group annual report creating system procedures policies support diversity equity inclusion ongoing strengthening employees protection systems launched new internal communication campaign whistleblowing procedure launch ferie solidali initiative italy possibility transferring free charge vacation days colleagues assist manage specific particular needs signed agreement october italy establishment community hours bank allowing group employees donate vacation days colleagues difficulty equivalent contribution offered company equal pay certification global level moncler brand perimeter equal pay certification achieved moncler brand headquarters italy started certification process south korea japan chinese mainland france unites states romania publishing report continued process integrating performance indicators employees data reporting system value people sdg ongoing annual repetition employee satisfaction survey global level carried eighth internal employee satisfaction survey monvoice response rate involving people group level launch second diversity equity inclusion survey involving employees global level launched second survey aim deepening strengthening topics related global level promote new ways working creation working groups regional level ensure plan implementation share new proposals established local working groups group region involved definition activities area diversity equity inclusion annual report moncler group give back protect people cold people need protected cold people need protected cold past eight years period create shared value sdg implementation high social value project every two years addresses specific need community supported two year tog foundation project dedicated children complex neurological conditions aimed integrating innovative eye tracking technology homes ongoing employees eligible volunteer activities employees eligible volunteer activities moncler group sustainability plan strongly integrated overall business strategy integration makes complex analytically distinguish costs investments associated individual projects activities contribute achieving targets sustainability plan many cases fact multiple interconnected factors considered overlaps make diﬃcult isolate speciﬁc cost beneﬁt elements order provide separate estimates consequently signiﬁcant amounts relating reporting period listed millions euros investments operating costs act climate nature think circular fair nurture uniqueness give back addition reporting date signiﬁcant eﬀects recorded consolidated financial statements group deriving relevant risks opportunities also area ﬁnancial products moncler testing adopting new mechanisms related sustainability performance november moncler signed exchange risk hedging agreement reward terms improvement hedging strike currencies based recognition high standards sustainability external independent rating body value refers total cost preferred material purchases made possible determine cost diﬀerential preferred conventional materials moncler group annual report accordance business strategy group intends continue path ongoing investments supply chain particular purchase preferred materials total value reported think circular item actions implementation climate strategy although diﬃcult provide precise indications numerical terms trend line expected sbm interests views stakeholders moncler group places great importance maintaining constant solid relationship stakeholders stakeholders represent wide range diﬀerent interests establishing maintaining stable long lasting relationships based ongoing dialogue active engagement crucial creation shared long term value understanding speciﬁc expectations moncler stone island able manage potential critical issues advance reﬁne actions plans precisely identifying stakeholders organising eﬀective channels constantly monitoring expectations needs opinions starting point setting eﬀective engagement process dedicated functions group pursues proactive approach many stakeholders constantly interacts around world promoting constant dialogue embracing needs brands aware occasions dialogue mutual opportunities growth enrichment recent years group committed redesigning new approaches dialogue aim interacting community increasingly digital native way following table illustrates stakeholders map along expectations updated periodically internal surveys company departments responsible daily management relations speciﬁc category stakeholders interaction tools channels stakeholder expectations employees people satisfaction survey monvoice ongoing dialogue human resources department annual meetings discuss growth path set individual goals discuss performance assessment meetings corporate population circulate results future objectives townhall topics meetings raise awareness provide information health well information group strategies results responsible business management clear objectives reward system training professional development stimulating safe working environment equal opportunities diversity inclusion engagement company life annual report moncler group training meetings digital courses company intranet newsletter plan moncampus business platform thank boss friday onboarding programs new employees volunteering programmes promotion well health safety trade union organisations employee representatives meetings trade union representatives responsible business management involvement timely information issues relevant company population update progress company training preparation clear transparent sustainability statement end client direct ongoing relationship sales personnel client service interactions via phone mail email social media creation customised initiatives experiences market research focus groups systematic collection client feedback vibe product quality safety durability products manufactured respecting environment people animals style uniqueness innovation complete product range high level service sales competent professional empathetic sales personnel personalised shopping interaction experiences wholesale clients person online training meetings ongoing dialogue via phone email visits stores product quality innovation safety transparency environmental social animal welfare aspects throughout supply chain moncler group annual report university testimonials brand reputation suppliers business partners daily interactions institutional meetings setting sharing standards seasonal annual training dedicated portal continuity supply compliance contractual conditions involvement definition supply standards including social environmental criteria timeliness announcing new requirements collaboration support managing production issues local communities meetings representatives associations organisations local communities identification initiatives projects managed directly collaboration support funding initiatives support awareness raising activities investors analysts traditional sustainability shareholders meeting conference calls periodic meetings following significant communications price sensitive communications information seminars industry conferences roadshows meetings daily dialogue meetings telephone email institutional website questionnaires sustainability performance consolidation strengthening knowledge group business model value creation return investment business sustainability transparent accountable management timeliness open dialogue adequate management risks including social environmental risks media press days interviews top management press conferences media plan ongoing dialogue availability timeliness accuracy information information trends future seasons annual report moncler group fashion shows events hoc meetings events institutional website local authorities public authorities regulators trade associations non governmental organisations hoc meetings participation working groups identification development joint projects participation publicly beneficial projects inclusion environmental social animal welfare aspects company strategies procurement system communication corporate objectives relating environmental social animal welfare aspects active participation discussion roundtables efficient use raw materials sustainability elements new stores corporate affairs compliance function periodically updates nomination remuneration committee well board directors results intense engagement activities carried annually preparation shareholders meeting subsequently investors proxy advisors activity includes discussions environmental social governance esg topics addition annual basis results monvoice survey analysed detail nomination remuneration committee results fundamental checks related human resources policies relations organisations institutions associations moncler group believes dialogue collaboration takes part multiple organisations associations working groups national international level contribution euros increase compared euros various areas activity ranging promotion italian fashion sustainability initiatives fight counterfeiting protection brand promotion female talent support innovation support formulating changes national international regulations main associations group participates air associazione italiana investor relations non profit association aims promote professional role investor relations officer quality financial communication companies financial community anti counterfeiting group acg non profit association aims protect consumers counterfeiting training programmes establishment collaborative environment companies main local authorities approximately euros moncler group annual report ecck european chamber commerce korea korean association dedicated protecting promoting interests companies based countries european union european free trade association efta active south korea association focuses facilitating dialogue local governments collecting sharing information business economic regulatory developments lobbying strengthen reaffirm local government commitment combating counterfeiting physical online markets assonime association italian joint stock companies works improve industrial commercial administrative tax legislation italy particular regard company regulations conducts studies publications represents point view businesses relations italian european international institutions camera nazionale della moda italiana association aims promote coordinate italian fashion sector train young italian designers club initiative aimed fostering discussion legislative developments area legislative decree favouring exchange knowledge skills gained corporate field legal academic field fondazione altagamma foundation brings together companies italy cultural creative industries recognised true ambassadors italian style world mission contribute growth competitiveness indicam association fight counterfeiting active several fronts including spread culture anti counterfeiting among operators public authorities general public improvement anti counterfeiting legislation collective investigations among members cooperation italian diplomatic authorities protection brands abroad euros previline assistance intercompany welfare fund companies clients assicurazioni generali group national association open companies pursues welfare purposes members provision benefits form mutual aid insurance policy signing agreements insurance companies snb react coöperatieve vereniging snb react non profit association promotes measures counterfeiting union des fabricants unifab french association active protection intellectual property rights association also present tokyo beijing supports members combating counterfeiting asia managing relations local authorities unione degli industriali della provincia padova national association aimed improving competitiveness local manufacturing system development infrastructures promotion transfer knowledge modern work culture strong spirit individual collective initiative innovation applied research valore italian association large companies committed supporting promoting women leadership talent valuable contribution business growth euros participating aforementioned associations others group commits support particularly important topics business industry industrial production topics fashion industry various associations group provides contribution euros esg topics fashion industry various associations group provides contribution approximately euros furthermore since moncler member fashion pact coalition leading global companies fashion textile industry together suppliers distributors annual report moncler group committed achieving shared goals focused three main areas fighting global warming restoring biodiversity protecting oceans within fashion pact moncler present three year term steering committee committee various ceos member brands aimed maintaining open dialogue company executives openly sharing ideas guidelines progress continues sit operations committee body identifies actions working groups awareness raising activities implemented order achieve priorities set steering committee moncler support associations fight climate change group aware importance building partnerships collaborations academia civil society institutions businesses aim joining forces creating new synergies fight climate change regard last years group joined associations committed front including fashion pact coalition includes among main objectives fight climate change committed train inform support member companies processes transformation innovation required reduce environmental impacts camera nazionale della moda italiana engaged advocacy activities italian brands promote responsible fashion approach based among others principles reducing environmental impact business activities respect human rights fondazione altagamma promotes reduction environmental impact among members crea consortium founded responsibly organise management textile fashion products end life promote research development innovative recycling solutions joining associations countries operates moncler group takes position aligned principles set environmental policy inspired paris agreement united nations environment programme unep european green deal global compact objectives described sustainable development goals sdgs chief marketing corporate strategy officer responsible effective application principles periodically updates together sustainability unit control risks sustainability committee sustainability unit also monitor constant basis alignment commitments associations group moncler believes alignment essential collective achievement challenging goals associations set committed proactively promote environmental ambitions event misalignment associations member may emerge moncler group annual report sbm material impacts risks opportunities interaction strategy business model actual potential impacts theoretical risks assessment take account mitigation actions implemented group opportunities divided sustainability sub topics outlined european sustainability reporting standards esrs group identiﬁed assessed relevant context double materiality analysis process described pages material sustainability matters emerged analysis priorities group structured strategic sustainability plan impact risk opportunity iro phase value chain mainly concentrated speciﬁed whether group activities upstream downstream addition time horizon group expects eﬀect impact risk opportunity could materialise described finally impact potential nature indicated strategic priorities sustainability plan relevant iros esrs topics sub topic sub sub topic upstream value chain operations downstrea value chain time horizon act climate nature climate change negative impact environment due direct indirect greenhouse gas emissions operations scope climate change mitigation energy short term negative impact environment due indirect greenhouse gas emissions upstream downstream activities scope climate change mitigation energy short term theoretical physical risks deriving intensification extreme chronic climatic phenomena heavy rainfall tornadoes heat cold waves storm surges fires drought phenomena etc could affect physical sites resulting possible interruption reduction production levels business continuity climate change adaptation long term theoretical risk associated changes client purchasing dynamics potential preferences lower impact products lighter weight garments climate change adaptation long term theoretical reputational risk failure achieve climate targets defined climate change mitigation medium term annual report moncler group strategic priorities sustainability plan relevant iros esrs topics sub topic sub sub topic upstream value chain operations downstrea value chain time horizon sustainability plan scope energy pollution theoretical reputational risk arising non compliance air water soil quality regulations suppliers pollution soil pollution air pollution water short term water marine resources potential negative impact aquifers due excessive water withdrawal consequent effect ecological balance bodies water particular areas high water stress water withdrawals water consumption medium term biodiversity ecosystems potential negative impact ecosystems living organisms resulting soil degradation caused unsustainable practices intensive use natural resources deforestation potential loss biodiversity land use change impacts extent condition ecosystems medium term think circular bold resource use circular economy opportunity obtain competitive advantage promotion researching solutions low environmental impact integrated design production products view circular economy example use preferred materials eco design recovery recycling reuse production waste repair garments etc use preferred materials entity specific resource outflows related products services short term consumers end users theoretical risk sanctions prohibition selling specific products due non compliance new applicable product compliance regulations particularly concerning use potentially harmful substances health safety short term nurture uniqueness workforce positive impact employee well satisfaction may result promotion dedicated benefits life work life balance secure employment short term moncler group annual report strategic priorities sustainability plan relevant iros esrs topics sub topic sub sub topic upstream value chain operations downstrea value chain time horizon insurance pension plans prevention wellness nutrition programmes nurseries fitness centres addition flexible working hours working time positive impact employee skills knowledge training programmes keep workforce engaged motivated training skills development short term positive impact employees offer competitive remuneration packages stimulating job opportunities career paths adequate wages short term potential negative impact health safety employees due occupational injuries diseases production environments health safety short term potential negative impact workforce resulting incidents discrimination diversity employment inclusion persons disabilities short term theoretical risk loss attraction talent key figures different levels organisation due competitive constantly evolving labour market terms wages career paths fashion luxury sector adequate wages short term opportunity strengthen company skills know process partial internalisation production training skills development medium term fair workers value chain potential negative impact value chain workers caused potential violation human rights along supply chain certain countries child labour forced labour short term potential negative impacts workers value chain due high seasonal variability production planning secure employment short term annual report moncler group strategic priorities sustainability plan relevant iros esrs topics sub topic sub sub topic upstream value chain operations downstrea value chain time horizon typical fashion sector compromise employment stability example leading increase use temporary workers layoffs theoretical reputational risk arising failure suppliers comply working standards adequate working conditions adequate working time work life balance secure employment well absence social dialogue collective bargaining social dialogue freedom association secure employment work life balance working time short term theoretical reputational risk deriving provision suppliers inadequate wages adequate wages short term theoretical reputational risk due lack health safety management systems occurrence high consequences incidents diseases along value chain health safety short term theoretical reputational risk caused potential violation human rights along value chain child labour forced labour short term business conduct potential negative impact animal welfare due usage raw materials animal origin collections animal welfare short term potential negative impact stability suppliers cash flows caused improper management payment practices management relationships suppliers including payment practices short term theoretical reputational risk deriving non compliance principles animal welfare group standards regard along supply chain raw materials animal origin animal welfare short term opportunity strengthen relationships suppliers proactive engagement response sustainability management relationships suppliers medium term moncler group annual report strategic priorities sustainability plan relevant iros esrs topics sub topic sub sub topic upstream value chain operations downstrea value chain time horizon challenges decarbonisation strengthening skills social environmental topics promoting collaboration dialogue moncler group able respond growing environmental social expectations also improve operational resilience overall supply chain performance including payment practices relevant iros related strategic priorities sustainability plan consumers end users privacy risk receiving sanctions non compliance data protection regulations related reputational risk privacy short term iros entity specific topics give back support communities positive impact communities promotion sponsorship initiatives support non profit organisations cash contributions donations clothing organisational support national international programmes short term chapters document describe actions implemented group mitigate negative impacts relevant theoretical risks pursue opportunities positive impacts identiﬁed highlighting actual potential eﬀects topic area material impacts also described explaining aﬀect people environment whether derive strategy business model whether generated group activities business relationships addition chapters detail group resilience approach strategy business model terms risks highlighting measures taken prevent mitigate respond potential eﬀects risks relation risks opportunities identiﬁed relevant moncler group ﬁnd reporting period actual ﬁnancial eﬀects ﬁnancial position operating result cash ﬂows furthermore date publication document elements emerged might suggest existence signiﬁcant risk impairments adjustments next ﬁnancial year book values assets liabilities reported group consolidated financial statements annual report moncler group iro description processes identify assess material impacts risks opportunities moncler group materiality analysis always important tool identifying signiﬁcant environmental social priorities stakeholders industry line strategy business impacts identify manage risks opportunities deﬁne contents sustainability reporting entry force directive corporate sustainability reporting directive csrd double materiality analysis introduced considering two complementary perspectives impact materiality concerns identiﬁcation assessment impacts group could environment people ﬁnancial materiality focuses theoretical risks opportunities arising environmental social governance issues may negatively positively aﬀect ﬁnancial position operating result cash ﬂows access ﬁnance cost capital result group sustainability unit support specialised ﬁrm revised materiality analysis process align requirements new sustainability reporting standards european sustainability reporting standards esrs updating methodology structuring following phases indicated materiality assessment implementation guidance issued european financial reporting advisory group efrag understanding context phase involved depth analysis group activities business relationships context operates relevant stakeholders goal gather necessary information map phases value chain identify actors involved assess positive negative actual potential impacts well identify risks opportunities addition depth analysis internal documentation benchmarking analysis conducted compare group industry peers identifying relevant sustainability issues ensuring comprehensive best practice aligned perspective deepen understanding external context legislative landscape group operates issues interest clients investors considered well esg macro themes described articles scientiﬁc publications identiﬁcation impacts risks opportunities based list topics sub topics provided esrs light emerged analysis internal external context list risks identiﬁed group integrated risk management model enterprise risk management erm relevant sustainability topics published consolidated non financial statement results due diligence processes majority cases identiﬁed impacts corresponding risks opportunities identiﬁcation potentially material impacts risks opportunities group also possible thanks support public databases facilitate identiﬁcation sectoral impacts process identifying assessing impacts risks opportunities moncler group took consideration geographical areas operates well various activities along value chain addition necessary speciﬁcities linked individual countries production sites business relationships highlighted list impacts risks opportunities identiﬁed subsequently approved competent functions assessment phase application requirement esrs appendix annex csrd moncler group annual report assessment determination relevant impacts theoretical risks opportunities impact risk opportunity subsequently assessed relevant competent function supported sustainability unit risk management taking account several factors particular purposes assessment analysis performed determine whether generation impact risk opportunity emerged predominantly group activities along value chain case value chain upstream downstream impacts risks opportunities considered also taking account short medium long term time horizon impact risk opportunity occurs may occur line provisions esrs functions assessed impacts taking account materiality measured according scale scope irremediable character latter negative impacts likelihood potential impacts scale deﬁned measure beneﬁt deriving positive impact severity negative impact scope represents extent impact irremediable character indicates extent negative impact remedied risks opportunities instead assessed considering addition likelihood magnitude deﬁned according scale nature related ﬁnancial reputational compliance eﬀects important stress impacts risks opportunities identiﬁed assessed without taking account mitigation case opportunities enhancement actions already implemented group assessment scales described whether qualitative quantitative deﬁned starting used assessment corporate risks according group enterprise risk management system opportunities identiﬁed assessed continuity priorities according strategic sustainability plan developed line done past regarding social environmental risks also aim including opportunities management group plans integrate results double materiality analysis erm register approach aims optimise monitoring strategic operational management aspects ensuring integrated vision consistent business priorities analysis involved internal external stakeholders group internal stakeholders include group corporate functions individual brands members moncler sustainability unit capacity experts environmental social topics related strategic pillars sustainability plan external stakeholders investors sustainability experts involved individual interviews aimed gathering opinions feedback analysis process determine sustainability matters relevant reporting purposes results assessments impact risk opportunity reported within two separate matrices one impacts risks opportunities distinction become necessary ensure case impacts greater weight signiﬁcance likelihood occurrence required esrs standards esrs general requirements paragraph potential negative human rights impacts materiality threshold deﬁned impacts risks opportunities medium high high relevance areas results materiality analysis following approval members strategic committee assessment control risks sustainability committee subsequently presented board directors approval reporting purposes moncler considered following time horizons short term within next reporting year medium term long term impacts identiﬁed matrix based materiality consisting maximum value among assessments assigned variables scale scope irremediability applicable likelihood equal maximum value scale actual impacts coordinates risks opportunities matrix meanwhile correspond magnitude ﬁnancial reputational compliance eﬀect likelihood annual report moncler group analysis carried led deﬁnition list relevant impacts risks opportunities based ﬁnancial impact materiality perspectives attributable topical standards provided esrs except aﬀected communities respect impacts risks opportunities emerged materiality threshold relation sub sub topics identiﬁed standard including economic social cultural civil political rights communities rights indigenous people group reserves right carry future speciﬁc analyses assess analysis performed line priorities sustainability plan entity speciﬁc topic provided sector agnostic esrs emerged relevant since group considered one strategic pillars several initiatives implemented years support communities results obtained double materiality analysis line list topics reported consolidated non financial statement changes related inclusion risk related pollution promotion circular economy business opportunity order ensure alignment analysis regulatory developments business operates group plans regularly update double materiality analysis iro disclosure requirements esrs covered undertaking sustainability statement clarifying paragraph iro description processes identify assess material impacts risks opportunities way moncler group determines information disclosed respect iros assessed relevant following disclosure obligations group fulﬁlled preparation sustainability statement including information elements deriving legislative acts listed appendix annex csrd disclosure requirement information element entity speciﬁc topic obligations legislation location sustainability statement esrs general information esrs general basis preparation sustainability statements par general basis preparation sustainability statements esrs disclosures relation speciﬁc circumstances par disclosures relation speciﬁc circumstances esrs gov role administrative management supervisory bodies par gov role administrative management supervisory bodies esrs gov board gender diversity paragraph sfdr annex table indicator par gov role administrative management supervisory bodies regulation european parliament council november sustainability reporting ﬁnancial services sector sfdr page regulation european parliament council june prudential requirements credit institutions investment ﬁrms amending regulation capital requirements regulation page regulation european parliament council june indices used benchmarks ﬁnancial instruments ﬁnancial contracts measure performance investment funds amending directives regulation page regulation european parliament council june establishing framework achieving climate neutrality amending regulation regulation european climate law page moncler group annual report disclosure requirement information element entity speciﬁc topic obligations legislation location sustainability statement benchmark regulation commission delegated regulation annex esrs gov percentage board members independent paragraph benchmark regulation commission delegated regulation annex par gov role administrative management supervisory bodies esrs gov information provided sustainability matters addressed undertaking administrative management supervisory bodies par gov information provided sustainability matters addressed undertaking administrative management supervisory bodies esrs gov integration sustainability related performance incentive schemes par gov integration sustainability related performance incentive schemes esrs gov statement due diligence par gov statement due diligence esrs gov statement due diligence paragraph sfdr annex table indicator par gov statement due diligence esrs gov risk management internal controls sustainability reporting par gov risk management internal controls sustainability reporting esrs sbm strategy business model value chain par sbm strategy business model value chain ﬁscal year corresponds ﬁrst year preparation sustainability report accordance esrs relation paragraph letters phase option provided relation disclosure information esrs sbm involvement activities related fossil fuel activities paragraph sfdr annex table indicator pillar article regulation commission implementing regulation table qualitative information environmental risk table qualitative information social risk benchmark regulation commission delegated regulation annex material group involved activities related indicated esrs sbm involvement activities related production chemicals paragraph sfdr annex table indicator benchmark regulation commission delegated regulation annex esrs sbm participation activities related controversial weapons paragraph iii sfdr annex table indicator benchmark regulation article delegated regulation annex delegated regulation esrs sbm involvement activities related tobacco cultivation production paragraph benchmark regulation article delegated regulation annex delegated regulation esrs sbm interests views stakeholders par sbm interests views stakeholders esrs sbm material impacts risks opportunities interaction strategy business model par sbm material impacts risks opportunities interaction strategy business model ﬁscal year phase option provided relation disclosure information relating future ﬁnancial eﬀects required paragraph annual report moncler group disclosure requirement information element entity speciﬁc topic obligations legislation location sustainability statement esrs iro description processes identify assess material impacts risks opportunities par iro description processes identify assess material impacts risks opportunities esrs iro disclosure requirements esrs covered undertaking sustainability statement par iro disclosure requirements esrs covered undertaking sustainability statement esrs climate change esrs gov integration sustainability related performance incentive schemes par gov integration sustainability related performance incentive schemes esrs transition plan climate change mitigation par transition plan climate change mitigation esrs transition plan reach climate neutrality paragraph climate legislation article regulation par transition plan climate change mitigation esrs undertakings excluded paris aligned benchmarks paragraph pillar article regulation commission implementing regulation template banking portfolio indicators potential transition risk related climate change credit quality exposures sector emissions residual maturity benchmark regulation article delegated regulation par transition plan climate change mitigation esrs sbm material impacts risks opportunities interaction strategy business model par sbm material impacts risks opportunities interaction strategy business model esrs iro description processes identify assess material climate related impacts risks opportunities par iro description processes identify assess material climate related impacts risks opportunities esrs policies related climate change mitigation adaptation par policies related climate change mitigation adaptation esrs actions resources relation climate change policies par actions resources relation climate change policies esrs targets related climate change mitigation adaptation par targets related climate change mitigation adaptation esrs ghg emission reduction targets paragraph sfdr annex table indicator pillar article regulation commission implementing regulation template banking portfolio indicators potential transition risk related climate change alignment metrics benchmark regulation article delegated regulation par targets related climate change mitigation adaptation esrs energy consumption mix par energy consumption mix esrs energy consumption fossil sources disaggregated sources high climate impact sectors paragraph sfdr annex table indicator annex table indicator par energy consumption mix esrs energy consumption mix paragraph sfdr annex table indicator par energy consumption mix esrs energy intensity associated activities high climate impact sectors paragraphs sfdr annex table indicator par energy consumption mix esrs gross scopes total ghg emissions par gross scopes total ghg emissions esrs gross scopes total ghg emissions paragraph sfdr annex table indicators nos pillar article regulation commission implementing regulation template banking portfolio indicators potential par gross scopes total ghg emissions moncler group annual report disclosure requirement information element entity speciﬁc topic obligations legislation location sustainability statement transition risk related climate change credit quality exposures sector emissions residual maturity benchmark regulation articles delegated regulation esrs gross ghg emission intensity paragraphs sfdr annex table indicator pillar article regulation commission implementing regulation template banking portfolio indicators potential transition risk related climate change alignment metrics benchmark regulation article delegated regulation par gross scopes total ghg emissions esrs ghg removals ghg mitigation projects ﬁnanced carbon credits par ghg removals ghg mitigation projects ﬁnanced carbon credits esrs ghg removals carbon credits paragraph climate legislation article regulation par ghg removals ghg mitigation projects ﬁnanced carbon credits esrs internal carbon pricing moncler group apply internal carbon pricing schemes support decision making incentivise implementation climate related policies targets esrs anticipated ﬁnancial eﬀects material physical transition risks potential climate related opportunities ﬁscal year corresponds ﬁrst year preparation sustainability report accordance esrs moncler group decided make use phase option relation disclosure expected ﬁnancial eﬀects material physical transition risks responsibility group structure provide required information data within time frame compatible mandatory disclosure esrs exposure benchmark portfolio physical climate related risks paragraph benchmark regulation annex delegated regulation annex delegated regulation esrs breakdown monetary amounts acute chronic physical risk paragraph esrs location signiﬁcant assets material physical risk paragraph pillar article regulation paragraphs commission implementing regulation template bank portfolio indicators potential physical risk related climate change exposures subject physical risk esrs breakdown carrying value undertaking real estate assets energy eﬃciency classes paragraph pillar article regulation point commission implementing regulation template banking portfolio indicators potential transition risk related climate change loans secured real estate energy eﬃciency collateral esrs degree portfolio exposure climate related opportunities paragraph pillar annex delegated regulation esrs pollution esrs iro description processes identify assess material pollution related impacts risks opportunities par iro description processes identify assess material pollution related impacts risks opportunities esrs policies related pollution par policies related pollution esrs actions resources related pollution par actions resources related pollution esrs targets related pollution par targets related pollution esrs pollution air water soil aspect found material double materiality analysis reference upstream value chain esrs quantity pollutant listed annex regulation prtr european sfdr annex table indicator annex table indicator annex annual report moncler group disclosure requirement information element entity speciﬁc topic obligations legislation location sustainability statement pollutant release transfer register emitted air water soil paragraph table indicator annex table indicator consequently reported moncler group decided make use phase option granted value chain metrics esrs substances concern substances high concern esrs anticipated ﬁnancial eﬀects pollution related impacts risks opportunities ﬁscal year corresponds ﬁrst year preparation sustainability report accordance esrs moncler group decided make use phase option relation disclosure expected ﬁnancial eﬀects impacts risks opportunities related pollution responsibility group structure provide required information data within time frame compatible mandatory disclosure esrs water marine resources esrs iro description processes identify assess material water marine resources related impacts risks opportunities par iro description processes identify assess material water related impacts risks opportunities esrs policies related water marine resources par policies related water esrs marine waters resources paragraph sfdr annex table indicator par policies related water esrs dedicated policy paragraph sfdr annex table indicator material group sites located areas high water stress esrs sustainability oceans seas paragraph sfdr annex table indicator material found material double materiality analysis esrs actions resources related water marine resources par actions resources related water esrs targets related water marine resources par targets related water esrs water consumption par water consumption double materiality analysis aspect emerged material relation value chain light emerged ﬁrst application reporting indicator may limited operations consequently moncler provides information direct indirect water consumption ensure continuity reported consolidated non financial statements previous years esrs total water recycled reused paragraph sfdr annex table indicator esrs total water consumption compared net revenue operations paragraph sfdr annex table indicator esrs anticipated ﬁnancial eﬀects material water marine resources related risks opportunities material found material double materiality analysis esrs biodiversity ecosystems esrs transition plan consideration biodiversity ecosystems strategy business model material found material double materiality analysis esrs sbm material impacts risks opportunities interaction strategy business model par sbm material impacts risks opportunities interaction strategy business model esrs sbm paragraph sfdr annex table indicator par sbm material impacts risks opportunities interaction strategy business model esrs sbm paragraph sfdr annex table indicator par sbm material impacts risks opportunities interaction strategy business model moncler group annual report disclosure requirement information element entity speciﬁc topic obligations legislation location sustainability statement esrs sbm paragraph sfdr annex table indicator par sbm material impacts risks opportunities interaction strategy business model esrs iro description processes identify assess material biodiversity ecosystem related impacts risks opportunities par iro description processes identify assess material biodiversity ecosystem related impacts risks opportunities esrs policies related biodiversity ecosystems par policies related biodiversity ecosystems esrs sustainable land agriculture practices policies paragraph sfdr annex table indicator par policies related biodiversity ecosystems esrs sustainable oceans seas practices policies paragraph sfdr annex table indicator par policies related biodiversity ecosystems esrs policies address deforestation paragraph sfdr annex table indicator par policies related biodiversity ecosystems esrs actions resources related biodiversity ecosystems par actions resources related biodiversity ecosystems esrs targets related biodiversity ecosystems par targets related biodiversity ecosystems impact metrics related biodiversity ecosystems change aspect found material double materiality analysis reference upstream value chain consequently reported moncler group decided make use phase option granted value chain metrics anticipated ﬁnancial eﬀects biodiversity ecosystem related risks opportunities material found material double materiality analysis esrs resource use circular economy esrs iro description processes identify assess material resource use circular economy related impacts risks opportunities par iro description processes identify assess material resource use circular economy related impacts risks opportunities esrs policies related resource use circular economy par policies related resource use circular economy esrs actions resources related resource use circular economy par actions resources related resource use circular economy esrs targets related resource use circular economy par targets related resource use circular economy esrs resource inﬂows material found relevant double materiality analysis esrs resource outﬂows par resource outﬂows esrs non recycled waste paragraph sfdr annex table indicator par resource outﬂows esrs hazardous waste radioactive waste paragraph sfdr annex table indicator par resource outﬂows esrs anticipated ﬁnancial eﬀects resource use circular economy related impacts risks opportunities ﬁscal year corresponds ﬁrst year preparation sustainability report accordance esrs moncler group decided make use phase option relation disclosure expected ﬁnancial eﬀects material opportunities arising use resources impacts related circular economy responsibility group structure provide required information data within time frame compatible mandatory disclosure esrs workforce esrs sbm interests views stakeholders par sbm interests views stakeholders annual report moncler group disclosure requirement information element entity speciﬁc topic obligations legislation location sustainability statement esrs sbm material impacts risks opportunities interaction strategy business model par sbm material impacts risks opportunities interaction strategy business model esrs sbm risk incidents forced labour paragraph sfdr annex table indicator par sbm material impacts risks opportunities interaction strategy business model esrs sbm risk incidents child labour paragraph sfdr annex table indicator par sbm material impacts risks opportunities interaction strategy business model esrs policies related workforce par policies related workforce esrs human rights policy commitments paragraph sfdr annex table indicator annex table indicator par policies related workforce esrs due diligence policies issues addressed fundamental international labor organisation conventions paragraph benchmark regulation commission delegated regulation annex par policies related workforce esrs processes measures preventing traﬃcking human beings paragraph sfdr annex table indicator par policies related workforce esrs workplace accident prevention policy management system paragraph sfdr annex table indicator par policies related workforce esrs processes engaging workers workers representatives impacts par processes engaging workers workers representatives impacts esrs processes remediate negative impacts channels workers raise concerns par processes remediate negative impacts channels workers raise concerns esrs grievance complaints handling mechanisms paragraph sfdr annex table indicator par processes remediate negative impacts channels workers raise concerns esrs taking action material impacts workforce approaches mitigating material risks pursuing material opportunities related workforce eﬀectiveness actions par taking action material impacts workforce approaches managing material risks pursuing material opportunities related workforce eﬀectiveness actions esrs targets related managing material negative impacts advancing positive impacts managing material risks opportunities par targets related managing material negative impacts advancing positive impacts managing material risks opportunities esrs characteristics undertaking employees par characteristics undertaking employees esrs characteristics non employee workers undertaking workforce par characteristics non employee workers undertaking workforce esrs collective bargaining coverage social dialogue par collective bargaining coverage social dialogue esrs diversity metrics par diversity metrics esrs adequate wages par adequate wages esrs social protection par social protection esrs persons disabilities par persons disabilities esrs training skills development metrics par training skills development metrics esrs health safety metrics par health safety metrics esrs number fatalities number rate work related accidents paragraph sfdr annex table indicator benchmark regulation commission delegated regulation annex par health safety metrics moncler group decided make use phase option disclosure information relating non employee workers esrs number days lost injuries accidents fatalities illness paragraph sfdr annex table indicator par health safety metrics moncler group decided make use phase option disclosure moncler group annual report disclosure requirement information element entity speciﬁc topic obligations legislation location sustainability statement information relating non employee workers esrs work life balance metrics par work life balance metrics esrs compensation metrics pay gap total compensation par compensation metrics pay gap total compensation esrs unadjusted gender pay gap paragraph sfdr annex table indicator benchmark regulation commission delegated regulation annex par compensation metrics pay gap total compensation esrs excessive ceo pay ratio paragraph sfdr annex table indicator par compensation metrics pay gap total compensation esrs incidents complaints severe human rights impacts par incidents complaints severe human rights impacts esrs incidents related discrimination paragraph sfdr annex table indicator par incidents complaints severe human rights impacts esr non respect ungps business human rights oecd paragraph sfdr annex table indicator annex table indicator benchmark regulation annex delegated regulation article delegated regulation par incidents complaints severe human rights impacts esrs workers value chain esrs sbm interests views stakeholders par sbm interests views stakeholders esrs sbm material impacts risks opportunities interaction strategy business model par sbm material impacts risks opportunities interaction strategy business model esrs sbm signiﬁcant risk child labour forced labour value chain paragraph sfdr annex table indicator nos par sbm material impacts risks opportunities interaction strategy business model esrs policies related value chain workers par policies related value chain workers esrs human rights policy commitments paragraph sfdr annex table indicator annex table indicator par policies related value chain workers esrs policies related value chain workers paragraph sfdr annex table indicator nos par policies related value chain workers esrs non respect ungps business human rights oecd paragraph sfdr annex table indicator benchmark regulation annex delegated regulation article delegated regulation par policies related value chain workers esrs due diligence policies issues addressed fundamental international labor organisation conventions paragraph benchmark regulation commission delegated regulation annex par policies related value chain workers esrs processes engaging value chain workers impacts par processes engaging value chain workers impacts esrs processes remediate negative impacts channels value chain workers raise concerns par processes remediate negative impacts channels value chain workers raise concerns esrs taking action material impacts value chain workers approaches managing material risks pursuing material opportunities related value chain workers eﬀectiveness actions par taking action material impacts value chain workers approaches managing material risks pursuing material opportunities related value chain workers eﬀectiveness actions esrs human rights issues incidents connected upstream downstream value chain paragraph sfdr annex table indicator par taking action material impacts value chain workers approaches managing material risks pursuing material opportunities related value chain workers eﬀectiveness actions annual report moncler group disclosure requirement information element entity speciﬁc topic obligations legislation location sustainability statement esrs targets related managing material negative impacts advancing positive impacts managing material risks opportunities par targets related managing material negative impacts advancing positive impacts managing material risks opportunities esrs aﬀected communities esrs sbm interests views stakeholders found relevant double materiality analysis esrs sbm material impacts risks opportunities interaction strategy business model esrs policies related aﬀected communities esrs human rights policy commitments paragraph sfdr annex table indicator annex table indicator esrs non respect ungps business human rights ilo principles oecd guidelines paragraph sfdr annex table indicator benchmark regulation annex delegated regulation article delegated regulation esrs processes engaging aﬀected communities impacts esrs processes remediate negative impacts channels aﬀected communities raise concerns esrs taking action material impacts aﬀected communities approaches managing material risks pursuing material opportunities related aﬀected communities eﬀectiveness actions esrs human rights issues incidents paragraph sfdr annex table indicator esrs targets related managing material negative impacts advancing positive impacts managing material risks opportunities esrs consumers end users esrs sbm interests views stakeholders par sbm interests views stakeholders esrs sbm material impacts risks opportunities interaction strategy business model par sbm material impacts risks opportunities interaction strategy business model esrs policies related consumers end users par policies related consumers end users esrs policies related consumers end users paragraph sfdr annex table indicator annex table indicator par policies related consumers end users esrs non respect ungps business human rights oecd guidelines paragraph sfdr annex table indicator benchmark regulation annex delegated regulation article delegated regulation par policies related consumers end users esrs processes engaging consumers end users impacts par processes engaging consumers end users impacts esrs processes remediate negative impacts channels consumers end users raise concerns par processes remediate negative impacts channels consumers end users raise concerns esrs taking action material impacts consumers end users approaches managing material risks pursuing material opportunities related consumers par taking action material impacts consumers end users approaches managing material risks pursuing material opportunities related consumers end users eﬀectiveness actions moncler group annual report disclosure requirement information element entity speciﬁc topic obligations legislation location sustainability statement end users eﬀectiveness actions esrs human rights issues incidents paragraph sfdr annex table indicator par taking action material impacts consumers end users approaches managing material risks pursuing material opportunities related consumers end users eﬀectiveness actions esrs targets related managing material negative impacts advancing positive impacts managing material risks opportunities consumers end users par targets related managing material negative impacts advancing positive impacts managing material risks opportunities entity speciﬁc topic support communities support communities par entity speciﬁc material impacts risks opportunities interaction strategy business model par entity speciﬁc policies related support communities par entity speciﬁc actions resources related support communities par entity speciﬁc monitoring eﬀectiveness policies actions related support communities targets esrs business conduct esrs gov role administrative management supervisory bodies par gov role administrative management supervisory bodies esrs iro description processes identify assess material impacts risks opportunities par iro description processes identify assess material impacts risks opportunities esrs corporate culture business conduct policies par policies practices business conduct corporate culture esrs united nations convention corruption paragraph sfdr annex table indicator par policies practices business conduct corporate culture esrs protection whistle blowers paragraph sfdr annex table indicator par policies practices business conduct corporate culture esrs management relationships suppliers par management relationships suppliers esrs prevention detection corruption bribery par policies practices business conduct corporate culture although found non material double materiality analysis moncler group provides information corruption bribery esrs par ensure continuity reported consolidated non financial statements previous years esrs conﬁrmed incidents corruption bribery par policies practices business conduct corporate culture although found non material double materiality analysis moncler group provides information corruption bribery esrs par ensure continuity reported consolidated non financial statements previous years esrs fines violation anti corruption anti bribery laws paragraph sfdr annex table indicator benchmark regulation annex delegated regulation esrs standards anti corruption anti bribery paragraph sfdr annex table indicator esrs political inﬂuence lobbying activities par policies practices business conduct corporate culture although found non material double materiality analysis moncler group provides information annual report moncler group disclosure requirement information element entity speciﬁc topic obligations legislation location sustainability statement related political inﬂuence lobbying activities esrs par ensure continuity reported consolidated non financial statements previous years esrs payment practices par payment practices mdr metrics relation material sustainability matters metrics adopted relation relevant sustainability matter described individual chapters document accordance requirements european sustainability reporting standards esrs metric clearly identified precise names descriptions depending case methodologies applied significant assumptions adopted limitations methodologies detailed addition whether measurement validated external body different auditing firm also indicated unit measurement expressed currency one group financial statements applied entity specific metrics reported paragraph actions targets order contextualise progress moncler group annual report environment climate change pollution water biodiversity ecosystems resource use circular economy annual report moncler group climate change gov integration sustainability related performance incentive schemes sbm material impacts risks opportunities interaction strategy business model iro description processes identify assess material climate related impacts risks opportunities transition plan climate change mitigation policies related climate change mitigation adaptation actions resources relation climate change policies targets related climate change mitigation adaptation energy consumption mix scope ghg emissions total ghg emissions ghg removals ghg mitigation projects financed carbon credits taxonomy moncler group annual report gov integration sustainability related performance incentive schemes moncler remuneration policy deﬁned line governance model adopted company recommendations corporate governance code among aspects takes account sustainability targets including climate related ones whose achievement contributes assessment performance members administrative management control bodies detailed chapter esrs gov see also page short term incentive system management objectives mbo includes esg environmental social governance targets linked strategic sustainability plan concerning relevant year regard pillar plan relating climate change targets include among others improving energy eﬃciency reducing emissions esg indicator weight variable remuneration medium long term incentive system long term incentive lti includes share based incentive plans incorporating esg indicator tied speciﬁc sustainability goals relation ﬁght climate change ﬁrst cycle performance shares plan concern maintaining carbon neutrality group sites worldwide use energy renewable sources low emissions vehicles company ﬂeet compensation unavoidable residual emissions esg indicator weight variable remuneration see also page addition medium long term incentive system includes overperformance criterion reﬂects achievement high sustainability performance rating one leading esg rating agencies information regarding moncler remuneration system please refer remuneration report containing new policy submitted shareholders meeting april previous versions available website www monclergroup com governance remuneration section annual report moncler group sbm material impacts risks opportunities interaction strategy business model iro description processes identify assess material climate related impacts risks opportunities purposes double materiality process group identified assessed impacts risks opportunities related climate change assessment take account mitigation actions implemented group assessment impacts group relied data information collected years calculation monitoring energy consumption greenhouse gas emissions along entire value chain accordance guidelines greenhouse gas protocol see also pages assessments highlighted actual impacts emissions generated production processes activities attributable following types direct emissions scope generated directly managed corporate sites worldwide including offices stores production plants logistics hub indirect emissions attributable consumption purchased electricity scope relating directly managed corporate sites worldwide including offices stores production plants logistics hub emissions along value chain scope including upstream downstream activities assessment risks opportunities related climate change group also took account results analyses carried voluntary basis since according recommendations task force climate related financial disclosures tcfd focus four fundamental pillars governance strategy risk management metrics targets analyses coordinated head risk management function responsible integrated management risks enterprise risk management erm behalf director charge internal control risk management system icrms collaboration sustainability unit results assessments integrated erm model estimates probability occurrence ﬁnancial eﬀect risks approach helps identify monitor time assets business areas require greater eﬀorts transition towards lower impact model well deﬁne targeted mitigation actions ensure resilient business strategy analyses aim understand climate evolution trends could inﬂuence business activities providing solid basis adapting operational strategies long term results periodically shared control risks sustainability committee ensuring eﬀective supervision integration business strategy part process identiﬁcation climate related risks group identiﬁed physical risks related physical impact climate events identiﬁed tools climate risk maps example water related risks ﬂood risk aqueduct water risk atlas used transition risks arising process transition low carbon economy linked example changes public policies regulations technology client choices analyses carried considering directly managed sites value chain particular attention raw materials production sites supply chain moncler group annual report identiﬁed risks analysed qualitatively quantitatively relevant assessments updated periodically using climate scenarios consistent tcfd recommendations based scientiﬁc projections regarding physical risks assessment performed basis climate scenarios identiﬁed intergovernmental panel climate change ipcc rcp rcp rcp particular rcp represents intermediate emissions scenario aligned paris agreement rcp reﬂects business usual scenario increasing greenhouse gas emissions limited climate policies analysis performed three diﬀerent time horizons assess climate events evolve aﬀect business particular short term aligned group strategic business plan timeline medium term aligned group science based emission reduction commitments line science based targets initiative long term consistent group net zero commitment line international scientiﬁc evidence provided ipcc well goals paris agreement limit global temperature rise regard transition risks analysis carried basis two scenarios identiﬁed international energy agency iea outlines main potential pathways energy system evolution scenario reﬂects existing planned government policies without achieving goal containing temperature increase within decarbonised scenario sustainable development scenario sds considers pursuit main energy goals sustainable development including full access energy containment temperature increase well advanced economies expected reach net zero emissions also transition risks analysis carried three diﬀerent time horizons line done physical risks since group started quantify terms ﬁnancial implications risks opportunities identiﬁed since also taken account analyses potential eﬀects acute physical climate change events droughts ﬂoods may supply raw materials due supply chain disruptions price volatility particular analyses carried according rcp rcp scenarios cotton regarding cotton literature studies analysed project shown general plant inherently resistant heat resilient limited periods water scarcity however correlations global historical data occurrence extreme weather events show events intense prolonged droughts persistent ﬂoods aﬀect availability cotton areas thus lead increase price raw material following analysis carried group data ﬁnancial impact terms estimated increase annual operating costs deemed signiﬁcant organisation analysis conducted found signiﬁcant correlations global historical data occurrence extreme weather events result possible make assessments potential ﬁnancial impact group general results scenario analysis include assessments potential ﬁnancial impacts arising physical transition risks identiﬁcation mitigation measures allocation related ﬁnancial resources see also pages provide basis deﬁnition group climate strategy aim continuing include metrics targets used measure ﬁnancial eﬀect climate related risks opportunities group committed pursuing actions align tcfd recommendations details theoretical risks opportunities identiﬁed tcfd framework presented table additional information section also includes actions taken representative concentration pathway annual report moncler group group mitigate adapt risks promote opportunities details regarding elements analyses publicly reported annual cdp climate change questionnaire results analyses described represented starting point assessments carried part double materiality process see also pages took account theoretical risks exceeded materiality threshold physical risk deriving intensification extreme chronic climatic phenomena heavy rainfall heat cold waves drought phenomena etc could affect physical sites leading possible interruption reduction production levels business continuity risk associated changes client purchasing dynamics addition double materiality analysis theoretical reputational risk identiﬁed linked failure achieve climate targets deﬁned sustainability plan see also pages transition plan climate change mitigation moncler group considers fight climate change priority committed reducing carbon footprint mitigating risks potential effects climate change may activities tackling climate change collective challenge transcends corporate boundaries includes entire value chain goes beyond national borders involves sectors including companies governments non governmental organisations climate strategy moncler group represents fundamental pillar sustainability strategy examined approved board directors proposal control risks sustainability committee see also pages developed confirm group commitment reducing emissions sites also along value chain extraction raw materials production garments transportation end life management finished products group climate strategy based phased approach constantly monitored subject annual review particular moncler group committed reducing absolute scope scope emissions line ambition scope emissions per product unit sold compared line well ambition targets formally approved science based targets initiative sbti considered consistent contribution required undertakings limit maximum increase global temperatures compared pre industrial levels addition group monitoring endorsed cdp united nations global compact world resources institute wri world wide fund nature wwf science based targets initiative establishes promotes best practices setting science based targets addition evaluating companies targets moncler group annual report development ghg protocol land sector removals guidance forest land agriculture flag targets part theclimate strategy adopting renewable energy improving operational efficiency using preferred materials main levers reduce greenhouse gas ghg emissions accordance goals set united nations agenda sustainable development sustainable development goals sdgs details actions initiatives envisaged climate strategy described section actions resources relation climate change policies pages year progress also examined depth resources necessary implementation integrated group financial planning provides operating costs investments also line reported eligible aligned reporting relating taxonomy group also committed achieving net zero emissions throughout entire value chain line efforts required paris agreement limit increase global average temperature regard group ambition structured two complementary phases completed line science based targets initiative reduce scope ghg emissions neutralise residual emissions carbon removals source science based targets initiative sbti mind moncler group exploring carbon removal projects carbon storage activities could support path toward achieving net zero moncler committed reporting communicating impact climate change results mitigation activities transparent way sustainability statement cdp climate change questionnaire reference targets set locked greenhouse gas ghg emissions associated group owned assets result identiﬁed risks emissions could hinder achievement ghg emission reduction targets despite group continues constantly monitor assets ensure necessary ﬂexibility adapt sustainability emission reduction targets according united nations intergovernmental panel climate change ipcc net zero emissions achieved complex balance greenhouse gas ghg emissions produced absorbed ecosystems achieved oﬀsetting mechanisms particular contribute achievement net zero emissions companies reduce emissions oﬀset residual emissions according science based targets initiative achievement net zero involves scope ghg emissions moncler group given nature business excluded paris aligned benchmark pab ﬁnancial instrument introduced european union help investors support transition low carbon economy line goals paris climate agreement annual report moncler group policies related climate change mitigation adaptation moncler group environmental policy line values principles described code ethics supplier code conduct conﬁrms commitment improving environmental performance preventing minimising actual potential negative impacts natural resources people throughout value chain risk based approach deﬁnition targets particular policy deﬁnes group ambitions regarding reduction greenhouse gas ghg emissions terms mitigation adaptation climate change protection biodiversity water waste management products made preferred materials promotion culture sustainability policy inspired paris climate agreement united nations environment programme unep european green deal principles global compact aims contribute directly organisations group collaborates objectives described sustainable development goals sdgs moncler group applies environmental policy operations encourages adoption across entire supply chain particular moncler group requires suppliers business partners comply applicable environmental regulations countries operate well environmental safeguarding principles included group supplier code conduct process selecting potential partners work group due diligence process involves assessment environmental matters managed ensure full compliance policy moncler group undertakes invest technical economic professional resources speciﬁc reference climate change environmental policy reaﬃrms group commitment mitigating impact reducing direct indirect ghg emissions line objective paris climate agreement transparently quantifying monitoring communicating direct indirect ghg emissions adapting business model activities eﬀects climate change includes identifying assessing managing risks opportunities related climate change sites along supply chain regard direct ghg emissions environmental policy includes group commitments regarding electricity renewable sources owned directly managed sites worldwide alignment best environmental standards envisaged corporate sites stores minimising energy consumption promoting well employees clients regular monitoring business travel increasing number vehicles lower environmental impact group car ﬂeet maintaining carbon neutrality sites corporate sites implementing various initiatives reduce ghg emissions compensating residual direct emissions projects certiﬁed according highest standards regard indirect ghg emissions policy includes following commitments promoting involvement suppliers encouraging use renewable energy reduction ghg emissions line science based approach reducing environmental impact supply chain promoting use preferred materials collections reducing environmental impacts related transport identifying promoting use eﬃcient low impact solutions without aﬀecting operational eﬃciency compliance delivery times encouraging employees adopt alternative lower impact transportation providing shuttle service production sites reduce impact urban mobility moncler group annual report adopted group level environmental policy approved board directors receiving opinion control risks sustainability committee updated process deﬁning updating policy involves relevant corporate functions ensure always aligned international best practices updated according changes context progress towards environmental objectives document available italian english corporate intranet group website monclergroup com actions resources relation climate change policies following describes actions taken moncler group implement eﬀective environmental management system directly managed sites reduce scope greenhouse gas ghg emissions therefore group impacts well mitigate theoretical risks identiﬁed related climate change actions represent concrete commitment group continue take forward future consolidating strengthening implementation climate strategy initiatives reducing energy consumption scope emissions several years group adopting certiﬁed environmental management systems directly managed sites require careful monitoring speciﬁc indicators kpis continuous improvement plans also certiﬁcation environmental management system according iso standard maintained production site romania italian corporate sites logistics hub castel san giovanni piacenza addition moncler group implemented energy management system line iso standard oﬃces logistics hub production sites italy group also plans extend certiﬁcation recently launched facilities including hub ravarino modena stone island showroom milan production site romania new knitwear factory padernello paese treviso part certiﬁcation process moncler group adopted energy policy includes commitments described environmental policy focusing energy consumption management continuously improving energy performance order reduce energy consumption ghg emissions moncler group implementing various activities directly managed sites stores oﬃces production sites logistics hub use electricity renewable sources use electricity renewable sources key measure decarbonisation process group direct operations line commitments since moncler group sourced electricity renewable sources directly managed corporate sites worldwide group achieved result installation photovoltaic panels logistics hub castel san giovanni piacenza photovoltaic system contributed generation mwh energy stone island also photovoltaic system ravarino modena headquarters contributed generation mwh energy purchase electricity renewable sources also group continued switch conventional energy supply contracts renewable electricity contracts particular year group focused retail channel emea americas region managing convert contracts incorporating certiﬁed energy renewable sources annual report moncler group renewable energy supply available energy provider group continued purchase energy attribute certiﬁcates eacs including guarantees origin gos new zealand energy certiﬁcates nzecs non fossil value certiﬁcates nfcs international renewable energy certiﬁcates recs purchase cost energy attribute certiﬁcates integral part group annual ﬁnancial planning takes account potential expansions retail channel therefore increase energy consumption potential changes price certiﬁcates initiatives allowed group keep scope market based ghg emissions related consumption purchased electricity zero sites worldwide energy eﬃciency initiatives regards energy eﬃciency moncler group also continued installation low consumption lighting systems optimisation heating air conditioning systems moncler corporate sites line previous years refurbishment installation eﬃcient lighting systems continued replacement traditional lighting systems light emitting diode led bulbs thermal insulation systems ensure greater energy eﬃciency date entire production site romania logistics hub castel san giovanni piacenza equipped led systems milan headquarters almost lighting systems eﬃcient conventional systems corporate site trebaseleghe padua approximately lighting systems lower consumption ones addition renovation new hub ravarino modena continued expected completed including installation led heat pump heating systems regarding stores date moncler stores worldwide united states south korea japan europe equipped led lighting systems type system also planned stone island worldwide installed new stores line previous years also group continued implement activities aimed renewing store electrical systems using new technologies ensure energy saving regard since moncler began equipping stores building management systems bmss integrated management technological functions space access control lighting air conditioning aim implementing eﬃcient management energy consumption leed breeam environmental certiﬁcations since group initiated environmental energy certiﬁcation process stores new corporate buildings according leed standard adopting certiﬁcation requires implementation energy eﬃciency measures group committed implementing best practices energy management new project since moncler group committed obtaining leed certiﬁcation new stores given commitment moncler group currently eight stores certiﬁed according leed standard building operations maintenance three stores certiﬁcation latest generation leds addition oﬀering excellent light quality ensure estimated energy savings compared previously used lighting systems also generating less residual heat terms environmental impact led lights average lifespan signiﬁcantly longer traditional lights almost entirely made recyclable material excluding shop shops lighting systems provided host department stores worldwide therefore moncler cannot take action however end shop shops equipped led lighting systems excluding shops shops moncler group annual report stores certiﬁed according leed standard interior design construction stores certiﬁcation production sites group obtained certiﬁcation according leed standard building design construction extension production site romania started process new knitwear factory padernello paese treviso lastly breeam use certiﬁcation excellent level obtained logistics hub castel san giovanni piacenza proving eﬃcient management building energy environmental performance improvement low environmental impact car ﬂeet year group continued introduce low environmental impact vehicles car ﬂeet exceeding target bringing ratio low impact vehicles company ﬂeet strategic areas scope emissions mitigation due nature business model production mainly managed suppliers moncler group signiﬁcant environmental impacts indirect scope accounting group total emissions reduce indirect impact associated production distribution products within limits sphere inﬂuence moncler stone island encourage production logistics partners apply environmental best practices preferred materials among raw materials used including materials ﬁnished products packaging wool cotton main source ghg emissions followed synthetic materials nylon polyester reduce impact moncler group begun replace virgin materials alternatives recycled organic regenerative agricultural origin guarantee reduction terms emissions generated therefore represent key lever group climate strategy approach supports group commitment climate change also contributes mitigation environmental impacts see also pages particular moncler group identiﬁed set intermediate targets achieved preferred nylon preferred cotton wool certiﬁed speciﬁc standards responsible wool standard rws nativa sustainawool targets listed contribute reaching yarns fabrics preferred materials collections particular group used recycled organic cotton preferred nylon recycled certiﬁed wool responsible wool standard rws nativa sustainawool thanks purchase materials exception wool emission factor account beneﬁt switching lower impact solution yet deﬁned group avoided emitting tonnes compared purchase equivalent conventional raw materials addition group published raw material manual outlines criteria thresholds guide choice materials accessories lower environmental annual report moncler group impact line best practices animal welfare key raw materials line deﬁned manual moncler group also committed reduce consumption packaging materials research apply lower impact alternatives recent years group launched series programmes improving packaging design focused mainly recyclability usability ability last time well reducing materials used see also pages since packaging intended end client made preferred applies logistics packaging starting details progress made respect preferred materials provided pages regenerative agriculture since moncler group supported projects dedicated regenerative agriculture practices along cotton wool supply chains mitigation eﬀects ghg emissions impacts biodiversity implementation new impact measurement methodologies line latest reference standards particular among projects launched cotton supply chain group joined project regenerative agriculture developed tennessee collaboration ecosystem services market consortium esmc around hectares enabled removal approximately tonnes atmosphere impacts project veriﬁed certiﬁed sustaincert see also pages regarding wool supply chain project launched australia together pur projet extended include two additional farms see also pages group continues monitor development ghg protocol land sector removals guidance sbti flag forest land agriculture order include assessment positive impacts projects reporting regard group calculated flag emissions represent total scope decarbonisation supply chain group actively collaborates suppliers monitor energy consumption deﬁne targets plans aimed reducing carbon footprint recent years began mapping energy consumption type energy used along supply chain order integrate primary data production processes group carbon footprint identify together suppliers opportunities energy eﬃciency improvements transition energy renewable sources activity continued collection integration primary data relating energy consumption type energy used production sites direct suppliers sub suppliers date around electricity consumed sites comes renewable sources particular production sites photovoltaic systems process supported external partners data veriﬁcation phase allows group improve quality data used calculations environmental impacts monitor time virtuous actions implemented suppliers thanks consultancy support ﬁnanced group suppliers implemented energy eﬃciency measures identiﬁed energy assessments others started transition use electricity renewable sources refers ability product used multiple times multiple contexts without losing functionality performance quality non proﬁt organisation recognises rewards farmers environmental practices oﬃcial certiﬁcation body gold standard global goals credible robust standard aimed ensuring climate actions also contribute sustainable development goals organisation active insetting practices since pur projet certiﬁed corp global leader implementation nature based solutions moncler group annual report year collaboration also intensiﬁed selected group suppliers awareness campaign promotes adoption best industry practices deﬁnition emission reduction targets increased use renewable energy given commitment group become partner apparel impact institute aii looking forward group continue work suppliers energy intensive processes example dyeing ﬁnishing encourage implement energy eﬃciency programmes strengthen approach moncler group set committee dedicated overseeing supply chain decarbonisation programme composed key ﬁgures top management purchasing procurement team managers sustainable supply chain team sustainability unit committee combines strategic operational expertise ensuring integrated multidisciplinary approach among others main responsibilities include guiding supplier engagement strategy emissions reduction overseeing activities implemented monitoring progress order ensure achievement group decarbonisation targets body represents fundamental pillar promoting eﬀective energy transition throughout supply chain favouring collaboration corporate functions suppliers logistics system logistics strategic planning integration team recent years developed sustainability expertise logistics create additional tools align best practices carried several initiatives reduce environmental impacts logistics costs including engineering optimised routes reduce distances travelled streamlining transport frequencies ﬂows entering production hubs minimise travel optimise ﬂows promotion use means transport lower environmental impact though deﬁnition sustainability minimum requirements space eﬃcient packaging deliver volume product less space use packaging lower environmental footprint conventional packaging particular year group continued development logistics processes focusing increasing level automation standardisation integration systems main logistics service providers corporate platforms strengthened important milestone full integration stone island distribution logistics system group operating model integration included insourcing commerce channel including warehouse activities direct management end client distribution addition process integrating industrial logistics launched leverage synergies logistic models stone island moncler group also promotes shared culture logistics partners promote adoption sustainable modes transport support commitment progressively introduced sustainability minimum requirements smrs logistics service supply contracts aimed mitigating preventing emissions smrs already mandatory main contracts emea region progressively extended suppliers operational areas recent years moncler made changes packaging used transport ﬁnished products achieving signiﬁcant reduction handled volumes led reduction need means transport consequently environmental impacts generated terms atmospheric emissions addition group considering actions integrated coming years lastly also moncler compensated last mile emissions commerce channel south korea japan americas emea regions continued use annual report moncler group ups carbon neutral service option also extended stone island commerce ﬂows emissions distribution industrial logistics amounted tonnes representing reduction compared initiatives promote sustainable mobility employees moncler group aware impact urban mobility encourages employees adopt solutions low environmental impact years group launched several initiatives reduce environmental impact commuting time oﬀer convenient alternative services employees example car pooling initiative employees trebaseleghe oﬃce padua continued initiative encouraged group contribution provided make car available enables moncler people beneﬁt moments socialisation colleagues also limiting environmental impact travel addition year moncler continued promote use bicycles making company bicycles available employees milan trebaseleghe padua oﬃces applied aim encouraging individual mobility alternative using private transport urban travel travel oﬃces production site romania moncler group continued provide shuttle bus service commuting system beneﬁted around people prevented emission around another tonnes would generated employee travelled private means corporate sites italy mobility manager responsible promoting sustainable mobility employees past three years development work home travel plan whtp updated annually particular based continuous updating mapping corporate sites aimed analysing workplace accessibility transport solutions used employees distance travelled time spent possible areas intervention identiﬁed order reduce pollutant emissions promote alternative commuting modes regard group oﬀered mobility services employees italy sharing mobility purchase public transport subscriptions addition tool based gamiﬁcation made available encourages virtuous behaviours employees choose low impact vehicles commute bicycles walking trams buses etc platform group also collects monthly information emissions saved used update whtp emissions related commuting represent approximately scope initiatives mitigate theoretical risks related climate change group put place series measures mitigate effects theoretical risk deriving intensification extreme chronic weather phenomena example heavy rainfall heat cold waves drought phenomena etc could affect physical sites resulting potential interruption reduction production levels operational continuity particular adopts insurance coverage aimed limiting economic impact deriving potential damage due extreme weather phenomena regularly assesses physical risks related climate example exposure area hydrogeological geomorphological risks based results risk assessments group adapts design site order minimise exposure identified risks addition group defined action plans deal quickly value calculated considering emissions would generated employees used shuttle service used private cars moncler group annual report effectively potential emergency situations relating logistics services order guarantee business continuity compared risk associated changes purchasing dynamics clients potential preferences lower impact products lighter garments group begun introduce products preferred materials collections years bio based jacket range garments created recycled fabrics moncler grenoble collection launch moncler collections selection born protect jackets project became total look including sustainable garments accessories currently thanks collaboration design fabric research development operations merchandising teams group progressively integrating collections fabrics yarns lower impact conventional solutions collections addition moncler expanded range products years including along new categories including shirts sweatshirts knitwear shoes accessories lightweight jackets worn milder temperatures multilayer solutions offer opportunities use environmental sustainability training moncler group created dedicated course employees aim raising awareness increasing knowledge environmental matters course accessed various devices available group digital platforms organised four modules course explores several topics including climate change biodiversity water resource management resource eﬃciency circularity climate change module guides employees challenges opportunities one pressing issues time presents clear overview fundamental concepts ranging deﬁnition classiﬁcation greenhouse gases global local impacts climate change module also explores topic carbon footprint tool measure emissions organisation describes main mitigation strategies adopted moncler group reduce impact annual report moncler group targets related climate change mitigation adaptation following provides detailed overview targets included sustainability plan results achieved relating act climate nature pillar outline group future commitments promoting implementation concrete environmental initiatives line defined environmental policy targets use preferred materials contribute reduction scope emissions reported pages legend target achieved target time target delayed targets results act climate nature reduce emissions sdg reduction absolute scope emissions line science based targets ambition reduction scope emissions per product unit sold line science based targets well ambition net zero absolute scope emissions absolute scope emissions ongoing carbon neutral directly managed corporate sites worldwide offices stores production sites logistics hub ongoing renewable energy directly managed corporate sites worldwide offices stores production sites logistics hub carbon neutrality maintained directly managed corporate sites worldwide offices stores production sites logistics hub electricity used directly managed corporate sites worldwide renewable sources offices stores production sites logistics hub absolute value scope scope market based emissions base year target tonnes scope scope market based tonnes respectively targets deﬁned line scope group ghg inventory scope absolute value considered target base year equal tonnes line recommendations science based targets initiative scope emissions covered target include emissions associated use sold product moncler group annual report low environmental impact vehicles group corporate car fleet worldwide ongoing leed certification new corporate buildings ongoing leed certification new stores excluding shops shops hybrid electric vehicles group corporate car fleet worldwide launched leed building design construction certification process new moncler headquarters milan completed continued leed certification process group new stores worldwide compensated unavoidable residual emissions projects certified voluntary market focusing respectively circular economy renewable energy ongoing promotion measures energy efficiency renewable energy throughout supply chain continued supply chain engagement programme includes addition energy assessment activities aimed identifying concrete actions reduction energy consumption promotion energy renewable sources activities support suppliers defining emissions reduction targets according internationally recognised standards safeguard biodiversity sdg update analysis impact strategic raw materials biodiversity updated analysis impact strategic raw materials biodiversity according developments science based targets nature support initiatives zero deforestation sustainable forest management paper cardboard wood materials used group made exclusively recycled reused raw materials raw materials certified forest stewardship council fsc programme endorsement forest certification pefc continued working groups deforestation regulation annual report moncler group launch regenerative agriculture projects cotton wool supply chains reduce avoid impacts biodiversity wool supply chain extended regenerative agriculture project australia pur projet expansion number farms involved cotton supply chain continued support unlock project extensions farms india united states continued collaboration ecosystem services market consortium expanding projects tennessee moncler group annual report energy consumption mix energy consumption direct indirect energy consumption moncler group sites mainly due production activities italy romania italian logistics hub castel san giovanni piacenza well facility heating air conditioning lighting use equipment corporate offices moncler stone island stores moncler group recorded energy consumption mwh sites marking increase due increase direct production acquisition leasing new buildings increase workforce growth group direct store network however decrease total scope emissions market based direct energy consumption mwh total energy consumption total energy consumption fossil sources fuel consumption coal coal products fuel consumption crude oil petroleum products fuel consumption natural gas fuel fuel consumption non renewable sources consumption purchased acquired electricity heat steam cooling fossil sources share fossil sources total energy consumption consumption nuclear sources share consumption nuclear sources total energy consumption total consumption energy renewable sources fuel consumption renewable sources including biomass also comprising industrial municipal waste biological origin biogas renewable hydrogen etc consumption purchased acquired electricity heat steam cooling renewable sources consumption self generated non fuel renewable energy share renewable sources total energy consumption non renewable energy generation renewable energy generation calculation electricity gas consumption data collected ﬁrst ten months year available remaining months case partial information consumption estimated data include consumption emissions car ﬂeet reference global perimeter group car ﬂeet included hybrid electric vehicles respective vehicle consumption factors applied data include total energy consumption calculated basis information collected utility bills includes electricity consumption related full electric vehicles ﬂeet line ghg protocol guidelines ﬁgure includes green energy certiﬁed energy attribute certiﬁcate eac including renewable energy certiﬁcate rec guarantee origin international renewable energy certiﬁcate rec non fossil certiﬁcates nfc ﬁgure includes consumption electricity photovoltaic systems installed group sites energy generation lower due failure one group photovoltaic plants temporarily compromised operation annual report moncler group total energy consumption activities high climate impact sectors per net revenues activities high climate impact sectors gross scope total ghg emissions moncler group ghg emissions total scope market based emissions amounted tonnes registering reduction absolute terms compared scope emissions tonnes total scope location based scope emissions total scope market based scope emissions standard methodology used calculate group ghg emissions consistent principles guidelines greenhouse gas protocol initiative ghg protocol ghg emissions reported equivalent metric allows emissions various greenhouse gases compared based global warming potential gwp ghg emissions considered include reference period considered calculation group emissions corresponds fiscal year categories exception related materials used production finished garments categories specifically category raw materials production finished garments category end life product data considered refer materials used collections scope emissions moncler group scope market based emissions amounted tonnes registering reduction compared compared line climate targets defined group particular total scope emissions reduced compared mainly due lower use natural gas whose emissions represent scope also achieved result series investments made electrification natural gas consumption installation heat pumps group companies operate sales retail sector nace section classiﬁed high climate impact revenues generated energy consumption attributed activities revenues correspond reported item revenues explanatory notes consolidated financial statements high climate impact sectors listed nace sections section deﬁned regulation annex relevant delegated regulation regarding disclosure rules sustainable investments biogenic emissions related ghg emissions generated group operations value chain detected calculations based gwp factors provided ipcc global assessment average percentage annual reduction scope scope emissions market based reduction target compared base year moncler group annual report regard scope emissions market based emissions generated purchase electricity amounted tonnes line group commitment continuing source electricity exclusively renewable sources scope emissions tonnes direct emissions scope natural gas diesel petrol refrigerant fluids percentage scope emissions regulated emissions trading schemes indirect emissions scope location based market based total emissions scopes location based market based reduction scope market based emissions normalised revenues approximately emissions per million euros revenues compared calculation emissions ﬁnancial control considered coincides operational control scope scope emissions increase emissions compared mainly linked introduction petrol hybrid company cars replace vehicles powered exclusively diesel resulting increase petrol consumed refrigerant gas leakages recorded group moment operates outside emissions trading system ets regulated emissions market fall within sectors activities subject monitoring trading obligations european ets ﬁgures include moncler group assuming stone island consolidated january see appendix table including data relating stone island last nine months acquisition date value scope market based emissions normalised revenues annual report moncler group scope intensity unit measurement scope intensity net revenues intensity scope emissions location based tco intensity scope emissions market based scope intensity per employee intensity scope emissions location based tco number employees intensity scope emissions market based scope emissions reference ghg emissions generated along value chain group scope emissions calculated significant categories amounted approximately tonnes registering decrease approximately absolute terms compared previous year ghg emissions generated production raw materials textile processing production finished garments represent group scope emissions moncler continued process improving completeness quality data included emissions calculations thanks information collected traceability process depth collection data suppliers energy consumption inclusion collections preferred materials nylon polyester made recycled raw materials organic cotton avoided tonnes details group progress made preferred materials see pages group expects years choices along activities taken chain see also pages continue contribute years reduction ghg emissions line commitments made sbti emissions related group industrial distribution logistics amounted approximately tonnes registering reduction compared previous year mainly thanks efforts made optimise distribution logistics volumes promote lower impact means transportation emissions related business travels commuting recorded increase compared due growth number group employees scope emissions broken categories considered significant group revenues correspond reported item revenues explanatory notes consolidated financial statements average percentage annual reduction scope emissions reduction target compared base year approximately value calculated considering emissions would generated group used conventional raw materials distribution logistics responsible management transport distribution ﬁnished products clients industrial logistics handles management material ﬂows upstream supply chain well wheels wtw value emissions logistics transport calculated accordance glec framework moncler group annual report scope emissions tonnes scope emissions purchased goods services capital goods fuel energy related activities transportation distribution ship air road train waste business travel employee commuting upstream leased assets third party warehouses processing sold products use sold products end life treatment sold products downstream leased assets franchises investments details methodology calculation scope categories see following table ﬁgure calculated applying location based emission factors scope categories except category third party warehouses purchased goods services emissions associated categories primary data available included calculation applying relevant market based emission factors percentage scope emissions calculated primary data approximately emissions calculated using regionalised emission factors cultivation farming phase raw materials production processes along supply chain important material codes group made possible thanks information collected purposes group traceability goals primary data energy consumption certain suppliers used gathered onsite energy assessments campaign collect speciﬁc information energy practices adopted production sites direct indirect suppliers calculation capital goods category accurate methodology used granular data available methodological reﬁnement applied previous years would result non material variation category applicable moncler group group use leased assets third parties whose impacts already included scope reporting category applicable moncler group since sold products require processing transformation category applicable moncler group assets leased companies category applicable moncler group business model group franchises category applicable moncler group since companies group invests fully consolidated therefore emissions already included scope data annual report moncler group scope category calculation methodology purchased goods services category includes emissions purchase raw materials production finished garments raw material nylon wool cotton polyester others emissions calculated considering volumes terms weight composition country origin available production processes weaving knitting dyeing assembly finishing emissions estimated based volumes processes involved country processing took place calculation primary data energy consumption specific energy mix collected direct indirect suppliers specific emission factors applied purchased material accurately estimate impact raw material production processing phases fibres processes data source world apparel footwear life cycle assessment database waldb datasets related countries available waldb adapted according national energy mix capital goods category includes emissions related capex investments associated activities linked manufacturing machinery new openings renovations expansions stores buildings software hardware emission factors applied monetary values estimate impact category exiobase multi regional input output database adjusted inflation rate used fuel energy related activities category includes emissions upstream activities related direct indirect energy consumption already reported scopes emissions calculated multiplying energy consumption specific emission factor source iea well tank emission factors applied calculate indirect emissions transportation distribution category includes emissions resulting inbound outbound logistics managed group data related logistics flows mapped updated necessary collaboration moncler logistics partners material flows include transportation yarns fabrics suppliers logistics hub castel san giovanni piacenza transportation yarns fabrics garment manufacturers transportation finished products garment manufacturers logistics hub castel san giovanni piacenza transportation finished products distribution centres network stores commerce channel managed directly moncler emission factors applied calculate group logistics emissions based glec framework emissions category last two months year estimated basis data volumes modes transport used previous ten months waste category includes emissions calculated using volumes type waste hazardous non hazardous generated moncler group operations assuming average distance collection waste truck assess total impact following disposal methods considered recycling incineration energy recovery recovery operations disposal operations landfill emission factors used come ecoinvent moncler group annual report business travel category includes emissions calculated considering total number trips made employees divided train air travel emissions calculated multiplying total distance travelled emission factor corresponding means transport used source glec data category provided travel agencies collaborating moncler group emissions category last two months year estimated basis data distance travelled means transport used previous ten months employee commuting category includes emissions calculated using information collected survey aimed investigating means transport used group employees corporate retail worldwide italy emea excluding italy americas asia employee workdays split commuting remote working differentiate person days remote working days specific emission factors ecoinvent used based means transport used employees upstream leased assets category applicable moncler group emissions related assets leased moncler group included scope emissions third party warehouses energy data third party warehouses collected dedicated surveys emission factors applied based iea parameters processing sold products category applicable moncler group since sold products require processing transformation use sold products category includes emissions calculated based total units sold reporting year moncler group relevant garment care information calculation based indirect use phase washing ironing drying reported product specific care labels used estimate maintenance processes applicable life cycle product category specific emission factors applied product category taking account materials type maintenance required end life treatment sold products moncler group directly manage phase estimated impact accordance ghg protocol depending material volumes disposal methods recycling recovery packaging specific emission factors used calculate emissions source ecoinvent dwonstream leased assets category applicable moncler group assets leased companies franchises category applicable moncler group business model group franchises investments category applicable moncler group since companies group invests fully consolidated therefore emissions already included scope data annual report moncler group ghg removals ghg mitigation projects financed carbon credits carbon neutrality group maintained carbon neutrality directly managed sites worldwide maintain climate neutrality line done past years scope market based emissions reduced compared previous year unavoidable residual emissions compensated three projects certiﬁed voluntary market focused respectively circular economy renewable energy ﬁrst project supported certiﬁed according gold standard relates expansion highly energy eﬃcient plastic waste recycling plant romania initiative adds contribution towards implementation two projects aim increase access energy renewable sources photovoltaic plant certiﬁed according veriﬁed carbon standard mauritius islands shore wind plant certiﬁed according gold standard vietnam three projects important environmental point view also social perspective created new job opportunities raised awareness among local communities environmental topics importance recycling sustainable management local resources monitor reduction compensation greenhouse gas emissions sites group annual basis monitors implementation group guidelines procurement renewable energy collaborates relevant corporate departments continuously identify areas improvement energy eﬃciency monitors energy consumption related emissions using dedicated company tools support consulting ﬁrm collaborates recognised partners purchase renewable energy certiﬁcates eacs credits aligned major international standards gold standard veriﬁed carbon standard vcs line requirements sbti carbon credits purchased projects contribute scope emission reduction trajectories deﬁned group carbon credits unit measurement carbon credits outside value chain verified according recognised quality standards tco removal projects mitigation projects share removal projects share mitigation projects achieving carbon neutrality involves reducing impacts emission reduction activities purchasing energy renewable sources using eﬃcient lighting systems using vehicles low environmental impact compensating residual emissions carbon credits generated positive impact projects credit certiﬁed according international standards gold standard veriﬁed carbon standard vcs certiﬁes tonne reduced removed atmosphere carbon credits purchased group note included within corresponding adjustments provided article paris agreement moncler group annual report breakdown type standard gold standard verified carbon standard recognised standards share projects developed annual report moncler group taxonomy regulation introduced taxonomy european regulatory system determine whether economic activity considered environmentally sustainable stimulate transparency green finance transactions identifying degree environmental sustainability investment environmentally friendly economic activities assessed basis whether contribute six environmental objectives climate change mitigation climate change adaptation sustainable use protection water marine resources transition circular economy including regards reduction recycling waste pollution prevention control protection restoration biodiversity ecosystems considered environmentally sustainable activities must meet specific criteria including contributing positively least one six environmental objectives complying technical criteria identified delegated acts adopted european commission negative impacts objectives dnsh significant harm criterion carried accordance minimum safeguarding guarantees regulation requires information provided share turnover capital expenditures capex operating expenses opex associated economic activities taxonomy eligible aligned calculation methodology results indicators provided taxonomy regulation turnover based interpretation current applicable requirements group determined main commercial activities among currently identified regulations reference two environmental objectives mentioned consequently considered eligible date preparation document calculation turnover indicator consolidated net turnover used denominator regard numerator view mentioned considerations interpretation taxonomy regulation date publication document part turnover obtained sale products services associated economic activities considered eligible aligned relation objectives taxonomy identified moncler group annual report proportion turnover products services associated taxonomy aligned economic activities disclosure covering year share turnover total turnover taxonomy aligned objective taxonomy eligible objective ccm cca wtr ppc bio capex capital expenditures capex indicator calculation denominator considered increases tangible fixed assets intangible assets year depreciation revaluations including arising restatements reductions value excluding changes fair value particular denominator includes acquisitions tangible fixed assets ias intangible assets ias assets rights use ifrs regards numerator increases fixed assets related purchase output economic activities included taxonomy relating measures implemented contribute objective set legislation called climate change mitigation considered eligible activities mainly include investments construction work related opening new stores production plants expansion renovation company offices existing stores particular focus energy efficiency improvements energy consumption reductions buildings investments fall economic activities categorised renovation existing buildings installation maintenance repair energy efficiency equipment installation maintenance repair instruments devices measuring regulation controlling energy performance buildings regulation particular investments concerned activity new knitwear factory padernello paese treviso renovation buildings ravarino modena economic activities investments relating new store openings moncler stone island taken account financial year substantial contribution criteria dnsh criteria significantly harm economic activities code turnover proportion turnover year climate change mitigation climate change adaptation water pollution circular economy biodiversity climate change mitigation climate change adaptation water pollution circular economy biodiversity minimum safeguards proportion taxonomy aligned eligible turnover year category enabling activity category transitional activity text mln taxonomy eligible activities environmentally sustainable activities taxonomy aligned turnover environmentally sustainable activities taxonomy aligned enabling transitional taxonomy eligible environmentally sustainable activities taxonomy aligned activities turnover taxonomy eligible environmentally sustainable activities taxonomy aligned activities turnover taxonomy eligible activities taxonomy non eligible activities turnover taxonomy non eligible activities total annual report moncler group alignment analysis carried verifying adherence aforementioned activities technical screening requirements dnsh criteria relating climate change mitigation objective compliance minimum safeguards carrying activity reference analysis verification alignment technical screening requirements dnsh criteria taxonomy adoption energy efficiency requirements building measures directly managed sites considered line objectives related act climate nature pillar group strategic sustainability plan particular focus guidelines implemented moncler stone island design new openings relocation stores new company buildings ensuring integration criteria obtaining leed certification analyses specific three activities carried specialised third party supported group monitoring verifying alignment construction project taken consideration taxonomy requirements design phases construction site phases regard verification compliance minimum safeguards part due diligence activities compliance principles code ethics group ensured suppliers involved activities described comply company standards human workers rights anti corruption practices good governance taxation fair competition based analyses conducted determined share capital expenditure classified aligned approximately corresponding totality investments related eligible activities proportion capex products services associated taxonomy aligned economic activities disclosure covering year alignment percentage rises excluding impact right use assets accounted accordance ifrs capital expenditure capex associated eligible economic activities aligned taxonomy contributing objective provided legislation called climate change mitigation comparable due diﬀerent allocation expenses across various economic activities moncler group annual report share capex total capex taxonomy aligned objective taxonomy aligned objective ccm cca wtr ppc bio opex calculating operating expenditures opex indicator denominator includes non capitalised direct costs related research development short term leasing maintenance repair well direct expenses connected daily maintenance property plant equipment company third parties tasks outsourced necessary ensure continuous effective functioning assets expenses relating daily operation property plant equipment raw materials cost employees using machine electricity fluids necessary operation assets included regarding numerator costs included denominator relating purchase output eligible aligned economic activities according taxonomy relating measures implemented contribute objective set legislation called climate change mitigation taken account particular costs related maintenance activities aimed ensuring operation energy systems energy efficiency reduction energy consumption company premises included associated economic activity categorised installation maintenance repair energy efficiency equipment regulation alignment analysis carried following process used group capex analysis showed share operating expenses considered aligned limited therefore numerator considered equal zero proportion opex products services associated taxonomy aligned economic activities disclosure covering year value updated compared published consolidated non financial statement basis methodological reﬁnement adopted financial year substantial contribution criteria dnsh criteria significantly harm economic activities code opex proportion opex year climate change mitigation climate change adaptation water pollution circular economy biodiversity climate change mitigation climate change adaptation water pollution circular economy biodiversity minimum safeguards proportion taxonomy aligned eligible opex year category enabling activity category transitional activity text mln taxonomy eligible activities environmentally sustainable activities taxonomy aligned opex environmentally sustainable activities taxonomy aligned enabling transitional taxonomy eligible environmentally sustainable activities taxonomy aligned activities opex taxonomy eligible environmentally sustainable activities taxonomy aligned activities opex taxonomy eligible activities taxonomy non eligible activities opex taxonomy non eligible activities total annual report moncler group share opex total opex taxonomy aligned objective taxonomy aligned objective ccm cca wtr ppc bio nuclear fossil gas activities reference disclosure pursuant article paragraphs regulation requires use templates provided annex xii reporting activities related nuclear energy fossil fuels templates omitted representative company business activities row nuclear energy related activities undertaking carries funds exposures research development demonstration deployment innovative electricity generation facilities produce energy nuclear processes minimal waste fuel cycle undertaking carries funds exposures construction safe operation new nuclear installations produce electricity process heat including purposes district heating industrial processes hydrogen production well safety upgrades using best available technologies undertaking carries funds exposures safe operation existing nuclear installations produce electricity process heat including purposes district heating industrial processes hydrogen production nuclear energy well safety upgrades fossil gas related activities undertaking carries funds exposures construction operation electricity generation facilities produce electricity using fossil gaseous fuels undertaking carries funds exposures construction refurbishment operation combined heat cool power generation facilities using fossil gaseous fuels undertaking carries funds exposures construction refurbishment operation heat generation facilities produce heat cool using fossil gaseous fuels moncler group annual report pollution iro description processes identify assess material pollution related impacts risks opportunities policies related pollution actions resources related pollution targets related pollution annual report moncler group iro description processes identify assess material pollution related impacts risks opportunities context double materiality analysis theoretical risk non compliance regulations aimed reducing environmental pollution water air soil along supply chain identiﬁed assessment take account mitigation actions implemented group activities fact cultivation production ﬁnishing certain raw materials may involve use certain types chemicals date aforementioned risk considered material group internal production processes mainly related manufacturing garments laboratory testing research development activities involve limited managed quantity chemicals relation environmental pollution emerging issue fashion industry release microﬁbres detach fabrics production use especially washing synthetic identiﬁed microplastics may persist diﬀerent periods environment date available research microﬁbre release still insuﬃcient fully understand potential impacts extent eﬀects example unique standardised approach monitor identify microﬁbre release throughout product lifecycle limited knowledge environmental impacts related diﬀerent types ﬁbres factors inﬂuencing microﬁbre release time eﬀective strategies reduce phenomenon still study group aware importance issue collaborates suppliers organisations participates working groups fully understand causes extent phenomenon identify feasible solutions within context group also committed raising awareness among clients limit environmental impacts use products particular minimize materials deterioration reduce risk microplastics release useful information included labels dedicated sections brand website providing guidance garment composition care garments mainly contain synthetic ﬁbres outerwear usually subjected frequent washing recognising need scientiﬁc knowledge topic group reserves right reassess materiality microplastics issue additional evidence becomes available policies related pollution line principles deﬁned group code ethics supplier code conduct environmental policy see also pages group committed complying applicable regulations simultaneously requires suppliers promoting high environmental standards direct activities along supply chain order prevent pollution incidents potential impacts environment local communities addition use chemicals regulated group product restricted substances list prsl applies products materials group manufacturing restricted substances list mrsl applies production processes documents take account applicable laws well voluntary parameters line group commitment adopting proactive approach identify progressively replace potentially hazardous chemicals suppliers contractually bound adhere guidelines also published corporate website monclergroup com see also page group mrsl deﬁned considering key industry standards zero discharge hazardous chemicals zdhc stone island adhered since includes insights speciﬁc requirements moncler group annual report prsl developed support veriﬁcation consultants testing certiﬁcation companies considering requirements major industry standards including american apparel footwear association aafa camera nazionale della moda italiana certiﬁcation schemes independent bodies taking account speciﬁc characteristics products brands document lists names relevant chemicals formulations cas chemical abstract service registry number analysis methods detection limits used along reference parameters complied actions resources related pollution group aware importance regulating chemicals used production processes monitors application standards along supply chain order prevent possible contamination water sludge materials products particular mrsl prsl deﬁne substances suppliers sub suppliers must monitor various production phases products materials well related reference parameters respected order prevent mitigate risk potential issues related products materials processes provide basis proper production methodology root cause analysis mrsl prsl regulate chemicals apply levels supply chain involved production materials products addition suppliers sub suppliers especially managing wet processes encouraged proactively develop chemical management system monitor test also qualiﬁed third parties chemicals wastewater sludge well materials components products treatments includes continuous updating formulation inventories chemical inventory related documentation well batch traceability screening testing diﬀerent chemical formulations least seasonally sample basis inspections addition moncler stone island require suppliers adopt rigorous practices handling storing transporting disposing chemicals practices aim prevent pollution caused accidental spills leaks improper discharges suppliers required ensure products services provided comply legal requirements stricter group requirements case issues investigate causes apply appropriate corrective actions always compliance applicable regulations speciﬁc country state selling brands monitor compliance requirements based sampling procedure deﬁnes samples tested frequency tests performed group suppliers testing activities carried seasonally begin materials research phase continue prototyping sampling production phases see also pages samples substances tested selected taking account type materials fabrics leather etc used formulations used production process dyes ﬁnishing agents etc availability documentation frequency quantities used supply chain etc tests components water chemical formulations ﬁnished products conducted iso accredited third party testing laboratories commissioned suppliers group addition tests context ethical social environmental audits moncler stone island pay particular attention environmental compliance suppliers controls group veriﬁes suppliers comply applicable regulations adequate environmental management systems place key element audit concerns management storage methods hazardous chemicals veriﬁed suppliers adopt appropriate safety measures secondary containment systems updated material safety data sheets easy access legible additionally compliance annual report moncler group wastewater regulations proper waste management availability environmental training programs employees monitored information ethical social environmental audits please see pages addition standard environmental module included ethical social environmental audits nine speciﬁc environmental audits carried sample fabric ﬁnishing dyeing suppliers addition wastewater analyses companies wet processes examined covering sample fabric dye spinning tanning suppliers critical non compliance found carried activities finally risks may arise cultivation phases natural raw materials mitigated commitment increase use certiﬁed cotton according organic certiﬁcation schemes gots ocs limit use pesticides chemical fertilisers harmful practices promoting instead methods careful protect ecosystems biodiversity see also pages targets related pollution group aims continue mitigation activities described coming years strengthening commitment monitoring managing chemicals includes continuous updating key documents mrsl prsl align evolving regulations maintaining proactive approach identifying progressively replacing regulating potentially hazardous chemicals moncler group annual report water iro description processes identify assess material water related impacts risks opportunities policies related water actions resources related water targets related water annual report moncler group iro description processes identify assess material water related impacts risks opportunities aware water critical resource protected since group periodically assessing impact water resources water footprint analysis process constitutes starting point assessments double materiality analysis allows monitoring quantiﬁcation direct water consumption related oﬃces stores production sites logistics hub indirect consumption along supply chain raw materials extraction production phases well processing assembly stages ﬁnished garments activity carried collaboration specialised external partner follows principles deﬁned iso standard water footprint principles requirements guidelines water footprint calculation method combines direct indirect consumption data available water remaining aware water risk index reﬂects water scarcity associated analyzed geographical area date results analyses shown signiﬁcant consumption therefore potential negative impacts aquifers due excessive water withdrawal consequent eﬀect ecological balance water bodies primarily occur along supply chain particularly production phases natural animal derived raw materials cotton wool assessment take account mitigation actions implemented group due nature group business direct water consumption contrast less signiﬁcant mainly relates sanitary services minimal extent steam production ironing facilities small dyeing facility stone island prototyping department group integrated water footprint results speciﬁc assessment water stress risk areas italy romania oﬃces production sites logistics hub located well along supply chain critical suppliers see also page involved processes characterised signiﬁcant water consumption dyeing painting ﬁnishing analysis conducted using public available aqueduct water risk atlas tool world resources institute identiﬁes areas high water stress ratio annual water withdrawal available water exceeds additional analysis showed date neither group sites critical suppliers located high water stress areas view continuous improvement group committed expand depth analysis including areas supply chain policies related water moncler group stated code ethics environmental policy supplier code conduct see also pages promotes eﬃcient use natural resources including water resources regularly assesses water consumption sites along supply chain identiﬁes potential risks associated scarcity quality quantity see also pages water directly managed corporate sites worldwide oﬃces stores production sites logistics hub along supply chain group committed ensuring compliance applicable environmental laws concerning water audits conducted independent third party entities well identifying opportunities innovation programmes reduce water consumption moncler group annual report actions resources related water last years group launched series activities aimed identifying improvement actions contributing commitments deﬁned environmental policy regarding direct consumption group adopts environmental management system according iso standard production sites italy romania italian corporate sites logistics hub castel san giovanni piacenza whose objectives include eﬃcient use water resources addition group initiated process obtaining environmental energy certiﬁcation stores new corporate buildings according leed standard requires eﬃciency measures including related water consumption see also pages regard direct consumption relating oﬃces stores production sites logistics hub group main source water supply municipal aqueducts fact water consumption primarily associated sanitary facilities lesser extent steam production ironing departments small dyeing facility stone island prototyping department consequently wastewater comparable residential buildings therefore discharged sewage system total water consumption amounted showing slight increase compared due increase direct production acquisition rental new buildings roughly increase group workforce expansion retail network direct water consumption water withdrawals water consumption water discharges signiﬁcant water consumption occurs production phase raw materials natural animal origin purchased group regarding synthetic ﬁbres highest water consumption recorded processing dyeing stages yarns fabrics indirect water consumption along supply chain related production processing raw materials amounted marking decrease compared reduction due lower amount cotton used group increased use preferred materials lower impact water resources direct water consumption oﬃces production site logistics hub primary data used water consumption stores outlets water withdrawals data collected sample leed certiﬁed stores used water consumption indices applied sample estimate total consumption entire network directly managed stores outlets since group direct withdrawals based consumption similar sanitation services almost water withdrawn discharged urban water systems water consumption represents portion water returned system due evaporation losses mainly caused extraction pre sanitisation treatment wastewater treatment annual report moncler group indirect water consumption indirect water consumption production finished products raw materials processing group continued regenerative agriculture projects supply chains natural animal ﬁbers cotton wool initiatives help restore ecological functions areas involved also increase soil capacity store water thereby improving resilience drought conditions see also pages throughout year group also continued multi year research project launched collaboration umberto veronesi foundation focusing identifying mechanisms employed speciﬁc cotton varieties survive optimise growth drought conditions study aims understand improve resilience species selected agriculture less favourable environmental scenario limited water resources particular study included implementation experimental ﬁeld milan selected cotton varieties analysed represent widest possible geographical distribution cultivation region variety morphological physiological molecular traits measured data along environmental variables radiation temperature recorded experiment correlated using statistical models identify key genes biological processes greater drought resistance could contribute development cotton varieties better suited arid climates requiring less water maintaining productivity even context climate change finally moncler group introduced environmental training course available employees includes module water resource management module designed provide employees necessary tools understand fundamental concepts including water stress explores calculation organisation water footprint analysing direct indirect consumption see also page targets related water group aims assess continue mitigation activities described coming years strengthening commitment monitoring managing water resources furthermore group goal continue reﬁning analyses conducted date enriching increasingly granular data also line compliance requirements corporate sustainability reporting directive involves engaging suppliers upstream value chain collect information regarding water consumption production processes identifying theoretical risks ﬁnding solutions mitigate potential impacts well continuing promote regenerative agriculture projects indirect water consumption related production extraction processing raw materials estimated using data materials used already considered calculating raw materials ﬁnished garment production category scope emissions thus ensuring consistency calculation perimeter analysis mainly based world apparel life cycle database waldb collects data production major textile ﬁbres natural synthetic main countries origin also including speciﬁc information processing turn waldb based ecoinvent leading global database life cycle assessment lca apparel products indirect water consumption associated production extraction raw materials cotton coltivation livestock raising phase wool production processes synthetic ﬁbres indirect water consumption associated processing spinning weaving dyeing manufacturing ironing garment dyeing etc moncler group annual report biodiversity ecosystems sbm material impacts risks opportunities interaction strategy business model iro description processes identify assess material biodiversity ecosystem related impacts risks opportunities policies related biodiversity ecosystems actions resources related biodiversity ecosystems targets related biodiversity ecosystems annual report moncler group sbm material impacts risks opportunities interaction strategy business model moncler group periodically conducts analyses monitor location directly managed corporate sites oﬃces stores production sites logistics hub supply chain respect ecologically vulnerable areas analyses serve foundation assessments carried part double materiality analysis see also pages date group sites located biodiversity sensitive areas carry activities could generate relevant impacts related soil degradation deforestation desertiﬁcation regard supply chain certain areas natural raw materials wool cashmere cotton potential negative impacts ecosystems living organisms identiﬁed impacts could stem soil degradation example result possible intensive farming practices unregulated grazing activities deforestation phenomena assessment take account mitigation actions implemented group iro description processes identify assess material biodiversity ecosystem related impacts risks opportunities since moncler group periodically conducted analyses impact biodiversity leveraging active collaboration suppliers information gathered raw materials traceability process key component identiﬁcation assessment impacts across supply chain approach aligned new technical guidelines setting science based targets nature science based targets network sbtn initiative updated support qualiﬁed third party organization analysis focused raw materials potentially relevant impacts biodiversity speciﬁcally natural origin mainly wool cashmere cotton used spring summer fall winter collections update included initial assessment phase identiﬁed land water use pollution key areas potential impact value chain nature based ﬁndings prioritization phase began taking account relevance impact urgency actions technical economic feasibility sbtn guidelines outline new methodologies implementing measuring targets scientiﬁc basis freshwater soil methodologies validated small group companies various sectors used large scale companies wish deﬁne targets moncler group annual report policies related biodiversity ecosystems outlined environmental policy moncler group committed promoting protection natural habitats animal welfare areas production sites supply chains located recognising importance safeguarding ecosystems biodiversity collaborating suppliers external partners assess biodiversity impacts across diﬀerent stages supply chain mapping sourcing areas strategic raw materials cotton wool etc aim identifying managing potential issues deﬁning progressively implementing biodiversity strategy aimed avoiding operations near biodiversity relevant areas whether globally nationally adopting measures minimise intensity extent unavoidable impacts promoting restoration essential ecological functions aﬀected ecosystems possible responsible procurement processes favour lower impact management practices pastures agricultural land forests actions resources related biodiversity ecosystems based results biodiversity impact analysis series actions prioritized mitigate potential risks following avoid reduce restore regenerate transform framework within group operations along supply chain actions implemented focus restore regenerate increasing use raw materials sourced agricultural farming practices lower impact biodiversity compared traditional methods outlined raw material manual see also pages group progressively incorporating certiﬁed materials collections natural raw materials certiﬁcations include global organic textile standard gots regenagri organic content standard ocs responsible alpaca standard ras responsible mohair standard rms responsible wool standard rws aim reduce environmental impact protect biodiversity standards promote responsible land use combat deforestation seek preserve natural ecosystems limiting pollution land degradation approximately cotton used collections comes organic practices around wool certiﬁed according speciﬁc standards see also page promotion regenerative agriculture projects since group committed supporting regenerative farming practices cotton wool supply chains contributing biodiversity impact mitigation reduction greenhouse gas emissions regenerative agriculture approach aimed improving soil health fertility increasing capacity absorb carbon atmosphere also protecting water resources biodiversity since group participated two speciﬁc projects related cotton supply chain unlock programme pilot project india united states promoted annual report moncler group fashion pact cotton project ecosystem services market consortium esmc alabama tennessee aimed support cotton farmers application regenerative farming practices group continued support collective unlock project year involved indian american farmers additionally collaboration esmc strengthened expanding projects tennessee group also launched regenerative agriculture project wool supply chain australia pur projet promoting adoption regenerative farming practices animal rearing project extended increasing number participating farms reﬁning speciﬁc agricultural practices supported local collaborations expertise reduce progressive introduction preferred materials including recycled ones stated raw material manual see also pages group progressively introducing preferred materials collections include addition organic materials materials certiﬁed according speciﬁc standards recycled ones help reduce use virgin raw materials date key raw materials comply raw material manual group collections yarns fabrics made preferred materials see also page use reused wood logistics processes years group using logistics processes pallets wooden tools made reused wood avoid key raw materials traced aim among others identifying areas potential risk biodiversity essential activity environmental analyses concerning biodiversity also climate change well social assessments traceability products production processes practice holding increasingly central role business strategies supporting identification assessment risks opportunities impacts across supply chain since group tracked regional level volume nylon polyester cotton wool fabrics yarns addition traceability already achieved raw material since particular raw materials natural animal origin specifically cotton wool traced growing farming stages including applicable processes spinning weaving knitting dyeing finishing synthetic raw materials specifically nylon polyester traced spinning phase including applicable weaving dyeing printing finishing processes depending material type maturity technical solutions available market various activities projects verify information explored include laboratory tests certifications ensure reliability robustness collected information instance isotope tests used cotton materials verify declared geographical origin dna tests carried organic cotton materials investigate presence genetically modified organisms gmos finally materials made recycled polyester tests conducted investigate presence specific indicators relating recycled content certified materials gots ocs grs etc suppliers non proﬁt organisation recognises rewards farmers environmental practices organisation active insetting since pur projet certiﬁed corp global leader implementation nature based solutions value calculated based total weight materials used production spring summer fall winter collections moncler group annual report required provide certifications documents proving compliance required standard digitalisation consolidation traceability data enhanced platform managed collaboration third party entity optimising data collection suppliers project proven crucial deepening understanding supply chain dynamics improving quality primary data enabling accurate carbon water footprints analyses promotion sustainable forest management group uses paper cardboard wood materials made exclusively recycled reused raw materials sourced responsibly managed supply chains ensuring deforestation recognised certifications forest stewardship council fsc programme endorsement forest certification pefc paper cardboard materials fsc pefc certified previously mentioned wood used logistics processes reused transform participation biodiversity working groups several years group actively involved working groups roundtables industry peers experts field sbti sbtn fashion pact gain deeper insights issues related biodiversity impact various activities aim participating also collaborative projects see also paragraph promotion regenerative agriculture projects targets related biodiversity ecosystems group commitment subject continue coming years sustainability plan objectives results achieved regarding biodiversity protection legend target achieved target time target delayed targets results act climate nature safeguard biodiversity sdg update analysis impact strategic raw materials biodiversity updated analysis impact strategic raw materials biodiversity according developments science based targets nature support initiatives zero deforestation sustainable forest management paper cardboard wood materials used group made exclusively recycled reused raw materials raw materials certified forest annual report moncler group stewardship council fsc programme endorsement forest certification pefc continued round tables deforestation regulation launch regenerative agriculture projects cotton wool supply chains reduce avoid impacts biodiversity wool supply chain extended regenerative agriculture project australia pur projet expansion number farms involved cotton supply chain continued support unlock project extension farms india united states continued collaboration ecosystem services market consortium expanding projects tennessee think circular bold use lower impact materials compared conventional solutions sdg yarns fabrics preferred materials yarns fabrics used collections made preferred materials collections preferred cotton used collections around cotton used collections organic recycled collections wool certified specific standards example responsible wool standard rws nativa sustainawool around wool used collections made certified materials example responsible wool standard rws nativa sustainawool collections use lower impact packaging compared conventional solutions sdg ongoing packaging end clients made preferred materials packaging moncler stone island end clients made preferred materials ongoing zero single use virgin plastic fossil origin zero single use virgin plastic fossil origin moncler group annual report ongoing packaging used logistics processes made preferred materials group logistics packaging made preferred materials fair strengthen traceability systems raw materials sdg ongoing key raw materials traced key raw materials nylon polyester cotton wool traced key raw materials line raw material manual published group raw material manual key raw materials line group raw material manual light new guidelines science based targets network introduced july group updating approach biodiversity conservation aim establishing baseline potential deﬁnition science based targets nature annual report moncler group resource use circular economy iro description processes identify assess material resource use circular economy related impacts risks opportunities policies related resource use circular economy actions resources related resource use circular economy targets related resource use circular economy resource outﬂows moncler group annual report iro description processes identify assess material resource use circular economy related impacts risks opportunities part double materiality analysis assessment fashion industry dynamics client expectations public opinion esg investor perspectives identiﬁed circular economy opportunity context moncler group committed adopting increasingly circular business model strengthening competitive advantage positioning brand focused environmental social issues implementing circular economy model requires fully integrating environmental considerations products processes acting multiple fronts range selection materials use recycled raw materials initiatives aimed extending product use lifespan including dedicated repair services garment design also plays strategic role enabling recovery recycling additionally packaging distribution usage involve processes materials capable ensuring lower environmental impact aspects require aptitude towards innovation experimenting new solutions collaborating actors supply chain although activities may require initial investments development innovative technologies redeﬁnition certain processes transition represents opportunity foster cooperation across entire value chain generating positive eﬀects business environment policies related resource use circular economy moncler group deﬁned environmental policy see also pages committed designing manufacturing high quality products made last time promoting adoption circular economy models eco design approaches based products production processes addressing various aspects selection preferred materials design garments aimed facilitating recycling recovery use production processes packaging lower environmental impact initiatives extend product use lifespan dedicated garment repair services conducting annual environmental impact assessments speciﬁc materials components life cycle assessment lca analyses line iso standards identify make appropriate changes design material selection phases progressively increasing share certiﬁed lower impact raw materials collections prioritising widely used recycled nylon preferred cotton recycled organic regenerative regarding preferred materials moncler group published raw material manual corporate website guide deﬁnes shared criteria research development purchasing procurement teams tool speciﬁc aim guiding decisions related research selection purchase raw materials considering environmental social animal welfare impacts manual provides overview general characteristics main raw materials used including fabrics yarns made nylon polyester cotton wool describing materials aim lower impact compared conventional solutions used moncler group example materials recycled organic certiﬁed according speciﬁc standards annual report moncler group number speciﬁc raw materials well identiﬁes critical points hotspots outlines targeted actions mitigate additionally manual details two types requirements mandatory requirements must haves essential criteria met within raw materials supply chain best practice requirements good practice recommended best practices raw material selection considered part group improvement process additional mandatory requirements guidelines raw material manual subject periodic revisions updates include additional raw materials ensure continuous alignment evolution group regulatory framework process supported advice industry experts identify best practices line group proactive approach logistical production packaging well one intended end client use oﬃces since group introduced manual developed technical support experts line international standards deﬁnes guidelines selection preferred materials used creation packaging display items used stores window displays aim guiding functions moncler stone island responsible designing selecting items guidelines based key principles including reducing amount materials used simplifying structure products view eco design favouring mono material easily disassembled articles promote reuse recyclability reducing use virgin raw materials especially fossil origin favouring materials renewable sources recycling designing items used long time used recycled selecting materials validated environmental performance supported documentary evidence measurements possible certiﬁed using materials comply group restricted substances list rsl guidelines shared heads department involved implementation application areas creativity design purchasing research development sustainability communication speciﬁc training sessions context waste management outlined environmental policy moncler group committed minimising waste generation production sites oﬃces stores monitoring volumes waste produced properly managing waste particular recycling recovery activities non hazardous waste applying best practices disposal hazardous materials corporate oﬃces warehouses production sites logistics distribution hubs managing waste produced sites exclusively authorised recognised partners establishing continuous dialogue partners organisations promote knowledge circular economy identifying new solutions reuse generated waste particular focus textile production scraps processes allow reuse original purpose thus reducing need new resources see also pages details moncler group annual report actions resources related resource use circular economy reviewing various stages product life cycle circular economy perspective increasingly becoming focal point order minimise resources used extend garment lifespan promote material recovery product use preferred materials several years group introducing products made preferred materials collections preferred aim lower impact compared conventional solutions used moncler group materials recycled organic certiﬁed according speciﬁc standards journey began bio based jacket designed plant based natural origin materials continued range garments made recycled fabrics moncler grenoble collection culminating january launch selection born protect jackets made entirely materials lower impact compared conventionally used brand moncler born protect range expanded become total look including addition jackets various types garments accessories made fabrics components low environmental impact certiﬁed according speciﬁc sustainability standards fall winter collection continued evolve addition fabrics components recycled dist speciﬁcally dist recycled innovative mechanical process used jackets see also pages since addition focusing speciﬁc projects moncler group line commitments made sustainability plan basis raw material manual progressively included raw materials lower impact conventional materials used group moncler stone island collections indicated speciﬁc hangtags products collaboration design fabric research development operations merchandising teams involvement supply chain group aims integrate yarns fabrics lower impact conventional solutions used group collections work commitment teams involved led signiﬁcant progress yarns fabrics used fall winter spring summer collections moncler stone island lower impact compared conventional solutions used group result achieved adopting recycled nylon recycled polyester approximately cotton organic recycled practices certiﬁed wool responsible wool standard nativa sustainawool certiﬁed alpaca responsible alpaca standard mohair certiﬁed responsible mohair standard since stone island addition materials also integrated new treatments collection maintaining technical performance aspect products lower environmental impacts reduced water consumption treatments compared conventional solutions soft shell dye waterless colour system assessment environmental impact materials components supported life cycle assessment lca analyses quantify potential environmental impacts analyses based structured methodology line iso certiﬁed independent external third party useful tool various considerations sustainability products processes materials used date group products assessed using lca methodology values preferred materials paragraph take account total weight yarns fabrics used production spring summer fall winter collections annual report moncler group since dedicated training programme created order continue spread sustainability culture provide technical knowledge sales assistants programme aims increase knowledge good environmental social practices characteristics certiﬁcations corporate objectives preferred materials components used collections program involves entire sales force adoption recycling solutions one phases circular economy model group devoted particular attention recent years reuse production scrap materials eﬃcient resource management end group actively works production sites various suppliers reduce scrap waste consequently textile waste optimising use cutting fabrics implementing infrastructure needed recycle maintain intrinsic value unavoidable scrap recycling networks production scrap turned recycled raw materials driving production new materials contributing promotion circular economy since activities led inclusion recycling process nylon production scrap generated moncler group direct sites italy romania since project also extended moncler brand outerwear production network leading recycling total nylon scrap also made possible thanks collaboration moncler sustainable innovation department set scope parameters methods recycling operations supply chain department implemented nylon scrap management process according procedure year nylon scraps classiﬁed collected line operators speciﬁc recycling categories weighed recorded stored sent recycler order monitor correct assignment nylon scraps respective recycling category group carried physical process checks sites well diﬀerential scanning calorimetry analyses performed sample basis third party laboratories recycler site nylon scrap may subject unravelling shredding melting cooling extrusion ﬁnally cutting material chips used secondary raw material stone island project renamed raw beauty continued aim recovering cotton scraps generated suppliers production stages garment subjecting mechanical recycling process process results yarns containing least recycled cotton used make models including outerwear trousers sweatshirts shirts sweaters winter collection furthermore ﬁnished garments treated dyeing processes order fully enhance intrinsic qualities recycled cotton entire process veriﬁed third party organisation validated recycled content materials origin production scraps moncler aim reducing production waste enhanced smart factory trebaseleghe padua introducing ﬁltering system designed optimise management processing scraps system allows collection scattered subjecting ﬁltration process removes impurities making reusable thanks constant collaboration suppliers identify innovative solutions circular economy perspective business moncler since combined expertise supplier specialised recycling technologies resulting machine innovative mechanical process allows recycling dist patented process ﬁnalised italy launched international level last three years process led recycling approximately tonnes present moncler garments certiﬁed according dist module dist protocol sets requirements recycled certiﬁcation moncler group continues work reﬁning system selecting recycling garments cannot sold collaboration several international companies leaders fabric reuse recycling practices depending category products recycled put various moncler group annual report uses creation new yarns components jackets production furnishings objects often used visual merchandising stores direction moncler group joined crea consortium coordination camera nazionale della moda italiana consortium founded organise management textile fashion products end life promote research development innovative recycling solutions group commercial strategy based principle scarcity operational point view eﬀective inventory management translating eﬃcient production planning right quantities right time right place order avoid excessive inventories approach combined high level sell allows limit amount unsold products seasonal garments speciﬁcally oﬀered one season diﬀer carry overs reoﬀered several seasons remain unsold placed outlet channel operated company marketed family friends sales initiatives collaboration non governmental organisations ngos donated people diﬃcult situations warmly moncler programme designed protect people cold lastly limited number remaining products recycled innovative also experimental processes ability last time key principles circular economy garments ability last time always part moncler dna high quality products way stand fashion trends ensure long average life characteristic foundation extra life project service aimed giving moncler jackets second life making speciﬁc repairs thanks eﬃcient personalised service also carry repairs damaged fabrics thus extending product life since project active regions moncler operates initiative part process increasing clients awareness contribute avoiding environmental impact associated production purchase disposal new garments initiative services sales channel moncler brand handled requests repairs garments used clients equal tonnes fulﬁlled garments cannot repaired returned clients recycled terms clients use products order increase ability last time information also included product labels appropriate composition care section site provides guidance garment care washing search innovative solutions group innovation journey based open innovation model encourages exploration development ideas solutions skills processes materials collaboration universities innovation centres suppliers diﬀerent sectors well accelerator hubs research bodies end speciﬁc programs national international start ups institutes accelerators universities constant collaboration suppliers included order identify innovative solutions business sustainable innovation team among various activities works closely operations supply chain teams identifying partners various regions guarantee innovative cutting edge techniques recycling main product categories addition sustainability unit set working groups external organisations identify circularity solutions aimed reducing impact materials annual report moncler group packaging moncler group committed reducing packaging materials well researching adopting lower impact alternatives compared conventional solutions recent years group also launched several programmes improve packaging design particular focus recyclability reusability packaging products end clients used logistics processes made preferred materials order promote recyclability possible use single material packaging item foreseen castel san giovanni piacenza logistics hub recycling process implemented involving private partner operating facility ensure proper eﬀective management recycling packaging materials materials used packaging logistical intended end clients recyclable recycled regarding reusability packaging intended end clients reusable showing increase compared among initiatives reduce weight materials used stone island replaced traditional stone paper used shopping bags recycled paper resulting reduction weight bag furthermore years group eliminated single use plastic packaging used logistic transport shoes procedure introduced optimise amount packaging used internal shipment samples fabric accessories various corporate functions consequent savings materials used addition bands eliminated group logistics packaging years moncler commerce channel allowed clients choose two types packaging made preferred materials signature packaging products presented reusable moncler box tied tricolour ribbon external logistics box made recycled paper responsibly managed forests inner box composed recycled sources inner garment covers well hangers included jackets made post consumer recycled plastic materials addition last mile delivery done ups carbon neutral service americas emea regions whereas korea japan moncler neutralises emissions compensating projects moncler born protect packaging used orders uses reduced number packaging layers packaging products lightweight reusable materials external logistics box always made recycled paper responsibly managed forests inner bags well hangers made post consumer recycled plastic type packaging well last mile delivery takes place ups carbon neutral service americas emea regions emissions compensating korea japan regarding application alternatives lower impact compared conventional ones materials used total packaging moncler stone island consists paper cardboard sourced responsibly managed forests made recycled materials percentage points approximately materials used group packaging plastic made recycled bio based compostable materials since single use virgin plastic fossil origin eliminated third used material wood represented reused logistics pallets remaining materials include synthetic ﬁbres recycled natural materials artiﬁcial materials metals particular refers ability product used multiple times multiple contexts without losing functionality performance quality includes packaging used logistics production end clients oﬃces ordered moncler group annual report packaging end client since moncler group packaging end clients made preferred mostly reusable materials made last particular paper cardboard come responsibly managed forests fsc pefc certiﬁcation made recycled materials percentage points higher last year increase mainly achieved switching recycled paper hangtags button bags moncler collection recyclable municipal collection system composite materials cannot separated packaging intended end clients ordered paper mainly used shopping bags whose paper recycled gift boxes tags shoe boxes material type used total packaging material type total moncler group material type total moncler group paper cardboard recycled recyclable reusable fsc pefc certified plastic recycled bio based recyclable compostable reusable wood recycled reused recyclable reusable synthetic fibres recycled recyclable reusable metal recycled reused recyclable reusable natural fibres recycled recyclable reusable recycled recyclable reusable bio based artificial fibres recycled recyclable reusable annual report moncler group second used material plastic recycled reusable particular accessories garment covers zippers bags used commerce channel made recycled plastic well hangers redesigned removable hook thus promoting correct recycling process moreover moncler group transitioned purchasing hangers made pre consumer recycled plastic made post consumer recycled plastic third used material packaging end clients synthetic fibres recycled used garment bags well accessory knitwear bags natural fabrics almost entirely represented certiﬁed organic cotton mainly used accessories bags logistics packaging materials used group logistic packaging paper cardboard responsibly managed forests fsc pefc certification made recycled materials plastic recycled compostable bio based since packaging used logistics consists preferred materials logistics packaging ordered material type used packaging end clients material type total moncler group material type total moncler group paper cardboard recycled recyclable reusable fsc pefc certified plastic recycled recyclable reusable synthetic fibres recycled recyclable reusable metal recycled reused recyclable reusable natural fibres recycled recyclable reusable recycled recyclable reusable moncler group annual report material type used logistics packaging material type total moncler group material type total moncler group paper cardboard recycled recyclable reusable fsc pefc certified plastic recycled bio based recyclable compostable reusable wood recycled reused recyclable reusable metal recycled reused recyclable reusable recycled recyclable reusable single use plastic impact plastic environment especially single use virgin plastic become important issue planet group progressively reduced use single use virgin plastic fossil origin complete phase date single use plastic ordered group consists recycled plastic compostable bio based plastic decision replace single use virgin plastic mainly recycled plastic stems life cycle assessment conducted politecnico milan identify best alternative environmental technical performance point view analysis showed recycled plastic reduces emissions water consumption compared virgin plastic addition preferring recycled plastics weight many single use items reduced thus allowing reduction unit weight decrease use raw materials single use plastic moncler group plastic recycled bio based recyclable compostable includes total single use plastics ordered one used packaging annual report moncler group paper paper cardboard used group come responsibly managed forests fsc pefc given significant use materials constantly focus improvement projects linked reduction use possible increase percentage recycled material date group paper made recycled material paper moncler group paper recycled recyclable reusable fsc pefc certified waste waste generated moncler group direct activity primarily composed packaging material oﬃce waste textile processing scraps actions taken group area waste management closely aligned objectives deﬁned environmental policy minimise waste generation maximise recycling reduce environmental impacts activities regard corporate oﬃces production sites logistics hub amount waste generated signiﬁcantly higher sites company implements environmental management system certiﬁed according iso standard group generated around tonnes waste sites less particular waste generated corporate oﬃces production sites logistics hub sent landﬁll incineration without heat recovery result achieved thanks series programmes aimed maximise material sent recycling networks implemented support companies specialised proper waste disposal recent years group implemented hoc procedures processes management textile materials inventories fabric scraps unsold garments regard group sent textile waste material recycling line ﬁgure made possible continuous dialogue partners organisations explore innovative solutions integrate recycling programmes minimise material sent waste energy landﬁlls particular sustainability innovation team continued research collaboration external partners identify solutions recycling recovery textile material ﬁnished garments previous years unsold garments sent incineration energy recovery landﬁll rather recycled recover fabric yarn materials regard textile scraps use recovery group continued actively collaborate production sites various suppliers reduce scrap losses consequently textile waste optimising use cutting fabrics implementing infrastructure needed recycle maintain intrinsic value unavoidable scrap example also nylon production scraps group direct sites recycled details disposal method broken waste type see also page includes total paper ordered one used packaging moncler group annual report reducing amount waste sent incineration landﬁll helped avoid greenhouse gas emissions associated waste treatment positive impact environment also alignment group emission reduction targets moncler actively engages employees encouraging properly dispose waste accordance local regulations best practices support commitment group developed course environmental sustainability includes module dedicated eﬃcient use resources circularity course covers key concepts distinction renewable non renewable resources main characteristics waste produced explores beneﬁts circular approach fashion industry lastly previously described since group member crea consortium founded industry brands coordinated camera nazionale della moda italiana manage textile fashion products end lives promote research development innovative recycling solutions targets related resource use circular economy detailed overview targets sustainability plan results achieved relating think circular bold pillar conﬁrm group future voluntary commitments promoting dedication circular economy legend target achieved target time target delayed targets results think circular bold use lower impact materials compared conventional solutions sdg yarns fabrics preferred materials materials aim deliver reduced impacts compared conventional equivalents used moncler group example recycled organic certified according specific standards yarns fabrics used collections made preferred materials collections preferred nylon used collections nylon used collections made preferred material example recycled collections value considers total weight yarns fabrics used production spring summer fall winter collections annual report moncler group preferred cotton used collections around cotton used collections organic recycled collections merino wool used collections mulesing free certified wool certified specific standards example responsible wool standard rws nativa sustainawool around merino wool used collections made materials certified mulesing free collections around wool used collections made certified materials example responsible wool standard rws nativa sustainawool collections extend products life sdg ongoing least nylon production scraps group direct production sites moncler brand outerwear suppliers recycled nylon scraps recycled direct sites since recycling extended moncler external outerwear production network reaching total outerwear nylon scraps ongoing extra life advanced repair service developed global level extra life advanced repair service moncler garments available regions use lower impact packaging compared conventional solutions sdg ongoing packaging end clients made preferred materials packaging moncler stone island end clients made preferred materials ongoing zero single use virgin plastic fossil origin zero single use virgin plastic fossil origin ongoing packaging used logistics processes made preferred materials group logistics packaging made preferred materials spread sustainability culture employees involved environmental training programme worldwide delivered environmental training programme employees worldwide moncler group annual report resource outflows data refer oﬃces logistics hub italy production site romania include waste directly managed local municipalities data include waste generated stores group retail network ﬁgure estimated using primary waste volume data collected sample store subject leed certiﬁcation waste relates mainly packaging material products sold estimated total tonnes data mainly refer obsolete decommissioned electronic devices group generate radioactive waste line volumes non recycled waste higher since increase mixed packaging materials currently disposed using processing methods group worked partner identify implement actions recover recycle waste resource outflows type tonnes non hazardous waste paper cardboard mixed packaging wood plastic fabric metal glass hazardous waste total waste produced resource outflows destination tonnes waste generated hazardous waste diverted disposal hazardous waste diverted disposal preparation reuse hazardous waste diverted disposal recycling hazardous waste diverted disposal recovery operations non hazardous waste diverted disposal non hazardous waste diverted disposal preparation reuse non hazardous waste diverted disposal recycling non hazardous waste diverted disposal recovery operations hazardous waste directed disposal hazardous waste directed disposal incineration hazardous waste directed disposal landfill hazardous waste directed disposal disposal operations non hazardous waste directed disposal non hazardous waste directed disposal incineration non hazardous waste directed disposal landfill non hazardous waste destined disposal disposal operations non recycled waste percentage non recycled waste annual report moncler group social workforce workers value chain consumers end users entity speciﬁc support communities moncler group annual report workforce sbm material impacts risks opportunities interaction strategy business model policies related workforce sbm interests views stakeholders processes engaging workers workers representatives impacts processes remediate negative impacts channels worforce raise concerns taking action material impacts workforce approaches managing material risks pursuing material opportunities related workforce eﬀectiveness actions targets related managing material negative impacts advancing positive impacts managing material risks opportunities characteristics undertaking employees diversity metrics characteristics non employee workers undertaking workforce collective bargaining coverage social dialogue adequate wages social protection persons disabilities training skills development metrics health safety metrics work life balance metrics compensation metrics pay gap total compensation incidents complaints severe human rights impacts annual report moncler group sbm material impacts risks opportunities interaction strategy business model people central element creating long term value moncler group thanks people group successfully face market challenges supporting brands reaching potential reason group aware essential eﬀectively identify manage impacts risks opportunities related workforce ensuring people supported valued policies programmes initiatives promote well professional development favour attraction retention talent actual positive impacts moncler group workforce identiﬁed double materiality analysis linked strategy business model focusing promoting employee well satisfaction dedicated beneﬁts ﬂexible working hours competitive remuneration packages stimulating career paths supported training skills development programmes initiatives contribute strengthening group competitive position attractive responsible employer regarding potential negative impacts may arise systemic situations individual events work related accidents particularly areas exposed risk likeproduction environments occupational illnesses well incidents discrimination potential risks related diﬃculty attracting retaining talent key ﬁgures fashion luxury sector group adopted targeted mitigation measures including continuous improvement working conditions promoting safety culture implementing policies ensure equity inclusiveness oﬀer competitive remuneration packages among opportunities identiﬁed double materiality analysis emerged strengthening internal skills know partial internalisation production moncler group employees grouped three main categories corporate includes employees strategic support functions retail includes personnel employed stores production refers involved manufacturing activities garment production organisation roles responsibilities includes ﬁve macro categories executives senior executives represent top levels business functions units responsible formulating business functional strategies direct impact overall performance company managers responsible implementing certain operational activities processes generally direct management team people category also includes senior managers lead implementation business functional strategies coordinating resources professionals individuals possess specialist skills manage activities processes relevant organisation cases may responsible coordinating group experts white collars perform specialised operating duties tasks generally assigned oﬃcer reference workers involved areas closely related production logistics processes addition categories non employee workers although formally integrated personnel contributes achievement business objectives key categories include interns consultants temporary workers moncler group annual report policies related workforce principles guiding management protection group people outlined code ethics human rights policy human resources policies principles inspired highest standards comply current regulations collective labour agreements present see also pages documents cover various key areas including recruitment selection hiring well health safety equal opportunities employee growth development remuneration parental leave speciﬁcally diversity equity inclusion committee responsible promoting diversity forms assessing developing internal policies line group business vision supported operational team committee continuously monitors progress works integrate diversity business practices published corporate intranet policies constantly monitored group chief people organisation oﬃcer ensure eﬀective implementation recruitment selection hiring group recruitment selection hiring policy recently updated reﬂect insights internal survey diversity related topics document strengthens processes makes increasingly transparent inclusive basing objective criteria document outlines various phases recruitment selection process analysis organisational needs choice management internal external channels used collect applications includes guidelines handling speciﬁc cases example integration employees disabilities policy inspired principles values code ethics including commitment oﬀering equal opportunities ensuring non discrimination based ethnicity skin colour religion marital status age nationality disability gender identity aﬀective orientation personal characteristics policy aimed particular group employees involved recruitment selection hiring processes directly responsible managing processes candidates development training equal opportunity professional development growth policy group committed providing equal professional growth opportunities employees without discrimination based ethnicity skin colour religion marital status age nationality disability gender identity aﬀective orientation political opinions social background form discrimination recognised national international levels policy developed following action plan drawn edge certiﬁcation process see also pages also included survey addressed employees headquarters policy based key principles equitable access learning development opportunities always based competences qualiﬁcations performance moreover development programmes accessible employees regardless geographical location department professional category open permanent ﬁxed term full time project based temporary workers another core principle application meritocratic criteria performance evaluations career advancements reward contribution business success policy ensures prestigious international certiﬁcation conﬁrms company commitment gender equality promotion inclusive fair work environment edge certiﬁcation represents globally recognised standard assessing improving equality inclusion policies within companies providing concrete framework identify targeted measurable actions annual report moncler group transparency fairness evaluation criteria career development paths regular feedback discussions managers also align evolving business needs responsibility implementation policy shared among human resources department managers employees play active role growth programmes remuneration stated human rights policy moncler group remuneration system designed attract motivate retain people professional qualities required company business growth group deﬁnes updates remuneration system taking account speciﬁc criteria including external market benchmarks internal equity role characteristics assigned responsibilities well distinctive skills people always done approach focused impartiality equal opportunities meritocracy maximum objectivity avoiding form discrimination countries operates group oﬀers entry level salaries equal minimum required law collective bargaining without gender based diﬀerences including regard overtime pay beneﬁts remuneration takes account cost living essential needs ensure decent standard living living wage employees families group also ensures compliance contractually agreed payment schedules publicly listed company moncler adopted remuneration policy directors statutory auditors strategic managers aligned best market practices recommendations corporate governance code policy reviewed nomination remuneration committee approved board directors submitted binding approval shareholders ordinary shareholders meeting periodically updated support people organisation corporate aﬀairs compliance functions also following discussions investors proxy advisors details please refer report policy regarding remuneration fees paid available monclergroup com website regarding international mobility group implemented global mobility policy establishes guidelines ensure fair competitive consistent economic treatment among employees diﬀerent countries policy represents fundamental pillar people development business success reinforcing importance internal mobility strategic lever family leave moncler group introduced new parents policy promote parenting improve well work life balance people regardless gender marital status aﬀective orientation policy established global minimum standard ensuring fully paid leave weeks new parents employed moncler stone island taking account ﬁxed variable components compensation supplementing amounts provided locally authorities laws collective bargaining agreements among measures planned facilitate return leave family management also option request ﬂexible hours additional paid leave age three child well possibility compatible role employee adopting remote working methods taking advantage counselling services support emotional well additionally moncler group committed sharing policy external partners collaborates encouraging adopt similar beneﬁts employees policy sets common minimum standards countries group operates aims meet exceed local legal conditions paid leave weeks new measure applies new parents group whether employed full time part time permanent ﬁxed term contracts employed least six months moncler group annual report health safety one initiatives developed group protection promotion health safety workplace implementation eﬀective management system compliance highest health safety standards regard moncler group commitment detailed occupational health safety management policy reviewed approved group board directors circulated employees worldwide document line deﬁned human rights policy reiterates group commitment safeguarding employees clients suppliers general enter sphere inﬂuence moncler stone island establishing principles application guidelines applied across business activities principles include dynamic preventive evaluation activities allowing risks eliminated roots possible reduced according best available practices continuous improvement activities safety impact deﬁning prioritising speciﬁc action plans enhancement knowledge competence awareness employees targeted training practices group health safety management system overseen chief corporate supply oﬃcer responsible implementation addition group board directors receives quarterly updates management health safety issues managers charge group obtained renewal management system certiﬁcation iso standard worldwide oﬃces directly operated stores logistics hubs production sites annual report moncler group sbm interests views stakeholders processes engaging workforce workers representatives impacts moncler group recognises fundamental importance active listening employee engagement promoting corporate culture based sharing participation context engagement internal communication department within people organisation function responsible developing strategies tools enhance employee involvement internal surveys engagement tools several surveys launched gather feedback employees enabling better understanding needs guiding company policies actions targeted manner initiatives part ongoing commitment fostering collaboration creating opportunities exchange mutual understanding strengthening team spirit sense belonging within moncler group among particular monvoice annual people satisfaction survey captures company positioning respect two aspects employees engagement enablement analysing individual components two aspects moncler group identiﬁes strengths areas work increase improve overall positioning eighth edition monvoice involved people worldwide questionnaire closed questions one open question asking people suggestions areas improvement moncler group factors motivate main areas excellence emerged included quality attention client respect recognition ﬂexibility availability managers involvement people area group working well ability organise work structured way line responsibilities required role performed remuneration beneﬁts system ensure improvement process truly employee driven survey results shared across entire group dedicated communications discussion meetings people satisfaction survey moncler group employees involved eligible population coverage engagement rate total response rate women inclusion survey moncler group launched second survey aim exploring strengthening topics related diversity equity inclusion initiative gathered responses achieving participation rate based survey results several improvement projects launched including eﬀorts enhance communication internal growth opportunities foster culture employees feel past years monvoice questionnaire enriched new questions dimensions analysis order provide representative view employee engagement enablement reason since methodology calculating engagement index taken account average favourable responses questions questionnaire consequently values updated respect reported previous consolidated non financial statements moncler group annual report encouraged step comfort zones explore new challenges address areas building bridges program launched see also pages edge survey part edge certiﬁcation process obtained moncler brand headquarters italy company conducted survey involving group employees japan chinese mainland south korea romania italy france united states gathering key data group remuneration policies terms gender equality line sustainability plan target obtaining worldwide certiﬁcation moncler brand survey results served foundation identifying strengths existing gaps opportunities development addition surveys moncler group facilitates employee engagement dedicated listening sessions working groups including sounding board group employees diﬀerent regions committed contributing strategic business projects around voluntary applications participants selected take part discussions global initiatives inclusion survey inclusive leadership employee value proposition addition listening sessions feedback diversity equity inclusion initiatives organised region suggestions received development mentoring pathways strengthen international mobility training programmes unconscious bias microaggression helping improve company policies among activities aimed fostering direct interaction employees group top management thank boss friday programme global initiative launched continued sessions employees opportunity share curiosities propose suggestions top management view open dialogue approximately employees took part sessions addition several meetings organised open employees ﬁnancial trends business results updates relevant projects shared finally another key moment promote teamwork engage employees corporate volunteering tool foster social responsibility culture diversity collaboration legambiente group continued environmental awareness project organizing park cleaning nature conservation activities additionally projects launched restore schools social centres various italian cities since moncler also promoted warm project partnership oﬃcine buone encouraging employees share artistic talents italian hospitals oﬀering moments entertainment medical staﬀ patients moncler supported association casa lontani casa association stanze favole blu project creating welcoming spaces families travelling medical treatments creating podcast fairy tales children furthemore thanks partnership dynamo camp association provides recreational therapy programs children suﬀering severe chronic diseases neurodevelopmental disorders disabilities employees opportunity participate volunteer training session limestre camp gaining theoretical practical knowledge dynamo recreational therapy methodology group regional teams also actively contributed variety volunteer initiatives engaging projects ranging environmental conservation social programs demonstrating strong spirit collaboration proactivity addressing local global challenges industrial relations another key aspect employee engagement moncler group concerns industrial relations moncler group acknowledges respects right employees represented trade unions maintains relations bodies based mutual recognition dialogue cooperation annual report moncler group trade union relations negotiations managed accordance highest principles transparency fairness strict compliance applicable laws moncler group bases policy industrial relations constructive dialogue aiming involve employee representatives maintain positive workplace environment pursuit shared solutions resulted total absence conﬂict thanks collaborative environment established years also company strikes trade union protests workers directly employed group companies cases freedoms association collective bargaining violated found risk registered periodic meetings trade union representatives took place atmosphere collaboration positivity mutual respect leading deﬁnition important agreements introduced improvements beyond reference national agreement italy moncler brand included planning management paid leave internal relocation employees production sites establishment solidarity time bank allows employees donate vacation days colleagues need equivalent contribution oﬀered company stone island brand sustainability targets integrated welfare plan along initiatives enhance workplace safety remote work options internal training programs employee initiatives also shared identiﬁed basis results monvoice satisfaction survey finally solidarity time bank established line moncler production site romania national collective labour agreement negotiated worker elected representatives introducing measures increase meal voucher value provision social support bonuses group recognizes certain strategic decisions may impact employees therefore regard case signiﬁcant organisational changes reorganisation processes signiﬁcant transactions always implemented commits continue procedures prior information consultation employees provided law processes remediate negative impacts channels worforce raise concerns information channels made available workforce report concerns activate management together processes deﬁned company address collaborate resolution negative impacts workers described pages moncler group annual report taking action material impacts workforce approaches managing material risks pursuing material opportunities related workforce effectiveness actions nurture uniqueness pillar group sustainability strategy focuses enhancing motivating people within organisation sustainability plan group deﬁned clear objectives actions result depth analysis areas maximum positive impact achievedand potential negative impacts potential risks minimized recruitment selection hiring current constantly transforming evolving scenario requires new skills professionalism adaptability time essential company able attract value talent order face present future challenges group committed creating international working environment characterised deep unique expertise sharing ideas experiences stimulates creativity innovation context recruitment selection hiring processes play key role several initiatives implemented support eﬀorts talent acquisition department continued process revising inclusive way language adopted job description phase interview phase support initiative training sessions organised staﬀ involved recruitment selection hiring processes global level activity internal job posting among functions regions also included context recruitment selection hiring process employee dedicated area company platform apply open positions best align proﬁle level experience aspirations ten days external job announcement published moncler positions ﬁlled via internal job posting accounted around global level speciﬁcally accounted around europe america asia stone island approximately searches covered internal job posting year one fundamental aspect attracting talent aligns corporate culture shares organisation goals employee value proposition evp group deﬁned evp represents distinguishes values two brands employer highlighting characteristics make respective organisations unique thus improving perception moncler stone island labour market part initiative internal focus groups surveys organised helping identify distinctive elements two brands employers analysing makes unique relevant external candidates particularly important market research also collaborations top vocational schools universities business schools worldwide moncler established relationships oﬀering internship programmes students recent graduates involvement project development participation working groups visits operational sites access diversiﬁed talent pool moncler group identiﬁed panel universities recognised sustainability ranking ability attract students ensuring high level diversity since selection processes students initiated group regions resulting internships company annual report moncler group moncler stone island oﬀer several internship opportunities year providing high potential young people chance experience company gain valuable training around internships activated within group curricular extra curricular particular moncler italian corporate oﬃces hosted young interns diﬀerent countries year among two types internships resulted job contracts moncler continued organising meetings students partner schools workshops business cases recruitment sessions designed occasions based hoc programmes designed school part executive master luxury management emilux sda bocconi moncler participated behind scenes project hosting two students montenapoleone ﬂagship store milan immersive retail experience alongside client advisors addition collaborated luxury business management mba sda bocconi develop moncler way cross selling project also hosted delegation columbia business school retail luxury goods club oﬀering opportunity discuss new brand platform stone island chief executive oﬃcer client strategy moncler chief retail oﬃcer finally collaboration continued identify new resources included retail channel ecole hotelèrie lausanne thanks initiatives group consolidated attractiveness demonstrated signiﬁcant number applications received fact cvs received company portal increase compared continuing constant positive trend years new application implemented manage recruiting process aim simplifying making inclusive new applicant tracking system enables ongoing dialogue candidates promoting creation community strengthening continuous relationship professionals interested joining company among innovations introduced particular attention paid design pre boarding phase aimed oﬀering gradual path guides future collaborators getting know group phase involves use training modules informal meetings preparing ground eﬀective comprehensive onboarding training moncler group training development represent essential strategic pillars foster individual collective growth investing human capital means enhancing employee skills promoting continuous improvement ensuring constant alignment evolving needs organisation commitment helps reduce risk losing key ﬁgures also helps build solid team ready face future challenges always date cutting edge competencies make training accessible continuous moncler group introduced various dedicated platforms stone island launched explore compass interactive platform allows employees access training contents learning courses ongoing resources continuous development moncler meanwhile oﬀers mine active since informs corporate retail employees company news training opportunities internal initiatives leadership academy structured learning programme across multiple levels designed develop leadership skills line company values created leadership academy designed employee career stage supporting growth entry level roles management customized development paths targeted programmes planned career stage designed ensure development essential skills aligned various levels corporate seniority responsibility including moncler group annual report empower programme launched february represents tangible commitment moncler group develop empower young professionals including interns new hires structured around three key pillars learning networking inspirational talks empower three year pathway designed facilitate integration new generations develop essential skills professional personal growth learning ﬁrst pillar focuses development fundamental skills technical advanced courses areas excel powerpoint communication collaboration networking promotes creation professional network social events sports competitions volunteer activities strengthening sense community within programme lastly inspirational talks invites group managers leaders share experiences values oﬀering participants valuable insights successful dynamics moncler group hours training delivered total participants connections learning programme launched employees moncler stone island oﬃces italy also extended group regions programme focuses building culture collaboration innovation excellence structured around three main pillars excellence pillar focused achieving high performance encouraging employees pursue ambitious goals maintain highest quality standards collaboration promotes teamwork cross functional networking fostering development solid professional relationships collaborative corporate culture lastly innovation encourages adoption new ideas open mindset change pushing employees explore creative solutions tackle business challenges resilient way building leadership building bridges two programmes designed managers senior managers executives aimed developing eﬀective leadership skills guide teams create cohesive positive work environments building leadership program launched strengthens managerial competencies preparing participants face complex challenges promoting inclusive high performance environment programme involved managers moncler stone island diverse backgrounds total hours training delivered key topics communication delegation stress conﬂict management constructive feedback inclusive leadership participant also access individual coaching programme aimed translating learning concrete actions work context building bridges ﬁrst global leadership programme moncler group designed foster inclusive positive culture company created response feedback inclusion survey programme designed equip managers skills necessary create safe work environments every opinion respected valued program provides practical tools support inclusive collaborative work environment represents long term commitment integrating inclusive leadership levels organisation goal involving management managers senior managers executives senior executives gradual international expansion building bridges aims support strengthen cultural transformation across geographic areas within leadership academy function managers regional presidents involved activities designed strengthen team cohesion align leadership group evolving challenges event organised collaboration imd business school focusing two key topics future readiness provide strategic tools anticipate market changes inclusive leadership aimed exploring importance psychologically safe inclusive environment key element innovation growth additionally within leadership academy training course hours developed speciﬁcally employees coordination tasks smart factory trebaseleghe padua focusing communication feedback motivation collaboration annual report moncler group parallel leadership academy training programs group commitment involving employees development paths continued including moncampus initiative designed accelerate growth young talent moncler stone island oﬀering interactive global development pathway skills enhancement knowledge exchange programme expanded collaboration poli design politecnico milano introduced new content international expansion initiative involvement participants regions group operates edition saw assignment four strategic projects top management participants apply skills acquired real business contexts moncampus leadership innovation courses including leading international projects design driven innovation provide additional training support programme conclude july presentation projects leadership makers lab global initiative aims promote transfer technical skills among moncler stone island employees programme internal experts subject matter experts smes share know processes tools colleagues various functions encouraging cross functional learning stone island experts also involved fostering mutual skill exchange two brands year hours professional development delivered reaching employees globally mate specialized three year training program new graduates technical vocational schools oﬀering advanced skills sample production prototyping quality control focus jacket creation fourth edition mate launched involving new participants training hours programme also extended stone island stone island atelier project time pattern making school romania active since continues train young local talents modelling development strengthening local skills productivity addition specialized programmes moncler group continues oﬀer mandatory training courses learning module legislative decree makes group ethical principles accessible employees updated italy finance functions moncler stone island received speciﬁc training tax crimes market abuse money laundering new mandatory global anti corruption course introduced course gdpr cybersecurity also updated protect company data mandatory training according legislative decree raise employees awareness occupational risks promote safe compliant working environment continued italian romanian sites courses topics human rights environmental sustainability also oﬀered global essentials module promote inclusive culture launched along module unconscious bias raise awareness need overcome learning modules workplace harassment delivered americas region japan lastly environmental ﬁeld new global course designed raise employees awareness global environmental challenges topics climate change biodiversity water resource management etc published development support enhancement development people potential group uses piuma leadership model annual performance evaluation system measures skills people use achieve assigned targets based robust methodology measures performance assessing level knowledge problem solving ability impact business moncler group annual report leadership comparing standard expected speciﬁc role allows verify level adherence individual role deﬁning potential training development plans assessment based values every employee must ambassador promoter integrity passion harmony company culture ability build trust based relationships global vision drive towards innovation speciﬁcally one dimensions employee evaluated speciﬁc area assessing compliance behaviour principles group codes ethics evaluation system aims improve business performance medium long term perspective therefore one key processes managing developing people deﬁning succession plans retaining best talent laying basis salary review process ensuring equity equal opportunities meritocracy market competitiveness employee self assessment important step evaluation process enables employees compare perception performance company assessment process manager evaluates staﬀ using digital platform addition applicable functional manager also involved assessment assessment subsequently circulated ﬁnalised within committee senior managers aim ensuring comparison calibration assessments thus making even fairer objective process ends sharing assessment manager employee conversation areas improvement identiﬁed discussed results achieved emphasised action plan strengthen future performance shared process thus structured include various steps order make performance evaluation system multidimensional assessment process applied organisational roles corporate retail global level including worker population romania addition structured annual evaluation process group promotes continuous processes agile conversation managers employees throughout year allowing give receive constant feedback raise awareness review objectives obstacles achieving performance remuneration ensure correct application remuneration policy group monitors entry level salaries without diﬀerences men women equal minimum required law collective bargaining countries operates commitment also conﬁrmed analysis living wage carried annually entire corporate population including production site romania according fair wage network methodology see also pages addition group implements annual remuneration review process reward performance employees promoting culture based meritocracy line fair transparent approach group also committed obtaining edge certiﬁcation impartial third party relating pay equity moncler brand globally achieving italian level remuneration package eligible population includes variable component properly balanced ﬁxed component individual contribution company strategic objectives variable component may short term management objectives mbo store managers corporate population sales commission retail staﬀ team individual level medium long term long term incentive lti annual report moncler group mbo system particular mainly based annual quantitative objectives economic ﬁnancial nature primarily group consolidated ebit qualitative objectives signiﬁcant strategic operational importance relevant function also include achieving targets set strategic sustainability plan reﬂecting group commitment responsible development beneﬁciary mbo system establishes combination objectives collective objectives related economic ﬁnancial performance group individual team objectives focused operational strategic performance department individual belongs involving several colleagues project objectives related achievement milestones relevant speciﬁc function system applied professionals managers executives senior executives corporate sites well store management team mechanism encourages achievement outstanding results providing incremental rewards overperformance assigned objectives achieved level target lastly mbo system aligns performance objectives risk management identiﬁed enterprise risk management erm fostering corporate culture orientated toward risk assessment management integral part employee decision making process regarding inclusion sustainability plan commitments within variable component remuneration package speciﬁc sustainability related objectives assigned employee eligible population relating role area competence regard chairman chief executive oﬃcer executive directors strategic managers mbo system focuses achieving objectives sustainability plan deﬁned year objectives also include areas ﬁghting climate change protecting biodiversity circular economy responsible sourcing valuing diversity supporting local communities well people engagement objectives diversity equity inclusion topics see also pages addition regard short term variable component retail employees provided incentive systems based individual also store performance reward excellence service quality along contribution business development medium long term incentive system moncler group currently uses performance share plans key positions within management population approach allows incentive process managers key resources group linked actual company results steer people towards strategies aimed pursuing sustainable medium long term results align interests beneﬁciaries shareholders investors develop policies aimed attracting retaining talented professionals since esg environmental social governance indicator included performance share plans entails achievement speciﬁc sustainability targets see also pages benefits remuneration package oﬀered employees includes wide range beneﬁts speciﬁcally includes pension plans supplementary healthcare plans life insurance ﬁnancial support case disability addition services company canteen replacement meal vouchers available along additional corporate welfare initiatives support employee well beneﬁts provided group employees linked professional category regardless type contract ﬁxed term permanent full time part time follow internationally applied guidelines possible changes depending local policy country moncler group annual report develop remuneration policies reward work performance also respond timely manner non ﬁnancial needs people moncler developed corporate welfare plans currently italy united kingdom south korea ensure greater care attention well people particular italian employees plans apply categories managers corporate sites employed permanent apprenticeship contracts force december year provide wide range beneﬁts services also oﬀered part employee family reimbursement school expenses vouchers leisure solutions wellness packages italy also option transferring portion one welfare credit supplementary pension funds part corporate welfare year corporate employees trebaseleghe oﬃce used nursery kindergarten services received full ﬁnancial support company supporting family needs allowing better work life balance addition kindergarten opened children employees production site romania facility accommodates children oﬀered innovative educational experience based one internationally renowned teaching approaches developed reggio children organisation innovative approach fosters environment nurtures children potential promotes experiential learning interactions autonomy exploration communication kindergarten obtained gold certiﬁcation well world leading building certiﬁcation programme highest standards health well production centre romania additional ﬁnancial support provided employees case personal emergencies lastly moncler stone island adhere sanimoda supplementary health care fund workers italian fashion industry provides health care services supplementary italian national health system year italian employees signed fund support people moncler initiatives support employees reﬂect ongoing commitment well oﬀering concrete tools help manage diﬃcult situations serious illnesses specialist medical visits bereavement among measures company provides additional paid leave medical appointments extended protected period case serious illnesses maximum months leave family bereavement serious illnesses well two paid days year voluntary activities context moncler introduced careplace portal dedicated employee well oﬀering support work life balance accessible corporate employees italy families careplace divided three main areas family care lifestyle pet care within area employees access variety services including demand services online group meetings experts demand services section includes wide range services babysitting study support domestic services caregiving pet sitting ability view proﬁles selected professionals contact directly group meetings section oﬀers wide range free online meetings professionals family care lifestyle pet care areas ranging ﬁtness meditation sessions family related meetings psychologists psychotherapists meetings free take place group mode experts section dedicated highly qualiﬁed professionals various areas ready meet employees needs september group online meetings careplace also extended families employees allowing participate beneﬁt opportunity time moncler launched mindcare psychological counselling service initially available corporate employees italy extended group members globally including retail employees collaboration mindwork company specialising psychological counselling project oﬀers ﬁve free anonymous conﬁdential annual report moncler group psychological sessions accessible online time professionals specialising diﬀerent areas psychological well including stress management career coaching parental support service recorded total sessions health safety moncler group health safety management system operates full compliance requirements speciﬁc regulations applicable countries operates approach aimed continuous improvement system also includes speciﬁc procedures investigating accidents occupational diseases illness workplace incidents identify circumstances possible causes necessary plan prioritise actions interventions prevent recurrence future moncler stone island headquarters team specialised personnel responsible ensuring workplaces safe comply applicable legislation setting health safety guidelines coordinating monitoring eﬀorts necessary improving safety conditions supervising activities designers architects maintaining relations safety representatives italian workers every employee plays key role spreading culture safety individual responsibility well creating risk awareness indeed pivotal maintaining safe working environment great deal attention also paid safety workers contractors work group sites italy business relations contractors require signing document attesting assessment risks associated conducting business company interference risks application strict prevention activities involving risks prevention control monitoring moncler group devotes attention considerable energy prevention activities order limit accidents much possible although high risk activities group adopts preventive approach opening new workplace whether oﬃce store thorough health safety risk assessment carried speciﬁc inspections conducted support specialised experts existing oﬃces stores subject periodic compliance checks documentary analysis inspections veriﬁcation working environments equipment necessary improvement plan formulated actions prioritised address risks identiﬁed integration action plans quantiﬁed objectives progresses made mitigation prevention health safety issues identiﬁed risks regard goals improvement plan periodically assessed reported internally speciﬁc detailed emergency response plan measures preparedness response emergency situations also provided group site occupational health safety inspections continued corporate sites italy logistics hub castel san giovanni piacenza production site romania light inspections carried internal external staﬀ speciﬁc activities undertaken reduce risks prevent potential negative impacts workers among raw materials warehouse ravarino modena manipulators fabric rolls installed aim reducing manual handling loads fabric control line warehouse secured italy group organises periodic safety meetings attended employers delegates representing two brands company physicians oﬃcers prevention protection service workers safety representatives meetings analyses results shared regard risk assessment accident rate training personal protective equipment used moncler group annual report indicators relating accident indicators constantly monitored assessed see also pages addition group production sites ergonomic assessments conducted workstations ironing sewing department romania assembly llines smart factory trebaseleghe padua evaluations essential developing improvement plans aimed reducing worker fatigue maximising productivity installation new led lighting systems continued enhancing eco eﬃciency also improving working conditions another issue regularly monitored noise workplace cause range health problems workers corporate oﬃces production sites noise measurements carried annually check compliance permitted limits area air quality light temperature humidity also generate uncomfortable situations workplace aﬀecting physical health psychological well workers speciﬁcally moncler group order ensure proper workplace ventilation corporate sites trebaseleghe padua romania stone island site ravarino modena various micro climatic conditions due diﬀerent processing phases continued introduce latest generation ventilation systems periodically checked microclimate analyses conducted several stores smart factory trebaseleghe padua revealing signiﬁcant critical issues moncler stone island take holistic approach employee well focusing attention work related stress issues moncler renewed assessment work related stress corporate sites milan oﬃces results assessment showed low risk assessment updated despite low risk obtained company continue implement series actions aimed continuous improvement stress assessment fact used basis planning implementation organisational management measures aimed preventing minimising stress related harm worker health health safety training communications health well programmes people training part prevention activity promoted moncler group year hours health safety training delivered speciﬁc training courses dedicated tailored various professional proﬁles risk levels order transfer knowledge skills create safety culture majority employees received general workplace safety training compliance law company occupy positions responsibility coordination additional training provided speciﬁc oﬃcers facilitate monitoring compliance workers conduct line legal company health safety rules moncler group commitment promotion protection employee health extends beyond limits business activities occupational risks awareness raising well activities programmes continued moreover moncler group committed establishing agreements local healthcare centres ensure employees access best medical centres favorable rates traditional corporate welfare initiatives continued production site romania including site annual blood tests free eye examinations ﬁnancial support purchasing prescription glasses moncler group commitment well employees includes various programmes promote work ﬂexibility optimal work life balance see also pages annual report moncler group targets related managing material negative impacts advancing positive impacts managing material risks opportunities details targets results received year sustainability plan results achieved relating nurture uniqueness pillar conﬁrm group future commitments promoting application policies area human resources legend target achieved target time target delayed targets results nurture uniqueness promote inclusive culture training sdg employees involved training programme diversity equity inclusion employees involved training programme diversity equity inclusion comprises several modules delivered globally including course essentials one unconscious bias building bridges programme involves management extension moncampus corporate training programme young talent global level extended moncampus programme global level involving group regions update piuma leadership model company performance review system focus inclusivity developed first draft leadership model ensure representation sdg women total workforce women management positions women junior management positions women top management positions women management positions revenue generating functions women total workforce women management positions women junior management positions women top management positions women management positions revenue generating departments moncler group annual report women stem related science technology engineering mathematics positions women stem related positions creating system procedures policies support diversity equity inclusion ongoing strengthening employees protection systems launched new internal communication campaign whistleblowing procedure launch ferie solidali initiative italy possibility transferring free charge vacation days colleagues assist manage specific particular needs signed agreement october italy establishment community hours bank allowing group employees donate vacation days colleagues difficulty equivalent contribution offered company equal pay certification global level moncler brand perimeter equal pay certification achieved moncler brand headquarters italy started certification process south korea japan chinese mainland france unites states romania publishing report continued process integrating performance indicators employees data reporting system value people sdg ongoing annual repetition employee satisfaction survey global level carried eighth internal employee satisfaction survey monvoice response rate involving people group level launch second diversity equity inclusion survey involving employees global level launched second survey aim deepening strengthening topics related global level promote new ways working creation working groups regional level ensure plan implementation share new proposals established local working groups group region involved definition activities area diversity equity inclusion annual report moncler group characteristics undertaking employees diversity metrics december moncler group total employees equal people growth mainly driven process partial internalisation production strengthening retail channel corporate structure gender women men disclosed total regard gender differences percentage women total workforce predominant proportion women around line number employees top management level women total top management men total top management total top management disclosed total top management total values chapter reported taking account actual number people headcount december enhancing moncler group people oriented approach method represents total number employees regardless type contract work commitment full time part time temporary etc oﬀering clear immediate view workforce total number employees corresponds ﬁgure reported item personnel expenses explanatory notes consolidated financial statements value includes executives senior executives number employees women men moncler group annual report geographical area majority workforce concentrated emea including italy corporate sites production sites logistics hub located region well moncler stone island stores individual country level addition italy employees mainly located romania china japan followed united states country italy romania china japan united states korea france united kingdom germany switzerland canada austria countries total professional category highest number employees white collar workers represent workforce categories experiencing highest growth workers direct result process partial internalization production consequent expansion production sites followed managers mainly due group ongoing investment coordinating staff directly involved implementation key activities processes percentage women managerial category managers senior managers executives senior executives equal china includes employees chinese mainland hong kong sar macao sar taiwan region employee geographical area emea excl italy italy asia americas annual report moncler group greatest concentrations employees age group followed age group average age years employees permanent contracts full time fixed term contracts represent around total mainly linked seasonality business retail activities year fixed term contracts transformed permanent contracts demonstrating group commitment consolidating retaining people women account employees permanent contracts employees fixed term contracts women men disclosed total number employees number permanent employees number fixed term employees employees professional category white collars workers professionals managers executives senior executives employees age group moncler group annual report number employees variable hours number full time employees number part time employees emea americas asia total number employees number permanent employees number fixed term employees number employees variable hours number full time employees number part time employees group negative turnover line value drops considering employees permanent contracts figure linked typical trends retail staff phenomenon considered physiological related competitive context business sector year approximately people hired permanent fixed term contracts approximately women younger total people left group negative turnover calculated dividing ﬁxed term permanent employees left group voluntary basis due dismissal retirement death total workforce december voluntary turnover ﬁgure includes addition employees left group voluntary basis due dismissal retirement death also left group end ﬁxed term contract annual report moncler group characteristics non employees undertaking workforce end people employed forms collaboration internships temporary work etc accordance law relation business needs around internships considered important source group future talent reduction self employed workers workers provided companies mainly carry placement activity decreased thanks steady stabilisation workforce total number non employee workers workforce total number non employee workers workforce self employed workers workers provided companies mainly carry placement activities total number non employee workers workforce internships collective bargaining coverage social dialogue employees italy romania south korea france austria spain netherlands belgium brazil czech republic well portion employees switzerland covered collective bargaining agreements coverage approximately workforce worldwide italy romania france employees covered workers representatives collective bargaining coverage social dialogue coverage rate employees european economic area eea country employees outside european economic area region workplace representation eea country emea excluding eea countries americas italy romania france austria spain netherlands belgium czech republic italy romania france adequate wages group employees regardless gender receive entry level salaries equal higher minimum required law collective bargaining also highlighted annual living wage analysis conducted entire workforce according fair wage network methodology described pages data include category consultants self employed workers carry regular working activity group sites countries group operates employees receive average salary living wage moncler group annual report social protection social protection levels offered group employees comply legal standards force countries operates cases improved thanks adoption specific policies one example new parents policy see pages introduces global minimum standard provides weeks fully paid leave new parents employed moncler stone island brands regardless gender marital status sexual affective orientation taking account fixed variable components pay including amounts locally recognised authorities laws collective bargaining agreements regarding illness unemployment start employment relationship workplace injuries acquired disability retirement group adheres local legislation ensure coverage events employees noted countries italy japan united kingdom united arab emirates ireland denmark norway netherlands local regulations impose limitations contribution requirements company seniority participation private funds persons disabilities group manages inclusion people disabilities accordance rules practices set forth applicable laws encourages various company departments employ people disabilities placement assessed respecting considering needs abilities individual ensuring appropriate workstations necessary adjusting working hours way people protected placed best position perform best december employees disabilities italy romania south korea germany china increase compared coming years group continue plan integrate additional people varying degrees disability including collaboration institutions focused targeted job placement training skills development metrics development evaluation process applied organisational roles corporate retail global level year people evaluated group workforce end year women men increase compared previous year equal eligible population addition structured annual evaluation process group promotes continuous processes agile conversation managers employees throughout year allowing provide receive ongoing feedback raise awareness review objectives obstacles achieving performance training approximately million euros invested training increase compared hours training delivered around employees percentage calculated eligible workforce employed permanent contract database assessment process implemented eligible population includes employees working company least six months permanent contract annual report moncler group slight decrease training hours due high base comparison driven technical training new hires production site romania carried aim consolidating skills enabling acquire knowledge observation practice direct application performing tasks time training hours dedicated retail channel employees corporate sites employees increased trained people employees followed blue collar workers professionals managers senior managers executives average hours per person approximately women men largest investment focused technical professional training accounted courses delivered sales workforce corporate employees addition commitment health safety training maintained accounting hours delivered lastly around hours human rights training delivered compared type training professional occupational health safety type training mandatory non mandatory moncler group annual report health safety metrics employees moncler stone island workers service providers working group sites security cleaning porterage maintenance companies covered company health safety management system according iso standard provides audits internal functions external bodies employee accidents slight increase compared accidents mainly occurred retail channel related daily activity carried point sale fatal accidents recorded year either among employees among workers service providers working group sites occupational illness illness caused gradual progressive harmful eﬀect worker body direct causal relationship work carried monitored group order identify conditions working environments may facilitated check residual risks take necessary corrective actions order prevent recurring cases work related illness recorded employees percentage workers covered health safety management system based legal requirements recognised standards guidelines number fatalities workforce result work related injuries work related ill health number fatalities workforce result work related injuries number fatalities workforce result work related ill health number recordable work related accidents workforce rate recordable work related accidents workforce number cases recordable work related ill health workforce number days lost work related injuries fatalities work related accidents work related ill health fatalities ill health number fatalities result work related injuries work related ill health workers working undertaking sites number fatalities result work related injuries workers working undertaking sites number fatalities result work related ill health workers working undertaking sites data reported line requirements esrs ﬁgure include days lost due accidents occurred due employee absence work continued annual report moncler group group continued commitment monitoring accident rates employees service provider manages logistics hub castel san giovanni piacenza certiﬁed aim ensuring optimal working conditions workplace severity rate logistics hub whereas workplace frequency rate addition monitoring also extended service providers considered exposed security risk registering total frequency rate monitored suppliers work life balance metrics moncler group employees entitled types family related leave including maternity paternity parental caregiving leave among employees effectively took advantage leave options representing eligible distribution among female employees among male employees group commitment supporting parenthood work life balance employees also demonstrated adoption new parents policy described page addition employees entitled family caregiving leave accordance national legislation countries leave provided countries mandated group supports employees appropriate measures safeguard well need severity rate number days lost due workplace accidents total number hours worked frequency rate number accidents total number hours worked moncler group annual report compensation metrics pay gap total compensation average gender pay gap within group calculated considering average pay difference men women job level weighted according workforce distribution across professional categories stands particular women salary levels show differences compared men except managerial category women salaries higher differences reflect employees average salaries various organisational categories therefore consider criteria length service level responsibility individual performance career path prior joining group calculated arithmetic mean salary levels without considering among factors distribution professional categories average gender pay gap would around since line aim obtaining equal pay certification group adopted methodology developed edge conduct pay analyses order identify explain unexplained gaps analyses began corporate population italy continued countries aim extending edge certification globally particular south korea japan chinese mainland france united states romania involved date unexplained gaps threshold found using method ratio total remuneration received chairman chief executive officer total median annual remuneration group employees incidents complaints severe human rights impacts reports potential violations code ethics relating working conditions human rights received reporting channels made available employees whistleblowing system seven cases considered relevant worthy analysis investigation concerned incidents harassment violent discriminatory behaviour based investigations conducted decided terminate employment relationship five cases remaining two cases disciplinary action taken awareness raising activities carried concerned parties human resources department respective regions none incidents described gave rise fines sanctions compensation damages finally severe human rights incidents year process obtain equal pay certiﬁcation involves depth analysis compensation within company gender representation organisational levels human resources policies applied company employees perceptions diversity equity inclusion perceptions expressed anonymous survey particular compensation analysis conducted using linear regression methodology weighted considering factors role geographical purpose position experience performance without gender discrimination process divided several phases ﬁrst analysis carried assesses compensation based objective variables disparities emerge examined justiﬁed legitimate factors experience performance action plans adopted eliminate finally external body veriﬁes company complies international standards certifying compliance criteria equal pay required edge methodology annual report moncler group workers value chain sbm material impacts risks opportunities interaction strategy business model policies related value chain workers processes engaging value chain workers impacts processes remediate negative impacts channels value chain workers raise concerns taking action material impacts value chain workers approaches managing material risks pursuing material opportunities related value chain workers eﬀectiveness actions targets related managing material negative impacts advancing positive impacts managing material risks opportunities moncler group annual report sbm material impacts risks opportunities interaction strategy business model value chain moncler group includes upstream phase workers supplier companies including involved production raw materials façon manufacturers ﬁnished product suppliers service providers downstream phase workers business partners wholesale channel part double materiality process potential negative impacts risks assessments take account mitigation actions implemented group identiﬁed mainly among workers upstream phases namely within supply chain moncler stone island supply chains reﬂect complexity typical fashion industry characterised network suppliers group maintains direct contractual relationships tier turn collaborate operators tier number tier suppliers amounted showing slight decrease compared previous year due increasing synergies partial internalisation production suppliers tier tier divided four main categories raw materials façon manufacturers ﬁnished products services raw material suppliers primarily provide fabrics yarns leather production accessories buttons zippers ribbons elastics etc fabrics mainly come italy japan south korea china france suppliers yarn production accessories mainly italian suppliers european north american asian façon manufacturers suppliers employ workers strong technical expertise group entrusts production ﬁnished products intermediate phases processing dying embroidery etc providing raw materials needed category includes dye houses perform garment dyeing stone island directly entrusts process italy entire manufacturing process carefully monitored group technicians verify compliance required standards rigorous ongoing ﬁeld audits particular process outerwear trousers skirts dresses tricot knitwear cut sewn knitwear produced façon manufacturers mainly located italy eastern europe areas long manufacturing tradition guarantees strong technical expertise adequate production capacity particular italy characterised strong expertise complex unusual processes finished products suppliers suppliers whose workers received technical design products responsible creation garment including raw materials sourcing phase according group standards addition moncler directly provides finished products suppliers key raw materials nylon logoed materials garment production constant interaction supplier group experts make site visits scrupulously supervise process ensure final product meets expected high level quality cut sewn knitwear mainly shirts polo shirts soft accessories hats gloves shoes bags small leather goods mainly produced way particular suppliers cut sewn knitwear based europe türkiye shoes made suppliers asia bags small leather goods made european suppliers mainly italian service providers support moncler group pattern making prototyping quality control processes mainly based near corporate sites excluding suppliers sales order less euros per year annual report moncler group indirect suppliers partners provide goods services directly related product manufacturing category includes construction companies security cleaning porterage maintenance logistics consulting services heterogeneity suppliers geographical distribution nature certain processing services seasonal variability production could lead potential negative impacts workers supply chain issues related human rights forced child labour right collective bargaining etc inadequate labour standards management contracts working hours wages occupational health safety systems etc employment stability impacts could translate potential reputational risks group address challenges group dedicating signiﬁcant resources years prevention monitoring potential violations applicable laws well standards along supply chain context traceability process important enabling increasingly detailed understanding supply chain simultaneously establishing structured due diligence system particular focus might situations greater vulnerability policies related value chain workers moncler group adopted speciﬁc policies order promote responsible value chain countries operates manage mitigate theoretical risks potential negative impacts codes ethics moncler brand stone island brand encompass set values brands recognise share also promote partners employees collaborators required act honesty integrity build relationships stakeholders based mutual trust growth guided principle shared value particular codes group requires partners make commitment among requirements knowingly enter relationships kind either directly indirectly parties way violate rules adequate labour standards particular exclusive reference ﬁght child labour forced labour well protection health safety see also page group supplier code conduct sets expectations partners operate consists six sections labour human rights includes prohibition form forced child labour health safety environment animal health welfare product service safety quality business ethics contains mandatory requirements suppliers must comply order begin continue working group group human rights policy integral part code ethics prepared technical support international labour organization ilo deﬁnes principles underlying group commitment respecting promoting fundamental human rights preventing mitigating negative impact activities approach based risk assessment criteria levels value chain documents inspired main laws regulations national international standards ﬁeld corporate social responsibility corporate governance human rights environmental protection international bill human rights united nations universal declaration human rights charter fundamental rights european union decent work standards set conventions international labour organization ilo oecd organization economic cooperation development guidelines multinational enterprises organization economic cooperation development ten principles united nations global compact etc moncler group annual report codes policies periodically updated respond stakeholder needs expectations ensure alignment international best practices integrate light emerging sustainability issues group board directors body responsible approving adopting supervising compliance documents described documents published italian english monclergroup com website sustainability documents section suppliers contractual phase required sign code ethics related policies supplier code conduct signing suppliers commit respecting principles ensuring suppliers comply well displaying documents workplace make easily accessible workers moncler publishes annual modern slavery statement transparently communicate approach managing human rights issues particular document describes measures taken ensure required law united kingdom modern slavery act section law canada fighting forced labour child labour supply chain act california transparency supply chains act absence forms modern slavery forced labour child labour human traﬃcking within direct scope along supply chain approximately signiﬁcant group contracts include compliance brands code ethics moncler annual report moncler group processes engaging value chain workers impacts group places great importance dialogue sharing good practices suppliers technical ﬁeld beneﬁt business activities social environmental ﬁeld promote responsible behaviour sustainability unit operations supply chain department internal audit function work closely together ensure continuous engagement throughout supply chain engagement takes place multiple channels ranging informal periodic meetings structured institutional occasions strengthen relationship simplify exchange information documentation dedicated web portal available group suppliers recognizing importance also considering feedback suppliers employees ethical social environmental audits conducted qualiﬁed third parties behalf group include dedicated interviews interviews involve representative sample workers audited suppliers conducted anonymously without presence management foster environment people express freely interviews explore key topics working conditions respect human rights employee well well labour law compliance concerning applicable regulations standards awareness understanding group grievance mechanisms freedom association compliance health safety regulations particular attention given vulnerable categories migrant refugee workers ensure speciﬁc needs conditions adequately protected channel group updated made aware issues related suppliers workers close collaboration bodies organisations expertise human rights example group actively collaborates fair wage network independent organisation dedicated promoting fair wage practices global supply chains fair wage network annually updates database living wage levels country salary suﬃcient cover basic needs involving workers diﬀerent companies various sectors surveys interviews oﬀer date overview real economic conditions global supply chains addition moncler group relies support ilo helpdesk business reference point corporate managers workers international labour standards good industrial relations protect social dialogue working conditions thanks ongoing dialogue experts international organizations group gains depth date understanding industry challenges priorities enhancing ability make informed responsible decisions moncler group annual report processes remediate negative impacts channels value chain workers raise concerns taking action material impacts value chain workers approaches managing material risks pursuing material opportunities related value chain workers effectiveness actions ensure proper responsible management workers throughout value chain group adopted integrated due diligence system line oecd organisation economic operation development guidelines includes addition deﬁnition standards policies suppliers must adhere risk analysis processes mitigation actions third party compliance veriﬁcation specialised entities necessary remediation plans well availability whistleblowing grievance platforms due diligence process covers veriﬁcation compliance human rights recognised group human rights policy including among others prohibition forced labour child labour forms discrimination human traﬃcking freedom association right collective bargaining promotion fair wages working hours protection occupational health safety also extends environmental issues climate change biodiversity water consumption constantly strengthened updated response emerging regulations process developed sustainability unit collaboration internal audit function legal function operations supply chain department process complemented whistleblowing system enables collection management reports behaviour unlawful comply required standards system ensures anonymity whistleblower used group employees also external party including workers value chain see also pages suppliers required display code ethics workplaces detailing whistleblowing channels procedures group committed verifying ethical social environmental audits suppliers workers aware whistleblowing system steps due diligence process structured starting deﬁnition adoption speciﬁc policies essential ensuring promoting transparent responsible supply chain management described pages risk assessment risk analysis carried using various tools applies entities within value chain includes moncler group sites existing potential business relationships mergers acquisitions potential actual suppliers sub suppliers employees including women children indigenous peoples local communities way connected aﬀected directly indirectly group activities particular every year group technical support specialised international partner conducts speciﬁc risk assessment environmental impact human rights violations analysis carried country level covers stages production process result project potential risk proﬁle geographical area main annual report moncler group human rights mapped including decent wages health safety work discrimination workplace child labour forced labour inadequate working hours human traﬃcking migrant workers freedom association collective bargaining theoretical risk assessment analysis conﬁrmed services production processes carried group directly managed sites present signiﬁcant risk proﬁle potential human rights violations managed group direct suppliers supply chains characterised diversiﬁed levels risk particular stages chain relating cotton cultivation intermediate processing ﬁnished product might potentially characterised higher risk proﬁles stages reason years group implemented structured monitoring prevention processes aimed mitigating risks throughout entire supply chain among human rights analysed within supply chain ensuring decent wages emerged one potentially risk indeed years group committed monitoring issue speciﬁc analyses living wage see also pages lastly country level analysis revealed presence higher potential risks southeast asian countries group supply chain limited presence operations supply chain purchasing procurement teams periodically involved training activities results human rights risk assessment along supply chain shared prevention mitigation impacts risk analysis process essential prevent negative impacts deﬁne mitigation actions prioritizing ethical social environmental audit plans integrating results selection process new suppliers ethical social environmental audits fact carried potential suppliers assess suitability establishing business relationship group existing suppliers verify ongoing compliance applicable laws principles outlined corporate codes latter violation group requirements constitutes contractual breach granting moncler stone island right request immediate termination existing contract event serious non compliance less severe cases implementation timely corrective action plan order ensure maximum impartiality audits regularly entrusted qualiﬁed accredited third party entities recognized expertise audits regarding social aspects focus verifying respect fundamental human labour rights particular attention issues forced labour child labour freedom association working hours guaranteed minimum wage least health safety group proprietary checklist used perform audits regularly updated take account changes reference standards local international regulations developed based benchmarking analysis major industry recognised multi stakeholder standards methodologies including smeta responsible business alliance amfori bsci management systems international initiatives tool subsequently adapted speciﬁcities group supply chains periodically reviewed technical support international labour organization ilo certiﬁcation consulting companies including sgs control union idfl kpmg group three year audit plan aimed ensuring façon manufacturers ﬁnished product suppliers audited least every three years moncler conducted ethical social environmental audits suppliers sub suppliers accounting volumes assigned outerwear façon manufacturers volumes assigned suppliers outerwear processes dye houses printing works embroideries etc footwear bag suppliers tanneries volumes assigned knitwear suppliers soft accessories suppliers turnover pattern making prototyping suppliers sedex members ethical trade audit business social compliance initiative moncler group annual report stone island three year ethical social environmental audit plan ensure highest coverage suppliers supply chain also carried ethical social environmental audits three year period suppliers sub suppliers equal around value orders assigned ﬁnished products suppliers value orders assigned façon manufacturers moreover brands also conducted ethical social environmental audits main raw materials suppliers representing total material purchases moncler stone island particular regard supply chain moncler suppliers also found comply new human rights environmental compliance modules oﬃcially included dist protocol environmental social modules also applied stone island rds certiﬁed supplier veriﬁcation processes lastly ethical social environmental audits also continued carried strategic service suppliers logistic platforms external quality control platforms providers services group sites stores material non compliance identiﬁed veriﬁcation activities accompanied audits animal welfare traceability see also pages increase number ethical social environmental audits recent years also attributable strengthening veriﬁcation activities ongoing goal preventing impacts suppliers workers time potential risks moncler stone island group procedure applied selection process new suppliers updated evaluation new supplier involves site visit conducted quality team assess supplier alignment group quality standards technical analysis evaluation process new façon manufacturers new ﬁnished products suppliers involves document review compliance ﬁnancial aspects well preliminary ethical social environmental audit carried third party raw material suppliers instead process requires ﬁlling environmental social assessment questionnaire supported documentary evidence followed site audit group thus commits include supply chain companies comply group quality standards basic ethical social environmental principles results audit activities including preliminary ones regularly shared sustainability internal audit functions operations supply chain purchasing procurement teams ongoing dialogue allows latter review management relationships suppliers also considering potential risks impacts workers within supply chain reference wage practices another key topic fashion industry supplier code conduct human rights policy group recognises importance ensuring wages aligned law binding collective agreements force countries operates case adequate cost living employee basic needs discretionary proﬁt market benchmarks type professional performance group indeed requires suppliers oﬀer workforce fair wage level number moncler group ethical social environmental audits animal welfare traceability dist audits supply chain total annual report moncler group career development path reﬂects knowledge skills abilities professional experience well beneﬁts salary non salary incentives suppliers like group expected provide beneﬁts required law including limited social security parental leave annual holidays calendar holidays engage regular social dialogue compensation related matters addition suppliers required full cover taxes recruitment hiring costs workers including migrant workers temporary workers ﬁxed term contracts since group support third party conducting speciﬁc assessments living wage corporate sites suppliers aim covering critical suppliers see also page particular moncler partners fair wage network independent organisation dedicated progressing fair wage practices across global supply chains methodology adopted fair wage network involves collaboration companies suppliers assess wage practices questionnaires completed workers managers identifying problems suggesting improvement actions fair wage network assessment methodology structured around dimensions covering entire spectrum wage indicators living wage therefore one dimensions analysed alongside aspects variables wages practices pay systems evaluated wage negotiation workers representatives collective bargaining presence grievance mechanisms complaints remuneration issues etc another area analysis involves comparing results assessment industry country speciﬁc benchmarks implementation analysis gradual extension group suppliers assessed prioritised basis risk proﬁle associated geographical location supplier factors presence collective labour agreements ensure dialogue respect social environmental aspects regard approximately moncler group suppliers located italy covered collective bargaining agreements end percentage critical suppliers see also page assessed involved living wage analysis carried fair wage network equal analysis last three years involved workers group suppliers conﬁrmed workers receive remuneration line applicable local minimum wage according current regulations particular results show workers involved assessment receive salary line country speciﬁc living wage possible region speciﬁc parameterized according speciﬁc indicators country average fertility rate average number people per household receive income work raw materials suppliers one lever helps mitigate potential human rights risks progressive introduction raw materials certiﬁed according standards example responsible wool standard rws responsible alpaca standard ras responsible mohair standard rms standards include criteria beyond sole animal welfare also cover social aspects group also uses training capacity building tools prevent potential negative impacts time promote responsible management social environmental issues along supply chain context training code ethics continued dedicated module available supplier portal includes speciﬁc section principles respect human rights participation course required suppliers upon registration portal moreover group support international training centre international labour organization itcilo continued oﬀer targeted human rights moncler group annual report training employees suppliers course translated languages relevant group updated annually capacity building programmes also continued key topics living wage see also pages importance adopting energy eﬃciency mechanisms promoting renewable energy throughout supply chain see also pages involving total suppliers year addition ongoing awareness raising activities ethical social environmental animal welfare issues moncler supports suppliers considered strategic providing experts health safety oﬀer consultancy develop knowledge well operational support handle investments technologically advanced machinery particular processes eight suppliers since programme also extended stone island suppliers adoption corrective remedial measures audit activities reveal violations applicable laws principles set group codes policies company requires supplier implement appropriate actions resolve non compliance see also page notwithstanding zero tolerance approach major breaches group reserves right terminate immediately existing contractual relationship supplier brands committed support supply chain raising awareness driving continuous improvement requiring implementation corrective actions needed following audit improvement plan issued implementation veriﬁed group undertakes proactively support suppliers implementing agreed corrective actions order verify corrective measures eﬀectively implemented agreed deadline group carries site documentary follow audits regard suppliers sites audited ethical social environmental aspects end year approximately line highest group social environmental standards considering critical suppliers relationship terminated around suppliers remaining turned open non compliances end audit activity took place last months year actions aimed remediating non compliances closed particular reference social aspects audited sites found non compliances relative improvement plan issued main areas non compliance related occupational health safety followed labour relationship management issues included non compliance regarding salary wage treatment working hours employment contract management cases involved human rights related issues least critical non compliances agreed suppliers promptly implement resolution plan critical cases collaboration supplier always terminated finally group examines situation assess whether non compliance identiﬁed resulted negative impacts workers event proven negative impacts group veriﬁes whether fall within scope responsibility assessing correlation performance activities correlation exists group takes appropriate measures remedy impacts workers value chain collaborating necessary competent authorities national international level suppliers partners adequately address situations group also expects suppliers business partners adopt mitigation remediation measures human rights violations activities integrating obligations contracts annual report moncler group due diligence process contributed strengthening time awareness culture human rights well risks associated within company along supply chain actions taken proven eﬀectiveness time leading selection suppliers progressively lower risk demonstrating non compliances resolved thanks improvement plans implemented three year audit cycles recur subsequent audits targets related managing material negative impacts advancing positive impacts managing material risks opportunities details targets sustainability plan results achieved relating fair pillar conﬁrm group future commitments continuing promote traceable responsible supply chain legend target achieved target time target delayed targets results fair strengthen traceability systems raw materials sdg ongoing suppliers also compliant new human rights environmental modules included dist protocol stone island adopt environmental social modules responsible standard rds certified supply chain suppliers also compliant new human rights environmental modules included dist protocol stone island adopted environmental social modules responsible standard rds certified supply chain ongoing key raw materials traced key raw materials nylon polyester cotton wool traced key raw materials line raw material manual published group raw material manual key raw materials line group raw material manual moncler fur free collections moncler group fur free collections moncler group annual report promote fair safe workplace sdg least critical suppliers aligned highest levels moncler group social compliance standard definition critical supplier see page critical suppliers aligned highest levels moncler group social compliance standard ethical social environmental audits carried suppliers outerwear audited ethical social aspects three year period ongoing promotion health safety environmental certifications supplier sites continued awareness raising activities suppliers promote importance certification processes critical suppliers evaluated involved living wage analysis living wage analyses valid three years critical suppliers evaluated involved living wage analysis annual report moncler group consumers end users sbm material impacts risks opportunities interaction strategy business model policies related consumers end users processes engaging consumers end users impacts processes remediate negative impacts channels consumers end users raise concerns taking action material impacts consumers end users approaches managing material risks pursuing material opportunities related consumers end users eﬀectiveness actions targets related managing material negative impacts advancing positive impacts managing material risks opportunities moncler group annual report sbm material impacts risks opportunities interaction strategy business model theoretical risks associated clients identiﬁed double materiality analysis concern issues related client data management protection well compliance applicable laws products intended sale assessments take account mitigation actions implemented group management protection client data represent strategic element moncler group operations trust based relationship stakeholders collection storage use data play crucial role key business processes including personalisation oﬀer client relationships management store online speciﬁcally assessments conducted showed non compliance regulations data management protection applicable various countries moncler stone island operate could represent potential risk group terms sanctions reputation another theoretical risk emerged analysis concerns potential non compliance applicable regulations related products compliance intended sale selling country state especially reference use potentially harmful chemical substances evolution applicable regulations terms product compliance reach regulation europe chinese requirements japanese jis requirements requires careful monitoring adaptation necessary non compliance could result consequences economic terms direct losses due restrictions distribution sanctions product recalls sales bans also terms reputation undermining perception brand symbol quality sustainability responsibility policies related consumers end users data management protection moncler group line principles set code ethics human rights policy see also pages recognises protects right privacy clients well employees collaborators suppliers partners company committed using processing personal data collected countries operates compliance applicable regulations regulation general data protection regulation gdpr end moncler stone island adopted internal procedures tools guidelines including data protection master policy provides rules instructions processing personal data clients employees third parties data retention periods identiﬁes deﬁnes individuals involved process respective roles responsibilities register personal data processing activities procedure assessing impact personal data protection data protection impact assessment dpia procedure management data breaches regulation use tools employees information technology systems capable ensuring increasingly high level security registration evaluation authorisation restriction chemicals national standard people republic china japanese industrial standards annual report moncler group documents processes tools regularly monitored necessary updated reﬂect new regulations rules well changes group organisational structure technological developments privacy related responsibilities lie board directors product compliance line provisions code ethics group committed ensuring products meet client expectations comply regulatory requirements speciﬁc markets sold accordance supplier code conduct see also page group contractually requires manufacturing partners operate compliance applicable international legislation regarding chemicals performance particular partners contractually bound adhere guidelines outlined compliance speciﬁcations detail main compliance requirements brands suppliers sub suppliers including dye houses laundries embroideries speciﬁcations updated periodically taking account international regulations well voluntary parameters commitments undertaken moncler stone island include group manufacturing restricted substances list mrsl product restricted substances list prsl deﬁne substances suppliers sub suppliers must monitor various production phases products materials related reference parameters respected prevent mitigate risk critical issues related products addition moncler speciﬁcations include manual performances outlines performance physical mechanical requirements information prsl mrsl see also pages processes engaging consumers end users impacts listening clients fundamental strategic activity ensure service offered line desires expectations continuous dialogue clients allows group respond promptly accurately needs also helps mitigate theoretical risks reduce potential negative impacts fostering relationship trust transparency way group able quickly adapt market dynamics constantly improving experience offered strengthening reputation vibe project adopted global level moncler brand involves systematic collection feedback local clients purchase quick questionnaire analyses scale satisfaction various aspects experience including hospitality personalisation service goal project identify redress cases dissatisfaction support focus client advisor getting know clients even establish long term relationship survey structured five steps day purchase clients receive email sms summary purchase questionnaire five questions client feedback vibe immediately notified clienteling app available client advisor able see comment left client thank order strengthen relationship case dissatisfaction store manager tasked finding solution fully meets client expectations initiatives aimed improving store experience end moncler brand maintained high vibe score scale measures clients willingness recommend moncler others line moncler group annual report company aims maintain excellent vibe score consolidating performance range excellence moncler also worldwide direct client communication channel client service service unit aiming become main point contact clients also represents channel constant dialogue view continuous improvement service handles support requests clients various channels physical digital omnichannel perspective global level company strengthened process digitalising client service enhancing social media presence using instant messaging implementing web chat integrating clienteling activities client interactions also improved specific engagement activities aimed supporting client advisors identifying customizing touchpoints including launches new products new collections product moments cross cutting occasions international holidays festivity moments personal ones birthdays personal client moments represents important opportunity moncler create value clients build relationships trust deliver highly distinctive engaging experience furthermore environment characterised increasingly intense interaction client advisors clients growing integration physical digital channels moncler clienteling app monclient taken role fundamental importance application based centralised integrated management client relationship management crm calendar enabling client advisors manage appointments plan record activities related client moments check product availability make sales enhance client database handle sales requests features monclient app improved use technology clients accelerates moncler clienteling becoming increasingly relational supported social platforms well digital tools video messaging digital appointments distance sales phygital events creating new synergies physical stores digital channels accompanying clients discovering brand stone island brand continued strengthen direct relationship clients thanks mystonecompass msc app allows client advisors stay touch clients offer personalised experience including sales phase thanks msc client advisors analyse client purchase history profile providing highly personalised experience built around individual specific needs preferences integrated system allows comprehensive understanding client preferences behaviours optimising offering improving overall experience vibe sale also implemented globally since moncler brand order allow systematic collection feedback clients used sales service moncler brand achieved vibe sale score scale six percentage points higher addition moncler brand commissioned quantitative study based cawi computer aided web interviews methodology understand clients perceptions various areas interest research carried representative sample individuals aged strong passion fashion luxury conducted seven cities moncler brand present involving participants per city total annual interviews surveys carried four periods year enabling timely continuous data collection data collected anonymously certified panel providers subsequently analysed aggregate form ensuring highest level privacy protection finally group member actively collaborates various trade associations various areas order remain constantly updated market trends client needs take prompt action meet expectations annual report moncler group depending engagement activities operational responsibility managed different company functions including retail omnichannel client service aftersales media brand partnership processes remediate negative impacts channels consumers end users raise concerns clients use different tools moments express opinions raise concerns ask questions include direct interactions client advisors either person instant messaging platforms client service accessible via channels listed contact section moncler com stoneisland com websites offering options telephone email instant messaging systems live chat finally whistleblowing channel see also pages reports requests received managed relevant company departments aim providing timely responses effective solutions particular regarding privacy protection brands established email address dpo moncler com dpo stoneisland com respective data protection officers dpo contacted requests information clarifications regarding handling personal data report violations privacy laws addresses addition existing ones privacy moncler com privacy stoneisland com well dedicated addresses region group enabling interested party contact moncler stone island privacy related issue reports requests regarding privacy handled full compliance applicable legislation accordance internal procedures adopted ensuring highest priority structured processes include thorough case analysis implementation corrective measures necessary prompt notiﬁcation parties concerned competent authorities taking action material impacts consumers end users approaches managing material risks pursuing material opportunities related consumers end users effectiveness actions data management protection protection proper processing personal data important area moncler group gaining increasing importance years ensure compliance personal data protection regulations regulation general data protection regulation gdpr europe equivalent regulations areas world group adopts structured approach includes procedures described moncler group annual report dedicated measures approach applies management client data also employees suppliers stakeholders moncler stone island appointed data protection oﬃcer dpo responsible monitoring compliance respective companies gdpr legal regulatory provisions relating protection personal data well providing companies employees necessary support regarding protection personal data furthermore group designated dpo german subsidiaries dedicated oﬃcer appointed privacy cybersecurity china accordance local law privacy governance system adopted moncler includes privacy committee established june responsible ensuring proper coordination exchange information companies dpo order obtain necessary support monitor implement regulatory adjustment business processes privacy committee meets every one two months composed general counsel head corporate aﬀairs compliance heads functions designated privacy representatives areas information technology customer relationship management crm people organisation video surveillance well colleagues legal compliance digital departments stone island privacy oﬃce coordination moncler monitors manages privacy issues moncler data protection oﬃcer provides periodic updates privacy related issues control risks sustainability committee informs board directors similarly worldwide information technology transformation function provides periodic updates cybersecurity issues topic group constantly working mitigate potential risks related operational interruptions caused cyberattacks aim ensuring business continuity information protection regular meetings took place also light changes occurred legislative regulatory framework activity monitoring updating documentation procedures continued order ensure ongoing alignment gdpr local regulations countries group companies operate including applicable privacy laws china china personal information protection law pipl group internal audit function continued conduct privacy audits also support external consultants particular audit carried level compliance regulations protection personal data china related follow activities functions involved violations procedures implemented moncler stone island gdpr employees addressed group disciplinary system date disciplinary proceedings initiated breaches moncler received requests various kinds oﬃcial channels including requests deletion database pursuant article gdpr requests access rights pursuant article gdpr inquiries data management stone island requests received oﬃcial channels moncler group notiﬁed complaints italian data protection authority pursuant article gdpr finally employee training main provisions gdpr continued via learning training programme privacy legislation applicable china deﬁned product compliance mitigate theoretical risk potential non compliance applicable regulations deﬁne products compliance intended sale selling country state particularly concerning use potentially harmful chemical substances group adopted annual report moncler group integrated approach includes monitoring raw materials production processes close collaboration suppliers updating standards meet regulatory developments moncler group quality holistic sense always continue priority early stages design selection raw materials compliance applicable laws corporate quality standards absolute priorities group quality nylon cotton well raw materials used produce brands garments combined ongoing research experimentation achieve excellent ﬁnal product achieve standards group carefully selects suppliers submits raw materials strict sampling plans include checks composition potentially hazardous chemicals used physical mechanical characteristics essential achieve expected technical performance addition mitigation actions tests control procedures described esrs pollution section raw materials accessories buttons zippers etc garments may undergo additional sampling assess technical compatibility fabrics recommended maintenance resistance washing fabrics physical mechanical properties tested changes size washing pilling colour fastness seam sliding tear resistance water repellency etc stone island special attention paid garment dyeing process production accessories fabrics subjected depth preliminary tests including compatibility treatment presence impurities components could result anomalies dyeing phase order implement changes optimizations process necessary suppliers required verify provided complies legal requirements restrictive group event issues investigate root causes applying appropriate corrective actions always compliance regulations applicable speciﬁc country state products sold group constantly monitors evolution applicable regulations adapts standards accordingly example regarding emerging regulations perﬂuoroalkyl polyﬂuoroalkyl substances pfas moncler group operates full compliance applicable regulations speciﬁc country state sells products collections products already contain substances group committed continuing elimination process terms technical quality product manufacturing process experts moncler stone island quality management division supplier selection phase carefully examine whether partner adequate skills technologies enable production garments line required standards ensure consistent uniform quality levels experts monitor progress process compliance product quality standards regular basis entering manufacturing process model undergoes several ﬁttings verify attention every detail alignment design pattern speciﬁcations ensure maximum comfort lastly moncler stone island products undergo depth ﬁnal quality inspection placed market controls structured process subject protocol thoroughly check ensure aesthetics characteristics size labelling functionality brands garments since department responsible managing quality moncler brand products obtained certiﬁcation quality management system accordance iso standard ensure constant improvement within company towards satisfaction clients internal team suppliers finally last phase group implements veriﬁes complex anti counterfeiting protocol using cutting edge technology moncler group annual report transparent responsible communication strongest lasting relationships built trust transparency fundamental principles moncler group reason every communication marketing initiative carefully planned executed particular attention communicate formalise awareness commitment group published ethical marketing advertising policy images messages conveyed various online offline communication channels carefully defined line company values respect human dignity non discriminatory evoke violent behaviour dangerous conduct special attention paid communication children collection aims ensure absolute respect fundamental principles underlying protection minors although group currently adhere specific voluntary codes standards relating advertising activity complies applicable regulations force countries operates constantly monitors evolution regulations concerning unfair commercial practices greenwashing evidence ongoing commitment marketing advertising promotional activities group products never resulted cases non compliance existing regulations part commitment responsible communication clients product labels also play important role providing clear transparent accurate information moncler stone island guarantee full compliance applicable national international regulations product information line commitment actively collaborate suppliers obtain information regarding materials also performing tests according sampling procedure processes used various production phases garments feature global label information composition various components washing care instructions country manufacture required information translated least ten languages addition customised labels applied garments intended specific markets garments containing specific categories raw materials additional information included case common name animal percentage feathers moncler particular regard dist certified label inserted garments guaranteeing garment certified according principles set dist integrity system traceability technical protocol governs animal farming methods respect animal welfare well traceability technical quality similarly stone island features special tags specifying duck used garments certified according responsible standard rds protocol addition specific editorial tags outerwear provide description specific features innovative materials treatments used annual report moncler group targets related managing material negative impacts advancing positive impacts managing material risks opportunities data management protection group committed updating internal procedures documents related data management protection align regulatory developments best practices also ensures continuous training activities speciﬁc sessions various corporate functions continuing veriﬁcation activities conducted internal audit function product compliance group committed continuing activities described coming years conﬁrming commitment monitoring managing chemical substances well continuously updating key documents mrsl prsl line regulatory developments maintaining proactive approach identify progressively replace regulate potentially hazardous chemicals moncler group annual report entity specific support communities entity speciﬁc material impacts risks opportunities interaction strategy business model entity speciﬁc policies related support communities entity speciﬁc actions resources related support communities entity speciﬁc monitoring eﬀectiveness policies actions related support communities targets annual report moncler group entity specific material impacts risks opportunities interaction strategy business model moncler group always committed promoting initiatives projects supporting charitable organisations cash contributions donating clothes organisational support beneﬁt communities active support stems awareness company thrive harmony fully respecting community commitment constitutes one pillars group sustainability strategy called give back responsibility initiatives entrusted chief marketing corporate strategy oﬃcer collaboration sponsorship philanthropy team speciﬁcally tasked identifying developing managing initiatives aimed well communities supporting philanthropic projects sponsorships line corporate values team also responsible building partnerships non proﬁt organisations cultural institutions charitable entities relevant organizations well monitoring results impact generated supported projects positive impact activities also emerged signiﬁcant within double materiality analysis entity specific policies related support communities relationship local communities addressed code ethics human rights policy see also pages code ethics group commits participating initiatives cultural social value human rights policy aims establish transparent constructive dialogue communities surrounding activities directly collaboration various organisations additionally code ethics also underlines commitment paying attention possible personal business conﬂicts interest assessing reliability beneﬁciaries consistency group values oﬀering contributions accordance applicable laws awareness importance respect environment also reiterated understood common resource safeguarded beneﬁt community future generations view sustainable development entity specific actions resources related support communities group commitment supporting communities reﬂected initiatives mainly focused scientiﬁc research environmental protection social development support people emergency situations ﬁght poverty art culture additionally activities aimed local communities near group main sites result consultations authorities communities local personnel working main moncler stone island sites interact maintain ongoing dialogue representatives communities local authorities understand needs expectations well assess impact business activities population thereby ensuring social consensus moncler group annual report resources allocated moncler group support local communities totalled million euros line support populations emergency situations warmly moncler projects company works various associations protect people need cold years moncler protecting vulnerable families living world coldest areas already extreme living conditions intensify arrival winter making survival daily struggle possible moncler support unicef united nations children fund provides humanitarian assistance children communities associations unhcr refugee agency protects amount calculated basis london benchmarking group lbg model framework used classify measure contribution companies communities model includes three main areas intervention community investments donations commercial initiatives social impact also classiﬁes intervention according type contribution direct ﬁnancial donations donations goods services corporate resources kind active involvement employees volunteering activities time management costs information visit website https www csisolutions lbg model php management costs organising employee volunteer activities working hours monetary value hours volunteered employees regular working hours annual report moncler group rights well refugees around world francesca rava foundation company protected approximately period children families cold distributing basic necessities newborn kits blankets clothes support scientiﬁc research moncler always believed research innovation key drivers continuous development improvement belief even stretches beyond company boundaries moncler committed ensure research constantly supported also medical scientiﬁc sectors therefore actively supports researchers daily activities grants scholarships euros donated scholarships grants support researchers umberto veronesi foundation general donations supporting patients helping various associations foundations including vidas foundation european institute oncology anlaids ets umberto veronesi foundation umberto veronesi foundation established promote excellence scientiﬁc oncological research projects aimed prevention health education scientiﬁc dissemination promoters include nobel prize winners form foundation honorary committee scientiﬁc research supported research grants doctors researchers advanced ﬁelds oncology since establishment foundation funded doctors scientists engaged cutting edge scientiﬁc projects research projects moreover foundation active ﬁeld scientiﬁc divulgation conferences projects schools awareness raising campaigns publications foundation launched pink good project oﬀer concrete support research breast cancer raise awareness prevention moncler actively supported project since inception also moncler supported researcher umberto veronesi foundation engaged study breast cancer moncler also continued support foundation commitment paediatric oncology contributing creation palm paediatric acute leukemia myeloid origin national network institutes specialising oncohematology coordinated bambin gesù paediatric hospital aimed ﬁrst clinical trial europe gene therapy using car cells development new diagnostic methods acute myeloid leukaemia highly aggressive blood cancer aﬀects around children year italy lastly promote research eﬀects climate change environment since moncler supporting research project umberto veronesi foundation adaptability certain plant species less favorable climatic conditions study focuses particular identifying mechanisms used speciﬁc varieties cotton survive optimise growth drought conditions goal research understand improve resilience selected species agriculture less favourable environmental scenario limited water resources ﬁgure people protected cold calculated considering various factors donations items one protected person attributed item donated cash donations number protected people deﬁned beneﬁciary association relation amount annual donation moncler group annual report initiatives social economic development communities moncler committed contributing well community operates promoting independent projects supporting organisations working social sphere issues young people assistance diversity inclusion spread culture respect environment young people future always key concern moncler many years supporting struggling young people ensure access medical care adequate level education clear growth path cooperation associations foundations francesca rava dynamo camp comunità san patrignano bambini delle fate amici cometa onlus since tog foundation together another issue plays particularly signiﬁcant role moncler group diversity equity inclusion group aware discrimination represent threat community time important contribute creating sense acceptance enhancement diversity since moncler implementing initiatives promote increasingly inclusive culture include donations organisations engaged diversity equal opportunities issues lebron james foundation camera nazionale della moda italiana cnmi cnmi fashion trust initiative aims support promote emerging talent fashion sector moncler also supports activities projects related protection conservation environment particular recent years company supported cnr association keep karakorum clean keep clean initiatives aimed cleaning mountains developed voluntary project legambiente reduce plastic use promote plastic recycling tog foundation tog foundation established aim providing specialised care children complex neurological conditions years become centre excellence field rehabilitation education school guidance children disabilities also offering support families pioneer use innovative technologies promote motor cognitive communicative development children tog foundation support moncler able develop study application eye tracking technology enables communication children young people verbal difficulties severe neurological conditions would otherwise unable express helping improve quality life rehabilitation path date children use two eye tracking devices tog centre aim integrating advanced technology homes families thus daily lives children fostering communication cognitive development increasing number children moncler supporting two year project entitled communicating playing learning new eye tracking children complex neurological diseases since september thanks project four additional devices added rotated among children goal promoting prescription individual purchase national health service time tog foundation conduct research impact technology starting oﬀer evaluation service accessible also children followed foundation annual report moncler group cnr cnr recognised non proﬁt association promotes collaborative development projects scientiﬁc research activities mountain regions association activity also carried collaboration international organisations wwf world wide fund nature unep united nations environment programme undp united nations development programme wmo world meteorological organization icimod international centre integrated mountain development well local organisations focuses studying monitoring climate changes climate change adaptation measures safeguarding biodiversity development mountain populations united passion respect mountains cnr moncler collaborating since promote environmental restoration education programmes keep karakorum clean keep clean thanks initiatives developed collaboration local institutions populations base camps annually cleaned waste restored natural condition recent years thanks cooperation authorities central karakorum national park cknp gilgit baltistan province pakistan waste sorting system set allowing date collection approximately tonnes solid biological waste activities also carried cknp staﬀ supported local entities environmental education activities aimed raising awareness among pakistani operators importance preserving parks glaciers well strengthening nature protection projects region continued direction cnr close cooperation gilgit baltistan pakistan government stakeholders local population thanks collaboration karakorum international university baltistan university gilgit baltistan environmental protection agency glacier students project aimed deepen knowledge cryosphere status gilgit baltistan pakistan study inventory glaciers pakistan published march project carried support ministry foreign aﬀairs international cooperation partnership undp cnr collaborating university milan university cagliari karakorum international university baltistan university environmental protection agency gilgit baltistan represents signiﬁcant italian contribution understanding glaciers water resources region constitute important enduring freshwater reserve asia result obtained positively received scientiﬁc point view territorial planning tool point presented together world meteorological organization wmo invitation italian government climate change cop baku collaboration wmo undp project continue series awareness raising dissemination activities mountainous areas pakistan international scientiﬁc level context international year glaciers announced united nations finally also one health initiative continued network laboratories located gilgit baltistan region pakistan dedicated studying protecting health nature animals moncler group annual report entity specific monitoring effectiveness policies actions related support communities targets details targets sustainability plan results achieved relating give back pillar conﬁrm group future commitments supporting local communities volunteering initiatives project sponsorship legend target achieved target time target delayed targets results give back protect people cold people need protected cold people need protected cold past eight years period create shared value sdg implementation high social value project every two years addresses specific need community supported two year tog foundation project dedicated children complex neurological conditions aimed integrating innovative eye tracking technology homes ongoing employees eligible volunteer activities employees eligible volunteer activities annual report moncler group governance business conduct moncler group annual report business conduct policies practices business conduct corporate culture management relationships suppliers payment practices annual report moncler group section accordance european sustainability reporting standards esrs business conduct esrs describes corporate culture company values well codes policies guide behaviours principles followed business management particular reference topics identified relevant double materiality analysis namely relationships suppliers attention animal welfare assessments take account mitigation actions implemented group addition ensure continuity reported previous years consolidated non financial statements issues corruption prevention contributions political parties lobbying activities also addressed even though identified relevant policies practices business conduct corporate culture code ethics code ethics corporate policies one pillars group corporate governance system regulate way moncler brand stone island brand respective employees partners clients shareholders operate codes ethics moncler stone island encompass set values brands recognise share promote acknowledging conduct inspired principles diligence honesty loyalty represents significant driver economic social development employees partners required act honesty passion integrity build relationships stakeholders based mutual trust growth guided principle shared value codes establish clear behavioural norms recipients regulating various aspects including relations employees suppliers clients authorities respect human rights protection intellectual industrial property confidential information privacy respect fair competition proper administrative financial management environmental protection anti corruption anti money laundering measures responsible use corporate assets management conflicts interest contributions sponsorships codes ethics apply employees suppliers contractors consultants partners external collaborators two brands apply consistent manner across countries moncler stone island operate case non compliance disciplinary measures sanctions applied including termination existing employment contract business relationship board directors competent body decide adoption subsequent amendments code ethics well involved managing ethical issues particular relevance head corporate affairs compliance function part second level control monitors proper conduct group operations compliance relevant legal regulatory constraints internal procedures values code ethics role also ensures management corporate compliance aspects human resources function managers hand actively support staff training awareness raising ensuring employees understand respect provisions code ethics codes periodically updated align international best practices integrate emerging sustainability business conduct topics codes inspired main existing national international regulations corporate social responsibility corporate governance human rights environment international bill human rights united nations universal declaration human rights charter fundamental rights european union decent work standards set conventions moncler group annual report international labour organization ilo oecd organization economic cooperation development guidelines multinational enterprises organization economic cooperation development codes ethics also refer key principles outlined supplier code conduct group corporate policies including anti corruption policy environmental policy human rights policy health safety management policy etc considered integral part codes codes made available employees appropriate means accordance local customs available italian english well romanian moncler code ethics documents freely downloaded company intranet internet sites online training programme regularly provided moncler employees including temporary part time employees ensure correct understanding virtuous behaviour consistent requirements code stone island employees italy trained topics specific module within model course organisation management control model codes ethics together anti corruption model fundamental integral part organisation management control models adopted moncler stone island pursuant legislative decree models consist set principles rules conduct operational procedures disciplinary codes aimed preventing commission offences ensuring ethical behaviour operate behalf group companies organisation management control models moncler stone island periodically updated light regulatory organisational changes particular moncler october stone island february models updated integration new offences crimes relating payment instruments cash crimes cultural heritage well adoption developments regarding management whistleblowing channel body responsible overseeing adequacy compliance organisation management control model guiding principles supervisory body supervisory body works coordination group internal audit function reports directly board directors operates complete autonomy without responsibility operational areas internal audit conducts checks various compliance issues including privacy taxation health safety labour law aspects anti corruption measures verify compliance principles code ethics internal audit function regard auditing activities group italian companies continued carry several checks significant corporate processes payments purchases services consultancy quality control charge backs suppliers sales receipts credit management payroll management etc well main areas identified sensitive within model regard group foreign subsidiaries year internal audit function carried checks tests adequacy internal control system financial reporting procedures companies operating chinese mainland south korea japan united states canada france including identify prevent potential fraudulent conduct part management store operations management receipts sales management stock protection company assets prevention theft internal audit function draws annual plan audits stores stores generally selected according criteria revenues significance risk indicators geographical diversification year function monitored inventories missing products detected product handling warehouses compliance sales procedure whistleblowing system group level whistleblowing system place aim effectively managing quickly detecting illegal unethical conduct action comply rules annual report moncler group regulations internal procedures value principles adopting appropriate measures ensuring anonymity whistleblower stakeholder whether internal external group good faith reports anomalous behaviour alleged actual violation code protected retaliation discrimination penalisation particular report received whistleblowing channels head internal audit promptly analyses information responds whistleblower issue raised serious complex head internal audit tasked starting immediate investigation also requesting support corporate functions asset protection legal compliance human resources ict sustainability well competent external consultants order conduct investigations controls aimed understanding happened appropriate relation seriousness incident immediate measures put place termination contract employee staff member supplier involved whistleblower notified closure investigation traceable form via platform least every six months internal audit function reports board directors cases investigated moncler group provided whistleblowers hoc web platform phone lines managed specialised third party available times global level recording managing reports employees suppliers clients counterparties group companies web platform available italian english chinese japanese korean french german turkish arabic romanian phone operators speak language countries group present network stores platform ensures inter alia full compliance international privacy regulations processing sensitive personal data updated whistleblowing procedure communicated entire company population via dedicated newsletters made available company intranet regional human resources managers made aware importance whistleblowing reporting procedure one one meetings video conferences addition mandatory course code ethics includes section dedicated use whistleblowing channel anti corruption group adopts anti corruption model approved board directors based targeted risk assessment regulatory analysis corruption offences countries group operates selected basis corruption perception index country value invoice generated company country allows identification areas theoretically risk corruption internal controls either place need strengthened group anti corruption policy also defines guiding principles controls group employees partners counterparties required follow prevent incidents corruption particular policy defines regulatory monitoring responsibilities management reporting cases non compliance specific measures control corruption risk following areas identified theoretically exposed risk corruption relationships public administration relationships suppliers external consultants relationships agents intermediaries relationships business partners joint ventures directors management donations sponsorships gifts samples human resources management mentioned areas principles conduct operating rules formulated anti corruption policy codes ethics well policies governing behaviour held carrying activities relating areas mentioned policies procedures group anti corruption model circulated shared globally addition group employees regularly offered specific training active passive corruption particular new learning platform training programme introduced moncler group annual report aimed strengthening culture integrity implementing effective anti corruption measures thus helping mitigate potential risks maintain high ethical standards internal audit function periodically conducts site audits group companies order verify adoption controls mitigate corruption risk areas identified risk particular audits carried annually marketing costs sponsorships donations gifts management consultants professional service employee recruitment supplier management payments expenses entertainment costs audits various departments involved informed importance complying established control protocols audit results shared control risks sustainability committee supervisory bodies moncler stone island least every six months board directors receives assesses results audit activities carried group internal audit function also control risks sustainability committee internal board committee cases either active passive corruption ascertained line moncler group manages relationships political parties representatives based highest principles transparency ethics also moncler group make contributions political parties lobbying activities activities beyond associative purposes political commitments contributions made group employees considered personal entirely voluntary regarding lobbying activities group mainly operates industry associations without excluding residual possibility directly interacting institutions always accordance principles described ensure activities decisions taken aligned group environmental policy compliance moncler group described operates based highest ethical principles transparency integrity loyalty formalised moncler stone island codes ethics fully complying applicable laws countries operates concentrating efforts building relationships trust stakeholders confirmation final decisions handed group companies following areas unfair competition antitrust product health safety product labelling marketing including advertising promotion sponsorship disputes impacting community environment intellectual property animal welfare animal welfare area particular attention moncler group outlined supplier code conduct confirmed within raw material manual partners required comply current animal health welfare regulations adhere strict protection standards covering every phase animal treatment particular suppliers must ensure compliance five freedoms farm animal welfare freedom hunger thirst freedom physical thermal discomfort freedom pain injury disease freedom express species specific behaviors freedom fear distress code requires suppliers take necessary measures protect behavioural biological emotional needs animals safeguard biodiversity sourcing ecosystems provide provenance animal derived materials group also committed using materials derived endangered species according cites convention convention international trade endangered species wild fauna flora annual report moncler group one important raw materials moncler suppliers required meet highest quality standards also act responsibly full respect animal welfare protect animal welfare moncler requires veriﬁes suppliers comply strict requirements laid moncler technical protocol called dist integrity system traceability available page dist moncler com veriﬁes dist protocol ﬁrst implemented regulates methods breeding white geese traceability technical quality moncler purchases obtained dist certiﬁcation among basic requirements must respected across entire supply chain include following must exclusively sourced farmed white geese product food chain form live plucking forced feeding permitted protocol drafted taking consideration peculiarities moncler supply chain result open constructive dialogue within scope multi stakeholder forum set considered expectations various stakeholders ensure scientific holistic approach topic animal welfare product traceability forum chaired professor management foscari university venice specific knowledge expertise sustainability issues consists moncler people experts department veterinary medicine university milan polish national institute animal husbandry koluda wielka compassion world farming non governmental organisation dedicated welfare farm animals representatives certification consulting companies sgs control union idfl kpmg starting following inclusion dist protocol specific modules human rights environmental compliance representatives international labour organization belief dialogue source improvement moncler organized eleventh multi stakeholder forum february forum results certification process future developments discussed dist protocol assesses animal welfare innovative perspective addition traditional approach focuses environment animal lives terms availability food water adequate space movement etc protocol line european commission guidelines also assesses welfare carefully observing animal called animal based measures abms abms allow direct assessment animal condition observing geese respond different factors environment live outcome approach dist protocol features nine abms including among designed identify unusual behaviours aspects plumophagia dislocated broken wings feather irregularities abnormal beak colour situations associated environments welfare geese compromised various factors including high animal density inadequate diet lack pasture inappropriate animal management another important innovative indicator introduced protocol evaluation human animal interaction response specific test har test estep hetts suppliers must strictly comply protocol requirements ensure raw material traceability animal welfare highest quality every link supply chain animal based measures indicators directly observed animals assess actual conditions relation ability adapt speciﬁc farming environments measures include physiological pathological behavioural indicators plumophagia abnormal behaviour avian species consists pecking feathers another bird tearing beak moncler group annual report verify compliance principles set protocol moncler constantly carries strict field audits throughout almost entirely vertically integrated supply chain supply chain includes different types entities farms slaughterhouses animals mainly slaughtered meat production subsequently collected companies responsible washing cleaning sorting processing raw material façon manufacturers realise finished products downstream purchasing process also taken account ensure utmost impartiality audits audits commissioned paid directly moncler supplier audit certiﬁcation process carried qualiﬁed third party entity whose auditors trained veterinarians zootechnicians department veterinary medicine university milan certiﬁcation authority turn audited another accredited external certiﬁcation body particular third party onsite audits carried verifying entities supply chain auditors found minor non compliances farms required take timely corrective action obtaining certification cases live plucking animals forced feeding found audits farm transparently communicate company commitment area tag indicating dist certified included moncler jackets important result achieved extending traceability according dist protocol across entire supply chain way finished product order promote constant improvement moncler committed involving raising awareness within supply chain including training activities regard training traceability procedure continued façon manufacturers outerwear knitwear addition several online training sessions conducted auditors third party specialised firm conducts site audits focusing requirements present new modules human rights environmental compliance dist protocol stringent innovative document intended remain constantly evolving subject periodic review multi stakeholder forum however significant results may moncler intention stop rather determined continue strive promote increasingly ambitious standards welcoming insights provided stakeholders stone island also committed ensuring used products obtained manner respectful animal welfare since company used duck certified according responsible standard rds protocol standard aims ensure used comes farms protect animal welfare throughout production chain full traceability certified materials particular since stone island products containing labeled rds logo certification information according standard guidelines addition since suppliers rds certified supply chain subject third party audits ensure compliance group new human rights environment modules annual report moncler group quality since beginning company history heart jackets gradually becoming identity brand thanks long experience constant research development moncler unique expertise terms understanding raw material garment manufacturing process moncler requires suppliers comply highest quality standards years continue key element product differentiation however company quality origin used respect animal welfare also fundamental moncler taken account raw materials purchasing process much quality particular technical quality moncler ensured complex process ensures best white goose used make garments batch double checked verify complies parameters relating quality well aspects hygiene health identified strictest international regulations restrictive requirements established company first sophisticated analysis accredited independent body tests carried moncler internal laboratory highly specialised technicians operate tests carried cluster content fill power main indicators quality moncler garments contain least white goose cluster feathers small feathers high percentage cluster guarantees high fill power capacity occupy volume higher fill power greater performance terms lightness thermal capacity insulating properties moncler minimum fill power level cubic inches per grams translating warm soft light garments able offer unique comfort fur moncler group adhering fur free retailer policy committed using animal fur collections word fur refers skin hair animals raised caught wild exclusively primarily fur example fox mink coyote finn raccon ermine rabbit etc short long hair shearling livestock primarily raised meat calf cow sheep lamb goat fall definition fur ensure animals indeed product food supply chain group requires third party audit carried supply chain last brand moncler collection feature fur fall winter collection stone island used fur since alternative fur group also uses synthetic materials wool protect animal welfare moncler group also set objectives regarding different types wool particular regard merino wool group committed purchasing mulesing free certified merino wool collections meaning wool sheep subjected practice mulesing consists removing portion skin around tail prevent parasitic infections collections approximately merino wool made mulesing free certified materials moncler group annual report group also committed achieving total certified wool example responsible wool standard rws nativa sustainawool collections around wool certified addition group uses alpaca mohair certified according responsible alpaca standard ras responsible mohair standard rms respectively see also pages management relationships suppliers moncler group recognises importance building strong partnerships suppliers based trust shared values requires suppliers adhere principles code ethics supplier code conduct also adopted purchasing policy responsibility chief corporate supply officer leads company managing relationships suppliers policy defines roles responsibilities fundamental principles management purchases ensuring transparency fairness regulatory compliance applies group companies regulates supplier selection qualification relationship management process reference selection qualification process required verify monitor ethical legal economic financial reliability potential suppliers well technical organisational management skills addition different tools depending type supplier see also pages compliance requirements environment health safety labour rights aspects outlined code ethics supplier code conduct verified managing suppliers purchasing policy includes commitment respect payment times particular attention small medium sized enterprises smes collaborate delivery planning ensuring clear timings shared understanding production plans optimised management orders peaks thus fostering cooperative efficient relationship group also committed building lasting relationships suppliers behaving responsibly event interruption relations addition training capacity building programmes planned social matters including topic living wages see also page environmental programmes importance energy efficiency mechanisms promoting renewable energy along supply chain see also pages programmes essential promoting culture change improving social environmental performance suppliers key element supplier management model identification critical suppliers involved targeted actions initiatives identification process based risk based approach considers addition importance group terms economic value orders commissioned quality delivery times financial dependence supplier group ability ensure supply goods services case needing replace supplier short time specific sustainability parameters including potential human rights risk country reference supply key raw materials supply strategic processes group particular attention raw materials animal origin associated certain social environmental impacts lastly ensure supply chain excellence moncler implemented vendor rating system assigns overall supplier rating also considering sustainability aspects indicator weighted helps assess supplier based results achieved area vendor rating areas value considers total weight yarns fabrics used production spring summer fall winter collections date majority workers group critical suppliers women approximately percentage migrant workers around annual report moncler group sustainability compliance working conditions respect human rights observance chemical substance standards indicators relating results compliance tests carried products environmental practices animal welfare etc quality rate production defects quality complaints reported client service etc delivery service level ﬂexibility delivery punctuality etc cost price competitiveness logistics costs etc innovation technological capacity aptitude innovation etc ﬁnancial sustainability degree economic resilience supplier regarding indirect suppliers suppliers goods services related product since qualification process place gather information organisation financial economic situation social environmental practices suppliers regarding sustainability issues suppliers code ethics qualified suppliers implemented social environmental initiatives mapping certifications held suppliers related quality social environmental sustainability well health safety continued half suppliers least one certification among iso environmental certification iso health safety certification group also continued raise awareness among suppliers certified underlining importance tools strategic element continuous improvement adoption increasingly high operating standards finally moncler conducted verification activity assess reliability partners also addition information management sustainability issues activity involved around suppliers indirect suppliers mainly builders maintenance service providers evaluated according criteria divided four categories environment labour human rights health safety ethics tool based international principles standards guidelines global compact iso oecd guidelines provided series parameters assess compare social environmental performance indirect suppliers payment practices moncler group pays invoices according agreed contractual terms compliance market standards particular services category accounts annual invoices terms value group pays within approximately days invoice date line standard payment term practices average payment times described also apply smes average time taken group pay invoices supplier across purchasing categories days noted currently pending legal proceedings due payment delays services category also includes façon manufacturers moncler group annual report additional information employees geographic area gender moncler group total men women total men women total men women italy emea excl italy americas asia total employees professional category gender moncler group total men women total men women total men women executives senior executives managers professionals white collars workers total employees age group gender moncler group total men women total men women total employees type contract gender moncler group total men women total men women total men women permanent contract fixed term contract total annual report moncler group employees type contract geographic area moncler group total permanent contract fixed term contract total permanent contract fixed term contract total permanent contract fixed term contract italy emea excl italy americas asia total employees type contract gender moncler group total men women total men women total men women full time part time total permanent employees type contract gender moncler group total men women total men women total men women full time part time total new hires departing employees gender moncler group total men women total men women total men women new hires departing employees new hires departing employees age moncler group total new hires departing employees moncler group annual report new hires departing employees age moncler group total total new hires departing employees new hires departing employees professional category gender moncler group new hires departing employees total men women total men women executives senior executives managers professionals white collars workers total moncler group new hires departing employees total men women total men women executives senior executives managers professionals white collars workers total moncler group new hires departing employees total men women total men women executives senior executives managers professionals white collars workers total annual report moncler group new hires departing employees geographic area moncler group total emea including italy americas asia new hires departing employees moncler group total emea including italy americas asia new hires departing employees moncler group total emea including italy americas asia new hires departing employees employees country moncler group number number number italy romania china japan united states south korea france united kingdom germany switzerland canada austria countries total china includes employees chinese mainland hong kong sar macao sar taiwan region moncler group annual report ratio women men remuneration levels women presence percentage moncler group target share women total workforce share women management positions including junior middle senior management executives senior executives share women junior management positions total junior managers share women top management positions total top managers share women management positions revenue generating functions total managers revenue generating functions share women stem related positions total stem related positions employees ethnicity americas moncler group percentage total workforce share management positions including junior middle senior management african american asian hispanic white caucasian missing moncler group percentage total workforce share management positions including junior middle senior management african american asian hispanic remuneration levels adjusted basis cost living index italy science technology engineering mathematics executives senior executives managers professionals white collars workers men remuneration annual report moncler group white caucasian missing moncler group percentage total workforce share management positions including junior middle senior management african american asian hispanic white caucasian missing type training hours moncler group total men women mandatory italy emea excl italy americas asia non mandatory italy emea excl italy americas asia total hours moncler group total men women mandatory italy emea excl italy americas asia non mandatory italy emea excl italy americas asia total hours moncler group total men women mandatory italy emea excl italy americas asia non mandatory italy emea excl italy americas asia total moncler group annual report training age group moncler group hours total men women total training age group moncler group hours total men women total men women total average hours training professional category gender moncler group hours total men women total men women total men women executives senior executives managers professionals white collars workers total accidents gender geographic area number moncler group total men women total men women total men women total number accidents workplace italy emea excl italy americas asia annual report moncler group total number accidents commuting work italy emea excl italy americas asia total number accidents workplace commuting work accidents days lost due accidents moncler group total men women total men women total men women accidents workplace commuting work days lost due accidents workplace commuting work accident indicators workplace commuting work gender moncler group total men women total men women total men women incidence rate severity rate frequency rate data reported line requirements esrs incidence rate number workplace accidents total number employees severity rate number days lost due workplace accidents total number hours worked total hours worked amounted approximately million group frequency rate number accidents total number hours worked moncler group annual report supply chain indicators moncler group tier suppliers critical suppliers tier critical suppliers non tier critical suppliers value orders critical suppliers suppliers sites subject assessment ethical social environmental aspects suppliers assessed according social ethical environmental aspects resulted line highest social environmental standards applied group corrective action plan shared solve non compliances suppliers business relationship terminated suppliers supported implementing corrective action plan suppliers subject assessment ethical social environmental aspects critical suppliers assessed according social ethical environmental aspects resulted line highest social environmental standards applied group corrective action plan shared solve non compliances critical suppliers collaboration terminated critical suppliers supported implementation corrective action plan raw materials volumes used nylon cotton polyester wool table include data relating quantities packaging materials value considers total weight yarns fabrics used production spring summer fall winter collections includes materials raw materials silk viscose etc annual report moncler group waste generated scope indirect emissions reporting period tonnes moncler group indirect emissions scope purchased goods services capital goods fuel energy related activities third party warehouses transportation distribution ship air road train waste generated operations business travel employee commuting use sold product end life treatment sold products ﬁgures include moncler group assuming stone island consolidated january waste destination tonnes total waste recycled recovered total waste disposed landfilled incinerated energy recovery incinerated without energy recovery transferred disposal operations moncler group annual report mapping risks opportunities according tcfd framework risk description mitigation actions intensification extreme chronic climatic phenomena physical risk long term progressive intensification extreme chronic climatic phenomena heavy rainfall tornadoes heat cold waves storms fires drought phenomena etc could potentially impact physical operational sites group supply chain resulting possible disruption reduction production levels business continuity potential increase production costs risk exceed materiality threshold double materiality assessment relation supply chain group adopted insurance cover aimed limiting economic impact damage caused extreme climatic events sites group carried detailed assessment physical climate related risks area exposure hydrogeological geomorphological risks based results risk assessment group adjusts project design minimise exposure identified risks group defined specific action plans deal quickly effectively emergency situations relating logistics services supply chain order guarantee business continuity group adopted procurement strategy aimed diversifying supply chain much possible geographical terms terms independence individual suppliers change client purchasing dynamics transition risk long term increasing sensitivity end wholesale clients towards companies strong social environmental commitments well products lower environmental impact could directly reflect purchasing preferences group pays particular attention create value clients establish relationship trust end strategic sustainability plan defined achievement targets periodically transparently reported group public documentation describes commitment sustainable development underlines environmental social responsibility increasingly integral part business model focusing five strategic priorities climate change biodiversity circular economy responsible sourcing valuing diversity supporting local communities group defined targets related use lower impact materials compared conventional solutions used group yarns fabrics preferred materials collections preferred nylon cotton organic regenerative agriculture recycled wool certified specific standards responsible wool standard collections group included recycled nylon preferred cotton certified wool example responsible wool standard rws materials aim lower impact conventional solutions used moncler group materials recycled organic certiﬁed according speciﬁc standards annual report moncler group theoretical risk deriving preference lighter garments currently quantifiable despite expected increase average seasonal temperatures potentially shorter winter seasons also evidence increase extreme weather events demonstrated studies mit massachusetts institute technology nsf national science foundation gist gwangju institute science technology factors combined difficult assessed terms potential impact nativa sustainawool date fabrics yarns consist preferred materials years moncler product range expanded include addition categories shirts sweatshirts knitwear shoes accessories also light jackets grams used warmer temperatures multilayer solutions increase opportunities use increase cost decrease availability raw materials physical risk long term climate change rising temperatures droughts could impact production capacity natural raw materials could affect availability purchase price risk exceed materiality threshold double materiality assessment group adopted strategy diversify supply chain effectively manage fluctuations price availability raw materials certain geographic areas establishing long term relationships agreements result beneficial business relationships group set strategic targets related use lower impact materials compared conventional options used group considering deriving organic regenerative agriculture resilient climate change cultivation lower environmental impact cotton organic regenerative agriculture recycled wool certified specific standards responsible wool standard rws nativa sustainawool collections group included preferred cotton certified wool responsible wool standard rws nativa sustainawool group always looking innovative solutions low impact terms materials introduction regulations aimed mitigating climate change transition risk long term adoption energy climate policies limit emissions could potentially impact business terms taxation generated emissions risk exceed materiality threshold double materiality assessment recommended guidelines science based targets initiative group committed reduce absolute scope scope emissions compared scope emissions per unit product sold compared lastly group committed achieving net zero emissions moncler group annual report direct activities line commitment science based targets group defined strategy date achieved following results renewable energy purchase energy renewable sources renewable energy certificates recs guarantees origin gos corporate sites worldwide since low environmental impact vehicles group corporate car fleet worldwide see page details energy efficiency initiatives years traditional lighting systems replaced led lights thermal insulation systems adopted ensure greater energy efficiency date moncler stores worldwide united states korea japan europe led lighting systems application building management system bms moncler stores efficient management energy consumption progressive replacement air conditioning gas heating systems efficient systems necessary replacement obsolete office windows ensure thermal insulation reference supply chain group collaborating suppliers continue energy assessment activities aimed identifying concrete actions reduce energy consumption promotion energy renewable sources well initiate support activities suppliers definition reduction targets also collaborates suppliers promote production materials lower impact conventional solutions order reach yarns fabrics preferred materials collections opportunity description adaptation mitigation actions realise opportunity increase resource efficiency medium term efficient use resources electricity group sites operations may lead reduction energy used emissions generated consequent reduction operating costs group implemented continues implement various efficiency measures environmental certifications corporate sites moncler stone island iso certified logistics hub castel san giovanni piacenza obtained breeam annual report moncler group opportunity exceed materiality threshold double materiality assessment certification group implemented energy management system according iso standard offices logistics hub production sites italy addition new corporate buildings new stores leed certified compliance certification standard criteria results increased energy efficiency buildings continuous improvement energy efficiency initiatives years traditional lighting systems replaced led lights thermal insulation systems adopted ensure greater energy date moncler stores worldwide united states korea japan europe led lighting systems application building management system bms moncler stores efficient management energy consumption change client purchasing dynamics long term increasing awareness clients respect climate change topics registered especially among younger generations clients paying increasing attention environmental impact fashion industry showing growing interest lower impact products responsible companies opportunity exceed materiality threshold double materiality assessment since group already working integration materials lower impact conventional solutions used group order reach yarns fabrics preferred materials collections moncler group annual report consolidated financial statements consolidated financial statements income statement comprehensive income financial position changes equity cash flows explanatory notes consolidated financial statements general information group summary material accounting principles used preparation consolidated financial statements scope consolidation comments consolidated income statement comments consolidated statement financial position segment information commitments guarantees given contingent liabilities information financial risks information significant events reporting date english version consolidated financial statements moncler group constitute non official version prepared accordance provisions commission delegated regulation official version financial statements prepared accordance aforementioned regulation translated english language solely convenience international readers accordingly original text italian language authoritative annual report moncler group consolidated financial statements consolidated income statement consolidated income statement euro notes related parties note related parties note revenue cost sales gross profit selling expenses general administrative expenses marketing expenses operating result financial income financial expenses result taxes income taxes net result including minority non controlling interests net result group share earnings per share unit euro diluited earnings per share unit euro moncler group annual report consolidated statement comprehensive income consolidated statement comprehensive income euro notes net profit loss period gains losses fair value hedge derivatives gains losses exchange differences translating foreign operations items may reclassified profit loss gains losses items never reclassified profit loss comprehensive income loss net tax total comprehensive income loss attributable group non controlling interests annual report moncler group consolidated statement financial position consolidated statement financial position euro notes december related parties note december related parties note brands intangible assets net goodwill property plant equipment net investments associates consolidation non current assets deferred tax assets non current assets inventories work progress trade account receivables tax assets current assets current financial assets cash cash equivalent current assets total assets share capital share premium reserve reserves net result group share equity group share non controlling interests equity long term borrowings provisions non current pension funds agents leaving indemnities deferred tax liabilities non current liabilities non current liabilities short term borrowings trade account payables tax liabilities current liabilities current liabilities total liabilities equity moncler group annual report consolidated statement changes equity consolidated statement changes equity comprehensive income reserves euro notes share capital share premium legal reserve cumulative translation adj reserve oci items ifrs reserve fta reserve retained earnings result period group share equity group share equity non controlling interest total consolidated net equity group shareholders equity january allocation last year result changes consolidation area dividends share capital increase movements equity changes comprehensive income result period group shareholders equity december group shareholders equity january allocation last year result changes consolidation area dividends share capital increase movements equity changes comprehensive income result period group shareholders equity december annual report moncler group consolidated statement cash flows consolidated statement cash flows related parties related parties euro cash flow operating activities consolidated result depreciation amortization net financial income expenses equity settled share based payment transactions income tax expenses changes inventories increase decrease changes trade receivables increase decrease changes trade payables increase decrease changes current assets liabilities cash flow generated absorbed operating activities interest bank charges received income tax paid changes non current assets liabilities net cash flow operating activities cash flow investing activities purchase tangible intangible fixed assets proceeds sale tangible intangible fixed assets net investments government bonds short term bank deposit net cash flow investing activities cash flow financing activities repayment borrowings repayment current non current lease liabilities short term borrowings variation dividends paid shareholders net cash flow financing activities net increase decrease cash cash equivalents cash cash equivalents beginning period effect exchange rate changes net increase decrease cash cash equivalents cash cash equivalents end period behalf board directors moncler remo ruffini chairman chief executive officer moncler group annual report explanatory notes consolidated financial statements general information group group core business parent company moncler company established domiciled italy registered office located via stendhal milan italy registration number moreover parent company moncler facto controlled remo ruffini ruffini partecipazioni holding rph double specifically remo ruffini owns entire share capital rph company controlling turn december holds shareholding representing share capital moncler consolidated financial statements year ended december include parent company subsidiaries hereafter referred group date group core businesses creation production distribution clothing men women children shoes eyewear accessories moncler stone island brand name basis preparation consolidated financial statements relevant accounting principles consolidated financial statements prepared accordance international financial reporting standards ifrs issued international accounting standards board iasb endorsed european union ifrs also includes international accounting standards ias interpretations international financial reporting interpretations committee ifric previously known standing interpretations committee sic consolidated financial statements include consolidated income statement consolidated statement comprehensive income consolidated statement financial position consolidated statement changes equity consolidated statement cash flows explanatory notes consolidated financial statements presentation financial statements group presents consolidated income statement destination method considered representative business hand method fact consistent internal reporting management business reference consolidated statement financial position basis presentation chosen makes distinction current non current assets liabilities accordance provisions paragraph thereafter ias consolidated statement cash flows prepared indirect method annual report moncler group accordance provisions ias related party transactions group impact significant consolidated statement financial position consolidated income statement consolidated statement cash flows reported consolidated financial statements presented thousands euros unless otherwise indicated data contained explanatory notes presented millions euros basis measurement consolidated financial statements prepared historical cost basis except measurement certain financial instruments derivatives required ifrs going concern basis consolidated financial statements presented thousand euros functional currency markets group mainly operates directors assessment assumption business continuity based results current year forecasts future years management believes factors rendering business continuity uncertain particular group financial strength cash cash equivalents end year guarantee high level financial independence support moncler operational needs development programmes business operations fully guaranteed terms product offerings across various markets distribution channels ability manage organise business activities use estimates valuations preparation consolidated financial statements related explanatory notes conformity ifrs requires management makes estimates assumptions affect reported amounts assets liabilities disclosure contingent assets liabilities reporting date estimates related assumptions based historical experience relevant factors actual results could differ estimates estimates underlying assumptions reviewed periodically variation reflected consolidated income statement period estimate revised revision affects period even subsequent periods revision affects current future periods event management estimate judgment significant impact amounts recognised consolidated financial statements case risk future adjustments amounts recognised assets liabilities period immediately reporting date following notes include relevant information estimates pertain mainly following captions consolidated financial statements impairment non current assets goodwill impairment trade receivables bad debt provision allowance returns impairment inventories obsolescence provision recoverability deferred tax assets provision losses contingent liabilities moncler group annual report lease liabilities right use assets incentive systems variable remuneration ias hyperinflation financial liabilities purchase minority interests ifric uncertainty income tax treatments impairment non current assets goodwill non current assets include property plant equipment intangible assets indefinite useful life goodwill investments financial assets management periodically reviews non current assets impairment events changes circumstances indicate carrying amount may recoverable review impairment conducted recoverable amount estimated based present value future cash flows expected derive asset sale asset suitable discount rate recoverable amount non current asset less carrying amount impairment loss recognised immediately profit loss carrying amount reduced recoverable amount determined based value use calculation sale value arm length transaction reference recent group business plan impairment trade receivables bad debt provision represents management best estimate probable loss unrecoverable trade receivables description criteria applied estimate bad debt provision please refer paragraph financial instruments trade receivables financial assets current non current receivables allowance returns allowance returns reflects management best estimate asset arising expected product returns associated liability future refunds impairment inventory group manufactures sells mainly clothing goods subject changing consumer needs fashion trends result necessary consider recoverability cost inventories related required provision inventory impairment represents management best estimate losses arising sales aged products taking consideration saleability group distribution channels recoverability deferred tax assets group subject income taxes numerous jurisdictions judgment required determining provision income taxes territory group recognises deferred tax assets expected realised within period consistent management estimates business plans annual report moncler group provision losses contingent liabilities group could subject legal tax litigations arising countries operates litigation inevitably subject risk uncertainties surrounding events circumstances associated claims associated local legislation jurisdiction normal course business management requests advice group legal consultants tax experts recognition provision based management best estimate outflow resources probable settle obligation amount reliably estimated circumstances outflow resources possible amount obligation cannot reliably measured contingent liabilities disclosed notes consolidated financial statements lease liabilities right use assets according ifrs accounting standard reference multi annual lease agreement group recognises asset right use liability lease asset right use initially valued cost present value rental costs provided contract subsequently cost net accumulated depreciation impairment losses adjusted reflect revaluation lease liability group values lease liability present value payments due unpaid leases effective date discounting using interest rate determined taking account term lease contracts currency denominated characteristics economic environment contract stipulated credit adjustment lease liability subsequently increased interest accrued liability decreased payments due lease made revalued event change future payments due lease deriving change index rate event change amount group expects pay guarantee residual value group changes valuation reference exercise otherwise purchase extension cancellation option lease contracts group acts lessee may provide renewal options effects therefore duration contract relative certainty option exercised influence even significantly amount lease liabilities right use assets incentive systems variable remuneration description determination fair value share based incentive payments moncler group management please see paragraph accounting policy adopted group provides ifrs reserve released reclassified retained earnings board directors resolves allocation moncler rights beneficiary ias hyperinflation furthermore ias applied turkish subsidiary starting financial statements december well december turkey continued meet criteria hyperinflationary economy year however accounting effects applying accounting standard significant thus considered preparation annual report moncler group annual report financial liabilities purchase minority interests ifric estimate financial liabilities related purchase minority interests ifric uncertainty income tax treatments see paragraphs impact climate change issues group defined climate strategy aimed reducing greenhouse gas ghg emissions intention positively contributing global goal combating climate change line requirements paris agreement climate strategy integrated group business model includes medium long term objectives particular group committed reducing absolute emissions within scope scope line ambition within scope line well ambition per unit product sold compared furthermore moncler group committed achieving net zero emissions net zero along entire value chain objectives formally approved science based targets initiative sbti deemed consistent contribution required companies limit maximum increase global temperature compared pre industrial levels main actions undertaken achieve objectives include use electricity renewable sources purchased self generated implementation energy efficiency activities building management system bms lighting systems efficient heating cooling improvement building thermal insulation promotion environmental standards buildings adoption low impact environmental vehicles group car fleet obtaining leed certifications new stores new corporate buildings scope emissions progressive introduction preferred materials collections promotion regenerative agriculture projects decarbonization supply chain energy efficiency measures adoption renewable energy sources impact climate change also evaluated relation estimates assessments made financial statements achieving net zero involves overall balance greenhouse gas ghg emissions produced absorbed ecosystems neutralisation mechanisms specifically contribute net zero companies must reduce emissions neutralise residual emissions promoted cdp united nations global compact world resources institute wri world wide fund nature wwf science based targets initiative establishes promotes best practice defining science based targets well assessing companies objectives excluding shop shop annual report moncler group reporting date significant effects figures presented group consolidated financial statements environmental social governance esg indicator added performance share plans starting requiring sustainability goals met line development medium long term incentive system defined policy performance share plan focuses key carbon neutrality goals directly managed company sites offices stores production sites logistics hubs use nylon preferred raw materials recycled nylon bio based nylon attainment certification pay equity women men employees italian sites milan trebaseleghe additionally overperformance criterion plan sets goal one leading esg rating companies award high evaluation group sustainability performance moncler group annual report summary material accounting principles used preparation consolidated financial statements accounting principles set applied consistently fiscal year prior year basis consolidation consolidated financial statements comprise parent company subsidiaries parent owns directly indirectly majority voting rights exercises control able benefit virtue power govern subsidiaries financial operating policies financial results subsidiaries prepared reporting period parent company using consistent accounting policies subsidiaries consolidated date control transferred group cease consolidated date control transferred group group loses control subsidiary consolidated financial statements include results portion reporting period parent company control consolidated financial statements non controlling interests presented separately within equity statement income changes parent ownership interest result loss control changes represent acquisition non controlling interests control obtained accounted changes equity preparing consolidated financial statements effects balances well unrealized profit loss recognised assets resulting intra group transactions fully eliminated investments associates investments associates accounted using equity method whereas initial recognition stated acquisition cost adjusted thereafter post acquisition change investor share net assets acquisition investment difference cost investment investor share net fair value associate assets liabilities included carrying amount investment investor share losses associate equals exceeds interest associate investor interest reduced zero additional losses provided liability recognised extent investor incurred legal obligation intention make payments behalf associate foreign currency items included financial statements group entities measured using currency primary economic environment entity operates functional currency transactions foreign currencies foreign currency transactions recorded applying spot exchange rate date transaction monetary assets liabilities denominated foreign currencies held year annual report moncler group end translated functional currency exchange rate ruling reporting date exchange differences arising settlement translation monetary transactions rate different translated initial recognition recognised consolidated income statement period arise translation results overseas businesses assets liabilities overseas subsidiaries included consolidated financial statements translated group reporting currency euros exchange rate ruling reporting date income expenses translated average exchange rate reporting period considered approximate best actual exchange rate transaction date differences arising adoption method recognised separately comprehensive income presented separate component equity translation reserve disposal foreign operation goodwill fair value adjustments arising acquisition foreign operation treated assets liabilities foreign operation translated exchange rate ruling reporting date main exchange rates used convert euro consolidated financial statements foreign subsidiaries years ended december december follows average rate rate end period year year december december aed aud brl cad chf cny czk dkk gbp hkd huf jpy krw kzt mop mxn myr nok nzd pln ron rub sek sgd try twd uah usd moncler group annual report business combinations business combinations accounted acquisition method method identifiable assets acquired liabilities assumed measured initially acquisition date fair values costs incurred business combination accounted expenses periods services rendered goodwill determined excess aggregate considerations transferred non controlling interests business combination achieved stages fair value previously held equity interest acquiree compared net amounts fair value assets transferred liabilities assumed acquisition date fair value net assets acquired greater acquisition cost difference recognised directly statement income acquisition date non controlling interests could measured either fair value acquisition date non controlling interests proportionate share identifiable net assets election either method done single business combination initial accounting business combination incomplete end reporting period combination occurred group shall report financial statements provisional amounts items accounting incomplete measurement period shall exceed one year acquisition date provisional amounts retrospectively adjusted reflect new information obtained facts circumstances existed acquisition date known would affected measurement assets liabilities recognised date non current assets available sale discontinued operations non current assets available sale discontinued operations classified available sale values recoverable mainly probable sale transaction conditions valued lower carrying value fair value net cost sell value mainly recoverable sale transaction instead continued use discontinued operations operations include separate line business different geographical area part single coordinated plan disposal separate major line business geographical area activity consist subsidiaries acquired exclusively purpose sold consolidated income statement non current assets held sale disposal groups meet requirements ifrs defined discontinued operations presented single caption includes gains losses well losses gains disposal related tax effect comparative period subsequently restated accordance ifrs far financial position concerned non current assets held sale disposal groups meet requirements ifrs reclassified current assets liabilities period requirements arise comparative financial statements restated reclassified annual report moncler group property plant equipment property plant equipment stated acquisition manufacturing cost revalued net accumulated depreciation impairment losses impairment cost includes original purchase price costs directly attributable bringing asset working condition intended use depreciation depreciation property plant equipment calculated recognised consolidated income statement straight line basis estimated useful lives reported following table category depreciation period land depreciation buildings years plant equipment years fixtures fittings years electronic machinery equipment years leasehold improvements useful life improvements rights use lease period fixed assets depending market conditions generally within expected utility entity leased assets depreciated shorter lease term useful lives unless reasonably certain group take ownership asset end lease term depreciation period reviewed reporting period adjusted appropriate gain losses disposal property plant equipment gains losses disposal property plant equipment represent difference net proceeds net book value date sale disposals accounted relevant transaction becomes unconditional intangible assets goodwill goodwill arising business combination initially recognised acquisition date described notes related business combinations goodwill included within intangible assets indefinite useful life therefore amortised subject impairment test performed annually frequently events changes circumstances indicate carrying value may recoverable initial recognition goodwill measured acquisition cost less accumulated impairment part ifrs first time adoption group chose apply ifrs business combinations retrospectively regarding acquisitions made prior transition date january consequently goodwill resulting acquisitions prior transition date ifrs still recorded italian gaap prior eventual impairment details please refer note impairment non financial assets moncler group annual report brands separately acquired brands shown historical cost brands acquired business combination recognised fair value acquisition date brands indefinite useful life carried cost less accumulated impairment brands amortised subject impairment test performed annually frequently events changes circumstances indicate carrying value may recoverable details please refer note impairment non financial assets intangible assets goodwill brands license rights capitalised intangible asset amortised straight line basis useful economic life useful economic life license rights determined case case basis accordance terms underlying agreement key money capitalised connection opening new directly operated store dos based amount paid key money general definite useful life generally line lease period however certain circumstances key money indefinite useful life basis legal protection common practice found jurisdictions markets state refund could received end lease period limited cases need adequately supported key money amortised subject impairment test least annually accordance set note related impairment non financial assets software including licenses separately identifiable external development costs capitalised intangible assets purchase price plus directly attributable cost preparing asset intended use software intangible assets acquired group definite useful lives measured cost less accumulated amortisation accumulated impairment losses amortisation intangible assets definite useful life intangible assets definite useful life amortised straight line basis estimated useful lives described following table category depreciation period license rights based market conditions within licence period legal limits use asset key money based market conditions generally within lease period software years order backlog based fulfillment order backlog identified ppa intangible assets based market conditions generally within period control asset impairment non financial assets least year group verifies whether indication intangible assets definite useful life property plant equipment become impaired evidence exists carrying amount assets reduced recoverable amount goodwill assets indefinite useful life subject amortisation tested annually frequently impairment whenever events changes circumstance indicate carrying amount may recoverable annual report moncler group recoverable amount individual asset cannot reliably estimated group determines recoverable amount cash generating unit asset belongs recoverable amount higher asset fair value less costs sell value use group determines value use present value future cash flows expected derived asset cash generating unit gross tax effects applying appropriate discount rate reflects market time value money risks inherent asset impairment loss recognised amount carrying amount exceeds recoverable amount exception impairment losses recognised goodwill circumstances led loss longer exist carrying amount asset increased recoverable amount cannot exceed carrying amount would determined loss value reversal impairment loss recognised immediately consolidated income statement impairment testing purposes goodwill brand moncler stone island measured respect group cgus compose entire business ifrs requires recognition right use asset liability obligation pay rent financial statements impairment asset right use must calculated recognised accordance provisions ias purpose rights use impairment test related moncler stone island business following cgus defined coincide organisational units responsible monitoring individual markets regions emea region americas region apac region mainland china region japan region korea region rights use individual cgu subject impairment tests presence triggering events individual cgu identified possible impairment signalled following key performance indicators divestment plans expectation performance indicators operational losses impairment test carried following methods calculation cgu gross value use excluding related lease liability cash flows calculation cgu recoverable amount deducting carrying value lease liability gross value use comparison cgu recoverable value carrying value latter calculated net carrying value lease liability calculating value use discount rate used wacc geographical area belongs aggregate value determines group wacc moncler group annual report leased assets january iasb published new standard ifrs leases replaces ias standard endorsed european union publication november ifrs effective financial statements commencing january new standard eliminates difference recognition operating finance leases even despite elements simplify adoption introduces concept control definition lease determine whether contract lease ifrs establishes contract must convey right control use identified asset given period time lease commencement date group recognises right use asset lease liability right use asset initially valued cost including amount initial measurement lease liability adjusted rent payments made commencement date increased initial direct costs incurred estimate costs incurred lessee dismantling removing underlying asset restoring site located restoring underlying asset condition required terms conditions lease net received lease incentives right use asset amortised straight line basis commencement date end lease term unless lease transfers ownership underlying asset group end lease term case right use asset amortised useful life underlying asset determined basis property machinery addition right use asset regularly decreased impairment losses adjusted reflect changes deriving subsequent remeasurement lease liability group values lease liability present value payments due unpaid leases commencement date discounting using interest rate implicit lease payments due lease included measurement lease liability include fixed payments including substantially fixed payments payments due lease depend index rate initially measured using index rate commencement date amounts expected paid residual value guarantee payments due lease optional renewal period group reasonably certain exercise renewal option early termination cancellation penalties unless group reasonably certain terminate lease advance lease liability measured amortised cost using effective interest criterion remeasured event change future payments due lease deriving change index rate event change amount group expects pay guarantee residual value group changes measurement reference exercise otherwise purchase extension cancellation option event revision substance fixed payments due lease liability remeasured lessee makes corresponding change right use asset right use asset carrying value reduced zero lessee recognises change profit loss year statement financial position group reports right use assets meet definition real estate investments item property plant equipment lease liabilities item borrowings group recognises related payments due leases cost straight line basis lease term annual report moncler group contracts signed january group establishes whether agreement contained lease checking fulfilment agreement depended use one specific assets agreement transferred right use asset assets subject leases classified operating leases recognised group statement financial position payments relating operating leases recognised straight line cost lease term incentives granted lessee recognised integral part overall lease cost lease term inventory raw materials work progress valued lower purchase manufacturing cost calculated using weighted average cost method net realisable value weighted average cost includes directly attributable expenditures raw material inventories labour cost appropriate portion production overhead based normal operating capacity provisions recorded reduce cost net realisable value taking consideration age condition inventory likelihood use raw materials production cycle well saleability finished products group distribution channels outlet stock financial instruments trade receivables debt securities issued recognised originated financial assets liabilities initially recognised trade date group becomes contractual party financial instrument except trade receivables comprise significant financing component financial assets initially measured fair value plus minus case financial assets liabilities measured fvtpl transaction costs directly attributable acquisition issue financial asset time initial recognition trade receivables significant financing component valued transaction price initial recognition financial asset classified based valuation amortised cost fair value comprehensive income fvoci fair value profit loss period fvtpl financial assets reclassified initial recognition unless group changes business model managing financial assets case financial assets concerned reclassified first day first reporting period following change business model financial asset shall measured amortised cost following conditions met designated fvtpl financial asset held part business model whose objective hold financial assets order collect related contractual cash flows contractual terms financial asset provide cash flows certain dates consisting solely payments principal interest amount principal repaid time subsequent measurement assets belonging category valued amortised cost using effective interest rate effects measurement recognised among financial moncler group annual report income components assets also subject impairment model described paragraph trade receivables financial assets current non current receivables financial asset shall measured fvoci following conditions met designated fvtpl financial asset held part business model whose objective achieved collection contractual cash flows sale financial assets contractual terms financial asset provide cash flows certain dates consisting solely payments principal interest amount principal repaid initial recognition security held trading group may make irrevocable choice present subsequent changes fair value components comprehensive income statement choice made asset time subsequent measurement measurement made time recognition updated changes fair value recognised statement comprehensive income category assets subject impairment model described paragraph trade receivables financial assets current non current receivables financial assets classified valued amortised cost fvoci indicated valued fvtpl derivative financial instruments included initial recognition group may irrevocably designate financial asset measured fair value profit loss period eliminates significantly reduces misalignment accounting would otherwise result measuring financial asset amortised cost fvoci time subsequent measurement financial assets measured fvtpl valued fair value gains losses arising changes fair value recognised consolidated income statement period recognised financial income expenses financial assets derecognised financial statements contractual rights receive cash flows expire contractual rights receive cash flows transaction risks rewards ownership financial asset materially transferred group neither transfers retains materially risks rewards ownership financial asset retain control financial asset financial liabilities classified valued amortised cost fvtpl financial liability classified fvtpl held trading represents derivative designated initial recognition financial liabilities fvtpl measured fair value changes including interest expense recognised profit loss period financial liabilities measured amortised cost using effective interest method interest expense exchange rate gains losses recognised profit loss period gains losses derecognition group financial instruments consist primarily cash cash equivalents accounts receivable accounts payable current non current assets liabilities investments borrowings derivative financial instruments cash cash equivalents cash cash equivalents include cash short term deposits held banks liquid assets readily convertible cash insignificant risk change value bank overdrafts recorded current liabilities group consolidated statement financial position annual report moncler group trade receivables financial assets current non current receivables trade receivables generated group provides money goods services directly third party classified current assets except items maturity dates greater twelve months reporting date current non current financial assets current non current assets trade receivables excluding derivatives fixed maturity determinable payment terms recognised amortised cost calculated using effective interest method financial assets fixed maturity valued cost notes receivable due date greater year interest rate market rate valued using current market rate financial assets listed valued based impairment model introduced ifrs adopting expected loss model replacing ias framework typically based valuation incurred loss trade receivables group adopts called simplified approach require recognition periodic changes credit risk rather accounting expected credit loss ecl calculated entire life credit called lifetime ecl particular policy implemented group provides stratification trade receivables based days past due assessment solvency counterparty applies different write rates reflect relative expectations recovery group applies analytical valuation impaired receivables based debtor reliability ability pay due amounts value receivables shown statement financial position net related bad debt provision write downs made accordance ifrs recognised consolidated income statement net positive effects associated reversals impairment financial liabilities trade payables current non current payables trade payables arise group acquires money goods services directly supplier included within current liabilities except items maturity dates greater twelve months reporting date financial liabilities excluding derivatives recognised initially fair value represents amount asset bought current transaction willing parties subsequently measured amortised cost using effective interest method financial liabilities designated hedged items subject hedge accounting requirements derivatives instruments consistent provisions ifrs derivative financial instruments may accounted using hedge accounting hedged items hedging instruments meet eligibility requirements beginning hedging relationship formal designation documentation hedging relationship group risk management objectives hedging strategy hedging relationship meets following effectiveness requirements economic relationship hedged item hedging instrument moncler group annual report effect credit risk dominant respect changes associated hedged risk hedge ratio defined hedging relationship met including rebalancing actions consistent risk management strategy adopted group fair value hedge derivative instrument designated fair value hedge hedges exposure changes fair value recognised asset liability attributable particular risk could affect profit loss gain loss hedged item attributable hedged risk adjusts carrying amount hedged item recognised consolidated income statement cash flow hedge derivative financial instrument designated hedging instrument exposure variability cash flows effective portion changes fair value derivative financial instrument recognised among components comprehensive income statement stated cash flow hedge reserve effective portion changes fair value derivative financial instrument recognised components comprehensive income statement limited cumulative change fair value hedged instrument present value since inception hedge ineffective portion changes fair value derivative financial instrument recognised immediately profit loss period hedge ceases meet eligibility criteria hedging instrument sold matures exercised hedge accounting ceases prospectively hedge accounting cash flow hedges ceases accrued amount cash flow hedge reserve remains equity case hedge transaction results recognition non financial asset non financial liability included cost non financial asset non financial liability initial recognition case cash flow hedges reclassified profit loss period period periods hedged expected future cash flows affects profit loss period hedged future cash flows expected amount shall reclassified immediately cash flow hedge reserve reserve hedging costs profit loss period hedge accounting cannot applied gains losses arising fair value measurement derivative financial instrument immediately recognised income statement following hedging relationships put place revenues foreign currencies translated consolidated financial statements corresponding forward rate relative hedged volume employee benefits short term employee benefits wages salaries social security contributions paid leave annual leave due within twelve months consolidated statement financial position date fringe benefits recognised year service rendered employee benefits granted employees payable termination employment defined benefit contribution plans recognised vesting period annual report moncler group defined benefit schemes defined benefit schemes retirement plans determined based employees remuneration years service group obligation contribute employees benefit plans related current service cost determined using actuarial valuation defined projected unit credit method cumulative net amount actuarial gains losses recognised equity within comprehensive income amount recognised liability defined benefit plans present value related obligation taking consideration expenses recognised future periods employee service prior periods defined contribution schemes contribution made defined contribution plan recognised expense income statement period employees render related service december italian employees eligible defined benefit schemes referred post employment benefit tfr act december subsequent decrees pension reform issued early rules treatment tfr scheme changed starting contribution vested january yet paid reporting date referring entities employees italian post employment benefits recognised defined contribution plan contribution vested december still recognised defined benefit plan accounted using actuarial assumptions provision risks charges provisions recognised group present legal constructive obligation result past events probable outflow economic resources required settle obligation amount obligation reliably estimated restructuring provision recognised group detailed formal restructuring plan plan implemented restructuring plan publicly announced identifiable future operating losses date restructuring included provision changes estimates recognised income statement period occur share based payments fair value grant date incentives granted employees form share based payments equity settled usually included expenses matching increase equity period employees obtain incentives rights amount recognised expense adjusted reflect actual number incentives continued service conditions met achievement non market conditions final amount recognised expense based number incentives fulfil conditions vesting date case incentives granted share based payments whose conditions considered maturity fair value grant date share based payment measured reflect conditions reference non vesting conditions difference amounts grant date actual amounts impact consolidated financial statements fair value amount payable employees related share appreciation rights settled cash recognised expense corresponding increase liabilities period moncler group annual report employees unconditionally become entitled receive payment liability measured year end settlement date based fair value share appreciation rights changes fair value liability recognised profit loss year revenue recognition based five step model introduced ifrs group recognises revenues identifying contracts clients related services provided transfer goods services determining consideration believes entitled exchange provision services assessing manner services provided given time time wholesale sales recognised goods dispatched trade customers reflecting transfer risks rewards provision returns discounts recorded revenue adjustment estimated accounted based future expectation taking consideration historical return trends recorded variable component contractual consideration concurrent recognition liability returns corresponding asset statement financial position variable components consideration example effect returns recognised financial statements highly probable significant adjustment amount revenue recognised future retail sales recognised date transactions final customers royalties received licensee accrued earned basis terms relevant royalty agreement typically based sales volumes upon receipt advance payment client group recognises amount advance payment obligation transfer assets future current liabilities derecognises liability recognising revenue assets transferred group recognises amounts paid customers reduction revenues costs services cannot reliably estimated costs costs services reliably estimated borrowing costs borrowing costs recognised accrual basis taking consideration interest accrued net carrying amount financial assets liabilities using effective interest rate method taxation tax expense recognised consolidated income statement represents aggregated amount related current tax deferred tax current taxes determined accordance enforced rules established local tax authorities current taxes recognised consolidated income statement period except extent tax arises transactions events recognised directly either equity comprehensive income deferred tax liabilities assets determined based temporary taxable deductible differences arising tax bases assets liabilities carrying amounts group consolidated financial statements current deferred tax assets liabilities offset annual report moncler group income taxes levied tax authority legally enforceable right offset amounts deferred tax liabilities assets determined using tax rates enacted reporting date expected enforced related deferred income tax asset realised deferred tax liability settled deferred tax assets liabilities discounted deferred tax assets recognised tax losses deductible differences recognised extent probable future taxable profits available temporary differences utilised tax liabilities include estimate risks associated uncertainties tax treatments adopted determining income taxes accordance new ifric uncertainties arise unclear complex tax rules changes tax regulations clarifications tax authorities iii ongoing tax audits disputes public information ongoing tax assessments disputes involving entities earnings per share group presents basic diluted earnings per share basic earnings per share calculated dividing profit loss attributable holders company shares weighted average number shares financial year defined equal share capital adjusted consider treasury shares held diluted earnings per share calculated adjusting profit loss attributable shareholders weighted average number company shares defined consider effects potential shares dilution effect segment information purposes ifrs operating segments group business classified two operating segments relating moncler stone island business aggregated single segment similar characteristics required standard fair value ifrs point reference fair value measurement related disclosures assessment required permitted standards specifically principle defines fair value consideration received sale asset amount paid settle liability regular transaction market participants measurement date addition new standard replaces provides additional disclosures required relation fair value measurements accounting standards including ifrs ifrs establishes hierarchy classifies within different levels inputs used valuation techniques necessary measure fair value levels presented hierarchical order follows level fair values measured using quoted prices unadjusted active markets identical assets liabilities level fair values measured using inputs quoted prices included within level observable asset liability either directly prices indirectly derived prices level fair values measured using inputs asset liability based observable market data unobservable inputs moncler group annual report put call agreements minority shareholders group records financial liabilities relating put options granted minority shareholders present value option exercise price initial recognition liability value reclassified equity reducing minority share terms conditions put option give group access economic benefits associated share capital option group accounts share already purchased application anticipated interest method according ias recognised financial liability equal best estimate option strike price subsequently remeasured closing date accordance ifrs accounting policy adopted group provides recognition equity change value liability accounting standards recently published interpretations accounting standards amendments interpretations effective january title issued date effective date endorsment date regulation date publication lease liability sale leaseback amendments ifrs september january november november classification liabilities current non current amendments ias non current liabilities covenants amendments ias january october january december december supplier finance arrangements amendments ias ifrs may january may may adoption amendments impacts group consolidated financial statements new standards interpretations yet effective early adopted group date annual financial statements prepared european union competent authorities concluded approval process needed adoption accounting standards amendments described reference applicable principles group decided exercise option early adoption applicable title issued date effective date endorsment date regulation date publication lack exchangeability amendment ias august january november november expect see significant effects group consolidated financial statements adopting amendments annual report moncler group addition date financial statements competent bodies european union yet completed endorsement process following accounting standards amendments title issue date effective date iasb document approval date standards ifrs regulatory deferral accounts january january postponed pending conclusion iasb project rate regulated activities ifrs presentation disclosure financial statements april january tbd ifrs subsidiaries without public accountability disclosures may january tbd amendments sale contribution assets investor associate joint venture amendments ifrs ias september deferred completion iasb project equity method postponed pending conclusion iasb project equity method amendments classification measurement financial instruments amendments ifrs ifrs may january tbd annual improvements volume amendments ias ifrs july january tbd contracts referencing nature dependent electricity amendments ifrs ifrs december january tbd group comply new standards amendments based relevant effective dates endorsed european union evaluate potential impacts consolidated financial statements moncler group annual report scope consolidation december consolidated financial statements moncler group include figures line line basis parent company moncler subsidiaries detailed following table investments associates consolidation registered office share capital currency ownership parent company moncler milan italy eur industries milan italy eur moncler moncler deutschland gmbh munich germany eur industries moncler españa barcelona spain eur industries moncler asia pacific ltd hong kong china hkd industries moncler france paris france eur industries moncler usa inc new york usa usd industries moncler ltd london united kingdom gbp industries moncler japan corporation tokyo japan jpy industries moncler shanghai commercial ltd shanghai china cny industries moncler suisse chiasso switzerland chf industries moncler belgium bruxelles belgium eur industries moncler denmark aps copenhagen denmark dkk industries moncler holland amsterdam holland eur industries moncler hungary kft budapest hungary huf industries moncler istanbul giyim tekstil ticaret ltd sti istanbul turkey try industries moncler brasil comércio moda acessòrios ltda sao paulo brazil brl industries moncler usa inc moncler taiwan limited taipei china twd industries moncler canada ltd vancouver canada cad industries moncler prague prague czech republic czk industries white tech katowice poland pln industries moncler korea inc seoul south korea krw industries moncler middle east llc dubai united arab emirates aed industries moncler singapore pte limited singapore sgd industries industries yield bacau romania ron industries moncler deutschland gmbh moncler uae llc dubai united arab emirates aed moncler middle east llc moncler ireland limited dublin ireland eur industries moncler australia pty ltd melbourne australia aud industries moncler kazakhstan llp almaty kazakhstan kzt industries moncler suisse moncler sweden stockholm sweden sek industries moncler norway oslo norway nok industries moncler mexico mexico city mexico mxn industries moncler usa inc moncler mexico services mexico city mexico mxn industries moncler usa inc moncler ukraine llc kiev ukraine uah industries moncler suisse moncler new zealand limited auckland new zealand nzd industries moncler malaysia sdn bhd kuala lumpur malesia myr industries sportswear company bologna italy eur moncler stone island germany gmbh monaco germany eur sportswear company stone island antwerp bvba antwerp belgium eur sportswear company annual report moncler group stone island amsterdam amsterdam holland eur sportswear company stone island usa inc new york usa usd sportswear company stone island canada inc toronto canada cad sportswear company stone island china ltd shanghai china cny sportswear company stone island france saint priest france eur sportswear company stone island korea ltd seoul south korea krw sportswear company stone island retail limited london united kingdom gbp sportswear company stone island japan inc tokyo japan jpy sportswear company stone island suisse chiasso switzerland chf sportswear company stone island sweden stockholm sweden sek sportswear company stone island españa barcelona spain eur sportswear company stone island austria gmbh vienna austria eur sportswear company stone island hong kong limited hong kong china hkd sportswear company stone island macao limited macao china mop sportswear company fully consolidated without attribution interest third parties share capital value ownership take consideration treasury shares held relation scope consolidation please note compared december new companies established highlighted effect january stone island retail stone island distribution merged within sportswear company march moncler japan corporation acquired japanese shareholder yagi tsusho ltd remaining share stake moncler japan corporation equal share capital bringing percentage ownership october moncler rus llc completed liquidation procedure therefore deleted company register please note moncler istanbul giyim tekstil ticaret ltd sti moncler uae llc stone island korea stone island japan inc fully consolidated without attribution interest third parties accordance anticipated interest principle light agreements place companies shareholders associated companies als luxury logistic star color held respectively consolidated valued using equity method moncler group annual report comments consolidated income statement revenues revenues brand euro total revenues moncler stone island moncler group reached consolidated revenue eur million compared results include moncler brand revenue equal eur million stone island brand revenue equal eur million analysis moncler brand revenues moncler brand revenues equal eur million growth compared revenues geography sales broken geographical area reported following table revenues region euro variation variation asia emea americas total revenues asia includes apac japan korea eur million compared thanks solid double digit growth chinese mainland despite high comparable base still challenging macroeconomic conditions affecting consumer confidence japan korea rest apac also delivered solid performance emea recorded revenues eur million compared thanks acceleration dtc channel registered positive contribution tourists locals despite remaining penalised difficult trends direct online channel revenues americas increased compared eur million thanks performance dtc channel annual report moncler group revenues channel revenues distribution channels broken follows euro total revenues wholesale dtc revenues made two main distribution channels dtc wholesale dtc channel includes stores directly managed brand free standing stores concessions commerce factory outlet wholesale channel includes stores managed third parties sell moncler products either single brand spaces shop shop inside multi brand stores physical online dtc channel recorded revenues eur million compared driven sequential improvements across regions wholesale channel recorded revenues eur million decline compared decrease impacted still challenging market trends ongoing efforts upgrade quality distribution network analysis stone island brand revenue stone island brand revenues reached eur million decrease compared eur million recorded revenues geography revenues region euro variation variation asia emea americas total asia includes apac japan korea reached eur million revenues growing compared mainly driven ongoing strong performance japan improving trends chinese market korea continued show softer trends compared rest region emea continues important region brand contributed eur million revenues americas registered revenues eur million decline compared moncler group annual report revenues channel euro total revenues wholesale dtc dtc channel grew compared eur million representing total revenues thanks asia emea outperformed wholesale channel recorded revenues eur million compared impacted challenging market trends well strict volume control adopted management channel continuously improve quality network cost sales cost sales decreased eur million absolute terms going eur million eur million cost sales percentage sales decreased going selling expenses selling expenses amounted eur million eur million incidence revenues higher due progressive shift toward dtc led business model selling expenses mainly include rent costs excluded application ifrs eur million eur million total rent costs personnel costs eur million eur million costs depreciation right use eur million eur million amortisation depreciation eur million eur million item also includes accounting costs related stock based compensation plans eur million eur million general administrative expenses general administrative expenses amounted eur million incidence revenues compared eur million revenues reflecting continuous investments organization general administrative expenses included one income eur million related insurance refund received following december malware attack item also includes accounting costs related stock based compensation plans eur million eur million annual report moncler group marketing expenses marketing expenses eur million representing revenues respect recorded operating result operating result moncler group amounted eur million compared eur million margin compared margin showing resiliency despite challenging trading environment financial income expenses caption broken follows euro interest income financial income total financial income interests expenses financial charges excluded interests lease liabilities foreign currency differences negative total financial expenses excluded interests lease liabilities total financial income expenses excluded interests lease liabilities interests lease liabilities total financial income expenses financial expenses shown income statement equal eur thousand eur thousand include financial expenses excluded interests lease liabilities equal eur thousand eur thousand interest lease liabilities equal eur thousand eur thousand moncler group annual report income tax income tax effect consolidated income statement follows euro current income taxes deferred tax income expenses income taxes charged income statement tax rate equal line legislative decree december implemented directive regarding global minimum tax explicit aim ensuring starting january minimum level taxation groups revenues exceeding euro million legislation originates rules formulated oecd commonly known pillar company falls within scope application regulation impact taxes resulting pillar regime significant breakdown deferred tax assets liabilities nature please see paragraph reconciliation theoretical tax burden applying theoretical rate parent company effective tax burden shown following table reconciliation theoretic effective tax rate taxable amount tax amount tax rate taxable amount tax amount tax rate euro profit tax income tax using company theoretic tax rate temporary differences permanent differences differences deferred taxes recognized income statement income tax effective tax rate annual report moncler group personnel expenses following table lists details main personnel expenses nature compared previous year euro wages salaries social security costs accrual employment benefits total personnel expenses increased eur million eur million remuneration related members board directors commented separately related party section note costs related stock based compensation plans equal eur million eur million separately commented note following table analyses number employees full time equivalent compared prior year average fte area fte italy european countries asia japan americas total actual number employees group december unit december depreciation amortisation depreciation amortisation broken follows euro depreciation property plant equipment amortization intangible assets total depreciation amortization increase depreciation amortisation mainly due investments made new store openings relocation expansion already existing stores logistic operation moncler group annual report amortisation related right use amounted eur million eur million explained paragraph please refer comments made notes additional details related investments made year annual report moncler group comments consolidated statement financial position goodwill brands intangible assets brands intangible assets december december euro gross value accumulated amortization impairment net value net value brands licence rights key money software intangible assets assets progress goodwill total intangible assets changes shown following tables december gross value brands intangible assets euro brands licence rights key money software intangible assets assets progress advances goodwill total january acquisitions disposals translation adjustement movements including transfers december moncler group annual report accumulated amortization impairment brands intangible assets euro brands licence rights key money software intangible assets assets progress advances goodwill total january amortization disposals translation adjustement movements including transfers december december gross value brands intangible assets euro brands licence rights key money software intangible assets assets progress advances goodwill total january acquisitions disposals changes consolidation area translation adjustement movements including transfers december accumulated amortization impairment brands intangible assets euro brands licence rights key money software intangible assets assets progress advances goodwill total january depreciation disposals translation adjustement movements including transfers december increase caption software pertained investments information technology support business corporate functions annual report moncler group please refer directors report additional information related investments made year impairment intangible assets indefinite useful life goodwill captions brands intangible fixed assets indefinite useful life goodwill deriving previous acquisitions amortised tested impairment management impairment tests moncler brand stone island brand performed comparing carrying value derived discounted cash flow method applying royalty relief method based cash flows linked recognition royalty percentage applied revenues brand able generate recoverable amount moncler goodwill stone island goodwill tested based asset side approach compares value use corresponding group cash generating unit carrying amount net invested capital valuation moncler stone island brand goodwill expected cash flows revenues based budget approved board directors december year business plan approved board directors december years basis management estimates consistent expected development plans rate used discount rate calculated using weighted average cost capital wacc weighting expected rate return invested capital net hedging costs sample companies within industry calculation took account implications updated macroeconomic context interest rates weighted average cost capital wacc calculated moncler brand stone island results sensitivity analysis indicated carrying amounts moncler brand goodwill confirmed scenarios reasonable changes benchmarks stone island brand goodwill wacc respectively parameters equal also underlined market capitalisation company based average price moncler share showed significant positive difference respect group net equity implicitly confirming value intangibles registered moncler group annual report net property plant equipment property plant equipments december december euro gross value accumulated depreciation impairment net value net value land buildings plant equipment fixtures fittings leasehold improvements fixed assets assets progress total change property plant equipment included following tables december gross value property plant equipment euro land buildings plant equipment fixtures fittings leasehold improvements fixed assets assets progress advances total january acquisitions disposals translation adjustement movements including transfers december accumulated depreciation impairment ppe euro land buildings plant equipment fixtures fittings leasehold improvements fixed assets assets progress advances total january depreciation disposals translation adjustement movements including transfers december annual report moncler group december gross value property plant equipment euro land buildings plant equipment fixtures fittings leasehold improvements fixed assets assets progress advances total january acquisitions disposals changes consolidation area translation adjustement movements including transfers december accumulated depreciation impairment ppe euro land buildings plant equipment fixtures fittings leasehold improvements fixed assets assets progress advances total january depreciation disposals changes consolidation area translation adjustement movements including transfers december changes related right use assets arising application ifrs reported right use assets euro land buildings fixed assets total january acquisitions disposals depreciation translation adjustement december increases refer new lease agreements opening relocation retail stores renewal existing lease agreements mainly americas apac emea regions moncler group annual report addition mentioned effect arising application ifrs changes property plant equipment show increase gross value items plant equipment fixture fittings leasehold improvements assets progress advances items mainly related development distribution network investments expansion production sites please refer directors report analysis investments made year based business performance recorded periods analysis updated forecasts future trends potential indicators impairment identified specific impairment tests performed items investments associates item investments associates mainly includes investment company als luxury logistic logistics partner group investment star color company carries garment dyeing activities deferred tax assets deferred tax liabilities deferred tax assets deferred tax liabilities offset law within given tax jurisdiction provides right offset balances follows december december deferred taxation euro december december deferred tax assets deferred tax liabilities net amount view nature net deferred tax assets mainly related temporary differences reasonable expectation future taxable income based results achieved recent past expected budget approved board directors december business plan approved board directors december recoverability deferred tax assets recognised financial statements considered highly probable annual report moncler group change deferred tax assets liabilities without taking consideration right offset given tax jurisdiction detailed following table deferred tax assets liabilities euro opening balance january taxes charged income statement taxes accounted equity effect currency translation movements closing balance december tangible intangible assets inventories trade receivables derivatives employee benefits provisions trade payables temporary items tax loss carried forward tax assets tangible intangible assets financial assets inventories derivatives employee benefits provisions trade payables temporary items tax loss carried forward tax liabilities net deferred tax assets liabilities moncler group annual report deferred tax assets liabilities euro opening balance january taxes charged income statement taxes accounted equity effect currency translation movements closing balance december tangible intangible assets inventories trade receivables derivatives employee benefits provisions trade payables temporary items tax loss carried forward tax assets tangible intangible assets financial assets inventories derivatives employee benefits provisions trade payables temporary items tax loss carried forward tax liabilities net deferred tax assets liabilities annual report moncler group taxable amount deferred tax assets calculated detailed following table deferred tax assets liabilities euro taxable amount closing balance december taxable amount closing balance december tangible intangible assets inventories trade receivables derivatives employee benefits provisions trade payables temporary items tax loss carried forward tax assets tangible intangible assets financial assets inventories derivatives employee benefits provisions trade payables temporary items tax loss carried forward tax liabilities net deferred tax assets liabilities inventory december inventory amounted eur million eur million december broken follows inventory euro december december raw materials work progress finished products inventories gross obsolescence provision total moncler group annual report inventory gross amount increased approximately eur million mainly included raw materials finished products forthcoming seasons obsolescence provision calculated using management best estimate based season needs inventory balance based passed sales trends alternative channels future sales volumes assumption expressed differently regions group operates taking account characteristics market change obsolescence provision summarised following table obsolescence provision movements euro january movements accrued used translation difference december obsolescence provision obsolescence provision movements euro january movements accrued used translation difference december obsolescence provision trade receivables december trade receivables amounted eur million eur million december follows trade receivables euro december december trade account receivables allowance doubtful debt allowance discounts total net value trade receivables mainly related group wholesale concession business include balances collection time greater three months concentration credit risk greater associated individual customers please refer note information regarding exposure trade receivables currency risks annual report moncler group change allowance doubtful debt sales return detailed following tables doubtful debt discounts allowance euro january changes consolidation area accrued used translation difference december allowance doubtful debt allowance discounts total doubtful debt discounts allowance euro january changes consolidation area accrued used translation difference december allowance doubtful debt allowance discounts total allowance doubtful debt calculated accordance management best estimate based ageing accounts receivable well solvency oldest accounts also taking consideration balances turned collection proceedings trade receivables written related specific balances past due collection uncertain addition bad debt provision includes estimate expected loss relating trade receivables bonis take account risks associated economic context also covers risk revocation trade receivables cash cash equivalent december caption cash cash equivalent amounted eur million eur million december includes cash cash equivalents mainly represented funds available banks amount included consolidated financial statements corresponds nominal value represents fair value date financial statements credit risk fact limited since parties class financial institutions consolidated statement cash flows includes changes cash cash banks mainly include cash positive balances banks following table shows reconciliation cash cash bank included consolidated statement cash flows cash cash equivalents included statement cash flows euro december december cash hand banks bank overdraft short term bank loans total moncler group annual report current financial assets caption current financial assets refers market valuation existing derivative financial instruments hedge exchange rate risk equal eur million eur million remunerated deposits maturity months equal eur million government bonds equal euro million eur million current non current assets current non current assets euro december december prepayments accrued income current current receivables current assets prepayments accrued income non current security guarantees deposits investments companies non current receivables non current assets total current receivables mainly comprise receivable due tax authority value added tax deposits mostly related amounts paid behalf landlord guarantee lease agreement caption investments companies includes stake crea consortium differences amounts included consolidated financial statements fair values trade payables december trade payables amounted eur million eur million december included current payables due suppliers goods services payables pertained amounts payable within upcoming year include amounts paid months outstanding positions associated individual suppliers exceed total value differences amounts included consolidated financial statements respective fair values significant positions overdue please refer note analysis trade payable denominated foreign currencies annual report moncler group current non current liabilities current non current liabilities euro december december deferred income accrued expenses current advances payments account customers employee social institutions tax accounts payable excluding income taxes current payables current liabilities deferred income accrued expenses non current non current liabilities total caption taxes payable includes mainly value added tax vat payroll tax withholding tax assets liabilities tax assets amounted eur million december eur million december tax liabilities amounted eur million december eur million december recognised net current tax assets offsetting relates tax jurisdiction tax system please note subsidiary industries received tax assessment notice related financial year reports findings related transfer price methodologies reflect included previous notice relating financial year discussion issues started italian revenue agency financial year company believes findings raised unfounded therefore taken action appropriate forums protect position also supported opinion primary consultants charge confident correctness actions emerge result dispute initiated reference tax audit related financial years please note order limit effects possible double taxation mutual agreement procedures activated countries involved non current provisions provision changes shown following table provision contingencies losses euro january increase decrease translation differences movements december tax litigations non current contingencies total moncler group annual report provision contingencies losses euro january increase decrease translation differences movements december tax litigations non current contingencies total caption non current contingencies includes costs restoring stores costs associated ongoing disputes product warranty costs accrual tax litigations made previous years concerns research development tax credits relating years accrued basis july italian revenue agency revised position regarding eligibility benefit reference item parent company moncler subsidiary sportswear company decided partial repayment tax credit amount equal eur million releasing residual amount income statement pension funds agents leaving indemnities pension funds agents leaving indemnities december detailed following table employees pension funds euro january increase decrease translation differences movements december pension funds agents leaving indemnities total employees pension funds euro january increase decrease translation differences movements december pension funds agents leaving indemnities total pension funds pertain mainly italian entities group following recent welfare reform beginning january liability taken form defined contribution plan therefore amount pension fund tfr accrued prior application reform yet paid employees date consolidated financial statements considered defined benefit plan changes shown following table annual report moncler group employees pension funds movements euro december december net recognized liability opening changes consolidation area interest costs service costs payments actuarial gains losses net recognized liability closing actuarial valuation employee termination benefits tfr based projected unit credit cost method reported main economic demographic assumptions utilised actuarial valuations assumptions discount rate inflation rate nominal rate wage growth labour turnover rate probability request advances tfr percentage required case advance life table male life table female table istat resident population following table shows effect variations within reasonable limits key actuarial assumptions defined benefit plan obligations year end sensitivity analysis euro variation discount rate discount rate rate tfr payments increases rate tfr payments decreases rate price inflation increases rate price inflation decreases rate salary increases rate salary decreases increase retirement age year decrease retirement age year increase longevity year decrease longevity year moncler group annual report financial liabilities financial liabilities detailed following table borrowings euro december december bank overdraft short term bank loans short term portion long term bank loans short term financial lease liabilities short term loans short term borrowings long term financial lease liabilities long term borrowings long term borrowings total short term borrowings december include bank overdraft short term bank loans short term financial lease liabilities arising application ifrs short term loans mainly current portion financial liabilities payable non banking third parties long term borrowings include long term financial lease liabilities arising application ifrs financial liabilities payable non bank third parties financial lease liabilities amounted eur million eur million detailed following table financial lease liabilities euro december december short term financial lease liabilities long term financial lease liabilities total changes financial lease liabilities reported following table ifrs ias financial lease liabilities euro january acquisitions disposals financial expenses translation adjustement december annual report moncler group following table shows breakdown long term borrowings accordance maturity date ageing long term borrowings euro december december within years years beyond years total following tables shows breakdown long term borrowings excluded financial lease liabilities accordance maturity date ageing long term borrowings excluded lease liabilities euro december december within years years beyond years total non discounted cash flows referring lease liabilities shown ageing lease liabilities discounted euro december december within year years beyond years total finally caption short term loans includes also negative fair value equal eur million compared eur million negative december related contracts hedge exchange rate risk please refer note details net financial position detailed following table net financial position euro december december cash cash equivalents current financial assets liquidity current financial debt current portion non current financial debt current financial indebtedness net current financial indebtedness non current financial debt debt instruments non current trade payables non current financial indebtedness total financial indebtedness net financial position defined esma guidelines march consob warning notice consob communication dem july moncler group annual report shareholders equity changes shareholders equity comparative period included consolidated statements changes equity december subscribed share capital constituted shares fully paid amounted eur nominal value eur per share increase share capital eur thousand occurred year carried free charge use available reserves included item retained earnings refers issue shares execution performance share plans december treasury shares held equal share capital total value eur million compared december total amount euro million also change refers use shares execution performance share plans legal reserve premium reserve pertain parent company moncler parent company distributed dividends group shareholders gross unit amount eur per ordinary share amount eur million eur million dividends paid compared eur per share eur million distributed eur million dividends paid change ifrs reserve due accounting treatment performance share plans recognition figurative cost period relating plans reclassification retained earnings cumulative figurative cost plans already closed change retained earnings mainly relates allocation result dividend distributions mentioned reclassification ifrs reserve adjustment market value financial liabilities non banking third parties caption fta reserve includes effects initial application ifrs caption reserves includes comprehensive income comprising exchange rate translation reserve financial statements reported foreign currencies reserve hedging interest rate risks exchange rates risks reserve actuarial gains losses translation reserve includes exchange differences emerging conversion financial statements foreign consolidated companies hedging reserve includes effective portion net differences accumulated fair value derivative hedge instruments changes reserves follows annual report moncler group comprehensive income cumulative translation adj reserve oci items euro value tax effect tax effect value tax effect value tax effect tax effect value tax effect reserve january changes period translation differences period reversal income statement period reserve december reserve january changes period translation differences period reversal income statement period reserve december earning per share earning per share years ended december december included following table based relationship net income attributable group number outstanding shares diluted earnings per share line basic earnings per share december significant dilutive effects arising stock based compensation plans noted diluted earnings per share calculation treasury share method applied prescribed ias paragraph stock based compensation plans earnings per share net result period euro average number shares related parent shareholders earnings attributable shareholders unit euro diluted earnings attributable shareholders unit euro moncler group annual report segment information purposes ifrs operating segments activity carried group identified operating segments referring moncler business stone island business however operating segments aggregated single reportable segment consistent core principle ifrs segments similar economic characteristics share common features nature products nature production processes type customers distribution channels commitments guarantees given commitments group significant commitments arising operating lease contract contractual cases fall within scope ifrs guarantees given december group given following guarantees guarantees bails given euro december december guarantees bails given benefit third parties companies total guarantees bails given guarantees pertain mainly lease agreements stores contingent liabilities group operates globally subject legal tax risks may arise performance ordinary activities based information available date group believes date preparation document potential liabilities addition already recorded provisions accrued consolidated financial statements annual report moncler group information financial risks group financial instruments include cash cash equivalents loans receivables trade payables current receivables payables non current assets well derivatives group exposed financial risks related operations market risk mainly related exchange rates interest rates credit risk associated regular client relations financing activities liquidity risk particular reference availability financial resources access credit market financial instruments capital risk financial risk management carried headquarters ensures primarily sufficient financial resources meet needs business development resources properly invested income generating activities group uses derivative instruments hedge exposure specific market risks risk associated fluctuations exchange rates interest rates basis policies established board directors market risk foreign exchange rate risk group operates internationally exposed foreign exchange rate risk primarily related dollar japanese yen chinese renminbi lesser extent hong kong dollar british pound korean canadian dollars swiss franc taiwan dollars singapore dollars australian dollars mexican pesos norwegian kroner new zealand dollars swedish kroner group regularly assesses exposure financial market risks manages risks use derivative financial instruments accordance established risk management policies group policy permits derivatives used managing exposure fluctuations exchange rates connected future cash flows speculative purposes group put place policy hedge exchange rates risk transactions reference major currencies exposed usd jpy cny hkd gbp krw cad chf twd sgd aud mxn nok nzd sek instruments used hedges mainly currency forward contracts currency option contracts group uses derivative financial instruments cash flow hedges purpose redetermining exchange rate forecasted transactions denominated foreign currencies accounted counterparties agreements major diverse financial institutions moncler group annual report exposure contingent assets liabilities denominated currencies detailed following table euro amount currency details balances expressed foreign currency december euro euro yen dollar yuan dollar franc pound dollar total cash cash equivalent financial assets trade receivable current assets non current assets total assets trade payables borrowings current payables non current payables total liabilities total net foreign positions details balances expressed foreign currency december euro euro yen dollar yuan dollar franc pound dollar total cash cash equivalent financial assets trade receivable current assets non current assets total assets trade payables borrowings current payables non current payables total liabilities total net foreign positions reporting date group outstanding hedges eur million eur million december receivables still collected outstanding hedges eur million eur million december future revenues group also outstanding hedges place trade payables foreign currency euro million million december payables still paid hedges euro million euro million december future costs far currency transactions concerned noted change exchange rates would following effects annual report moncler group details transactions expressed foreign currency euro yen dollar yuan dollar pound effect exchange rate increase amounting revenue operating profit effect exchange rate decrease amounting revenue operating profit reference provisions ifrs pointed category financial instruments measured fair value mainly attributable hedging exchange rates risk valuation instruments based discounting future cash flows considering exchange rates reporting date level explained section related principles interest rate risk group exposure interest rate risk mainly related cash cash equivalents centrally managed credit risk group significant concentrations financial assets trade receivables current assets high credit risk group policies related management financial assets intended reduce risks arising non solvency wholesale customers sales retail channel made cash credit cards addition amount loans outstanding constantly monitored group exposure bad debts significant percentage writeoffs remains low maximum exposure credit risk group december represented carrying amount trade receivables reported consolidated financial statements far credit risk arising financial assets trade receivables including cash short term bank deposits concerned theoretical credit risk group arises default counterparty maximum exposure equal carrying amount financial assets recorded consolidated financial statements well nominal value guarantees given third parties debts commitments indicated note explanatory notes group operates banks financial institutions primary standing policies limit amount credit exposure different banks liquidity risk liquidity risk arises ability obtain financial resources sustainable cost order group conduct daily business operations factors influence risk related resources generated absorbed operating activities investing financing activities availability funds financial market moncler group annual report following dynamic nature business group centralised treasury functions order maintain flexibility finding financial sources maintain availability credit lines procedures place mitigate liquidity risk follows centralised treasury management financial planning use centralised control system manage net financial position group subsidiaries obtaining adequate credit lines create adequate debt structure better use liquidity provided credit system continuous monitoring future cash flows based group budget management believes financial resources available today along generated current operations enable group achieve objectives meet investment needs repayment debt agreed upon maturity date also noted reference provisions ifrs financial liabilities relating commitment purchase minority interests accounted fair value based valuation models primarily attributable level explained section related basis measurement reported following table analysis contractual maturities including interests financial liabilities contractual cash flows non derivative financial liabilities total book value total within year years years years euro bank overdraft self liquidating loans financial debt third parties unsecured loans financial lease liabilities contractual cash flows derivative financial assets liabilities total book value total within year years years years euro interest rate swap hedging forward contracts exchange rate hedging outflows inflows annual report moncler group operating capital management risks management operating risk group main objective manage risks associated development business foreign markets subject specific laws regulations group implemented guidelines following areas appropriate level segregation duties reconciliation constant monitoring significant transactions documentation controls procedures technical professional training employees periodic assessment corporate risks identification corrective actions far capital management risk concerned group objectives aimed going concern issue order ensure fair economic return shareholders stakeholders maintaining good rating capital debt market group manages capital structure makes adjustments line changes general economic conditions strategic objectives information related party transactions set transactions related parties deemed relevant purposes related party procedure adopted group related party procedure available company website www monclergroup com governance corporate documents transactions balances consolidated companies eliminated consolidation therefore commented related party transactions mainly relate trading transactions carried arm length basis following parties yagi tsusho ltd march counterparty transaction led establishment moncler japan ltd acquired finished products moncler group companies eur million march eur million sold moncler japan ltd eur million march eur million pursuant contracts agreed upon company establishment transactions financial statements indicated cost sales item euro million eur march group acquired stake held yagi tsusho ltd moncler japan ltd reaching ownership date yagi tsusho ltd longer qualifies related party gokse tekstil kozmetik sanayi dis ticaret limited sirketi company held minority shareholder moncler istanbul giyim tekstil ticaret ltd sti provides services company total costs incurred services amounted eur million eur million company rotonda owned manager moncler group acquires finished products industries provides services total revenues generated moncler group annual report group entity amounted eur million eur million total costs incurred amounted eur million eur million company rivetex company referable carlo rivetti family members rents building moncler group total costs amounted eur million eur million fabrizio ruffini brother chairman board directors chief executive officer moncler provides consultancy services relating research development quality control moncler branded products total costs recognised amounted eur million eur million company als luxury logistics associated company provides logistics services total costs amounted eur million eur million eur million recorded item cost sales eur million eur million recorded item general administrative expenses eur million eur million item selling expenses eur million companies industries sportswear company adheres parent company moncler vat fiscal consolidation compensation paid directors board statutory auditors executives strategic responsibilities compensation paid members board directors amounted eur thousand eur thousand compensation paid members board auditors amounted eur thousand eur thousand total compensation paid executives strategic responsibilities amounted eur thousand eur thousand costs relating performance share plans described paragraph referring members board directors key management personnel amounted eur thousand eur thousand following tables summarise afore mentioned related party transactions took place prior year annual report moncler group euro type relationship note december december yagi tsusho ltd distribution agreement yagi tsusho ltd distribution agreement gokse tekstil kozmetik sanayi dis ticaret limited sirketi service agreement rotonda trade transactions rotonda trade transactions rivetex trade transactions fabrizio ruffini service agreement als luxury logistics service agreement als luxury logistics service agreement als luxury logistics service agreement directors board statutory auditors executives strategic responsibilities labour services executives strategic responsibilities labour services total effect based cost sales effect based general administrative expenses effect based revenues effect based selling expenses euro type relationship note december december yagi tsusho ltd trade payables yagi tsusho ltd trade receivables rotonda trade receivables rotonda trade payables fabrizio ruffini trade payables als luxury logistics trade payables directors board statutory auditors executives strategic responsibilities current liabilities total effect based trade payables effect based trade receivables effect based current liabilities following tables summarise weight related party transactions consolidated financial statements years ended december moncler group annual report euro december revenue cost sales selling expenses general administrative expenses total related parties total consolidated financial statements weight euro december trade receivables trade payables current liabilities total related parties total consolidated financial statements weight euro december revenue cost sales selling expenses general administrative expenses total related parties total consolidated financial statements weight euro december trade receivables trade payables current liabilities total related parties total consolidated financial statements weight stock based compensation plans consolidated financial statements december reflects values performance shares plans approved costs related stock based compensation plans equal eur million compared eur million june ordinary shareholders meeting approved pursuant art bis consolidated law finance adoption stock grant plan denominated performance shares plan addressed executive directors key managers employees collaborators therein including moncler external consultants subsidiaries object plan free granting moncler shares case certain performance targets achieved end vesting period years annual report moncler group performance targets expressed based following indices group vesting period adjusted conditions performance net income free cash flow iii esg environmental social governance proposed maximum number shares serving plan equal resulting capital increase allocation treasury shares plan provides maximum cycles attribution regards first attribution cycle june board directors resolved granting moncler rights second attribution cycle approved ended assignment moncler rights regards first allocation cycle plan ended information please refer annual report regards second allocation cycle year vesting period ended approval draft financial statements december performance targets met together performance condition therefore shares including shares deriving performance assigned beneficiaries share capital increase shares allocation treasury shares shares december rights circulation effect closed plans income statement amounts eur million april ordinary shareholders meeting also approved pursuant art bis consolidated law finance adoption stock grant plan denominated performance shares plan addressed executive directors key managers employees collaborators therein including moncler external consultants subsidiaries object plan free granting moncler shares case certain performance targets achieved end vesting period years performance targets expressed based following indices group vesting period adjusted conditions performance net income free cash flow iii esg environmental social governance proposed maximum number shares serving plan equal resulting allocation treasury shares plan provides maximum cycles attribution regards first attribution cycle may board directors resolved granting moncler rights may executing second attribution cycle board directors approved assignment maximum moncler rights december still circulation rights related first cycle attribution whose effect income statement amounts eur million rights related second cycle attribution whose effect income statement amounts eur million april ordinary shareholders meeting approved pursuant art bis consolidated law finance adoption stock grant plan denominated performance shares plan addressed executive directors key managers employees collaborators therein including moncler external consultants subsidiaries moncler group annual report object plan free granting moncler shares case certain performance targets achieved end vesting period years performance targets expressed based following indices group vesting period adjusted conditions performance net income free cash flow iii esg environmental social governance proposed maximum number shares serving plan equal resulting allocation treasury shares april board directors resolved granting moncler rights december circulation rights whose effect income statement amounts eur million stated ifrs plans defined equity settled information regarding performance share plans described please see company website www monclergroup com governance shareholders meeting section subsidiaries minority interests following financial information subsidiaries significant minority interests summary subsidiary financial information december euro assets liabilities net equity revenues profit loss profit loss attributable minority white tech summary subsidiary financial information december euro assets liabilities net equity revenues profit loss profit loss attributable minority white tech cash flow euro white tech operating cash flow free cash flow net cash flow cash flow euro white tech operating cash flow free cash flow net cash flow amounts showed according cash flow statements included directors report annual report moncler group significant non recurring events transactions noted group significant non recurring events transactions atypical unusual transactions noted group enter atypical unusual transactions financial instruments following table shows carrying amount fair values financial assets financial liabilities including levels fair value hierarchy financial instruments measured fair value include fair value information financial assets financial liabilities measured fair value carrying amount reasonable approximation fair value euro december current non current fair value level financial assets measured fair value interest rate swap used hedging forward exchange contracts used hedging sub total financial assets measured fair value trade receivables cash cash equivalents sub total total euro december current non current fair value level financial assets measured fair value interest rate swap used hedging forward exchange contracts used hedging sub total financial assets measured fair value trade receivables cash cash equivalents sub total total moncler group annual report euro december current non current fair value level financial liabilities measured fair value interest rate swap used hedging forward exchange contracts used hedging financial liabilities sub total financial liabilities measured fair value trade payables bank overdrafts short term bank loans bank loans ifrs financial loans sub total total euro december current non current fair value level financial liabilities measured fair value interest rate swap used hedging forward exchange contracts used hedging financial liabilities sub total financial liabilities measured fair value trade payables bank overdrafts short term bank loans bank loans ifrs financial loans sub total total items refer short term financial assets financial liabilities whose carrying value reasonable approximation fair value therefore disclosed annual report moncler group fees paid independent auditors fees paid independent auditors summarised audit attestation services euro entity provided service fees audit deloitte touche network deloitte touche attestation services deloitte touche network deloitte touche services deloitte touche network deloitte touche total disclosure pursuant italian law regard requirements law noted purposes requirements regard grants received falling among cases provided reference also made specific italian national register consulted public significant events reporting date significant events occurred reporting date moncler benefited tax credit related research development eur thousand industries benefited industria tax credit eur thousand tax credit related research development eur thousand sportswear company benefited tax credit related research development eur thousand moncler group annual report consolidated financial statements comprised consolidated income statement consolidated statement comprehensive income consolidated statement financial position consolidated statement changes equity consolidated statement cash flows explanatory notes consolidated financial statements give true fair view financial position results operations cash flows corresponds accounting records parent company companies included consolidation behalf board directors moncler remo ruffini chairman chief executive officer annual report moncler group separate financial statements separate financial statements income statement comprehensive income financial position changes equity cash flows explanatory notes separate financial statements general information significant accounting principles comments income statement comments statement financial position commitments guarantees given contingent liabilities information financial risks information significant events reporting date motion approve financial statements allocation result year ended december moncler registered office via stendhal milan italy share capital eur fully paid registration number cciaa tax code english version financial statements moncler constitute non official version prepared accordance provisions commission delegated regulation official version financial statements prepared accordance aforementioned regulation translated english language solely convenience international readers accordingly original text italian language authoritative moncler group annual report separate financial statements income statement income statement euro notes related parties note related parties note revenue general administrative expenses marketing expenses operating result financial income financial expenses result taxes income taxes net result annual report moncler group comprehensive income statement comprehensive income note euro net profit loss period gains losses fair value hedge derivatives items may reclassified profit loss actuarial gains losses pension funds items never reclassified profit loss comprehensive income loss net tax total comprehensive income loss moncler group annual report financial position statement financial position euro notes december related parties note december related parties note brands intangible assets net property plant equipment net investments subsidiaries non current assets deferred tax assets non current assets trade accounts receivable intra group accounts receivable income taxes current assets current assets intra group intra group financial receivables cash cash equivalent current assets total assets share capital premium reserve reserves net result equity long term borrowings intra group long term borrowings provisions non current employees pension fund deferred tax liabilities non current liabilities short term borrowings intra group short term borrowings trade accounts payable intra group accounts payable tax liabilities current liabilities current liabilities intra group current liabilities total liabilities equity annual report moncler group changes equity statement changes equity reserves euro notes share capital premium reserve legal reserve comprehensive income ifrs reserve revaluation reserve fta reserve retained earnings result period net equity shareholders equity january allocation last year result share capital reserves increase dividends movements equity result period shareholders equity december shareholders equity january allocation last year result share capital reserves increase reclassification dividends movements equity result period shareholders equity december moncler group annual report cash flows statement cash flow euro related parties note related parties note cash flow operating activities net result period depreciation amortization net financial income expenses equity settled share based payment transactions income tax expenses changes trade receivables increase decrease changes trade payables increase decrease changes current assets liabilities cash flow generated absorbed operating activities interest paid interest received income tax paid income tax received fiscal consolidation vat received fiscal consolidation changes non current assets liabilities net cash flow operating activities cash flow investing activities purchase tangible intangible fixed assets dividends received net cash flow investing activities cash flow financing activities repayment current non current lease liabilities borrowings variation bank borrowings dividends paid shareholders net cash flow financing activities net increase decrease cash cash equivalents cash cash equivalents beginning period net increase decrease cash cash equivalents cash cash equivalents end period annual report moncler group behalf board directors remo ruffini chairman chief executive officer moncler group annual report explanatory notes separate financial statements general information moncler moncler company moncler company established domiciled italy registered office located via stendhal milan italy registration number company facto indirectly controlled remo ruffini ruffini partecipazioni holding rph double specifically remo ruffini owns entire share capital rph company controlling turn december holds shareholding representing share capital moncler parent company moncler group hereinafter referred group subsidiaries main activity company moncler stone island brands management including increasing awareness dedicated communication marketing campaigns moncler group companies run businesses accordance guidelines strategies set moncler board directors company also prepares consolidated financial statements management report single document permitted bis letter legislative decree basis preparation separate financial statements relevant accounting principles separate financial statements financial statements prepared accordance international financial reporting standards ifrs issued international accounting standards board iasb endorsed european union ifrs also includes international accounting standards ias interpretations international financial reporting interpretations committee ifric previously known standing interpretations committee sic financial statements include statement financial position income statement statement comprehensive income statement changes equity statement cash flows explanatory notes financial statements annual report moncler group presentation financial statements company presents income statement destination method considered representative business hand method fact consistent internal reporting management business reference statement financial position basis presentation chosen makes distinction current non current assets liabilities accordance provisions paragraph thereafter ias statement cash flows prepared indirect method basis measurement financial statements prepared historical cost basis except measurement certain financial instruments derivative measured fair value accordance ifrs going concern basis financial statements presented thousand euros functional currency markets company mainly operates explanatory notes prepared thousands euros unless stated otherwise directors assessment assumption business continuity based results current year forecasts future years management believes factors rendering business continuity uncertain particular companies financial strength cash cash equivalents end year guarantee high level financial independence support moncler operational needs development programmes business operations fully guaranteed terms product offerings across various markets distribution channels ability manage organise business activities use estimates valuations preparation financial statements related explanatory notes conformity ifrs requires management makes estimates assumptions affect reported amounts assets liabilities disclosure contingent assets liabilities reporting date actual results could differ estimates estimates underlying assumptions reviewed periodically variation reflected income statement period estimate revised revision affects period even subsequent periods revision affects current future periods event management estimate judgment significant impact amounts recognised financial statements case risk future adjustments amounts recognised assets liabilities period immediately reporting date following notes include relevant information estimates pertain mainly following captions consolidated financial statements impairment non current assets indefinite useful lives investments provision losses contingent liabilities moncler group annual report incentive systems variable remuneration recoverable amount non current assets indefinite useful lives investments impairment management periodically reviews non current assets assets held sale investments subsidiaries impairment events changes circumstances indicate carrying amount may recoverable review impairment conducted recoverable amount estimated based present value future cash flows expected derive asset sale asset suitable discount rate recoverable amount non current asset less carrying amount impairment loss recognised immediately income statement carrying amount reduced recoverable amount determined based value use calculation sale value arm length transaction reference recent group business plan provision losses contingent liabilities group could subject legal tax litigations arising countries operates litigation inevitably subject risk uncertainties surrounding events circumstances associated claims associated local legislation jurisdiction normal course business management requests advice group legal consultants tax experts recognition provision based management best estimate outflow resources probable settle obligation amount reliably estimated circumstances outflow resources possible amount obligation cannot reliably measured contingent liabilities disclosed notes consolidated financial statements incentive systems variable remuneration description determination fair value share based incentive payments moncler group management please see paragraph impact climate change issues group defined climate strategy aimed reducing greenhouse gas ghg emissions intention positively contributing global goal combating climate change line requirements paris agreement climate strategy integrated group business model includes medium long term objectives particular group committed reducing absolute emissions within scope scope line ambition within scope line well ambition per unit product sold compared furthermore moncler group committed achieving net zero emissions net zero along entire value chain achieving net zero involves overall balance greenhouse gas ghg emissions produced absorbed ecosystems neutralisation mechanisms specifically contribute net zero companies must reduce emissions neutralise residual emissions annual report moncler group objectives formally approved science based targets initiative sbti deemed consistent contribution required companies limit maximum increase global temperature compared pre industrial levels main actions undertaken achieve objectives include use electricity renewable sources purchased self generated implementation energy efficiency activities building management system bms lighting systems efficient heating cooling improvement building thermal insulation promotion environmental standards buildings adoption low impact environmental vehicles group car fleet obtaining leed certifications new stores new corporate buildings scope emissions progressive introduction preferred materials collections promotion regenerative agriculture projects decarbonization supply chain energy efficiency measures adoption renewable energy sources impact climate change also evaluated relation estimates assessments made financial statements reporting date significant effects figures presented financial statements environmental social governance esg indicator added performance share plans starting requiring sustainability goals met line development medium long term incentive system defined policy performance share plan focuses key carbon neutrality goals directly managed company sites offices stores production sites logistics hubs use nylon preferred raw materials recycled nylon bio based nylon attainment certification pay equity women men employees italian sites milan trebaseleghe additionally overperformance criterion plan sets goal one leading esg rating companies award high evaluation group sustainability performance promoted cdp united nations global compact world resources institute wri world wide fund nature wwf science based targets initiative establishes promotes best practice defining science based targets well assessing companies objectives excluding shop shop moncler group annual report material accounting principles accounting principles set applied consistently fiscal year prior year property plant equipment property plant equipment stated acquisition manufacturing cost revalued net accumulated depreciation impairment losses impairment cost includes original purchase price costs directly attributable bringing asset working condition intended use depreciation depreciation property plant equipment calculated recognised income statement straight line basis estimated useful lives reported following table category depreciation period land depreciation buildings years plant equipment years fixtures fittings years electronic machinery equipment years leasehold improvements useful life improvements rights use lease period fixed assets depending market conditions generally within expected utility entity leased assets depreciated shorter lease term useful lives unless reasonably certain group take ownership asset end lease term depreciation methods useful lives residual value reviewed reporting period adjusted appropriate gain losses disposal property plant equipment gains losses disposal property plant equipment represent difference net proceeds net book value date sale disposals accounted relevant transaction becomes unconditional intangible assets brands separately acquired brands shown historical cost brands acquired business combination recognised fair value acquisition date brands indefinite useful life carried cost less accumulated impairment brands amortised subject impairment test performed annually frequently events changes circumstances indicate carrying value may recoverable details please refer note impairment non financial assets annual report moncler group intangible assets definite useful life software including licenses separately identifiable external development costs capitalised intangible asset purchase price plus directly attributable cost preparing asset intended use software intangible assets acquired group definite useful lives measured cost less accumulated amortisation accumulated impairment losses amortisation intangible assets definite useful life intangible assets definite useful life amortised straight line basis estimated useful lives described following table category depreciation period license rights based market conditions within licence period legal limits use assets software years intangible assets based market conditions generally within period control asset non current assets available sale discontinued operations non current assets available sale discontinued operations classified available sale values recoverable mainly probable sale transaction conditions valued lower carrying value fair value net cost sell value mainly recoverable sale transaction instead continued use discontinued operations operations include separate line business different geographical area part single coordinated plan disposal separate major line business geographical area activity consist subsidiaries acquired exclusively purpose sold income statement non current assets held sale disposal groups meet requirements ifrs defined discontinued operations presented single caption includes gains losses well losses gains disposal related tax effect comparative period subsequently restated accordance ifrs far financial position concerned non current assets held sale disposal groups meet requirements ifrs reclassified current assets liabilities period requirements arise comparative financial statements restated reclassified moncler group annual report investments investments subsidiaries associates others accounted follows cost inclusive additional charges accordance ifrs company recognises dividends subsidiaries associates others income statement right receive dividends materialised impairment non financial assets least year company verifies whether indication intangible assets definite useful life property plant equipment investements become impaired evidence exists carrying amount assets reduced recoverable amount assets indefinite useful life subject amortisation tested annually frequently impairment whenever events changes circumstance indicate carrying amount may recoverable recoverable amount individual asset cannot reliably estimated company determines recoverable amount cash generating unit asset belongs recoverable amount higher asset fair value less costs sell value use group determines value use present value future cash flows expected derived asset cash generating unit gross tax effects applying appropriate discount rate reflects market time value money risks inherent asset impairment loss recognised amount carrying amount exceeds recoverable amount exception impairment losses recognised goodwill circumstances led loss longer exist carrying amount asset increased recoverable amount cannot exceed carrying amount would determined loss value reversal impairment loss recognised immediately income statement leased assets january iasb published new standard ifrs leases replaces ias standard endorsed european union publication november ifrs effective financial statements commencing january new standard eliminates difference recognition operating finance leases even despite elements simplify adoption introduces concept control definition lease determine whether contract lease ifrs establishes contract must convey right control use identified asset given period time lease commencement date company recognises right use asset lease liability right use asset initially valued cost including amount initial measurement lease liability adjusted rent payments made commencement date increased initial direct costs incurred estimate costs incurred lessee dismantling removing underlying asset restoring site located restoring underlying asset condition required terms conditions lease net received lease incentives right use asset amortised straight line basis commencement date end lease term unless lease transfers ownership underlying asset company end annual report moncler group lease term case right use asset amortised useful life underlying asset determined basis property machinery addition right use asset regularly decreased impairment losses adjusted reflect changes deriving subsequent remeasurement lease liability company values lease liability present value payments due unpaid leases commencement date discounting using interest rate implicit lease payments due lease included measurement lease liability include fixed payments including substantially fixed payments payments due lease depend index rate initially measured using index rate commencement date amounts expected paid residual value guarantee payments due lease optional renewal period company reasonably certain exercise renewal option early termination cancellation penalties unless company reasonably certain terminate lease advance lease liability measured amortised cost using effective interest criterion remeasured event change future payments due lease deriving change index rate event change amount company expects pay guarantee residual value company changes measurement reference exercise otherwise purchase extension cancellation option event revision substance fixed payments due lease liability remeasured lessee makes corresponding change right use asset right use asset carrying value reduced zero lessee recognises change profit loss year statement financial position company reports right use assets meet definition real estate investments item property plant equipment lease liabilities item borrowings company recognises related payments due leases cost straight line basis lease term contracts signed january company established whether agreement contained lease checking fulfilment agreement depended use one specific assets agreement transferred right use asset assets subject leases classified operating leases recognised company statement financial position payments relating operating leases recognised straight line cost lease term incentives granted lessee recognised integral part overall lease cost lease term financial instruments trade receivables debt securities issued recognised originated financial assets liabilities initially recognised trade date company becomes contractual party financial instrument moncler group annual report except trade receivables comprise significant financing component financial assets initially measured fair value plus minus case financial assets liabilities measured fvtpl transaction costs directly attributable acquisition issue financial asset time initial recognition trade receivables significant financing component valued transaction price initial recognition financial asset classified based valuation amortised cost fair value comprehensive income fvoci fair value profit loss period fvtpl financial assets reclassified initial recognition unless company changes business model managing financial assets case financial assets concerned reclassified first day first reporting period following change business model financial asset shall measured amortised cost following conditions met designated fvtpl financial asset held part business model whose objective hold financial assets order collect related contractual cash flows contractual terms financial asset provide cash flows certain dates consisting solely payments principal interest amount principal repaid time subsequent measurement assets belonging category valued amortised cost using effective interest rate effects measurement recognised among financial income components assets also subject impairment model described paragraph trade receivables financial assets current non current receivables financial asset shall measured fvoci following conditions met designated fvtpl financial asset held part business model whose objective achieved collection contractual cash flows sale financial assets contractual terms financial asset provide cash flows certain dates consisting solely payments principal interest amount principal repaid initial recognition security held trading company may make irrevocable choice present subsequent changes fair value components comprehensive income statement choice made asset time subsequent measurement measurement made time recognition updated changes fair value recognised statement comprehensive income category assets subject impairment model described paragraph trade receivables financial assets current non current receivables financial assets classified valued amortised cost fvoci indicated valued fvtpl derivative financial instruments included initial recognition company may irrevocably designate financial asset measured fair value profit loss period eliminates significantly reduces misalignment accounting would otherwise result measuring financial asset amortised cost fvoci time subsequent measurement financial assets measured fvtpl valued fair value gains losses arising changes fair value recognised consolidated income statement period recognised financial income expenses annual report moncler group financial assets derecognised financial statements contractual rights receive cash flows expire contractual rights receive cash flows transaction risks rewards ownership financial asset materially transferred company neither transfers retains materially risks rewards ownership financial asset retain control financial asset financial liabilities classified valued amortised cost fvtpl financial liability classified fvtpl held trading represents derivative designated initial recognition financial liabilities fvtpl measured fair value changes including interest expense recognised profit loss period financial liabilities measured amortised cost using effective interest method interest expense exchange rate gains losses recognised profit loss period gains losses derecognition company financial instruments consist primarily cash cash equivalents accounts receivable accounts payable current non current assets liabilities investments borrowings derivative financial instruments cash cash equivalents cash cash equivalents include cash short term deposits held banks liquid assets readily convertible cash insignificant risk change value bank overdrafts recorded current liabilities company statement financial position trade receivables current non current receivables trade receivables generated company provides money goods services directly third party classified current assets except items maturity dates greater twelve months reporting date receivables valued fixed maturity amortised cost calculated using effective interest method financial assets fixed maturity valued cost receivables maturity one year non interest bearing accrue interest market rates discounted using market rates financial assets listed valued based impairment model introduced ifrs adopting expected loss model replacing ias framework typically based valuation incurred loss trade receivables company adopts called simplified approach require recognition periodic changes credit risk rather accounting expected credit loss ecl calculated entire life credit called lifetime ecl particular policy implemented company provides stratification trade receivables based days past due assessment solvency counterparty applies different write rates reflect relative expectations recovery company applies analytical valuation impaired receivables based debtor reliability ability pay due amounts value receivables shown statement financial position net related bad debt provision write downs made accordance ifrs recognised consolidated income statement net positive effects associated reversals impairment moncler group annual report trade payables current non current payables trade payables arise company acquires money goods services directly supplier included current liabilities except items maturity dates greater twelve months reporting date payables stated initial recognition fair value usually comprises cost transaction inclusive transaction costs subsequently stated amortised cost using effective interest method financial liabilities classification financial liabilities changed since introduction ifrs amounts due banks lenders initially recognised fair value net directly attributable incidental costs subsequently measured amortised cost applying effective interest rate method change expected cash flows value liabilities recalculated reflect change basis present value new expected cash flows internal rate return initially determined amounts due banks lenders classified current liabilities unless company unconditional right defer payment least months reference date loans classified non current company unconditional right defer payments least twelve months reporting date derivative instruments consistent provisions ifrs derivative financial instruments may accounted using hedge accounting hedged items hedging instruments meet eligibility requirements beginning hedging relationship formal designation documentation hedging relationship company risk management objectives hedging strategy hedging relationship meets following effectiveness requirements economic relationship hedged item hedging instrument effect credit risk dominant respect changes associated hedged risk hedge ratio defined hedging relationship met including rebalancing actions consistent risk management strategy adopted company fair value hedge derivative instrument designated fair value hedge hedges exposure changes fair value recognised asset liability attributable particular risk could affect profit loss gain loss hedged item attributable hedged risk adjusts carrying amount hedged item recognised consolidated income statement annual report moncler group cash flow hedge derivative financial instrument designated hedging instrument exposure variability cash flows effective portion changes fair value derivative financial instrument recognised among components comprehensive income statement stated cash flow hedge reserve effective portion changes fair value derivative financial instrument recognised components comprehensive income statement limited cumulative change fair value hedged instrument present value since inception hedge ineffective portion changes fair value derivative financial instrument recognised immediately profit loss period hedge ceases meet eligibility criteria hedging instrument sold matures exercised hedge accounting ceases prospectively hedge accounting cash flow hedges ceases accrued amount cash flow hedge reserve remains equity case hedge transaction results recognition non financial asset non financial liability included cost non financial asset non financial liability initial recognition case cash flow hedges reclassified profit loss period period periods hedged expected future cash flows affects profit loss period hedged future cash flows expected amount shall reclassified immediately cash flow hedge reserve reserve hedging costs profit loss period hedge accounting cannot applied gains losses arising fair value measurement derivative financial instrument immediately recognised income statement employee benefits short term employee benefits wages salaries social security contributions paid leave annual leave due within twelve months statement financial position date fringe benefits recognised year service rendered employee benefits granted employees payable termination employment defined benefit contribution plans recognised vesting period defined benefit schemes defined benefit schemes retirement plans determined based employees remuneration years service company obligation contribute employees benefit plans related current service cost determined using actuarial valuation defined projected unit credit method cumulative net amount actuarial gains losses recognised equity within comprehensive income reference defined benefit plans increase present value defined benefit obligation employee service prior periods past service cost accounted expense straight line basis average period benefits become vested amount recognised liability defined benefit plans present value related obligation taking consideration expenses recognised future periods employee service prior periods moncler group annual report defined contribution schemes contribution made defined contribution plan recognised expense income statement period employees render related service december italian employees eligible defined benefit schemes referred post employment benefit tfr act december subsequent decrees pension reform issued early rules treatment tfr scheme changed starting contribution vested january yet paid reporting date referring entities employees italian post employment benefits recognised defined contribution plan contribution vested december still recognised defined benefit plan accounted using actuarial assumptions share based payments fair value grant date incentives granted employees form share based payments equity settled usually included expenses matching increase equity period employees obtain incentives rights amount recognised expense adjusted reflect actual number incentives continued service conditions met achievement non market conditions final amount recognised expense based number incentives fulfill conditions vesting date case incentives granted share based payments whose conditions considered maturity fair value grant date share based payment measured reflect conditions reference non vesting conditions differences amounts grant date actual amounts impact financial statements fair value amount payable employees related share appreciation rights settled cash recognised expense corresponding increase liabilities period employees unconditionally become entitled receive payment liability measured year end settlement date based fair value share appreciation rights changes fair value liability recognised profit loss year provisions risks charges provisions risks charges recognised company present legal constructive obligation result past events probable outflow resources required settle obligation amount obligation reliably estimated changes estimates recognised income statement period occur revenue recognition based five step model introduced ifrs group recognises revenues identifying contracts clients related services provided transfer goods services determining consideration believes entitled exchange provision services assessing manner services provided given time time variable components consideration recognised financial statements highly probable significant adjustment amount revenue recognised future annual report moncler group royalties received licensee accrued earned basis terms relevant royalty agreement typically based sales volumes borrowing costs borrowing costs recognised accrual basis taking consideration interest accrued net carrying amount financial assets liabilities using effective interest rate method taxation tax expense recognised consolidated income statement represents aggregate amount related current tax deferred tax current tax determined accordance enforced rules established local tax authorities current taxes recognised consolidated income statement period except extent tax arises transactions events recognised directly either equity comprehensive income deferred tax liabilities assets determined based temporary taxable deductible differences arising tax bases assets liabilities carrying amounts company financial statements current deferred tax assets liabilities offset income taxes levied tax authority legally enforceable right offset amounts deferred tax liabilities assets determined using tax rates enacted reporting date expected enforced related deferred income tax asset realised deferred tax liability settled deferred tax assets liabilities discounted deferred tax assets recognised tax losses deductible differences recognised extent probable future taxable profits available temporary differences utilised tax liabilities include estimate risks associated uncertainties tax treatments adopted determining income taxes accordance new ifric uncertainties arise unclear complex tax rules changes tax regulations clarifications tax authorities iii ongoing tax audits disputes public information ongoing tax assessments disputes involving entities foreign currency amounts included financial statements group company prepared using currency country company conducts business foreign currency transactions foreign currency transactions recorded exchange rate effect transaction date assets liabilities denominated foreign currencies reporting date translated exchange rate prevailing date exchange differences arising conversion settlement items due different rates used time initial recognition recorded income statement moncler group annual report fair value ifrs point reference fair value measurement related disclosures assessment required permitted standards specifically principle defines fair value consideration received sale asset amount paid settle liability regular transaction market participants measurement date addition new standard replaces provides additional disclosures required relation fair value measurements accounting standards including ifrs ifrs establishes hierarchy classifies within different levels inputs used valuation techniques necessary measure fair value levels presented hierarchical order follows level fair values measured using quoted prices unadjusted active markets identical assets liabilities level fair values measured using inputs quoted prices included within level observable asset liability either directly prices indirectly derived prices level fair values measured using inputs asset liability based observable market data unobservable inputs accounting standards recently published interpretations accounting standards amendments interpretations effective january title issued date effective date endorsment date regulation date publication lease liability sale leaseback amendments ifrs september january november november classification liabilities current non current amendments ias non current liabilities covenants amendments ias january october january december december supplier finance arrangements amendments ias ifrs may january may may adoption amendments impacts company financial statements changes introduced ias relating recognition deferred taxation leasing contracts impact since company already previously recognised effects annual report moncler group new standards interpretations yet effective early adopted group date annual financial statements prepared european union competent authorities concluded approval process needed adoption accounting standards amendments described reference applicable principles group decided exercise option early adoption applicable title issued date effective date endorsment date regulation date publication lack exchangeability amendment ias august january november november adoption amendments impacts company financial statements addition date financial statements competent bodies european union yet completed endorsement process following accounting standards amendments title issue date effective date iasb document approval date standards ifrs regulatory deferral accounts january january postponed pending conclusion iasb project rate regulated activities ifrs presentation disclsoure financial statements april january tbd ifrs subsidiaries without public accountability disclosures may january tbd amendments sale contribution assets investor associate joint venture amendments ifrs ias september deferred completion iasb project equity method postponed pending conclusion iasb project equity method amendments classification measurement financial instruments amendments ifrs ifrs may january tbd annual improvements volume amendments ias ifrs july january tbd contracts referencing nature dependent electricity amendments ifrs ifrs december january tbd company comply new standards amendments based relevant effective dates endorsed european union evaluate potential impacts financial statements moncler group annual report comments income statement revenue company revenues mainly include royalty income use moncler trademark stone island trademark increase eur thousand compared previous year due increase business volumes general administrative expenses general administrative expenses amounted eur thousand eur thousand primarily include designing product development expenses amount eur thousand eur thousand personnel expenses functions amount eur thousand eur thousand legal financial administrative expenses amount eur thousand eur thousand directors fees amount eur thousand eur thousand auditing attestation service statutory auditors expenses costs supervisory body internal audit amount eur thousand eur thousand item also includes accounting costs related stock based compensation plans eur thousand eur thousand marketing expenses marketing expenses amounted eur thousand eur thousand mostly made expenses related media plan events personnel expenses depreciation amortisation total personnel expenses included general administrative expenses amounted eur thousand eur thousand including social security contribution leaving indemnity expenses average number fte full time equivalent depreciation amortisation included general administrative expenses amounted eur thousand eur thousand annual report moncler group financial income expenses caption broken follows euro interest income financial income dividends total financial income interests expenses bank charges excluded interests lease liabilities foreign currency differences negative total financial expenses excluded interests lease liabilities total financial income expenses excluded interests lease liabilities interests lease liabilities total financial income expenses item interest expense mainly refers interest accrued loan received subsidiary industries company received dividends equal eur thousand company receive dividends income tax tax impact income statement detailed follows euro current income taxes deferred tax income expenses income taxes charged income statement breakdown deferred tax assets liabilities nature please see paragraph reconciliation theoretical tax burden applying theoretical rate parent company effective tax burden shown following table moncler group annual report reconciliation theoretic effective tax rate taxable amount tax amount tax rate taxable amount tax amount tax rate euro profit tax income tax using company theoretic tax rate temporary differences permanent differences differences deferred taxes recognized income statement income tax effective tax rate caption differences includes current irap annual report moncler group comments statement financial position brands intangible assets brands intangible assets euro gross value accumulated depreciation impairment net value net value brands software intangible assets assets progress total intangible assets changes years shown following tables december gross value brands intangible assets euro brands software intangible assets assets progress advances total january acquisitions disposals impairment movements including transfers december accumulated amortization brands intangible assets euro brands software intangible assets total january depreciation disposals movements including transfers december moncler group annual report december gross value brands intangible assets euro brands software intangible assets total january acquisitions disposals impairment movements including transfers december accumulated amortization brands intangible assets euro brands software intangible assets total january depreciation disposals movements including transfers december impairment intangible assets indefinite useful life caption brands indefinite useful life amortised tested impairment management impairment tests moncler brand stone island brand performed comparing carrying value derived discounted cash flow method applying royalty relief method based cash flows linked recognition royalty percentage applied revenues brand able generate valuation moncler stone island brand goodwill expected cash flows revenues based budget approved board directors december year business plan approved board directors december basis management estimates consistent expected development plans rate used discount rate calculated using weighted average cost capital wacc weighting expected rate return invested capital net hedging costs sample companies within industry calculation took account implications updated macroeconomic context interest rates weighted average cost capital wacc calculated moncler brand stone island annual report moncler group results sensitivity analysis indicated carrying amount moncler brand confirmed scenarios reasonable changes benchmarks stone island brand wacc parameters equal property plant equipment property plant equipment euro gross value accumulated depreciation impairment net value net value land buildings plant equipment fixtures fittings leasehold improvements fixed assets assets progress total changes property plant equipment included following tables december gross value property plant equipment euro land buildings plant equipment fixtures fittings leasehold improvements fixed assets assets progress advances total january acquisitions disposals movements including transfers december accumulated depreciation impairment ppe euro land buildings plant equipment fixtures fittings leasehold improvements fixed assets assets progress advances total january depreciation disposals movements including transfers december moncler group annual report december gross value property plant equipment land buildings plant equipment fixtures fittings leasehold improvements fixed assets assets progress advances total euro january acquisitions disposals movements including transfers december accumulated depreciation impairment ppe eciation impairment ppe land buildings plant equipment fixtures fittings leasehold improvements fixed assets assets progress advances total euro january depreciation disposals movements including transfers december changes related right use assets arising application ifrs reported right use assets euro land buildings fixed assets total january acquisitions disposals depreciation december annual report moncler group investments subsidiaries investments subsidiaries detailed following table investments subsidiaries ownership carrying amount euro country december december december december industries italy sportswear company italy total financial information related subsidiaries detailed following table summary subsidiary financial information december euro assets liabilities net equity revenues profit loss industries sportswear company total summary subsidiary financial information december euro assets liabilities net equity revenues profit loss industries sportswear company total carrying amounts investments industries sportswear company also include greater value recognised upon acquisition allocated goodwill associated moncler stone island businesses respectively reporting date management found risks impairment amounts recognised based performance moncler stone island businesses expectations development plans considerations also supported impairment tests carried moncler stone island business cash generating units described moncler group consolidated financial statements increase value investment due accounting treatment stock option performance share plans adopted company described section furthermore market capitalisation company based average price moncler share shows positive difference respect net equity indirectly confirming value goodwill moncler group annual report please refer consolidated financial statements complete list group companies directly indirectly controlled company deferred tax assets deferred tax liabilities deferred tax assets deferred tax liabilities offset law within given tax jurisdiction provides right offset balances follows december december deferred taxation euro december december deferred tax assets deferred tax liabilities net amount changes deferred tax assets deferred tax liabilities detailed following table deferred tax assets liabilities euro opening balance january taxes charged income statement taxes accounted equity movements closing balance december tangible assets employee benefits provisions temporary items tax assets intangible assets financial assets tax liabilities net deferred tax assets liabilities annual report moncler group deferred tax assets liabilities opening balance january taxes charged income statement taxes accounted equity movements closing balance december euro tangible assets employee benefits temporary items tax assets intangible assets financial assets tax liabilities net deferred tax assets liabilities taxable amount deferred taxes calculated detailed following table deferred tax assets liabilities euro taxable amount closing balance december taxable amount closing balance december tangible assets employee benefits provisions temporary items tax assets intangible assets financial assets tax liabilities net deferred tax assets liabilities main change item deferred tax liabilities refers recognition deferred tax liabilities trademarks following tax realignment operations caption temporary items mainly refers directors remunerations moncler group annual report trade receivables trade receivables euro december december trade receivables third parties trade receivables intra group total net value trade receivables originated marketing communication operations company related brand development group operations mostly considered intercompany transactions trade receivables due date greater five years difference book value fair value trade receivables trade receivables group companies mainly relates receivable subsidiaries industries sportswear company resulting royalties use moncler stone island trademarks receivables present collectability risks cash cash equivalent december caption cash cash equivalent amounted eur thousand eur thousand december includes funds available banks please refer statement cash flows information related cash fluctuation cash cash equivalents included statement cash flow euro december december cash hand bank total intra group financial receivables financial receivables item amounting eur thousand relates financial receivable subsidiary industries cash pooling annual report moncler group current non current assets current assets euro december december advances account vendors prepaid expenses tax receivables excluding income taxes current assets current assets intra group total current assets security guarantees deposits non current assets non current assets total caption current taxes consists mainly receivable due tax authority related ires receivable personnel expenses deducted irap purposes well vat receivable caption current assets intra group includes mainly amounts related fiscal consolidation vat consolidation deposits mostly related amounts paid behalf lessee guarantee lease agreement differences amounts included consolidated financial statements fair values trade payables december caption trade payables pertains mostly marketing communication services trade payables euro december december trade payables third parties trade payables intra group total details transactions subsidiaries provided note related parties moncler group annual report current liabilities december caption current liabilities included following current liabilities euro december december directors audit related payables amounts payable employees consultants employees taxation payables current liabilities current liabilities intra group total december caption current liabilities intra group mainly included amounts related vat consolidation december also amounts related fiscal consolidation additional information please see note employees pension fund december caption includes employee pension fund detailed following table employees pension funds movements euro december december net recognized liability opening spw incorporation interest costs service costs payments actuarial gains losses net recognized liability closing actuarial valuation employee termination benefits tfr based projected unit credit cost method reported main economic demographic assumptions utilised actuarial valuations annual report moncler group assumptions discount rate inflation rate nominal rate wage growth labour turnover rate probability request advances tfr percentage required case advance life table male life table female table istat resident population following table shows effect variations within reasonable limits key actuarial assumptions defined benefit plan obligations year end sensitivity analysis euro variation discount rate discount rate rate tfr payments increases rate tfr payments increases rate price inflation increases rate price inflation decreases rate salary increases rate salary decreases increase retirement age year decrease retirement age year increase longevity year decrease longevity year provisions non current item provisions non current included accrual tax litigations made previous years research development tax credits referring years allocated basis resolution july italian revenue agency revises position eligibility benefit reference item july parent company moncler decided partial repayment tax credit amount equal eur million moncler group annual report financial liabilities borrowings euro december december short term financial lease liabilities intra group short term borrowings short term borrowings long term financial lease liabilities intra group long term borrowings long term borrowings total borrowings amounted eur thousand eur thousand mainly refer financial debt industries financial lease liabilities financial lease liabilities detailed following table financial lease liabilities euro short term financial lease liabilities long term financial lease liabilities total changes financial lease liabilities reported following table euro ifrs ias financial lease liabilities january net acquisitions disposals financial expenses movements including transfers december annual report moncler group following table show breakdown long term borrowings accordance maturity date ageing long term borrowings december december euro within years years beyond years total non discounted cash flows referring lease liabilities shown ageing lease liabilities discounted euro december december within year years beyond years total tax assets liabilities tax assets amount eur thousand december eur thousand december tax liabilities amount eur thousand december net current tax assets eur thousand december balance pertains ires irap payable shareholders equity december subscribed share capital constituted shares fully paid amounted eur nominal value eur per share changes shareholders equity comparative period included consolidated statements changes equity increase share capital eur thousand occurred year carried free charge use available reserves included item retained earnings refers issue shares execution performance share plans december treasury shares held equal share capital total value eur thousand compared december total amount eur thousand also change refers use shares execution performance share plans change ifrs reserve due accounting treatment performance share plans recognition figurative cost period relating plans reclassification retained earnings cumulative figurative cost plans already closed change retained earnings mainly relates allocation result dividend distributions mentioned reclassification ifrs reserve moncler group annual report company distributed dividends shareholders amount eur thousand eur thousand dividends paid compared eur thousand distributed eur thousand dividends paid caption fta reserve includes effects initial application ifrs following table includes details shareholders reserve used information reserve euro amount possible use available amount non available amount amounts used previous years hedge losses amounts used previous years reason share capital reserves legal reserve share premium oci reserve revaluation reserve fta reserve ifrs reserve retained earnings total share capital reserves non distributable amount distributable remaining amount explanation share capital increase hedge losses distribution shareholders share premium reserve entirely available allocating legal reserve share capital view realignment moncler trademark tax value statutory value required law decree called august decree art par retained earnings reserve appointed deferred tax reserve amount equal eur caption oci comprehensive income reserve includes actuarial risks related employee pension fund annual report moncler group changes reserve follows comprehensive income employees pension fund actuarial valuation fair value irs euro value tax effect tax effect value tax effect value tax effect tax effect value tax effect reserve january reclassification reserves changes period translation differences period reversal income statement period reserve december reserve january reclassification reserves changes period translation differences period reversal income statement period reserve december commitments guarantees given commitments company significant commitments arising operating lease contract contractual cases fall within scope ifrs guarantees given date financial statements company guarantees toward group companies third parties contingent liability company subject risks may arise performance ordinary activities based information available date management believes currently contingent liabilities need accrued financial statements moncler group annual report information financial risks company financial instruments include cash cash equivalents loans receivables trade payables current receivables payables non current assets well derivatives company mostly exposed interest rate risk liquidity risk capital risk market risk exchange rate risk company operated mostly companies euros exposure exchange rate risk limited december small portion company assets liabilities trade receivables payables denominated currency different functional currency interest rate risk company exposure interest rate risk connected mostly changes interest rates relate outstanding loans december company bank loans therefore interest rate hedges consequently changes interest rates year end date would significant effects result year company exposed changes currency interest rates credit risk company significant concentrations credit risk companies part group maximum exposure credit risk represented amount reported financial statements far credit risk arising financial assets including cash short term bank deposits financial derivative instruments concerned credit risk company arises default counterparty maximum exposure equal carrying amount financial assets recorded financial statements liquidity risk liquidity risk arises ability obtain financial resources sustainable cost order group conduct daily business operations factors influence risk related resources generated absorbed operating activities investing financing activities availability funds financial market management believes financial resources available today along generated current operations enable company achieve objectives meet investment needs repayment debt agreed upon maturity date operating capital management risks management operating risk company main objective manage risks associated development business foreign markets subject specific laws regulations annual report moncler group group implemented guidelines following areas appropriate level segregation duties reconciliation constant monitoring significant transactions documentation controls procedures technical professional training employees periodic assessment corporate risks identification corrective actions far capital management risk concerned company objectives aimed going concern issue order ensure fair economic return shareholders stakeholders maintaining good rating capital debt market company manages capital structure makes adjustments line changes general economic conditions strategic objectives information related party transactions set transactions related parties deemed relevant purposes related party procedure adopted group related party procedure available company website www monclergroup com governance corporate documents transactions subsidiaries commercial nature conducted market conditions similar conducted third parties detailed follows intercompany balances december euro receivables payables net value industries sportswear company group companies total intercompany transactions euro revenues expenses revenues net net value industries sportswear company group companies total moncler group annual report moncler granted subsidiary industries license use moncler brand subsidiary sportswear company license use stone island brand based license agreements company remunerated payments royalties total amount royalties fiscal year amounted eur million eur million please note moncler part group fiscal vat consolidation responsible industries sportswear company taxes payable related interests company rivetex company referable carlo rivetti family members rents building company total costs amounted eur thousand eur thousand compensation paid members board directors eur thousand eur thousand compensation paid members board auditors eur thousand eur costs relating performance shares described note referring members board directors amount eur thousand eur thousand related party transactions following tables summarise afore mentioned related party transactions took place prior year euro type relationship note december december industries trade transactions industries trade transactions industries interest income industries interest expense group companies trade transactions group companies interest income sportswear company trade transactions sportswear company trade transactions sportswear company interest income sportswear company interest expense rivetex trade transactions directors board statutory auditors labour services directors labour services total calculated based total financial costs calculated operating costs calculated revenues calculated based total financial income annual report moncler group euro type relationship note december december industries trade payables industries financial debt industries financial receivables industries debt vat consolidation industries credit vat consolidation industries trade receivables industries credit fiscal consolidation sportswear company trade receivables sportswear company trade payables sportswear company financial debt sportswear company credit fiscal consolidation sportswear company debt fiscal consolidation sportswear company debt vat consolidation stone island retail trade receivables stone island retail credit vat consolidation stone island retail credit fiscal consolidation stone island distribution credit fiscal consolidation stone island distribution debt vat consolidation moncler usa inc trade payables moncler usa inc trade receivables group companies trade payables group companies trade receivables directors board statutory auditors current liabilities total effect based total financial debt effect based trade payables effect based trade receivables effect based current liabilities effect based current assets effect based total financial receivables moncler group annual report following tables summarise weight related party transactions financial statements years ended december euro december revenues operating expenses financial expenses financial income trade receivables current assets trade payables payables current total financial debt total financial receivables total related parties total financial statement weight euro december revenues operating expenses financial expenses financial income trade receivables current assets trade payables payables current total financial debt total financial receivables total related parties total financial statement weight stock based compensation plans financial statements december reflects values performance shares plan approved costs related stock based compensation plans equal eur thousand compared eur thousand june ordinary shareholders meeting approved pursuant art bis consolidated law finance adoption stock grant plan denominated performance shares plan addressed executive directors key managers employees collaborators therein including moncler external consultants subsidiaries object plan free granting moncler shares case certain performance targets achieved end vesting period years performance targets expressed based following indices group vesting period adjusted conditions performance net income free cash flow iii esg environmental social governance proposed maximum number shares serving plan equal resulting capital increase allocation treasury shares plan provides maximum cycles attribution regards first attribution cycle june board directors resolved granting moncler rights second attribution cycle approved ended assignment moncler rights regards first allocation cycle plan ended information please refer annual report regards second allocation cycle annual report moncler group year vesting period ended approval draft financial statements december performance targets met together performance condition therefore shares including shares deriving performance assigned beneficiaries share capital increase shares allocation treasury shares shares december rights circulation effect closed plans income statement amounts eur thousand april ordinary shareholders meeting also approved pursuant art bis consolidated law finance adoption stock grant plan denominated performance shares plan addressed executive directors key managers employees collaborators therein including moncler external consultants subsidiaries object plan free granting moncler shares case certain performance targets achieved end vesting period years performance targets expressed based following indices group vesting period adjusted conditions performance net income free cash flow iii esg environmental social governance proposed maximum number shares serving plan equal resulting allocation treasury shares plan provides maximum cycles attribution regards first attribution cycle may board directors resolved granting moncler rights may putting effect second cycle attribution moncler board directors approved assignation maximum number moncler rights december still circulation rights related first cycle attribution rights related second cycle attribution reference moncler december still circulation rights related first cycle attribution rights related second cycle attribution effect income statement amounted euro thousand april ordinary shareholders meeting approved pursuant art bis consolidated law finance adoption stock grant plan denominated performance shares plan addressed executive directors key managers employees collaborators therein including moncler external consultants subsidiaries object plan free granting moncler shares case certain performance targets achieved end vesting period years performance targets expressed based following indices group vesting period adjusted conditions performance net income free cash flow iii esg environmental social governance proposed maximum number shares serving plan equal resulting allocation treasury shares april board directors resolved granting moncler rights moncler group annual report december circulation rights reference moncler december still circulation rights effect income statement amount eur thousand stated ifrs plans defined equity settled information regarding performance share plans described please see company website www monclergroup com governance shareholders meeting section significant non recurring events transactions noted group significant non recurring events transactions atypical unusual transactions noted company enter atypical unusual transactions financial instruments following table shows carrying amount fair values financial assets financial liabilities including levels fair value hierarchy financial instruments measured fair value include fair value information financial assets financial liabilities measured fair value carrying amount reasonable approximation fair value euro december current non current fair value level financial assets measured fair value interest rate swap used hedging forward exchange contracts used hedging sub total financial assets measured fair value trade receivables cash cash equivalents financial receivables sub total total annual report moncler group euro december current non current fair value level financial assets measured fair value interest rate swap used hedging forward exchange contracts used hedging sub total financial assets measured fair value trade receivables cash cash equivalents financial receivables sub total total euro december current non current fair value level financial liabilities measured fair value interest rate swap used hedging forward exchange contracts used hedging financial liabilities sub total financial liabilities measured fair value trade payables financial payables bank overdrafts short term bank loans bank loans ifrs financial loans sub total total euro december current non current fair value level financial liabilities measured fair value interest rate swap used hedging forward exchange contracts used hedging financial liabilities sub total financial liabilities measured fair value trade payables financial payables bank overdrafts short term bank loans bank loans ifrs financial loans sub total total items refer short term financial assets financial liabilities whose carrying value reasonable approximation fair value therefore disclosed moncler group annual report fees paid independent auditors fees paid independent auditors summarised servizi revisione attestazione altri servizi euro soggetto che erogato servizio corrispettivi competenza revisione contabile deloitte touche rete deloitte touche servizi attestazione deloitte touche rete deloitte touche altri servizi deloitte touche rete deloitte touche totale disclosure pursuant italian law pursuant requirements law company moncler benefited tax credit relating research development eur thousand purposes requirements regard grants received falling among cases provided reference also made specific italian national register consulted public significant events reporting date significant events occurred reporting date motion approve financial statements allocation result year ended december conclusion explanatory notes invite approve moncler separate financial statements propose resolve distribute gross dividend eur per ordinary share based profit moncler amounts eur retained earnings reserve annual report moncler group total amount distributed dividend taken consideration number shares today net shares directly owned company equal eur million financial statements comprised income statement statement comprehensive income statement financial position statement changes equity statement cash flows explanatory notes financial statements give true fair view financial position results operations cash flows corresponds company accounting records behalf board directors remo ruffini chairman chief executive officer subject change due possible use purchase treasury shares attestation consolidated financial statements pursuant art bis legislative decree undersigned remo ruffini capacity chief executive officer company luciano santel executive officer responsible preparation moncler financial statements pursuant provisions article bis clauses legislative decree hereby attest adequacy respect company structure effective application administrative accounting procedures applied preparation company consolidated financial statements december assessment adequacy administrative accounting procedures used preparation consolidated financial statements december based process defined moncler accordance internal control integrated framework model issued committee sponsoring organizations treadway commission internationally accepted reference framework undersigned moreover attest consolidated financial statements prepared accordance international financial reporting standards endorsed european union regulation european parliament council dated july correspond amounts shown company accounts books records provide fair correct representation financial conditions results operations cash flows company consolidated subsidiaries december year ended director report includes reliable operating financial review company group well description main risks uncertainties exposed february chairman board executive officer responsible directors chief executive preparation officer company financial statements remo ruffini luciano santel ancona bari bergamo bologna brescia cagliari firenzegenova milano napoli padova parma roma torino treviso udine verona sede legale via santa sofia milano capitale sociale euro codice fiscale registro delle imprese milano monza brianza lodi partita iva nome deloitte riferisce una più delle seguenti entità deloitte touche tohmatsu limited una società inglese responsabilità limitata dttl member firm aderenti suo network entità esse correlate dttl ciascuna delle sue member firm sono entità giuridicamente separate indipendenti tra loro dttl denominata anche deloitte global non fornisce servizi clienti invita leggere informativa completa relativa alla descrizione della struttura legale deloitte touche tohmatsu limited delle sue member firm indirizzo www deloitte com deloitte touche deloitte touche via fratelli bandiera treviso italia tel fax www deloitte independent auditor report pursuant article legislative decree january article regulation shareholders moncler report audit consolidated financial statements opinion audited consolidated financial statements moncler subsidiaries moncler group group comprise consolidated statement financial position december consolidated statement income consolidated statement comprehensive income consolidated statement changes equity consolidated statement cash flows year ended notes consolidated financial statements including material accounting policy information opinion accompanying consolidated financial statements give true fair view consolidated financial position group december consolidated financial performance consolidated cash flows year ended accordance ifrs accounting standards issued international accounting standards board adopted european union requirements national regulations issued pursuant art italian legislative decree basis opinion conducted audit accordance international standards auditing isa italia responsibilities standards described auditor responsibilities audit consolidated financial statements section report independent moncler company accordance ethical requirements applicable italian law audit financial statements believe audit evidence obtained sufficient appropriate provide basis opinion key audit matters key audit matters matters professional judgment significance audit consolidated financial statements current period matters addressed context audit consolidated financial statements whole forming opinion thereon provide separate opinion matters impairment test brand goodwill related stone island cgu description key audit matter consolidated financial statements group december show brands intangible assets net amounting euro million goodwill amounting euro million captions include brand goodwill allocated stone island cash generating unit cgu euro million euro million respectively assets considered intangibles indefinite useful life therefore amortized nevertheless required international accounting standard ias impairment assets tested impairment least annually comparing recoverable amount cgu determined according value use methodology book value net invested capital includes mentioned brand goodwill among fixed assets management evaluation process articulated based assumptions regarding among things forecasting cgu expected cash flows determining appropriate discount rate wacc long term growth rate rate assumptions influenced future expectations stone island business well market conditions light magnitude goodwill brand value recorded consolidated financial statements pertaining stone island cgu level judgement involved estimates pertaining determination cgu future cashflows key parameters impairment model considered impairment test key audit matter consolidated financial statements note consolidated financial statements provides information tests carried respect intangible assets including sensitivity analysis illustrates effects changes key parameters used impairment test audit procedures performed examined management determined cgu value use analyzing methods assumptions used developing impairment test part audit among others carried following procedures also support experts detection understanding process adopted moncler group executing impairment test analysis reasonableness main assumptions adopted forecasting cashflows also analysis sector data information obtained management comparison actual results management forecasts order assess nature deviations reliability planning process assessment reasonableness discount rate wacc long term growth rate rate verification clerical accuracy model used determine cgu value use verification correct determination cgu carrying amount verification sensitivity analysis prepared management also examined adequacy compliance disclosure provided group impairment test respect ias provisions responsibilities directors board statutory auditors consolidated financial statements directors responsible preparation consolidated financial statements give true fair view accordance ifrs accounting standards issued international accounting standards board adopted european union requirements national regulations issued pursuant art italian legislative decree within terms established law internal control directors determine necessary enable preparation consolidated financial statements free material misstatement whether due fraud error preparing consolidated financial statements directors responsible assessing group ability continue going concern disclosing applicable matters related going concern using going concern basis accounting unless identified existence conditions liquidation company termination business realistic alternatives choices board statutory auditors responsible overseeing within terms established law group financial reporting process auditor responsibilities audit consolidated financial statements objectives obtain reasonable assurance whether consolidated financial statements whole free material misstatement whether due fraud error issue auditor report includes opinion reasonable assurance high level assurance guarantee audit conducted accordance international standards auditing isa italia always detect material misstatement exists misstatements arise fraud error considered material individually aggregate could reasonably expected influence economic decisions users taken basis consolidated financial statements part audit accordance international standards auditing isa italia exercise professional judgment maintain professional skepticism throughout audit also identify assess risks material misstatement consolidated financial statements whether due fraud error design perform audit procedures responsive risks obtain audit evidence sufficient appropriate provide basis opinion risk detecting material misstatement resulting fraud higher one resulting error fraud may involve collusion forgery intentional omissions misrepresentations override internal control obtain understanding internal control relevant audit order design audit procedures appropriate circumstances purpose expressing opinion effectiveness group internal control evaluate appropriateness accounting policies used reasonableness accounting estimates related disclosures made directors conclude appropriateness management use going concern basis accounting based audit evidence obtained whether material uncertainty exists related events conditions may cast significant doubt group ability continue going concern conclude material uncertainty exists required draw attention auditor report related disclosures consolidated financial statements disclosures inadequate modify opinion conclusions based audit evidence obtained date auditor report however future events conditions may cause group cease continue going concern evaluate overall presentation structure content consolidated financial statements including disclosures whether consolidated financial statements represent underlying transactions events manner achieves fair presentation obtain sufficient appropriate audit evidence regarding financial information entities business activities within group express opinion consolidated financial statements responsible direction supervision performance group audit remain solely responsible audit opinion communicate charged governance identified appropriate level required isa italia regarding among matters planned scope timing audit significant audit findings including significant deficiencies internal control identify audit also provide charged governance statement complied relevant ethical requirements regarding independence applicable italy communicate relationships matters may reasonably thought bear independence applicable actions taken eliminate threats safeguards applied matters communicated charged governance determine matters significance audit consolidated financial statements current period therefore key audit matters describe matters auditors report information communicated pursuant art regulation shareholders meeting moncler appointed april auditors company years december december declare provided prohibited non audit services referred art regulation remained independent company conducting audit confirm opinion financial statements expressed report consistent additional report board statutory auditors role audit committee referred art said regulation report legal regulatory requirements opinion compliance provisions delegated regulation directors moncler responsible application provisions european commission delegated regulation regard regulatory technical standards specification single electronic reporting format esef european single electronic format hereinafter referred delegated regulation consolidated financial statements december included annual financial report carried procedures set forth auditing standard italia order express opinion compliance consolidated financial statements provisions delegated regulation opinion consolidated financial statements december prepared xhtml format marked material respects accordance provisions delegated regulation opinions statement pursuant art paragraph sub paragraphs bis ter legislative decree pursuant art bis paragraph legislative decree directors moncler responsible preparation report operations report corporate governance ownership structure moncler group december including consistency related consolidated financial statements compliance law carried procedures set forth auditing standard italia order express opinion consistency report operations specific information contained report corporate governance ownership structure set forth art bis legislative decree consolidated financial statements express opinion compliance law report operations excluding section related consolidated corporate sustainability reporting specific information contained report corporate governance ownership structure set forth art bis legislative decree make statement material misstatement report operations specific information contained report corporate governance ownership structure set forth art bis legislative decree opinion report operations specific information contained report corporate governance ownership structure consistent consolidated financial statements moncler group december addition opinion report operations excluding section related consolidated corporate sustainability reporting specific information contained report corporate governance ownership structure set forth art bis legislative decree prepared accordance law reference statement referred art paragraph sub paragraph ter legislative decree made basis knowledge understanding entity related context acquired audit nothing report opinion compliance law extend section related consolidated corporate sustainability reporting conclusions compliance section law governing criteria preparation disclosure requirements outlined art regulation expressed assurance report pursuant art bis legislative decree deloitte touche signed barbara moscardi partner treviso italy march disclosed directors accompanying consolidated financial statements moncler constitute non official version prepared accordance provisions commission delegated regulation independent auditor report translated english language solely convenience international readers accordingly original text italian language authoritative attestation sustainability reporting pursuant article ter paragraph consob regulation may subsequent amendments integrations undersigned remo ruffini chairman board directors chief executive officer luciano santel executive officer responsible preparation moncler financial statements certify pursuant provisions article bis paragraph ter legislative decree february sustainability statement included board directors report prepared accordance reporting standards applied pursuant directive european parliament council june legislative decree september specifications adopted pursuant article paragraph regulation european parliament council june february chairman board executive officer responsible directors ceo preparation company financial statements remo ruffini luciano santel attestation separate financial statements pursuant art bis legislative decree undersigned remo ruffini capacity chief executive officer company luciano santel executive officer responsible preparation moncler financial statements pursuant provisions article bis clauses legislative decree hereby attest adequacy respect company structure effective application administrative accounting procedures applied preparation company separate financial statements december assessment adequacy administrative accounting procedures used preparation separate financial statements december based process defined moncler accordance internal control integrated framework model issued committee sponsoring organizations treadway commission internationally accepted reference framework undersigned moreover attest separate financial statements prepared accordance international financial reporting standards endorsed european union regulation european parliament council dated july correspond amounts shown company accounts books records provide fair correct representation financial conditions results operations cash flows company december year ended director report includes reliable operating financial review company well description main risks uncertainties exposed february chairman board executive officer responsible directors chief executive preparation officer company financial statements remo ruffini luciano santel ancona bari bergamo bologna brescia cagliari firenzegenova milano napoli padova parma roma torino treviso udine verona sede legale via santa sofia milano capitale sociale euro codice fiscale registro delle imprese milano monza brianza lodi partita iva nome deloitte riferisce una più delle seguenti entità deloitte touche tohmatsu limited una società inglese responsabilità limitata dttl member firm aderenti suo network entità esse correlate dttl ciascuna delle sue member firm sono entità giuridicamente separate indipendenti tra loro dttl denominata anche deloitte global non fornisce servizi clienti invita leggere informativa completa relativa alla descrizione della struttura legale deloitte touche tohmatsu limited delle sue member firm indirizzo www deloitte com deloitte touche moncler head office via stendhal milan companies register milan registration number tax identification economic administrative index report board statutory auditors shareholders meeting accordance article legislative decree february shareholders report prepared accordance article legislative decree finance consolidation act tuf relates activities board statutory auditors board moncler hereinafter moncler also company year ending december board statutory auditors current composition appointed shareholders meeting april remain office approval financial statements december financial year board statutory auditors performed duties accordance italian civil code tuf guidelines issued consob communication april amended legislative decree amended statutory provisions provisions issued supervisory authorities also took account corporate governance code listed companies published corporate governance committee compliance confirmed company code corporate governance well rules conduct board statutory auditors listed companies laid italian national council accountants tax consultants recently updated december rules conduct board statutory auditors also complied regulations applicable entities public interest article legislative decree moncler publicly listed company capacity committee internal control accounts auditing performing additional specific control monitoring duties regard financial sustain reporting provided article legislative decree amended legislative decree enacting directive csrd board statutory auditors reports activities relevant information provided accordance applicable provisions activities board statutory auditors year ending december point consob communication board statutory auditors performed activities holding meetings financial year board also attended meetings board directors present either members chairman another auditor meetings control risks sustainability committee meetings nomination remuneration committee meetings related parties committee part control activity board among things oversaw compliance laws company bylaws industry regulations oversaw compliance principles sound administration oversaw adequacy company organisational structure aspects within capacities internal control administrative accounting system well reliability latter reporting operations accurately oversaw methods implement corporate governance code checked criteria verification procedures used board assess independence requirements directors properly applied checked board directors policy related party transactions conformed principles consob resolution march amended oversaw compliance policy oversaw adoption remuneration policies subject approval shareholders meeting furthermore board statutory auditors met supervisory body set accordance legislative decree purposes exchanging information held meetings exchanged information supervisory bodies main subsidiaries held meetings obtained information also attending meetings control risks sustainability committee financial reporting officer also appointed certify sustainability reporting head internal audit heads company departments involved time time board supervisory activities context relations supervisory body auditor article third paragraph tuf light board statutory auditors powers internal control accounts auditing committee article legislative decree held periodic meetings appointed auditors deloitte touche exchange information data relevant respective duties board also met deloitte touche capacity entity charge certifying sustainability reporting pursuant legislative decree transactions major financial significance notable events point consob communication activities board board statutory auditors oversaw company compliance law company bylaws principles sound administration particular reference operations significant terms profit loss financial aspects equity regularly attending meetings board directors examining documents provided regard board statutory auditors received information managing directors board directors activities carried significant economic financial asset operations resolved implemented company including directly indirectly controlled companies information represented detail board directors report reference made basis information made available board reasonably considered operations carried accordance law company bylaws manifestly imprudent reckless conflict resolutions passed shareholders meeting would compromise integrity company assets significant events information significant events involving company group contained annual report consolidated financial statements report corporate governance ownership structure events include particular march moncler japan corporation acquired japanese shareholder yagi tsusho ltd remaining stake moncler japan corporation equal share capital outlay euro million result transaction moncler holds entire share capital moncler japan corporation subsidiary industries april ordinary shareholders meeting approved financial statements moncler year ended december resolved distribute gross unit dividend euro per share euro per share previous year outlay related distribution amounted euro million iii april moncler board directors following shareholders resolution approved implementation stock grant plan called performance shares plan resolved favourable opinion nomination remuneration committee allocate maximum shares favour beneficiaries including executive directors key managers subject achievement performance targets end three year vesting period september relevant date ruffini partecipazioni holding rph certain specific provisions remo ruffini one hand white investissement sas investor jointly rph parties certain specific provisions lvmh moët hennessy louis vuitton lvmh hand entered agreement called investment agreement agreement concerning double company aimed regulating inter alia purchase investor stake representing share capital held rph also relevant date rph certain specific provisions ruffini one hand investor certain specific provisions lvmh hand iii certain specific provisions hand signed shareholders agreement shareholders agreement regulate relations respective rights obligations shareholders indirect shareholders moncler reported key information published pursuant article issuers regulation moncler website shareholders agreements contained agreement affect facto control moncler exercised ruffini rph pursuant article tuf related party intragroup transactions atypical unusual operations points consob communication required consob regulation amended article bis italian civil code company related parties procedure last updated june take account changes made consob regulation consob deliberation december effective july board statutory auditors considers procedure meets requirements consob regulation current form year board oversaw company compliance procedures annual report includes board directors report consolidated financial statements separate financial statements moncler contains information income related equity effects related party transactions also describes main relationships operations classified major related parties procedure brought attention related parties committee related party transactions executed urgent basis board judged adequate information given board directors annual report company relation intragroup related party transactions far board statutory auditors aware financial year atypical unusual operations carried oversight adequacy organisational structure organisational structure company group relations subsidiaries points consob communication board statutory auditors gained knowledge oversaw within scope capacities adequacy company organisational structure information obtained board directors managing director heads corporate functions well meetings boards statutory auditors subsidiaries organisational structure company group related developments described detail report corporate governance ownership company organisational structure includes duties responsibilities company functions hierarchical functional relations coordination arrangements board statutory auditors oversaw overall adequacy organisational structure company group also monitored process setting granting authorities within scope supervisory activity board statutory auditors met supervisory body set pursuant legislative decree whose task oversee functioning observance model adopted accordance legislative decree code ethics also obtained information organisational procedural activities carried pursuant legislative decree board oversaw adequacy instructions given company subsidiaries pursuant article paragraph tuf order duly obtain information required fulfil disclosure obligations provided law regulation addition accordance article board statutory auditors exchanged information specific meetings members boards statutory auditors main subsidiaries inter alia company operations adequacy organisational structure march board statutory auditors obtained report financial statements prepared control body subsidiary industries march report financial statements prepared control body subsidiary sportswear company content reports confirm information exchanged course discussions reveal issue mentioned report oversight adequacy internal control risk management system administration accounting system monitoring financial non financial reporting process points consob communication internal control risk management system icrms report corporate governance ownership structure describes main characteristics system internal control risk management icrms set rules procedures organisational structures operates order allow effective functioning company group order identify manage monitor main risks exposed icrms integrated system involves whole organisational structure bodies company departments including control functions required make coordinated interdependent contribution functioning system board statutory auditors oversaw adequacy icrms adopted company group checked functioned correctly particular board statutory auditors noted adequacy rating given board directors relation icrms consulting control risks sustainability committee regard refer report corporate governance ownership structure examined semi annual report control risks sustainability committee provided assist board directors iii examined documents summarising assessment adequacy efficacy icrms prepared internal audit function attended meetings control risks sustainability committee obtaining information project committee considered appropriate arrange request response specific issues obtained knowledge trend organisational structures activities performed internal audit compliance functions examined reports work done internal audit compliance functions brought attention control risks sustainability committee board directors vii verified autonomy independence functionality internal audit function maintained implemented adequate regular connections function viii examined audit plan prepared internal audit approved board directors observed compliance plan received information results audits effective implementation mitigating corrective actions obtained information changes set group procedures reviewed discussed external auditing firm content additional report pursuant article regulation light taking account icrms constantly evolving system analysis information obtained reveal anything would lead board consider company overall system internal controls risk management inadequate administration accounting system financial reporting process regard accounting administration system financial reporting process board statutory auditors oversaw adequacy mentioned system ability report operations accurately board statutory auditors performed oversight activity inter alia examining reports financial reporting officer report corporate governance ownership structure describes main characteristics system board statutory auditors held periodic meetings managers independent auditors legally required exchange information discussions managers exchange information relevant performance respective duties pursuant article paragraph tuf reveal issue would require mention report meeting march board statutory auditors examined content draft supplementary report prepared external auditing firm deloitte touche article regulation issued march found report reveal significant deficiencies internal control system regard financial reporting process content report discussed investigated periodic exchanges information board statutory auditors external auditing firm sustainability reporting process board statutory auditors recalls starting financial year pursuant legislative decree transposing csrd company required prepare include sustainability reporting sustainability reporting special section board directors report provided article paragraph legislative decree board statutory auditors within framework performing functions assigned regulations monitored compliance provisions legislative decree particular monitored compliance provisions governing preparation publication sustainability reporting also taking account provisions regulation called taxonomy regulation board statutory auditors also supervised process producing information included sustainability report part supervisory activities including attending meetings board board committees board statutory auditors noted company support external consultant worked development internal control system sustainability icss compliance european sustainability reporting standards esrs prepared efrag issued european commission commission delegated regulation project included first phase dedicated defining governance model icss subsequently processes roles responsibilities operating model supporting tools information flows coordination methods sustainability function corporate functions involved sustainability information gathering process identified time scope application icss defined analysis based potential risk misreporting developed four evaluation drivers made possible categorise indicators reported differentiated risk levels identify group companies contribute disclosures starting internal audit department carry independent testing icss line approach adopted financial reporting aim verifying adequacy proper functioning controls board statutory auditors verified approval sustainability report board directors february reference certification sustainability report board statutory auditors opportunity verify process led moncler opt temporary provision article legislative decree deloitte touche given nine year engagement shareholders meeting april carry activities referred legislative decree called nfs therefore company appointed issue sustainability reporting certification deloitte touche issued sustainability reporting certification required article paragraph legislative decree march content confirms information exchanged previous discussions report deloitte touche attested basis work nothing come attention would lead consider sustainability reporting drafted material aspects accordance esrs information taxonomy provided sustainability reporting drafted material aspects compliance article taxonomy regulation board statutory auditors observed turn basis activities received indications elements non conformity regulatory provisions sustainability reporting legal auditing accounts points consob communication activities board statutory auditors financial year mandate legal audit company financial statements group consolidated financial report granted external auditing firm deloitte touche april nine year period auditing firm also checked company accounts duly kept management events correctly reported accounting records accordance article legislative decree board statutory auditors capacity internal control accounts auditing committee performed required oversight work external auditing firm within limits required applicable regulations year board held meetings managers external auditing firm required article paragraph tuf context supervisory role article legislative decree board statutory auditors acquired information deloitte touche reference planning execution audit activity meetings appropriate exchanges data information relevant performance respective duties carried issue requires mention report raised march auditing firm issued reports pursuant articles legislative decree separate financial statements consolidated financial report december content reports confirms information exchanged previous discussions particular external auditing firm reports gave opinion indicates separate consolidated financial statements moncler provide true accurate representation financial equity situation moncler group december profit loss result cash flow year ending date accordance international financial reporting standards adopted european union provisions issued implementation article legislative decree issued opinion conformity separate consolidated financial statements provisions regulation esef regulation stating following aware certain information contained notes consolidated financial statements extracted xhtml format xbrl file may reproduced identically corresponding information presented consolidated financial statements xhtml format due certain technical limitations issued declaration consistency board directors report accompanies annual financial statements consolidated financial statements december certain specific information contained report corporate governance ownership structures indicated article bis paragraph tuf annual consolidated financial statements issued declaration consistency shows board directors report accompanying annual financial statements consolidated financial statements december excluding section sustainability reporting specific information report corporate governance ownership indicated article bis paragraph tuf prepared accordance provisions law issued declaration conformity law board directors report excluding section sustainability reporting specific information report corporate governance ownership indicated article bis paragraph tuf declared nothing report terms significant errors board directors report basis knowledge understanding business context acquired course audit activity attending meetings control risks sustainability committee attended financial reporting officer managers independent auditors board statutory auditors observations make proper use accounting standards consistent use preparation consolidated financial report march external auditing firm also gave board statutory auditors supplementary report required article regulation annex report external audit firm also gave board statutory auditors declaration independence required article regulation reveal situation could compromise independence accordance provisions article paragraph legislative decree board duly sent supplementary report board directors without making observations accordance article paragraph legislative decree board statutory auditors role internal control accounts auditing committee verified monitored independence auditing firm conducting audits situations found would compromise independence auditing firm causes incompatibility within meaning applicable regulations also confirmed declaration given deloitte touche article paragraph regulation activities board statutory auditors reference non audit services reference non audit services request support board june company adopted specific procedure governing awarding mandates auditing firms networks relation non audit services internal procedure awarding mandates non audit services auditors group companies network accordance provisions article paragraph legislative decree article paragraph regulation board statutory auditors role internal control accounts auditing committee pre reviewed proposals submitted attention regarding conferral non audit services auditing firm companies network assessment board statutory auditors verified services compatible prohibitions imposed article regulation also absence potential risks auditors independence deriving provision non audit services view provisions legislative decree articles seq issuers regulation article bis seq code professional ethics confidentiality professional secrecy well independence objectivity persons authorised perform legal auditing accounts published march adopted decision state general accounting office ministry economy finance march legal requirements met board approved conferral services deloitte touche companies network fees paid non audit services provided company subsidiaries external auditing firm companies network itemised details audit services attestation services paragraph notes consolidated accounts please refer adoption corporate governance code composition board directors remuneration board self assessment point consob communication moncler adopted corporate governance code board statutory auditors assessed way moncler implemented corporate governance code terms illustrated report corporate governance ownership structure observations make regard board statutory auditors notes board directors assessed function size composition board committees accordance article code corporate governance board self assessment process described report corporate governance ownership structure please refer process results board self assessment financial year presented discussed agreed board directors assistance external advisor board meeting february attended board statutory auditors board statutory auditors verified correct application criteria procedure used board directors evaluate independence directors qualified independent board statutory auditors particular meeting held february took note information received regarding satisfaction independence requirements directors gabriele galateri genola diva moriani year previous year exceeded nine years office see recommendation article corporate governance code whose term office end approval financial statements year opinion statutory auditors board provided non contradictory logical plausible reasons confirm directors continue meet independence requirements statutory auditors able verify compliance principles corporate governance code board directors clearly argued justified report corporate governance ownership structure notwithstanding deviation recommendation question objectives underlying provisions corporate governance code continue met light reasons identified directors concerned details point refer contents mentioned report early line recommendations standard rules conduct boards statutory auditors listed companies prepared cndcec board statutory auditors reference financial year also conducted self assessment regard functioning composition also issued declarations compliance independence probity integrity criteria required applicable regulatory legal framework discussed shared results meeting held february participation chairman delegate auditor meetings nomination remuneration committee control risks sustainability committee board statutory auditors verified corporate procedures led definition company remuneration policies particular reference criteria remuneration bonuses heads control functions financial reporting officer opinions given board statutory auditors year point consob communication february board statutory auditors pursuant corporate governance code article recommendation gave favourable opinion approval audit plan february board statutory auditors gave favourable opinion audit plan approved board directors february complaints pursuant article italian civil code omissions reprehensible facts irregularities found points consob communication board statutory auditors receive complaints article italian civil code financial year first months course activities performed basis information obtained omissions reprehensible events irregularities significant circumstances emerged would require mention report referring considerations made report board statutory auditors taking account specific duties external auditing firm regard control accounting verification reliability financial statements observations make shareholders meeting pursuant article tuf regarding approval financial statements year ended december accompanied board directors report proposed allocation profits year distribution dividends made board march board statutory auditors riccardo losi carolyn dittmeier nadia fontana