185000000 IT Holding Finance SA

IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2003
The changes in the consolidation area did not have a significant impact on the Group structure with respect to the
previous year.
The consolidated financial statements as at and for the period ended December 31, 2003 was prepared on the basis of
the financial statements of all consolidated companies at the same date for consolidation purposes, and duly adjusted
or reclassified in order to make them consistent with Group accounting policies.
The balance sheet dates of the subsidiaries are the same of the holding company; as a consequence, there was no need
to prepare interim financial statements for such companies.
3. Segment information
The Group designs, manufactures, and distributes in three specific sectors of the luxury goods market:
• apparel and accessories;
• eyewear;
• perfumes.
The Group distributes via two main channels, wholesale and retail: the wholesale channel caters to independent
retailers (4,000 at year end comprising department stores and boutique), while retail activities are carried out through
31 directly-operated stores (DOS), 66 franchise boutiques and 8 factory outlets.
The Group’s products have an international appeal with 42.1% of its income deriving in the year 2003 from sales in
Italy, 34.4% in Europe (without Italy), 11.6% in the Americas and 10% in the rest of the world.
The Group’s products comprise a full range of luxury products including apparel, eyewear, accessories and perfumes
which the Group provides to customers through a worldwide distribution organization.
The Group has positioned itself with the capability of becoming one of the leading players in the luxury goods market,
providing an integrated and diverse range of goods.
The following table presents information about the Group by segment of activity:
(In thousands of Euros)
2003
% of net
revenues 2002
Apparel and accessories 579,209 86.5 576,932
Eyewear 57,266
8.5 60,088
Perfumes 25,570
3.8 13,835
Royalty income 12,925
1.9 13,843
Interdivisional (5,132) (0.7) (4,884)
Net revenues 669,838 100.0 659,814
The following table presents information about the Company by geographic area:
F- 59
% of net
revenues
87.4
9.1
2.1
2.1
(0.7)
100.0
% Increase
(Decrease)
0.4
(4.7)
84.8
(6.6)
5.1
1.5
% of net
% of net % Increase
2003 revenues 2002 revenues
(Decrease)
Italy 281,865 42.1 265,614 40.3 6.1
Europe * 230,749 34.4 223,508 33.9 3.2
Americas 77,838 11.6 83,591 12.7 (6.9)
Far East and Japan 45,831 6.8 51,852 7.9 (11.6)
Rest of the world 20,630 3.2 21,406 3.1 (3.6)
Royalty income 12,925 1.9 13,843 2.1 (6.6)
Net revenues
* without Italy
669,838 100.0 659,814 100.0 1.5