185000000 IT Holding Finance SA

IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2003
Business segments
Apparel and Eyewear
2003
Perfumes Eliminations Other Total
accessories
operations
(In thousands of Euros)
Net revenues 592,134 57,266 25,570 (5,132) 669,838
of which royalty income 12,925 -
-
12,925
Change in inventory 18,001 5,686 3,144 26,831
Other operating income 8,247 1,131 3,162 (1,000) 11,540
Cost of materials (158,957) (25,025) (13,267) 301 (196,948)
Outside services (257,140) (25,371) (15,284) 5,831 (291,964)
Personnel expenses (73,303) (10,902) (2,551) (86,756)
Other operating expenses (32,822) (2,575) (368) (35,765)
Depreciation/amortization (139,121) (7,053) (606) (146,780)
Operating result (42,961) (6,843) (200) (50,004)
Financial income (charges) (34,768) (34,768)
Income (loss) before taxes (84,772)
Income taxes 21,729 21,729
Net income (loss) before minority interest (63,043)
Minority interest (335) (335)
Net income (loss) for the year (62,708)
Apparel and Eyewear
2002
Perfumes Eliminations
Other Total
accessories
operations
(In thousands of Euros)
Net revenues 590,775 60,088 13,835 (4,884) 659,814
of which royalty income 13,843 -
-
13,843
Change in inventory 4,039 7,498 4,194 15,731
Other operating income 8,991 912 870 10,773
Cost of materials (160,296) (29,421) (10,094) 57 (199,754)
Outside services (228,771) (26,877) (7,068) 4,827 (257,889)
Personnel expenses (72,995) (10,950) (1,539) (85,484)
Other operating expenses (32,713) (1,652) (786) (35,151)
Depreciation/amortization (79,975) (3,122) (343) (83,440)
Operating result 29,055 (3,524) (931) 24,600
Financial income (charges) (27,279) (27,279)
Income (loss) before taxes (2,679)
Income taxes 1,991 1,991
Net income (loss) before minority interest (688)
Minority interest (730) (730)
Net income (loss) for the year 42
F- 60