185000000 IT Holding Finance SA

IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2003
July
• On July 15, 2004, in an extraordinary meeting, the shareholders of M.A.C.—Manifatture Associate Cashmere
S.p.A resolved to change the company’s name to MALO S.p.A.
• Also on July15, 2004, in an extraordinary meeting, the shareholders of GENTRYPORTOFINO S.p.A.
resolved to change the company’s name to IT DISTRIBUZIONE S.p.A.
10. Cash and Cash Equivalents
12/31/2003 12/31/2002
(In thousands of Euros)
Bank and P.O. deposits 35,670 46,500
Cheques on hand 200 133
Cash on hand 900 604
Total 36,770 47,237
This caption, comprising bank and P.O. deposits, equal to the face value of current accounts with positive balances
held with banks, including interest accrued at December 31, 2003.
Cash on hand reflects the face value of petty cash at the balance sheet date.
11. Short term financial assets
At December 31, 2003 short term financial assets amounted to €30,725 thousand (2002: €9,172 thousand), which is
mainly comprised of junior notes issued by ABC Gestion S.A. (€30.699 thousand), issuer of the F.C.C. Première
European Fund, as part of the securitization plan described in note 28. At December 31, 2002 short term financial
assets mainly comprised the joint venture with Crédit Lyonnais S.A. (€9,146 thousand), which had been set up as part
of the above mentioned securitization transaction with full collection of the related amount.
12. Trade receivables, net
Trade receivables, net, at December 31, 2003 and 2002 were as follows:
(In thousands of Euros)
Due before 12 months
Italian customers 59,575
Foreign customers 81,703
Italian agents 1,932
Foreign agents 21,973
Italian subcontractors 3,587
Foreign subcontractors 218
Others in Italy 6,434
Others in abroad 1,022
Trade bills receivable 61,910
Invoice to be issued 1,808
Bad debt provision (9,951)
Total 230,211
F- 67
12/31/2003 12/31/2002 Increase
(decrease)
57,848 1,727
80,942 761
898 1,034
19,443 2,530
2,359 1,228
135 83
4,748 1,686
624 398
49,499 12,411
1,527 281
(9,677) (274)
208,346
The Euro 21,865 thousand increase in this caption was due to the increase in receivables, due to the overall growth in
business.
The bad debt provision has been estimated using analytical criteria on the basis of available data and in general on the
basis of historical trends.
21,865