185000000 IT Holding Finance SA

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IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2002 Consolidated companies Registered office Share capital % of direct % of indirect Pettoranello di (In Euros unless otherwise indicated) ownership ownership ITC S.p.A. ............................................... Molise (IS)—I Pettoranello di 2,580,000 100.00% HYPSOS S.r.l.......................................... Molise (IS)—I 104,000 0.05% 99.95% IT FINANCE AND TRADING B.V...... Amsterdam—NL 4,785,160 100.00% ITTIERRE FRANCE S.A....................... Paris—F 1,458,000 99.994% M.A.C. FRANCE E.u.r.l......................... Paris—F 1,060,000 100.00% GIANFRANCO FERRÉ FRANCE E.u.r.l. Paris—F 400,000 100.00% HOBBYMARKT WASSENAAR B.V.. Amsterdam—NL Pettoranello di 18,160 100.00% MAGIC STYLE S.r.l. ............................. Molise (IS)—I 10,330 100.00% ITTIERRE MODEN GmbH................... Düsseldorf—D 64,000 100.00% M.A.C. DEUTSCHLAND GmbH ......... Düsseldorf—D 255,750 100.00% M.A.C. MARBELLA S.L....................... Malaga—E 100,200 100.00% M.A.C. UK Ltd. ...................................... London—GB GBP 1,530,660 100.00% GIANFRANCO FERRÉ UK Ltd. .......... London—GB GBP 757,686 100.00% ITTIERRE SUISSE GmbH .................... Mendrisio—CH CHF 250,000 100.00% M.A.C. JAPAN Inc................................. Tokyo—J JPY 10,000,000 100.00% FAR IT Limited....................................... Hong Kong—HK HK$ 500,000 100.00% QUARTERMAIN Ltd. ........................... Hong Kong—HK New York—NY— HK$ 1,000 99.90% IT HOLDING USA Inc. ......................... USA New York—NY— USD 200,000 100.00% IT USA Inc.............................................. USA USD 200,000 100.00% MANIFATTURE ASSOCIATE New York—NY— CASHMERE USA Inc............................ USA New York—NY— USD 50,000 100.00% M.A.C. SOHO Llc. ................................. USA New York—NY— USD 584,062 100.00% M.A.C. MADISON Llc. ......................... USA Denver—CO— USD 2,980,873 100.00% M.A.C. COLORADO Llc....................... USA Tallahassee—FL— USD 608,389 100.00% M.A.C. BAL HARBOUR Llc. ............... USA Tallahassee—FL— USD 489,470 100.00% M.A.C. PALM BEACH Llc. .................. USA Springfield—IL— USD 437,168 100.00% M.A.C. CHICAGO Llc........................... USA Hartford—CT- USD 722,993 100.00% M.A.C. CLINTON Llc............................ USA New York—NY— USD 491,931 100.00% M.A.C. WOODBURY Llc. .................... USA Wilmington—DE— USD 380,191 100.00% GIANFRANCO FERRÉ HOLDINGS Inc. USA New York—NY— USD 5,500,000 100.00% GIANFRANCO FERRÉ USA Inc. ........ USA New York—NY— USD 1,000,000 100.00% FIRST N.Y. BOUTIQUE Inc. ................ USA Tallahassee—FL— USD 1,500,000 100.00% FIRST P.B. BOUTIQUE Inc.................. USA Beverly Hills— USD 500,000 100.00% FIRST RODEO Corp.............................. CA—USA Campi Bisenzio USD 600,000 100.00% MALO S.p.A........................................... (FI)—I 5,200,000 100.00% M.A.C.—Manifatture Associate Cashmere Campi Bisenzio S.p.A........................................................ (FI)—I 2,580,000 100.00% C.I.M.—Compagnia Italiana Maglierie Campi Bisenzio S.r.l........................................................... (FI)—I 30,988 100.00% P.A.F.—Pelletterie Artigiane Fiorentine Campi Bisenzio S.r.l........................................................... (FI)—I 100,000 100.00% F- 97
IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2002 Consolidated companies Registered office Share capital % of direct % of indirect Pettoranello di (In Euros unless otherwise indicated) ownership ownership GIGLI S.p.A............................................ Molise (IS)—I 520,000 100.00% V2I HOLDING S.A. ............................... Luxembourg—L 3,235,090 100.00% EUROHOLDING FASHION S.A.......... Luxembourg—L CHF 150,000 80.00% INTERSTYLE HOLDING S.A.............. Luxembourg—L CHF 2,600,000 80.00% MODA BRAND HOLDING S.A........... Luxembourg—L CHF 300,000 80.00% GF MONTAIGNE S.a.s.......................... Paris—F 1,933,750 100.00% ALLISON S.p.A...................................... Padova—I Los Angeles— 1,702,800 100.00% ALLISON EYEWEAR Inc..................... CA—USA USD 375,000 86.66% ALLISON CANADA Inc. ...................... DESIL S.p.A. .......................................... North York— Ontario— CANADA Domegge di Cadore CAD 95,000 80.00% (BL)—I 490,400 100.00% BIEMME S.r.l. ........................................ Valdobbiadene (TV)—I 115,200 66.66% FINANCIÈRE MELAPR HOLDING S.A. Luxembourg—L 13,720,000 99.99% GIANFRANCO FERRÉ S.p.A. ............. Milan—I 6,750,000 100.00% NUOVA ANDREA FASHION S.p.A. .. Milan—I 1,800,000 100.00% GF MANUFACTURING S.r.l. .............. Milan—I 100,000 100.00% MADEFERRÉ S.r.l................................. Milan—I 10,200 100.00% FERRÉ FINANCE S.A........................... Luxembourg—L 125,000 100.00% Changes which occurred in the consolidation area with respect to December 31, 2001 are the following: Increases: acquisition of 100% of Paris-based DJL ONE S.A.S. from third parties. The newly acquired company then changed its name to GF MONTAIGNE S.A.S. It is the tenant under a rental contract for a boutique in Avenue Montaigne, Paris, which was opened in January 2003 and will be used to sell “Ferré” collections. acquisition of 66.66% of BIEMME S.r.l., with registered office in Valdobbiadene (TV), from third parties. This company is specialized in galvanic production and dyeing. acquisition of 80% of EYEWEAR CONNECTION Inc., based in North York Ontario, from third parties. This company then changed its name to ALLISON CANADA Inc. consolidation of IT HOLDING USA Inc.. This company was set up by IT FINANCE AND TRADING B.V. through the transfer of IT USA Inc. shares. partial spin-off of M.A.C. USA Inc. to the following US-based companies: • MAC SOHO Llc., headquartered in New York—NY—USA; • MAC MADISON Llc., headquartered in New York—NY—USA; • MAC COLORADO Llc., headquartered in Denver—CO—USA; • MAC BAL HARBOUR Llc., headquartered in Tallahassee—FL—USA; • MAC PALM BEACH Llc., headquartered in Tallahassee—FL—USA; • MAC CHICAGO Llc., headquartered in Springfield—IL—USA; • MAC CLINTON Llc., headquartered in Hartford—CT—USA; MAC WOODBURY Llc., headquartered in New York—NY—USA. The consolidation of GENTRYPORTOFINO S.p.A., active in the design, production and marketing of apparel and knitwear collections as well as general “Gentryportofino” brand products. consolidation of FERRÉ FINANCE S.A., based in Luxembourg. This company was acquired from third parties to be used as a special purpose vehicle to tap the Euromarket with a F- 98
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CONFIDENTIAL Rule 144A Global Note
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Definitions In this annual report:
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• risks related to our principal
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Our Strategic Refocusing Program Du
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manufacturing of our products to th
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income tax on a consolidated basis
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(3) Net working capital is defined
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We must anticipate trends and respo
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We are subject to significant restr
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event of a foreclosure on the secur
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• avoid or invalidate all or a po
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a maximum of two years); (ii) a pro
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• pursuant to article 445 of the
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Our Company DESCRIPTION OF BUSINESS
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Versus is a medium-priced fashion b
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in print (fashion magazines and new
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We maintain a close working relatio
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Licensor and Brands Gianni Versace
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Legal proceedings Ordinary Course L
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OPERATING AND FINANCIAL REVIEW AND
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each year, when payments to our sup
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Income taxes In 2004, we incurred a
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Facilities and bank overdraft facil
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• €150.0 million principal amou
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Contractual obligations The followi
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An impairment loss in respect of go
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Salvatore Vicari has been a directo
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PRINCIPAL SHAREHOLDERS The table be
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invoiced to us by Pavia e Ansaldo -
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The Board of Directors IT Holding S
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REPORT OF THE AUDITORS The Board of
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IT HOLDING S.p.A. CONSOLIDATED BALA
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Acquisition of Subsidiary During 20
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IT HOLDING S.P.A. NOTES TO THE CONS
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IT HOLDING S.p.A. Notes to the cons
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