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 Business segments Apparel and F- 101 2002 accessories Eyewear Perfume Eliminations Other operations Total (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 Apparel and 2001 accessories Eyewear Perfume Eliminations Other operations Total (In thousands of Euros) Net revenues ............................... 484,781 45,192 — (3,257) — 526,716 of which royalty income............... 1,222 — — — — 1,222 Change in inventory...................... 9,757 2,595 — (25) — 12,327 Other operating income ................ 5,004 847 — — — 5,851 Cost of materials .......................... (141,732) (17,564) — 54 — (159,242) Outside services ............................ (202,039) (18,510) (258) 3,228 — (217,579) Personnel expenses ....................... (60,083) (7,632) (73) — — (67,788) Other operating expenses.............. (22,230) (1,196) (3) — — (23,429) Depreciation/amortization ............ (59,722) (1,734) (2) — — (61,458) Operating result.......................... 13,736 1,998 (336) — — 15,398 Financial income (charges)........... — — — — (17,595) (17,595) Income (loss) before taxes.......... — — — — — (2,197) Income taxes ................................. — — — — 184 184 Net income (loss) before minority interest.......................................... — — — — — (2,013) Minority interest ........................... — — — — (70) (70) Net income (loss) for the year.... — — — — — (1,943)
IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2002 2002 Apparel and accessories Eyewear Perfumes Eliminations Total (In thousands of Euros) Intangible assets................................................ 361,772 5,133 1,704 — 368,609 Tangible assets.................................................. 67,206 10,825 527 — 78,558 Long-term financial assets................................ 1,857 340 47 — 2,244 Fixed assets ...................................................... 430,835 16,298 2,278 — 449,411 Inventories......................................................... 123,977 17,833 4,199 — 146,009 Accounts receivable.......................................... 173,861 27,857 13,939 (7,311) 208,346 Accounts payable.............................................. (142,481) (19,447) (8,431) 7,311 (163,048) Other net assets (liabilities) .............................. (8,730) (10,881) 345 — (19,266) Net working capital......................................... 146,627 15,362 10,052 — 172,041 Severance pay fund......................................... (10,649) (2,811) (143) — (13,603) Net invested capital......................................... Financed by: 566,813 28,849 12,187 — 607,849 Intercompany financial receivables (payables) — — — — — Short-term financial payables........................... (118,974) (26,904) (9,477) — (155,355) Medium-term financial payables...................... (284,244) (1,205) — — (285,449) Cash and cash equivalents ................................ 53,871 1,121 1,417 — 56,409 Net financial debt............................................ Shareholders’ equity (including minority (349,347) (26,988) (8,060) — (384,395) interests)........................................................... (217,466) (1,861) (4,127) — (223,454) Sources of financing........................................ (566,813) (28,849) (12,187) — (607,849) Capital expenditure and acquisitions........... 216,023 5,227 6,721 — 227,971 2001 Apparel and accessories Eyewear Perfumes Eliminations Total (In thousands of Euros) Intangible assets................................................ 117,946 4,987 3 — 122,936 Tangible assets.................................................. 64,599 7,731 12 — 72,342 Long-term financial assets................................ 3,469 501 15 — 3,985 Fixed assets ...................................................... 186,014 13,219 30 — 199,263 Inventories......................................................... 115,467 12,784 — — 128,251 Accounts receivable.......................................... 136,369 27,933 — (8,951) 155,351 Accounts payable.............................................. (131,422) (19,723) (152) 5,178 (146,119) Other net assets (liabilities) .............................. 32,529 (2,713) (29) 3,773 33,560 Net working capital........................................ 152,943 18,281 (181) — 171,043 Severance pay fund........................................ (8,769) (2,514) — — (11,283) Net invested capital........................................ Financed by: 330,188 28,986 (151) — 359,023 Intercompany financial receivables (payables) — — — — — Short-term financial payables........................... (237,914) (24,086) 3,640 — (258,360) Medium-term financial payables...................... (39,547) (725) — — (40,272) Cash and cash equivalents ................................ 52,059 266 1,444 — 53,769 Net financial debt........................................... Shareholders’ equity (including minority (225,402) (24,545) 5,084 — (244,863) interests)........................................................... (104,786) (4,441) (4,933) — (114,160) Sources of financing........................................ (330,188) (28,986) 151 — (359,023) Capital expenditure and acquisitions........... 26,640 5,402 73 — 32,115 F- 102
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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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