185000000 IT Holding Finance SA

IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2002
Geographical segments
2002
Far East and Rest of the Other
Italy Europe Americas Japan world operations Total
Net revenues............. 265,613 223,508 83,591
(In thousands of Euros)
51,852 21,407 13,843 659,814
Segment assets .........
Capital expenditure
944,113 98,400 55,381 15,692 2,910 (94,257) 1,022,239
and acquisitions........ 214,154 6,061 7,279 477 — — 227,971
2001
Far East and Rest of the Other
Italy Europe Americas Japan world operations Total
Net revenues................ 209,415 192,119 68,324
(In thousands of Euros)
43,560 12,076 1,222 526,716
Segment assets .............
Capital expenditure and
562,823 81,485 41,201 8,604 1,103 (61,009) 634,207
acquisitions .................. 25,706 5,672 737 — — — 32,115
Apparel and accessories division
Net revenues increased 19.3% to Euro 576,933 thousand, making the apparel and accessories division the Group’s
main source of revenues. The impact of this division fell from 91.8% to 87.4% of total revenues, mostly due to
growth in eyewear and perfume sales.
In terms of profitability despite the increased costs linked to change in consolidation area and the increase in
amortization and deprecation mainly due to the trademark Ferré, the operating result more than doubled due to the
improved production efficiency and to the contribution of royalty following the consolidation of Ferré Group.
Eyewear division
This division headed by ALLISON S.p.A., consolidated its top-tier results in terms of sales, benefiting from the
launch of new collections, such as “Ferré”, “Anna Sui Vision”, “ZeroRH+”, and "Desil Gold Filled”.
Net revenues grew 33% to Euro 60,088 thousand, versus Euro 45,192 thousand in 2001.
2002 eyewear figures broken down by geographical area show growth of 108.7% in countries considered part of the
“rest of the world”, where net sales totaled Euro 9,478 thousand, versus Euro 4,541 thousand in 2001, given the
outstanding results achieved in the Middle and Far East. Sales in America were up 115.9%, to Euro 13,158 thousand
from the Euro 6,094 thousand of the previous year, following large-scale sales drives on the part of Allison
Eyewear Inc. distribution companies in the US and Allison Canada Inc.. In Europe (excluding Italy), sales totaled
Euro 13,073 thousand, up 39.9% on the Euro 9,347 thousand of the previous year. This increase was mostly
concentrated on the Iberian Peninsula and in the Benelux nations. In Italy, total sales were slightly down (-3.2%) on
2001.
Depreciation and amortization increased to Euro 3,122 thousand from Euro 1,734 thousand in 2001 as a result of the
restructuring of the production site in Volta Mantovana (MN).
The operating result decreased to negative Euro 3,524 thousand from positive euro 1,998 thousand in 2001, mainly
due to costs relating to Desil S.p.A.’s production integration process and to the cost to launch the new collections.
Desil S.p.A. went from exclusively producing gold plated eyewear to manufacturing metallic eyewear as well at yearend.
In addition to expanding its production range, it also increased the quantity of articles produced.
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