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 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. F- 103
IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2002 Perfume division The IT Holding Group set up ITF S.p.A. in September 2001 as a vehicle for the development of the perfume division. On January 23, 2002, ITF S.p.A. acquired a business activity for the worldwide distribution of “Gai Mattiolo” perfumes and the distribution in Italy of “Ferragamo” and “Ungaro” perfumes from I.C.R. -Industrie Cosmetiche Riunite S.p.A.. Furthermore, ITF S.p.A. licenses the “Romeo Gigli” (Group owned brand) and “Roberto Cavalli” perfume and cosmetics collections. Specifically, the “Roberto Cavalli” fragrance was a huge success on the market and received the Cosmoprof awards for best packaging and best communications in March 2003. This division recorded sales of Euro 13,835 thousand in its first year of activity mostly on the Italian market. Accordingly, the start-up of new distribution activities has weighed income down. However, the launches of the new “Romeo Gigli” fragrance scheduled for April 2003, which has already received accolades from the press, and the “Gianfranco Ferré” fragrance planned for the second half of the year, encourage forecasts of a strong improvement in results". 4. Personnel Balances for 2002 and 2001 are made up as follows: 2002 2001 Increase (decrease) (In thousands of Euros) Wages and salaries....................................................................................................... 66,185 52,571 13,614 Social security contributions ....................................................................................... 14,775 11,465 3,310 Severance pay fund...................................................................................................... 3,970 3,479 491 Other costs ................................................................................................................... 554 273 281 Total personnel exepenses......................................................................................... 85,484 67,788 17,696 The main figures related to the number of employees for 2002 and 2001 are as follows: F- 104 2002 Average number 2002 2001 Average number 2001 Workers.............................................................................................................. 734 729.17 681 694.41 Office staff ......................................................................................................... 1,259 1,296.88 1,115 1,143.44 Executives.......................................................................................................... 61 65.79 48 47.08 Total................................................................................................................... 2,054 2,091.84 1,844 1,884.93 The increase is mainly due to the acquisition of Ferré Group and the start up of the perfume division. 5. Financial income (charges) Financial income and charges for 2002 and 2001 are comprised as follows: 2002 2001 Interest expense.................................................................................................................................. (22,140) (11,804) Interest income ................................................................................................................................... 1,913 957 Financial income (expense) from hedging transaction ....................................................................... (39) — Income (charges) from associated company ..................................................................................... — 361 Write-downs in shareholdings ........................................................................................................... (58) — Net foreign exchange loss.................................................................................................................. (2,131) (717) Other................................................................................................................................................... (4,824) (6,392) Total.................................................................................................................................................... (27,279) (17,595)
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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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