185000000 IT Holding Finance SA

IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2002
• A loan agreement was signed on April 10, 2003 with Sanpaolo IMI S.p.A., Efibanca S.p.A., and Banca Popolare
di Milano S.c.a.r.l.. The loan amounts to Euro 85,000 thousand, matures on December 12, 2005, and is guaranteed
by PA Investments.
• On April 17, 2003, ALLISON S.p.A. signed a five-year license agreement with third parties for the production
and distribution of Vivienne Westwood brand eyewear.
• The shareholders of ITTIERRE S.p.A. and MALO S.p.A. held an extraordinary meeting on April 28, 2003 and
resolved on the merger of MALO S.p.A. into ITTIERRE S.p.A. The company performed fashion advisory
activities. M.A.C.—Manifatture Associate Cashmere S.p.A. will retain ownership of the MALO brand, as well as
the related production activities.
• In April, a restructuring program began on the production departments of ALLISON S.p.A.’s site in Volta
Mantovana (MN), as well as on those of DESIL S.p.A. and BIEMME S.r.l., with the use of
government-sponsored lay-off schemes.
• During the same month, the shareholders of C.I.M.—Compagnia Italiana Maglierie S.r.l. (fully owned by
M.A.C.—Manifatture Associate Cashmere S.p.A.) held an extraordinary meeting to resolve on the early winding
up of the company. This is a small company which only performed certain processing activities for M.A.C.—
Manifatture Associate Cashmere S.p.A.
May 2003
• On May 6, 2003, the shareholders of IT HOLDING S.p.A. resolved, inter alia, to renew the Board of Director’s
authorization for a further 18 months (i.e. up to November 5, 2004) to buy and sell IT HOLDING S.p.A.’s
treasury shares, also on more than one occasion, up to a maximum of 24,587,400 treasury shares, or 10% of total
outstanding shares and, in any case, within the limits of the available reserves and, therefore, up to a maximum
amount of Euro 40,500,000.
• ALLISON S.p.A. transferred total ownership of BIEMME S.r.l. to third parties in June. ALLISON S.p.A. had
previously increased its investment in the company from 66.66% to 100%.
June 2003
• Also in June, ITTIERRE S.p.A. signed a new license agreement with E.C. S.p.A., owned by Ennio and Carlo
Capasa, for the Costume National brand. The agreement provides for the production and worldwide distribution
of a new youth apparel and accessories collection from Fall—Winter 2004.
• During the same month, ITTIERRE S.p.A. set up ITTIERRE ACCESSORIES S.p.A., based in Pettoranello di
Molise (IS), to produce and sell accessories in leather and fabrics.
GIANFRANCO FERRÉ S.p.A. launched the new GF Ferré youth collection also in June.
• On June 26, 2003, ALLISON S.p.A. signed a five-year license agreement with third parties for the production and
distribution of John Richmond brand eyewear.
July 2003
• On July 8, 2003, pursuant to Law no. 52/91, the IT HOLDING Group and the Milano branch of Crédit Lyonnais
S.A., as arranger, signed a trade receivable securitization agreement. The agreement provides for a maximum
amount of Euro 200.000 thousand, a five-year duration, and the factoring of trade receivables without recourse. It
involves seven Group companies: ITTIERRE S.p.A., ITC S.p.A., M.A.C.—Manifatture Associate Cashmere
S.p.A., ALLISON S.p.A., ITF S.p.A., ITTIERRE FRANCE S.A., and ITTIERRE MODEN GmbH as originators.
The preliminary conditions for the finalization of the transaction included due diligence reviews of the
administrative, IT and management procedures for the trade receivables of the Group companies involved. Crédit
Lyonnais S.A. and Eurofactor S.A. performed the reviews, the latter as securitization agent. The receivables were
judged to be compatible with the issue of commercial paper by a foreign multi-seller vehicle (LMA S.A.) with an
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