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 USD 1 million, ALLISON S.p.A. acquired 25% of the share capital of ALLISON USA Inc., and the other 75% is held by the local shareholder Paul Diaz. • In June 2004, three-year licensing agreements were signed with Global Watch Industries S.r.l.. They begin from the 2005 Spring/Summer season, with possible extension for an additional two years and relate to the production and marketing of a line of watches under the Romeo Gigli, Extè, GF Ferré brands. • In June 2004, ALLISON S.p.A. acquired a five-year license to produce and market eyewear under the Missoni and Cerrutti 1881 collections. July 2004 • On July 15, 2004, in an extraordinary meeting, the shareholders of M.A.C.—Manifatture Associate Cashmere S.p.A resolved to change the company’s name to MALO S.p.A.. • Also on July 15, 2004, in an extraordinary meeting, the shareholders of GENTRYPORTOFINO S.p.A. resolved to change the company’s name to IT DISTRIBUZIONE S.p.A.. 10. Cash and Cash Equivalents December 31, 2002 2001 (In thousands of Euros) Bank and P.O. deposits 46,500 45,979 Cheques on hand 133 47 Cash on hand 604 563 Total 47,237 46,589 This caption, comprising bank and P.O. deposits, equal to the face value of current accounts with positive balances held with banks, including interest accrued at December 31, 2002. Cash on hand reflects the face value of petty cash at the balance sheet date. 11. Short term financial assets At December 31, 2002 short terms financial assets amounted to Euro 9,172 thousand (2001: Euro 7,180 thousand), which is mainly comprised of the amount paid to Credit Lyonnais S.A. (Euro 9,146 thousand) as the consideration for the joint venture agreement related to the acquisition, management, and collection of receivables which ITTIERRE S.p.A., ALLISON S.p.A., and ITF S.p.A. factored to such bank without recourse. In the previous year, this caption comprised short-term cash investments in bonds, which were sold at the beginning of 2002. F- 113
IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2002 12. Trade receivables, net Trade receivables, net, at December 31, 2002 and 2001 were as follows: December 31, 2002 2001 Increase (decrease) (In thousands of Euros) Due before 12 months Italian customers............................................................................................................ 57,848 57,268 580 Foreign customers.......................................................................................................... 80,942 79,311 1,631 Italian agents .................................................................................................................. 898 1,127 (229) Foreign agents................................................................................................................ 19,443 8,293 11,150 Italian subcontractors..................................................................................................... 2,359 2,485 (126) Foreign subcontractors................................................................................................... 135 51 84 Others in Italy ................................................................................................................ 4,748 1,935 2,813 Others in abroad.............................................................................................................. 624 458 166 Trade bills receivable..................................................................................................... 49,499 10,471 39,028 Invoice to be issued........................................................................................................ 1,527 170 1,357 Bad debt provision......................................................................................................... (9,677) (6,218) (3,459) Total............................................................................................................................... 208,346 155,351 52,995 The Euro 52,995 thousand increase in this caption was due to the increase in receivables, due to the overall growth in business. The bad debt provision has been estimated using analytical criteria on the basis of available data and in general on the basis of historical trends. The increase was primarily due to the turnover, also in the eyewear and perfume divisions, and the change in the consolidation area. 13. Inventories Inventories at December 31, 2002 and 2001 can be analyzed as follows: December 31, 2002 2001 Increase (decrease) (In thousands of Euros) raw, ancillary and consumable materials .................................................................. 37,158 36,641 517 products in process and semi-finished products ....................................................... 19,399 22,694 (3,295) finished products and merchandise ........................................................................... 89,447 68,911 20,536 —with distributors ..................................................................................................... 85,029 58,590 26,439 —with factories.......................................................................................................... 4,418 10,321 (5,903) advance payments...................................................................................................... 5 5 — Total........................................................................................................................... 146,009 128,251 17,758 Inventories of raw materials and semi-finished products mainly refer to the preparation of the Spring/Summer 2003 collection. Finished products mainly refer to the Spring/Summer 2003 collection and for a small part to the remainders of the Fall/Winter 2002 collection and past collections. The Euro 17,758 thousand increase is manly due to the general increase in operating activity and the to the change in consolidation area. F- 114
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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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