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<strong>IT</strong> HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2002<br />
12. Trade receivables, net<br />
Trade receivables, net, at December 31, 2002 and 2001 were as follows:<br />
December 31,<br />
2002 2001<br />
Increase<br />
(decrease)<br />
(In thousands of Euros)<br />
Due before 12 months<br />
Italian customers............................................................................................................ 57,848 57,268 580<br />
Foreign customers.......................................................................................................... 80,942 79,311 1,631<br />
Italian agents .................................................................................................................. 898 1,127 (229)<br />
Foreign agents................................................................................................................ 19,443 8,293 11,150<br />
Italian subcontractors..................................................................................................... 2,359 2,485 (126)<br />
Foreign subcontractors................................................................................................... 135 51 84<br />
Others in Italy ................................................................................................................ 4,748 1,935 2,813<br />
Others in abroad.............................................................................................................. 624 458 166<br />
Trade bills receivable..................................................................................................... 49,499 10,471 39,028<br />
Invoice to be issued........................................................................................................ 1,527 170 1,357<br />
Bad debt provision......................................................................................................... (9,677) (6,218) (3,459)<br />
Total............................................................................................................................... 208,346 155,351 52,995<br />
The Euro 52,995 thousand increase in this caption was due to the increase in receivables, due to the overall growth in<br />
business.<br />
The bad debt provision has been estimated using analytical criteria on the basis of available data and in general on the<br />
basis of historical trends.<br />
The increase was primarily due to the turnover, also in the eyewear and perfume divisions, and the change in the<br />
consolidation area.<br />
13. Inventories<br />
Inventories at December 31, 2002 and 2001 can be analyzed as follows:<br />
December 31,<br />
2002 2001<br />
Increase<br />
(decrease)<br />
(In thousands of Euros)<br />
raw, ancillary and consumable materials .................................................................. 37,158 36,641 517<br />
products in process and semi-finished products ....................................................... 19,399 22,694 (3,295)<br />
finished products and merchandise ........................................................................... 89,447 68,911 20,536<br />
—with distributors ..................................................................................................... 85,029 58,590 26,439<br />
—with factories.......................................................................................................... 4,418 10,321 (5,903)<br />
advance payments...................................................................................................... 5 5 —<br />
Total........................................................................................................................... 146,009 128,251 17,758<br />
Inventories of raw materials and semi-finished products mainly refer to the preparation of the Spring/Summer 2003<br />
collection.<br />
Finished products mainly refer to the Spring/Summer 2003 collection and for a small part to the remainders of the<br />
Fall/Winter 2002 collection and past collections.<br />
The Euro 17,758 thousand increase is manly due to the general increase in operating activity and the to the change in<br />
consolidation area.<br />
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