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 14. Other current assets Other current assets at December 31, 2002 and 2001 can be analyzed as follows: December 31, 2002 2001 Increase (decrease) (In thousands of Euros) Taxation authorities—VAT credit ....................................................................................... 8,961 7,700 1,261 Taxation authorities—VAT reimbursements....................................................................... 5,065 12,497 (7,432) Taxation authorities—Tax credit ......................................................................................... 9,645 11,927 (2,282) Advances to Italian suppliers and/or agents......................................................................... 12,394 3,116 9,278 Commissions on sales........................................................................................................... 11,054 6,130 4,924 Investments in Collection Development.............................................................................. 26,089 21,931 4,158 Others current assets and deferred income........................................................................... 49,738 14,512 35,226 Total...................................................................................................................................... 122,946 77,813 45,133 The VAT receivable is mainly composed of the reimbursement for the year requested by ITTIERRE S.p.A. for Euro 2,700 thousand. Investments in Collection Development are related to the investments made in designing the new collection and in the production of samples (pre-production or pre-use prototypes and models). They are classified as current assets as the related future economic benefits are expected to flow to the group within the Group entities’ operating cycle. Movements of Investments in Collection Development in 2002 were as follows: Balance at January 1, 2002 Acquisitio n Write- off Balance at December 31, 2002 F- 115 Cost Amortization Balance at January 1, 2002 Amortization of the year Write- off Balance at December 31, 2002 Investments in Collection Development 60,702 47,813 (38,256) 70,259 (38,771) (43,655) 38,256 (44,170) Net carrying amount at January 1, 2002 Net carrying amount at December 31, 2002 Investments in Collection Development 21,931 26,089 Other current assets are comprised mainly of positive market values in financial derivatives totaling Euro 23,037 thousand (2001: Euro 558 thousand). The negative market values in financial derivative are included in the caption “other current liabilities”. 15. Long term financial assets At December 31, 2002 long terms financial assets amounted to Euro 2,244 thousand (2001: Euro 3,985 thousand), which is mainly comprised of guarantee deposit totaling Euro 2,015 thousand (2001: Euro 1,801 thousand). 16. Investment property The only movement in investment property, which is presented at cost less accumulated depreciation, is represented by the depreciation of the year amounting to Euro 43 thousand. The fair value of the investment property is estimated equal approximately Euro 1,420 Thousand. The estimate is based on current prices in an active market for similar properties in the same location and condition.
IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2002 The amounts included in the income statement related to such investment property are as follows: December 31, 2002 2001 (In thousands of Euros) Rental income 40 10 Direct operating expenses............................................................................................................................... (231) (228) Depreciation.................................................................................................................................................... (43) (43) 17. Property, plant and equipment, net The following table presents the breakdown of and changes during 2002 in tangible assets: Land and building Plant and machinery Industrial and commercial equipment Other assets F- 116 (In thousands of Euros) Assets in formation and advances Total Cost Balance at January 1, 2002 . 50,592 18,154 5,233 27,265 81 101,325 Other acquisition ................. 15,329 3,823 1,441 4,250 — 24,843 Changes of consolidation area 3,789 95 163 2,319 553 6,919 Other movements ................. 357 (403) (4) (317) 111 (256) Write-downs........................ — — — (57) — (57) Disposal............................... (11,677) (208) (494) (766) — (13,145) Balance at December 31, 2002 ..................................... 58,390 21,461 6,339 32,694 745 119,629 Depreciation and impairment loss Balance at January 1, 2002 . (5,651) (8,016) (2,263) (14,261) — (30,191) Depreciation charge for the year ...................................... (4,273) (2,462) (1,458) (3,852) — (12,045) Balance at December 31, 2002 ..................................... (9,924) (10,478) (3,721) (18,113) — (42,236) Carrying amounts At January 1, 2002 .............. 44,941 10,138 2,970 13,004 81 71,134 At December 31, 2002 ........ 48,466 10,983 2,618 14,581 745 77,393 The changes in consolidation area mainly refers to the acquisition of Ferré Group. The increase in land and building mainly refers to leasehold improvements.
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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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185000000 IT Holding Finance SA

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