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 18. Goodwill, trademarks, other intangible assets and deferred charges, net Movements of intangible assets in 2002 were as follows: Development Patents and Assets in formation and cost trademarks Goodwill advanced Other Total (In thousands of Euros) Costs Balance at January 1, 2002 ............ — 85,068 74,580 7,411 1,058 168,117 Acquisitions.................................... 979 3,477 1,696 2,926 3,627 12,705 Changes of consolidation area ....... — 175,883 83,140 2,007 7,577 268,607 Other movements ........................... — 67 (72) — (2,006) (2,011) Write-downs................................... — — — — (23) (23) Disposal.......................................... — — — (2,599) (3,389) (5,988) Balance at December 31, 2002 ..... Depreciation 979 264,495 159,344 9,745 6,844 441,407 Balance at January 1, 2002 ............ — (19,495) (24,720) (966) (45,181) Depreciation of the year................. (175) (16,021) (10,872) — (549) (27,617) Balance at December 31, 2002 .... Carrying amount (175) (35,516) (35,592) — (1,515) (72,798) At January 1, 2002 ......................... — 65,573 49,860 7,411 92 122,936 At December 31, 2002 ................... 804 228,979 123,752 9,745 5,329 368,609 The increase in balance of the item trademark is basically determined by the brand Ferrè purchased in 2002 for Euro 175 million. The increase in goodwill is mainly due to the acquisition of the Ferrè Group. 19. Deferred tax assets and liabilities Recognized deferred tax assets and liabilities Deferred tax assets and liabilities at December 31, 2002 and 2001 are attributable to the following: Assets Liabilities Net Deferred tax assets and liabilities 2002 2001 2002 2001 2002 2001 (In thousands of Euros) Property, plant and equipment ......................................... — (66) 1,346 1,315 1,346 1,249 Intangible assets ............................................................... (10,270) (10,600) 63,723 — 53,453 (10,600) Investment property ......................................................... — — 845 1,469 845 1,469 Investment in subsidiary .................................................. (16,503) — — — (16,503) — Interest-bearing loans and borrowings............................. (164) (234) 91 — (73) (234) Employee benefits............................................................ — — 234 271 234 271 Provisions ......................................................................... (4,245) (3,353) 307 310 (3,938) (3,043) Other items ....................................................................... (5,937) (1,198) — — (5,937) (1,198) Tax value of loss carry-forwards not recognized ............ (1,350) (4,309) — — (1,350) (4,309) Net tax (assets)/liabilities ............................................... (38,469) (19,760) 66,546 3,365 28,077 (16,395) The caption “Investment in subsidiary” relates to write off of the value of the investment that is tax deductible. Unrecognized deferred tax assets Deferred tax assets have not been recognized in respect of the following items: 2002 2001 Increase (Decrease) (In thousands of Euros) Intangible assets ............................................................................................................................... 4,235 1,482 2,753 Provisions ......................................................................................................................................... 4,268 974 3,294 Other items ....................................................................................................................................... 1,372 161 1,211 Tax value of loss carry-forwards not recognized ............................................................................ 20,397 15,673 4,724 Total................................................................................................................................................. 30,272 18,290 11,982 F- 117
IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2002 The tax losses expire in five years. The deductible temporary differences do not expire under current tax legislation. Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit will be available against which the Group companies can utilize the benefits there from. Balance January 1, 2002 F- 118 Balance December 31, 2002 Movement in temporary differences during Changes in Recognized Recognized the year consolidation area in income in equity (In thousands of Euros) Property, plant and equipment .................. 1,249 — 97 — 1,346 Intangible assets ......................................... (10,600) 70,584 (3,200) (3,331) 53,453 Investment property ................................... 1,469 — (624) — 845 Investment in subsidiary ............................ — — (16,503) — (16,503) Interest-bearing loans and borrowings....... (234) — 161 — (73) Employee benefits...................................... 271 — (37) — 234 Provisions .................................................. (3,043) — (895) — (3,938) Other items ................................................. (1,198) — (4,739) — (5,937) Tax value of loss carry-forwards recognized (4,309) — 2,959 — (1,350) Net tax (assets)/liabilities ........................ (16,395) 70,584 (22,781) (3,331) 28,077 The deferred tax liability on the portion of the cost for the acquisition of the Gianfranco Ferrè Group allocated to brand has been recognized against Goodwill. Therefore, the positive effect of the change in tax rate from 40,25% to 38,25% of 2002 has not been recognized in the income statement. 20. Interest-bearing loans and borrowings This note provides information about the contractual terms of the Group’s interest-bearing loans and borrowings. For more information about the Group’s exposure to interest rate and foreign currency risk, see note on Financial instruments. December 31, 2002 2001 (In thousands of Euros) Long-term financial payables Bank loans .............................................................................................................................................. (91,216) (39,503) Bond issues............................................................................................................................................. (193,561) — Finance lease liabilities .......................................................................................................................... (672) (769) Bank overdrafts and short term loans (285,449) (40,272) Current portion of bank loans ................................................................................................................ (27,577) (147,759) Current portion of bond issued............................................................................................................... (13,649) — Factoring without recourse..................................................................................................................... (85,679) (82,616) Current portion of finance lease liabilities............................................................................................. (2,038) (669) Bank facility ........................................................................................................................................... (26,412) (27,316) (155,355) (258,360) Total....................................................................................................................................................... (440,804) (298,632)
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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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