185000000 IT Holding Finance SA

IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2002
Terms and debt repayment schedule for balances at December 31, 2002 are as follows:
F- 119
Less
than
1 year
More
than
5 years
1-2 2-5
Total
years
(In thousands of Euros)
years
Bank loans:
Euro—variable at 5.43%................................................................. 99,987 15,000 — 84,987 —
Euro—variable at 4.05%................................................................. 4,962 1,395 2,428 1,139 —
Euro—variable at 3.95%................................................................. 10,013 10,013 — — —
Others ..............................................................................................
Bond issues:
3,831 1,169 1,648 1,014 —
Eurobond 2005—fixed 7.0% .......................................................... 207,210 13,649 193,561 — —
Factoring without recourse: ............................................................ 85,679 85,679 — — —
Finance lease liabilities: ..................................................................
Bank facility:
2,710 2,038 189 483 —
Ordinary current account ................................................................ 13,080 13,080 — — —
Advances on export......................................................................... 9,664 9,664 — — —
Bills withdrown falling due............................................................. 1,800 1,800 — — —
Advances on orders......................................................................... 1,868 1,868 — — —
Total................................................................................................ 440,804 155,355 197,826 87,623 —
On December 12, 2002, IT HOLDING signed an agreement with a bank syndicate of Sanpaolo IMI S.p.A., Banca
Popolare di Milano S.p.A. and Efibanca S.p.A. for a loan of Euro 100,000,000 over three-years, renewable for another
year upon exercise of a term out option secured with a surety provided by the parent company, PA Investments. Apart
from the commitments they have separately taken on, the banks will place the loan on the market so as to create a
specific syndicate. Before the bank syndicate was set up, a pre-financing plan enabled disbursement of Euro
100,000,000. The primary purpose behind the loan was to settle credit lines falling due. Specifically:
• the syndicate transaction led by Sanpaolo IMI S.p.A. was disbursed on June 14, 2001 for a total of Euro
77,469 thousand repayable on December 12, 2002;
• stand-by credit line granted by Banca Popolare di Milano S.p.A., disbursed on July 4, 2001 for a total of Euro
25,823 thousand, repayable on January 2, 2003.
The company prepaid a portion of such loan amounting to Euro 15,000,000 on March 12, 2003.
The balance of €207,210 thousand represents the bond issued by FERRÉ FINANCE S.A. with a face value of
200,000 thousand, guaranteed by IT HOLDING S.p.A., syndicated on the Euromercato, remunerated at a yearly rate
of 7% maturing on May 10, 2005.
The balance of €85,679 thousand (2002: €82,616 thousand) represents the financial liability recognized for the
consideration received in the factoring of trade receivables without recourse transactions finalized by the Group,
transactions which do not meet the derecognition criteria of IAS 39.