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 Effectine interest rate 2002 Total 2002 6 months or less 2002 6-12 months 2002 1-2 years 2002 F- 129 2-5 years 2002 More than 5 years 2002 Effectine interest rate 2001 Total 2001 6 months or less 2001 6-12 months 2001 (In thousands of Euros) Cash and cash equivalents — 47,237 47,237 — — — — — 46,589 46,589 — — — — Bank loans: Euro floating rate loan (1) 5.43% (99,987) (99,987) — — — — — — — — — — — Effect of interest rate swap................................ 3.26% — 20,000 — (20,000) — — — — — — — — — Euro floating rate loan ... 4.05% (4,962) (4,962) — — — — — — — — — — — Euro floating rate loan ... 3.95% (10,013) (10,013) — — — — — — — — — — — Euro floating rate loan ... — — — — — — — 4.04% (56,805) (56,805) — — — — Euro floating rate loan ... — — — — — — — 3.89% (77,330) (77,330) — — — — Euro floating rate loan ... — — — — — — — 4.22% (25,917) (25,917) — — — — Euro floating rate loan ... — — — — — — — 4.15% (25,823) (25,823) — — — — Others floating rate loan — (3,831) (3,831) — — — — — (1,387) (1,387) — — — — Bond issues: Eurobond 2005............... 7.00% (207,210) (13,649) — (12,706) (180,855) — — — — — — — — Factoring without recourse: Euro floating rate liabilities......................... — (85,679) (85,679) — — — — — (82,616) (82,616) — — — — Finance lease liabilities: Euro floating rate liabilities......................... — (2,710) (2,710) — — — — — (1,438) (1,438) — — — — Bank facility: Ordinary current account — (13,081) (13,081) — — — — — (15,291) (15,291) — — — — Advances on export ....... — (9,663) (9,663) — — — — — (5,127) (5,127) — — — — Bills withdrown falling due .................................. — (1,800) (1,800) — — — — — (4,500) (4,500) — — — — Advances on orders........ — (1,868) (1,868) — — — — — (2,398) (2,398) — — — — Total............................... — (393,567) (180,006) — (32,706) (180,855) — — (252,043) (252,043) — — — — (1) Interest rate 5.43% includes 250 bp spread. 1-2 years 2001 2-5 years 2001 More than 5 years 2001
IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2002 Foreign currency risk The Group incurs foreign currency risk on sales that are denominated in a currency other than euro. The currencies giving rise to risk are primarily Pounds Sterling, US Dollars and Swiss Francs. The Group hedges at least 60 per cent of all trade receivables denominated in a foreign currency. At any point in time the Group also hedges 80 per cent of its estimated foreign currency exposure in respect of forecasted sales over the following year. The Group uses forward exchange contracts and currency options to hedge its foreign currency risk. Most of the forward exchange contracts have maturities of less than one year after the balance sheet date. Where necessary, the forward exchange contracts are rolled over at maturity. For forward exchange contracts that economically hedge forecasted transactions and monetary assets in foreign currency no hedge accounting rules is applied until December 31, 2002. Their changes in fair value are recognised in the income statement. Both the change in fair value of the forward contracts and the foreign exchange gains and losses relating to the monetary items are recognised as part of “net financing income (charges)”. The net fair value of forward exchange contracts used as economic hedges of forecasted transactions and monetary assets in foreign currency at December 31, 2002 was €1,399 thousand (2001: €531 thousand), comprising derivative assets of €1,427 thousand and derivative liabilities of €28 thousand that were recognised in other current assets and liabilities, respectively. The following table summarizes the nominal amounts and fair values of financial derivatives used to economically hedge foreign currency and interest risk: F- 130 Nominal amount 2002 Fair value 2002 Nominal amount 2001 Fair value 2001 (In thousands of Euros) Interest hedging contracts...................................................................................... 20,723 (218) 723 (10) Currency hedging contracts....................................................................................... 36,178 1,399 23,183 531 Total........................................................................................................................... 56,901 1,181 23,906 521 The nominal amounts shown reflect the sum of the balances from sales and purchases. In addition to hedging interest financial derivatives, the table shows forward exchange contracts that economically hedge forecasted transactions and monetary assets in foreign currency for which no hedge accounting is applied.
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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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