185000000 IT Holding Finance SA

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studies conducted by third-party sources that we believe to be reliable. Industry publications and such reports generally state that the information contained therein has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed and in some instances state that they do not assume liability for such information. Therefore, we cannot assure you of the accuracy and completeness of such information, and we have not independently verified such information. In addition, in many cases we have made statements in this annual report regarding our industry and our position in the industry based on internal surveys, industry forecasts, market research, as well as our own experience. While we believe these statements to be reliable, they have not been independently verified and we do not make any representation or warranty as to the accuracy or completeness of the market and industry information set forth in this annual report. FORWARD-LOOKING STATEMENTS This annual report includes forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking terminology, including the terms “aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “should”, “will” or “would” or, in each case, their negative, or other variations or other comparable terminology. These forward-looking statements include all matters that are not historical facts, including statements regarding our future financial position, results of operations, strategy, plans, objectives, goals and targets and future market and industry development. They appear in a number of places throughout this annual report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our financial condition, results of operations, liquidity, prospects, growth, strategies and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity and the development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this annual report. In addition, even if our financial condition, results of operations and liquidity and the development of the industry in which we operate are consistent with the forward-looking statements contained in this annual report, those results or developments may not be indicative of results or developments in future periods. Important factors that could cause those differences include, but are not limited to: • risks related to our access to capital; • risks related to our ability to maintain and renew our license agreements; • risks related to our competitive position; • risks related to the reputation of our owned and licensed brands; • risks related to levels of consumer spending and economic conditions generally; • risks related to our ability to anticipate trends and respond to consumer preferences; • risks related to our brand trademarks and other intellectual property rights; 2
• risks related to our principal shareholder; • risks related to our use of third-party manufacturers; • risks related to the cost of materials; • risks related to exchange rate fluctuations; • risks relating to certain legal proceedings; and • other risks and factors discussed in this annual report. The cautionary statements set forth above should be considered in connection with any subsequent written or oral forward-looking statements that we, or persons acting on our behalf, may issue. We do not undertake any obligation to review or confirm analyst expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this annual report. All subsequent written or oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this annual report. We urge you to read this entire annual report for a more complete discussion of the factors that could affect our future performance and the industry in which we operate. In light of these risks, uncertainties and assumptions, the forward-looking events described in this annual report may not occur. 3
Page 1 and 2: CONFIDENTIAL Rule 144A Global Note
Page 3: Definitions In this annual report:
Page 7 and 8: Our Strategic Refocusing Program Du
Page 9 and 10: manufacturing of our products to th
Page 11 and 12: income tax on a consolidated basis
Page 13 and 14: (3) Net working capital is defined
Page 15 and 16: We must anticipate trends and respo
Page 17 and 18: We are subject to significant restr
Page 19 and 20: event of a foreclosure on the secur
Page 21 and 22: • avoid or invalidate all or a po
Page 23 and 24: a maximum of two years); (ii) a pro
Page 25 and 26: • pursuant to article 445 of the
Page 27 and 28: Our Company DESCRIPTION OF BUSINESS
Page 29 and 30: Versus is a medium-priced fashion b
Page 31 and 32: in print (fashion magazines and new
Page 33 and 34: We maintain a close working relatio
Page 35 and 36: Licensor and Brands Gianni Versace
Page 37 and 38: Legal proceedings Ordinary Course L
Page 39 and 40: OPERATING AND FINANCIAL REVIEW AND
Page 41 and 42: each year, when payments to our sup
Page 43 and 44: Income taxes In 2004, we incurred a
Page 45 and 46: Facilities and bank overdraft facil
Page 47 and 48: • €150.0 million principal amou
Page 49 and 50: Contractual obligations The followi
Page 51 and 52: An impairment loss in respect of go
Page 53 and 54: Salvatore Vicari has been a directo
Page 55 and 56:
PRINCIPAL SHAREHOLDERS The table be
Page 57 and 58:
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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