185000000 IT Holding Finance SA

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IT HOLDING S.p.A. CONSOLIDATED STATEMENTS OF CASH FLOWS Year ended December 31, 2002 2003 2004 Notes (audited) (audited) (audited) 2004 (In thousands of Euros) Cash flow provided by (used in) operating activities —Net result for the year including minority interests (688) (63,043) (11,234) —Gain on disposal of IBEX 2001 S.p.A. and its subsidiaries — — (25,751) —Loss on disposal of Allison S.p.A. and its subsidiaries — — 1,276 —Amortization and depreciation .......... 83,360 90,254 98,511 —Write-downs....................................... 80 56,526 — —Accruals (severance pay fund)........... 3,970 3,940 4,570 —Changes (net of acquisition) in: —Trade receivables, net ........................ (43,480) (21,865) (52,505) —Inventories, net................................... (12,621) (21,304) (13,712) —Trade payables, net ............................ 5,319 35,951 56,230 —Income tax payable ............................ 12,263 (15,205) 3,981 —Deferred tax assets ............................. (17,705) (6,297) (2,188) —Deferred tax liabilities........................ (7,537) (3,479) (1,073) —Other current assets (net of changes in Collection Development) (35,258) (48,745) 28,341 —Other current liabilities ...................... 33,635 26,163 1,154 —Other non-current assets .................... (649) (81) 103 —Other non-current liabilities............... (349) (3,235) 714 —Investments in Collection Development (47,813) (56,178) (66,557) Cash flow provided by (used in) by operating activities (27,473) (26,598) 21,860 Cash flow provided by (used in) investing activities —Capital expenditures, acquisitions, net of disposal (30,605) (13,823) (6,992) —Net proceeds from disposal of IBEX S.p.A. and its subsidiaries — — 23,023 —Net proceeds from disposal of Allison S.p.A. and its subsidiaries — — 3,180 —Acquisition of the Gianfranco Ferré Group net of cash acquired (180,577) — — —Change in short term financial assets (1,992) (21,553) (7,430) (11) —Change in long term financial assets 2,057 (98) (1,076) Cash flow provided by (used in) investing activities (211,117) (35,474) 10,705 Cash flow provided by (used in) financing activities —Change in short-term debt.................. (126,763) 57,168 649 —Change in long-term debt .................. 48,809 (3,665) (15,951) —Change in short-term financial assets (escrow account) — — (148,637) (11) —Issuance of bonds............................... 207,210 664 110,580 —Change in shareholders’ equity ......... 109,982 (2,562) (1,213) Cash flow provided by (used in) financing activities 239,238 51,605 (54,572) Increase (decrease) in cash and cash equivalents 648 (10,467) (22,007) Cash and cash equivalents at the beginning of the year 46,589 47,237 36,770 Cash and cash equivalents at the end of the year 47,237 36,770 14,763 Supplemental disclosures of cash flow information —Cash interest paid............................... 13,430 36,360 24,467 —Cash interest received ........................ 974 6,558 9,712 —Cash tax paid...................................... 4,669 23,763 2,815 See accompanying notes to consolidated financial statements F- 7
Acquisition of Subsidiary During 2002 IT Holding S.p.A. acquired the Gianfranco Ferré Group. The fair value of assets acquired and liabilities assumed were as follows: Trade receivables, net .................. 9,515 Inventories, net............................. 5,137 Trade payables, net ...................... (11,610) Other current assets...................... 5,717 Income tax payable ...................... (724) Deferred tax assets ....................... 1,004 Deferred tax liabilities.................. (70,718) Other current liabilities ................ (2,678) Other non-current liabilities......... (3,535) Trademark .................................... 175,363 Goodwill....................................... 73,638 Other assets .................................. 12,068 Long term financial assets ........... 316 Short-term financial debt ............. (10,109) Long-term financial debt ............. (2,807) Cash and cash equivalents ........... 1,244 Total purchase price..................... 181,821 Less: cash and cash equivalents (1,244) Cash flow on acquisition net of cash acquired (180,577) Sale of Subsidiaries During 2004 IT Holding S.p.A. disposed of IBEX 2001 S.p.A. and its subsidiaries and Allison S.p.A. and its subsidiaries: The net effect of the sale is as follows: IBEX 2001 S.p.A. and subsidiaries Allison S.p.A. and subsidiaries Selling price ................................. 31,500 5,000 Expenses related to the sale Cash and cash equivalents included in net assets (7,289) (951) disposed of F- 8 (1,188) (869) Net proceeds from disposals 23,023 3,180 Other net assets disposed of: Trade receivables, net .................. 17,864 39,775 Inventories, net............................. 7,410 30,252 Trade payables, net ...................... (16,160) (33,920) Other current assets...................... 5,800 12,431 Income tax payable ...................... (582) (284) Deferred tax assets 1,499 3,686 Deferred tax liabilities (3) (1,563) Other current liabilities ................ (2,522) (5,550) Other non current liabilities ......... (3,378) (3,083) Tangible assets............................. 3,054 10,548 Long-term financial assets........... 3,416 1,053 Short-term financial debt ............ (18,796) (47,845) Long-term financial debt ............ — (1,063) Minority interest........................... (330) 19 Total ............................................. 2,728 (4,456) Gain (loss) on disposal................. 25,751 (1,276) See accompanying notes to consolidated financial statements
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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
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 -
Page 59 and 60: The Board of Directors IT Holding S
Page 61 and 62: REPORT OF THE AUDITORS The Board of
Page 63: IT HOLDING S.p.A. CONSOLIDATED BALA
Page 67 and 68: IT HOLDING S.P.A. NOTES TO THE CONS
Page 69 and 70: 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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