185000000 IT Holding Finance SA

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