185000000 IT Holding Finance SA

More documents

Recommendations

Info

IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2004 The applicable depreciation rates are as follows: % industrial buildings 3.0 general plant, light constructions, and operating machinery 10.0 general plant and operating machinery purchased after January 1, 1989 12.5 office furniture and equipment 12.0 canteen equipment and fittings 12.5 furnishings 15.0 electronic machines 20.0 miscellaneous and small equipment 25.0 automobiles 25.0 motor vehicles and internal means of transport 20.0 Land is not depreciated. Leasehold improvements, including expenses for opening and modernizing stores, and general store equipment are depreciated over the expected lease term or over the useful life of the asset if shorter. The cost of major renovations is included in the carrying amount of an asset when it is probable that future economic benefits in excess of the originally assessed standard of performance of the existing asset will flow to the Group. Major renovations are depreciated over the remaining useful life of the related asset. All other expenditure is recognized in the income statement as an expense as incurred. Similarly costs for opening and remodernizing stores under lease contracts are capitalized under leasehold improvements when it is probable that future economic benefits will flow to the Group. Certain items of property and plant have been revalued to fair value at the date of transition to IFRS, January 1, 2001. In accordance to IFRS 1 the Group has elected to use that fair value as its deemed cost at that date. Property that is being constructed or developed for future use as investment property is classified as property, plant and equipment and stated at cost until construction or development is complete, at which time it is reclassified as investment property. Leases Finance Leases Leases of property, plant and equipment, where the Group assumes substantially all the risks and rewards of ownership, are accounted for as finance leases. Plant and equipment acquired by way of financial lease is stated at an amount equal to the lower of the fair value of the leased property or the present value of the minimum lease payments at the inception of the lease, less accumulated depreciation and impairment losses, if any. Property, plant and equipment acquired under finance leases is depreciated over the lease term or over the useful life of the leased asset if shorter. The interest expense component of financial lease payment is recognized in the income statement using the effective interest rate method. Operating Leases All leases for which the Group does not assume substantially all risks and rewards of ownership are accounted for as operating leases. Payments made under operating leases are recognized in the income statement on a straightline basis over the term of the lease. Lease incentives received are recognized in the income statement as an integral part of the total lease expense. Intangible Assets Goodwill Goodwill represents amounts arising on acquisition of subsidiaries, associates and joint ventures. In respect of acquisitions that have occurred since January 1, 2001, the date of transition to IFRS, goodwill represents the F- 15
IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2004 difference between the purchase price and the fair value of the identifiable net assets of acquired businesses at the date of acquisition. In respect of acquisitions prior to this date, goodwill is included on the basis of its deemed cost, which represents the amount recorded under previous GAAP. Goodwill is stated at cost less accumulated amortization and impairment losses. Negative goodwill arising on acquisition represents the excess of the fair value of the net identifiable assets acquired over the cost of acquisition. To the extent that negative goodwill relates to an expectation of future losses and expenses that are identified in the plan of acquisition and can be measured reliably, but which have not yet been recognized, it is recognized in the income statement when the future losses and expenses are recognized. Any remaining negative goodwill, but not exceeding the fair value of the non-monetary assets acquired, is recognized in the income statement over the weighted average useful life of those assets that are depreciable/amortizable. Negative goodwill in excess of the fair values of the non-monetary assets acquired is recognized immediately in the income statement. When the acquisition agreement provides for an adjustment to the purchase consideration contingent on future events, an estimate of the adjustment is included in the cost of acquisition if the adjustment is probable and the amount can be estimated reliably. Any future adjustment to the estimate is recorded as an adjustment to goodwill or negative goodwill. Patents and trademarks Acquired trademarks licenses and permits are stated at cost or at the attributed value at the date of the acquisition less accumulated amortization and impairment losses. Research and development expenditure Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding is recognized in the income statement as an expense as incurred. Development costs Development costs being design costs incurred to develop store concepts are stated at cost less accumulated amortization and impairment losses. Other intangible assets Other intangible assets expected to benefit future periods are recorded at cost less accumulated amortization and impairment losses. Key money paid by the Group to enter leases for its stores is included in other intangible assets, amortized over the period of the lease and subjected to impairment testing if there is an indication of impairment. Subsequent expenditure Subsequent expenditure on capitalized intangible assets is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure is expensed as incurred. Amortization Amortization is calculated on a straight-line basis over the estimated useful lives of intangible assets. Goodwill is amortized from the date of initial recognition; other intangible assets are amortized from the date they are available for use. The applicable amortization periods are as follows: Goodwill 20 years Patents and trademarks 20 years Development costs generally 5 years Other generally 5 years F- 16
Page 1 and 2:
CONFIDENTIAL Rule 144A Global Note
Page 3 and 4:
Definitions In this annual report:
Page 5 and 6:
• risks related to our principal
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 -
Page 59 and 60: The Board of Directors IT Holding S
Page 61 and 62: REPORT OF THE AUDITORS The Board of
Page 63 and 64: IT HOLDING S.p.A. CONSOLIDATED BALA
Page 65 and 66: Acquisition of Subsidiary During 20
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
Page 71: IT HOLDING S.p.A. Notes to the cons
Page 123 and 124:
IT HOLDING S.p.A. Notes to the cons
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
Page 185 and 186:
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
show all

185000000 IT Holding Finance SA

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?