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, 2004 The focusing on core business, aimed at developing the businesses of the Ferré, Extē and Malo brands, mainly comprised the sale of the companies active in the fragrance and eyewear sectors, the sale of GIGLI S.p.A., the indirect owner of the Romeo Gigli brand and the sale of the Gentryportofino business unit and brand. (3) Segment information Primary reporting format – business segments For the year ended December 31, 2003 the Group was organized on a worldwide basis, into three main business segments each of which designed, manufactured and distributed in the following distinct sectors of the luxury goods market: • apparel and accessories; • eyewear; and • fragrances. On March 25, 2004 the Group finalized the sale of its 90% share holding in IBEX 2001 S.p.A. thereby disposing of its fragrance business. Control was effectively transferred as from the January 1, 2004 and therefore from this date IBEX 2001 S.p.A and the companies it controls have no longer been consolidated. As a consequence the fragrance segment has been eliminated for the year ended 31 December 2004 (see note 7 Discontinued operations). On October 5, 2004 the Group sold its investment in Allison S.p.A. thereby disposing of its eyewear business. As a consequence segment results for the year 2004 show the results of the eyewear business up to the date of sale, whereas at the December 31, 2004 there are no segment assets or liabilities for the eyewear business (see note 7 Discontinued operations). The following tables show the financial position and the income statement by business segment: December 31, 2004 Apparel and accessories Eyewear Fragrances Unallocated Eliminations Total (In thousands of Euros) Sales 662,439 56,724 (9,284) 709,879 Of which intersegment sales 9,173 111 (9,284) 0 Of which royalty income 7,677 0 7,677 Change in inventory 8,993 6,668 15,661 Other operating income 8,862 915 (102) 9,675 Cost of materials (174,788) (22,826) 71 (197,543) Outside services (276,027) (30,506) 9,315 (297,218) Personnel expenses (75,508) (8,639) (84,147) Other operating expenses (49,054) (1,286) (50,340) Depreciation/amortization (95,828) (2,683) (98,511) Operating result 9,090 (1,634) - - 0 7,456 Financial income (charges) (29,356) (29,356) Gain on disposal of discontinuing operation 25,751 25,751 Loss on disposal of discontinued operation (1,276) (1,276) Income (loss) before taxes 2,575 Income taxes (13,809) (13,809) Net income (loss) before minority interest (11,234) Minority interest 1,347 1,347 Net income (loss) for the year (12,581) F- 21
IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2004 December 31, 2003 Apparel and accessories Eyewear Fragrances Unallocated Eliminations Total (In thousands of Euros) Sales 592,135 57,266 25,569 (5,132) 669,838 Of which intersegment sales 4,818 216 98 (5,132) 0 Of which royalty income 12,925 12,925 Change in inventory 17,868 5,684 3,279 26,831 Other operating income 8,251 1,127 3,162 (1,000) 11,540 Cost of materials (158,958) (25,024) (13,267) 301 (196,948) Outside services (256,217) (25,418) (16,160) 5,831 (291,964) Personnel expenses (73,304) (10,901) (2,551) (86,756) Other operating expenses (32,876) (2,573) (316) (35,765) Depreciation/amortization (137,808) (7,039) (1,933) (146,780) Operating result (40,909) (6,878) (2,217) - 0 (50,004) Financial income (charges) (34,768) (34,768) Income (loss) before taxes (84,772) Income taxes 21,729 21,729 Net income (loss) before minority interest (63,043) Minority interest (335) (335) Net income (loss) for the year (62,708) At December 31, 2004 all assets and liabilities were allocated to the apparel and accessories business segment as both the eyewear and fragrance segments had been disposed of. (In thousands of Euros) Apparel and accessories Intangible assets 255,039 255,039 Tangible assets 61,756 61,756 Long-term financial assets 2,317 2,317 Fixed assets 319,112 - - - - 319,112 Inventories 143,363 143,363 Accounts receivable 226,640 226,640 Accounts payable and accrued expenses (240,543) (240,543) Other net assets (liabilities) 34,558 34,558 Net working capital 164,018 - - - - 164,018 Severance pay fund (13,681) - - - - (13,681) Net invested capital Financed by: 469,449 - - - - 469,449 Short-term financial payables 132,010 132,010 Long-term financial payables 207,111 207,111 Cash and cash equivalent (14,763) (14,763) Net financial debt 324,358 - - - - 324,358 Shareholders' equity and minority interest 145,091 145,091 Sources of financing 469,449 - - - - 469,449 Capital expenditure and acquisitions 11,717 2,343 - - - 14,060 F- 22 December 31, 2004 Eyewear Fragrances Unallocated Elimination Total
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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
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
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IT HOLDING S.p.A. Notes to the cons
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