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 (In thousands of Euros) Apparel and accessories Intangible assets 281,958 185 2,350 284,493 Tangible assets 66,274 10,253 704 77,231 Long-term financial assets 2,029 265 3,416 (3,368) 2,342 Fixed assets 350,261 10,703 6,470 - (3,368) 364,066 Inventories 136,158 23,745 7,410 167,313 Accounts receivable 184,021 32,119 17,864 (2,230) 231,774 Accounts payable (198,970) (21,493) (16,160) 2,230 (234,393) Tax 31,730 31,730 Other net assets (liabilities) 35,220 5,437 (1,081) - 39,576 Net working capital 156,429 39,808 8,033 31,730 0 236,000 Severance pay fund (11,974) (2,587) (180) (14,741) Net invested capital Financed by: 494,716 47,924 14,323 31,730 (3,368) 585,325 Short-term financial payables (171,517) 3,368 (168,149) Long-term financial payables (296,097) (296,097) Cash and cash equivalent 36,770 36,770 Net financial debt (430,844) 3,368 (427,476) Shareholders' equity and minority interest (157,849) (157,849) Sources of financing (588,693) 3,368 (585,325) Capital expenditure and acquisitions 13,604 2,364 2,988 0 18,956 F- 23 December 31, 2003 Eyewear Fragrances Unallocated Elimination Total Intersegment transfers or transactions are entered into under normal commercial terms and conditions that would be available to unrelated third parties. Secondary reporting format - Geographical segments Net revenues to external customers are reported based on the location of customers. Segment assets are reported based on the location of assets. December 31, 2004 Italy Europe Americas Far East and Rest of the Total (In thousands of Euros) Japan world Sales 326,895 235,918 70,679 52,665 23,722 709,879 Segment assets 939,685 81,973 42,025 7,968 0 1,071,651 Capital expenditure and acquisitions 8,695 1,349 3,591 425 0 14,060 December 31, 2003 Italy Europe Americas Far East and Rest of the Total (In thousands of Euros) Japan world Sales 294,790 230,749 77,838 45,831 20,630 669,838 Segment assets 874,304 109,932 56,430 12,589 1,681 1,054,936 Capital expenditure and acquisitions 13,375 4,571 731 279 0 18,956 The Group is not subject to significant geographically-related risks other than normal business risk.
IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2004 (4) Outside expenses Outside expenses are comprised as follows: (In thousands of Euros) 2004 2003 Outsourcing 85,920 83,547 Royalties 66,829 60,252 Advertising 36,289 45,718 Commissions 22,797 21,449 Transport 23,868 21,237 Other services 61,515 59,761 Total 297,218 291,964 (5) Personnel Personnel expenses are comprised as follows: (In thousands of Euros) 2004 2003 Wages and salaries 63,340 67,532 Social security contributions 14,363 14,435 Severance pay fund 4,570 3,940 Other costs 1,874 849 Total personnel expenses 84,147 Employee numbers were as follows: Workers 451 Office staff 1,226 Executives 43 Total 1,720 (6) Financial income (charges) Financial income and charges are comprised as follows: F- 24 2004 Average number 2004 2003 613 1,427 49 2,089 657 1,376 54 2,087 86,756 Average number 2003 (In thousands of Euros) 2004 2003 Interest expense (28,903) (27,491) Interest income 982 1,331 Financial income (expense) from hedging transaction (439) 183 Net foreign exchange (gain) loss 860 (1,190) Other income 1,861 10 Other charges (3,717) (7,611) Total (29,356) (34,768) Interest expense primarily is composed of interest on bonds of Euro 15,953 thousand (2003: Euro 14,710 thousand), bank interest of Euro 9,419 thousand (2003: Euro 7,827 thousand) and factoring without recourse interest of Euro 3,073 thousand (2003: Euro 2,109 thousand). Other income for the year 2004, includes the gain of Euro 1,805 thousand realized following the repurchase of Euro 25 million of the “Ferré Finance 7% 05/05” bond. Other charges for the year 2004, include Euro 1,336 being the loss arising upon the write down of a loan receivable 664 1,386 59 2,109
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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
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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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185000000 IT Holding Finance SA

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