185000000 IT Holding Finance SA

IT HOLDING S.p.A. Notes to the consolidated financial statements for the year ended December 31, 2004
(17) Property, plant and equipment, net
The following table presents the movement in tangible assets:
(In thousands of Euros)
Land and
building
Year ended December 31, 2003
Opening net book amount 48,466 10,983 2,618 14,581 745 77,393
Additions 7,840 1,613 1,948 3,585 24 15,010
Other movements 669 (218) 16 (576) (492) (601)
Depreciation charge (5,403) (2,715) (1,584) (4,032) - (13,734)
Impairment loss (1,264) (598) - (97) - (1,959)
Closing net book amount 50,308 9,065 2,998 13,461 277 76,109
Year ended December 31, 2004
Opening net book amount 50,308 9,065 2,998 13,461 277 76,109
Exchange differences (647) - - (95) - (742)
Additions 5,865 1,859 1,157 1,891 - 10,772
Disposal of subsidiaries (4,932) (2,635) (2,293) (2,178) (178) (12,216)
Disposals (647) (225) (16) (520) - (1,408)
Other movements (701) - 98 892 (75) 214
Depreciation charge (4,658) (2,312) (1,228) (3,755) - (11,953)
Impairment loss (95) - - (4) - (99)
Closing net book amount 44,493 5,752 716 9,692 24 60,677
(18) Goodwill, trademarks and other intangible assets
Movements in intangible assets in 2004 were as follows:
(In thousands of Euros)
Year ended December 31, 2004
Plant and Industrial and
machinery commercial
equipment
F- 31
Other assets Assets in
formation and
advances
Opening net book amount 3,233 186,094 75,571 19,595 284,493
Exchange differences - (42) (22) - (64)
Additions 980 2,205 - 103 3,288
Disposal of subsidiaries (992) (761) (832) - (2,585)
Disposals - (4,002) - - (4,002)
Other movements 22 28 (332) 415 133
Amortisation charge (780) (13,762) (6,809) (4,625) (25,976)
Impairment loss - - - (248) (248)
Closing net book amount 2,463 169,760 67,576 15,240 255,039
No intangible assets are internally generated.
Development
costs
Patents and
trademarks
Goodwill Other
In the prior year financial statements, key money paid by the Group to enter leases for its stores was included under
“goodwill” whereas in the current year financial statements such monies have been included in the caption “other”
and opening balances have been adjusted accordingly.
Trademarks include the Gianfranco Ferré brand whose carrying value at December 31, 2004 was Euro 149,857
thousand (2003: Euro 158,379 thousand) and the Malo brand whose carrying value at December 31, 2004 was
Euro 14,765 thousand (2003: Euro 15,820 thousand). The respective remaining amortization periods are 17 and 14
years.
Total
Total