SAVINO DEL BENE S.p.A.

SAVINO DEL BENE S.p.A.
DIRECTORS' REPORT ON THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTH PERIOD ENDED 30TH JUNE 2001
This report has been prepared in accordance with the Italian Civil Code and in compliance with
Article No. 81 of Regulation No. 11971 dated 14th May 1999, subsequently modified and amended by
the Consob Resolution No. 12475 of 6th April 2000. The company, taking advantage of the opportunity
offered by paragraph 7, Article No. 81 of the abovementioned Regulation, presents the results for the
six-month period before taxation.
All figures are stated in millions of lire, unless otherwise indicated.
Board of Directors and Board of Statutory Auditors
The Board of Directors was nominated by the Shareholders’ meeting of 29th June 1999 and is made
up of four members whose appointment expires on the approval of the financial statements as of 31st
December 2001.
The Board of Directors is comprised of the following members:
Paolo Nocentini (Chairman), Giuliano Macucci (Vice-chairman), Silvano Brandani (Managing Director)
and Francesca Lapi (Director).
The Company’s Statute nominates the Chairman of the Board of Directors as its legal representative
and grants him the authority and responsibility for all of the Company’s ordinary and extraordinary
administration, with the exception of actions for which the Board of Directors’ authorisation is
specifically required by law and actions of significant economic importance such as the purchase and
sale of real estate, of companies and investments and the granting of guarantees for an amount in
excess of Lire 300 million.
The Vice-chairman’s responsibilities are the same as those attributed to the Chairman, to be carried
out by the Vice-chairman in the Chairman’s absence or impediment.
The Managing Director has the responsibility for the logistic organisation of the Company, the control
and management of the Livorno branch and the administrative co-ordination of relations with the
American subsidiary companies.
The Board of Statutory Auditors was appointed by the same Shareholders’ meeting which nominated
the Board of Directors and their appointment also expires on the approval of the financial statements
as of 31st December 2001. The Board of Statutory Auditors is comprised of the following members:
Annibale Viscomi – Chairman of the Board of Statutory Auditors, Luca Porciani – Acting Auditor,
Roberto Zaffina - Acting Auditor and two supplementary auditors (Franco Vannucchi and Muzio
Clementi).
PERFORMANCE DURING THE PERIOD
1

a) World economy
The first six months of the year 2001 were characterised by the slowing down of the world
economy greater than expected, due principally to the sharp slowing down of economic activity in the
USA, as a result of the reduction in investment, especially in the new information technology sector.
During the second quarter of the year 2001 orders for capital equipment also fell. This reduction in
activity regards the manufacturing sector, not that of services, as may be seen from the employment
statistics and the expectations of purchase managers in both sectors. The increase in the consumer
confidence index in May and June leads us to expect that consumption shall continue to sustain
production activity and that it could benefit in the future from the drop in oil prices.
In addition, the expansion strategy implemented both by the Federal Reserve and by the
American government should produce significant effects as from the final quarter of the year.
The negative performance of the Japanese economy, which registered a drop in GNP during the
first quarter of the year 2001, has not contributed to the growth in international trade. The most recent
forecasts show no change in GNP for the current year and a slight growth during the year 2002.
The slowing down in the world economy has also had negative effects on the emerging
economies. The European economy is also slowing down. During the first quarter of the year the GNP
has risen by 2.4% on an annual basis with respect to the last quarter of the year 2000. The balance of
trade remains positive, due in part to the drop in imports. The maintenance of the level of household
consumption has compensated for the drop in investments, although industrial production has
decreased since the beginning of the year. A growth in GNP of around 2% is expected for the year
2001.
In Italy consumption is stagnant, due to the effects of inflation. The growth in investment has been
very slight, while net foreign demand has not contributed in any way towards the growth in GNP.
Following a positive trend during the first three months of the year, exports have almost come to a halt
during the second quarter. Following the unsatisfactory results registered in April and May, the
estimated figures for June and July show a partial recovery in industrial production. The economic
indicators show better prospects for growth than those of the Euro area as a whole. In terms of our
Group, we would point out that the drastic slowing down in growth registered during the first half of the
year 2001 resulted in a sharp braking in trade throughout the entire world and that international imports
and exports remained stagnant in terms of volume during the first three months of the year, to drop
even further during the second quarter.
Nevertheless, the consolidation of the recovery in the international economic situation during the
year 2002, should result in an increase in imports and exports, the growth in which could well exceed
7.5 %. As regards currency exchange rates, a gradual recovery is expected in the value of the euro
against the US dollar during the second half of the year. The gradual strengthening of the euro should
be confirmed during the year 2002, without however reaching parity with the US dollar: the average
quotation during the coming year should be 0.93 dollars. These figures lead us to expect a lower
growth in European exports towards the USA and a greater growth in trade on other routes.
b) Company performance
The Company and therefore the Savino Del Bene Group, plays a leading role in the international
shipping and transport market in Italy, due both to the size of its international and national network, and
to the quality of the service offered in addition to the economic results achieved. The quality of the
service and the vast range of destinations reached have made us market leader in our sector and have
enabled us to realise positive results in excess of those of our competitors, even in difficult market
situations.
The performance of the first six months of the year 2001 was characterised by a reduction in
income before taxes of approx. 30%, dropping from Lire 14,598 million at 30th June 2000 to Lire
10,183 million at 30th June 2001. Corresponding figures for the first six months of the year 2000 and
for the entire year 2000 are provided for comparative purposes:
(+)Sales revenue
(+) Other income and revenues
Value of production
(-) Goods and services consumed
Added value
Diff. %Diff.
30.06.00 % 31.12.00 % 30.06.01 % 6.01-6.00 6.01-6.00
181,966 99.3% 384,759 99.3% 177,826 99.1% -4,140 -2.28%
1,215 0.7% 2,883 0.7% 1,640 0.9% 425 34.98%
183,181 100% 387,642 100% 179,466 100% -3,715 -2.03%
-154,821 -84.5% -328,536 -84.8% -153,729 -85.7% 1,092 -0.71%
28,360 15.5% 59,106 15.2% 25,737 14.3% -2,623 -9.25%
2

(-) Labour costs
(-) Sundry costs
Gross operating margin
(-) Amortisation, depreciation and write-down
of fixed assets
(-) Write-down of current assets
(-) Provisions for risks
Net operating income
-14,174 -7.7% -28,319 -7.3% -16,057 -8.9% -1,883 13.28%
-427 -0.2% -1,098 -0.3% -618 -0.3% -191 44.73%
13,759 7.5% 29,689 7.7% 9,062 5.0% -4,697 -34.14%
-1,147 -0.6% -3,410 -0.9% -1,762 -1.0% -615 53.62%
-452 -0.2% -1,193 -0.3% -310 -0.2% 142 -31.42%
-327 -0.2% -459 -0.12% -377 -0.2% -50 15.29%
11,833 6.5% 24,627 6.4% 6,613 3.7% -5,220 -44.11%
+ (-) Financial income (expenses) 1,212 0.7% 811 0.2% 2,021 1.1% 809 66.75%
+ Dividends and tax credits 1,639 0.9% 3,608 0.9% 1,539 0.9% -100 -6.10%
(+/-) Adjustments to value of financial assets -7 0.0% -358 -0.09% 0 0.0% 7 -100%
Income before taxes and extraordinary
items 14,677 8.0% 28,688 7.4% 10,173 5.7% -4,504 -30.69%
+ (-) Extraordinary income (expenses) -79 0.0% 1,824 0.5% 10 0.0% 89 -112.%
Income before taxes 14,598 8.0% 30,512 7.9% 10,183 5.7% -4,415 -30.24%
Income tax for the period 0 0.0% -13,468 -3.5% 0 0.0% 0 =
Net income for the period 14,598 8.0% 17,044 4.4% 10,183 5.7% -4,415 -30.24%
During the period the Company recorded sales revenues of Lire 177,826 million, with a decrease
of only 2.28% with respect to the figure for six months ended 30th June 2000, despite the fact that the
company's business, and particularly that regarding the American market, has undergone a significant
reduction in volume. The Company has continued its policy of expanding its direct presence on new
markets and during the first six months of the year 2001 it opened a new office in Padova and another
three offices at Buenos Aires, at Campinas (Brazil) and at Philadelphia (USA). With respect to the first
half of the previous year, the volumes of goods shipped have decreased in the sea shipment sector (-
14.86%) and increased in the air sector (+3.81%), the same applies to revenues, which show a
decrease in the sea shipment sector (-7.78%) and an increase in the air sector (+11.92%). The gross
operating margin has fallen from Lire 13,759 million during the first six months of the year 2000 to Lire
9,062 million during the first six months of the year 2001, representing a decrease of approx. 34% and
the gross operating margin /total sales revenue ratio has fallen from 7.5% to 5%. The decrease in
profitability is due both to the higher incidence of labour costs on revenues, which rose from 7.79% at
30.6.00 to 9.03% at 30.6.01, and to the decrease in turnover per employee, which amounted to Lire
490 million against Lire 551 million as at 30.6.00. Once again the contribution made to the result for the
period from the company's financial management (Lire 3,560 million) was considerable, due to
significant exchange gains and income from equity investments.
As regards the company's performance, the table below shows the following a decrease:
30.06.00 31.12.00 30.06.01
Difference
30.6.2001
-30.6.2000
% Difference
30.6.2001-
30.6.2000
Sales revenue 181,966 384,759 177,826 -4,140 -2.28%
Gross operating margin 13,759 29,689 9,062 -4,697 -34.14%
Net operating income 11,833 24,627 6,613 -5,220 -44.11%
Net income before taxation 14,598 30,512 10,183 -4,415 -30.24%
In particular, the decrease in income has led to a reduction in the principal financial and economic
ratios:
30.06.00 30.06.01
Gross operating margin /Total sales revenue 7.6 5.1
Net operating income / Total sales revenue (ROS) 6.5 3.7
Return on equity (ROE) 21.0 11.8
Return on investments (ROI) 18.2 10.2
Debt ratio (net liquidity/capital invested) 20.1 3.4
The following table shows an analysis of sales revenue by sector, showing the variations that have
taken place with respect to the figures for the year ended 31st December 2000 and the six months
ended 30th June 2000:
3

30.06.00 % 31.12.00 % 30.06.01 %
Difference %Difference
6.01-6.00 6.01-6.00
By sea 111,901 61.50% 234,352 60.91% 103,195 58.03% -8,706 -7.78%
By air 50,970 28.01% 113,007 29.37% 57,044 32.08% 6,074 11.92%
By land 6,890 3.78% 13,144 3.42% 6,103 3.43% -787 -11.42%
Importation and
customs clearing
services 12,007 6.60% 23,806 6.19% 11,240 6.32% -767 -6.39%
Other revenues 198 0.11% 450 0.11% 244 0.14% 46 23.23%
Total 181,966 100% 384,759 100% 177,826 100% -4,140 -2.28%
The following table shows an analysis of the above revenue by geographical area:
30.06.01 %
North America 80,598 45.32%
Central America 637 0.36%
South America 4,027 2.26%
Europe 80,477 45.26%
Africa 269 0.15%
Middle East 2,356 1.32%
Far East 9,336 5.25%
Australia and South Pacific 126 0.08%
Total 177,826 100%
The following table shows the variation in costs with respect to prior periods:
30.06.00 31.12.00 30.06.01
Diff.
6.01-6.00
%Diff.
6.01-6.00
Freight charges 99,764 209,230 98,362 -1,402 -1.41%
Haulage charges 16,796 35,040 15,253 -1,543 -9.19%
Customs charges 6,195 12,887 4,314 -1,881 -30.36%
Cost of haulage, porterage and storage 4,192 8,857 4,008 -184 -4.39%
Cost of insuring goods 350 873 462 112 32.00%
Cost of visas and fees to customs operators 28 91 31 3 10.71%
Agents and correspondents’ fees and charges 18,496 42,034 20,512 2,016 10.90%
Cost of shipping carried out by authorised third
parties 217 455 281 64 29.49%
Other services 6,967 15,210 8,124 1,157 16.61%
Purchase of consumable materials 641 1,430 895 254 39.63%
Leasing and rental charges 1,175 2,429 1,487 312 26.55%
Total costs for goods and services 154,821 328,536 153,729 -1,092 -0.71%
In particular, the utilisation of Group companies in North America for the carrying out of
“brokerage” activities and delivery of goods to their destination, represents the principal reason for the
increase in agents and correspondents’ fees and charges. The decrease in the cost of goods and
services consumed was not sufficient to compensate for the reduction in the volume of sales revenue
realised during the period.
Shipments by sea
Revenues from shipments by sea amount to Lire 103,195 million, against Lire 234,352 million at 31st
December 2000 and Lire 111,901 million at 30th June 2000. The analysis of this revenue by
geographic area is shown in the table below. For the first time the figures are analysed by the
4

geographic area of the customer invoiced for the service. However the percentage analysis of the
revenues by destination area is more or less the same as that shown in the table detailing the
geographical analysis by destination of volumes shipped by sea.
30.06.01 %
North America 59,702 57.85%
Central America 488 0.47%
South America 2,426 2.35%
Europe 36,037 34.92%
Africa 158 0.15%
Middle East 2,224 2.16%
Far East 2,097 2.03%
Australia and South Pacific 63 0.06%
Total 103,195 100%
During the first six months of the year 2001, the drop in the volume of goods shipped by sea (-
14.86%) was only partly matched by the drop in revenues from goods shipped by sea (-7.78%). This is
due principally to an increase in the rates charged to customers.
The reduction in volumes shipped towards the Company's main North American market was
partially compensated for by the increase registered in shipments towards the Far East (+28.6%) which
represents a market with a high potential for future growth.
The following table shows the variation in the volume of goods shipped by sea towards the
following destinations with respect to 30.6.00 and to 31.12.00 (figures expressed in No. of Teus
shipped):
5

30.06.00 % 31.12.00 % 30.06.01 %
Diff.
6.01-6.00
% Diff.
6.01-6.00
North America 22,895 86.18% 44,232 84.99% 18,909 83.59% -3,986 -17.41%
Central America 184 0.69% 466 0.90% 272 1.20% 88 47.83%
South America 721 2.71% 1,630 3.13% 911 4.03% 190 26.35%
Europe 358 1.35% 633 1.22% 231 1.02% -127 -35.47%
Africa 475 1.79% 1,015 1.95% 331 1.46% -144 -30.32%
Middle East 672 2.53% 1,161 2.23% 336 1.49% -336 -50.00%
Far East 1,187 4.47% 2,705 5.20% 1,527 6.75% 340 28.64%
Australia and South
Pacific 76 0.29% 200 0.38% 103 0.46% 27 35.53%
Total 26,568 100% 52,042 100% 22,620 100% -3,948 -14.86%
While North America remains our principal destination, traffic towards Central and South America
and the Far East has increased significantly, thanks to new trade contacts developed by the new
Group companies set up in these areas.
The analysis of Tues shipped by sea from the Company's various branches and offices is shown
in the table below (figures expressed in No. of Teus shipped):
30.06.00 % 31.12.00 % 30.06.01 %
Diff.
6.01-6.00
% Diff.
6.01-6.00
Florence 14,889 56.04% 26,898 51.69% 10,945 48.39% -3,944 -26.49%
Bologna 946 3.56% 1,524 2.93% 431 1.91% -515 -54.44%
Segrate (Mi) 580 2.18% 1,503 2.89% 688 3.04% 108 18.62%
Montecosaro (Mc) 152 0.57% 248 0.48% 113 0.50% -39 -25.66%
Naples 2,583 9.72% 6,204 11.92% 3,098 13.70% 515 19.94%
Pisa 14 0.05% 28 0.05% 26 0.11% 12 85.71%
Prato 210 0.79% 445 0.86% 223 0.99% 13 6.19%
Santacroce Sull'Arno (Pi) 506 1.90% 1,040 2.00% 641 2.83% 135 26.68%
Treviso 3,705 13.95% 7,984 15.34% 3,049 13.48% -656 -17.71%
Verona 641 2.41% 1,316 2.53% 650 2.87% 9 1.40%
Padova 0 0.00% 0 0.00% 591 2.61% 591 =
Vicenza 1,837 6.91% 3,849 7.40% 1,568 6.93% -269 -14.64%
Livorno 505 1.90% 1,003 1.93% 597 2.64% 92 18.22%
Total 26,568 100% 52,042 100% 22,620 100% -3,948 -14.86%
The main decreases relate to the Florence, Bologna, Treviso and Vicenza branches. While, as
regards Florence and Bologna the decrease was due to the abandonment of low value added
customers, the Treviso decrease was due to the negative trends in the specialised product sector in
which the branch operates. Finally, as regards the Vicenza branch, we would point out that the Padova
branch, which became operative during the first quarter of the year 2001, has absorbed part of the
traffic which was previously carried out by the Vicenza branch. The Naples branch has benefited from
the acquisition of new customers by the American affiliated companies, which has led to an increase in
the volume of traffic in the “food” sector.
Shipments by air
Revenues from shipments by air amount to Lire 57,044 million, against Lire 113,007 million at 31st
December 2000 and Lire 50,970 million at 30th June 2000. The following table shows the geographic
analysis of revenue. For the first time the figures are analysed by the geographic area of the customer
invoiced for the service. However the analysis of the revenues by destination area is more or less the
same, in percentage terms, as that shown in the table detailing the geographical analysis by
destination of volumes shipped by air.
6

30.06.01 %
North America 20,220 35.45%
Central America 147 0.26%
South America 1,593 2.79%
Europe 27,639 48.45%
Africa 104 0.18%
Middle East 129 0.23%
Far East 7,150 12.53%
Australia and South Pacific 62 0.11%
Total 57,044 100%
The air sector registered an increase of 3.8% in the volume of goods transported. This result is
extremely positive, given that the market as a whole registered a decrease of more than 10% during
the first quarter of the current year. The following table shows the variations in the volumes shipped by
air with respect to 30.6.00 and to 31.12.00 (figures expressed in thousand of Kg.) :
30.06.00 % 31.12.00 % 30.06.01 %
Diff.
6.01- 6.00
% Diff.
6.01-6.00
North America 6,438 69.80% 13,534 68.70% 6,447 67.33% 9 0.14%
Central America 52 0.56% 176 0.89% 57 0.60% 5 9.62%
South America 239 2.59% 536 2.72% 361 3.77% 122 51.05%
Europe 64 0.69% 157 0.80% 72 0.75% 8 12.50%
Africa 88 0.95% 181 0.92% 90 0.94% 2 2.27%
Middle East 98 1.06% 213 1.08% 273 2.85% 175 178.57%
Far East 2,212 23.98% 4,853 24.63% 2,018 21.08% -194 -8.77%
Australia and
South Pacific 33 0.36% 50 0.25% 257 2.68% 224 678.79%
Total 9,224 100% 19,700 100% 9,575 100% 351 3.81%
The analysis of the quantities shipped by air by point of despatch, and detailed in the table below,
shows a consolidation of the quantities shipped in the previous year: the principal variations, both
positive and negative, are linked to the quantities shipped by our customers, given that no significant
variations took place in our customer base during the period. The table below shows the quantities
shipped by air by point of despatch (figures expressed in thousands of Kg.):
30.06.00 % 31.12.00 % 30.06.01 %
Diff.
6.01-6.00
% Diff.
6.01-6.00
Florence 2,950 31.98% 6,054 30.73% 2,825 29.50% -125 -4.24%
Bologna 0 0.00% 113 0.57% 90 0.94% 90 =
Segrate (Milan) 2,406 26.08% 5,407 27.45% 2,344 24.48% -62 -2.58%
Montecosaro (Mc) 555 6.02% 1,283 6.51% 807 8.43% 252 45.41%
Naples 32 0.35% 62 0.31% 58 0.61% 26 81.25%
Pisa 355 3.85% 732 3.72% 528 5.51% 173 48.73%
Prato 213 2.31% 529 2.69% 305 3.19% 92 43.19%
Santacroce sull'Arno (Pisa) 770 8.35% 1,604 8.14% 694 7.25% -76 -9.87%
Treviso 318 3.45% 759 3.85% 280 2.92% -38 -11.95%
Verona 118 1.28% 256 1.30% 170 1.78% 52 44.07%
Padova 0 0.00% 0 0.00% 91 0.95% 91 =
Vicenza 1,507 16.34% 2,901 14.73% 1,383 14.44% -124 -8.23%
Total 9,224 100% 19,700 100% 9,575 100% 351 3.81%
The Montecosaro office benefited from the favourable trend in footwear exports. Again, we would
point out that the Padova office has absorbed part of the traffic which was previously handled by the
Vicenza office.
Shipments by land
7

Revenues from shipments by land (road haulage) amount to Lire 6,103 million, against Lire
13,144 million at 31st December 2000 and Lire 6,890 million at 30th June 2000. They are analysed by
geographic destination in the table below (figures expressed in millions of lire):
Diff. % Diff.
30.06.2000 31.12.2000 30.06.2001 6.01-6.00 6.01-6.00
North America 0 0 16 16 =
Europe 6,890 13,109 6,087 -803 -11.65%
Middle East 0 35 0 0 =
Total 6,890 13,144 6,103 -787 -11.42%
After a period of growth, this sector registered a decrease in revenue of 11.42% with respect to
the first half of the year 2000. The sector's activity is concentrated mainly in the three offices at Vicenza
(which has absorbed the traffic originated by the Verona branch), Montecosaro and Santa Croce
sull’Arno (which in turn has absorbed a significant part of the traffic which passed through Florence).
Overland shipment is carried out within Europe only and particularly with the Group's Iberian
companies.
The decrease is due to a general reduction in goods shipped overland by customers, and to the
loss for the Vicenza office, of the traffic generated by the Milan office. While the overland transport
sector is considered complementary to the Group's core business and does not enter within the
Group's strategic development and expansion plans, it is still of fundamental importance as it enables
the Savino Del Bene Group to offer its customers a complete and fully integrated transport service. An
analysis of goods transported overland is given below, by point of despatch (thousands of Kg shipped):
30/06/00 % 31/12/00 % 30/06/01 %
Diff.
6/01-6/00
% Diff.
6.01-6.00
Florence 223 1.65% 301 1.19% 0 0.00% -223 -100.00%
Montecosaro (Mc) 4,660 34.53% 7,970 31.64% 4,074 36.89% -586 -12.58%
Santacroce sull'Arno
(Pisa) 3,792 28.10% 7,640 30.33% 3,375 30.56% -417 -11.00%
Verona 0 0.00% 30 0.12% 0 0.00% 0 =
Vicenza 4,820 35.72% 9,248 36.71% 3,596 32.57% -1,224 -25.39%
Total 13,495 100% 25,189 100% 11,045 100% -2,450 -18.15%
Importation and customs clearing activity
Revenues from importation and customs clearing activity amounts to Lire 11,240 million, against Lire
23,806 million at 31st December 2000 and Lire 12,007 million at 30th June 2000 The table below
shows an analysis of revenue by geographical area. For the first time the figures are analysed by the
geographic area of the customer invoiced for the service.
30/06/01 %
North America 549 4.88%
Central America 1 0.01%
South America 2 0.02%
Europe 10,604 94.34%
Africa 7 0.06%
Middle East 0 0.00%
Far East 76 0.68%
Australia and South Pacific 1 0.01%
Total 11,240 100%
The importation business is that which registered the largest growth in volume during the period
(+15,52%) thanks to the acquisition of new customers by the Group's foreign companies with a view to
acquiring significant market shares on the opposite routes from those utilised up until now. The direct
presence of the Group at the destination areas of its routes enables it to guarantee a consistently high
8

quality of service to its customers to and from all of the areas covered by the Group. The presence of
Group companies on foreign markets also serves to gather custom for traffic towards Italy.
Furthermore, the direct traffic between the various foreign companies of the Group is becoming
increasingly important. The most active Italian offices in this sector, in addition obviously to the head
office, are those of Pisa and Segrate. This latter registered the more significant growth, both in
percentage and absolute terms. The principal point of despatch for imports remains North America.
The Company intends to expand this sector even further, particularly if the euro/dollar exchange
rate should lead to a growth in American exports.
The number of import shipments per branch is shown in the table below:
30.06.00 % 31.12.00 % 30.06.01
Differenc
e
% 6.01 -6.00
%Difference
6.01-6.00
Florence 526 21.94% 1,467 27.21% 712 25.71% 186 35.36%
Livorno 0 0.00% 58 1.08% 35 1.26% 35 =
Segrate (Milan) 286 11.93% 690 12.80% 651 23.51% 365 127.62%
Montecosaro (Mc) 202 8.43% 464 8.61% 239 8.63% 37 18.32%
Naples 149 6.22% 71 1.32% 69 2.49% -80 -53.69%
Pisa 624 26.03% 975 18.09% 543 19.61% -81 -12.98%
Santacroce sull'Arno
(Pisa) 243 10.14% 487 9.03% 212 7.66% -31 -12.76%
Treviso 0 0.00% 485 9.00% 0 0.00% 0 =
Verona 18 0.75% 47 0.87% 28 1.01% 10 55.56%
Vicenza 349 14.56% 647 12.00% 280 10.11% -69 -19.77%
Total 2,397 100% 5,391 100% 2,769 100% 372 15.52%
Investments
The Company carried out the following investments during the period:
a) intangible fixed assets: costs (Lire 5 million) for changes to the Company's Statute relative to the
increase in share capital from Euro 18,917,600 to Euro 19,000,800 resolved by the Board of
Directors on 30th March 2001 and carried out by means of the utilisation of the reserve for
employee profit sharing. Other investments in intangible fixed assets regarded the implementation
of existing programmes and the acquisition for licenses for the use of software for Lire 7 million
and the cost of improvements to leased assets for Lire 155 million. In addition, advance payments
were made to suppliers for Lire 34 million improvements to leased buildings.
b) tangible fixed assets: the principal investments regarded improvements to the Company's
buildings for Lire124 million, purchases of equipment for Lire 215 million and of other assets for
Lire 1,348 million including mainly purchases of electronic machinery (Lire 755 million) and motor
vehicles (Lire 356 million). Lastly, advance payments were made to suppliers for Lire 227 million
relative to a ground lease for a period of 30 years on a building situated in the dockland district of
Genoa (Lire 182 million) and for other improvements to the Company's buildings (Lire 40 million)
and for purchases of equipment (Lire 5 million).
c) financial fixed assets: the acquisition of an equity investment of 51% of the share capital of the
company Leonardi e C. S.p.A for Lire 8,262 million; the underwriting and payment of the increase
in the share capital of the company Tavoni Arimar S.p.A. for Lire 580 million; the payment of Lire
530 million to reintegrate the losses sustained by the company Cavallino S.r.l.; the non-interest
bearing advance payment of Lire 6,000 million for future increases in share capital of the company
Savino Del Bene Internationale S.A. utilising an interest bearing loan already existing in the
financial statements as at 31.12.00.
Equity and financial situation
The reclassified balance sheet as at 30th June 2001 shows the following situation:
9

30.06.00 31.12.00 30.06.01
Diff.
6.01-6.00
% Diff.
6.01-6.00
A FIXED ASSETS
Intangible fixed assets 907 785 823 -84 -9.26%
Tangible fixed assets 13,386 26,811 27,124 13,738 102.63%
Financial fixed assets 25,497 25,199 34,136 8,639 33.88%
Total fixed assets 39,790 52,795 62,083 22,293 56.03%
B NET WORKING CAPITAL
Trade receivables 89,191 102,158 103,462 14,271 16.00%
Other assets 8,892 14,679 10,206 1,314 14.78%
Trade payables -55,542 -62,456 -54,005 1,537 -2.77%
Provisions for risks and charges -2,418 -2,706 -2,897 -479 19.81%
Other liabilities -13,225 -23,859 -25,368 -12,143 91.82%
Total net working capital
CAPITAL INVESTED LESS OPERATING
26,898 27,816 31,398 4,500 16.73%
C LIABILITIES (A+B) 66,688 80,611 93,481 26,793 40.18%
D EMPLOYEE TERMINATION INDEMNITY -8,772 -9,323 -9,968 -1,196 13.63%
E NET CAPITAL INVESTED (C-D)
Financed by :
57,916 71,288 83,513 25,597 44.20%
F SHAREHOLDERS' EQUITY
NET FINANCIAL INDEBTEDNESS
69,579 83,477 86,395 16,816 24.17%
G (LIQUIDITY)
Medium and long term financial debt 0 0 0 0 0.00%
Long term financial receivables
Medium and long term net financial indebtedness
0 0 0 0 0.00%
(liquidity) 0 0 0 0 0,00%
Short term financial debt 10,534 15,094 13,808 3,274 31.08%
Liquidity and short term receivables -22,197 -27,283 -16,690 5,507 -24.81%
Short term net financial indebtedness (liquidity) -11,663 -12,189 -2,882 8,781 -75.29%
Total net financial indebtedness (liquidity) -11,663 -12,189 -2,882 8,781 -75.29%
H TOTAL SOURCES OF FINANCE (F+G) 57,916 71,288 83,513 25,597 44.20%
The net financial position at 30.6.2001 has fallen from a net liquidity of Lire 11,663 million at 30th
June 2000 to Lire 2,882 million at del 30th June 2001 due to the significant investments carried out,
and particularly in equity investments in companies operating in the transport and shipping sector.
In order to give further detail of the movements in net working capital a statement of cash flows for
the Company as at 30th June 2001 is shown as an appendix to this report. This statement shows that
the Company's operations have generated funds for Lire 13,306 million, against Lire 23,074 million at
31st December 2000 and Lire 16,397 million at 30th June 2000 against an application of funds of Lire
25,332 million at 30.6.01 and Lire 10,505 million at 30.6.00, due mainly to increases in equity
investments (Lire15, 374 million) and to the payment of dividends (Lire 7,265 million against Lire 4,885
million at 30.6.00).
Transactions with Subsidiary, Associated and Parent Companies and Other Related Parties
during the period the Company Savino Del Bene S.p.A carried out transactions with subsidiary and
associated companies as part of its normal business activities and at normal market conditions. As
regards transactions between other Group companies and other related parties, reference should be
made to the Directors’ Report on the interim consolidated financial statements.
As regards the company Savino Del Bene S.p.A. we would point out that during the period
1.1.2001-30.6.2001 no transactions took place with other related parties. Detail of the results of the
principal subsidiary companies listed in Appendix No. 1 to the consolidated interim financial statements
as at 30.6.2001 is given below:
10

• Savino Del Bene USA Inc. (New York): this company, which is held indirectly through Savino Del
Bene Finanziaria S.a. carries out the function of a sub-holding of the American subsidiary
companies and of administrative and IT co-ordination and support for the American subsidiaries'
operations with the aim of developing and expanding export traffic from the USA towards Europe
and the rest of the world. The company had an average of No. 5 employees compared to the No.
4 employees as at 30.6.00. The company recorded a loss of Lire 25 million against a net income of
Lire 91 million at 30.6.00.
• Savino Del Bene Inc. (New York): this subsidiary company recorded a loss of Lire 261 million for
the first six months of the year 2001, compared to a net income of Lire 282 million in the first six
months of the year 2000. The company employed an average of No. 32 employees during the
period, compared to No. 26 during the first half of the year 2000. Total sales revenue has increased
by 4.8%, rising from US$ 3,728 thousand to US$ 3,907 thousand at 30.6.01. Revenues from air
imports have remained relatively stable (US$ 1,087 thousand). Revenues from sea imports have
increased, reaching a total of US$ 1,692 thousand, against US$ 1,201 thousand, while export
revenue has fallen from US$ 1,326 thousand to US$ 1,067 thousand. This loss is due principally to
the increase in labour costs.
• Savino Del Bene International Freight Forward Inc. (Chicago): this subsidiary company
recorded a loss for the period of Lire 246 million, against a net income of Lire 274 million at
30.6.00. The company employed an average of No. 31 employees during the period, compared to
No. 24 during the first half of the year 2000. Turnover has increased by 11%, to arrive at US$
2,932 thousand. Import activity accounts for approx. 72.5% of total sales revenue and has
increased by 12% during the period. Export activity shows an increase of 68% for air traffic and a
decrease of 14% for goods shipped by sea. The company has completed the transfer to a new
warehouse close to the Chicago airport and railport and expects to see the benefits thereof in
terms of increased revenues during the second half of the year.
• Savino Del Bene Inc. (Los Angeles): during the first six months of the year 2001 this subsidiary
company recorded a loss of Lire 637 million against a net income of Lire 32 million for the
corresponding period of the previous year. The company employed an average of No. 22
employees during the period. The company operates through two separate offices, one in Los
Angeles and the other in San Francisco. The Los Angeles office realised an increase in turnover of
28% to reach a total turnover of US$ 1,022 thousand, due principally to the increase in sea
imports. The San Francisco office registered an increase of 62% in turnover, which amounted to
US$ 745 thousand at 30.06.01. The loss for the period is due to the significant fixed costs relating
to personnel and rental of premises. The company expects to increase the volume of its imports
from Europe and to develop and expand new routes from Turkey, Brazil and China. The company
is currently extending the offer of customs brokerage services to all of its customers.
• Savino Del Bene (Georgia) Inc.: at 30th June 2001 this subsidiary recorded a loss of Lire 40
million against a net income of Lire 74 million for the corresponding period of the previous year.
The company employed an average of No. 9 employees during the period compared to No. 6 at
30.6.00. The company registered an increase in turnover of 11.9%, for a total turnover of US$
686.565, thanks to the increase in imports by sea and in exports by both sea and by air.
• Savino Del Bene (Texas) Inc.: this company recorded a loss of Lire 585 million for the first six
months of the year 2001, against a net income of Lire 19 million for the corresponding period of the
previous year. The company employed an average of No. 21 employees during the period
compared to No. 22 during the first half of the year 2000. The loss for the period is due to a drop in
sales revenue, which fell by 14%, due essentially to a drop in imports by customers as a result of
the slowing down of the US economy. In fact, while both sea and air imports show a decline, the
company registered an increase of 69% in sea exports, thanks to the acquisition of new customers
who export to Europe, Turkey and China. The company's customers expect to increase their
activities during the second part of the year, and therefore we can reasonably expect to see a
better result for the second half of the year than for the first half.
• Savino Del Bene Inc. Charlotte: this subsidiary company recorded a loss for the period of Lire
174 million against a loss of Lire 64 million at 30.6.00. The company employed an average of No. 3
11

employees during the period. Turnover for the period amounted to US$ 223 thousand, against US$
243 thousand for the period ended 30.6.00. The company registered an increase of 26% in imports
by sea, which was not sufficient however to compensate for the decrease in imports by air, which
fell by 22%. Air and sea exports have fallen from US$ 28 thousand to US$ 7 thousand.
• Savino Del Bene Inc. (Massachusetts): this subsidiary company recorded a loss of Lire 238
million against a loss of Lire 76 million for the corresponding period of the previous year. The
company employed an average of No. 9 employees during the period, compared to No. 7 during
the first half of the year 2000. Turnover fell by 34%, from US$ 602,344 during the period ended
30.6.00 to US$ 398,326 at 30.6.01; this decrease is due principally to the decrease in imports by
sea (-41%). In general, the acquisition of new customers has forced the company to apply more
competitive rates, which, as can be seen, have led to a decrease in turnover but which have
consolidated the volume of goods shipped.
• Savino Del Bene Inc. Miami: at 30th June 2001 this subsidiary company recorded a loss of Lire
144 million against a loss of Lire 75 million for the corresponding period of the previous year. The
average number of employees during the period amounted to No. 10 compared to No. 9 during the
first half of the year 2000. The company showed an increase in turnover of 144%, due principally to
imports by sea of furniture and masonry materials which rose from US$ 171,044 to US$ 467,631.
The company commenced customs brokerage activities which generated revenues of US$ 108
thousand. Imports by air have increased by 56.9%, rising from US$ 100,218 to US$ 157,263. The
increase in turnover was achieved through the application of competitive shipping rates to
customers which were unable to cover the increase in fixed costs.
• Fashion Distribution Service New Jersey Inc.: this subsidiary company realised a net income for
the period of Lire 309 million, against Lire 370 million for the corresponding period of the previous
year. The company employed an average of No. 20 employees during the period. Total sales
revenues show an increase of 3.2% and amount to US$ 2,705 thousand. The company provides a
whole series of highly advanced logistics services, thanks to its state of the art warehouse, for the
storage, handling and forwarding of goods to their destination. The company uses external
personnel.
• Superb Custom Brokers Inc.: this subsidiary company recorded an income for the period of Lire
8 million, against Lire 12 million at 30.6.00. The company employed an average of No. 18
employees during both the current and the previous period. Turnover amounted to US$ 908,372
against US$ 1,157,379 at 30.6.00. The company operates as a customs broker on behalf of the
American Group companies.
• Savino Del Bene Corp. (Canada): this subsidiary company recorded a loss of Lire 108 million
against a net income of Lire 93 million during the first six months of 2000. The company employed
an average of No. 10 employees during the period. Exports by sea have increased by 30% with
respect to 30.6.00, while exports by air amount to 26,000 kg, representing an increase of 47.6%
with respect to 30.6.00. Turnover amounted to Lire 1,332 million.
• Savino Del Bene S.l. (Spain) : this subsidiary company recorded a net income of Lire 799 million
at 30.6.01, against Lire 704 million for the corresponding period of the previous year. Turnover has
decreased by approx. 5.4%, due to the fall in exports towards North America. Revenues from
shipments by sea, which represent 63.8% of total revenues, fell by 5% and amounted to Euro
5,039 thousand. Revenues from air traffic fell even further (-19%), after the significant growth
registered therein during the first six months of the year 2000, and amount to Euro 1,021 thousand.
By contrast, revenues from overland transport relative to both imports and exports to and from Italy
have risen by 3.13% to reach Euro 1,853 thousand, even if this increase is due to the increase in
rates charged to customers. In addition to its Alicante head office, the company has another two
offices, one in Madrid and the other in Barcelona; this latter was opened in June 2001. The
company employed an average of No. 37 employees during the period.
• Savino Del Bene Ltd. (UK): this subsidiary company realised a net income of Lire 105 million at
30.6.2001 against approx. Lire 31 million for the corresponding period of the previous year. At the
end of April 2001, the company sold its road haulage business segment and now concentrates its
activities in the international sea and air shipping sector. Turnover for the period has fallen by
20.8%, mainly as a result of the abovementioned sale of the road haulage business segment. The
12

most significant reduction regarded the traffic towards North America while traffic towards the Far
East showed an increase of 10%. Following the change in activity, this company shows significant
potential for growth, particularly for imports from Asia and America.
• Savino Del Bene L.da. (Portugal): this subsidiary company closed the period with a net income of
Lire 67 million against Lire 236 million for the corresponding period of the previous year. The
company employed an average of No. 37 employees during the period. Turnover increased by a
total of 1%, reaching Euro 1,786 thousand, however we would point out that the increase is due
entirely to the growth in revenues from shipments by sea (Euro 1,058 thousand) as a result of the
increase in rates charged to customers. All of the other sectors registered a decrease, both in
terms of revenue and in terms of volumes shipped, principally as a result of the drop in exports.
During the year 2001 the company expects to attend various trade fairs and to further develop its
direct contacts on the principal destinations of goods shipped in order to acquire new customers.
• Savino Del Bene France S.a.: this company recorded a loss for the period of Lire 267 million
against a loss of Lire 74 million for the first six months of the year 2000. Turnover amounted to FF.
22,419 thousand against FF. 16,769 thousand at 30.6.00. Revenues from exports by air have
grown from FF. 9,356 thousand to FF. 10,553 thousand, while revenues from shipments by sea
amounted to FF. 9,296 thousand, against FF. 5,387 thousand. The company employed an average
of No. 21 employees during the period.
• Savino Del Bene China Ltd.: this company recorded a net income for the period of Lire 139
million against Lire 443 million at 30.6.00. Turnover fell by 7%, due to the loss of an important
customer in the air sector, although it subsequently acquired two new major customers during the
period and opened up a new shipping route to and from Mexico. The average number of
employees during the period amounted to No. 17, compared to No. 12 during the corresponding
period of the previous year. During the period the company extended its warehouse. Revenues
from air traffic (imports and exports) amounted to HK$10,796 thousand, representing a decrease
of 15.7%. Revenues from shipments by sea increased by 29% to reach a total of HK$3,926
thousand. The company expects to see a further significant increase in shipments by sea during
the second half of the year 2001, while it does not expect to be able to repeat the excellent results
achieved during the year 2000 for the air traffic sector.
• Hani Transport Co. Ltd (Korea): this subsidiary company recorded a loss of Lire 26 million for the
first six months of the year 2001, against Lire 87 million for the corresponding period of the
previous year. The average number of employees during the period amounted to No. 21. During
the period turnover decreased by 11.6% due to the drop in revenues from air traffic, which fell from
Won 457,884 thousand to Won 404,793 thousand. Revenues from exports by air (Won 78,817
thousand) fell by 471% due to the negative performance of the Korean economy. The volume of
goods shipped in this sector has fallen by 56.4%. The company is expanding the sea shipping
sector and has acquired new customers who export to South Africa and, from the middle of June
onwards, also imports from Vietnam which should guarantee an average of No. 30 Teus per
month. The principal types of product shipped are machinery (overland) and textile and electronic
products.
• Savino Del Bene Japan Co. Ltd. (Tokyo): this subsidiary company recorded a loss of Lire 91
million against Lire 511 million at 30.6.00. Turnover amounted to Yen 59,694,747. The company
operates from two offices (Tokyo and Osaka) and the result for the period was influenced by the
loss of important European customers and by the fierce competition from other operators which
forced the company to reduce the rates it charges to customers in order to maintain business.
• Savino Del Bene Nakliyati Ltd (Turkey): this subsidiary company recorded a loss for the period
of Lire 6 million against a loss of Lire 9 million for the corresponding period of the previous year.
average number of employees during the period amounted to No. 13, compared to No. 10 during
the period ended 30.6.00. During the period the company shipped No. 382 Teus by sea, compared
to No. 427 Teus in the period ended 30.6.00, while the cubic metres of groupage amounted to 90,
compared to 29 at 30.6.00. The volume of goods exported by air amounted to 25,744 kg,
compared to 7,793 kg at 30.6.00. The increase in exports was helped by the devaluation of the
Turkish Lira (-94% with respect to the US dollar). The company has exploited the synergies offered
by the Savino Del Bene Group in order to expand its own traffic.
13

• S.D.B. Finanziaria S.a. (Luxembourg) : this company channels loan finance to the Group's
operating companies in addition to providing administrative and tax consultancy and data gathering
services to many of the Group companies included in the consolidation area. During the first six
months of the year 2001 the company realised an income of Lire 435 million against Lire 206
million for the corresponding period of the year 2000.
• Savino Del Bene Internationale Luxembourg S.a..: this company realised a net income for the
period of Lire 992 million, against a net income of Lire 1,197 million for the period ended 30.6.00.
The company manages the financial resources of and provides treasury services to the entire
Savino Del Bene Group.
The Italian subsidiary and associated companies showed the following results for the six months ended
30th June 2001:
• General Noli S.p.A.: this subsidiary company realised a net income of Lire 3,731 million against a
net income of Lire 3,256 million for the corresponding period of the previous year. The average
number of employees during the period amounted to No. 37 against No. 25 during the first six
months of the year 2000. Total sales revenue amounted to Lire 44,714 million, representing an
increase of 36.4% with respect to the corresponding period of the previous year. This increase is
due mainly to revenues from goods shipped by sea, which rose from Lire 31,455 million at 30.6.00
to Lire 43,696 million at 30.6.01. In terms of the volume, goods shipped by sea have increased by
approx. 20% arriving at No. 9,374 Teus shipped. Revenues from air traffic have decreased by
approx. 27%, falling from Lire 1,239 million to Lire 897 million. More significant in terms of quantity
was the decrease in goods shipped by air, which fell from 418 thousand kg. at 30.6.00 to 252
thousand kg for the current period. The company's principal markets are North and Central
America. The main traffic sectors in which the company operates are the transport of ceramic tiles
and foodstuffs. During the period the company set up a new company in Brazil in order to develop
and expand traffic on this route. The company also operates through foreign subsidiary companies
in New York, Toronto and Valencia, which recorded positive results for the period. In particular, we
would point out the result achieved by the subsidiary General Noli S.L. Spain in Valencia, which
realised a net income for the period of Lire 862 million and which achieved an increase in turnover
of 53.9%, rising from Euro 2,579,015 to Euro 3,969,092 at 30.6.2000. The company carries out
sea exports and registered an increase of 49.69% in terms of number of TEUS shipped, which
rose from No. 2,419 to No. 3,621. The company's principal destinations are North America (75%)
and Canada (20%).
• Leonardi e C. S.p.a.: this subsidiary company was acquired during the period and realised a net
income of Lire 3,739 million at 30th June 2001 against an income before tax of Lire 2,798 million at
31.12.00. The company carries out international shipping by sea and air; the company's principal
markets are North America, the Middle East and the Far East. During the period the company
employed an average of No. 49 employees. Revenues from shipments by sea amount to Lire
55,701 million against Lire 114,065 million for the entire year 2000, for a total volume shipped of
424 thousand kg. Revenues from air traffic amount to Lire 1,654 million against Lire 3,682 million
at 31.12.2000. During the period the company shipped a total of No. 13,854 Teus.
• Savitransport S.p.a.: this subsidiary company realised a net income of Lire 1,606 million for the
first six months of the year 2001, compared to Lire 429 million for the first six months of the year
2000. The average number of employees during the period amounted to No. 47, against No. 42
during the first half of the year 2000. During the period the company recorded an increase of more
than 34% in air traffic, shipping Kg 1,971 thousand against Kg 1,466 thousand at 30.6.00.
Revenues from air traffic rose from Lire 8,949 million at 30.6.00 to Lire 12,575 million, representing
an increase of 40.5%. The routes which saw the most significant increases were those towards
North America (kg 1,805 thousand, an increase of 33%), the Far East (Kg 104 thousand, an
increase of 100%) and Australia and the South Pacific (Kg 54 thousand, an increase of 94%).
Shipments by sea fell from No. 2,612 Teus shipped at 30.6.00 to No. a 2,110 Teus shipped at
30.6.01, while turnover has increased, rising from Lire 5,576 million to Lire 8,014 million, due
principally to the decrease in “porto assegnato” traffic and the increase in “prepaid” traffic. Import
activity shows a decrease in the number of imports handled, which fell from 511 thousand at
30.6.00 to 321 thousand at 30.6.01 The company operates in Italy through its subsidiary company
(51%) Savitransport Triveneto S.r.l. which realised an income for the period of Lire 83 million,
14

against Lire 33 million for the period ended 30.6.00, and a turnover of Lire 3,674 million against
Lire 2,474 million for the first six months of the year 2000. The company also holds investments in
two American companies, with head offices in Chicago and New York, and which recorded profits
for the period of Lire 113 million and Lire 169 million respectively.
• Albatrans S.p.a.: this subsidiary company realised a net income of Lire 1,377 million, against Lire
1,032 million during the first six months of the year 2000. Turnover has risen from Lire 15,123
million to Lire 21,864 million, representing an increase of over 44%. The average number of
employees during the period amounted to No. 23, compared to No. 21 during the first half of the
year 2000. During the period the company saw a significant increase in shipments by air, which
amounted to 1,659 thousand kg, an increase of 461 thousand kg with respect to the first six
months of the year 2000. thousand. Revenue from shipments by air has risen from Lire 7,262
million to Lire 10,725 million, representing an increase of over 47%. Shipments by sea have
decreased by approx. 6% in terms of the number of Teus shipped, which fell from No. 3,489 at
30.6.00 to No. 3,280 at 30.6.01. Revenue from shipments by sea have increased however, rising
from Lire 7,703 million to Lire 10,720 million. The company controls an American company with
head offices in New York which recorded a loss of Lire 438 million for the period. The company
also controls another two European companies, both of which recorded positive results for the
period.
• Fashion Transport S.r.l.: this subsidiary company realised a net income of Lire 189 million,
against a loss of Lire 85 million at 30.6.00. The average number of employees during the period
amounted to No. 12, compared to No. 15 during the period ended 30.6.00. Revenues from
shipments by air have increased by Lire 607 million, rising from Lire 3,636 million at 30.6.00 to Lire
4,243 million, while the volume shipped shows an increase of approx. 20% with a total of Kg.
363,656 shipped during the period. The company managed to increase the rates charged to
several important customers and also obtained more favourable freight charges from air carriers.
The main destination areas are North and South America. Revenues from road haulage within
Europe registered an increase of 45.7%, rising from Lire 498 million to Lire 726 million. This
increase was due to a new agreement with new correspondents on the Iberian Peninsula. Revenue
from shipments by sea has decreased by approx. 19%, falling from Lire 193 million to Lire 162
million. In actual fact this sector is of marginal importance and is limited to transactions with
customers of the other Savino Del Bene Group companies. The company plans to open its own
office in North America in order to expand traffic to and from that area.
• Tavoni Arimar Spedizioni S.p.a.: this company recorded an income for the period of Lire 92
million, against Lire 443 million for the corresponding period of the previous year. The average
number of employees during the period amounted to No. 34, compared to No. 14 during the period
ended 30th June 2000. During the period the company acquired the shipping and transport
company “Tavoni International” which has No. 9 offices in Central and North Italy; consequently,
the figures regarding both the volumes of goods shipped and the revenue therefrom have been
influenced by this acquisition. Shipments by sea showed an increase of 57.3% in terms f the
number of TEUS shipped, which rose from No. 2,000 to No. 3,146. Revenue from shipments by
sea rose from Lire 7,553 million to Lire 12,020 million. The volume of kilos shipped by air increased
by 279%, rising from 491 thousand kg at 30.6.00 to 1,863 thousand kg at 30.6.01, while revenues
from air shipments rose from Lire 3,881 million to Lire 11,031 million. The acquisition of Tavoni
has led to a shift in the principal traffic routes away from North America towards the Far East
although together these two areas generate more than 50% of the total volume of goods shipped.
• Centro Spedizioni Internazionali S.p.a.: this subsidiary company recorded a loss of Lire 15
million against a net income of Lire 27 million for the first six months of the year 2000. The
average number of employees during the period amounted to No. 16 against No. 17 during the
period ended 30.6.00. Turnover has remained virtually unchanged with respect to the
corresponding period of the previous year and amounted to Lire 3,893 million, despite the closure
of the Santacroce sull’Arno (Pisa) office which had generated a turnover of approx. Lire 600 million
at 30.6.00. Revenues from shipments by sea increased from Lire 306 million Lire 708 million with
No. 316 Teus shipped during the period compared to No. 142 during the period ended 30.6.00.
The loss of an important customer led to a decrease in the volume of goods shipped by air, which
amounted to Kg. 38 thousand against Kg. 85 thousand in the corresponding period of the previous
year. The company's main activity remains that road haulage road haulage, which generated
revenues for Lire 2,323 million against Lire 2,712 million del 30.6.00.
15

• Fiorino Shipping S.r.l. : the company recorded a net income for the period of Lire 428 million
against a net income of Lire 382 million for the corresponding period of the previous year. The
average number of employees during the period amounted to No. 9, against No. 8 at 30.6.00.
Shipments by sea have increased by 35.8% to a total of No. 606 Teus shipped, while revenues
from shipments by sea have fallen by 4.9% to Lire 3,170 million. The volume of goods shipped by
air shows a decrease of 13.5%, falling from 462 thousand kg at 30.6.00 to 400 thousand kg at
30.6.00. Revenues from shipments by air have risen from Lire 2,815 million to Lire 2,829 million.
The principal sectors in which the company operates regard clothing, textiles, chemical products
and leather and furs, and the principal route is represented by North America.
• Novibrama S.r.l. : this subsidiary company recorded a net income of Lire 49 million, against Lire
81 million for the corresponding period of the previous year. The average number of employees
during the period amounted to No. 7, unchanged with respect to 30.6.00. The company carries out
road haulage services and plays a strategic role within the Savino Del Bene Group. Turnover for
the period amounted to Lire 4,000 million against Lire 5,941 million at 30.6.00.
• Lulli S.r.l. : this subsidiary company realised an income of Lire 259 million, against Lire 340 million
for the period ended 30.6.00. The company provides computer consultancy and data processing
services. The average number of employees rose to No. 15, against No. 8 employees at 30.6.00.
Turnover for the period amounted to Lire 3,007 million, against Lire 2,855 million for the
corresponding period of the previous year.
• Cavallino S.r.l.: the main activity of this subsidiary company is that of real estate management.
The company recorded a net income for the period of Lire 88 million against Lire 83 million for the
period ended 30.6.00. This company has no employees and realised a turnover of Lire 365 million
against Lire 358 million for the period ended 30.6.00.
• Sacid S.r.l.: this subsidiary company recorded a net income of Lire 38 million against Lire 171
million at 30.6.00. The company employed an average of No. 9 employees during the period,
compared to No. 7 during the period ended 30.6.00. Total sales revenue showed an increase of
15.3%, rising from Lire 2,133 million at 30.6.00 to Lire 2,460 million at 30.6.01. The company's
main activity is that of customs brokerage, importation and shipments by air, and its operations are
centred on the Fiumicino Airport in Rome. In particular, the revenues deriving from importation and
customs brokerage activities amounted to Lire 1,388 million, relatively unchanged with respect to
the corresponding period of the previous year. Revenues from shipments by air amounted to Lire
833 million against Lire 643 million del 30.6.00.
• C.R.T. S.r.l.: this subsidiary company recorded a net income of Lire 207 million against Lire 97
million at 30.6.00. The average number of employees during the period amounted to No. 4, as in
the previous year. The company transports containers within Italy. Total sales revenues showed an
increase of 35%, rising from Lire 5,662 million to Lire 7,648 million.
• Do.Ca. S.r.l.: this associated company is based in Livorno and therefore operates mainly in
shipments by sea. The company realised a net income of Lire 837 million against Lire 388 million
for the corresponding period of the previous year. During the period the company recorded a
turnover of Lire 21,031 million, against Lire 15,026 million for the period ended 30.6.00. The
company registered an increase of 211% in terms of quantity of Teus shipped, which rose from No.
3,770 Teus to No. 4,566. The company's principal routes are comprised of North and South
America.
• Levitrans S.r.l.: this associated company recorded a net income for the period of Lire 6 million
against Lire 5 million at 30.6.00. This company operates in the transport of marble and masonry
products sector. The company employed an average of No. 14 employees during the current
period and that of the previous year. Shipping revenues amounted to Lire 17,052 million against
Lire 11,791 million at 30.6.00. Revenues from shipments by sea amounted to Lire 16,984 million
against Lire 11,773 million at 30.6.00. The goods shipped in terms of number of Teus amounted to
No. 2,901 against No. 2,743 at 30.6.00.
16

The parent company's income statement includes the following costs and revenues relative to
subsidiary and associated companies:
30.06.00 31.12.00 30.06.01
(+) Revenues and income:
Revenues from services, mainly shipping
services 83,084 167,297 81,935
Other revenues from rental of real estate 103 206 117
Other revenues from payroll services rendered: 54 85 56
Financial income from dividends and relative tax credits 1,638 3,608 1,538
Financial income from interest on loans 147 609 0
Income from writeback of book value of equity investments 0 241 0
Extraordinary gains realised on the sale of equity investments
(-) Costs and charges:
Costs for services received, mainly related to
0 1,939 0
shipping activities 28,202 52,717 27,055
Costs for rental of real estate: 423 840 429
Exchange losses 0 1,830 0
Provision for coverage of losses 0 288 0
Write-down of equity investments 0 524 0
Significant events subsequent to 30th June 2001
Subsequent to 30th June 2001 the Company opened a new office in Genoa, which became
operative as from the beginning of August 2001 and which is expected to lead to a further expansion of
traffic from North Italy towards Asia in general.
In accordance with a previous agreement, the company acquired a further share of 2% in the
company Leonardi and Co. S.p.A.
Finally, a preliminary agreement has been signed for the acquisition of a building, for office use,
close to the Company's head offices in Scandicci (Florence) for a cost of Lire 515 million; the additional
space shall permit a more rational distribution of operations.
No other events have taken place after the period end which could have a significant effect on the
Company's equity, financial and economic situation.
Forecast for the remainder of the current year
The following figures are forecast for the year 2001 as a whole:
31.12.00 30.06.01 31.12.01
Value of production 387,642 179,466 385,000
Gross operating margin 29,689 9,062 22,000
Net operating result 24,627 6,613 17,000
The net financial position has changed from a net liquidity of Lire 12,189 million at 31st December
2000 to Lire 2,882 million as a result of the significant equity investments acquired during the period.
Given that no significant investments are expected to take place during the second half of the year
2001 we expect to be able to maintain, and indeed improve, the result achieved during the first six
months of the year.
ACCOUNTING PRINCIPLES AND VALUATION CRITERIA
The accounting principles adopted in the preparation of these interim financial statements are
consistent with those adopted in the previous annual financial statements. The more significant
accounting principles are disclosed below:
17

1. Intangible fixed assets are recorded at purchase cost and amortised over the period that the assets
are expected to benefit. In particular, Starting up and expansion costs are capitalised with the Board of
Statutory Auditors’ consent and amortised over a period of five years. Goodwill is capitalised and
amortised over a period of five years from the period in which it was purchased, with the Board of
Statutory Auditors’ consent. Concessions, licences and similar rights relate to the cost of applications
software acquired under licence for use and are amortised on a straight-line basis over the duration of
the licence, which is estimated as being over a period of five years. Improvements to third party assets
and are amortised over the duration of the relative lease or rental contract or over their expected useful
lives, whichever is the shorter.
2. Tangible fixed assets are stated at purchase cost, including directly related charges, and are shown
net of accumulated depreciation thereon. The cost of certain assets has been restated, following the
application of monetary revaluation laws or following mergers, within the limits of the fair value of the
assets concerned. In particular, the buildings recorded in the financial statements were revalued during
the year in accordance with Law No. L.342/2000 utilising the criteria of the revaluation of both historical
cost and of accumulated depreciation, offset by the creation of a specific reserve in shareholders'
equity, having accrued the relative substitutive tax.
Repair and maintenance costs are charged entirely to the income statement in the period in
which they are incurred. Tangible fixed assets are depreciated annually on a straight-line basis
using rates that reflect the residual economic lives of the assets concerned.
3. Assets acquired under financial leasing contracts are recorded in the financial statements in
accordance with the current interpretation of the relative legislation, which requires that leasing
instalments be charged to the income statement for the period.
4. Equity investments intended to be held on a long-term basis are recorded as financial fixed assets
and are stated at purchase cost. Investments in foreign companies are stated at cost converted into
Italian lire at the exchange rate in existence at the moment of acquisition or underwriting of the
investment. In the event of a permanent fall in value they are written down to their net equity value,
determined on the basis of the last approved set of financial statements, taking account of reasonable
expectations of future profitability, by means of the creation of a specific reserve for write-downs.
Losses in excess of the book values of the investments are recorded in a specific provision under the
heading "Provisions for risks and charges".
The investments are restored to their original value should the reasons for such write-downs no longer
apply.
5. Own shares are recorded in the financial statements either as financial fixed assets or current
financial assets, depending on whether they are intended to be held over the long term or whether they
are designed to uphold the Company’s share quotation. In the former case they are valued at cost,
18

educed where necessary to take account of permanent reductions in value; in the second case the
own shares are stated at the lower of average weighted cost and market value.
6. Marketable securities are classified as financial fixed assets if they are intended to be held until their
maturity date, or as current financial assets if they are destined either for negotiation or to meet future
finance requirements. Those securities included in financial fixed assets are stated at purchase cost,
adjusted where necessary to the lower of cost and reimbursement value. The securities included in
current assets are stated at the lower of average weighted cost and estimated realisable value,
calculated on the basis of market trends.
7. Receivables are classified as financial fixed assets or as current assets depending upon their nature
and due date. Receivables included as financial fixed assets are stated at nominal value as this
coincides with their estimated realisable value. The receivables included in current assets are shown
net of specific provisions for bad debts considered necessary to bring these receivables into line with
their estimated realisable value.
8. Accruals and prepayments are recorded in order to match costs and revenues in the accounting
period to which they relate. Accrued income and liabilities relate to income and expenses relative to the
period, which manifest themselves in subsequent periods. Deferred income and prepaid expenses
relate to income and expenses incurred during the period but which are relative to future periods.
9. In order to hedge against exchange risks the Company stipulates forward exchange contracts
relative to certain purchase/sale operations. The effects of the variation in exchange rates on the
currencies covered by these forward contracts are recorded at the moment in which the relative costs
and revenues are recorded. The gains and losses realised on these contracts are recorded in the
income statement at the moment in which the relative payment/receipt is realised or when they are
considered unrealisable and the relative receivable and payable is registered.
10. Liquid funds are stated at numerical value.
11.Provisions for risks and charges cover contingencies in relation to known or likely losses, the extent
and timing of which cannot be precisely determined at the period-end. They comprise the following:
provision for pensions, leaving indemnities and similar resolved by the shareholders’ meeting as
recognition of an indemnity to long serving members of the Board of Directors in the event of their
retirement. The criteria adopted for the recording of such provision is in line with the nominal value
resolved by the shareholders;
provision for taxes includes both the reserve accrued to cover the estimated future tax liability relative
to tax disputes and tax assessments not yet finalised and the provision for deferred taxation;
other provisions comprise the following:
19

- provision for risk of disputes and penalties to cover the losses expected upon the unfavourable
outcome of legal action in course;
• provision for coverage of subsidiary and associated company losses to cover the losses
sustained by subsidiary and associated companies in excess of the book value of the relative
equity investment.
12. Employee termination indemnity represents the liability matured towards employees at the balance
sheet date, determined in accordance with Italian legislation and labour contracts in force. This reserve
results adequate with regard to the liability matured at the period end and is shown net of advances
granted to employees. The credit relative to the advance taxation paid on employee termination indemnity in
accordance with Law No. 662 of 23rd December 1996 and subsequent amendments, revalued in accordance
with this legislation, is recorded under the heading “other receivables" in financial fixed assets.
13. Payables are stated at nominal value.
14. Accruals for income taxes, calculated on the basis of taxable income for the period, are recorded
gross of advance payments of tax and taxes withheld from the Company at source in accordance with
Law No. 466/1997 and subsequent amendments.
Both advance taxation and deferred taxation are recorded in the financial statements where there
exists a reasonable certainty of their future recovery. Deferred and advance taxation are calculated on
the timing differences between the income shown in the financial statements and the taxable income
declared in the Company's tax return on the basis of the tax rates in force in the coming year. The net
difference between advance and deferred taxation is recorded in the income statement under the
heading "Income tax for the year".
The deferred taxation relative to reserves upon which taxation has been postponed has not been recorded as we
have a reasonable certainty that these reserves shall not be utilised and therefore shall not be subject to
taxation.
15. Dividends are recorded on an accrual basis, and therefore at the moment in which the dividend is
declared.
Dividends from subsidiary companies are recorded on a “matural” basis, that is during the period in
which the relative profits were earned by the subsidiary companies, on the condition that the date of
approval of the parent company’s financial statements is later than that of the approval of the
subsidiary companies financial statements and of the relative resolutions for the distribution of net
income. In accordance with the accruals principle, the relative fiscal effects are recorded in the same
period in which the dividend was recorded, even where the dividend is not actually received until the
subsequent accounting period; therefore deferred taxation is calculated (relative only to corporation tax
–IRPEG), taking account of the relative tax credit, which is recorded as an increase in the value of the
dividend.
16. Income and expenses are recorded in accordance with the accrual concept and are shown net of
discounts, rebates and bonuses.
17. The memorandum accounts include the following:
guarantees given, represented by:
20

- fidejussions granted to third parties in favour of Group companies and third parties against
liabilities and other commitments assumed by them, in addition to pledges on the Company's assets.
- mortgage guarantees given to third parties against mortgage loans obtained;
other memorandum accounts comprised of assets held in leasing, valued at the amount of
leasing instalments outstanding plus the purchase option price.
18. Amounts receivable and payable in foreign currencies adhering to the single European currency
"Euro" are converted into lire using the fixed Euro exchange rates. Amounts receivable and payable in
other foreign currencies are converted into lire using the exchange rates in effect at the transaction
date. Eventual exchange differences realised on receipt or payment of these balances are recorded in
the income statement. In accordance with the accounting principle (Accounting Principle No. 26)
issued by the Italian Institute of Accountants (Consigli Nazionali dei Dottori Commercialisti e
Ragionieri), as from the year 2000, current receivables and payables in foreign currencies not adhering
to the single European currency "Euro” are converted into lire using the year-end exchange rates; the
resulting gains and losses are recorded in the income statement under the headings "financial income"
and "financial charges" respectively. Up until the previous year only the unrealised losses were
recorded in the financial statements under a specific provision for exchange differences. The effects
deriving from the adoption of this new accounting principle are disclosed further on in these
explanatory notes.
Liquid funds and bank overdrafts in foreign currency are converted into lire using the year-end
exchange rates.
21

NOTES TO THE BALANCE SHEET
FIXED ASSETS
Intangible fixed assets amount to Lire 823 million against Lire 785 million at 31st December 2000 and
Lire 906 million at 30th June 2000. The movements which took place during the first six months of the
year 2001 (the period) are detailed below:
Starting up
and
expansion
costs
Concessions,
licences and
trademarks
Goodwill Advances
to
suppliers
Others Total
Balance at 31.12.00
Historical cost 134 124 340 0 702 1,300
Accumulated amortisation -74 -43 -68 0 -330 - 515
Net book value 60 81 272 0 372 785
Movements during the 1°
six months of 2001:
• Additions 6 7 0 34 155 202
• Disposals
/Adjustments
0 0 0 0 -11 - 11
• Amortisation -14 -21 -34 0 -83 - 152
Balance at 30.06.01
Historical cost 140 131 340 34 846 1,491
Accumulated amortisation -89 -64 -102 0 -413 - 668
Net book value 51 67 238 34 433 823
The increase of Lire 6 million in starting up and expansion costs is due to legal and fiscal costs
sustained relative to the increase in share capital resolved by the Board of Directors on 30.3.2001 in
exercising the powers conferred on them by the shareholders meetings. The increase of Lire 7 million
in concessions, licences and trademarks relates to the implementation of operational programmes.
The advances of Lire 34 million relate to sums paid in advance for work to be carried out on leased
buildings. The increase of Lire 155 million in other assets relates to the cost of improvements carried
out on buildings held in leasing. The amortisation charge for the period amounts to a total of Lire 152
million, against Lire 616 million at 31st December 2000 and Lire 307 million at 30th June 2000.
Tangible fixed assets amount to Lire 27,124 million against Lire 26,811 million at 31st December
2000 and Lire 13,386 million at 30th June 2000, net of accumulated depreciation thereon. The
movements during the period are detailed below:
Balance at 31.12.2000
Land and
buildings
Equipment Other
assets
Advances
to suppliers
Historical cost 10,344 1,851 10,261 0 22,456
Revaluation 41,973 0 0 0 41,973
Accumulated depreciation -8,950 -1,292 -6,317 0 -16,559
Revaluation of accum. depreciation -21,059 0 0 0 -21,059
Net book value 22,308 559 3,944 0 26,811
Movements during the first six months
of the year 2001:
Total
22

• Additions 145 214 1,349 227 1,935
• Disposals:
• Historical cost
• Accumulated depreciation
0
0
• Depreciation charge -792 -109 -709 0 -1,610
Balance at 30.06.01
Historical cost 10,489 2,023 11,412 227 24,151
Revaluation 41,973 0 0 0 41,973
Accumulated depreciation -9,742 -1,359 -6,840 0 -17,941
Revaluation of accum. depreciation -21,059 0 0 0 -21,059
Net book value 21,661 664 4,572 227 27,124
The more significant additions during the period were:
• land and buildings: work for a value of Lire 124 million carried out on the buildings in Via delle
Nazioni Unite, Scandicci (Lire 1 million) and in No. 65, Via delle Cateratte, Livorno (Lire 123
million) and additions to light construction for Lire 21 million;
• purchases of equipment for Lire 214 million;
• other assets: purchases of electronic machinery for Lire 756 million, trucks for Lire 356 million,
plant, furniture and equipment for Lire 222 million and motor vehicles for Lire 15 million. The
disposals during the period regarded trucks for Lire 159 million, electrical and electronic machinery
for Lire 32 million and plant, furniture and equipment for Lire 7 million.
Lastly, advance payments of Lire 227 million were made for the acquisition of the ground lease
(Lire 182 million) on council land in Genoa for office use up until 31.12.2051 and for restructuring work
on the Livorno building (Lire 40 million) and for the purchase of equipment (Lire 5 million).
The only assets included in the financial statements which have been subject to revaluation are
land and buildings. The table below shows the gross book value:
Commercial buildings Agricultural
land
Light construction Total
Historical cost of land and
buildings not revalued
124 0 274 398
Historical cost of revalued
assets
9,989 102 0 10,091
Revaluation of historical cost: 0 0 0 0
- Merger losses 5,676 0 0 5,676
- Law No. 576/1975 24 0 0 24
- Law No. 413/1991 1,050 25 0 1,075
- Law No. 342/2000 35,198 0 0 35,198
Total gross book value 52,061 127 274 52,462
Financial fixed assets, comprised of equity investments, receivables and other securities, amount
to Lire 34,136 million against Lire 25,200 million at 31st December 2000 and Lire 25,498 million at 30th
June 2000.
Investments in subsidiary and associated companies amount to Lire 33,298 million against Lire
18,486 million at 31st December 2000 and Lire 18,796 million at 30th June 2000 and show the
following movements during the period:
-42
42
Subsidiary
companies
-198
186
Associated
companies
Balance at 31.12.00
Historical cost 16,926 3,558 20,484
Write-downs -1,007 -991 -1,998
Net book value 15,919 2,567 18,486
Movements during the first six months
of the year 2001
• additions 15,374 0 15,374
0
0
-240
228
Total
23

• write-back of value of investment 0 0 0
• repayments received -304 0 - 304
• disposals 0 0 0
• write-downs -258 0 - 258
Balance at 30.06.01
Historical cost 31,996 3,558 35,554
Write-downs -1,265 -991 -2,256
Net book value 30,731 2,567 33,298
The increase of Lire 15,374 million in investments in subsidiary companies relates to the following:
• Lire 580 million for the increase in the share capital of the company Tavoni Arimar S.p.a.;
• Lire 530 million for the coverage of losses sustained by the company Cavallino S.r.l., already
written down by Lire 258 million;
• Lire 8,262 million for the acquisition of 51 % of the share capital of the company Leonardi e C.
S.p.a.;
• Lire 6,000 million for the non-interest bearing loan made to the subsidiary company Savino del
Bene International S.A. (Luxembourg) under the form of advance payment for future share capital
increases utilising the interest bearing loan existing in the financial statements as at 31.12.00;
• Lire 2 million for the underwriting and payment of 1% of the share capital of the indirect subsidiary
company Savino Del Bene Argentina.
The repayment received of Lire 304 million refers to the refund of the share capital of the
subsidiary company Schiassi Spedizioni S.r.l. which went into liquidation.
The write-down of Lire 258 million refers, as previously mentioned, to the subsidiary company
Cavallino S.r.l. which reintegrated the loss for the year ended 31.12.2000 during the period.
In particular, Appendix No. 1 attached to these explanatory notes shows a list of both direct and
indirect investments and the comparison between their net equity value and the book value recorded
in the financial statements. Appendix No. 2 lists the investments in companies owned indirectly
through the subsidiary companies. Finally, Appendix No. 3 shows the principal financial statement
figures for the Company's subsidiary and associated companies.
Receivables recorded under the heading "financial fixed assets" are comprised as follows:
30.06.00 31.12.00 30.06.01
Receivables from subsidiary companies
- due within 12 months
Other receivables
5,896 5,896 0
- due after 12 months 806 818 838
Total 6,702 6,714 838
Receivables from subsidiary companies relate to an interest bearing loan of Lire 5,896 million
towards the subsidiary company SDB International S.A. (Luxembourg) which was transformed into a
non-interest bearing loan and transferred to advances from shareholders for future increases in share
capital and therefore recorded as an increase in the value of the equity investment in this subsidiary.
Other receivables amount to Lire 838 million and consist mainly of guarantee deposits necessary
for the carrying out of the Company's business and granted against contracts for the supply of services
(Lire 227 million) and the receivable from the fiscal authorities for the advance taxation paid on
employee termination indemnity in accordance with Law No. 79/1997 (Lire 611 million).
C) Current assets
Receivables amount to Lire 113,418 million, against Lire 116,691 million at 31st December 2000
and Lire 97,573 million at 30th June 2000, and comprise the following:
30.06.00 31.12.00 30.06.01
Trade receivables
- due within 12 months 51,793 57,481 51,092
Receivables due from
subsidiary companies
- due within 12 months 37,156 44,375 51,895
24

Receivables due from
associated companies
- due within 12 months 215 301 475
Other receivables
- due within 12 months 5,568 11,706 7,093
- due after 12 months 2,841 2,828 2,863
Total 97,573 116,691 113,418
Trade receivables amount to Lire 51,092 million and are shown net of a provision for bad debts of
Lire 2,962 million, which fell by Lire 365 million during the period following the utilisation of the provision
to cover losses sustained and which was increased by Lire 500 million to bring the net value of
receivables into line with their estimated net realisable value.
Receivables due from subsidiary companies amount to Lire 51,895 million, against Lire 44,375
million at 31st December 2000 and Lire 37,156 million at 30th June 2000 and represent receivables of
a commercial nature due from the following companies:
25

Subsidiary companies 31.12.00 30.06.01
Albatrans S.p.A. Scandicci (Florence, ITALY) 756 832
Tavoni Arimar Spa Sesto Fiorentino (Florence, ITALY) 401 501
Centro Spedizioni Internazionali S.p.A. Vicenza (ITALY) 45 32
Fashion Transport S.r.l. Sesto Fiorentino (Florence, ITALY) 197 75
Fiorino Shipping S.r.l. Sesto Fiorentino (Florence, ITALY) 391 66
General Noli Spedizioni Internazionali S.p.A. Modena (ITALY) 209 570
Hani Transport Co. Ltd. Kangnam (SOUTH KOREA) 1,722 1,509
Leonardi & C. spa Sassuolo (Modena, ITALY) 0 35
Lulli S.r.l. Scandicci (Florence, ITALY) 11 7
Novibrama S.r.l. Livorno (ITALY) 9 38
Sacid S.r.l. Rome (ITALY) 44 58
Savitransport S.p.A. Sesto Fiorentino (Florence, ITALY) 217 197
Schiassi Spedizioni S.r.l. Bologna (ITALY) 0 0
Cavallino srl Scandicci (Florence, ITALY) 0 0
Savino Del Bene "Fiume" Rijeka (CROATIA) 0 0
Savino Del Bene Corp. Canada Mississauga (CANADA) 1,068 1,040
Savino Del Bene China Ltd. HONG KONG 523 700
Savino Del Bene Portuguesa Lda Perafita (PORTUGAL) 279 408
Savino Del Bene S.L. Alicante (SPAIN) 590 554
Savino Del Bene UK Limited Basildon (UK) 258 196
C.R.T. Combined Railway Transport S.r.l. Bentivoglio (Bologna, ITALY) 41 70
Fashion Distribution Services Inc. Carteret (USA) 380 403
General Freight Inc. Montreal (CANADA) 401 250
Savino Del Bene (S) PTE Ltd. SINGAPORE 732 554
Savitransport Triveneto S.r.l. Sesto Fiorentino (Florence, ITALY) 1 272
Savino Del Bene do Brasil Ltda. San Paolo (BRAZIL) 261 628
S.D.B. Argentina Buenos Aires (ARGENTINA) 0 174
S.D.B. Finanziaria S.A. LUXEMBOURG 283 0
Savino Del Bene France SA Roissy (FRANCE) 5 4
Savino Del Bene Egypt Ltd. Cairo (EGYPT) 49 84
Savino Del Bene (Georgia) Inc. East Point-Atlanta (USA) 525 511
Savino Del Bene Inc. Massachusetts Chelsea- Boston (USA) 1,602 1,690
Savino Del Bene Intern. Freight Forw. Inc. Elk Grove Vil.-Chicago (USA) 10,527 13,695
Savino Del Bene (Texas) Inc. Irving-Dallas (USA) 3,326 5,219
Savino Del Bene Inc. California Los Angeles (USA) 7,650 7,386
Savino Del Bene Inc. Miami Miami (USA) 2,106 2,549
Savino Del Bene Inc. New York New York (USA) 5,594 7,439
Savino Del Bene Inc. Charlotte Charlotte (USA) 877 819
Savino Del Bene Freight Forw. (India) Pvt Ltd. Bombay (INDIA) 542 382
Savino Del Bene Naklyiati Ltd. Istanbul (TURKEY) 470 514
PT Savino Del Bene (Indonesia) Jakarta (INDONESIA) 16 56
Savino Del Bene Japan Co. Ltd. Tokyo (JAPAN) 1,268 1,315
Savino Del Bene (K L) Sdn. Bhd. Kuala Lampur (MALAYSIA) 14 74
Savino Del Bene Perù Sac. San Sidro (PERU) 119 166
Savino Del Bene Inc. Seattle Seattle (USA) 41 199
Savino Del Bene Pte Thailand Ltd Bangkok (THAILAND) 195 272
Superb Custom Brokers Inc. New York (USA) 630 352
Total 44,375 51,895
Receivables due from associated companies amount to Lire 475 million, against Lire 301 million
at 31st December 2000 and Lire 215 million at 30th June 2000 and relate to the company Do.Ca. S.r.l.
and one of its subsidiaries (Lire 374 million) and to the company Levitrans S.r.l. (Lire 11 million).
26

Other receivables amount to Lire 9,956 million, against Lire 14,534 million at 31st December 2000
and Lire 8,409 million at 30th June 2000.
The current portion due within 12 months amounts to Lire 7,093 million and is comprised of the
following:
• Lire 4,984 million - fiscal authorities for advance payment of taxes, tax withheld at source and tax
credits;
• Lire 267 million - VAT authorities;
• Lire 796 million - advances to suppliers;
• Lire 589 million - due from the company Ventura S.p.A. for the sale of the investments in the
companies Da Verrazzano S.r.l. and Vespucci S.r.l.;
• Lire 393 million - advance taxation;
• Lire 64 million - INAIL.
The non-current portion amounts to Lire 2,863 million and is comprised of the following:
• Lire 1,817 million - due from an insurance company relative to insurance policies for directors
leaving indemnity;
• Lire 724 million - advances to employees;
• Lire 205 million - advance taxation;
• Lire 117 million - mainly comprised of sundry receivables from the fiscal authorities for direct and
indirect tax refunds.
Financial assets amount to Lire 3,987 million, against Lire 4,374 million at 31st December 2000
and Lire 3,781 million at 30th June 2000. They comprise the following :
30.6.00 31.12.00 30.06.01
Own shares 963 1,497 1,079
Other securities 2,818 2,877 2,908
Total 3,781 4,374 3,987
During the period No. 80,730 own shares were purchased and No. 187,875 own shares were sold,
giving rise to a net loss on trading of Lire 352 million (a loss of Lire 357 million and a gain of Lire 5
million), deriving principally from the sale of own shares (No. 184,875) to managers of the Group as
part of the “stock option” programme resolved by the shareholders. At 30th June 2001 the Company
held No. 222,915 own shares, for a total nominal value of € 115,915.8, equivalent to Lire 224,444,286.
The average cost per share purchased amounts to approx. Lire 4,840 equivalent to € 2.4998.
Other securities amount to Lire 2,908 million, against Lire 2,877 million at 31st December 2000
and Lire 2,818 million at 30th June 2000 and represent an investment portfolio administered externally
by a stock-brokerage company.
Liquid funds amount to Lire 12,703 million against Lire 22,909 million at 31st December 2000 and
Lire 18,416 million at 30th June 2000 and comprise the following:
30.06.00 31.12.00 30.06.01
Bank and post office deposit accounts 17,260 21,947 10,684
Cheques 1,064 879 1,899
Cash on hand 92 83 120
Total 18,416 22,909 12,703
D) Accrued income and prepaid expenses
These comprise the following:
30.06.00 31.12.00 30.06.01
Accrued income 254 0 0
Prepaid expenses 256 145 250
Total 510 145 250
Prepaid expenses refer to that part of costs incurred during the period but relative to subsequent
periods for insurance (Lire 158 million), advance shipping charges (Lire 44 million), and contract
maintenance and assistance (Lire 10 million) and other costs (Lire 38 million).
27

Shareholders' Equity
The composition and movements therein are detailed in the table below:
Share
capital
Revaluatio
n reserve
Legal
reserv
e
Reserve
for own
shares
Other
reserves
Net
income
for the
period
Balance at 31.12.99 36,230 210 1,431 874 10,916 10,204 59,865
Increase in share capital (Board Meeting
28.3.00)
Conversion of share capital into Euro (Extr.
Shareholders' Meeting dated 28.4.00)
Total
150 0 0 0 0 -150 0
250 0 0 0 -250 0 0
Allocation of net income (AGM dated 28.4.00) 0 0 511 0 4,659 -5,170 0
Dividends paid (AGM dated 28.4.00) 0 0 0 0 0 -4,884 -4,884
Increase in reserve for own shares (AGM dated
28.4.00)
0 0 0 2,126 -2,126 0 0
Revaluation surplus (Law No. 342/00) 0 11,452 0 0 0 0 11,452
Net income for the year 2000 0 0 0 0 0 17,044 17,044
Balance at 31.12.00 36,630 11,662 1,942 3,000 13,199 17,044 83,477
Increase in share capital (Board Meeting
30.3.01)
161 0 0 0 0 -161 0
Allocation of net income (AGM dated 2.5.01) 0 0 852 0 8,766 -9,618 0
Dividends paid (AGM dated 2.5.01) 0 0 0 0 0 -7,265 -7,265
Net income for the period 1/1/01 – 30/6/01 0 0 0 0 0 10,183 10,183
Balance at 30.06.01 36,791 11,662 2,794 3,000 21,965 10,183 86,395
The movements which took place during the period derive from the following:
• the increase of Lire 161 million in share capital resolved by the Board of Directors on 30.3.2001, in
accordance with the power conferred thereon by the shareholders' meeting of 16.9.98, by means
of the transfer from the reserve for employee profit sharing, subsequently re-constituted in the
allocation of net income for the year ended 31.12.2000;
• the resolution passed by the ordinary shareholders' meeting dated 2.5.2001, which allocated the
net income for the year 2000 to the legal reserve (Lire 852 million), to extraordinary reserves (Lire
8,766 million) and to the reserve for employee profit sharing (Lire 161 million) and declared a
dividend of Lire 200 per ordinary share, for a total of Lire 7,265 million.
Provisions for risks and charges
These amount to Lire 2,897 million, against Lire 2,706 million at 31st December 2000 and Lire
2,418 million at 30th June 2000 and comprise the following:
31.12.00 Increase Decrease 30.06.01
Provision for leaving indemnities, 1,818 99 0 1,917
pension funds and similar
Provision for taxation
Other provisions:
0 250 0 250
- Provision for the coverage of subsidiary
company losses
288 0 258 30
- Provision for litigation, penalties and
disputes
600 127 27 700
Total 2,706 476 285 2,897
28

The provision for leaving indemnities, pension funds and similar represents the provision accrued in order to
pay an indemnity to the Company’s long-term directors at the end of their collaboration. This provision
shows an increase during the period of Lire 99 million representing the indemnity matured during the
period.
The provision for taxation is comprised of a provision of Lire 250 million in order to cover the risks
relative to a fiscal assessment in course.
Other provisions are comprised of:
• Provision for the coverage of subsidiary company losses for Lire 30 million; this provision shows a
decrease of Lire 258 million during the period relative to the utilisation of the provision for the
coverage of the losses for the year ended 31.12.00 sustained by the subsidiary company
Cavallino S.r.l.; the residual balance of the provision as at 30.6.01 of Lire 30 million relates to the
subsidiary company Hani Transport Co. Ltd.;
• provision for litigation, penalties and disputes for Lire 700 million; this provision shows a decrease of
Lire 27 million during the period due to utilisation and an increase of Lire 127 million due to
additional provision accrued.
Employee termination indemnity
This amounts to Lire 9,968 million, against Lire 9,323 million at 31st December 2000 and Lire 8,772
million at 30th June 2000. The following movements took place during the period:
Balance at 31.12.00 9,323
Increases for : 0
- indemnity matured during the period 709
- indemnity on employees transferred from Group companies 0
- revaluation in accordance with Law No. 297/82 173
Decreases for: 0
- indemnity paid to employees leaving the Company -177
- advance payments in accordance with Law No. 297/82 -60
Balance at 30.06.01 9,968
Payables
These amount to Lire 93,014 million, against Lire 101,257 million at 31st December 2000 and Lire
79,140 million at 30th June 2000, and comprise the following:
30.06.00 31.12.00 30.06.01
Payables towards banks
- due within 12 months
Advances from customers
10,534 15,094 13,808
- due within 12 months
Trade payables
606 484 509
- due within 12 months
Payables towards subsidiary
companies
43,708 50,331 42,598
- due within 12 months
Payables towards associated
companies
11,181 11,592 10,820
- due within 12 months 47 49 78
Payables
authorities
towards fiscal
- due within 12 months 5,183 17,295 9,846
Payables towards social
welfare institutions
- due within 12 months
Other payables
2,092 1,963 2,333
- due within 12 months 5,764 4,424 8,331
- due after 12 months 25 25 4,691
Total 79,140 101,257 93,014
29

Payables towards banks amount to Lire 13,808 million, against Lire 15,094 million at 31st December
2000 and Lire 10,534 million at 30th June 2000, and are comprised entirely of current account
overdrafts and short-term loans in foreign currency. The interest rates applied on overdrafts during the
period varied between 7.5% to 8.50%, and between 4.5% to 7% for foreign currency loans.
Advances from customers amount to Lire 509 million, against Lire 484 million at 31st December 2000
and Lire 606 million at 30th June 2000.
Trade payables amount to Lire 42,598 million, against Lire 50,331 million at 31st December 2000 and
Lire 43,708 million at 30th June 2000. They represent payables of a commercial nature and include the
supplements relative to services concluded on or before 30.06.2001.
Payables towards subsidiary companies amount to Lire 10,820 million, against Lire 11,592 million at
31st December 2000 and Lire 11,181 million at 30th June 2000. They consist of the following payables:
30

Subsidiary companies 31.12.00 30.06.01
Albatrans S.p.A. Scandicci (Florence, ITALY) 74 82
Tavoni Arimar spa Sesto Fiorentino (Florence, ITALY) 24 33
Centro Spedizioni Internazionali S.p.A. Vicenza (ITALY) 123 62
Fashion Transport S.r.l. Sesto Fiorentino (Florence, ITALY) 465 16
Fiorino Shipping S.r.l. Sesto Fiorentino (Florence, ITALY) 18 114
General Noli Spedizioni Internazionali S.p.A. Modena (ITALY) 38 110
Hani Transport Co. Ltd. Kangnam (SOUTH KOREA) 290 152
Leonardi & C. spa Sassuolo (Modena, ITALY) 0 314
Lulli S.r.l. Scandicci (Florence, ITALY) 767 697
Novibrama S.r.l. Livorno (ITALY) 906 423
Sacid S.r.l. Rome (ITALY) 30 23
Savitransport S.p.A. Sesto Fiorentino (Florence, ITALY) 327 39
Schiassi Spedizioni S.r.l. Bologna (ITALY) 424 0
Cavallino srl Scandicci ((Florence, ITALY) 0 0
Savino Del Bene "Fiume" Rijeka (CROATIA) 0 13
Savino Del Bene Corp. Canada Mississauga (CANADA) 382 334
Savino Del Bene China Ltd. HONG KONG 750 519
Savino Del Bene Portuguesa Lda Perafita (PORTUGAL) 71 93
Savino Del Bene S.L. Alicante (SPAIN) 356 314
Savino Del Bene UK Limited Basildon (UK) 290 24
C.R.T. Combined Railway Transport S.r.l. Bentivoglio (Bologna, ITALY) 733 880
Fashion Distribution Services Inc. Carteret (USA) 197 279
General Freight inc. Montreal (CANADA) 0 0
Savino Del Bene (S) PTE Ltd. SINGAPORE 312 72
Savitransport inc. Chicago (USA) 0 1
Savitransport Triveneto S.r.l. Sesto Fiorentino (Florence, ITALY) 11 29
Savino Del Bene do Brasil Ltda. San Paolo (BRAZIL) 46 110
Savino del Bene Argentina Buenos Aires (ARGENTINA) 0 17
Savino Del Bene France SA Roissy (FRANCE) 150 96
Savino Del Bene Egypt Ltd. Cairo (EGYPT) 1 2
Savino Del Bene (Georgia) Inc. East Point-Atlanta (USA) 282 173
Savino Del Bene Inc. Massachusetts Chelsea- Boston (USA) 87 123
Savino Del Bene Intern. Freight Forwarders Inc. Elk Grove Vil.-Chicago (USA) 381 848
Savino Del Bene (Texas) Inc. Irving-Dallas (USA) 49 49
Savino Del Bene Inc. California Los Angeles (USA) 510 470
Savino Del Bene Inc. Miami Miami (USA) 117 226
Savino Del Bene Inc. New York New York (USA) 1,990 2,434
Savino Del Bene Inc. Charlotte Charlotte (USA) 148 161
Savino Del Bene Freight Forw. (India) Pvt Ltd. Bombay (INDIA) 118 140
Savino Del Bene Naklyiati Ltd. Istanbul (TURKEY) 51 2
PT Savino Del Bene (Indonesia) Jakarta (INDONESIA) 1 6
Savino Del Bene Japan Co. Ltd. Tokyo (JAPAN) 36 78
Savino Del Bene S.a. Chiasso Chiasso (SWITZERLAND) 2 2
Savino Del Bene Perù Sac. San Sidro (PERU) 44 48
Savino Del Bene Inc. Seattle Seattle (USA) 5 39
Savino Del Bene Pte Thailand Ltd Bangkok (THAILAND) 94 149
Savino Del Bene (K L) Sdn. Bhd. Kuala Lumpur (MALAYSIA) 0 64
Superb Custom Brokers Inc. New York (USA) 892 960
Total 11,592 10,820
Payables towards associated companies amount to Lire 78 million, against Lire 49 million at 31st
December 2000 and Lire 47 million at 30th June 2000. They consist of payables towards the
associated companies Do.Ca. S.r.l. (Lire 32 million) and Levitrans S.r.l. (Lire 46 million).
31

Payables towards fiscal authorities amount to Lire 9,846 million against Lire 17,295 million at 31st
December 2000 and Lire 5,183 million at 30th June 2000. These relate to current tax withheld at
source from employees and others (Lire 1,188 million), to the balance of the income tax for the year
2000 and to the first instalment of the advance payment of income tax for the year 2001 (Lire 6,755
million), substitutive tax in accordance with Law No. 342/2000 (Lire 1,792 million) and substitutive tax
in accordance with Law No. 358/1997 (Lire 111 million).
Payables towards social welfare institutions amount to Lire 2,333 million against Lire 1,963 million at
31st December 2000 and Lire 2,092 million at 30th June 2000.
Other payables amount to Lire 13,022 million against Lire 4,449 million at 31st December 2000
and Lire 5,789 million at 30th June 2000.
The current portion of these other payables amounts to Lire 8,331 million and is comprised of the
following:
• Lire 4,108 million - payables towards employees;
• Lire 1,550 million - payable for the purchase of the equity investment in the subsidiary company
Leonardi & C. S.p.a.;
• Lire 476 million - payable for the purchase of the equity investment in the associated company
Levitrans S.r.l.;
• Lire 205 million - dividends payable;
• Lire 137 million - insurance indemnities to be passed on to customers;
• Lire 24 million - for a down payment received upon the stipulation of a preliminary sale contract for a
building;
• Lire 1,831 million - others.
The non-current portion amounts to Lire 4,691 million and relates to guarantee deposits for Lire 41
million and to a payable of Lire 4,650 million for the acquisition of the equity investment in the company
Leonardi e C. S.p.a..
E) Accrued liabilities and deferred income
These comprise the following:
30.06.00 31.12.00 30.06.01
Accrued liabilities 60 100 74
Deferred income 101 52 93
Total 161 152 167
The accrued liabilities amount to Lire 74 million relate to costs matured during the first six months
of the current year and consist mainly of interest charges from banks.
Deferred income amounts to Lire 93 million and relates to income relative to subsequent periods
and consist mainly of insurance premiums re-charged to customers (Lire 80 million) and rental income
(Lire 13 million).
Memorandum accounts
The memorandum accounts amount to a total of Lire 40,667 million against Lire 25,902 million at
31st December 2000 and Lire 35,911 million at 30th June 2000. They are comprised of the following :
30.06.00 31.12.00 30.06.01
Secured guarantees given 10,022 22 0
Personal guarantees given to:
- subsidiary companies 12,297 10,951 10,737
- associated companies 7,400 7,800 7,800
- third parties 6,087 5,750 15,967
Other memorandum accounts 105 1,379 6,163
Total 35,911 25,902 40,667
The increase in guarantee given to third parties relates mainly to the fidejussion of Lire 6,200
million granted for the purchase of the equity investment in the company Leonardi & C. S.p.a. and for a
guarantee of Lire 4,000 million granted in favour of the Milan Customs Office for the carrying out of
commercial activities.
32

NOTES TO THE INCOME STATEMENT
Value of production
The revenue from sales of goods and services amounts to Lire 177,826 million, against Lire
384,759 million at 31st December 2000 and Lire 181,966 million at 30th June 2000. It represents
revenues, net of rebates and discounts, deriving from normal shipping and transport operations and is
detailed below:
30.06.00 31.12.00 30.06.01
Income from sea transport 111,901 234,352 103,195
Income from air transport 50,970 113,007 57,044
Income from overland transport 6,890 13,144 6,103
Other income from services 12,205 24,256 11,484
Total 181,966 384,759 177,826
Other income and revenues amount to Lire 1,640 million against Lire 2,883 million at 31st
December 2000 and Lire 1,215 million at 30th June 2000. These are comprised principally of income
from the rental of real estate for Lire 309 million and income from the reimbursement of expenses for
Lire 1,223 million.
Cost of production
The cost of raw, ancillary and consumable materials and goods for resale amounts to Lire 895 million,
against Lire 1,430 million at 31st December 2000 and Lire 641 million at 30th June 2000 and relate
mainly to costs sustained for the purchase of stationery and fuel.
The cost of services amounts to Lire 151,347 million against Lire 324,677 million at 31st December
2000 and Lire 153,105 million at 30th June 2000. These are comprised principally of freight charges.
transport, commission, maintenance, insurance and sundry administrative expenses.
Leasing and rental charges amount to Lire 1,487 million against Lire 2,429 million at 31st
December 2000 and Lire 1,175 million at 30th June 2000.
Labour costs amount to Lire 16,057 million against Lire 28,319 million at 31st December 2000 and
Lire 14,074 million at 30th June 2000.
Amortisation of intangible fixed assets amounts to Lire 152 million against Lire 616 million at 31st
December 2000 and Lire 306 million at 30th June 2000. Depreciation of tangible fixed assets amounts
to Lire 1,610 million against Lire 2,794 million at 31st December 2000 and Lire 841 million at 30th June
2000.
The provision for bad debts amounts to Lire 310 million against Lire 1,193 million at 31st
December 2000 and Lire 452 million at 30th June 2000.
Provisions for risks and charges amount to Lire 377 million, against Lire 459 million at 31st
December 2000 and Lire 327 million at 30th June 2000, and comprise of the provision for taxation for
Lire 250 million and the provision for litigation, penalties and disputes for Lire 127 million.
Sundry operating expenses amount to Lire 618 million against Lire 1,098 million at 31st December
2000 and Lire 427 million at 30th June 2000. They comprise taxes and duties, trade association
contributions, subscriptions and other operating expenses.
Financial income and expenses
33

Income from equity investments amount to Lire 1,539 million against Lire 3,614 million at 31st
December 2000 and Lire 1,639 million at 30th June 2000. They consist principally of dividends
received from the subsidiary companies Savitransport S.p.a. (Lire 510 million), Lulli S.r.l. (Lire 108
million), Albatrans S.p.a. (Lire 300 million) and Sacid S.r.l. (Lire 51 million) and the relative tax credits
thereon. (Lire 569 million).
Other financial income derives from marketable securities for and amounts to Lire 88 million
against Lire 64 million at 31st December 2000 and Lire 50 million at 30th June 2000. It relates mainly
to gains realised on administered securities;
Financial income other than the above amounts to Lire 4,489 million against Lire 13,993 million at
31st December 2000 and Lire 4,746 million at 30th June 2000. It is comprised principally of interest
income from banks (Lire 159 million) and gains on exchange (Lire 4,215 million).
Interest and other financial charges amount to Lire 2,556 million, against Lire 13,252 million at 31st
December 2000 and Lire 3,584 million at 30th June 2000, and are comprised as follows :
30.06.00 31.12.00 30.06.01
Interest charges from subsidiary
companies
0 1,830 0
Interest charges from banks 519 1,232 461
Losses on exchange 2,663 9,480 1,441
Bank charges 195 432 223
Loss on sale of own shares 187 187 356
Other financial charges 20 91 75
Total 3,584 13,252 2,556
D) Adjustments to the value of financial assets
No such adjustments were made during the period while they amounted to Lire 358 million at 31st
December 2000 and Lire 7 million at 30th June 2000.
E) Extraordinary income and expenses
Net extraordinary income amounts to Lire 10 million against net extraordinary income of Lire 1,824
million at 31st December 2000 and net extraordinary expenses of Lire 79 million at 30th June 2000. It
relates to non-recurring income recorded during the period.
6. OTHER INFORMATION
Workforce
The average number of employees showed the following movements with respect to previous periods:
30.06.00 31.12.00 30.06.01
Managers 10 10 9
Clerical and supervisory staff 318 331 342
Manual workers 14 13 15
Total 342 354 366
Euro
In collaboration with the subsidiary company Lulli S.r.l., the Company has already adopted the
measures necessary to overcome the problems relative to the introduction of the Euro and the
procedures necessary in order to use the new currency as unit of accounting measurement without
difficulty are already being implemented.
In particular, the following subsidiary companies have already adopted the euro as their
accounting currency:
• Savino Del Bene S.L. (Spain)
• Savino Del Bene Portuguesa Lda (Portugal)
• S.D.B. Finanziaria S.A. (Luxembourg)
• Savino Del Bene Internationale Luxembourg S.a. (Luxembourg)
• Albatrans S.l. (Spain)
• General Noli S.l. (Spain)
34

The new versions of the accounting and administrative/management software prepared by the
subsidiary company Lulli S.r.l. have already been tested and are currently being verified (running the
existing procedures in parallel in order to ensure the possibility of fall-back) by certain pilot offices.
Within the end of the current year these new procedures shall be adopted by all of the Group
companies affected by the introduction of the Euro.
All of the Group companies with head offices within the Euro area shall commence staff training
programmes as from October 2001 relative to the Euro and the use thereof in the new computer
procedures.
Changes to the Company's offices
The extraordinary shareholders' meeting of 2nd May 2001 resolved the transfer of the Company's
secondary offices from Montemurlo, in No. 20 Via Spartaco Lavagnini, Frazione Oste, to Prato, in No.
61/E Via Fonda di Mezzana.
In addition, the new Padova office became operative as from the beginning of the year 2001.
On behalf of the Board of Directors,
Paolo Nocentini - Chairman
35