SAVINO DEL BENE S.p.A.

• 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
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