SAVINO DEL BENE S.p.A.

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.
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