SAVINO DEL BENE S.p.A.

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• 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
Page 1 and 2: SAVINO DEL BENE S.p.A. DIRECTORS' R
Page 3 and 4: (-) Labour costs (-) Sundry costs G
Page 5 and 6: geographic area of the customer inv
Page 7 and 8: 30.06.01 % North America 20,220 35.
Page 9 and 10: quality of service to its customers
Page 11 and 12: • Savino Del Bene USA Inc. (New Y
Page 13: most significant reduction regarded
Page 17 and 18: The parent company's income stateme
Page 19 and 20: educed where necessary to take acco
Page 21 and 22: - fidejussions granted to third par
Page 23 and 24: • Additions 145 214 1,349 227 1,9
Page 25 and 26: Receivables due from associated com
Page 27 and 28: Other receivables amount to Lire 9,
Page 29 and 30: The provision for leaving indemniti
Page 31 and 32: Subsidiary companies 31.12.00 30.06
Page 33 and 34: NOTES TO THE INCOME STATEMENT Value
Page 35: The new versions of the accounting

SAVINO DEL BENE S.p.A.

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