SAVINO DEL BENE S.p.A.

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