SAVINO DEL BENE S.p.A.

• 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
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