SAVINO DEL BENE S.p.A.

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• 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 24
Receivables due from associated companies - due within 12 months 215 301 475 Other receivables - due within 12 months 5,568 11,706 7,093 - due after 12 months 2,841 2,828 2,863 Total 97,573 116,691 113,418 Trade receivables amount to Lire 51,092 million and are shown net of a provision for bad debts of Lire 2,962 million, which fell by Lire 365 million during the period following the utilisation of the provision to cover losses sustained and which was increased by Lire 500 million to bring the net value of receivables into line with their estimated net realisable value. Receivables due from subsidiary companies amount to Lire 51,895 million, against Lire 44,375 million at 31st December 2000 and Lire 37,156 million at 30th June 2000 and represent receivables of a commercial nature due from the following companies: 25
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 and 14: most significant reduction regarded
Page 15 and 16: against Lire 33 million for the per
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: • Additions 145 214 1,349 227 1,9
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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