SAVINO DEL BENE S.p.A.

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Subsidiary companies 31.12.00 30.06.01 Albatrans S.p.A. Scandicci (Florence, ITALY) 756 832 Tavoni Arimar Spa Sesto Fiorentino (Florence, ITALY) 401 501 Centro Spedizioni Internazionali S.p.A. Vicenza (ITALY) 45 32 Fashion Transport S.r.l. Sesto Fiorentino (Florence, ITALY) 197 75 Fiorino Shipping S.r.l. Sesto Fiorentino (Florence, ITALY) 391 66 General Noli Spedizioni Internazionali S.p.A. Modena (ITALY) 209 570 Hani Transport Co. Ltd. Kangnam (SOUTH KOREA) 1,722 1,509 Leonardi & C. spa Sassuolo (Modena, ITALY) 0 35 Lulli S.r.l. Scandicci (Florence, ITALY) 11 7 Novibrama S.r.l. Livorno (ITALY) 9 38 Sacid S.r.l. Rome (ITALY) 44 58 Savitransport S.p.A. Sesto Fiorentino (Florence, ITALY) 217 197 Schiassi Spedizioni S.r.l. Bologna (ITALY) 0 0 Cavallino srl Scandicci (Florence, ITALY) 0 0 Savino Del Bene "Fiume" Rijeka (CROATIA) 0 0 Savino Del Bene Corp. Canada Mississauga (CANADA) 1,068 1,040 Savino Del Bene China Ltd. HONG KONG 523 700 Savino Del Bene Portuguesa Lda Perafita (PORTUGAL) 279 408 Savino Del Bene S.L. Alicante (SPAIN) 590 554 Savino Del Bene UK Limited Basildon (UK) 258 196 C.R.T. Combined Railway Transport S.r.l. Bentivoglio (Bologna, ITALY) 41 70 Fashion Distribution Services Inc. Carteret (USA) 380 403 General Freight Inc. Montreal (CANADA) 401 250 Savino Del Bene (S) PTE Ltd. SINGAPORE 732 554 Savitransport Triveneto S.r.l. Sesto Fiorentino (Florence, ITALY) 1 272 Savino Del Bene do Brasil Ltda. San Paolo (BRAZIL) 261 628 S.D.B. Argentina Buenos Aires (ARGENTINA) 0 174 S.D.B. Finanziaria S.A. LUXEMBOURG 283 0 Savino Del Bene France SA Roissy (FRANCE) 5 4 Savino Del Bene Egypt Ltd. Cairo (EGYPT) 49 84 Savino Del Bene (Georgia) Inc. East Point-Atlanta (USA) 525 511 Savino Del Bene Inc. Massachusetts Chelsea- Boston (USA) 1,602 1,690 Savino Del Bene Intern. Freight Forw. Inc. Elk Grove Vil.-Chicago (USA) 10,527 13,695 Savino Del Bene (Texas) Inc. Irving-Dallas (USA) 3,326 5,219 Savino Del Bene Inc. California Los Angeles (USA) 7,650 7,386 Savino Del Bene Inc. Miami Miami (USA) 2,106 2,549 Savino Del Bene Inc. New York New York (USA) 5,594 7,439 Savino Del Bene Inc. Charlotte Charlotte (USA) 877 819 Savino Del Bene Freight Forw. (India) Pvt Ltd. Bombay (INDIA) 542 382 Savino Del Bene Naklyiati Ltd. Istanbul (TURKEY) 470 514 PT Savino Del Bene (Indonesia) Jakarta (INDONESIA) 16 56 Savino Del Bene Japan Co. Ltd. Tokyo (JAPAN) 1,268 1,315 Savino Del Bene (K L) Sdn. Bhd. Kuala Lampur (MALAYSIA) 14 74 Savino Del Bene Perù Sac. San Sidro (PERU) 119 166 Savino Del Bene Inc. Seattle Seattle (USA) 41 199 Savino Del Bene Pte Thailand Ltd Bangkok (THAILAND) 195 272 Superb Custom Brokers Inc. New York (USA) 630 352 Total 44,375 51,895 Receivables due from associated companies amount to Lire 475 million, against Lire 301 million at 31st December 2000 and Lire 215 million at 30th June 2000 and relate to the company Do.Ca. S.r.l. and one of its subsidiaries (Lire 374 million) and to the company Levitrans S.r.l. (Lire 11 million). 26
Other receivables amount to Lire 9,956 million, against Lire 14,534 million at 31st December 2000 and Lire 8,409 million at 30th June 2000. The current portion due within 12 months amounts to Lire 7,093 million and is comprised of the following: • Lire 4,984 million - fiscal authorities for advance payment of taxes, tax withheld at source and tax credits; • Lire 267 million - VAT authorities; • Lire 796 million - advances to suppliers; • Lire 589 million - due from the company Ventura S.p.A. for the sale of the investments in the companies Da Verrazzano S.r.l. and Vespucci S.r.l.; • Lire 393 million - advance taxation; • Lire 64 million - INAIL. The non-current portion amounts to Lire 2,863 million and is comprised of the following: • Lire 1,817 million - due from an insurance company relative to insurance policies for directors leaving indemnity; • Lire 724 million - advances to employees; • Lire 205 million - advance taxation; • Lire 117 million - mainly comprised of sundry receivables from the fiscal authorities for direct and indirect tax refunds. Financial assets amount to Lire 3,987 million, against Lire 4,374 million at 31st December 2000 and Lire 3,781 million at 30th June 2000. They comprise the following : 30.6.00 31.12.00 30.06.01 Own shares 963 1,497 1,079 Other securities 2,818 2,877 2,908 Total 3,781 4,374 3,987 During the period No. 80,730 own shares were purchased and No. 187,875 own shares were sold, giving rise to a net loss on trading of Lire 352 million (a loss of Lire 357 million and a gain of Lire 5 million), deriving principally from the sale of own shares (No. 184,875) to managers of the Group as part of the “stock option” programme resolved by the shareholders. At 30th June 2001 the Company held No. 222,915 own shares, for a total nominal value of € 115,915.8, equivalent to Lire 224,444,286. The average cost per share purchased amounts to approx. Lire 4,840 equivalent to € 2.4998. Other securities amount to Lire 2,908 million, against Lire 2,877 million at 31st December 2000 and Lire 2,818 million at 30th June 2000 and represent an investment portfolio administered externally by a stock-brokerage company. Liquid funds amount to Lire 12,703 million against Lire 22,909 million at 31st December 2000 and Lire 18,416 million at 30th June 2000 and comprise the following: 30.06.00 31.12.00 30.06.01 Bank and post office deposit accounts 17,260 21,947 10,684 Cheques 1,064 879 1,899 Cash on hand 92 83 120 Total 18,416 22,909 12,703 D) Accrued income and prepaid expenses These comprise the following: 30.06.00 31.12.00 30.06.01 Accrued income 254 0 0 Prepaid expenses 256 145 250 Total 510 145 250 Prepaid expenses refer to that part of costs incurred during the period but relative to subsequent periods for insurance (Lire 158 million), advance shipping charges (Lire 44 million), and contract maintenance and assistance (Lire 10 million) and other costs (Lire 38 million). 27
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 and 24: • Additions 145 214 1,349 227 1,9
Page 25: Receivables due from associated com
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

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