SAVINO DEL BENE S.p.A.

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Shareholders' Equity The composition and movements therein are detailed in the table below: Share capital Revaluatio n reserve Legal reserv e Reserve for own shares Other reserves Net income for the period Balance at 31.12.99 36,230 210 1,431 874 10,916 10,204 59,865 Increase in share capital (Board Meeting 28.3.00) Conversion of share capital into Euro (Extr. Shareholders' Meeting dated 28.4.00) Total 150 0 0 0 0 -150 0 250 0 0 0 -250 0 0 Allocation of net income (AGM dated 28.4.00) 0 0 511 0 4,659 -5,170 0 Dividends paid (AGM dated 28.4.00) 0 0 0 0 0 -4,884 -4,884 Increase in reserve for own shares (AGM dated 28.4.00) 0 0 0 2,126 -2,126 0 0 Revaluation surplus (Law No. 342/00) 0 11,452 0 0 0 0 11,452 Net income for the year 2000 0 0 0 0 0 17,044 17,044 Balance at 31.12.00 36,630 11,662 1,942 3,000 13,199 17,044 83,477 Increase in share capital (Board Meeting 30.3.01) 161 0 0 0 0 -161 0 Allocation of net income (AGM dated 2.5.01) 0 0 852 0 8,766 -9,618 0 Dividends paid (AGM dated 2.5.01) 0 0 0 0 0 -7,265 -7,265 Net income for the period 1/1/01 – 30/6/01 0 0 0 0 0 10,183 10,183 Balance at 30.06.01 36,791 11,662 2,794 3,000 21,965 10,183 86,395 The movements which took place during the period derive from the following: • the increase of Lire 161 million in share capital resolved by the Board of Directors on 30.3.2001, in accordance with the power conferred thereon by the shareholders' meeting of 16.9.98, by means of the transfer from the reserve for employee profit sharing, subsequently re-constituted in the allocation of net income for the year ended 31.12.2000; • the resolution passed by the ordinary shareholders' meeting dated 2.5.2001, which allocated the net income for the year 2000 to the legal reserve (Lire 852 million), to extraordinary reserves (Lire 8,766 million) and to the reserve for employee profit sharing (Lire 161 million) and declared a dividend of Lire 200 per ordinary share, for a total of Lire 7,265 million. Provisions for risks and charges These amount to Lire 2,897 million, against Lire 2,706 million at 31st December 2000 and Lire 2,418 million at 30th June 2000 and comprise the following: 31.12.00 Increase Decrease 30.06.01 Provision for leaving indemnities, 1,818 99 0 1,917 pension funds and similar Provision for taxation Other provisions: 0 250 0 250 - Provision for the coverage of subsidiary company losses 288 0 258 30 - Provision for litigation, penalties and disputes 600 127 27 700 Total 2,706 476 285 2,897 28
The provision for leaving indemnities, pension funds and similar represents the provision accrued in order to pay an indemnity to the Company’s long-term directors at the end of their collaboration. This provision shows an increase during the period of Lire 99 million representing the indemnity matured during the period. The provision for taxation is comprised of a provision of Lire 250 million in order to cover the risks relative to a fiscal assessment in course. Other provisions are comprised of: • Provision for the coverage of subsidiary company losses for Lire 30 million; this provision shows a decrease of Lire 258 million during the period relative to the utilisation of the provision for the coverage of the losses for the year ended 31.12.00 sustained by the subsidiary company Cavallino S.r.l.; the residual balance of the provision as at 30.6.01 of Lire 30 million relates to the subsidiary company Hani Transport Co. Ltd.; • provision for litigation, penalties and disputes for Lire 700 million; this provision shows a decrease of Lire 27 million during the period due to utilisation and an increase of Lire 127 million due to additional provision accrued. Employee termination indemnity This amounts to Lire 9,968 million, against Lire 9,323 million at 31st December 2000 and Lire 8,772 million at 30th June 2000. The following movements took place during the period: Balance at 31.12.00 9,323 Increases for : 0 - indemnity matured during the period 709 - indemnity on employees transferred from Group companies 0 - revaluation in accordance with Law No. 297/82 173 Decreases for: 0 - indemnity paid to employees leaving the Company -177 - advance payments in accordance with Law No. 297/82 -60 Balance at 30.06.01 9,968 Payables These amount to Lire 93,014 million, against Lire 101,257 million at 31st December 2000 and Lire 79,140 million at 30th June 2000, and comprise the following: 30.06.00 31.12.00 30.06.01 Payables towards banks - due within 12 months Advances from customers 10,534 15,094 13,808 - due within 12 months Trade payables 606 484 509 - due within 12 months Payables towards subsidiary companies 43,708 50,331 42,598 - due within 12 months Payables towards associated companies 11,181 11,592 10,820 - due within 12 months 47 49 78 Payables authorities towards fiscal - due within 12 months 5,183 17,295 9,846 Payables towards social welfare institutions - due within 12 months Other payables 2,092 1,963 2,333 - due within 12 months 5,764 4,424 8,331 - due after 12 months 25 25 4,691 Total 79,140 101,257 93,014 29
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 and 26: Receivables due from associated com
Page 27: Other receivables amount to Lire 9,
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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