SAVINO DEL BENE S.p.A.

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Payables towards fiscal authorities amount to Lire 9,846 million against Lire 17,295 million at 31st December 2000 and Lire 5,183 million at 30th June 2000. These relate to current tax withheld at source from employees and others (Lire 1,188 million), to the balance of the income tax for the year 2000 and to the first instalment of the advance payment of income tax for the year 2001 (Lire 6,755 million), substitutive tax in accordance with Law No. 342/2000 (Lire 1,792 million) and substitutive tax in accordance with Law No. 358/1997 (Lire 111 million). Payables towards social welfare institutions amount to Lire 2,333 million against Lire 1,963 million at 31st December 2000 and Lire 2,092 million at 30th June 2000. Other payables amount to Lire 13,022 million against Lire 4,449 million at 31st December 2000 and Lire 5,789 million at 30th June 2000. The current portion of these other payables amounts to Lire 8,331 million and is comprised of the following: • Lire 4,108 million - payables towards employees; • Lire 1,550 million - payable for the purchase of the equity investment in the subsidiary company Leonardi & C. S.p.a.; • Lire 476 million - payable for the purchase of the equity investment in the associated company Levitrans S.r.l.; • Lire 205 million - dividends payable; • Lire 137 million - insurance indemnities to be passed on to customers; • Lire 24 million - for a down payment received upon the stipulation of a preliminary sale contract for a building; • Lire 1,831 million - others. The non-current portion amounts to Lire 4,691 million and relates to guarantee deposits for Lire 41 million and to a payable of Lire 4,650 million for the acquisition of the equity investment in the company Leonardi e C. S.p.a.. E) Accrued liabilities and deferred income These comprise the following: 30.06.00 31.12.00 30.06.01 Accrued liabilities 60 100 74 Deferred income 101 52 93 Total 161 152 167 The accrued liabilities amount to Lire 74 million relate to costs matured during the first six months of the current year and consist mainly of interest charges from banks. Deferred income amounts to Lire 93 million and relates to income relative to subsequent periods and consist mainly of insurance premiums re-charged to customers (Lire 80 million) and rental income (Lire 13 million). Memorandum accounts The memorandum accounts amount to a total of Lire 40,667 million against Lire 25,902 million at 31st December 2000 and Lire 35,911 million at 30th June 2000. They are comprised of the following : 30.06.00 31.12.00 30.06.01 Secured guarantees given 10,022 22 0 Personal guarantees given to: - subsidiary companies 12,297 10,951 10,737 - associated companies 7,400 7,800 7,800 - third parties 6,087 5,750 15,967 Other memorandum accounts 105 1,379 6,163 Total 35,911 25,902 40,667 The increase in guarantee given to third parties relates mainly to the fidejussion of Lire 6,200 million granted for the purchase of the equity investment in the company Leonardi & C. S.p.a. and for a guarantee of Lire 4,000 million granted in favour of the Milan Customs Office for the carrying out of commercial activities. 32
NOTES TO THE INCOME STATEMENT Value of production The revenue from sales of goods and services amounts to Lire 177,826 million, against Lire 384,759 million at 31st December 2000 and Lire 181,966 million at 30th June 2000. It represents revenues, net of rebates and discounts, deriving from normal shipping and transport operations and is detailed below: 30.06.00 31.12.00 30.06.01 Income from sea transport 111,901 234,352 103,195 Income from air transport 50,970 113,007 57,044 Income from overland transport 6,890 13,144 6,103 Other income from services 12,205 24,256 11,484 Total 181,966 384,759 177,826 Other income and revenues amount to Lire 1,640 million against Lire 2,883 million at 31st December 2000 and Lire 1,215 million at 30th June 2000. These are comprised principally of income from the rental of real estate for Lire 309 million and income from the reimbursement of expenses for Lire 1,223 million. Cost of production The cost of raw, ancillary and consumable materials and goods for resale amounts to Lire 895 million, against Lire 1,430 million at 31st December 2000 and Lire 641 million at 30th June 2000 and relate mainly to costs sustained for the purchase of stationery and fuel. The cost of services amounts to Lire 151,347 million against Lire 324,677 million at 31st December 2000 and Lire 153,105 million at 30th June 2000. These are comprised principally of freight charges. transport, commission, maintenance, insurance and sundry administrative expenses. Leasing and rental charges amount to Lire 1,487 million against Lire 2,429 million at 31st December 2000 and Lire 1,175 million at 30th June 2000. Labour costs amount to Lire 16,057 million against Lire 28,319 million at 31st December 2000 and Lire 14,074 million at 30th June 2000. Amortisation of intangible fixed assets amounts to Lire 152 million against Lire 616 million at 31st December 2000 and Lire 306 million at 30th June 2000. Depreciation of tangible fixed assets amounts to Lire 1,610 million against Lire 2,794 million at 31st December 2000 and Lire 841 million at 30th June 2000. The provision for bad debts amounts to Lire 310 million against Lire 1,193 million at 31st December 2000 and Lire 452 million at 30th June 2000. Provisions for risks and charges amount to Lire 377 million, against Lire 459 million at 31st December 2000 and Lire 327 million at 30th June 2000, and comprise of the provision for taxation for Lire 250 million and the provision for litigation, penalties and disputes for Lire 127 million. Sundry operating expenses amount to Lire 618 million against Lire 1,098 million at 31st December 2000 and Lire 427 million at 30th June 2000. They comprise taxes and duties, trade association contributions, subscriptions and other operating expenses. Financial income and expenses 33
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 and 28: Other receivables amount to Lire 9,
Page 29 and 30: The provision for leaving indemniti
Page 31: Subsidiary companies 31.12.00 30.06
Page 35: The new versions of the accounting

SAVINO DEL BENE S.p.A.

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