SAVINO DEL BENE S.p.A.

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30.06.00 % 31.12.00 % 30.06.01 % Diff. 6.01-6.00 % Diff. 6.01-6.00 North America 22,895 86.18% 44,232 84.99% 18,909 83.59% -3,986 -17.41% Central America 184 0.69% 466 0.90% 272 1.20% 88 47.83% South America 721 2.71% 1,630 3.13% 911 4.03% 190 26.35% Europe 358 1.35% 633 1.22% 231 1.02% -127 -35.47% Africa 475 1.79% 1,015 1.95% 331 1.46% -144 -30.32% Middle East 672 2.53% 1,161 2.23% 336 1.49% -336 -50.00% Far East 1,187 4.47% 2,705 5.20% 1,527 6.75% 340 28.64% Australia and South Pacific 76 0.29% 200 0.38% 103 0.46% 27 35.53% Total 26,568 100% 52,042 100% 22,620 100% -3,948 -14.86% While North America remains our principal destination, traffic towards Central and South America and the Far East has increased significantly, thanks to new trade contacts developed by the new Group companies set up in these areas. The analysis of Tues shipped by sea from the Company's various branches and offices is shown in the table below (figures expressed in No. of Teus shipped): 30.06.00 % 31.12.00 % 30.06.01 % Diff. 6.01-6.00 % Diff. 6.01-6.00 Florence 14,889 56.04% 26,898 51.69% 10,945 48.39% -3,944 -26.49% Bologna 946 3.56% 1,524 2.93% 431 1.91% -515 -54.44% Segrate (Mi) 580 2.18% 1,503 2.89% 688 3.04% 108 18.62% Montecosaro (Mc) 152 0.57% 248 0.48% 113 0.50% -39 -25.66% Naples 2,583 9.72% 6,204 11.92% 3,098 13.70% 515 19.94% Pisa 14 0.05% 28 0.05% 26 0.11% 12 85.71% Prato 210 0.79% 445 0.86% 223 0.99% 13 6.19% Santacroce Sull'Arno (Pi) 506 1.90% 1,040 2.00% 641 2.83% 135 26.68% Treviso 3,705 13.95% 7,984 15.34% 3,049 13.48% -656 -17.71% Verona 641 2.41% 1,316 2.53% 650 2.87% 9 1.40% Padova 0 0.00% 0 0.00% 591 2.61% 591 = Vicenza 1,837 6.91% 3,849 7.40% 1,568 6.93% -269 -14.64% Livorno 505 1.90% 1,003 1.93% 597 2.64% 92 18.22% Total 26,568 100% 52,042 100% 22,620 100% -3,948 -14.86% The main decreases relate to the Florence, Bologna, Treviso and Vicenza branches. While, as regards Florence and Bologna the decrease was due to the abandonment of low value added customers, the Treviso decrease was due to the negative trends in the specialised product sector in which the branch operates. Finally, as regards the Vicenza branch, we would point out that the Padova branch, which became operative during the first quarter of the year 2001, has absorbed part of the traffic which was previously carried out by the Vicenza branch. The Naples branch has benefited from the acquisition of new customers by the American affiliated companies, which has led to an increase in the volume of traffic in the “food” sector. Shipments by air Revenues from shipments by air amount to Lire 57,044 million, against Lire 113,007 million at 31st December 2000 and Lire 50,970 million at 30th June 2000. The following table shows the geographic analysis of revenue. For the first time the figures are analysed by the geographic area of the customer invoiced for the service. However the analysis of the revenues by destination area is more or less the same, in percentage terms, as that shown in the table detailing the geographical analysis by destination of volumes shipped by air. 6
30.06.01 % North America 20,220 35.45% Central America 147 0.26% South America 1,593 2.79% Europe 27,639 48.45% Africa 104 0.18% Middle East 129 0.23% Far East 7,150 12.53% Australia and South Pacific 62 0.11% Total 57,044 100% The air sector registered an increase of 3.8% in the volume of goods transported. This result is extremely positive, given that the market as a whole registered a decrease of more than 10% during the first quarter of the current year. The following table shows the variations in the volumes shipped by air with respect to 30.6.00 and to 31.12.00 (figures expressed in thousand of Kg.) : 30.06.00 % 31.12.00 % 30.06.01 % Diff. 6.01- 6.00 % Diff. 6.01-6.00 North America 6,438 69.80% 13,534 68.70% 6,447 67.33% 9 0.14% Central America 52 0.56% 176 0.89% 57 0.60% 5 9.62% South America 239 2.59% 536 2.72% 361 3.77% 122 51.05% Europe 64 0.69% 157 0.80% 72 0.75% 8 12.50% Africa 88 0.95% 181 0.92% 90 0.94% 2 2.27% Middle East 98 1.06% 213 1.08% 273 2.85% 175 178.57% Far East 2,212 23.98% 4,853 24.63% 2,018 21.08% -194 -8.77% Australia and South Pacific 33 0.36% 50 0.25% 257 2.68% 224 678.79% Total 9,224 100% 19,700 100% 9,575 100% 351 3.81% The analysis of the quantities shipped by air by point of despatch, and detailed in the table below, shows a consolidation of the quantities shipped in the previous year: the principal variations, both positive and negative, are linked to the quantities shipped by our customers, given that no significant variations took place in our customer base during the period. The table below shows the quantities shipped by air by point of despatch (figures expressed in thousands of Kg.): 30.06.00 % 31.12.00 % 30.06.01 % Diff. 6.01-6.00 % Diff. 6.01-6.00 Florence 2,950 31.98% 6,054 30.73% 2,825 29.50% -125 -4.24% Bologna 0 0.00% 113 0.57% 90 0.94% 90 = Segrate (Milan) 2,406 26.08% 5,407 27.45% 2,344 24.48% -62 -2.58% Montecosaro (Mc) 555 6.02% 1,283 6.51% 807 8.43% 252 45.41% Naples 32 0.35% 62 0.31% 58 0.61% 26 81.25% Pisa 355 3.85% 732 3.72% 528 5.51% 173 48.73% Prato 213 2.31% 529 2.69% 305 3.19% 92 43.19% Santacroce sull'Arno (Pisa) 770 8.35% 1,604 8.14% 694 7.25% -76 -9.87% Treviso 318 3.45% 759 3.85% 280 2.92% -38 -11.95% Verona 118 1.28% 256 1.30% 170 1.78% 52 44.07% Padova 0 0.00% 0 0.00% 91 0.95% 91 = Vicenza 1,507 16.34% 2,901 14.73% 1,383 14.44% -124 -8.23% Total 9,224 100% 19,700 100% 9,575 100% 351 3.81% The Montecosaro office benefited from the favourable trend in footwear exports. Again, we would point out that the Padova office has absorbed part of the traffic which was previously handled by the Vicenza office. Shipments by land 7
Page 1 and 2: SAVINO DEL BENE S.p.A. DIRECTORS' R
Page 3 and 4: (-) Labour costs (-) Sundry costs G
Page 5: geographic area of the customer inv
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 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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