SAVINO DEL BENE S.p.A.

quality of service to its customers to and from all of the areas covered by the Group. The presence of
Group companies on foreign markets also serves to gather custom for traffic towards Italy.
Furthermore, the direct traffic between the various foreign companies of the Group is becoming
increasingly important. The most active Italian offices in this sector, in addition obviously to the head
office, are those of Pisa and Segrate. This latter registered the more significant growth, both in
percentage and absolute terms. The principal point of despatch for imports remains North America.
The Company intends to expand this sector even further, particularly if the euro/dollar exchange
rate should lead to a growth in American exports.
The number of import shipments per branch is shown in the table below:
30.06.00 % 31.12.00 % 30.06.01
Differenc
e
% 6.01 -6.00
%Difference
6.01-6.00
Florence 526 21.94% 1,467 27.21% 712 25.71% 186 35.36%
Livorno 0 0.00% 58 1.08% 35 1.26% 35 =
Segrate (Milan) 286 11.93% 690 12.80% 651 23.51% 365 127.62%
Montecosaro (Mc) 202 8.43% 464 8.61% 239 8.63% 37 18.32%
Naples 149 6.22% 71 1.32% 69 2.49% -80 -53.69%
Pisa 624 26.03% 975 18.09% 543 19.61% -81 -12.98%
Santacroce sull'Arno
(Pisa) 243 10.14% 487 9.03% 212 7.66% -31 -12.76%
Treviso 0 0.00% 485 9.00% 0 0.00% 0 =
Verona 18 0.75% 47 0.87% 28 1.01% 10 55.56%
Vicenza 349 14.56% 647 12.00% 280 10.11% -69 -19.77%
Total 2,397 100% 5,391 100% 2,769 100% 372 15.52%
Investments
The Company carried out the following investments during the period:
a) intangible fixed assets: costs (Lire 5 million) for changes to the Company's Statute relative to the
increase in share capital from Euro 18,917,600 to Euro 19,000,800 resolved by the Board of
Directors on 30th March 2001 and carried out by means of the utilisation of the reserve for
employee profit sharing. Other investments in intangible fixed assets regarded the implementation
of existing programmes and the acquisition for licenses for the use of software for Lire 7 million
and the cost of improvements to leased assets for Lire 155 million. In addition, advance payments
were made to suppliers for Lire 34 million improvements to leased buildings.
b) tangible fixed assets: the principal investments regarded improvements to the Company's
buildings for Lire124 million, purchases of equipment for Lire 215 million and of other assets for
Lire 1,348 million including mainly purchases of electronic machinery (Lire 755 million) and motor
vehicles (Lire 356 million). Lastly, advance payments were made to suppliers for Lire 227 million
relative to a ground lease for a period of 30 years on a building situated in the dockland district of
Genoa (Lire 182 million) and for other improvements to the Company's buildings (Lire 40 million)
and for purchases of equipment (Lire 5 million).
c) financial fixed assets: the acquisition of an equity investment of 51% of the share capital of the
company Leonardi e C. S.p.A for Lire 8,262 million; the underwriting and payment of the increase
in the share capital of the company Tavoni Arimar S.p.A. for Lire 580 million; the payment of Lire
530 million to reintegrate the losses sustained by the company Cavallino S.r.l.; the non-interest
bearing advance payment of Lire 6,000 million for future increases in share capital of the company
Savino Del Bene Internationale S.A. utilising an interest bearing loan already existing in the
financial statements as at 31.12.00.
Equity and financial situation
The reclassified balance sheet as at 30th June 2001 shows the following situation:
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