2004 Annual Report - Benetton Group

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Statement of cash flow [millions of euro] 2004 2003 Cash flow from operating activities 269 252 Net operating investments [69] [126] Change in financial fixed assets [23] [4] Free cash flow 177 122 Payment of dividends [69] [64] Payment of substitute tax [125] - Disposal of the sports equipment sector 50 81 Net financial surplus 33 139 Free cash flow improved significantly by 55 million euro. Payment of substitute tax associated with the corporate reorganization had a significant impact. The net proceeds from sale of the sports equipment business, of 50 million euro, are made up as follows: _ sale of the 10% interest in Tecnica S.p.A. for 15 million euro; _ receipt of a restricted deposit [escrow account] of 27 million euro; _ sale of a property by the American subsidiary for 8 million euro. For further information of an economic and financial nature, see the notes to the consolidated financial statements. Quarterly financial data [millions of euro] 1st quarter 2nd quarter 3rd quarter 4th quarter 2004 quarters Net revenues 381 472 389 444 Gross operating income 171 202 176 208 Net income 28 39 33 23 Profit per share [euro] _ basic earnings per share 0.15 0.21 0.18 0.13 2003 quarters Net revenues 444 525 413 477 Gross operating income 192 223 182 213 Net income 25 25 26 32 Profit per share [euro] _ basic earning per share 0.14 0.14 0.14 0.18 D I R EC TO R S’ R E P O RT 39
D I R EC TO R S’ R E P O RT 40 Gross operating income and income from operations [millions of euro] Gross operating income Margine lordo industriale e risultato operativo Income from operations Income before taxes and net income/[loss] [millions of euro] Income before taxes Net income/[loss] 757 217 810 232 868 243 909 286 880 309 165 123 165 108 49 [10] 243 148 346 243 2004 2003 2002 2001 2000 2004 2003 2002 2001 2000
Page 1 and 2: Benetton Group Annual Report 2004
Page 3 and 4: I N D E X 2 The Benetton Group 11 D
Page 5 and 6: Main consolidated companies as of D
Page 8 and 9: Letter to Shareholders from the Cha
Page 10: 2004 revenues by activity [in %] Ri
Page 13 and 14: D I R EC TO R S’ R E P O RT 12 Th
Page 15 and 16: D I R EC TO R S’ R E P O RT 14 he
Page 17 and 18: D I R EC TO R S’ R E P O RT 16 Co
Page 19 and 20: D I R EC TO R S’ R E P O RT 18 Di
Page 21: D I R EC TO R S’ R E P O RT 20 Ex
Page 24 and 25: esponsible for internal audit, also
Page 26 and 27: Supplementary information Benetton
Page 28: Performance of Benetton shares. The
Page 31 and 32: D I R EC TO R S’ R E P O RT 30 Du
Page 33 and 34: D I R EC TO R S’ R E P O RT 32 Du
Page 35 and 36: D I R EC TO R S’ R E P O RT 34 Gr
Page 37 and 38: D I R EC TO R S’ R E P O RT 36 Re
Page 39: D I R EC TO R S’ R E P O RT 38 Th
Page 43 and 44: D I R EC TO R S’ R E P O RT 42 Im
Page 45 and 46: D I R EC TO R S’ R E P O RT 44 Re
Page 48 and 49: Benetton Group 2004 consolidated fi
Page 50 and 51: Liabilities and Shareholders’ equ
Page 53 and 54: C O N SO LI DATE D F I NANC IAL STA
Page 66 and 67: Notes to the consolidated financial
Page 68 and 69: Accounting principles and valuation
Page 70 and 71: Reserves for risks and charges. The
Page 72: Article 2423, paragraph 4, of the I
Page 75 and 76: N OTES TO TH E C O N SO LI DATE D F
Page 81: N OTES TO TH E C O N SO LI DATE D F
Page 84 and 85: Reconciliation of the Shareholders
Page 86 and 87: [16] Reserve for employee terminati
Page 88 and 89: [19] Due to other lenders [thousand
Page 90 and 91:
[23] Other payables Other payables
Page 92 and 93:
Comments on principal items in the
Page 94 and 95:
Production costs [29] Raw materials
Page 96 and 97:
[33] Amortization, depreciation and
Page 98 and 99:
[37] Interest and other financial e
Page 100 and 101:
[41] Taxes on income for the year,
Page 102:
Glossary
Page 105 and 106:
G LOSSA RY 104 Net Financial Positi
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2005 financial calendar Date 2005 S
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2004 Annual Report - Benetton Group

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