2004 Annual Report - Benetton Group

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[16] Reserve for employee termination indemnities Movements in the reserve during the year were as follows: [thousands of euro] Balance as of January 1, 2004 49,774 Provision for the year 8,555 Indemnities paid during the year [6,723] Other movements [88] Balance as of December 31, 2004 51,518 Indemnities paid in the period related mainly to the Olimpias group, Benind S.p.A., Benetton Group S.p.A and Bencom S.r.l. Accounts payable The composition of and more significant changes in this group of accounts during the year are discussed below. [17] Bonds In July 2002, Benetton Group S.p.A. issued a 300,000 thousand euro bond, repayable on July 26, 2005, bearing floating-rate interest, which was 2.645% at year-end; the bonds are listed on the Luxembourg stock exchange. This loan provides for limitations on the granting of real guarantees for new loans; it does not provide for compliance with any financial ratios [“financial covenants”]. [18] Due to banks [thousands of euro] 12.31.2004 12.31.2003 Current account overdrafts 8,238 8,700 Advances on receivables and other short-term loans 11,686 25,179 Medium/long-term loans: _ due within 12 months 1,041 1,509 _ due beyond 12 months 500,710 501,739 Total medium/long-term loans 501,751 503,248 Total 521,675 537,127 N OTES TO TH E C O N SO LI DATE D F I NANC IAL STATE M E NTS 85
N OTES TO TH E C O N SO LI DATE D F I NANC IAL STATE M E NTS 86 Medium/long-term loans from banks outstanding at year-end were as follows: [thousands of euro] 12.31.2004 12.31.2003 Syndicated loan of 500 million euro maturing in 2007, granted by a pool of banks and made up of a revolving credit line for the first two years and a loan for the subsequent 5 years repayable on maturity. The annual interest rate at the balance-sheet date was 2.454% [1] 500,000 500,000 Loan from Efibanca [Ente Finanziario Interbancario S.p.A.] at an annual rate of 2.81% repayable in half-yearly installments until 2005 355 710 Loan from Istituto Mobiliare Italiano at an annual rate of 2.55%, repaid in 2004 - 516 Loan granted by Medio Credito del Friuli, repayable in half-yearly installments until January 1, 2007, at an annual interest rate of 2.5% secured by mortgages on real estate 1,168 1,616 Loan granted by CARI [Gorizia] on April 20, 2001 repayable in 2005 at an annual rate of 4% 202 392 Other foreign currency loans obtained by foreign consolidated companies, secured by mortgages on real estate 26 14 Total medium/long-term loans 501,751 503,248 less - Current portion [1,041] [1,509] Medium/long-term loans, net of current portion 500,710 501,739 [1] This loan provides for compliance with two financial ratios, calculated every six months on the consolidated financial statements, namely: _ minimum ratio between EBITD [earnings before interest, tax and depreciation] and net financial charges of 2.5 times; _ maximum ratio between the net financial position and Shareholders’ equity of 1. There are also limits on large disposals of assets and on the granting of real guarantees for new loans. The non-current part of medium/long-term loans at December 31, 2004, of 500,710 thousand euro, have repayment dates between 1 and 5 years. Part of medium/long-term loans, 1,194 thousand euro, is secured by mortgages on tangible fixed assets.
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Benetton Group Annual Report 2004
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I N D E X 2 The Benetton Group 11 D
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Main consolidated companies as of D
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Letter to Shareholders from the Cha
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2004 revenues by activity [in %] Ri
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D I R EC TO R S’ R E P O RT 12 Th
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esponsible for internal audit, also
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Supplementary information Benetton
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Performance of Benetton shares. The
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D I R EC TO R S’ R E P O RT 30 Du
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D I R EC TO R S’ R E P O RT 32 Du
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Page 48 and 49: Benetton Group 2004 consolidated fi
Page 50 and 51: Liabilities and Shareholders’ equ
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Page 66 and 67: Notes to the consolidated financial
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Page 75 and 76: N OTES TO TH E C O N SO LI DATE D F
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Page 84 and 85: Reconciliation of the Shareholders
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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
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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
Page 108 and 109: 2005 financial calendar Date 2005 S
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2004 Annual Report - Benetton Group

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