The Benetton Group Annual Report 1996

Statement of changes in consolidated stockholders’ equity
for the years ended December 31, 1994, 1995, and 1996
Surplus from Other reserves
Additional monetary and Net income
(in millions of Lire)
Capital paid-in revaluation retained for Total
Stock capital of assets earnings the year
BALANCES AS OF DECEMBER 31, 1993 81,777 186,661 46,222 540,580 208,038 1,063,278
Allocation of 1993 net income to reserves - - - 208,038 (208,038) -
Capital increase 5,500 286,000 - - - 291,500
Dividends distributed, as approved at the
stockholders' meeting held on May 25, 1994 - - - (67,203) - (67,203)
Effect of deconsolidating subsidiary
companies
Differences arising from the translation of
- - (1,106) 1,106 - -
foreign currency financial statements - - - 6,361 - 6,361
Net income for the year - - - - 210,220 210,220
BALANCES AS OF DECEMBER 31, 1994 87,277 472,661 45,116 688,882 210,220 1,504,156
Allocation of 1994 net income to reserves - - - 210,220 (210,220) -
Dividends distributed, as approved at the
stockholders' meeting held on April 27, 1995 - - - (69,821) - (69,821)
Transfer to extraordinary reserve
of a part of surplus following the
monetary revaluation of assets - - (88) 88 - -
Differences arising from the translation of
foreign currency financial statements - - - 2,368 - 2,368
Net income for the year - - - - 220,255 220,255
BALANCES AS OF DECEMBER 31, 1995 87,277 472,661 45,028 831,737 220,255 1,656,958
Allocation of 1995 net income to reserves - - - 220,255 (220,255) -
Dividends distributed, as approved at the
stockholders' meeting held on April 30, 1996 - - - (74,185) - (74,185)
Monetary revaluation of fixed assets
carried out by a Spanish subsidiary in
accordance with local legislation - - 1,174 - - 1,174
Differences arising from the translation of
foreign currency financial statements - - - (8,753) - (8,753)
Net income for the year - - - - 245,642 245,642
BALANCES AS OF DECEMBER 31, 1996 87,277 472,661 46,202 969,054 245,642 1,820,836
Balances as of December 31, 1996
(thousands of US $) (1) 57,457 311,166 30,416 637,955 161,713 1,198,707
(1) Exchange rate: US $ 1 = Lire 1,519 as of December 31, 1996.
The accompanying notes to consolidated financial statements are an integral part of these consolidated statements.