The Benetton Group Annual Report 1996

Reconciliation of the stockholders' equity and net income of Benetton Group S.p.A. with the
corresponding consolidated amounts
Per Benetton Group S.p.A.
financial statements
Group share of net income and stockholders'
equity of consolidated subsidiaries, net of
their carrying value
Elimination of dividends paid by
consolidated subsidiaries
Allocation to fixed assets of the difference
between the purchase price and the equity
of new subsidiaries at the time they were
acquired and related depreciation
Reversal of accelerated depreciation
considering the useful lives of fixed assets
and of intercompany gains on disposal of
tangible fixed assets, net of the related tax
effect
Application of finance lease accounting,
taking account of the related tax effect
Recognition of deferred tax assets, net of
deferred taxes on any future distribution of
reserves from subsidiaries to the parent
company
Elimination of intercompany profits included
in the inventory of consolidated subsidiaries,
net of the related tax effect
Adjustment to reflect the equity value of
associated companies
Stockholders'
equity
865,839
633,701
12-31-1995 12-31-1996
-
94,369
11,441
10,219
62,489
(19,675)
(6,386)
Net
income
136,834
164,196
(64,255)
(12,041)
(367)
(1,801)
25
(7,345)
Stockholders’
equity
916,978
781,898
-
76,688
10,213
9,894
38,871
(12,512)
Net
income
125,325
344,181
(187,967)
(13,781)
(1,231)
(325)
(23,601)
Net effect of other consolidation entries 4,961 5,525 (3,725) (5,673)
Per Group's consolidated financial
statements
1,656,958
(516)
220,255
2,531
1,820,836
7,163
1,551
245,642