The Benetton Group Annual Report 1996

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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
Minority interests As of December 31, 1996 and 1995, minority interests in consolidated subsidiaries are as follows: Italian subsidiaries: 12-31-1995 12-31-1996 Calzaturificio di Varese Group 36.92% 3.012% Azimut Group 25% - Socks & Accessories Benetton (S.A.B.) Group 50% 50% Stefani Group 22% 22% Texcontrol Group 18.125% 18.125% Foreign subsidiaries: Benetton Group Japan K.K. 10% - K.K. Via Veneto 11.333% 50% Beijing Benetton Fashion Co. Ltd. 50% - Benetton China Japan K.K. 31% 9% United Agency K.K. 14% - Benetton Shoes Japan K.K. 50% 50% Bene Moda K.K. 50% 50% Benetton Egypt S.A.E. 50% 50% DCM Benetton India Ltd. 50% 50% Benetton Time S.A. 48% 48% Colorben Comercio de Roupas Ltda. 50% - Benetton Kansai K.K. 10% -
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The Benetton Group Annual Report 19
Page 5: Dear Shareholders, in 1996 the Bene
Page 8 and 9: Manufacturing companies invested su
Page 11: Signori Azionisti, nell’esercizio
Page 14 and 15: Gli investimenti I programmi di inn
Page 17 and 18: Consolidated financial statements a
Page 19: The Benetton Group The Benetton Gro
Page 23 and 24: Management’s discussion and analy
Page 25: Net capital employed Net working ca
Page 28 and 29: Consolidated balance sheet as of De
Page 30 and 31: Consolidated balance sheet as of De
Page 32 and 33: Consolidated statements of income f
Page 34 and 35: Statement of changes in consolidate
Page 36 and 37: Statements of consolidated cash flo
Page 38 and 39: NOTES TO THE CONSOLIDATED FINANCIAL
Page 40 and 41: 4. Accounting policies The accounti
Page 42 and 43: Reserve for employee termination in
Page 44 and 45: OTHER INFORMATION 5. Purchase of su
Page 46 and 47: COMMENTS ON THE PRINCIPAL ASSET CAP
Page 48 and 49: 8. Financial fixed assets Equity in
Page 50 and 51: CURRENT ASSETS 9. Inventories Inven
Page 52 and 53: Differentials on forward transactio
Page 56 and 57: 20. RESERVES FOR RISKS AND CHARGES
Page 58 and 59: 22. ACCOUNTS PAYABLE The compositio
Page 60 and 61: Due to other providers of finance A
Page 62 and 63: 23. ACCRUED EXPENSES AND DEFERRED I
Page 64 and 65: Sales of core products, by business
Page 66 and 67: Writedowns The "Writedown of curren
Page 68 and 69: Expense This caption includes: 1995
Page 70 and 71: As those proceedings continue, a se
Page 72 and 73: Generally accepted US accounting pr
Page 74 and 75: The following tables summarize the
Page 76 and 77: Differences which do not have an ef
Page 78 and 79: Companies and Groups included withi
Page 80 and 81: Consolidated balance sheets as of A
Page 82 and 83: Consolidated statements of income f
Page 84 and 85: REPORT OF THE BOARD OF STATUTORY AU
Page 87: Information for Stockholders Inform
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The Benetton Group Annual Report 1996

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