The Benetton Group Annual Report 1996

Notes payable
These amount to Lire 6,763 million (Lire 11,830 million as of December 31, 1995) and include Lire 1,811
million of assisted loans under the Sabatini Law (Law 1329 of November 28, 1965) for the purchase of
tangible fixed assets (Lire 5,429 million as of December 31, 1995).
The maturities of such assisted loans as of December 31, 1996 are as follows:
1997 1,136
1998 543
1999 132
Due to subsidiary and associated companies
Amounts due to subsidiary and associated companies, Lire 2,523 million and Lire 205 million,
respectively, mainly comprise trade payables to companies not consolidated on a line-by-line basis.
Due to tax authorities
This caption is analyzed as follows:
Income taxes payable:
1,811
12-31-1995 12-31-1996
- Italian companies 57,670 15,337
- Foreign companies 12,627 12,345
Total income taxes payable 70,297 27,682
VAT payable 5,895 5,844
Other amounts due to tax authorities 22,382 15,456
Total 98,574 48,982
Income taxes payable are stated net of taxes paid in advance and all tax credits and withholdings
that would reduce the tax liability.
Due to social security and welfare institutions
This balance totals Lire 16,675 million (Lire 16.441 million as of December 31, 1995) and reflects both the
Group and employee contributions payable to these institutions at year-end.
Other payables
Other payables, totaling Lire 30,476 million, include Lire 19,415 million due to employees (Lire 20,175
million as of December 31, 1995) and other non-trading payables of Lire 11,061 million (Lire 13,661 million
as of December 31, 1995).
Accounts payable beyond five years are not included in this caption.