The Benetton Group Annual Report 1996
The Benetton Group Annual Report 1996
The Benetton Group Annual Report 1996
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Writedowns<br />
<strong>The</strong> "Writedown of current receivables and of liquid funds", Lire 78,304 million, reflects a prudent<br />
provision to the allowance for doubtful accounts. This is discussed in more detail in the note on trade<br />
accounts receivable.<br />
Other operating costs<br />
This caption consists of the following:<br />
Emoluments to Directors and Statutory<br />
Auditors<br />
1995 <strong>1996</strong><br />
15,241 14,205<br />
Indirect taxation 16,042 14,295<br />
Losses on disposal of fixed assets 2,400 3,336<br />
Losses on receivables 6,033 7,805<br />
Other general expenses 11,634 9,521<br />
Total 51,350 49,162<br />
Indirect taxation includes capital taxes amounting to Lire 7,370 million in <strong>1996</strong> and Lire 7,689 million in<br />
1995.<br />
Emoluments earned during the year by the Directors and Statutory Auditors of the parent company<br />
total around Lire 7,400 million and Lire 366 million, respectively.<br />
27. FINANCIAL INCOME AND EXPENSE<br />
Income from equity investments<br />
This balance, Lire 6,223 million (Lire 11,891 million in 1995), includes Lire 5,948 million (Lire 10,349 million in<br />
1995) of interest income on tax credits deriving from dividends distributed by consolidated subsidiaries.<br />
Other financial income<br />
This caption consists of the following:<br />
From receivables held as financial fixed assets:<br />
1995 <strong>1996</strong><br />
– assets leased to third parties 142 124<br />
– other receivables held as financial fixed assets 458 457<br />
Total 600 581<br />
From securities held as financial fixed assets, not<br />
representing equity investments<br />
From securities included among current<br />
assets not representing equity investments<br />
Financial income other than the above:<br />
17,141<br />
27,663<br />
15,821<br />
24,635<br />
– interest income from subsidiary companies 586 227<br />
– interest income from associated companies - 6<br />
– interest income from trade and other receivables 5,961 3,751<br />
– interest income from banks 21,979 27,005<br />
– miscellaneous financial income 59,900 71,285<br />
– exchange gains and income from currency<br />
456,901 402,794<br />
management<br />
Total 545,327 505,068<br />
Total 590,731 546,105