The Benetton Group Annual Report 1996

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Companies and Groups included within the scope of consolidation as of December 31, 1996 Name of the company Location Currency Capital Group Companies and Groups consolidated on a line-by-line basis: Parent company Benetton Group S.p.A. Ponzano Veneto (TV) Lit. 87,276,862,500 Italian Subsidiaries stock interest Benfin S.p.A. Ponzano Veneto (TV) Lit. 90,000,000,000 100% . Calzaturificio di Varese Group Ponzano Veneto (TV) Lit. 8,808,569,580 96.988% . Stefani Group Grumolo delle Abbadesse (VI) Lit. 600,000,000 78% . Texcontrol Group Ponzano Veneto (TV) Lit. 17,000,000,000 81.875% . Galli Filati Group Prato (FI) Lit. 4,000,000,000 100% Bencom S.p.A. Ponzano Veneto (TV) Lit. 3,000,000,000 100% . Benair S.p.A. Ponzano Veneto (TV) Lit. 3,000,000,000 100% Fabrica S.p.A. Ponzano Veneto (TV) Lit. 8,000,000,000 100% . Colors Magazine S.r.l. Ponzano Veneto (TV) Lit. 199,000,000 100% Benetton Fashion S.p.A. Ponzano Veneto (TV) Lit. 70,000,000,000 100% . Socks & Accessories Benetton (S.A.B.) Group Sesto Fiorentino (FI) Lit. 1,000,000,000 50% Benlog S.p.A. Ponzano Veneto (TV) Lit. 27,400,000,000 100% Benetton Gesfin S.p.A. Ponzano Veneto (TV) Lit. 80,000,000,000 100% Foreign subsidiaries Benetton U.S.A. Corp. Delaware US $ 34,654,000 100% . Benetton Retail Corp. Delaware US $ 1,301,000 100% Benetton Holdings N.V. Amsterdam f. 45,434,000 100% . Benetton Cosmetici Holding S.A. Lugano SwF 8,050,000 100% . Benetton Cosmetici S.A. Lugano SwF 50,000 100% . Benetton Cosmétiques France S.A. Paris F 28,050,000 100% . Benetton Cosmetics Corp. New York US $ 3,500,000 100% . Benetton Group Japan K.K. Tokyo Yen 400,000,000 100% . Benetton Japan K.K. Tokyo Yen 400,000,000 100% . Benetton Shoes Japan K.K. Tokyo Yen 60,000,000 50% . Bene Moda K.K. Tokyo Yen 60,000,000 50% . Benetton China Japan K.K. Tokyo Yen 50,000,000 91% . K.K. Via Veneto Tokyo Yen 232,500,000 50% . Benetton Argentina S.A. Buenos Aires $Arg 500,000 100% . Benetton Mexico S.A. de C.V. Mexico City N$ 27,740,000 100% . Egyptian European Clothing Manufacturers S.A.E. Alexandria LE 4,000,000 50% . DCM Benetton India Ltd. New Delhi Rs. 80,000,000 50% . Benetton (Far East) Ltd. Hong Kong Hk $ 51,000,000 100% . United Colors of Benetton do Brasil S.A. Sao Josè dos Pinhais R$ 19,707,528 100% . Colorben Comercio de Roupas Ltda. Sao Paulo R$ 5,000 100% . Colors Brasil Roupas Ltda. Rio de Janeiro R$ 1,000 100% . Novaben Comercio de Roupas Ltda. Rio de Janeiro R$ 50,000 100%
Name of the company Location Currency Capital Group stock interest Benetton International N.V. Amsterdam f. 244,260,000 100% . Benetton Finance N.V. Curaçao US $ 26,000 100% . Benetton Finance S.A. Luxembourg Lit. 1,000,000,000 100% . Benetton France Trading S.a.r.l. Troyes F 240,000,000 100% . Benetton France S.A. Troyes F 40,000,000 100% . Benetton Realty France S.A. Troyes F 272,000,000 100% . Catys S.a.r.l. Troyes F 410,040 100% . Benetton España S.L. Castellbisbal Ptas. 100,000,000 100% . Benetton S.A. Castellbisbal Ptas. 200,000,000 100% . Benetton Lda. Maia Esc 20,000,000 100% . Benetton (U.K.) Ltd. London £ 52,334 100% . Benetton Formula Ltd. London £ 3,900,000 100% . Benetton Retail (1988) Ltd. London £ 10,000,000 100% . Benetton Società di Servizi S.A. Lugano SwF 50,000 100% . Benetton do Brasil Textil Ltda. Sao Josè dos Pinhais R$ 10,405 100% . United Colors Communication S.A. Lugano SwF 1,000,000 100% . Benetton Services S.A. Lugano SwF 1,400,000 100% . Benetton Korea Inc. Seoul W 110,000,000 100% . Benetton Time S.A. Luxembourg US $ 300,000 52% . Benetton Engineering Ltd. Enstone £ 12,342,000 100% . Benetton Tunisia S.a.r.l. Akouda At 303,900 100% Investments carried at equity: . Benetton Kansai K.K. Osaka Yen 110,000,000 40% . Beijing Benetton Fashion Co. Ltd. Beijing Y 3,797,620 50% . Shanghai Benetton Ltd. Shanghai Y 2,780,000 54.6% . Benetime Japan K.K. Tokyo Yen 10,000,000 24% . T.W.R. Group Ltd. Kidlington £ 20,000,000 50% . Benetton Central Europe Ltd. Warsaw Zloty 4,224,000 100% . Benetton China Holdings Ltd. Hong Kong US $ 2,600,000 50% Investments in subsidiaries and associated companies carried at cost: . Azfin International B.V. Amsterdam f. 40,000 100% . Benetton Australia Pty. Ltd. Sidney $A 1,000 100%
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The Benetton Group Annual Report 19
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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 54 and 55: Reconciliation of the stockholders'
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 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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