The Benetton Group Annual Report 1996

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Consolidated balance sheets as of Appendix 2 December 31, 1995 and 1996 (reclassified for an international format) (in millions of Lire) (Thousands of US $) (1) Assets 12/31/95 12/31/96 12/31/96 Current Assets Cash 458,619 498,912 328,448 Marketable securities 400,092 680,019 447,675 Differentials on forward transactions 80,891 75,003 49,377 Financial receivables 141,324 12,173 8,014 Assets leased to third parties 173 1,053 693 Accounts receivable Trade receivables 1,410,432 1,416,312 932,398 Other receivables 158,510 81,071 53,371 Less - Allowance for doubtful accounts (169,935) (168,883) (111,180) 1,399,007 1,328,500 874,589 Inventories 506,363 411,292 270,765 Prepayments and accrued income 53,030 63,649 41,902 Total current assets 3,039,499 3,070,601 2,021,463 Investments and other non-current assets Investments 47,151 43,241 28,467 Securities held as fixed assets 20,767 51,042 33,602 Guarantee deposits 29,753 13,332 8,777 Financial receivables 4,104 1,644 1,082 Other non current receivables 2,078 11,628 7,655 Assets leased to third parties 1,054 - - Fixed assets 104,907 120,887 79,583 Land and buildings 447,822 439,877 289,583 Plant, machinery and equipment 505,931 523,913 344,906 Office furniture, furnishings and electronic equipment 65,656 67,635 44,526 Vehicles and aircraft 47,931 48,123 31,681 Construction in progress and advances for fixed assets 6,186 5,758 3,791 Finance leases 21,729 26,245 17,278 Less - Accumulated depreciation (477,238) (519,285) (341,860) Intangible assets 618,017 592,266 389,905 Licenses and trademarks 12,310 11,825 7,785 Deferred charges 62,346 68,683 45,215 74,656 80,508 53,000 Total assets 3,837,079 3,864,262 2,543,951 (1)Exchange rate: US $ 1 = Lire 1,519 as of December 31, 1996. The accompanying notes to consolidated financial statements are an integral part of these consolidated statements.
(in millions of Lire) (Thousands of US $) (1) Liabilities and stockholders' equity 12/31/95 12/31/96 12/31/96 Current liabilities Bank loans 568,003 786,034 517,468 Bonds - 34,986 23,032 Short-term loans 668 4,002 2,635 Current portion of long-term loans 172,735 25,536 16,811 Current portion of lease financing 3,146 3,720 2,449 Accounts payable 528,624 550,665 362,518 Other payables and accruals 144,899 125,725 82,768 Reserve for income taxes 70,297 27,682 18,224 Total current liabilities 1,488,372 1,558,350 1,025,905 Long-term liabilities Bonds 279,827 236,075 155,415 Long-term loans, net of current portion 211,429 83,823 55,183 Other long-term liabilities 2,123 1,942 1,279 Lease financing 10,970 12,657 8,332 Reserve for termination indemnities 58,736 62,521 41,159 Reserve for deferred income taxes - 144 95 Other reserves 89,801 63,311 41,679 652,886 460,473 303,142 Minority interests in consolidated subsidiaries 38,863 24,603 16,197 Stockholders' equity Capital stock 87,277 87,277 57,457 Additional paid-in capital 472,661 472,661 311,166 Surplus from monetary revaluation of assets 45,028 46,202 30,416 Other reserves and retained earnings 816,037 962,107 633,382 Translation differences 15,700 6,947 4,573 Net income for the year 220,255 245,642 161,713 1,656,958 1,820,836 1,198,707 Total liabilities and stockholders' equity 3,837,079 3,864,262 2,543,951 (1) Exchange rate: US $ 1 = Lire 1,519 as of December 31, 1996. The accompanying notes to consolidated financial statements are an integral part of these consolidated statements.
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The Benetton Group Annual Report 19
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Dear Shareholders, in 1996 the Bene
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Manufacturing companies invested su
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Signori Azionisti, nell’esercizio
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Gli investimenti I programmi di inn
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Consolidated financial statements a
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The Benetton Group The Benetton Gro
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Management’s discussion and analy
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Net capital employed Net working ca
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Consolidated balance sheet as of De
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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
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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 78 and 79: Companies and Groups included withi
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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