The Benetton Group Annual Report 1996

(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.