The Benetton Group Annual Report 1996

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Consolidated statements of income for the years ended December 31, 1994, 1995 and 1996 Appendix 3 (reclassified for an international format) (in millions of Lire) (Thousands Revenue of US $) (1) 1994 1995 1996 1996 Net sales 2,640,752 2,767,585 2,702,685 1,779,253 Other revenues 146,920 171,549 168,423 110,877 Cost of sales 2,787,672 2,939,134 2,871,108 1,890,130 Material and net change in inventories 804,809 872,790 809,982 533,234 Payroll and related cost 160,619 171,687 172,412 113,504 Subcontract work 562,863 549,958 616,189 405,654 Industrial depreciation 54,428 59,226 56,759 37,366 Other manufacturing costs 56,335 67,631 61,231 40,310 1,639,054 1,721,292 1,716,573 1,130,068 Gross margin 1,148,618 1,217,842 1,154,535 760,062 Selling, general and administrative expenses Payroll and related cost 160,242 165,579 149,216 98,233 Distribution and transport 56,007 56,969 46,797 30,808 Sales commission 107,301 114,994 132,629 87,313 Advertising and promotion 132,803 119,993 101,638 66,911 Depreciation and amortization 41,184 41,763 38,153 25,117 Other expenses 262,341 274,741 284,421 187,242 759,878 774,039 752,854 495,624 Income from operation 388,740 443,803 401,681 264,438 Other (income) expenses Foreign currency (gain) loss, net 3,194 (45,957) (117,214) (77,165) Interest income (188,646) (131,422) (142,292) (93,675) Interest expense 229,449 178,062 154,913 101,983 Other (income) expense, net (13,000) 32,025 49,107 32,329 30,997 32,708 (55,486) (36,528) Income before taxes and minority interests 357,743 411,095 457,167 300,966 Income taxes 150,554 188,659 206,638 136,036 Income before minority interests 207,189 222,436 250,529 164,930 Minority interests (3,031) 2,181 4,887 3,217 Net income 210,220 220,255 245,642 161,713 (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.
Valuation and qualifying accounts As of December 31, 1994, 1995 and 1996 Description Balance at Beginning of Period Additions Charged to Profit/Loss Deducted in the Balance Sheets from the assets to which it applies: Allowance for doubtful accounts SCHEDULE VIII (in millions of Lire) Other(1) Deductions Balance at 1994 150,084 66,888 (1,818) (41,878) (2) 173,276 1995 173,276 60,839 (3,389) (60,791) (2) 169,935 1996 169,935 78,304 (4,763) (74,593) (2) 168,883 Inventory valuation reserve 1994 16,252 5,036 1,008 (8,327) 13,969 1995 13,969 12,291 (420) (10,387) 15,453 1996 15,453 9,382 (1,827) (10,027) 12,981 Other reserves - Exchange fluctuation reserve 1994 55,561 12,187 1 (21,819) 45,930 1995 45,930 6,285 (4) (11,876) 40,335 1996 40,335 14,366 (102) (53,520) 1,079 - Risk reserve 1994 7,099 5,360 (1,147) (4,987) 6,325 1995 6,325 30,517 (1,218) (3,092) 32,532 1996 32,532 23,046 (3,516) (7,716) 44,346 - Taxation reserve 1994 7,580 50 - - 7,630 1995 7,630 - 20 - 7,650 1996 7,650 130 63 (61) 7,782 - Reserve for agents’ termination indemnities 1994 9,219 272 (840) (254) 8,397 1995 8,397 2,239 - (1,352) 9,284 1996 9,284 9,282 - (8,462) 10,104 - Total other reserves 1994 79,459 17,869 (1,986) (27,060) 68,282 1995 68,282 39,041 (1,202) (16,320) 89,801 1996 89,801 46,824 (3,555) (69,759) 63,311 (1) Represents balances of acquired companies, transfers from other reserve accounts and the effect of translation adjustment. (2) Represents write-offs of uncollectible accounts. End of Period
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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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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
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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 80 and 81: Consolidated balance sheets as of A
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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