Savino Del Bene

Savino Del Bene
Savino Del Bene S.p.A. and subsidiary companies
Interim Report on the six months ended
30th June 2001
Savino Del Bene
1

FOREWORD
2
Interim Report on the six months
ended 30th June 2001
for the Savino Del Bene Group
Interim Report on the six months
ended 30th June 2001
for the parent company
Savino Del Bene S.p.A.

This interim report was prepared by the Board of Directors on 13th September 2001.
This report is divided into two sections; the first part shows the performance of the Savino Del
Bene Group during the first six months of the year 2001 while the second part shows the
performance of the parent company Savino Del Bene S.p.A.
This report has been prepared in accordance with the Italian Civil Code and in compliance with
the Italian Stock Exchange Commission (Consob) regulations.
The Company has chosen to show the result for the period prior to taxation, taking advantage of
the possibility offered by paragraph 7 of Article No. 81 of the Consob circular No. 12475 of 6th
April 2000.
The figures contained in this report are expressed in millions of Italian lire.
Comparative figures are given for the corresponding period of the previous year and for the
previous year end.
SAVINO DEL BENE GROUP
INTERIM REPORT ON THE FIRST SIX MONTHS OF THE YEAR 2001
3

BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS
AND INDEPENDENT AUDITORS
(In accordance with Consob Circular No. 97001574 of 20.2.1997)
BOARD OF DIRECTORS
(appointed up until the date of the approval of the financial statements for the year ended on
31.12.2001)
Chairman
Nocentini Paolo
Responsibilities: the ordinary and extraordinary administration, with the exception of actions for which the
Board of Directors’ authorisation is specifically required by law and actions of significant economic
importance such as the purchase and sale of real estate, companies, investments and the granting of
guarantees for amounts in excess of Lire 300 million.
Vice-chairman
Macucci Giuliano
Responsibilities: the same as those attributed to the Chairman, to be carried out in the Chairman’s
absence or impediment.
Managing Director
Brandani Silvano
Responsibilities: the logistics organisation of the Company, the control and management of the Livorno
branch and management co-ordination of relations with the American subsidiary companies.
Directors
Lapi Francesca
* BOARD OF STATUTORY AUDITORS
(appointed up until the date of the approval of the financial statements for the year ended on
31.12.2001)
Acting Auditors
Annibale Viscomi – Chairman
Luca Porciani
Roberto Zaffina
Substitute Auditors
Franco Vannucchi
Muzio Clementi
4

GROUP PERFORMANCE
In consideration of the parent company’s preponderant importance within the Group, and of the
fact that the companies included in the consolidation area operate in the same markets, have
the same characteristics and are equally dependent upon external factors, for information
regarding the performance of the individual consolidated companies, reference should be made
to the comments contained in the Directors' Report on the interim financial statements of the
parent company, Savino Del Bene S.p.A. for the first six months of the year 2001.
The results for the period can be seen from the summarised interim income statement and
balance sheet shown below.
30.6.2001 31.12.2000 30.6.2000
Net sales of goods and
services
455,144 761,538 335,568
Other income and revenues 2,004 3,630 2,074
Purchases of materials and
services
(382,556) (629,038) (275,666)
Added value 74,592 136,130 61,976
Labour costs (50,995) (77,135) (35,339)
Other operating expenses (1,645) (3,513) (629)
Gross operating margin 21,952 55,482 26,008
Amortisation and depreciation (4,844) (7,086) (2,770)
Provisions for risks (2,543) (3,793) (2,221)
Operating income 14,565 44,603 21,017
Financial income (expenses)
net
5,765 5,018 3,880
Group share of income from
companies valued at net
equity
330 0 15
Income before extraordinary
items
20,660 49,621 24,912
Extraordinary income
(expenses), net
(136) 2,625 (289)
Income before taxes 20,524 52,246 24,623
Income taxes for the period 0 (22,619) 0
Net income for the period 20,524 29,627 24,623
Income/(losses) attributable to
minority interests
(2,837) (1,812) (1,417)
Group share of net income 17,687 27,815 23,206
30.6.2001 31.12.2000 30.6.2000
Amounts due from shareholders 0 0 0
Fixed assets 78,132 64,183 48,155
Trade receivables 226,217 183,453 152,136
Other assets 20,927 23,841 15,999
Trade payables (124,370) (112,522) (95,668)
Provisions for risks and charges (5,129) (4,400) (4,206)
Other liabilities (45,607) (42,022) (22,942)
Capital invested – liabilities 150,170 112,533 93,474
Employee termination indemnity (15,118) (12,761) (12,007)
Net capital invested 135,052 99,772 81,467
Financed by:
5

Group share of net equity 123,967 112,902 94,943
Minority interest share of net equity 10,626 6,187 4,841
Net medium/long term indebtedness 6,936 4,917 5,079
Net short term indebtedness (6,477) (24,234) (23,396)
Total sources of finance 135,052 99,772 81,467
An analysis of the above figures shows a significant growth in consolidated turnover (+ 35.63 %)
and in added value (+ 20.36%) with respect to the first six months of the year 2000, and an
equally important decrease in gross operating margin (-15.6%) and in net operating profit (-
30.7%).
The Group share of net income before taxes has fallen by 23.78% with respect to the first six
months of the year 2000.
The increase in turnover and profitability margins has been possible due to the following factors:
- The expansion of the consolidation area and the acquisition of certain important business
segments from third party companies which enabled the Group to fight the negative trend in
the US economy which was particularly evident from the first months of the year 2001
onwards;
- the containment of both general and administrative expenses and of freight charges;
- the provision of a high quality professional service which enabled us to maintain important
traffic in both the air and sea sector and, in certain cases, has also enabled us to increase
our market share.
The expansion of the Group's activities and the increased demand for space on air and marine
carriers during the year 2000 led to a significant increase in freight charges which did not
however have any significant negative effects on added value as a result of the particularly
favourable economic situation which enabled the Group to significantly expand its turnover.
During the year 2001 and particularly during the second quarter, the slight drop in sales revenue
(in terms of homogeneous consolidation area) was not matched by an immediate and
proportional decrease in freight charges. This has led to a percentage increase in the incidence
of materials and service costs on turnover which, in turn, affected added value.
We would also add that, due to the difficult situation on the US market particularly as from the
beginning of the year 2001, it was also extremely difficult to maintain our charges to customers
at the same levels as those of the previous months and therefore it was necessary in certain
cases to apply further reductions.
The gross operating margin showed a significant decrease in its percentage incidence on
turnover (4.82% at 30.06.2001, against 7.28% at 31.12. 2000 and 7.75% at 30.06.2000) due
mainly to the significant increase in the percentage incidence of labour costs on turnover
(11.20% at 30.06.2001, against 10.12% at 31.12. 2000 and 10.53% at 30.06.2000). In fact, as
part of its strategy of expanding its export business from the USA towards Europe and the rest
of the world, the Group had carried out significant investment in human resources, which at the
moment weigh heavily on the income statement and are not being utilised to their full potential
by the Group. Nevertheless, it is undeniable that the globalisation strategy adopted by the Savino
Del Bene Group is essential for its future development and expansion and that such investment
is necessary and that the positive effects thereof shall become apparent in the coming years.
The Group's net financial position was slightly negative at 30.06.2001, with a net indebtedness of
Lire 459 million, against a net liquidity of Lire 18.3 billion at 30.6.2000 and Lire 19.3 billion at
31.12. 2000. This figure (considering the investment made in order to obtain control of the
company Leonardi S.p.A) confirms the Group's financial solidity and its ability to resort to
financial leverage if necessary, should any interesting investment opportunities arise.
6

PERFORMANCE FIGURES
The table below shows an analysis of air and sea traffic by geographical area and the analysis of
the number of Teus shipped shows a significant increase in the volume of shipments,
particularly in North America, where the Group is greatly intensifying its activities. The Far East
and South America also showed excellent results.
(Teus) 30.6.2001 30.6.2000
North America 51,658 46,376
Central America 822 357
South America 2,882 2,247
Europe 2,053 1,307
Africa 2,530 778
Middle East 3,711 1,214
Far East 4,302 1,883
Australia and South Pacific 1,149 552
South Asia 876 62
Total 69,983 54,776
We would emphasise the importance of the contribution to this increase made by the company
Leonardi (not consolidated at 30.06.2000 as it had not yet been acquired by the Group) which
shipped approx. No. 14,000 Teus during the first six months of the year 2001.
The following table shows the geographical distribution of air traffic:
( Kgs.) 30.6.2001 30.6.2000
North America 11,917,717 11,187,725
Central America 251,939 120,940
South America 931,245 541,282
Europe 1,208,549 1,179,871
Africa 396,414 207,320
Middle East 729,849 441,294
Far East 3,603,309 2,479,968
Australia and South Pacific 124,781 66,237
South Asia 569,498 368,017
Total 19,733,301 16,592,654
The most important variation during the period, apart from the normal expansion of the North
American business, is the significant increase in traffic towards the Far East, which
demonstrates the particular attention which the Group's management is dedicating to the
globalisation of traffic and to the development and expansion of exports from the USA towards
the rest of the world.
7

STRATEGY AND PROSPECTS FOR THE FUTURE
During the first six months of the year 2001 the Group has continued its strategy of globalisation
of its activities and diversification towards new market outlets with new investments in both
traditional geographic areas (principally the USA) and in other areas considered strategically
important and with high potential. In particular a new office has been opened in Argentina and
the Group has acquired a further share (30%) of the South African company Strategic Logistical
Alliance.
Management intends to carefully examine every potential investment opportunity which could
enable it to further integrate its services and extend its operative and commercial base both in
Europe and abroad.
INTER COMPANY TRANSACTIONS
The parent company is an international shipping company which organises the logistics side of
the transport of goods, without using its own carriers, in the manner and timing most suited to
the specific customer requirements. The use of third party carriers enables the Company to
maintain a more flexible structure and enables it to adapt to eventual fluctuations in demand,
without a high incidence of fixed costs. La creation of an international network of subsidiary and
associated companies and commercial offices enables the Group to guarantee its customers a
highly professional and personalised service capable of satisfying the most varied demand. In
this respect the Savino Del Bene Group includes companies which operate mainly in the IT and
logistic support sector (mainly warehousing, customs clearing services etc.).
As regards the principal transactions and relationships between Group companies, reference
should be made to the comments on the parent company's interim financial statements for the
period ended 30.6.2001.
DISCLOSURE OF RELATED PARTY TRANSACTIONS
In accordance with the CONSOB recommendation No. DAC/98015375 of 27th February 1998, we would
point out that the Group company Savino Del Bene S.L. Spain has received services from the company
Amazzone S.a.s. (5.059 % held by the parent company Savino Del Bene S.p.A.) for a total of Lire 50
million related to the supply of the commercial know-how necessary for the running of the company's
operating activities.
SIGNIFICANT POST BALANCE SHEET EVENTS
No significant events have taken place after the end of June 2001, with the exception of those
disclosed in the Directors’ interim report on the parent company Savino Del Bene.
FORECAST FOR THE REMAINDER OF THE CURRENT YEAR
The prospects for the year 2001 shall clearly be dependent upon the prospects of a recovery in
the US economy. However the Group’s management is reasonably optimistic because, even in
the event that the current difficult economic situation should persist, freight charges should fall
even further more or less in line with the drop in the volumes of goods transported in the whole
world.
8

CONSOLIDATION PRINCIPLES
a) Consolidation method
The consolidation was carried out in accordance with the line-by-line (global integration) method.
The main consolidation principles adopted are summarised below:
-the book value of the investments held by the holding company or other Group companies in
consolidated subsidiaries is eliminated against the related shareholders’ equity, and their assets, liabilities,
income and expenses are consolidated on a line-by-line basis;
-the difference between the book value and the net equity value of the consolidated companies is
allocated, if positive, to the value of the assets acquired (such as land, buildings and plant, on the basis of
assessments carried out by independent surveyors) within the limits of the fair value of such assets and
any excess is allocated to the heading “Consolidation differences”. The depreciation of these assets is
made on the basis of their estimated useful economic lives.
If negative, the difference is allocated to the heading “Consolidation reserves”;
-all receivables, payables, income and charges between companies included in the consolidation area are
eliminated, as are any gains or losses deriving from operations carried out between consolidated
companies and not yet realised at the balance sheet date.
-the minority shareholders’ interest in net equity and results for the period are shown separately in the
consolidated balance sheet and income statement;
-all dividends received from consolidated companies are eliminated;
b) Translation of foreign currency financial statements and of balances expressed in foreign
currencies.
- Financial statements expressed in currencies adhering to the Single European Currency, "Euro", are
translated into Italian Lire at the fixed Euro exchange rate established on 31.12.1998 by the European
Commission. Financial statements expressed in other foreign currencies are translated into Italian Lire
at the exchange rates as of 29.6.2001, with the exception of shareholders' equity balances, which are
translated at historical exchange rates. The resulting exchange differences are recorded under the
heading " Other reserves".
The following exchange rates were utilised:
CURRENCY JUNE 2001 DECEMBER 2000
US Dollar 2,283.33 2,080.89
Canadian Dollar 1,497.84 1,386.51
Pounds Sterling 3,210.52 3,102.49
Spanish Peseta 11.6372 11.6372
Portuguese Escudo 9.65807 9.65807
Korean Won 1.755 1.644
French Franc 295.182 295.182
Singapore Dollar 1,253.16 1,200.71
Hong Kong Dollar 292.739 266.784
Japanese Yen 18.375 18.109
Indian Rupee 47.776 45.036
Brazilian Real 994.051 1,063.79
Turkish Lira 0.001 0.003
9

Malaysian Ringit 600.957 547.675
Indonesian Rupee 0.2 0.216
Nuevo sol 650.004 590.156
Swiss Franc 1,271.51 1,240.612
CONSOLIDATION AREA
CONSOLIDATION AREA
The consolidated interim financial statements of the Savino Del Bene Group at 30th June 2001 derive
from the consolidation at that date of Savino Del Bene S.p.A. (the parent company) and of the companies
in which it holds, either directly or indirectly, a controlling interest in accordance with Art. 2359 of the Italian
Civil Code.
The consolidation area changed during the period following the inclusion of the company
Leonardi & Co. S.p.A, acquired during the first six months of the year 2001.
The list of the investments included in the consolidation area, together with information regarding the
consolidation method used, is shown in Schedule No. 1 attached to this report.
The following information is given in addition to that contained in the abovementioned schedule:
1) The direct investment in the company Savino Del Bene USA Inc. (64%) is held by the company
S.D.B. Finanziaria S.A., with head offices in Luxembourg.
2) The direct investments (100%) in the companies Savino Del Bene Inc. New York, Savino Del
Bene (Texas) Inc., Savino Del Bene Inc. California, Savino Del Bene Inc. Miami, Savino Del Bene
(Georgia) Inc., Savino Del Bene International Freight Forwarders Inc. Chicago, Savino Del Bene
Inc. Masachussets, Fashion Distribution Services Inc. New Jersey, Savino Del Bene Inc.
Charlotte, Savino Del Bene Inc. Seattle and Superb Custom Brokers Inc. are held by the company
Savino Del Bene USA Inc.
3) The direct investment in the company Brewer Enterprises Inc. (36%) is held by the company S.D.B
Finanziaria S.A., with head offices in Luxembourg.
4) The direct investment in the company Savitransport Inc. Chicago (95 %) is held by the company
Savitransport S.p.A
5) The direct investment in the company Savitransport Inc. New York (95 %) is held by the company
Savitransport S.p.A.
6) The direct investment in the company Albatrans Inc. New York (80 %) is held by the company
Albatrans S.p.A.
7) The direct investment in the company General Freight Inc. (100%), with head offices in New York, is
held by the company General Noli S.p.A.
8) The direct investments in the company General Freight Inc. (100%), with head offices in Montreal, are
held by the company General Noli S.p.A.
9) The direct investments in the company General Noli S.L. (100%), with head offices in Valencia, are
held, for 51% by the company General Noli S.p.A and for 49% by the company Savino Del Bene
International S.A. Luxembourg.
10) The direct investment in the company Savino Del Bene Portuguesa Lda, with head offices in Perafita
in Portugal (5%) is held by the company Tavoni Arimar S.p.A.
11) The direct investment in the company Savino Del Bene France (99.94 %) is held by the company
Savino Del Bene International S.A. Luxembourg.
10

12) The direct investments in the company S.D.B Finanziaria S.A (100 %) are held, for 99.86 % by the
company Savino Del Bene International S.A. Luxembourg and for 0.14% by the company Cavallino
S.r.l.
13) The direct investment in the company Savino Del Bene Naklyiati Ltd. (99%), with head offices in
Istanbul, is held by the company S.D.B. Finanziaria S.A. with head offices in Luxembourg.
14) The direct investment in the company Savino Del Bene (S) Pte Ltd (100 %), with head offices in
Singapore, is held by the company Savino Del Bene International S.A. Luxembourg.
15) The direct investment in the company Savino Del Bene K.L Sdn. Bhd. (100%) is held by the company
S.D.B. Finanziaria S.A. with head offices in Luxembourg.
16) The direct investment in the company PT Savino Del Bene Indonesia (100%) is held by the company
S.D.B. Finanziaria S.A. with head offices in Luxembourg.
17) The direct investment in the company Savino Del Bene Japan Co. Ltd. (100 %) is held by the
company S.D.B Finanziaria S.A. with head offices in Luxembourg.
18) The direct investment in the company Savino Del Bene Freight Forwarders India Pvt. Ltd. (100%) is
held by the company S.D.B. Finanziaria S.A. with head offices in Luxembourg.
19) The direct investment in the company Savino Del Bene Do Brasil LTDA (99%) is held by the company
S.D.B. Finanziaria S.A. with head offices in Luxembourg.
20) The direct investment in the company Savino Del Bene Peru S.A.C. (99%) is held by the company
S.D.B. Finanziaria S.A. with head offices in Luxembourg.
21) The direct investment in the company Novibrama S.r.l. (5 %) is held by the company Cavallino S.r.l.
22) The direct investment in the company C.R.T. S.r.l. (95%) is held by the company Novibrama S.r.l.
23) The direct investment in the company Savitransport Triveneto S.r.l (51%) is held by the company
Savitransport S.p.A.
24) The direct investment in the company L.S. Logistic Group S.r.l (50%) is held by the company
Leonardi & Co. S.p.A.
25) The direct investment in the company Strategical Logistical Alliance (Pty) Ltd. (50%) is held by the
company S.D.B. Finanziaria S.A. with head offices in Luxembourg.
26) The direct investment in the company Hansa Express Speditionsgesellschaft MBH (35%) is held by
the company S.D.B. Finanziaria S.A. with head offices in Luxembourg.
27) The direct investment in the company Leonardi Cameroon (24,5 %) with head offices in
Douala (Cameroon) is held by the company Leonardi & Co. S.p.A.
28) The direct investment in the company Tavoni International Algeria (15 %) with head offices
in Algiers (Algeria) is held by the company Tavoni Arimar S.p.A.
29) The direct investment in the company Direct European Transportation (100%) is held by the
company SDB UK Ltd .
30) The direct investment in the company Savino Del Bene S.A. (98,8%) with head offices in
Chiasso is held by the company S.D.B. Finanziaria S.A. with head offices in Luxembourg.
31) The direct investment in the company Leonardi & Co. Usa Inc. (100 %) is held by the
company Leonardi & Co. S.p.A.
32) The direct investment in the company Albatrans France S.a.r.l. (80 %) is held by the company
Albatrans S.p.A.
11

33) The direct investment in the company Albatrans Spain S.l. (80 %) is held by the company
Albatrans S.p.A.
34) The direct investment in the company Leonardi Iberia S.A (100 %) with head offices in
Valencia (Spain) is held by the company Leonardi & Co. S.p.A.
35) The direct investment in the company Alpha Line Limited (99%) is held by the company
S.D.B. Finanziaria S.A. with head offices in Luxembourg.
36) The direct investment in the company Savino Del Bene Pte Thailand Ltd. (100%) is held by the
company S.D.B. Finanziaria S.A. with head offices in Luxembourg.
37) The direct investment in the company Savino Del Bene Egypt Ltd. (100%) is held by the company
S.D.B. Finanziaria S.A. with head offices in Luxembourg.
38) The direct investment in the company General Noli do Brasil Ltda (100%) with head offices
in San Paolo (Brazil) is held by the company S.D.B. Finanziaria S.A. with head offices in
Luxembourg for 98% and by the company General Noli S.p.A for 2%.
39) The direct investment in the company Tavoni International S.A (100 %) with head offices in
Mexico City is held by the company Tavoni Arimar S.p.A.
40) The direct investment in the company Savino Del Bene Argentina Ltd. (99%) with head
offices in Buenos Aires is held by the company S.D.B. Finanziaria S.A. with head offices in
Luxembourg.
12

ACCOUNTING PRINCIPLES
The accounting principles adopted in the preparation of the consolidated interim financial statements for
the six-month period ended 30th June 2001 are consistent with those of the year ended 31st December
2000 with the exception of the following:
a) Income taxes
No current or deferred taxation has been calculated on the income for the period.
b) Minority interest share of income for the period
As a result of the above, the result for the period attributable to minority interests has
been calculated on income for the period before current and deferred tax.
13

COMMENTS ON THE PRINCIPAL ASSET HEADINGS
AMOUNTS DUE FROM SHAREHOLDERS FOR SHARE PAYMENTS DUE
No balance exists for this heading at 30.6.2001, as was also the case at 31.12. 2000 and 30.6.2000.
FIXED ASSETS
Intangible Fixed Assets
These amount to Lire 9,475 million at 30.06.2001, against Lire 1,784 million at 31.12.2000 and Lire 1,692
million at 30.06.2000.. They comprise mainly costs sustained for the purchase of software and for
improvements to third party assets. The movements during the period are shown in Schedule No.2
attached to this report.
Intangible fixed assets are comprised of the following:
Starting up and expansion costs
These amount to Lire 250 million at 30.06.2001, against Lire 77 million at 31.12. 2000 and Lire
259 million at 30.06.2000.
They comprise principally the following costs sustained:
- for the increase in share capital by means of a bonus issue resolved by the Extraordinary
Shareholders’ Meeting of the parent company Savino Del Bene S.p.A. dated 16th September 1998
(Lire 33 million);
- for the bonus issue of share capital resolved by the Board of Directors on 17th May 1999 in exercising
the powers conferred on them by the extraordinary shareholders’ meeting of 16th September 1998 (Lire
4 million);
- for legal and fiscal charges relative to the stipulation of contracts for the acquisition of companies and
to the statutory amendments resolved by the extraordinary shareholders' meeting of 28th April 2000
relative to the conversion of the Company's share capital from Italian lire into Euro and to the transfer to
secondary premises (Lire 4 million);
- for legal and fiscal charges relative to the bonus issue of share capital increase resolved by the Board
of Directors on 30th March 2001 in exercising the powers conferred on them by the Extraordinary
Shareholders’ Meeting of the parent company Savino Del Bene on 16th September 1998 (Lire 5 million);
- for legal and fiscal charges relative to the acquisition of the business segment of the
company Tavoni and the consequent changes to the company’s statute (Lire 52 million).
- for costs sustained relative to the acquisition of the business segment of a brokerage
company by the company Albatrans Inc. with head offices in New York (Lire 129 million).
- for legal and fiscal charges relative to the merger by incorporation of the companies
Darimec Commerciale S.r.l. and Chriseco S.r.l. in the company Cavallino S.r.l. (Lire 4
million).
14

The variation during the period is due mainly to the additions during the period (Lire 202
million) and the amortisation charges for the period (Lire 40 million).
Research, development and advertising expenses
These show a nil balance at 30.06.2001, as was also the case at 31.12.2000 and at
30.06.2000.
Concessions, licences, trademarks and similar rights
These amount to Lire 403 million at 30.06.2001, against Lire 282 million at 31.12.2000 and Lire 140
million at 30.06.2000.
They comprise mainly the costs of applications software purchased for use under licence.
The movements during the period are due to changes in the consolidation area for Lire 141
million, additions during the period of Lire 80 million, and amortisation charges of Lire 93
million.
Goodwill
This amounts to Lire 2,512 million at 30.06.2001, against Lire 630 million at 31.12. 2000 and
Lire 230 million at 30.06.2000.
The variation during the period is due principally to the goodwill paid by the company Arimar
S.r.l. for the acquisition of the business segment of the company Tavoni (Lire 1,685 million)
and by the company Albatrans Inc. New York for the acquisition of the business segment of
the company Chase Leavitt with head offices in New York , and also to the amortisation charge
for the period (Lire 274 million).
Fixed assets in progress and advances to suppliers
These amount to Lire 114 million at 30.06.2001. No such balance existed at either 31.12.2000
or 30.6.2000.
These relate to advance payments made by the parent company for the acquisition of a
building in Genoa (Lire 34 million) and advance payments made by the company General Noli
S.p.A for rewiring and other work on the electrical system in their offices (Lire 80 million).
Other intangible fixed assets
These amount to Lire 905 million at 30.06.2001, against Lire 582 million at 31.12. 2000 and
Lire 530 million at 30.06.2000.
.
They include the costs sustained for :
- improvements to leased assets (Lire 843 million);
- the attainment of the ISO 9002 quality certificate (Lire 3 million);
- legal fees sustained by the company Cavallino S.r.l. relative to the receipt of a mortgage loan (Lire 2
million);.
- increase due to the extension of the consolidation area (Lire 57 million)
15

The variation during the period was due mainly to the amortisation charge for the period (Lire
215 million), to costs sustained for improvements to leased assets (Lire 483 million) and to
increase due to changes in the consolidation area (Lire 68 million) .
Consolidation differences
These amount to Lire 5,291 million at 30.06.2001, against Lire 213 million at 31.12.2000 and
Lire 533 million at 30.06.2000.
The variation during the period is due to the goodwill paid by the parent company for the acquisition of
51% of the company Leonardi & Co. S.p.A. (Lire 5,672 million) and to the amortisation of the positive net
consolidation differences arising as a result of the changes in the consolidation area during the year 2000
and during the first six months of the year 2001 only partially covered by the residual consolidation
reserves at that date (Lire 594 million).
Consolidation differences are amortised over a period of five years.
Tangible fixed assets
These amount to Lire 61,284 million at 30.06.2001, against Lire 56,321 million at 31.12.2000
and Lire 38,101 million at 30.06.2000.
The movements during the period are shown in Schedule No.3 attached to this report. This schedule
shows the movements in historical cost and in accumulated depreciation.
The components of tangible fixed assets are:
Land and buildings
These amount to Lire 43,388 million at 30.06.2001, against Lire 42,913 million at 31.12.2000
and Lire 26,272 million at 30.06.2000
This asset category also includes consolidation differences relative to the year 1999 (for a total
of Lire 687 million, net of accumulated depreciation) arising from the acquisition by the
company S.D.B. Finanziaria S.A. with head offices in Luxembourg, of 36% of the entire share
capital of the company Brewer Enterprises Inc.
The depreciation charge for the period amounted to Lire 1,198 million.
Plant and machinery
These amount to Lire 167 million at 30.06.2001, against Lire 60 million at 31.12.2000 and Lire
65 million at 30.06.2000.
Purchases during the period amounted to Lire 107 million.
The depreciation charge for the period amounts to Lire 10 million.
Industrial and commercial equipment
These amount to Lire 1,428 million at 30.06.2001, against Lire 1,278 million at 31.12.2000 and
Lire 1,153 million at 30.06.2000.
The following movements took place during the period: purchases for Lire 309 million,
disposals for Lire 42 million , ordinary depreciation charges for Lire 215 million, utilisation of
accumulated depreciation on disposals for Lire 42 million.
16

The purchases and disposals which took place during the period relate mainly to changes made by the
parent company in order to improve the efficiency of its warehouse.
Other assets
These amount to Lire 16,074 million at 30.06.2001, against Lire 11,820 million at 31.12.2000
and Lire 10,490 million at 30.06.2000.
The movements are due mainly to additions during the period (in particular to the purchase of
electronic machinery, motor vehicles, plant and equipment for a total value of Lire 5,907
million, to disposals (Lire 1,236 million), to ordinary depreciation charges ( Lire 2,205 million),
and to the reversal of accumulated depreciation on disposals for approximately Lire 980
million. The increase due to the extension of the consolidation area amounted to Lire 542
million.
Advances to suppliers of fixed assets
These amount to Lire 227 million at 30.06.2001, against Lire 250 million at 31.12.2000 and Lire
121 million at 30.06.2000.
This balance has increased by Lire 227 million following the advances paid by the parent
company Savino Del Bene S.p.A. for the acquisition of the ground lease on council land in
Genoa for office use (Lire 182 million) for restructuring work to be carried out on the
Company’s Livorno building (Lire 40 million) and for the purchase of equipment Lire 5 million).
Financial Fixed Assets
Equity investments
These are comprised as follows:
Investments in non-consolidated subsidiary companies
30.06.01 31.12.00 30.06.00 % direct % indirect
possession possession
Savino Del Bene Fiume 39 39 39 90 0
Schiassi Spedizioni S.r.l. 0 303.9 * 0 100
General Freight Inc. Canada ** ** 0.1 0 100
Direct Eur. Transportation 0 0 0 0 100
Savino Del Bene S.A. Chiasso 296.7 296.7 296.7 0 98.8
Alpha Line Ltd. 17.6 17.6 17.6 0 99
Albatrans Spain S.L. 104.7 104.7 40.3 10 40
Albatrans France S.r.l 13.2 13.2 13.2 10 40
Da Verrazzano Incentive S.r.l. *** *** 1 0 100
Da Verrazzano S.r.l *** *** 454.2 51 49
Vespucci S.r.l *** *** 68.4 5 95
Savino Del Bene France ** ** 1,013.1 0 99.94
Leonardi Usa Inc. 3.5 **** **** 0 51
Leonardi Iberia S.A 314.3 **** **** 0 51
General Noli do Brasil 460.3 **** **** 0 100
Tavoni International S.A 40 **** **** 0 100
Savino Del Bene Argentina 208.5 **** **** 1 99
Savino Del Bene K.L. ** ** 115.3 0 100
Savino Del Bene Naklyiati Ltd ** ** 182.9 0 100
Savino Del Bene Pte Thailand 173.3 173.3 173.3 0 100
Savino Del Bene Egypt 198.9 198.9 198.9 0 100
Savino Del Bene Perù ** ** 211.6 1 99
Savino Del Bene Indonesia ** ** 41.5 0 100
17

Total 1,870 1,147.3 2,867.1
18

* At 30th June 2000 the subsidiary company Schiassi Spedizioni S.r.l. was consolidated on a
line-by-line basis. This company was not consolidated at 31.12.2000, as it had been placed into
liquidation on 31.12.2000.
** At 31st December 2000 and at 30th June 2001 the subsidiary companies Savino Del Bene
Naklyiati Ltd. , General Freight Inc. Canada, Savino Del Bene K.L. Sdn. Bhd, PT Savino Del
Bene Indonesia, Savino Del Bene Perù S.A.C and Savino Del Bene France were consolidated
on a line-by-line basis.
*** The companies Da Verrazzano S.r.l., Vespucci S.r.l and Da Verrazzano Incentive S.r.l. were
sold on 14th July 2000. Therefore they were not consolidated at 31st December 2000 and at
30th June 2001.
**** these companies were not part of the Savino Del Bene Group at 30th June and 31st
December 2000.
In accordance with Art. 28 of Law No. 127/91, the subsidiary companies listed above have not been
consolidated but rather have been valued at cost as the extent of their operations, as a whole, are
extremely limited (in terms of total assets, total net equity, normal revenue).
Investments in associated companies
30.06.01 31.12.00 30.06.00 % direct % indirect
possession possession
F.lli Ghelardi 52 52 52 49
L.S.Log Group S.r.l. 8.2 * * 24.5
Levitrans S.r.l. 1,350.6 1,467.4 1,700 40
Strategical Logistic 463 463 463 50
Hansa Express 53.3 53.3 53.3 35
Do.ca S.r.l 990.5 775.4 975.6 39.1788
Total 2,917.6 2,811.1 3,243.9
* this company was not part of the Savino Del Bene Group at 30th June and 31st December
2000.
Investments in other companies
30.06.01 31.12.00 30.06.00 % direct % indirect
possession possession
Aereop.Vicentini S.p.A 1.7 1.7 1.7 immaterial
Leonardi Camerun 14.7 * * 12.495
Tavoni International 5 * * 15
Cons. Spedifiere 10 * * N/A
Cons. Inter. Fiumicino 150 150 150 N/A
Total 181.4 151.7 151.7
* these companies were not part of the Savino Del Bene Group at 30th June and 31st
December 2000.
19

Receivables
At 30.06.2001 the receivables due within 12 months from non-consolidated subsidiary
companies amounted to Lire 100 million, against a nil balance at 31.12.2000 and Lire 179 million
at 30.06.2000. The above balance relates entirely to a loan granted by the company Leonardi &
Co. S.p.A to its subsidiary Leonardi USA Inc.
At 30.06.2001 the receivables due within 12 months from associated companies amounted to
Lire 75 million, against Lire 46 million at 31.12.2000 and a nil balance at 30.06.2000. The
variation during the period relates entirely to a receivable due towards the company Leonardi &
Co. S.p.A by the subsidiary company Leonardi Camerun.
The receivables due after 12 months from others (Lire 2,119 million at 30.06.2001, against Lire 1,858
million at 31.12.2000 and Lire 1,843 million at 30.06.2000) are comprised of guarantee deposits given
mainly for supply contracts, real estate rental, licences and similar, and of receivables due from the fiscal
authorities following the payment of the advance tax on employee termination indemnity in accordance
with Law. No. 79/97.
CURRENT ASSETS
Inventories
These amount to Lire 60 million at 30.06.2001, against Lire 29 million at 31.12.2000 and Lire 27 million at
30.06.2000. They relate mainly to computers and electronic machinery to be disposed of during the
coming year.
Receivables
These amount to Lire 244,685 million at 30.06.2001, against Lire 206,229 million at 31.12.2000 and Lire
166,260 million at 30.06.2000. They comprise the following:
30.06.01 31.12.00 30.06.00
Trade receivables 224,244 182,588 149,536
Due from non-consolidated
subsidiary companies
1,272 492 2,309
Due from associated companies 701 373 291
Due from others 18,468 22,776 14,124
Total 244,685 206,229 166,260
The trade receivables include receivables from correspondents and agents arising in the course of normal
shipping activities. These are classified as current receivables (Lire 223,460 million against Lire 182,003
million at 31.12.2000 and Lire 149,058 million at 30.06.2000) and non-current receivables (Lire 784 million
at 30.06.2001, against Lire 585 million at 31.12.2000 and Lire 478 million at 30.06.2000). They are shown
net of a specific provision for doubtful debts set up to cover the risks of non-recovery of receivables. The
amount accrued during the period to adjust the receivables to their estimated realisable value was Lire
1,846 million, against Lire 2,729 million at 31.12.2000 and Lire 1,592 million at 30.06.2000.
The receivables due from non-consolidated subsidiary companies relate mainly to trade
receivables for freight charges due within 12 months that these companies shall, in turn, charge
to their customers.
These include receivables due to consolidated Group companies from the following companies:
Direct European Transportation (Lire 54 million), , Strategic Logistic Alliance (Lire 47 million),
Albatrans France S.r.l (Lire 123 million), Albatrans Spain (Lire 81 million), Savino Del Bene
Egypt Ltd (Lire 104 million), Savino del Bene Thailandia (Lire 334 million), Savino Del Bene
20

Argentina (Lire 176 million), Leonardi Iberia S.A (Lire 90 million), Leonardi Usa Inc. (Lire 207
million), Tavoni International Mexico (Lire 34 million) and certain foreign liaison offices (Lire 22
million).
Receivables due from associated companies amount to Lire 701 million at 30.06.2001, against
Lire 373 million at 31.12.2000 and Lire 291 million at 30.06.2000. They are comprised of
receivables due from the company Do.ca S.r.l. (Lire 409 million), Do.Ca Venezuela (Lire 159
million), Leonardi Camerun (Lire 34 million) and from the company Levitrans S.r.l. for Lire 99
million.
Receivables due from others are divided into current and non-current receivables in relation to the
expected date of receipt. The resulting analysis is as follows:
Receivables due within 12 months
30.06.01 31.12.00 30.06.00
Advances to suppliers 1,198 969 973
Fiscal authorities for advance
payments of taxes
8,047 13,305 5,930
Fiscal authorities for tax withheld at
source
57 107 45
Fiscal authorities for tax credits 65 37 675
VAT credit 885 1,033 803
Fiscal authorities for advance
taxation
642 549 321
Other receivables 2,379 2,582 1,225
Total 13,273 18,582 9,972
The category “Other receivables" comprises mainly refunds due from the Italian welfare
institution (INPS), receivables from INAIL, together with short-term advances to employees for
Lire 368 million.
Receivables due after 12 months
30.06.01 31.12.00 30.06.00
Fiscal authorities for sundry tax refunds 53 55 95
Insurance companies 2,872 2,675 2,384
Fiscal authorities for income tax refunds 57 56 56
Advances to employees 760 724 762
Fiscal authorities for advance taxation 1,411 624 794
Other receivables 42 60 61
Total 5,195 4,194 4,152
Current Financial Assets
These amount to Lire 12,570 million at 30.06.2001, against Lire 12,423 million at 31.12.2000
and Lire 11,548 million at 30.06.2000. They comprise the following:
Own shares
These amount to Lire 1,079 million at 30.06.2001, against Lire 1,497 million al 31.12.2000 and Lire 963
million at 30.06.2000. The purchase and sale of own shares has been carried out in accordance with the
resolutions of the Ordinary Shareholders’ Meeting of 28th April 2000 and 2nd May 2001. The nominal
value of the own shares in portfolio at 30th June 2001 amounts to Lire 224 million. The trading in own
shares during the period has resulted in a net loss of Lire 352 million.
Other securities
21

30.06.01 31.12.00 30.06.00
Administered securities 11,257 10,615 10,340
Ducato Fund Euro Bonds 2000 80 80 77
Nomura Asian Fund 60 75 74
Other securities 94 156 94
Total 11,491 10,926 10,585
The decrease in the value of the Nomura fund is due to the crisis on the Japanese stock market
which represents the fund's main area of operation.
Liquid funds
These amount to Lire 40,716 million at 30.06.2001, against Lire 47,937 million at 31.12.2000 and Lire
35,849 million at 30.06.2000. Of this total, Lire 38,403 million represent current bank account balances,
Lire 1,909 million relate to cheques on hand and Lire 404 million relate to cash on hand at the various
Group companies.
ACCRUED INCOME AND PREPAID EXPENSES
These amount to Lire 2,399 million at 30.06.2001, against Lire 1,036 million at 31.12.2000 and
Lire 1,848 million at 30.06.2000.
The accrued income relates mainly to interest income matured on current accounts and on fixed interest
securities.
The prepaid expenses relate to that part of costs sustained during the period (insurance, financial leases
and others) relative to subsequent periods.
They comprise the following:
30.06.01 31.12.00 30.06.00
Accrued income 126 71 16
Prepaid expenses 2,273 965 1,832
Total 2,399 1,036 1,848
COMMENTS ON THE PRINCIPAL LIABILITY AND NET EQUITY HEADINGS
SHAREHOLDERS' EQUITY
22

The movements which took place in the various components of Shareholders’ equity are shown in
Schedule No. 4 attached to this report.
Detail of the principal components of Shareholders’ equity and the movements therein is given below:
Share Capital
The share capital shown in the consolidated interim financial statements as of 30th June 2001 represents
the share capital (fully paid up) of the parent company Savino Del Bene S.p.A., comprised of No. 36,
540,000 ordinary shares with a nominal value of Euro 0.52 each.
On 30th March 2001, the Board of Directors of the parent company Savino Del Bene S.p.A., in
exercising the powers conferred upon it by the extraordinary shareholders’ meeting of 16th
September 1998 (which authorised the directors to increase the share capital up to a maximum
of Lire 38 billion, in one or more issues, within the following five years, by means of the issue of
No. 2,109,600 ordinary shares with a nominal value of Lire 1,000 per share), resolved to create
a profit-sharing incentive scheme for employees with a bonus issue of share capital for a total of
Euro 83,200. As a result of this increase, the share capital rose from Euro 18,917,600 to Euro
19,000,800.
No dividend bearing shares, convertible bonds or other securities were issued by any other
Group company during the period.
Share Premium Reserve
No such reserve existed at 30.06.2001, nor at 31.12. 2000 or 30.06.2000.
Revaluation Reserves
These amount to Lire 11,662 million, against Lire 11,662 million at 31.12.2000 and Lire 210 million at
30.06.2000. They have been formed from the revaluation reserves originated in accordance with Law No.
413/1991(for Lire 210 million) and Law No. 342/2000 ( for Lire 11,452 million).
Legal Reserve
This amounts to Lire 2,794 million, against Lire 1,942 million at both 31.12.2000 and 30.06.2000.
The increase of Lire 852 million during the period is due to the allocation of 5% of the net profit
of the year 2000 to this reserve, as resolved by the Shareholders' Meeting of the parent
company, Savino Del Bene S.p.A., held on 2nd May 2001 for the approval of the financial
statements of the company for the year ended on 31.12.2000.
Reserve For Own Shares
This amounts to Lire 3,000,000,000, at 30.06.2001, unchanged with respect to 31.12.2000 and 30.6.2000.
This reserve was created by means of a resolution passed by the Ordinary Shareholders’ Meeting dated
21.10.1994 in order to comply with the third paragraph of Art. 2357 of the Italian Civil Code.
On 27th June 1997, and subsequently on 16th September 1998, 29th June 1999, 28th April 2000 and 2nd
May 2001, the Ordinary Shareholders’ Meetings of the parent company renewed the authorisation
conferred upon its Board of Directors for the purchase and sale of own shares for a period of 18 months
from the date of the meeting, in accordance with Art. 2357 e 2357 bis of the Italian Civil Code.
Other Reserves
23

These amount to Lire 52,033 million, against Lire 31,853 million at 31.12.2000 and Lire 29,955
million at 30.06.2000.
.
The movements which took place in these reserves are summarised in the schedule “Movements in
consolidated net equity" shown as an appendix to these financial statements.
These reserves include the reserve for translation adjustments for an amount of Lire 1,512 million but do
not include consolidation reserves.
Income for the Period
This amounts to Lire 17,687 million against Lire 27,815 million at 31.12.2000 and Lire 23,206
million at 30.06.2000.
This amount is shown net of the minority interest share (Lire 2,837 million) of income for the period.
Comments on the principal income statement headings are given below, after the notes to the balance
sheet.
Minority Interest Share of Equity
This amounts to Lire 10,626 million at 30.06.2001, against Lire 6,187 million at 31.12.2000 and Lire 4,841
million at 30.06.2000. It shows the portion of consolidated shareholders’ equity pertaining to the minority
shareholders.
PROVISIONS FOR RISKS AND CHARGES
These comprise the following:
30.06.01 31.12.00 30.06.00
Leaving indemnity, pension funds
and similar
2,887 2,641 2,381
Taxation provision 693 352 359
Others 1,549 1,407 1,090
Exchange rate fluctuations 0 0 376
Total 5,129 4,400 4,206
The leaving indemnity, pension funds and similar represent the provision resolved by the shareholders’
meetings of the companies Savino Del Bene S.p.A., Savintransport S.p.A., Fiorino Shipping S.r.l. and Lulli
S.r.l. in order to recognise an indemnity to the long-term members of the Board of Directors at the end of
their collaboration. The increase in this reserve is due mainly to the provisions accrued during the period.
The taxation provision comprises the risks of fiscal penalties and sanctions. During the first six months of
the year this provision was increased by Lire 306 million.
The taxation provision also includes a provision for deferred taxation of Lire 376 million.
The category “Others” is comprised entirely of the provision for litigation, penalties and disputes. No
provision exists at 30.06.2001 for the coverage of losses sustained by non-consolidated subsidiary and
associated companies.
During the period the provision for litigation, penalties and disputes was increased by Lire 361 million and
was utilised for Lire 27 million. Part of the increase (Lire 210 million) was due to the extension of the
consolidation area.
The provision for exchange rate fluctuations was utilised for Lire 192 million.
24

EMPLOYEE TERMINATION INDEMNITY
The following movements took place during the period:
Balance at 1.1.2001 12,761
Indemnity matured and accrued in the income
statement
1,533
Changes in consolidation area and translation
adjustments
673
Other movements 896
Indemnity paid out during the period -745
Balance at 30.06.2001 15,118
PAYABLES
The payables due within 12 months amount to Lire 208,988 million, against Lire 188,713 million at 31.
12.2000 and Lire 140,982 million at 30.6.2000, and comprise the following:
30.06.01 31.12.00 30.06.00
Payables towards banks 46,658 36,030 23,851
Payables towards other providers of finance 151 96 150
Advances received from customers 900 829 844
Trade payables 122,466 110,646 92,699
Payables towards associated companies 249 138 151
Payables towards non-consolidated
715 459 1,974
subsidiary companies
Taxes payable 18,437 28,009 8,133
Payables towards social welfare institutions 4,756 3,643 3,488
Other payables 14,656 8,863 9,692
Total 208,988 188,713 140,982
Payables Towards Banks
Payables towards banks at 30.06.2001 may be divided as follows:
30.06.01 31.12.00 30.06.00
Due within 12 months 46,658 36,030 23,851
Due after 12 months 6,030 4,157 4,740
Total 52,688 40,187 28,591
The payables due within 12 months relate mainly to short-term loans or to current account
overdrafts. The average interest charged by the banks on the short term loans (normally for
periods not exceeding 3 months) and on bank overdrafts varies from a minimum of 7.5% to a
maximum of 8. 5% p.a. and from a minimum of 4.5% to a maximum of 7 % p.a. on advances in
foreign currency.
25

The payables due after 12 months consist of:
- Lire 178 million relative to a mortgage loan issued by the Banca Nazionale del Lavoro for the purchase
of real estate by the company Albatrans S.p.A. The expiry of this loan is foreseen for the year 2002. This
loan is guaranteed by a mortgage on the building in question for a total value of Lire 2,257,000,000.
- Lire 718 million relative to a loan granted by Monte dei Paschi to the company Cavallino S.r.l.
stipulated in 1998 for an original amount of Lire 1,000 million and repayable on 31.12.2008, with an
annual interest rate of 6.35%. The part due after 5 years amounts to Lire 331 million.
- Lire 1,500 million relative to a loan granted by the Banca Mediocredito to the company
Leonardi & Co. S.p.A stipulated on 21st February 2001 for an original amount of Lire
1,500,000,000, with maturity date 31st March 2004 repayable in 6 six-monthly instalments of Lire
250,000,000 as from 30th September 2001. The interest rate on this loan is equivalent to the
5.95% p.a. up until 31st March 2001 and, for the following six-monthly periods as from 1 st April
and 1 st October each year , at the Euribor six-monthly rate plus 1.25 percentage points.
- Lire 637 million relative to a loan granted by the Rolo Banca to the company Leonardi & Co.
S.p.A stipulated on 31.12.1998 for an original amount of Lire 1,500,000,000, with maturity date
31st December 2003 repayable in 10 six-monthly instalments as from 30th June 1999. The
interest rate on this loan is equivalent to the RIBOR rate + 0,4% .
- Lire 2,997 million relative to two loans granted by the Ing Bank to the company Brewer Enterprises, the
first of which for an amount of US$ 660,000 at an annual interest rate of 12%, repayable over a period of
five years in 60 monthly instalments and the second for an amount of US$ 1,200,000 at an annual interest
rate of 10%, repayable over a period of ten years in 120 monthly instalments (with the option to extinguish
the loan after a period of five years). The interest rates applied are in line with the average interest rates
on the American market for unsecured loans.
Payables Towards Other Providers Of Finance
The payables towards other providers of finance due within 12 months amount to Lire 151 million, against
Lire 96 million at 31.12.2000 and lire 150 million at 30.6.2000.
The payables towards other providers of finance due after 12 months amount to Lire 906 million,
against Lire 760 million at 31.12.2000 and Lire 339 million at 30.06.2000.
Advances Received From Customers
These amount to Lire 925 million at 30.06.2001, against Lire 851 million at 31.12.2000 and Lire 844
million at 30.06.2000. They relate mainly to advances received from customers relative to services still to
be completed.
Trade Payables
These amount to Lire 122,481 million at 30.06.2001, against Lire 111,074 million at 31.12.2000 and .
Lire 92,699 million at 30.06.2000. They represent short-term payables of a commercial nature. They
include the supplements relative to services concluded on or before 30.06.2001.
Payables Towards Non-Consolidated Subsidiary Companies
These amount to Lire 715 million at 30.06.2001, against Lire 459 million at 31.12.2000 and
Lire1,974 million at 30.06.2000.
26

They comprise payables due by the consolidated Group companies towards the following nonconsolidated
Group companies: Savino Del Bene Fiume (Lire 13 million), Savino Del Bene S.A.
Chiasso (Lire 2 million), Direct European Transportation (Lire 2 million), Albatrans France S.r.l
(Lire 265 million), Albatrans Spain S.l. (Lire 172 million), Savino del Bene Egypt Ltd ( Lire 16
million), Savino Del Bene Thailand Pte (Lire 218 million), Savino Del Bene Argentina (Lire 17
million) and other foreign liaison offices (Lire 10 million).
Payables Towards Associated Companies
These amount to Lire 249 million at 30.06.2001, against Lire 138 million at 31.12.2000 and Lire 151 million
at 30.06.2000 and relate payables towards the associated companies Do.Ca. S.r.l. (Lire 49 million) ,
Levitrans S.r.l. (Lire 47 million), Leonardi Cameroon (Lire 1 million) and Hansa Express (Lire 152 million).
Payables Towards Fiscal Authorities
The payables towards fiscal authorities due within 12 months comprise the following:
30.06.01 31.12.00 30.06.00
Income taxes 12,808 21,027 6,378
VAT payable 89 100 105
Withholding taxes 2,365 1,717 1,450
Substitutive tax Law No. 342/2000 2,870 4,303 0
Substitutive tax 111 516 185
Other payables towards fiscal authorities 194 346 15
Total 18,437 28,009 8,133
Payables Towards Social Welfare Institutions
These amount to Lire 4,756 million at 30.06.2001, against Lire 3,643 million at 31.12.2000 and Lire 3,488
million at 30.06.2000. They represent obligatory contributions matured and yet to be paid to government
health and insurance institutions.
Other Payables
These are comprised of the following:
30.06.01 31.12.00 30.06.00
Payables towards employees 7,939 3,888 5,257
Payables towards shareholders 205 0 205
Payables towards directors 406 230 187
Payables towards third parties for the
acquisition of equity quotas or shares
2,026 0 0
Other payables 4,080 4,745 4,043
Total 14,656 8,863 9,692
Payables towards third parties for the acquisition of equity quotas or shares represents the
residual debt due to third parties by the parent company for the acquisition of quotas of the
company Levitrans S.r.l. and of 51% of the company Leonardi & Co. S.p.A.
Other payables comprise sundry payables and include various liabilities of an uncertain nature
that the Group has decided to maintain in its financial statements for prudential reasons.
27

ACCRUED LIABILITIES AND DEFERRED INCOME
These are made up as follows:
30.06.01 31.12.00 30.06.00
Accrued liabilities 1,807 960 962
Deferred income 1,235 524 649
Total 3,042 1,484 1,611
The accrued liabilities relate to costs matured during the period and comprise mainly interest charges
from banks.
The deferred income comprises portions of income relative to subsequent periods and refers principally to
income from recharging insurance premiums and to rental income.
Memorandum Accounts
The memorandum accounts amount to a total of Lire 40,283 million at 30.06.2001, against Lire 22,063
million at 31.12.2000 and Lire 31,737 million at 30.06.2000.
They comprise the following:
- bank guarantees granted to third parties on behalf of the Group for Lire 20,836 million for the
carrying out of commercial activities and to guarantee the honouring of commitments.
- commitments for the residual instalments of financial leasing contracts for Lire 990 million.
- fidejussions granted to third parties on the Group’s behalf for Lire 4,857 million.
- guarantees received from third parties for Lire 6,463 million.
- mortgages on land and buildings for Lire 7,137 million registered against loans received from
banking institutions.
No commitments have been assumed by Group companies other than those resulting from the balance
sheet nor have any commitments been assumed by those subsidiary companies not consolidated in
accordance with Art.28 of Law No. 127/91.
28

COMMENTS ON THE PRINCIPAL INCOME STATEMENT HEADINGS
VALUE OF PRODUCTION
The total value of production amounts to Lire 457,148 million at 31.06.2000 against Lire 765,168
million at 31.12.2000 and Lire 337,642 million at 30.06.2000.
It comprises the following:
- Revenue from sales of goods and services (Lire 455,144 million)
- Other income and revenue (Lire 2,004 million)
Revenue from sales of goods and services
These derive from the Company’s characteristic shipping and transport management activities. They are
shown net of rebates and discounts.
Sales revenue may be analysed by transport sector:
30.06.01 31.12.00 30.06.00
Revenue by sea 269,781 426,361 181,209
Revenue by air 113,649 203,481 88,897
Revenue by land 24,010 52,251 27,534
Other revenue 47,704 79,445 37,928
Total 455,144 761,538 335,568
Other Income and Revenue
These amount to Lire 2,004 million at 30.06.2001, against Lire 3,630 million at 31.12.2000 and Lire 2,074
million at 30.06.2000.
The main components of this heading are comprised of income from the rental of real estate, gains on
disposal of assets, other non-recurring income deriving from normal operations and sundry services
charged to customers.
COST OF PRODUCTION
Raw, Ancillary and Consumable Materials and Goods For Resale
These amount to Lire 2,842 million, against Lire 4,150 million at 31.12. 2000 and Lire 2,501
million at 30.06.2000.
They include the costs sustained for the purchase of packing materials, stationery, printed matter, fuel and
oil, tyres and other items of a limited value.
Services
These amount to Lire 374,625 million at 30.06.2001, against Lire 619,181 million at 31.12. 2000
and Lire 270,782 million at 30.06.2000.
They comprised the following at 30th June 2001:
30.06.01 31.12.00 30.06.00
Freight charges 229,233 419,655 178,839
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Haulage charges 83,985 83,539 40,155
Agents and correspondents’ fees 25,159 49,344 21,841
Customs clearing costs 5,666 14,309 6,976
Other costs 30,582 52,334 22,971
Total 374,625 619,181 270,782
Other Operating Costs
These amount to Lire 1,645 million at 30.06.2001, against Lire 3,513 million at 31.12. 2000 and
Lire 629 million at 30.06.2000.
They comprise the following:
30.06.01 31.12.00 30.06.00
Losses on assets 71 18 7
Non-recurring charges 229 58 43
Subscriptions and advertising 464 712 293
Deductible taxes 154 277 0
Bonuses, gifts to employees 3 154 1
Registration fees 34 38 18
Non-deductible taxes and duties 92 535 263
Sundry purchases 471 1,350 3
Losses not covered by reserves 16 314 0
Others 111 57 1
Total 1,645 3,513 629
FINANCIAL INCOME AND EXPENSES
Net financial income amounted to Lire 5,765 million, against Lire 5,018 million at 31.12.2000 and Lire
3,880 million at 30.06.2000.
This balance is comprised of financial income, interest and other financial charges
Other Financial Income
This amounts to Lire 15,319 million at 30.06.2001, against Lire 27,309 million at 31.12.2000 and Lire
10,255 million at 30.06.2000, and comprises the following:.
Other Financial Income from Securities held as Current Assets, from Securities held as Fixed Assets and from
Receivables included in Fixed Assets
30.06.01 31.12.00 30.06.00
Interest income on bonds 0 2 0
Gains on disposal of own shares 6 46 46
Gains on disposal of fixed interest securities 82 22 4
Total 88 70 50
Other financial income other than the above from others
30.06.01 31.12.00 30.06.00
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Interest income from banks 534 1,087 724
Interest income from customers 64 318 89
Gains on exchange 13,861 25,224 8,965
Rebates and financial discounts 13 21 12
Others 753 580 410
Total 15,225 27,230 10,200
Other financial income other than the above from subsidiary companies
These amount to Lire 6 million at 30.06.2001, against Lire 9 million at 31.12.2000 and Lire 5 million at
30.06.2000. They relate to income received by the company Savino Del Bene U.K. from the subsidiary
company, Direct European Transportation.
Income from equity investments received by the parent company during the first six months of
the year has been eliminated in the interim financial statements as of 30.06.2001. Similarly, the
economic and equity effects of the tax credits on dividends received by the parent company
have also been eliminated.
Interest and Other Financial Charges
These amount to Lire 9,554 million at 30.06.2001, against Lire 22,291 million at 31.12. 2000 and
Lire 6,375 million at 30.06.2000.
They comprise the following:
30.06.01 31.12.00 30.06.00
Interest charges from banks 1,984 2,795 1,202
Losses on exchange 5,853 16,901 4,303
Bank charges 661 1,057 468
Other financial charges 1,056 1,538 402
Total 9,554 22,291 6,375
ADJUSTMENTS TO THE VALUE OF FINANCIAL ASSETS
These show a positive balance of Lire 98 million at 30.06.2001. At 31.12.2000 and at 30.06.2000 they
showed a negative balance of Lire 579 million and Lire 57 million respectively.
This balance is comprised almost entirely of the revaluation of the investments in companies valued at net
equity for the Group share of their income for the period (Lire 330 million) and the write-down of the
investments in the associated companies Do.ca S.r.l. (Lire 113 million) and Levitrans S.r.l (Lire 119
million).
The following investments were written down during the period:
30.06.01 31.12.00 30.06.00
Do.ca S.r.l. 113 200 0
Levitrans S.r.l. 119 239 0
Savino Del Bene France 0 0 74
Albatrans Spain S.L. 0 0 71
Total 232 439 145
EXTRAORDINARY INCOME AND EXPENSES
Net extraordinary expenses amount to Lire 136 million, against a net extraordinary income of Lire 2,625
million at 31.12.2000 and net extraordinary expenses of Lire 289 million at 30.06.2000.
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The net balance is comprised of extraordinary income for Lire 110 million and extraordinary
expenses of Lire 246 million.
Extraordinary income relates principally to insurance indemnities and refunds of social welfare
contributions and other non recurrent income of an extraordinary nature due principally to the
write-off of debts no longer payable.
Extraordinary expenses relate mainly to losses on disposals of an extraordinary nature.
Workforce
During the period ended on 30.06.2001 the Savino Del Bene Group employed an average of No. 1,125
persons as follows:
30.06.01 31.12.00 30.06.00
Managers 43 42 37
Clerical and supervisory staff 1,014 857 783
Manual workers 68 59 50
Total 1,125 958 870
The exact number of employees at 30.06.2001 amounted to No 1,142 persons.
For the purposes of clarity we would point out that the category "Managers" includes No. 33 managers of
foreign companies, who would be considered as being supervisory staff under Italian legislation.
The Chairman of the Board of Directors
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