2004 Annual Report of Benetton

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Benetton Group Annual Report 2004

Benetton Group Annual Report 2004

Benetton Group S.p.A. Villa Minelli Ponzano Veneto [Treviso] - Italy Share Capital: Euro 236,026,454.30 fully paid Tax ID/Treviso Company register: 00193320264

The Benetton Group 5 Directors and other officers 7 Letter to Shareholders from the Chairman and Founder of the Benetton Group, Luciano Benetton 8 Financial highlights

11 Directors’ report Markets, trademarks and licenses 12 Production organization 14 Human resources Information Technology 15 Accounting, tax and corporate organization Investor Relations INDEX

16 Communications 17 Corporate Governance

2 25 Supplementary information Benetton shares and shareholdings 27 Performance of Benetton shares 29 Relationships between the parent company, its subsidiaries and other related parties Management of financial risks 30 Privacy and the protection of personal data 31 Directors Principal organizational and corporate changes 32 Significant events since year-end Outlook for 2005 33 Group consolidated results Consolidated statement of income 35 Performance by activity 37 Financial situation - highlights

42 Impact of introducing IAS/IFRS Development of the relative regulatory framework IAS/IFRS conversion process for the Benetton Group

47 Consolidated financial statements 48 Consolidated balance sheet reclassified according to financial criteria 50 Consolidated statement of income with revenues and cost of sales reclassified 52 Consolidated balance sheet – Assets 54 Consolidated balance sheet – Liabilities, Shareholders’ equity and Memorandum accounts 56 Consolidated statement of income 58 Statement of changes in Shareholders’ equity 59 Statement of changes in minority interests 60 Consolidated statement of cash flow 62 Companies and groups included in the consolidation as of December 31, 2004 INDEX

3

65 Notes to the consolidated financial statements Activities of the Group Form and content of the consolidated financial statements 66 67 70 73 82 90 91 Principles of consolidation Accounting principles and valuation criteria Supplementary information Comments on principal asset items Comments on principal liability and equity items Memorandum accounts Comments on principal items in the statement of income

100 Auditors’ report 101 Glossary 107 2005 financial calendar

Main consolidated companies as of December 31, 2004
Benetton Group SpA Ponzano Veneto [Tv] 100%0% Benind SpA Ponzano Veneto [Tv] 100% Olimpias SpA Ponzano Veneto [Tv] 100% SIGI Srl Ponzano Veneto [Tv] 100% Fabrica SpA Ponzano Veneto [Tv] 100% Benetton International SA Luxembourg 100% Benetton Retail Italia Srl Ponzano Veneto [Tv] 50% Filatura di Vittorio Veneto SpA Vittorio Veneto [Tv] 100% Buenos Aires 2000 Srl Ponzano Veneto [Tv] 100% Colors Magazine Srl Ponzano Veneto [Tv] 3% Benetton Real Estate Austria GmbH, Wien 100% Benetton 2 Retail Comércio de Produtos Têxteis SA, Maia [Portugal] 100% Benetton Realty Spain SL Barcelona 100% Benetton Real Estate International SA, Luxembourg 100% Benetton Retail Ungheria Kft Nagykallo 100% Benetton Retail Spain SL Barcelona 100% Benetton Real Estate Spain SL Barcelona 97% Benetton Real Estate Austria GmbH, Wien 100% Benetton Realty Portugal Imobiliaria SA, Maia [Portugal] 100% Benetton Deutschland GmbH München 100% Benetton Holding International NV SA, Amsterdam 100% Benetton USA Corp. Wilmington 100% Benetton Argentina SA Buenos Aires 100% Benetton Ungheria Kft Nagykallo 100% Benetton Manufacturing Holding NV, Amsterdam 100% Benetton Australia Pty Ltd Sydney 100% Benetton Austria GmbH Salzburg 100% Benetton France Sàrl Paris 100% Benetton Real Estate Belgique SA, Bruxelles 100% Benetton Realty France SA Paris 100% DCM Benetton India Ltd New Delhi 100% Benetton Asia Pacific Ltd Hong Kong 100% United Colors of Benetton Do Brasil Ltda, Curitiba 100% Benetton Realty Russia OOO Moscow 100% Benetton Retail [1988] Ltd London 100% Benetton Retail Deutschland GmbH, München 100% Denware Ltd...
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