Benetton's transition to IFRS for full year 2004 & H1 2004
08 Sep '05
2 min read
Ponzano based clothing manufacturer The Benetton Group has reclassified its consolidated financial statements relative to the first half of 2004 (to June 30, 2004) and the year 2004 (to December 31, 2004) as required by the International Financial Reporting Standards (IFRS).
The Benetton Group will prepare its consolidated financial statements in accordance with IFRS principles as from the 2005 half year.
The parent company Benetton Group S.p.A. will adopt IFRS principles as from the 2006 financial statements.
The main differences between Italian and IFRS accounting principles in the consolidated results for the first half of 2004 and the 2004 full year are shown below.
The Benetton Group will present the results for the first half-year 2005 on September 21, 2005.
Italian fashion company Benetton Group is a manufacturer of casual womenswear, menswear, childrenswear and underwear collections. Currently, is present in 120 countries around the world. Its core business is clothing: a group with a strong Italian character whose style, quality and passion are clearly seen in its brands: the casual United Colors of Benetton, fashion oriented Sisley, Playlife leisurewear and Killer Loop streetwear.
The Group produces around 110 million garments every year. Its retail network of 5,000 contemporary stores around the world, offers high quality customer services and generates a total turnover of approximately 1.7 billion euros.
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