Buongiorno Spa Interim Report as of March 31, 2009

BREAKDOWN OF REVENUES BY BUSINESS LINE
(in thousands of Euro) Firts Quarter 2009 First Quarter 2008 Variance Var. %
CONSUMER SERVICES 63,665 73,656 -9,991 (14%)
MARKETING SERVICES 3,248 5,389 -2,141 (40%)
TOTAL REVENUES 66,913 79,045 -12,132 -15%
In terms of business lines, the largest share of core-business revenues was earned by
Consumer Services, with Group revenues for the segment reaching Euro 63.7 million
(95% of the Group total) in Q1 2009, while the share of the total accounted for by
revenues from Marketing Services amounted to Euro 3.2 million, or 5%.
The decrease in overall revenues of Consumer Services is mainly due to the disposal of
B2B business operations in the Netherlands and Belgium, for an amount of Euro 2,5
million and the reduction in revenues generated in Australia for Euro 5.1 million
compared to the first quarter of 2008, mainly due to the different accounting policy
applied to revenues following the change in the terms of the agreement with the carrier
Optus.
In Marketing Services, the Euro 0.8 million decrease in revenues, net of the
reclassification of Rocket Mobile’s B2O operations, was mainly due to the general
decline of the advertising market as a result of the difficult economic scenario, a trend
that is likely to change in the medium term.
In the first quarter of 2009, costs for services and use of third-party assets amounted
to Euro 47.1 million, decreasing 18.3% compared to Euro 57.7 million in the first
quarter of 2008. Costs for services stood at 70.4% of revenues, down slightly on the
first quarter of 2008 (73%). The decrease was mainly due to infrastructure cost
synergies achieved as a result of the iTouch merger, which led to the closing of offices
and data centers, and the optimization of external consulting services.
Another significant component was personnel costs. In absolute terms, personnel costs
went from Euro 13.7 million in Q1 2008 to Euro 12.3 million in Q1 2009 due to the
integration plan with the iTouch Group. The balance at March 31, 2009 includes about
Euro 25 thousand non-monetary income in service of stock-option plans. The average
number of employees went from 1,079 at March 31, 2008 to 1,016 at the end of the
reporting period.
During the first three months of the year, Industrial Added Value (IAV) amounted to
approximately Euro 26.5 million, decreasing approximately 8.7% from Euro 29 million in
the same period of last year.
The first quarter of 2009 closed with a consolidated normalized Gross Operating
Margin (EBITDA) positive at about Euro 8.4 million (Euro 8.2 million in the first three
months of 2008), slightly up (2%) compared to the same period of 2008, with a
consolidated EBITDA margin going from 10.4% in Q1 2008 to 12.5% in Q1 2009.
Depreciation and amortization amounted to Euro 2.9 million in Q1 2009 compared to
Euro 1.4 million Q1 2008. The increase was mainly due to:
− amortization of intangible assets allocated during the purchase price allocation
following the iTouch Venture Limited Group acquisition (Euro 0.7 million);
− amortization of exclusive commercial licenses purchased during the year in relation
to B2O operations in Latin America for Euro 0.5 million.
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