Buongiorno Spa Interim Report as of March 31, 2009

The increase compared to the end of last year is due to the goodwill arising on the
acquisition of the remaining minority interests of iTouch South Africa (Pty) Ltd. (Euro
1,084 thousand) and the translation of goodwill denominated in foreign currency using
end-of-period exchange rates, which resulted in the recognition of a Euro 804 thousand
exchange gain in the conversion reserve. Of particular note is the goodwill attributable to
Rocket Mobile Inc., which amounted to USD 23,836 thousand.
In accordance with IAS/IFRS, and, specifically, IAS 38, instead of systematically
amortizing goodwill (IAS 38), goodwill is subject to impairment testing within one year of
acquisition, and on a yearly basis thereafter, in order to detect impairment losses.
Net fixed assets include mainly electronic and IT equipment and amounted to Euro 3.7
thousand at period-end (Euro 4.3 million compared to December 31, 2008).
4.3 Group Net Financial Position
The following table shows the consolidated Net Financial Position of Buongiorno at
March 31, 2009:
NET CONSOLIDATED FINANCIAL POSITION 31.03.2009 31.12.2008
(in thousands of Euro)
TOTAL CASH AND OTHER FINANCIAL ASSETS 44,869 45,545
Total payables to banks (101,288) (101,119)
Total bank loans - current share (2,117) (1,978)
Total other current financial liabilities (3,213) (1,900)
TOTAL CURRENT FINANCIAL LIABILITIES (106,618) (104,997)
CONSOLIDATED NET CURRENT FINANCIAL POSITION (61,749) (59,452)
Total bank loans - non-current share (4,569) (5,296)
Guaranted convertible bond (970) (965)
Total other non-current financial liabilities -
(975)
TOTAL NON-CURRENT FINANCIAL LIABILIITES (5,539) (7,236)
NET FINANCIAL DEBT (POSITION) (67,288) (66,688)
The Buongiorno Group's consolidated Net Financial Debt at March 31, 2009 was Euro
67.3 million, as against Euro 66.7 million at December 31, 2008. Net Financial Debt
remained largely stable, following an investment for the acquisition of the minority
interests of iTouch South Africa and a moderate decrease in cash flow due to the
change in working capital resulting from a reduction in the company's use of factoring.
The balance of Cash and Cash Equivalents, at Euro 44.9 thousand, includes current
accounts denominated primarily in euro, but also in US dollars, British pounds,
Australian dollars, South African rands, Argentinean pesos and Nigerian nairas. The
balance decreased by Euro 1.1 million compared to 2008 (Euro 45.5 million at
December 31, 2008).
Current financial liabilities amounted to Euro 106.6 million at March 31, 2009, stable
compared to December 31, 2008 (Euro 105 million). A breakdown of current financial
liabilities is provided below.
The item Debt to banks consists of account overdrafts in Euro, Columbian pesos, and
Turkish lira, in addition to the secured loan of Euro 100 million provided by the
IntesaSanpaolo Group and employed for both the acquisition of iTouch and the
Buongiorno SpA Interim Report as of March 31, 2009 17