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Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27 th & 28 th , 2012

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Page 1: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

Buongiorno: Making the Connected Entertainment Experience Easy & Fun

STAR CONFERENCE

Milan, March 27th & 28th, 2012

Page 2: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

2

After 2 major M&A deals in 2011 (acquisition of Dada.net and spin-off of Lumata), the

deconsolidation of Giglio TV and the contracted sale of Sms.at, Buongiorno is a company:

Specializing in mobile entertainment, focusing almost entirely on a B2C approach, based on

strong product management, technology and direct marketing capabilities combined with a

partnership attitude with mobile network operators

With a team of approx. 800 young professionals, based in 15 countries, conducting business

in more than 20 countries around the world

Generating 2011 proforma revenues (current perimeter) of ~€240 mn with an EBITDA of

~€27 mn Euro: 55% in Europe, 30% in the Americas and 15% in the rest of the world

Running a blend of traditional, feature phone oriented, and of new, rapidly growing smart

phone and tablet oriented, products

With a sound balance sheet and a proven track record in delivering results, profits and cash

flow

Company Profile

Page 3: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

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Buongiorno (B!), a media company specializing in mobile entertainment, is approaching a new inflection point in its long term growth path.

In its 12 years of operations, B! has become a € 240 mn revenue company, leading

its sector at the global level and delivering consistent results and profits.

Over the past 2 years, B! has created new products targeting the booming segments

of smart phones and tablets. These offerings take advantage of factors including

consumer trends, network and device evolution and network operators evolving

strategic objectives. Leveraging on some of its assets and stronger capabilities, the

new business lines are growing rapidly, and B! is well positioned to fully exploit its

current competitive advantage.

In 2012 profitable/cash generating “traditional products” will fund the rapid take-off

of the new products, while maintaining a good profitability level for the company. In

spite of some maturity/expected decline of its traditional products, the

extraordinary pace of the new business lines and their long term potential are

opening a new growth phase for the company.

2012: with Smartphones and Tablets, B!’s Opportunities Get Bigger

Page 4: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

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• Mainly “personalization” • Impulse buying, not that relevant for customers

after a while • KSF: direct marketing capabilities/distribution • Low repeat usage • Low barrier to entry in the arena, high

competition, fragmented market

• A variety of services • Value for money • KSF: product quality and distribution • Medium to high repeat usage, tell-a-friend • Selective ecosystem built in partnership

with telcom operators

From Feature Phones to Smartphone and Tablet Services

Page 5: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

5

61%

39%

Feature Phone Services Smartphone and Tablet Services

85%

15%

January 2012 Actual

December 2012 Plan

(B2C 1.0) (Web Apps, Play.me, Winga and Cashlog)

Group Revenues

Moving Fast in New Territory

Page 6: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

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Global Leadership

Broad Geographical Footprint

• Rolled out in 20 + countries

• Strong leadership in Spain, USA, Italy, Brazil, South Africa, France

Superior Execution Capability

• Sophisticated online direct marketing capabilities

• Vast content catalogue & effortless user interface

• Tech delivery & billing infrastructure

• Superior churn management capability

Top of the industry profitability

• Entirely subscription based

• Strong KPI based management system

• Sustained profitability for past 7 years

Feature phone services – B2C 1.0

Page 7: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

7 Smartphone and tablet services – Mobile Web Apps

Page 8: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

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B! to become the leading mobile gambling operator in the major regulated market through a unique proposition:

Wide and Effective Offering: Casino, Bingo, Roulette

• iPad App launched in October 2011 • Roulette, Blackjack, Poker launched in November 2011

Live Gambling TV Proposition: 1st in Italy

• Roulette Show launched in Italy July 2011 • Winga TV Mobile launched in March 2012 • Next up: Spain

Winga Online

Gambling platform Online

• Casino, Poker, Bingo, Skill-games • Winga Poker Italy holds an 8.2% market share

(January 2012)

Winga Mobile

Winga TV

HTML

Smartphone and tablet services – Winga, gaming & gambling

Page 9: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

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● Global mobile payment facility (PayPal for mobile), launched for fixed phone lines in December 2011

● Safe & secure: no credit card or other personal details needed

● Italy launched in April 2011 followed by Spain, Germany, and France

www.cashlog.com

1 million transactions per month

A valid alternative to credit cards

HTML

Smartphone and tablet services – Cashlog, mobile payments

Page 10: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

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- Linked with Cashlog for improved payment process - € 1.4 mn revenues in 2011 - Break even anticipated by end of 2012

www.play.me

- TV channel in Italy with a complete interactive service - Catalog of >1 million songs

Streaming and Downloadable Music On-Demand with Multi-Device Synchronization

Play.me Radio Edition

Play.me On Demand

PC

iRADIO

PC

MOBILE

HTML

Smartphone and tablet services – Play.me, music streaming

Page 11: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

11

Financials

Page 12: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

12 Perimeter of Analysis

…after the 2 extraordinary operations in 2011: 1) Acquisition of Dada.net

2) Spin-off of B2B activity

The 2011 perimeter of analysis in this report includes Dada.net data consolidated from June 1st onwards, and is net of the perimeter

involved in the spin-off from January 1st onwards, which has been registered separately as a “discontinued operation”

For comparison purposes 2010 economic and financial results have been restated

and are net of the activity connected to the spin-off operation completed in 2011 (registered separately as a “discontinued operation”), while balance

sheet data relative to 2010 is that published as of December 31, 2010

Page 13: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

13 Economic and Financial Highlights 2011

(Euro mn) FY 2011 FY 2010 restated

Revenues 228.6 210.9

Marketing Expenses (79.8) (65.8)

IAV 99.1 91.7

Adjusted EBITDA 26.1 29.1

D&A/Other Operating Costs (19.1) (12.4)

Operating profit 7.0 16.7

Financial Charges (6.3) (2.1)

Taxes 3.1 (8.7)

Result of Disposed/Non-Recurrent Activity 11.5 4.7

Consolidated profit 15.2 10.6

Page 14: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

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Considering both the Dada.net acquisition and the spin-out effect for the whole year

• Includes Giglio figures for the whole year • Includes sms.at figures for the whole year

pro forma results

Net Financial Debt (at 12.31.2011)

~ € 33 mn

EBITDA ~ € 28 - 32 mn

Revenues ~ € 250 - 260 mn

SEPTEMBER FORECAST

ACTUAL RESULTS

€ 258 mn*

€ 29.5 mn*

€ 19.7 mn

Forecast for Year-End 2011 Right on Target

*

Page 15: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

15 Reclassified Balance Sheet

(Euro mn) 12.31.2011 12.31.2010 Var.

Non-Current Assets 252.5 231.1 21.4

Current Assets 95.4 98.4 (3.0)

Total Assets 347.9 329.5 18.4

Net Worth 170.3 169.4 0.9

Non-Current Liabilities 49.3 38.0 11.3

Current Liabilities 129.3 122.1 7.2

Total Liability and Net Worth 347.9 329.5 18.4

Page 16: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

16 Net Consolidated Financial Position

(Euro mn) 12.30.2011 12.30.2010

Total Cash and Other Financial Assets 31.2 34.7

Total Payables to Banks (3.6) (8.6)

Total Bank Loans – Current Share (31.8) (20.4)

Total Other Current Financial Liabilities (0.3) (0.2)

Consolidated Net Current Financial Position

(4.5) 5.6

Total Non-Current Financial Receivables (Vendor Loan)

28.2 0

Total Bank Loans – Non-Current Share (42.0) (32.5)

Total Other Non-Current Financial Liabilities

(1.3) 0

Consolidated Net Long-Term Financial Position

(15.2) (32.5)

Net Financial Position (19.7) (27.0)

Page 17: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

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(66.7)

(73)

(66.7) (62.2)

(47.3)

(35.4)

(27) (30)

(73)

(65.9)

(19.7)

Evolution of Net Debt (‘07 – ’11)

Page 18: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

18 Buongiorno Stock Information: Free Float 71.5%

20.4%

5.2%

3.0%

71.5% Mauro Del Rio*

Mitsui & Co. Ltd.

Holger Van Den Huevel

Market

* 17.2% directly, 3.2% through Capital B! LUX

Relevant Shareholders

Stock Performance Last 3 Months

Page 19: Buongiorno: Making the Connected Entertainment Experience ... · 31.12.2010 · Buongiorno: Making the Connected Entertainment Experience Easy & Fun STAR CONFERENCE Milan, March 27th

Thank you for your attention

www.buongiorno.com