Summary performance:

- Exceeded revenue growth targets, up 48% on an organic base.
- GOM targets met, up 12 times over last year.
- Positive free cash flow.
- Consolidated revenues of Euro 81.1 million (Euro 85.6 million on a pro-forma basis )
- Gross Operating Margin (EBITDA) to Euro 6.1 million.
- Net financial position at year-end positive at Euro 3.3 million.

Buongiorno Vitaminic SpA (NM techSTAR, Italian exchange: BVIT) has released its preliminary consolidated figures for 2004, which, on the whole, exceeded announced targets.

In 2004, consolidated revenues exceeded Euro 81.1 million, for an increase of 54% over the Euro 52.67 million of fiscal year 2003. On an organic basis (i.e., excluding Gsmbox revenues for the second half of the year), the rate of growth amounted to +48%. Pro-forma consolidated revenues (including the contribution of Gsmbox SpA for all of 2004) totalled Euro 85.6 million, thereby exceeding the official target of Euro 80-82 million.

Consolidated gross operating margin (GOM/EBITDA), in the amount of Euro 6.1 million, is up about 12 times that of the previous year, when it reached Euro 518 thousand. Pro-forma consolidated GOM (including the contribution of Gsmbox SpA for all of 2004), also totalling Euro 6.1 million (after a slight downward correction from Gsmbox’ first-half performance), is in line with previous guidance (Euro 6-7 million).

Net Financial Position for the Group as of December 31, 2004 was a positive Euro 3.3 million, which is essentially in line with that at the end of September, despite the fact that the fourth quarter included the first tranche of the payment of the shares of Gsmbox España, which were purchased in cash from Telecinco, and of the 4% of Gsmbox SpA shares which were previously not held. The Group also therefore reached the target of positive free cash flow for 2004, net of extraordinary acquisitions and investments.

The Group’s momentum in terms of revenue growth and profitability has also been confirmed. In fact, considering just the fourth quarter of 2004, it can be seen that core business revenues amounted to Euro 25 million, for an increase of 58% over the Euro 15.76 million for the same period of 2003. In the fourth quarter of 2004, Buongiorno Vitaminic posted consolidated GOM of roughly Euro 2.1 million, up once again over the previous quarters and higher by 96% compared to the fourth quarter of the previous year.

The numbers released are preliminary and subject to change when the definitive numbers for fiscal year 2004 are presented, which is scheduled to take place on 28 February 2005.

Buongiorno Vitaminic SpA, in accordance with the rules of the Nuovo Mercato, will be taking advantage of the derogation to prepare draft financial statements for the company and for the Group for the year ended December 31, 2004 within 60 days from the close of the fiscal year. As such, Buongiorno Vitaminic SpA will not be preparing a report for the fourth quarter of 2004. The Board of Directors of Buongiorno Vitaminic SpA is scheduled to meet on February 28, 2004 in the company’s Milan offices (Via Cosimo Del Fante 10) to approve the draft financial statements for the year ended December 31, 2004.


Information about Buongiorno Vitaminic SpA Buongiorno Vitaminic SpA (NM techSTAR, Borsa Italiana: BVIT), is one of the leading European companies in the market of design, production and/or aggregation and distribution of multimedia content, mainly in the field of entertainment services via e-mail or telephone. Buongiorno Vitaminic has local teams in the main European markets (Italy, the UK, Spain, Portugal, France, Germany, and Austria), in Mexico and in US. The company also manages operations in South Africa and the Middle East through distribution partnerships with the main telephone carriers. Buongiorno Vitaminic has recently finalized the acquisition of a 95.1% stake in Gsmbox SpA, a leading mobile media company in the area of interaction and TV participation in Italy and Spain. Having reached its target for 2003 of a value of production of Euro 55.37 million and EBITDA of Euro 518 thousand, the Group expects 2004 pro-forma consolidated sales of between ¤80 and 82 million, an Ebitda between ¤6 and 7 million and positive free cash flow. For 2005, the company forecasts a net income of between ¤6 and ¤9 million . Buongiorno Vitaminic operates with two lines of business – digital marketing services and value-added consumer services for wired and wireless telephony – whose synergies enhance the content aggregation, digital marketing, and technology management skills of a team of over 360 professionals in Europe who are of 18 different nationalities.

Sarah Humphries
Spreckley Partners Ltd
214 Great Portland Street

T - 020 7388 9988
F - 020 7388 8588

T: 020 7388 9988
F: 020 7388 8588

Published on: 12:00AM on 15th February 2005