PARENT COMPANY AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR 2003 OF DADA SPA

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1 DADA GROUP PARENT COMPANY AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR OF DADA SPA Registered office: Borgo degli Albizi, 12 - Florence Share capital Euro 2,664, fully paid-in Florence Company Register nr.fi REA Fiscal code/vat code

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3 INDEX SUPERVISORY BOARDS 4 DIRECTOR S REPORT ON OPERATIONS: Principle economic and financial results 5 Information on the operations 6 Research and development activity 21 Investment activity 22 Acquisition of treasury shares 26 Subsequent events to the year-end and future outlook 26 Other information 29 FINANCIAL STATEMENTS DADA S.p.A. Financial statements 33 Notes to the financial statements 38 Attachments 57 CONSOLIDATED FINANCIAL STATEMENTS DADA GROUP Financial statements 67 Notes to the financial statements 72 Attachments 90 Bilancio al 31 dicembre 3

4 SUPERVISORY BOARDS On April 11, the shareholders meeting of DADA appointed the Board of Directors and Board of Statutory Auditors for the three-year period The Board of Directors on April 17,, the date of their taking office, attributed administration powers to some directors (subsequently modified in the director s meeting of August 29, ) and re-constituted the following committees as per the Self-Discipline Code for quoted companies: - Committee for internal control; - Committee for the proposal for nominations; - Committee for remuneration. BOARD OF DIRECTORS Paolo Barberis President Alessandro Sordi Vice Chairman (1) Angelo Falchetti Managing Director (2) Roberto Sottani Managing Director (3) Salvatore Amato Director (4) Giovanni Benedetto Director (5) Flavio Biondi Director Lorenzo Lepri Pollitzer de Pollenghi Director (6) Fabio Palumbo Director (7) Massimiliano Pellegrini Director (8) Vittorio Pessina Director (9) Giorgio Riva Director (10) (1) Vice chairman with powers for relations with the market, commercial and marketing, production, network (2) Managing Director for all areas (3) Managing Director for relations with the market, administration, control, finance and fiscal areas (4) Independent director as per the Self-Discipline Code for quoted Companies and member of the nominations Committee and the Committee for internal control 3/0503/039/ , $ /01476:490/425,3 08,3/ , (6) Member of the nominations Committee and the Committee for internal control (7) Director with delegated powers for relations with the market and member of the remuneration Committee (8) Director with delegated powers for relations with the market, commercial and marketing, production (9) Member of the Remuneration Committee (10) Member of the Committee for internal control and the nominations Committee, co-opted to the Board as per article 2386 of the Civil Code in the board meeting of November 10, BOARD OF STATUTORY AUDITORS Alessandro Grimaldi Pier Angelo Dei Giancarlo Lemmi Piero Alonzo Francesca Pirrelli President of statutory auditors Standing member Standing member Alternate member Alternate member AUDITING FIRM Deloitte & Touche S.p.A. Bilancio al 31 dicembre 4

5 PRINCIPAL ECONOMIC AND FINANCIAL RESULTS Consolidated Results (Euro millions) 2002 Revenues Personnel costs Gross Operating Margin Operating Result after depreciation & amortisation Write-downs & provisions Extraordinary charges Net Group Result Net short-term financial position Number of Employees Results of the parent company Dada S.p.A. (Euro millions) 2002 Revenues Personnel costs Gross Operating Margin Operating Result after depreciation & amortisation Write-downs & provisions Extraordinary charges Net result Net short-term financial position Number of Employees Bilancio al 31 dicembre 5

6 DADA GROUP DIRECTOR S REPORT ON OPERATIONS FOR (Amounts expressed in Euro) INFORMATION ON THE OPERATIONS Dear Shareholders, as described in more detail in the Financial Statements, the year for the DADA Group was characterised by two principal aspects: on the one hand a decided return on the operational margins, while on the other, a significant level of provisions, writedowns and extraordinary charges. As a consequence the Net Result was a significant loss, even if lower than in the previous year. The operating improvement, confirmed by the data at the beginning of 2004, the lower future depreciation and amortisation charges and the expected reduction of further provisions, write-downs and extraordinary charges, provides for the reasonable prospect of a considerably improved net result in the coming years. In the DADA Group recorded consolidated revenues of approximately Euro 29.7 million, an increase of 5.6% compared to the previous year, and a positive consolidated gross operating margin of approximately Euro 1.7 million, a considerable improvement compared to the previous year which recorded a negative amount of Euro 5.4 million. The parent company DADA S.p.A. recorded revenues in the same period of approximately Euro 13.6 million, substantially in line with 2002, and a negative gross operating margin of approximately Euro 0.9 million compared to the previous year of a negative amount of Euro 5.7 million. The consolidated net result was a loss of Euro 24.9 thousand compared to a loss of Euro 33.3 million in This result included adjustments to financial asset values, risk provisions and non-recurring extraordinary charges amounting to Euro 15.5 million, while the depreciation and amortisation for the Group amounted to Euro 10.7 million. The year was characterised, from a strategic view point, by the focus in the sectors with the best growth potential in terms of revenues and margins and from an operating view point, from the first results of the cost reduction plan and corporate rationalisation of the Group that commenced in On the revenues side, there was a slight decrease due to the selection of the activities in the first three quarters, while the last quarter confirmed the necessity of this selection, inverting the trend and recording a recovering that permitted an increase on the previous year. On the cost side, targeted cost reductions were made of operating costs through: the revision of supply and service contracts; the closing down or reduction in the size of regional offices; the concentration of the managerial activities in the parent company Bilancio al 31 dicembre 6

7 and the concentration of the production and development of the core activities in the head office. The activities continued in relation to the reorganisation of the Group through the merger of 100% owned subsidiaries, the disposal of some non strategic investments, the completion of the 100% ownership in some subsidiaries and the consequent centralisation of the principal activities. At December 31, the DADA Group had 225 employees (compared to 287 at the same period in the previous year) while the parent company had 80 employees (87 at ). The policy of rationalisation and reorganisation resulted in a positive consolidated gross operating margin for all of the quarters and an increase in the final quarter that was equal to Euro 0.8 million compared to Euro 0.8 million in the same period in The following tables show the trend in the recovery of the margin, sales and the incidence of personnel costs. Also the Parent Company recorded a similar trend in the recovery of the margin, which reported a negative Euro 2.4 million in the final quarter of 2002 compared to a negative Euro 0.3 million in the final quarter of , Q Q Q1 Q2 Q3 Q4 Consolidated margin Bilancio al 31 dicembre 7

8 QUARTERLY SALES AND EBITDA MARGIN 10, , , , , , , , , , Q Q Q1 Q2 Q3 Q4 Consolidated sales 15% 10% 5% 0% -5% -10% -15% -20% -25% -30% EBITDA/Consolidated l Personnel cost/sales 60% 50% 40% 30% 20% 10% 0% Q3 '02 Q4 '02 Q1 '03 Q2 '03 Q3 '03 Q4 '03 The write-downs, provisions and non recurring extraordinary charges related to the above-mentioned organisational and corporate Group optimisation process in amounted to Euro 15.5 million. The Company considered it necessary to apply a policy of provisions and write-downs in compliance of prudent criteria, with write-downs in investments totalling Euro 9 million and trade receivables of over Euro 1.5 million, as well as non recurring extraordinary charges of Euro 1.3 million. The other principal non operating items negatively affecting the consolidated result relate to the amortisation of intangible assets represented mainly by quotation charges and the difference on consolidation of the subsidiary companies for Euro 9.7 million (Euro 6.6 million for the Parent Company), and provisions for risks and charges for restructuring activities, as well as the covering of potential liabilities that may originate from outstanding disputes. Bilancio al 31 dicembre 8

9 The final quarter saw a positive inversion in the Operating Cash Flow. Although continuing with the rationalisation plan in order to improve efficiency and thus the profitability of the Group, this data permits us to forecast that the development in the coming years can be met with the necessary financial means to take advantage of opportunities for growth, which will be possible from the overcoming of the current difficulties in the market. In a generally stagnant economic climate, in particular in the Internet sector, the DADA business model has confirmed its industrial validity, achieving results such as the consolidation of its positioning in the consumer area, present through one of the principal network of portals in Italy and a large number of added value services for mobile telephones, an encouraging track record in the introduction of new services directed at business clients and the strengthening of its leadership in services to Small and Medium Sized Enterprises with good volumes for domain registration and hosting services. In relation to the measures taken to secure the market position held, DADA has allocated an adequate investment budget to promote value added services with good proven margin prospects. In order to best take advantage of the opportunities in the market, the DADA Group has further strengthened the internal organisation that today operates in three separate business lines but functionally complementary: Consumer Services, Self- Provisioning Services directed at Small and Medium Sized Enterprises and Business Services. The short-term Consolidated Net Financial Position at December 31, was positive for Euro 16.4 million. It should be noted, in particular, the significant recovery in the operating cash flow in, and especially in the final quarter of the year. The total consolidated net financial position amounts to Euro 14 million, net of payables to banks and other lenders over one year of Euro 2.4 million. Consolidated Operating Cash Flow / Consolidated short-term NFP 5% 0% 2% -5% -10% -15% -14% -10% -5% -3% -2% -20% -25% -30% Q Q Q1 Q2 Q3 Q4 THE ORGANISATION STRUCTURE OF THE DADA GROUP The group is structured in three business lines, two of which Consumer Services and Business Services are operated by the Parent Company and one that of Self-Provisioning Services by the subsidiary company Register.it S.p.A.. Bilancio al 31 dicembre 9

10 Consumer Services includes the subsidiary companies Wireless Solutions S.p.A., Clarence S.r.l. and Concento S.p.A. while the subsidiaries Softec S.p.A., Planetcom S.p.A., LCD S.r.l. and Ad Malora S.p.A. are part of the Business Services Division. The principal revenue lines of the Group are shown below. Consumer Division In relation to Consumer Services your company made important steps in towards the repositioning of the network of portals to a truly On-Line Operator capable of offering to its customers a vast range of products and information, entertainment and community services, both for payment and non-payment, usable both by PC and Mobile. Parallel to this, your company undertook a rationalisation of its organisational structure, of its image to the final consumer and the offer of services in order to facilitate this transition process. In particular we recall: the consolidation of the Business to Consumer activities of Dada and of the subsidiary companies into a single divisional structure, organised by product. The unification of all of the product communication activities under the brands of supereva and Clarence. The unification of the VAS Mobile services under a single short number, accessible through all of the operators (48481). This number constitutes a true URL in the Mobile field through which it is possible to access the Consumer services of the Dada group. The revenue sources of the Group Consumer division are shown below: Revenues from VAS or Value Added Services: payment services relating to the Web (Web VAS) and Mobile (Mobile VAS) Revenues from advertising sources and direct marketing Revenues from re-sale of connectivity services of Internet dial-up and ADSL Value Added Services (VAS) They are divided into value added services through Web (Web VAS) or via SMS/MMS/WAP (Mobile VAS). For value added services it is intended services which are provided on the payment by the final user of a fee that may be paid on consumption (for example of a logo or a screensaver) or subscription (for example the subscription to receive ring tones on a weekly basis or by access to the Incontri service of supereva). The business model of the VAS services is based on the following value chain: Visitors or targeted advertising campaign -> Registration on test basis and/or payment on consumption -> Subscriptions At December 31,, your company had approximately 400,000 customers for its VAS services, of which approximately 150,000 through subscription. Bilancio al 31 dicembre 10

11 In relation to the Web VAS services it is recalled: The WebTools, true software applications usable on the Web. These include such services as WebMail, which counts over 1.5 million addresses, Disco Virtual, Agenda/Calendar, Freewebbers and Blogs, with over 200,000 sites created and managed by the users. These applications are normally offered with base functions in free mode and possibility to access the more advanced payment features. Incontri by supereva. This relates to a Community service that offers subscribers the possibility to exchange messages, communicate via chat and SMS, create a personal profile and search for profiles based on parameters such as region, hobby, preference, in addition to the traditional sex, age, area etc. An automatic mechanism of matching also renders the process of compatible profile search automatic. The Incontri community, at December 31,, has approximately 350,000 persons registered, at a conversion rate for payment services of approximately 12%. The growth rate is equal to approximately 2,500 new persons registered daily. In October, the company Nielsen NetRatings indicated Incontri by supereva as the service leader in Italy in its category in terms of traffic and single visitors. In relation to the Mobile VAS services it is recalled: The multi-media services for mobile telephones The year saw an important event take place in the field of the so-called logo and ring tone services: The evolution towards a more advanced multi-media, parallel to the evolution and change of mobile phones. In the field of images this related to colour logos, high resolution pictures, clip video, desktop, screensavers. In the musical field, the classic single ring tone evolved into polyphonic ring tones and high quality audio files. In our opinion this constitutes longetivity for this kind of service and expansion of the potential client base. Your company was noted as being among the first to introduce this type of service, that is currently available to all subscribers for all of the mobile telephone operators, including those of the third generation. It is recalled that Dada, through its subsidiary Wireless Solutions, is the principal supplier of the mobile operator 3 in relation to the downloading of multimedia content on third generation mobile devices. The so-called InfoServices, subscription information services usable through , SMS, MMS, Wap Push and Video. In this sector, the year saw the launch of over 50 subscription information services, many of which realised in partnership with some of the most important newspapers of the editorial group RCS (Corriere della Sera, Gazzetta dello Sport, Novella 2000, Max, Amica, Carnet, Oggi, Le vie del Gusto etc.), Poligrafici (Il Resto Del Carlino, Il Giorno, La Nazione), and with mobile telephone operators TIM, Vodafone and WIND. Bilancio al 31 dicembre 11

12 The uniqueness in the combination of an offer of second and third generation devices and the presence of agreements with all of the mobile radio network operators allows Dada, as on-line Operator, to be able to reach with its own VAS services almost 100% of the mobile telephone users in Italy. Revenues from Advertising Sources While awaiting an inversion in the trend in the market, the management of your company undertook a series of actions with the objective of increasing the efficiency of the offer such as: - the rationalisation of the layouts and advertising formats on its own sites in order to improve the visibility and returns in terms of clickthrough; - the introduction of new formats based on text links, thanks to agreements with market leaders in this sector. In particular, the agreement signed in the second half of with the company Overture, leader in the Pay Per Click advertising sector, for the management of sponsored links on some sections of the supereva and Clarence sites is recalled. This agreement is for a period of two years and provides for a minimum guarantee in addition to revenue sharing on the revenues received by Overture. The new joint venture RCS Dada Advertising constitutes in our opinion an important element to best take advantage of a recovery in the advertising market: this can in fact count on a unique offer in Italy in relation to the variety and importance of the sites represented, among which the network of sites owned by your company constitutes an element of primary importance. It is the opinion of some primary research companies that the VAS services market can continue its growth, attributable to a series of factors among which the increasing availability of micro-payment systems (such as through SMS), the change of the terminals with consequent support for a greater number of services, the increase in the percentage of users who access through Mobile and Broadband connections, an element which effectively multiplies the opportunities and the quality of the communication with the final customer. Below is shown the product area of this division with a turnover of Euro 11.7 million, equal to 39.3% of consolidated sales: - On line advertising - Value added Web Services - Referral fee from internet sales - Connectivity fees - Value added mobile services Self-Provisioning Services directed at Small and Medium Sized Enterprises Another market in which the Group operates is that of domains, payment and hosting services, the so-called self-provisioning services with automatic payment methods and which are principally directed at the SME. Register.it in strengthened its leadership in Italy in the domain registration sector, professional and webhosting, becoming a reference point for professionals and SME s that need to develop their Internet presence in a simple but Bilancio al 31 dicembre 12

13 secure manner. In relation to large companies, important clients were acquired in the field of large retail stores, fashion and durable goods. Particularly noteworthy was the choice of Ferrari SpA to assign Register.it the worldwide on-line protection of the brands Ferrari and Maserati. At the end of Register.it had over 180,000 domains in its portfolio, 150,000 active s, and 25,000 clients in hosting. Register.it, the first Italian company accredited by ICANN as a Registry, was also chosen for the organisation of the first meeting in Italy of ICANN in March 2004, an event that saw the participation of over 1,000 delegates from over 100 countries. The year was seen by the whole sector as a year of normality after the hyper growth of and the strong contraction of 2001 and During the year the balance between new and cancelled domains at world and European level remained positive, although not in growth. At an Italian level the new domains registered decreased slightly compared to previous years. Given this market context, the activities in were focused on four main objectives: 1. Maintaining and development of existing client base: In the marketing activities were concentrated on the improvement of the renewal rates of existing clients, with an average of 67% (competitors in US and UK declare renewal rates lower than 60%). To limit the investments in marketing the principle activity carried out related to activities that increase the revenues from existing clients reaching upselling rates above 20%. 2. Introduction of new hosting and mobile office products: After the introduction at the end of 2002 of the Linux professional hosting platform, positively accepted by the client, the Mobile Office Windows products were developed and introduced at the end of. Register.it was the first company in Italy and among the first Worldwide to offer the Microsoft Exchange platform in ASP mode. At the same time a new Hosting Windows platform was developed, that will be launched in the first months of Acquire new clients at low cost: In over 15,000 new online clients were acquired, principally from the activity of referral marketing from existing clients, significant press visibility (technical and general) and direct press campaigns on new products. 4. Complete rationalisation of the organisational structure: In order to further reduce the management costs, focusing the company only on the core activities, the number of personnel in Register.it in reduced to below 45 employees. Business Services During the year over 600 companies utilised the services of the division and of these approximately 60 are comprised of large accounts identifying the DADA Group as their reference partner for ebusiness projects. The principal results of the division in were: Bilancio al 31 dicembre 13

14 - the marketing of the proprietary platforms in ASP mode and thus through the hosting of applications developed on behalf of customers within their Internet Data Centre, therefore producing strong continuative ties with the customer and recurring revenue, - the assertion as market leader in the sector of gateway platforms for sms, mobile content providing and mobile office applications (Blackberry project in partnership with Telecom Italia Mobile), - increasingly frequent requests for interactive marketing initiatives that combine the net with other off-line devices with the objective of constructing a digital customer base for Customer Relationship Management initiatives creating value for the client, - the reinforcement of the leadership in the world of Search Engine Optimisation, where, through the subsidiary Ad Maiora, DADA has reached a leadership position at a European level, - the development of vertical solutions for specific sectors, among which: the platform dedicated to companies in franchising, management and fleet monitoring solutions, e-learning platform, management of judicial auctions for courts. The year was the year of the launch and consolidation of the Group sales force which resulted in significant benefits in terms of commercial efficiency. Despite the fact that market demand is still registering signs of weakness, DADA was able to consolidate its own positioning on customers previously acquired and to acquire new important customers. Also of note is the first success in the egovernment field with the assignment of an important tender for the Tuscany Region health service. During the year the industrial synergies with the main shareholders were strengthened, with both the Poligrafici Editoriale Group and the RCS Group, in which some important projects commenced for online newspapers and the launch of innovative mobile services. From a marketing viewpoint the DADANews Newsletter was launched with commercial information on the Group with significant success. The presence was also important at conventions and events for the sector. In relation to production aspects, the new centralised organisation is fully operational. The procedures commenced for obtaining the UNI EN ISO 9001:2000 certification for production activities of the E-Business Solution Division, design and production of Web sites, Web Marketing strategies and production of Company Intranet sites. Below is shown the product area of this division with a turnover of Euro 12.6 million, equal to 42.4% of consolidated sales: - Web Design and positioning on Internet market - Web Site Development - Infrastructure design and production - Business Integration with tradition management information systems - Net Marketing Projects Break Down of consolidated sales at December 31, in the three divisions (Amounts in Euro/thousand) Bilancio al 31 dicembre 14

15 Description 31/12/ 30/09/ 30/06/ (12 months) (9 months) (6 months) Amount Percentage Amount Percentage Amount Percentage Web & Wireless 11, % 7, % 4, % Domini & Hosting 5, % 3, % 2, % Business Services 12, % 8, % 6, % Total 29, % 20, % 13, % 60.00% 50.00% 40.00% 39.32% 42.37% 36.88% 43.30% 31.52% 49.13% 30.00% 20.00% 18.31% 19.82% 19.35% 10.00% 0.00% 31/12/03 (12 months) 30/09/03 (9 months) 30/06/03 (6 months) Web & Wireless Domini & Hosting Business Services Bilancio al 31 dicembre 15

16 Break Down of Consolidated sales by quarter in the three divisions (Amounts in Euro/thousand) Description 31/12/ 30/09/ 30/06/ (3 months) (3 months) (3 months) Amount Percentage Amount Percentage Amount Percentage Web & Wireless 4, % 3, % 3, % Domini & Hosting 1, % 1, % 1, % Business Services 3, % 2, % 2, % Total 9, % 6, % 6, % 50.00% 45.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 44.40% 15.16% 40.44% 47.45% 20.76% 31.80% 36.51% 19.47% 44.02% 31/12/03 (3 months) 30/09/03 (3 months) 30/06/03 (3 months) Web & Wireless Domini & Hosting Business Services ECONOMIC PERFORMANCE Summary of reclassified consolidated income statement: (Amounts expressed in Euro/thousand) Description 31/12/31/12/2002 Change Change (12 month) (12 month) % Sales 29,690 28,107 1, % Increases for internal work 1,186 1, % Material costs & operating services -19,240-19, % Personnel costs -9,979-15,775 5, % Gross operating margin preacquisition % Bilancio al 31 dicembre 16

17 Gross Operating Margin 1,657-5,345 7, % Summary of reclassified income statement of the Parent Company: (Amounts expressed in Euro/thousand) Description 31/12/31/12/2002 Change Change (12 month) (12 month) % Sales 13,619 13, % Increases for internal work 576 1, % Material cost & operating services -11,522-12,921 1, % Personnel costs -3,583-7,022 3, % Gross Operating Margin ,691 4,781 84% The consolidated sales of the DADA group at December 31, were equal to Euro 29.7 million, of which Euro 13.6 million relating to the Parent Company DADA S.p.A. The quarterly consolidated sales were equal to Euro 9.6 million increasing significantly (+43%) compared to the previous quarters with an average of approximately Euro 6.7 million. This result was also reflected in the consolidated gross operating margin that reached Euro 1.7 million at December 31, compared to a negative result in the previous year of Euro 5.3 million. The operating margin in the final quarter as a percentage of sales was approximately 8.7%. The gross operating margin shows a recovery trend, both at consolidated and Parent Company level, from a consolidated negative Euro million in the final quarter of 2002 to a positive Euro million in the final quarter of. The significant recovery in terms of margin, that was concentrated in the final quarter, was achieved in addition to the growth in sales, also due to the restructuring and reorganisation policy implemented in the second part of the year and which produced benefits towards the end of the year. The continuing slowdown in the international business climate and, in particular, of the internet sector, resulted in the necessity to review the original growth model elaborated. The continuing uncertainty in the market place has thus required a reorganisation of the activities of the Group that is reflected in the new industrial plan. The actions undertaken in coherence with this new plan are illustrated in detail in the present report. Action was also taken in relation to the integration between companies of the group, which occurred at both production and central services level, such as administration, legal and corporate assistance and management of personnel. This reorganisation process in the group structure will see the full benefits in the current year when the policy for the reduction of costs will have a greater impact. Bilancio al 31 dicembre 17

18 The impact of this policy has resulted in a reduction of the percentage of personnel costs on consolidated sales that decreased from 51% at December 31, 2002, to 39% in the second quarter of and 25% in the final quarter of. Also the percentage of operating services and general expenses on consolidated sales shows a similar decreasing trend from 71% at June 30, 2002, to 66% in the final quarter of 2002 and 56% in the first half year of. The most important areas of intervention were: - the reduction of logistical costs, through the closure of some offices and consequent centralising of some activities; - reduction of service costs, due to a careful re-negotiation of contracts in force; - reduction of general expenses through the rigorous implementation of the cost containment policy. Passing to the result before taxes at December 31,, the consolidated loss was Euro 24.6 million compared to a loss of Euro 34.3 million in the previous year. The result before taxes of the Parent Company was a loss of Euro 24.9 million (Euro million at December 31, 2002). It should be noted that the result was attributable to the policy of provisions and write-downs made by the company in accordance with prudent criteria. This policy was necessary due to considerations in relation to the investments held as well as recovery on some trade receivables. The continuing crisis described above has in fact slowed the growth possibilities of some companies in the start-up phase and likewise weakened the financial position of certain customers. The provision for risk and charges for a total amount of Euro 1.3 million at consolidated level (the provision for risk and charges at December 31, amounts to Euro 2.3 million) was necessary for Group restructuring and reorganisation operations as well as the covering of potential liabilities that may originate from disputes not yet settled. The extraordinary charges refer prevalently to the conclusion of disputes and contractual revisions in the period. Bilancio al 31 dicembre 18

19 FINANCIAL POSITON AND BALANCE SHEET The net financial position is impacted by the investment policy, as well as the reorganisation of the Parent Company and the individual subsidiary companies. The financial situation is summarised in the following table: Net short-term consolidated financial position (amounts expressed Euro/thousand) 31/12/31/12/2002 Change Change % Short term bank debts ,277 2, % Liquid assets 1,964 17,639-15, % Securities 15,030 6,686 8, % Net short term financial position 16,380 21,048-4, % Net short-term financial position of the Parent Company (amounts expressed Euro/thousand) 31/12/31/12/2002 Change Change % Short term bank debts % Treasury management cash pooling -10,616-10,616 Liquid assets 336 4,771-4, % Securities 14,946 2,492 12, % Net short term financial position 4,430 7,063-2, % The decrease in the short-term consolidated financial position between December 31, 2002 and December 31, amounts to a total of Euro 4.7 million. The cash utilised in the period is principally attributable to investments in participations, increases in fixed assets, research and development expenses on new products and services to be offered to the community and the extraordinary charges relating to the reorganisation and restructuring of the Group as previously described. In relation to this reference should be made to the sections on investment and research and development activities. At an operating level the utilisation was equal to Euro 1.8 million, which was in continual improvement during the year. There is also medium/long-term debt for a total amount of Euro 2.4 million. Bilancio al 31 dicembre 19

20 Consolidated Cash flow (Amounts expressed in euro/thousands) 31/12/31/12/2002 Change Change % Cash in (out) flow from operating activity -1,794-7,834 6,040 77% Cash in (out) flow from investment -3,034-10,557 7,523 71% activity Cash in (out)flow from financial ,619-16,459-99% activity Net cash flow for the period -4,668-1,772-2, % Parent Company Cash flow (Amounts expressed in euro/thousands) 31/12/31/12/2002 Change Change % Cash in (out) flow from operating activity -1,573-9,626 8,053 84% Cash in (out) flow from investment ,165 27,359 97% activity Cash in (out)flow from financial ,462-26, % activity Net cash flow for the period -2,633-11,329 8,696 77% The use of cash for operating activities, apart from sustaining the operations of the Parent Company, also financed the costs for the implementation of the cost reduction policy as noted above, which by their character are extraordinary in nature. In particular the expenses relating to personnel and those relating to the termination of several contracts are noted. The consolidated operating cash flow in went from a utilisation of Euro 1 million in the first quarter to a utilisation of Euro 0.5 million in the second half of the year and a positive balance of Euro 0.3 million in the final quarter of the year. Bilancio al 31 dicembre 20

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