Reply SpA

Consolidated financial statements as at December 31, 2010
As contractually defined, such ratios are as follows:
Net financial indebtedness / Equity ≤ 1.5
Net financial indebtedness / EBITDA ≤ 3.0
At the balance sheet date the Covenants established by the loan have been fully achieved by the company.
The stand-by financial loan is referred to a loan undersigned on March 31, 2009 by Reply S.p.A with Intesa San-
Paolo, for a line of credit amounting to 50,000,000 Euros. The loan will be reimbursed on a half-year basis (Euribor
6 months + 2.5%) commencing June 30, 2012 and expires on December 31, 2014.
The credit line amounting has been drawn by 9,411 thousand Euros. This loan is subordinated to the parameters
mentioned herein and at December 31, 2010 have been respected.
The financial loan with Carispe Bank was stipulated in September 2008 by Lem Reply S.r.l. for an initial line of
credit amounting to 150 thousand Euros. The loan will be reimbursed on a half-year basis at a floating rate (Euribor
6 months +1.2%) and expires January 31, 2014.
The financial loan stipulated with Credito Bergamasco also refers to a loan undersigned by Lem Reply S.r.l. in May
2010 for a line of credit amounting to 20 thousand Euros. The loan will be reimbursed on a monthly basis at a floating
rate (Euribor 3 months +3.5%) and expires June 30, 2011.
The loan with Commerzbank is referred to a loan undersigned by syskotool, a syskoplan Group company, for the
acquisition of the building in which the parent company has its registered office. Installments are paid on a half year
basis (at a rate of 4.28%) and expire on September 30, 2019.
Other financial borrowings are related to financial leases determined according to IAS 17.
Fair value IRS and other is mainly related to the fair value of the cash flow hedge, the amount being hedged amounts
to 17,536 thousand Euros.
The carrying amount of Financial liabilities is deemed to be in line with its fair value.
Net financial position
In compliance with Consob regulation issued on July 28, 2006 and in accordance with CESR’s Recommendations for
the consistent implementation of the European’s regulation on Prospectuses issued on February 10, 2005, the Net
financial position at December 31, 2010 was as follows:
(thousand Euros) 31/12/2010 31/12/2009 Change
Cash and cash equivalents 50,125 33,163 16,962
Current financial assets 647 - 647
Non-current financial assets 943 804 139
Total financial assets 51,715 33,967 17,748
Current financial liabilities (40,994) (21,637) (19,357)
Non current financial liabilities (10,507) (22,830) 12,323
Total financial liabilities (51,501) (44,467) (7,034)
Total net financial position 214 (10,500) 10,714
For further details with regards to the above table see Notes 19 and 24 as well as Note 27.
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