Reply SpA

Income statement
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
Annexed tables
Note 19 - Equity investments
The item Equity investments at December 31, 2010 amounted to 107,025,969 Euros, with an increase of
18,376,218 Euros compared to December 31, 2009.
Balance at Acquisitions and Balance at
(in Euros) 31/12/2009 subscriptions Disposals Write-downs Other 31/12/2010 Interest
@Logistics Reply S.r.l. 1,049,167 - - - - 1,049,167 100.0%
4Cust Reply S.r.l. (*) 288,000 - - - 300,000 588,000 80.0%
Aktive Reply S.r.l. 512,696 - - - - 512,696 100.0%
Atlas Reply S.r.l. 356,575 - - - - 356,575 100.0%
Bitmama S.r.l. 2,897,019 - 120,000 - - 3,017,019 51.0%
Blue Reply S.r.l. 527,892 - - - - 527,892 100.0%
Bridge Reply S.r.l. - 6,000 - - - 6,000 60.0%
Business Reply S.r.l. 268,602 - - - - 268,602 100.0%
Cluster Reply S.r.l. 2,610,032 - - - - 2,610,032 100.0%
Consorzio Whitehall Reply 8,000 14,000 - - - 22,000 80.0%
Discovery Reply S.r.l. 1,311,669 - 15,000 (15,000) - 1,311,669 100.0%
e*finance Consulting Reply S.r.l. 3,076,385 - - - - 3,076,385 100.0%
Ekip Reply S.r.l. 30,000 - - - - 30,000 100.0%
EOS Reply S.r.l. 98,000 57,369 - - - 155,369 80.17%
Reply Ltd. (ex glue Reply Ltd.) 11,656,556 - - - - 11,656,556 100.0%
Hermes Reply S.r.l. 199,500 - - - - 199,500 100.0%
Hermes Reply Polska zo.o. - 10,217 - - - 10,217 100.0%
IrisCube Reply S.p.A. 6,724,952 - - - - 6,724,952 100.0%
Lem Reply S.r.l. - 400,012 - - - 400,012 100.0%
Open Reply S.r.l. (*) 217,750 - - - - 217,750 85.0%
Plus Reply S.r.l. 15,000 - - - - 15,000 100.0%
Power Reply S.r.l. (*) 1,645,500 - - - 868,000 2,513,500 85.0%
Reply Consulting S.r.l. 5,168,434 - - - - 5,168,434 100.0%
Reply do Brasil Sistemas
de Informatica Ltda - 17,542 - - - 17,542 80.0%
Reply GmbH - 25,000 - - - 25,000 100.0%
Reply Services Ltd. - 1,211 - - - 1,211 100.0%
Reply Services S.r.l. 10,000 - - - - 10,000 100.0%
Riverland Solutions GmbH (*) - 4,500,000 - - 3,769,989 8,269,989 75.02%
Santer Reply S.p.A. 11,386,966 - - - - 11,386,966 100.0%
Security Reply S.r.l. 392,866 - 1,150,000 (1,150,000) - 392,866 100.0%
Square Reply S.r.l. 100,000 - - - - 100,000 100.0%
Syskoplan A.G. 29,658,488 335,851 - - 7,957,028 37,951,367 79.53%
Syskoplan Reply S.r.l. 949,571 - - - - 949,571 100.0%
Sytel Reply S.r.l. 5,876,760 - - - - 5,876,760 100.0%
Live Reply GmbH
(ex Sytel Reply GmbH) 27,500 - - - - 27,500 100.0%
Sytel Reply Roma S.r.l. - 10,000 - - - 10,000 100.0%
Target Reply S.r.l. 794,000 - - - (16,000) 778,000 100.0%
Technology Reply S.r.l. 216,658 - - - - 216,658 100.0%
Tender Reply S.r.l (*). 8,000 - 100,000 (100,000) - 8,000 80.0%
Twice Reply S.r.l. 407,000 - - - - 407,000 94.0%
Whitehall Reply S.r.l. 160,211 - 1,200,000 (1,200,000) - 160,211 100.0%
Total 88,649,750 5,377,202 2,585,000 (2,465,000) 12,879,017 107,025,969
(*) For these companies an option exists for the acquisition of their minority shares; the exercise of such option in future reporting periods is subject to the
achievement of profitability parameters. The accounting of such options reflect management’s best estimate at the closing date.
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