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
Financial loan Remission
The amounts are referred to the waiver of financial loan receivables from some subsidiaries in order to increase their
equity position.
Write-downs
The amounts recorded reflect losses on some equity investments that are deemed not to be recoverable.
Other changes
4Cust Reply S.r.l.
In execution of the agreements signed upon constitution of the subsidiary company 4Cust Reply S.r.l., whereby a
“put” agreement was put in place, in the first months of 2011 such “put” option will be exercised by the minority
shareholders of the company (correspondingly the “call” option for Reply).
In accordance with IAS 32, at December 31, 2010 a liability to minority shareholders of 4Cust Reply S.p.A was
booked in relation to the exercising of the aforementioned option against equity investments.
Power Reply S.r.l.
In execution of the agreements signed upon constitution of the subsidiary company Power Reply S.r.l., whereby a
“put” agreement was put in place, in the first months of 2011 such “put” option will be exercised by the minority
shareholders of the company (correspondingly the “call” option for Reply).
In accordance with IAS 32, at December 31, 2010 a liability to minority shareholders of Power Reply S.r.l. was
booked in relation to the exercising of the aforementioned option against equity investments.
syskoplan AG
The amount reflects the accounting of Reply’s obligation, under the Domination Agreement, to purchase the minority
shares upon request of the minority shareholders.
Riverland Solutions GmbH
The amount reflects the best estimate of the variable compensation to be paid in three years for the acquisition of
75.016% of the share capital of the company.
Target Reply S.r.l.
The amount refers to the adjustment of the liability accounted for in accordance to IAS 32 in relation to the “put”
option for the acquisition of Target Reply S.r.l.’s minority shares (16,000 Euros).
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In accordance to the Consob communication no. DEM6064293 of 28 July 2006 the list of equity investments is
enclosed in the annexed tables.
The negative differences arising between the carrying value of the investments and the corresponding portion of their
net equity are not related to permanent impairment of value, as the carrying value is supported by positive economic
and financial forecasts that guarantee the recoverable amount of the investment.
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