Reply SpA

Contents
This Annual Report has been
translated into English from
the original Italian version.
In case of doubt the italian
version shall prevail.
5 Board of directors and controlling bodies
7 Financial highlights
10 Letter to the Shareholders
13 Reply Living network
43 Report on operations
44 Main risks and uncertainties to which
Reply S.p.A. and the Group are exposed
47 Financial review of the Group
53 Significant operations in 2010
55 Reply on the stock market
57 The Parent Company Reply S.p.A.
60 Corporate Governance
61 Other information
64 Events subsequent to December 31, 2010
64 Outlook on operations
65 Motion for approval of the Financial statements
and allocation of the net result
67 Consolidated financial statements as at December 31, 2010
68 Consolidated income statement
69 Consolidated statement of comprehensive income
70 Consolidated statement of financial position
71 Statement of changes in consolidated equity
72 Consolidated statement of cash flows
73 Notes to the consolidated financial statements
123 Annexed tables
129 Attestation in respect of the Consolidated Financial Statements
under Article 154-bis of Legislative Decree 58/98
130 Statutory Auditor’s report
132 Independent Auditor’s report
135 Statutory financial statements as at December 31, 2010
136 Income statement
136 Statement of comprehensive income
137 Statement of financial position
138 Statement of changes in equity
139 Statement of cash flows
140 Notes to the financial statements
183 Annexed tables
189 Attestation in respect of the Statutory Financial Statements
under Article 154-bis of Legislative Decree 58/98
191 Statutory Auditor’s report
198 Independent Auditor’s report
201 Report on Corporate Governance
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