Reply SpA

Main risks and uncertainties to which Reply S.p.A. and the Group are exposed
Financial review of the Group
Significant operations in 2010
Reply on the stock market
The Parent Company Reply S.p.A.
Corporate Governance
Other information
Events subsequent to December 31, 2010
Outlook on operations
Motion for approval of the Financial statements and allocation of the net result
Financial position
The table below details the Parent company’s net financial position as at December 31, 2010, compared to December
31, 2009; detail is as follows:
(thousand Euros) 31/12/2010 31/12/2009 Change
Cash and cash equivalents 896 6,883 (5,988)
Cash pooling accounts, net 23,991 18,180 5,810
Due to banks (11,487) (11,839) 352
Short-term financial position 13,400 13,225 175
Loans to subsidiaries 3,066 1,450 1,616
Due to banks (9,267) (15,963) 6,695
Non current financial position (6,201) (14,513) 8,311
Total net financial position 7,198 (1,288) 8,486
Change in the net financial position is analyzed and illustrated in the explanatory notes to the financial statements.
Reconciliation of equity and profit for the year of the Parent Company
In accordance with Consob Communication no. DEM/6064293 dated July 28, 2006, the equity and profit of the parent
company are reconciled below with the related consolidated amounts.
31/12/2010 31/12/2009
(thousand Euros) Net equity Result Net equity Result
Reply S.p.A.’s separate financial statements 104,055 14,043 93,525 11,128
Results of the subsidiary companies 93,797 29,497 83,900 25,401
Carrying value of investments in consolidated
companies (56,444) - (44,411) 2,071
Elimination of dividends from subsidiary
companies - (18,908) - (17,146)
Adjustments to accounting principles
and elimination of unrealized intercompany
gains and losses, net of related tax effect (2,584) (4,021) (2,729) (4,459)
Non controlling interests (1,331) (245) (6,462) (367)
Net Group consolidated financial statement 137,493 20,367 123,823 16,628
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