Reply SpA

Consolidated financial statements as at December 31, 2010
Reply Consolidated statement of cash flows
(thousand Euros) 2010 2009
Net result for the year 20,367 16,995
Income tax 19,482 17,098
Depreciation and amortization 7,645 6,978
Impairment of intangible assets 759 780
Change in inventories 10,022 2,936
Change in trade receivables (33,364) (9,013)
Change in trade payables (1,229) 3,532
Change in other assets and liabilities 16,572 95
Income tax paid (13,498) (11,601)
Interest paid (1,663) (2,204)
Interest collected 208 426
Net Cash flows from operating activities (A) 25,301 26,022
Payments for tangible and intangible assets (5,768) (7,528)
Payments for financial assets (1,122) (524)
Payments for the acquisition of subsidiaries net of cash acquired (4,088) (6,879)
Net cash flows from investment activities (B) (10,978) (14,931)
Dividends paid (3,320) (3,695)
Payments for acquisition of treasury shares (1,051) 2,220
In payments from financial loans 4,500 4,911
Payment of installments (16,559) (16,444)
Other changes (824) (589)
Net Cash flows from financing activities (C) (17,254) (13,597)
Net cash flows (D) = (A+B+C) (2,931) (2,506)
Cash and cash equivalents at beginning of year 29,263 31,769
Cash and cash equivalents at year end 26,332 29,263
Total change in cash and cash equivalents (D) (2,931) (2,506)
Detail of net cash and cash equivalents
(thousand Euros) 2010 2009
Cash and cash equivalents at the beginning of the year: 29,263 31,769
Cash and cash equivalents 33,163 39,356
Bank overdrafts (3,900) (7,587)
Cash and cash equivalents at the end of the year: 26,332 29,263
Cash and cash equivalents 50,125 33,163
Bank overdrafts (23,793) (3,900)
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