Interim / Quarterly Report • Nov 14, 2022
Interim / Quarterly Report
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| Board of irectors 3 | |
|---|---|
| Financial highlights 6 | |
| Reply Living Network 10 | |
| Summary report of the third quarter 2022 and expected business developments 29 | |
| Consolidated financial statements and notes 31 | |
| Declaration pursuant to article 154-bis, paragraph 2 of legislative decree no. 58 of 24 february 1998 43 |
|
| Annexed tables45 |
Chairman and Chief Executive Officer Mario Rizzante
Tatiana Rizzante
Filippo Rizzante Daniele Angelucci Marco Cusinato Elena Maria Previtera Patrizia Polliotto (1) (2) (3) Secondina Giulia Ravera (1) (2) Francesco Umile Chiappetta (1) (2)
President Ciro Di Carluccio
Statutory Auditors Piergiorgio Re Ada Alessandra Garzino Demo
PwC S.p.A.
(1) Directors not invested with operational proxies (2) Independent Directors according to the Corporate Governance code drawn up by the Committee for Corporate Governance (3) Lead Independent Director
This report has been translated into English from the original Italian version, in case of doubt the Italian version shall prevail.
(thousand Euros)
| Q3 2022 | % | Q3 2021 | % | Economic figures | 30/09/2022 | % | 30/09/2021 | % |
|---|---|---|---|---|---|---|---|---|
| 465,950 | 100.0 | 360,568 | 100.0 | Revenues | 1,355,672 | 100.0 | 1,073,401 | 100.0 |
| 74,118 | 15.9 | 63,696 | 17.7 | Gross operating margin | 218,565 | 16.1 | 183,177 | 17.1 |
| 60,759 | 13.0 | 51,538 | 14.3 | Operating margin | 183,634 | 13.5 | 147,504 | 13.7 |
| 60,460 | 13.0 | 51,307 | 14.2 | Income before taxes | 169,114 | 12.5 | 150,026 | 14.0 |
| Q3 2022 | Q3 2021 | 30/09/2022 | 30/09/2021 |
|---|---|---|---|
| 8,143 | 3,745 Investments |
23,837 | 10,628 |
| 30/09/2022 | 30/06/2022 | 31/12/2021 | |
|---|---|---|---|
| Net financial position | 133,885 | 165,741 | 193,212 |
| 30/09/2022 | 30/09/2021 | |
|---|---|---|
| Employees | 12,542 | 9,880 |
REVENUES BY REGION (*)
REVENUES BY BUSINESS LINES 30 September 2021
((*)
Region 1: ITA, USA, BRA, POL, ROU, CHN (Nanjing), NZL Region 2: DEU, CHE, CHN (Bejing), HRV Region 3: GBR, LUX, BEL, NLD, FRA, BLR, SGP, HKG, MYS
Composed of a network of companies, Reply partners with key industrial groups in defining business models. This is made possible by the new technological and communication paradigms such as artificial intelligence, big data, cloud computing, digital communication and the Internet of Things.
Reply is characterised by:
Reply operates through a network of companies that specialise in processes, applications and technologies and are centres of excellence in their respective fields of expertise.
Processes – For Reply, the understanding and use of technology implies the introduction of a new enabling factor for business processes, thanks to an in-depth knowledge of both the market and the specific industrial contexts of implementation.
Applications – Reply designs and implements software solutions aimed at meeting core business requirements, in various industrial sectors.
Technologies – Reply optimises the use of innovative technologies by implementing solutions capable of ensuring maximum efficiency and operational flexibility for its customers.
Consulting – with a focus on strategy, communication, design, processes and technology;
System Integration – making the best use of the potential of technology, by combining business consulting with innovative technological solutions and high added value;
Digital Services – innovative services based on new communication channels and digital trends.
As a leader in digital transformation, Reply promotes the change towards a more sustainable world and conducts its business activities in compliance with environmental and human rights standards and laws, operating in full respect of the highest ethical standards and the rights of future generations.
In every market segment in which it operates, Reply combines specific sector expertise with a broad experience in the provision of services and a wealth of advanced technological capabilities.
The automotive sector is undergoing a profound evolution, driven by recent technological and environmental changes: electric propulsion, increasingly intelligent, connected vehicles and autonomous driving are the new paradigms of mobility over the next few years. In this context, Reply is contributing to the transformation of the entire supply chain, supporting leading manufacturers not only in production and logistics/distribution activities, but also in the evolution of in-vehicle services, through the design and development of advanced connectivity systems.
Reply confirms its leadership in the logistics and production areas of the automotive sector, implementing integrated projects that cover the end-to-end supply chain: from the logistics of raw materials and finished products to shop floor control, and from production and material planning to quality management, without forgetting transport and after-sales distribution. In particular, Reply has expertly combined, in a holistic vision of the sector,
proprietary expertise, tools and technologies – such as LEA Reply (logistics) and Brick Reply (manufacturing execution system) platforms – with ad hoc solutions developed based on the cloud and edge computing paradigms.
On the connectivity front, Reply is engaged in the development of V2I (VehicletoInfrastructure) connectivity platforms, as well as actively studying and prototyping new end-to-end architectures based on edge computing technology to manage the next generation of in-vehicle integrated services. Another important area of specialisation, with several projects under way with leading players in the sector, concerns the development of autonomous driving systems, quality assurance solutions (e.g. remote vehicle diagnostics) and new types of integrated services in the smart city landscape.
In addition, Reply is applying its consolidated expertise with blockchain technology in the automotive sector, with the aim of improving vehicle maintenance processes, aftersales fraud control and vehicle recall campaign management. Lastly, Reply is actively engaged in the increasingly important e-commerce segment, with projects designed specifically for the automotive sector that integrate data-driven marketing solutions and 3D showrooms, allowing users to create customised real-time configurations of the cars and to perform virtual test drives enabled by AR/VR.
The Energy and Utilities market is undergoing a profound transformation, thanks to its key role in achieving global climate neutrality. Indeed, government plans for decarbonisation, particularly in Europe and the USA, are driving operators towards a major overhaul of the way energy is produced and distributed, with a strong push towards the adoption of renewable sources.
All major operators have launched industrial scale technological innovation projects, with the aim of becoming increasingly flexible and resilient.
Among the technologies and platforms available and adaptable in the energy sector, cloud computing is currently the most widespread solution amongst operators while IoT, on the other hand, enables the development of monitoring processes, optimising operations and activating new services and models for interaction with customers.
2021 also saw the growth of investments in advanced analytics, artificial intelligence and edge computing. These investments aim to improve the efficiency of renewable energy production (e.g. wind and photovoltaic farms) and to develop new business models in the energy management field, especially in the industrial context.
In this scenario, Reply is one of the reference partners for the sector, thanks to its profound knowledge of the market and its ability to design, implement and manage innovative digital solutions and vertical technological platforms, in particular leveraging expertise and solutions in IoT, big data, advanced analytics, data governance and the cloud. These are skills and expertise that Reply has relied upon to implement international-scale projects for leading operators in the sector, ranging from energy and demand management to the management of new mobility and electric car charging services, smart metering, smart grid, asset management and renewable generation solutions.
The innovations brought about by specialised players such as FinTechs and InsurTechs mean that continuous investments need to be made in the creation and updating of digital channels that support all aspects of the relationship with customers, both commercial and transactional. New products integrating connected services and hardware are gaining the market's favour, particularly in the insurance sector.
Thanks to its acknowledged expertise in the design and implementation of digital channels in the banking and insurance sector, Reply has gained a distinctive positioning in Europe in this context. Indeed, the announcement of the partnership with Nexi for the creation of the Nexi Digital competence centre is part of the innovation path initiated by the Group in areas such as advanced payment, open banking, blockchain, cryptocurrency and digital asset systems.
Reply is supporting financial institutions in their journey to substantially increase their use of cloud solutions, with the adoption of hybrid architectures and the continuous innovation and migration of legacy systems. Cloud-based artificial intelligence solutions are demonstrating great potential in terms of improving the efficiency of operations, with increasing investments in intelligent process automation platforms that simplify internal processes, particularly those relating to back office and customer onboarding.
The Group also boasts extensive expertise in Governance, Risk and Control (GRC) and Wealth and Asset Management. Reply's teams support financial institutions in their compliance
needs and in the adoption of new business models, including when it comes to the strong push by the market and by regulators towards sustainability and environmental protection. The Group's consolidated experience in advanced consulting models has been complemented by a growing expertise in the design and implementation of robo-advisory solutions aimed at customers and financial advisors
Digital transformation has become an integral part of industrial processes, revolutionising not only production, but also the end-to-end supply chain: from procurement to logistics, and from sales to maintenance. Production plants are being transformed into open and flexible ecosystems, capable of also managing communication flows and the distribution chain better, thus generating a virtuous mechanism capable of minimising costs and maximising results.
Reply collaborates with leading European industrial groups in the sector, accompanying them in this complex transformation process that covers a range of different areas. These include supply and purchase management; the design and implementation of control and planning systems based on the new generation of cloud-based ERP, MOM and MES solutions for the planning and control of production processes and integration with supply logistics networks.
The Group's planning and control expertise has been increasingly complemented by knowledge on product lifecycle management, with particular attention to the connected products sphere.
Alongside its extensive capabilities in the implementation of vendor suites such as Oracle, SAP and Microsoft, Reply has enriched its portfolio of solutions in the Industry 4.0 realm, thanks to its proprietary Brick Reply (MES) and Axulus Reply (Industrial Internet of Things) solutions.
Markets is experiencing a significant disruption in supply chains – also due to the impact of the ongoing pandemic – with the consequent need to rebuild them in a more resilient and digitised manner. In this context, Reply is supporting companies from different sectors with initiatives that have not only enabled new ways of managing just-intime, industrial shipping and last mile (e.g. e-commerce) processes, but also the adoption of electric and autonomous vehicles in intralogistics contexts, together with a growing use of robotics and the Internet of Things.
Reply has confirmed its logistics expertise in various sectors including the automotive, healthcare and food industries, where the Group has specialised in the management of logistics flows of raw materials, fleets and automated warehouses. Following the latest market trends, the Group has broadened its horizons, engaging in areas related to the sustainability and decarbonisation of supply chains, omnichannel solutions and the evolution of the different ways of working in logistics and transport.
Reply's expertise in the logistics area has been recognised by several analysts, including Gartner, which included the LEA Reply platform in the "Magic Quadrant for Warehouse Management Systems 2021". The features introduced on the platform during the year concerned new services to support the retail market, and in particular dark store and in-store operating processes that leverage algorithms optimisation to improve supply chain efficiency. The Group's various studies and implementations on advanced wearables, computer vision and drones also continued.
Reply is continuing to support national and local public administrations in managing the Covid-19 pandemic, both from a management point of view and in the healthcare sector. After supporting government and healthcare agencies in the monitoring and tracking of infections and in the organisation and management of vaccination campaigns, the Group is now operating in countries where plans for recovery from the economic crisis have been launched, playing the role of a technological partner in innovation, sustainability and resilience initiatives.
In the healthcare and pharmaceutical sectors, Reply's portfolio of products and services has complemented traditional expertise in cost optimisation, process digitalisation, management of medical equipment and logistics, with solutions based on artificial intelligence.
In 2021, Reply strengthened its offering of services and products in the reception and telemedicine realms, anticipating the technological and organisational trends of the new hospital-territory healthcare ecosystem and improving the efficiency of patient journey processes from a connected care perspective. Reply is promoting the adoption of the One-Health model (integration of data collected from people, animals and the environment to establish new diagnosis and treatment processes), working to connect technologies and
applications from sectors parallel to healthcare, such as the pharma, genomics and bioinformatics research fields.
Reply is supporting leading European players in the implementation of integrated strategies spanning the online and physical networks. The demand for increasingly 'phygital' experiences has led to several projects in the master data management space. The aim of these projects is to harmonise information about end consumers, products and services, thus providing new insights and KPIs useful for measuring the effectiveness of the various initiatives, as well as identifying areas where the existing offer can be enhanced.
Reply has been involved in numerous initiatives concerning the migration of e-commerce systems to native cloud platforms. In these contexts, the success factor was characterised by the ability to provide technological solutions capable of breaking down business capabilities into re-combinable services, thus enabling the implementation of increasingly sophisticated and channel-independent forms of relationships and sales.
Reply has stood out from the crowd for its ability to design truly omnichannel architectures, taking full advantage of the offer of the various cloud platforms and creating real-time order management and inventory solutions.
The Group also supported retailers in reviewing their organisational processes. Reply's profound knowledge of the dynamics of this sector have been instrumental in achieving the transformation and enabling the necessary intra-departmental coordination mechanisms. These capabilities are becoming increasingly important in order to effectively support retail customers towards international openness and experimentation with the new B2B2C and 'consumer to consumer' relationship models that favour growth and a reduction of the time to market.
In the Telco market, lower operating costs and the introduction of new service lines have led to an organisational tension which, in many contexts, has spilled over and is affecting economic performance. Thanks to its consolidated expertise in the Telco field, Reply is supporting leading European operators in optimising their technological solutions and the investments needed for the implementation of new generation networks. In the 5G realm in
particular, Reply has developed a diverse offer portfolio, based on innovative use cases and the ability to work on the unbundling of networks.
The Group is also supporting large network operators in the development of cloud based and edge computing solutions. For example, in addition to satisfying companies that use the services and that are able to benefit from technological and economic advantages in terms of a reduction in data transmission latency and costs, public cloud solutions also support business processes in ensuring compliance with local data privacy regulations. These solutions allow companies to reap the benefits of the public cloud, without the need to assume the complexities involved in managing their own private cloud.
In the Media sector, publishers are reacting to the deep crisis experienced by traditional channels, which is paving the way for the development of new digital solutions and products that can meet new customer preferences.
Thanks to its profound knowledge of the Telco world, Reply is supporting leading European players in the Media sector towards the convergence of offers, contributing to the design and implementation of new bundles consisting of fixed/mobile broadband connectivity, valueadded services and premium editorial and/or television content.
Technological innovation is the basis of Reply's growth. The company has always pursued the objective of providing its clients with the tools they need to increase flexibility and efficiency. Reply is involved in a continuous process of research, selection and marketing of innovative solutions for sustaining the creation of value within organisations.
Cloud computing has established itself as the infrastructure standard in all the markets in which Reply operates. The Group has developed significant expertise in supporting companies towards the adoption of solutions relying on Microsoft Azure, AWS, Google Cloud Platform and Oracle Cloud Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). This cross-functional expertise has allowed Reply to support customers in a growing number of multi-cloud and hybrid implementations, where on-premises systems and cloud services
are seamlessly integrated into the user experience. The Group has also confirmed its strong architectural capabilities and an ongoing commitment to optimising investments and operating costs.
Its consolidated experience in designing and managing the complexity of multi-cloud solutions has led Reply to develop the CAFFE methodological framework (Cloud Adoption Framework for Enterprise). Thanks to this structured approach, Reply customers can build their Cloud adoption journey and define an efficient operating model with a set of tools that enable the automation of cloud services.
In addition to offering 24/7 operational support services for cloud infrastructures, Reply has significantly expanded its products and services offer with advanced models that take advantage of the edge cloud, distributed cloud and edge computing technologies, to support Telcos and leading industrial groups.
These approaches make it possible to design solutions that offer low latency and a high degree of security/ privacy, with immediate benefits in the local processing of data, connected to artificial intelligence, machine learning and high-performance computing solutions made available by cloud providers.
At the application level, Reply has adopted the Software as a Service (SaaS) model as its main solution in the development of specific platforms for customers in different industries such as banking, telco, automotive, insurance, energy, retail and healthcare. This approach is complemented by the significant expertise in customising platforms offered by vendors such as Salesforce, SAP and Adobe in different areas, including omni-channel sales, data-driven marketing and industrial and logistics solutions.
Alongside cloud computing and artificial intelligence, cybersecurity has established itself as one of the top priorities for the market. The growing number of attacks – both in the industrial and in the consumer sectors – combined with the significant increase in connected devices driven by the success of IoT technologies, makes it necessary for businesses to invest continuously in the prevention, detection and management of incidents.
The activities conducted by Reply for its customers range from the definition and implementation of security and risk management policies, to the development of predictive models, operational cybersecurity monitoring activities, incident management and threat
intelligence. Reply has partnered with leading vendors of cloud and legacy security solutions; it is also active in monitoring innovative start-ups and participating in open source initiatives.
Among the areas that have seen the most significant growth in recent years, the IT security of industrial plants and logistics systems is of particular importance and is one of the main areas of study in Reply's new Cyber Security Lab. In this context, Reply has invested in frameworks to strengthen the test phases of connected industrial devices, attack interception and response, including through the adoption of artificial intelligence and machine learning techniques.
The hyper-automation paradigm is becoming increasingly pervasive, particularly in the business context. Indeed, the drastic changes in the way we work brought on by the pandemic have contributed to a growing interest in robot process automation and intelligent process automation solutions by different sectors, from banking to insurance, and from telco to energy.
Automation technologies are used in the development of solutions based on the principles of 'Low-Code' and 'NoCode'. The ability to take advantage of the opportunities offered by the adoption of AIpowered software development techniques, is in fact bringing greater efficiency to the activities conducted by developers – both for Reply and its customers – in the coding, testing and software deployment phases.
AI-powered data automation is being used more and more by Reply teams specialising in machine learning, to improve the efficiency of data preparation and the identification and sharing of insights on large databases. In this context, Reply is supporting customers in evolving their business intelligence and analytics platforms in this direction, making it possible to obtain data and information that is increasingly accurate and valuable for business development, operational management and cybersecurity.
Another area experiencing a strong automation acceleration is robotics. Alongside the modernisation of industrial robots, the emergence of autonomous mobile robots enables companies to obtain benefits in terms of logistics optimisation, building management, plant safety and the protection of workers. Reply covers all the various design, programming and training phases of software and artificial intelligence algorithms that give life to robots, as
well as the implementation of cloud-based architectures such as the one developed on the Microsoft Azure stack for the management of Boston Dynamics' Spot robots
In a world filled with stimuli and in which relationships are often mediated by interactive screens, it is imperative for companies to be able to establish a solid relationship with their audience. To address these trends, Reply helps customers to design and implement a customer journey filled with experiences, using innovative technologies and an in-depth knowledge of the human experience on digital channels.
Moreover, the use of artificial intelligence algorithms enables the creation of a richer and more personalised digital experience thanks also to the greater ability to understand, analyse and anticipate customer behaviours, as well as to implement more effective customer engagement actions.
With its consolidated expertise in the design and implementation of marketing automation and CRM platforms, based on the partnership with leading players such as Salesforce, Adobe, Microsoft and Oracle, Reply specialises in developing digital communication solutions and campaigns aimed at increasing engagement, reducing friction points and improving mutual knowledge between company and customer, with great attention paid to privacy and data security. Reply combines this expertise with the support offered to large multinationals and companies operating in different sectors in building an active and responsible presence on social media.
Alongside the design and implementation of digital platforms in various industries – from banking to energy, insurance and telco – Reply supports the proprietary Sonar Reply, Pulse Reply and China Beats solutions designed to help marketers monitor the international market and track marketing and branding KPIs, as well as the Discovery Reply digital asset management platform.
In 2021, Reply was listed as a leader in Gartner's global 'Magic Quadrant for CRM and Customer Experience Implementation Services 2021'. This prestigious milestone recognises Reply's consolidated expertise in creating customer experiences that integrate CRM, Sales, Service, Marketing and Data Analysis components, joining the numerous other recognitions obtained by Reply agencies in designing integrated and unique digital experiences for brands.
The strong shift towards digital channels marked the development of relationships between customers and companies during the limitations imposed by the global pandemic. The gradual re-openings subsequently saw the emergence of increasingly hybrid models, characterised by a strong omni-channel focus of the purchasing experiences and new communication and interaction interfaces, both at a commercial and at a customer care level.
Reply has launched international competence centres dedicated to studying new interfaces, designing the best user experiences and subsequently implementing front-end systems and integration with company systems and artificial intelligence engines. Starting from its broad expertise in the mobile interfaces realm and in advanced e-commerce models, the Group has managed initiatives involving the adoption of virtual reality, augmented reality, wearable, touchless and voice interfaces in the B2C and B2B spaces.
Alongside the growing number of implementations and prototypes in areas related to the metaverse, Reply has seen a renewed interest in conversational systems, with a significant increase in platforms and algorithms for the management of chatbots, shopping assistants and digital assistants. Indeed, conversational systems are evolving, both in improving the interaction with the user, and in analysing their style and manner of conversation, to offer an increasingly personalised service.
Reply's expertise ranges from the design of new interfaces, to the integration with customer AI analytics and the creation of omni-channel frameworks. The goal is to build data-driven experiences in which interfaces can autonomously interact with the user. In the case of customer care services, for example, the aim is to ensure the complete resolution of problems, while human operators remain active as a point of escalation, with complete visibility of the interaction that took place up until that moment.
After the solutions deployed during the 2020 lockdowns to facilitate remote work and social distancing, companies are adopting a more structured approach, taking advantage of the technological opportunities available and proactively managing the temporary restrictions on the mobility of customers, employees and sales networks. In recent months, Reply has supported client companies in the design, development and adoption of advanced collaboration and communication tools, which combine the improvement of individual productivity and the effectiveness of teams, regardless of their physical location.
Collaboration and communication solutions are designed by prioritising the adoption of cloud-based tools, which can be used seamlessly by employees whether activities are carried out in the office, on the move or at home. Moreover, thanks to the analysis and management of possible security issues resulting from hybrid working methods, Reply is also supporting companies in the adoption of advanced cybersecurity solutions and of platforms offered by leading vendors in the desktop/mobile management space. The Reply offer incorporates the experience gained on productivity tools included in digital workplace suites offered by leading vendors, integrated with hardware/ software enablers based on artificial intelligence. Intelligent process automation, in particular, is gaining ground as a tool to bring the potential of artificial intelligence and machine learning into the daily lives of workers, by speeding up and simplifying their activities.
Reply is continuing the development of proprietary platforms such as TamTamy Reply, aimed at maintaining and evolving social relationships and training activities, on-site as well as remotely.
In parallel with its technological offer, the Group companies specialising in training, internal communication and human resources development have expanded their portfolio of services aimed at promoting employee engagement and continuous learning.
The growing number of connected objects, both in the consumer and industrial sectors, enables innovative business models on the one hand, whilst making significant investments in connectivity necessary on the other. In the Operational Technology (OT) space, in particular, the use of drones, robots, autonomous vehicles, connected machines and augmented/virtual
reality components requires not only highly reliable connectivity, but also minimum latency and high security/privacy of the data transmitted.
Reply is collaborating with leading European operators to tackle the medium-term scenarios in which companies will experience a radical change in their communication infrastructure, with the creation of fully wireless enterprise W-LANs, designed to provide a connectivity that is always available and highly reliable. These dedicated and specialised communication networks will not only carry data and perform traffic control to connect and manage network nodes and devices, but also code and algorithms.
The line between OTT and public telephone operators will be increasingly blurred. Indeed, the consolidation and maturation of 5G networks will see an affluence of corporate mobile private networks: bubbles isolated from public networks with high service standards managed by so-called digital operators. The new players will support Telcos with specialised offers, guaranteeing connectivity services optimised for the individual building, the single machine or the specific application.
The Internet of Things is one of today's most important technological trends. In fact, use cases cover the adoption of connected technologies in the corporate, consumer and public sectors. The rise in the number of connected platforms leverages, on the one hand, the increasing availability of services by large cloud providers and, on the other, the increase in innovative devices and sensors, both at the industrial and the domestic level.
At consumer level, 'connected products' have been the common thread of the evolution of Reply's offer. The Group is supporting its customers in the launch of new products natively equipped with connected services, in particular in the smart home and smart mobility sectors. The IoT solutions designed and implemented by Reply are characterised by a 'security by design' approach, complemented by highly usable interfaces and innovative service models.
The Industrial IoT has affirmed its crucial role as the linking element between the Industry 4.0 models, thanks to the analysis, predictive and forecasting capabilities enabled by cloud and edge computing technologies and supported by the growing availability of sensors and 5G networks. The projects carried out by Reply primarily concerned large customers in the manufacturing, energy, automotive and logistics sectors. Lastly, the use of connected robots
and drones has been successfully implemented in warehouse management and plant safety solutions.
Reply continues to invest in IoT innovation, both by evolving its connected platforms such as Ticuro Reply, and through various studies in the smart city space.
Innovation on the Internet of Things is also guaranteed by the monitoring of the start-up and scale-up markets carried out by the Breed Reply incubator, which has continued its selection and investment activities in B2C and B2B companies specialised in IoT and operating in different industries.
Reply considers research and continuous innovation to be fundamental assets in supporting its customers as they adopt new technologies. The crisis linked to the global pandemic appears to have speeded up many significant transformations in target markets, in customers and in society as a whole. Thanks to the creation of international competence centres, Reply monitors the market constantly in order to identify emerging technologies and business opportunities and to anticipate the leading engines for the creation of tomorrow's business value.
Reply has launched several initiatives to support its customers in tackling the heterogeneous mix of technologies and the new operational and organisational methods needed in order to position themselves on the leading metaverse platforms. The main areas of development include 3D modelling, 3D reconstruction of environments, avatar creation, non-fungible tokens (NFTs) and other assets based on the blockchain infrastructure and on virtual, augmented or mixed reality technologies.
The metaverse approach dictates that companies need to rethink the traditional communication paradigms, today predominantly asynchronous on the web and on social media networks. The metaverse is accelerating the displacement of interaction into the synchronous and real-time communication space.
The self-representation of users through avatars involves not only the creation of a 3D model that depicts them, but also the secure and centralised storage of everything that represents them in the digital world: their assets, NFTs, payment instruments, personal data, and the artificial intelligence model built on top of these.
Reply has consolidated expertise in all the core elements of the metaverse – artificial intelligence, blockchain and 3D in real-time – combined with the international experiences gained with Reply Game Studios in the gaming area and in the development of customised 3D applications and AR/VR/ MX in the business world. This means the Group is an increasingly important point of reference in helping customers from different industries to orient themselves in these new worlds and to be able to seize the opportunities offered.
Quantum computing is the technology with the highest potential in reaching the processing peaks required by today's increasingly powerful artificial intelligence and machine learning systems. In fact, the evolution towards the so-called 'general artificial intelligence' necessitates instructing and training complex machine learning models in a reasonable length of time and with a high degree of accuracy, but also remodelling the algorithms based on the – sometimes continuous – changes in input data.
Reply is supporting large European groups in the adoption of 'quantum-inspired' algorithms. This approach makes it possible to anticipate the future benefits of a mass implementation of quantum computing technologies in specific contexts, such as workforce optimisation and other use cases where a high number of variables need to be combined to obtain timely answers that can be used in daily business management activities.
Other studies followed by Reply concerned the railway sector, where Quadratic Unconstrained Binary Optimisation (QUBO) was used. This is a solution designed to describe optimisation problems that can be solved through quantum technologies. Particular interest was also identified in the finance sector, where complex areas such as investment banking can benefit from accelerated computing to obtain insights from huge databases and input sources with an extremely high refresh rate.
The transport sector is undergoing a significant transformation, linked primarily to the development of 'Mobility as a Service' offers. This paradigm is emerging not only based on new consumption models, but also thanks to the technologies that make vehicles more environmentally efficient and connected to roads and smart cities. The changes are also affecting public transport, an area where Reply has launched various projects and studies with different operators, carrying out projects related to the new sustainable and smart mobility.
Attention to the environment is translating into the electrification of all vehicle categories and the optimisation of their life cycle. Batteries are also an area undergoing strong innovation. Indeed, Reply is working on cloud-based models in which Internet of Things solutions monitor and optimise battery consumption, extending their life and generally improving the efficiency of the vehicles using them.
At a technological level, the high availability of software and hardware on board the vehicle makes it possible to improve its safety, efficiency and maintenance. At the same time, the gradual diffusion of high-capacity networks such as 5G is enabling a significant number of support, entertainment, payment and interaction services.
New business models see specialised players working alongside historic vehicle manufacturers, and the latter radically renewing their catalogue and digitising their business processes.
Reply has long been committed to making its operations as sustainable as possible, with a primary focus on reducing the Group's ecological footprint. Also, thanks to the increasing sensitivity of its customers, Reply has embarked on a path focused on the definition of its project management and code development methodologies based on the principles of energy efficiency and a reduction in the potential waste of resources, especially energy.
Indeed, ICT is currently a significant area when it comes to energy consumption. The global push towards digitalisation, accelerated by the pandemic, is expected to lead to a further increase in data centre consumption, also due to the diffusion of new energy-intensive activities such as training complex machine-learning algorithms.
Cloud migration is an opportunity for companies to make their systems 'greener', given that many large vendors are acquiring a big part or all of their energy needs through renewable sources.
The increasing use of connected devices – for example in the Industrial Internet of Things – makes it necessary to optimise energy consumption at the level of a single sensor or connected terminal. Even at software level, writing optimised code can bring benefits in the reduction of the ecological footprint. In this scenario of transformation, Reply has created an international working group with the aim of developing the necessary skills and expertise to be able to adopt, in a significant manner, the use of green computing and green coding both internally and during collaboration with customers' development teams.
The Group's consolidated turnover in the first nine months of the year reached €1,355.7 million, an increase of 26.3% compared to €1,073.4 million recorded on 30 September 2021.
All indicators are positive for the period. Consolidated EBITDA was €218.6 million, an increase of 19.3% compared to the €183.2 million recorded in September 2021.
EBIT, from January to September, was €183.6 million, which is an increase of 24.5% compared to €147.5 million at September 2021.
Pre-tax profit, from January to September 2022, was €169.1 million (+12.7% compared to €150.0 million in 2021).
For the third quarter of the year, the Group's performance is equally positive, with consolidated turnover for the period of €465.9 million, an increase of 29.2% compared to 2021.
EBITDA, from July to September 2022, was equal to €74.1 million, with an EBIT of €60.8 million and pretax profit of €60.5 million.
As at 30 September 2022, the Group's net financial position was positive at €133.9 million. The net financial position as at 30 June 2022 was positive for €165.7 million.
In the first nine months of 2022 Reply achieved extremely positive results, both in terms of turnover and margins. More specifically, since the beginning of the year, in addition to robust organic growth, Reply has expanded its international presence, focusing on the US, French and German markets. The results of the third quarter allows to look forward to the months ahead with confidence.
Reply's strength lies in its ability to interpret digital innovation making it functional to the transformation needs of companies" continues Mario Rizzante. The first nine months of 2022 have seen important developments in the main offering lines: Cloud, IoT and connected devices, data platforms and digital experience. In the same months, we have witnessed an exponential growth in demand for new applications related to the use of artificial intelligence, an area to which Reply has long been committed and where it has a leading position.
In a short time we will be living in a combination of automation, artificial intelligence, digital interfaces and connected objects, but it will take a huge amount of work to make that possible. This is where Reply intends to position itself as niche player, with extremely high technological profile.
Reply's performance is summarized in the following reclassified consolidated statements of income.
| (thousand Euros) | Note | 30 September 2022 | % | 30 September 2021 | % |
|---|---|---|---|---|---|
| Revenue | 4 | 1,355,672 | 100.0 | 1,073,401 | 100.0 |
| Purchases | 5 | (20,516) | (1.5) | (13,526) | (1.3) |
| Personnel | 6 | (707,546) | (52.2) | (544,739) | (50.7) |
| Services and other costs | 7 | (413,576) | (30.5) | (334,271) | (31.1) |
| Other operating (costs)/income | 8 | 4,530 | 0.3 | 2,313 | 0.2 |
| Operating costs | (1,137,107) | (83.9) | (890,224) | (82.9) | |
| EBITDA | 218,565 | 16.1 | 183,177 | 17.1 | |
| Amortization and depreciation | 9 | (37,561) | (2.8) | (35,653) | (3.3) |
| Other non-recurring (costs)/income |
8 | 2,630 | 0.2 | (20) | (0.0) |
| Operating income (EBIT) | 183,634 | 13.5 | 147,504 | 13.7 | |
| (Loss)/gain on investments | 10 | (9,877) | (0.7) | 6,008 | 0.6 |
| Financial income/(expenses) | 11 | (4,643) | (0.3) | (3,487) | (0.3) |
| Income before taxes | 169,114 | 12.5 | 150,026 | 14.0 |
| (thousand Euros) | Note | Q3 2022 | % | Q3 2021 | % |
|---|---|---|---|---|---|
| Revenue | 4 | 465,950 | 100.0 | 360,568 | 100.0 |
| Purchases | 5 | (3,489) | (0.7) | (4,197) | (1.2) |
| Personnel | 6 | (241,863) | (51.9) | (179,336) | (49.7) |
| Services and other costs | 7 | (148,010) | (31.8) | (113,768) | (31.6) |
| Other operating (costs)/income | 8 | 1,530 | 0.3 | 428 | 0.1 |
| Operating costs | (391,832) | (84.1) | (296,872) | (82.3) | |
| EBITDA | 74,118 | 15.9 | 63,696 | 17.7 | |
| Amortization and depreciation | 9 | (12,879) | (2.8) | (12,157) | (3.4) |
| Other non-recurring (costs)/income | 8 | (479) | (0.1) | (1) | (0.0) |
| Operating income (EBIT) | 60,759 | 13.0 | 51,538 | 14.3 | |
| (Loss)/gain on investments | 10 | 103 | 0.0 | 1,771 | 0.5 |
| Financial income/(expenses) | 11 | (403) | (0.1) | (2,002) | (0.6) |
| Income before taxes | 60,460 | 13.0 | 51,307 | 14.2 |
The Group's net financial position as at 30 September 2022, analyzed by due date and with comparative figures as at 30 June 2022 and at 31 December 2021, is shown in the following statement:
| (thousand Euros) | Note | 30/09/2022 | 30/06/2022 | 31/12/2021 |
|---|---|---|---|---|
| Cash and cash equivalents | 309,952 | 343.317 | 314,680 | |
| Current financial assets | 27,827 | 28.366 | 31,791 | |
| Due to banks | (19,562) | (17.217) | (406) | |
| Due to other providers of finance | (763) | (792) | (904) | |
| Financial liabilities IFRS 16 | (27,213) | (27.833) | (26,508) | |
| Net financial position - Short term | 12 | 290,241 | 325.840 | 318,653 |
| Due to banks | (69,030) | (63.428) | (23,313) | |
| Financial liabilities IFRS 16 | (87,326) | (96.671) | (102,129) | |
| Net financial position - Long term | 12 | (156,356) | (160.100) | (125,441) |
| Total net financial position | 133,885 | 165.741 | 193,212 |
Notwithstanding that Legislative Decree no. 25 of 15 February 2016 has removed the obligation to prepare Interim Management Statements, these as at 30 September 2022 in relation to the third quarter of financial year 2022, have been prepared, in capacity of STAR segment issuer, as required by Borsa Italiana S.p.A. under communication no. 7587 of 21 April 2016; the contents herein are pursuant to Art. 154-ter, paragraph 5 of Legislative Decree 24 February 1998, no. 58.
The interim report herein has been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board ("IASB") and endorsed by the European Union. The designation "IFRS" also includes all valid International Accounting Standards ("IAS"), as well as all interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"), formerly the Standing Interpretations Committee ("SIC").
The accounting policies applied in these financial statements are consistent with those adopted in preparing the annual report.
The preparation of the interim report requires management to make estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities the financial statements reported herein. If in the future such estimates and assumptions, which are based on management's best judgment at the date of the interim financial statements, deviate from the actual circumstances, the original estimates and assumptions will be modified as appropriate in the period in which the circumstances change.
Moreover, these valuation procedures, in particular those of a more complex nature regarding matters such as any impairment of non-current assets, are only carried out in full during the preparation of the annual financial statements, when all the information required is available, other than in the event that there are indications of impairment, when an immediate assessment is necessary.
The values indicated in the accounting statements are expressed in thousands of Euros.
The Interim Management report as at 30 September 2022 was not subject to audit by Reply's Independent auditors, as allowed by existing laws.
Reply [EXM, STAR: REY] specialises in the design and implementation of solutions based on new communication channels and digital media. Reply is a network of highly specialised companies supporting key European industrial groups operating in the telecom and media, industry and services, banking, insurance and public administration sectors in the definition and development of business models enabled for the new paradigms of AI, cloud computing, digital media and the Internet of Things. Reply services include: Consulting, System Integration and Digital Services (www.reply.com).
Companies included in consolidation are consolidated on a line-by-line basis.
Change in consolidation compared to 30 September 2021 is related to:
• Fincon Reply GmbH, a company established under German law, acquired in the month of July 2022, specializing in core processes and systems in the financial services sector, such as mobile banking, payments, banking CRM, internal control and compliance system, BIPRO and insurance systems, of which Reply Deutschland SE holds 100% of the share capital;
Change in the consolidation as at September 30, 2022 affected Group's revenues by 7% and profits before tax by 6.8%.
Furthermore, the list of the Reply Group companies, presented as an annex herein include the start-up companies, compared to 30 September 2021, Atomic Reply Ltd., Cluster Dynamics Reply GmbH, Liquid Reply GmbH, Net Reply S.r.l., Nexi Digital S.r.l., Nexi Digital Reply Sp. z o.o., Next Reply S.r.l., Next Reply GmbH, Ki Reply GmbH, Roboverse Reply GmbH, Spike Digital Reply GmbH, Syskoplan IE Reply GmbH, Vivametric Reply GmbH, Net Reply LLC and Xenia Reply S.r.l..
Revenues from sales and services, including change in work in progress, amounted to 1,355,672 thousand Euros (1,073,401 thousand Euros in the previous period of 2021) with an increase of 26.3%.
This item includes revenues generated from consulting activities, turn-key projects and assistance and maintenance services and other minor amounts.
The following table shows the percentage breakdown of revenues by geographic area. Moreover, the breakdown reflects the business management of the Group by Top Management and the allocation approximates the localization of services provided:
| Region (*) | 30/09/2022 | 30/09/2021 |
|---|---|---|
| Region 1 | 64.0% | 64.1% |
| Region 2 | 19.1% | 19.5% |
| Region 3 | 16.9% | 16.4% |
| IoT Incubator | 0.0% | 0.0% |
| Total | 100.0% | 100.0% |
(*)
Region 1: ITA, USA, BRA, POL, ROU, CHN (Nanjing), NZL Region 2: DEU, CHE, CHN (Bejing), HRV Region 3: GBR, LUX, BEL, NLD, FRA, BLR, SGP, HKG, MYS
| Business line | 30/09/2022 | 30/09/2021 |
|---|---|---|
| Technologies | 63.8% | 64.9% |
| Applications | 24.4% | 25.3% |
| Processes | 11.8% | 9.8% |
| Total | 100.0% | 100.0% |
| Q3 2022 | Q3 2021 | (thousand Euros) | 30/09/2022 | 30/09/2021 | Change |
|---|---|---|---|---|---|
| 421 | 2,292 | Software licenses for resale | 12,846 | 9,460 | 3,386 |
| 1,540 | 517 | Hardware for resale | 3,272 | 1,018 | 2,254 |
| 1,528 | 1,388 | Other | 4,398 | 3,048 | 1,350 |
| 3,489 | 4,197 | Total | 20,516 | 13,526 | 6,990 |
The items Software licenses for resale and Hardware licenses for resale include change in inventory of software and hardware products for resale.
The item Other includes the purchase of fuel for 2,606 thousand Euros, the purchase of tangible assets for 1,401 thousand Euros and the purchase of office stationery for 633 thousand Euros.
Increase in personnel expenses amounting to 162,807 thousand Euros owes to the overall increase of the Group's business and to the increase of the number of employees.
Detail of personnel by category is provided below:
| (number) | 30/09/2022 | 30/09/2021 | Change |
|---|---|---|---|
| Directors | 422 | 351 | 71 |
| Managers | 1,437 | 1,235 | 202 |
| Staff | 10,683 | 8,294 | 2,389 |
| Total | 12,542 | 9,880 | 2,662 |
Change in consolidation brought an increase of 927 employees.
Services and other costs amounting to 413,576 thousand Euros (334,271 thousand Euros in the previous period of 2021) comprised the following:
| Q3 2022 | Q3 2021 | (thousand Euros) | 30/09/2022 | 30/09/2021 | Change |
|---|---|---|---|---|---|
| 102,874 | 89,691 Commercial and technical consulting | 305,434 | 255,201 | 50,233 | |
| 12,481 | 4,410 Travelling and professional training expenses | 25,739 | 12,264 | 13,475 | |
| 21,471 | 12,419 Other services costs | 59,872 | 35,658 | 24,214 | |
| 6,461 | 2,972 Office expenses | 15,646 | 9,639 | 6,007 | |
| 1,931 | 1,417 Lease and rentals | 4,900 | 3,469 | 1,431 | |
| 2,792 | 2,858 Other | 1,985 | 18,040 | (16,055) | |
| 148,010 | 113,768 Total | 413,576 | 334,271 | 79,304 |
Change in the item Services and other costs, amounting to 79,304 thousand Euros, is attributable to an overall increase in the Group's business.
The item Other services costs mainly includes marketing services, administrative and legal services, telephone and canteen expenses, whose increase is linked to the gradual return to pre-pandemic levels.
Office charges are related to costs incurred for the management of the locations in which the Group operates (expenditure on utilities, security services and cleaning services).
The item Other inculdes the partial reversal of an extraordinary provsion accrued to take account of the economic repercussions related to Covid-19, the counterpart of which had adjusted some items of the current assets.
Other operating and non-recurring net income, related to events and transactions that do not occur in the regular course of business, amounted to 7,160 thousand Euros (positive for 2,293 thousand Euros in the previous period of 2021) and refer to:
Depreciation of tangible assets, amounting to 9,628 thousand Euros 30 September 2022 has been determined on a straight-line basis at economic-technical rates that reflect the useful lives of the asset.
Amortization of intangible assets at 30 September 2022 amounted to 6,189 thousand Euros and is mainly related to:
Amortization related to RoU assets arising from the adoption of IFRS 16 amounted to 21,744 thousand Euros.
The item amounting to negative 9,877 thousand Euros and is related to the fair value adjustments to equity investments in start-up companies made by the Investments company Breed Investments Ltd.
Detail is as follows:
| Q3 2022 | Q3 2021 | (thousand Euros) | 30/09/2022 | 30/09/2021 | Change |
|---|---|---|---|---|---|
| 285 | 194 | Financial income | 1,244 | 360 | 884 |
| (207) | (369) | Financial losses | (1,230) | (1,103) | (127) |
| (481) | (1,827) | Other | (4,657) | (2,744) | (1,913) |
| (403) | (2,002) | Total | (4,643) | (3,487) | (1,156) |
Financial income mainly includes interest on financial investments amounting to 709 thousand Euros, interest income on tax refunds amounting to 423 thousand Euros and interest on bank accounts amounting to 52 thousand Euros.
Interest expenses mainly include the interest costs related to the use of the credit lines for M&A operations.
The item Other mainly includes:
The net financial position as at 30 September 2022 was positive for 133,885 thousand Euros compared to 165,741 at 30 June 2022.
Due to banks, amounting to 88,593 thousand Euros, is referred mainly to credit lines for M&A operations and to a mortgage loan.
In October Reply signed an agreement for the acquisition of Wemanity Group, a leader in France and Benelux in agile & digital transformations.
Founded in 2013 in Paris, and having expanded its activities to Lille, Brussels, Antwerp, The Hague, Luxembourg, and Casablanca, Wemanity's purpose is to reinvent the future of work thanks to Agile, innovation, and cooperation. The group's skills range from new management methods to the design and delivery of digital products. This is how it helps
companies making their organizations become customer-centric, in an efficient, agile and sustainable way.
The investment in Wemanity is part of Reply's international growth strategy, in particular in the French market.
The following is to be noted:
For the Board of Directors
/s/ Mario Rizzante
Chairman
Mario Rizzante
The director responsible for preparing the Company's financial reports, Mr. Giuseppe Veneziano, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this interim management report at 30 September 2022 corresponds to the results documented in the books, accounting and other records of the company.
Turin, 14 November 2022
/s/ Giuseppe Veneziano
(Director responsible of drafting financial statements)
Giuseppe Veneziano
| Company name | Headquarters | Group interest |
|---|---|---|
| Parent company | ||
| Reply S.p.A. | Turin – Corso Francia, 110 - Italy |
| Companies consolidated on a line-by-line basis | ||
|---|---|---|
| 4brands Reply GmbH & CO. KG. | Minden, Germany | 51.00% |
| Air Reply S.r.l. | Turin, Italy | 85.00% |
| Airwalk Holding Ltd. | Kent, United Kingdom | 100.00% |
| Airwalk Consulting Ltd. | Edinburgh, Scotland | 100.00% |
| Airwalk Consulting Ltd. (Hong Kong) | Shueng Wan, Hong Kong | 100.00% |
| AWC Partners Ltd. | London, United Kingdom | 100.00% |
| Alpha Reply GmbH | Guetersloh, Germany | 100.00% |
| Arlanis Reply S.r.l. | Turin, Italy | 100.00% |
| Arlanis Reply AG | Potsdam, Germany | 100.00% |
| Arlanis Reply Ltd (formerly Forcology Ltd) | London, United Kingdom | 100.00% |
| Aktive Reply S.r.l. | Turin, Italy | 100.00% |
| Atlas Reply S.r.l. | Turin, Italy | 100.00% |
| Autonomous Reply GmbH | Guetersloh, Germany | 100.00% |
| Auxulus Reply GmbH (formerly Industrie Reply GmbH) | Munich, Germany | 100.00% |
| Atomic Reply Ltd | London, United Kingdom | 100.00% |
| Avantage Reply Ltd. | London, United Kingdom | 100.00% |
| Avantage Reply (Belgium) Sprl | Brussels, Belgium | 100.00% |
| Avantage Reply (Luxembourg) Sarl | Itzig, Luxembourg | 100.00% |
| Avantage Reply (Netherlands) BV | Amsterdam, Netherland | 100.00% |
| Avvio Reply Ltd. | London, United Kingdom | 100.00% |
| Avvio Reply S.r.l. | Turin. Italy | 100.00% |
| Blowfish Digital Holdings Ltd. | London, United Kingdom | 100.00% |
| Blue Reply S.r.l. | Turin, Italy | 100.00% |
| Blue Reply GmbH | Guetersloh, Germany | 100.00% |
| Bridge Reply S.r.l. | Turin, Italy | 60.00% |
| Business Elements Group BV | Belgium | 100.00% |
| Business Reply S.r.l. | Turin, Italy | 100.00% |
| Breed Reply Ltd. | London, United Kingdom | 92.50% |
| Breed Reply Investment Ltd. | London, United Kingdom | 92.50% |
| Bside S.r.l. | Rome, Italy | 100.00% |
| Cluster Reply S.r.l. | Turin, Italy | 100.00% |
| Cluster Reply GmbH & CO. KG | Munich, Germany | 100.00% |
| Cluster Reply Informatica LTDA. | San Paolo, Brazil | 100.00% |
| Cluster Reply Roma S.r.l. | Turin, Italy | 100.00% |
| Comwrap Reply GmbH | Frankfurt, Germany | 100.00% |
|---|---|---|
| Comsysto D.O.O. | Zagreb, Croatia | 100.00% |
| ComSysto Reply GmbH | Munich, Germany | 100.00% |
| Concept Reply GmbH | Munich, Germany | 100.00% |
| Concept Reply LLC | Michigan, USA | 100.00% |
| Consorzio Reply Public Sector | Turin, Italy | 100.00% |
| Core Reply S.r.l. | Turin, Italy | 100.00% |
| Data Reply S.r.l. | Turin, Italy | 100.00% |
| Data Reply GmbH | Munich, Germany | 100.00% |
| Discovery Reply S.r.l. | Turin, Italy | 100.00% |
| e*finance consulting Reply S.r.l. | Turin, Italy | 100.00% |
| Ekip Reply S.r.l. | Turin, Italy | 100.00% |
| Elbkind Reply GmbH | Hamburg, Germany | 100.00% |
| Enowa LLC | Philadelphia, USA | 100.00% |
| Eos Reply S.r.l. | Turin, Italy | 100.00% |
| Fincon Reply GmbH | Hamburg, Germany | 100.00% |
| Forge Reply S.r.l. | Turin, Italy | 100.00% |
| France Reply Ltd. | London, United Kingdom | 100.00% |
| G-Force Demco Ltd | London, United Kingdom | 100.00% |
| Go Reply S.r.l. | Turin, Italy | 100.00% |
| Go Reply GmbH | Guetersloh, Germany | 100.00% |
| Gray Matter Ltd | London, United Kingdom | 100.00% |
| Hermes Reply S.r.l. | Turin, Italy | 100.00% |
| Hermes Reply Consulting (Nanjing) Co. Ltd. | China | 100.00% |
| Industrie Reply LLC | Michigan, USA | 100.00% |
| Infinity Reply GmbH | Düsseldorf, Germany | 100.00% |
| IrisCube Reply S.r.l. | Turin, Italy | 100.00% |
| Ki Reply GmbH | Guetersloh, Germania | 100,00% |
| Laife Reply GmbH | Munich, Germany | 100.00% |
| Leadvise Reply GmbH | Darmstadt, Germany | 100.00% |
| Lid Reply GmbH | Guetersloh, Germany | 100.00% |
| Like Reply GmbH | Guetersloh, Germany | 100.00% |
| Like Reply S.r.l. | Turin, Italy | 100.00% |
| Liquid Reply GmbH | Guetersloh, Germany | 100.00% |
| Live Reply GmbH | Düsseldorf, Germany | 100.00% |
| Logistics Reply S.r.l. | Turin, Italy | 100.00% |
| Logistics Reply GmbH | Munich, Germany | 100.00% |
| Lynx Recruiting Ltd. | London, United Kingdom | 100.00% |
| Machine Learning GmbH | Guetersloh, Germany | 100.00% |
| Macros Reply GmbH | Munich, Germany | 100.00% |
| Mansion House Consulting Ltd | London, United Kingdom | 100.00% |
| Mansion House Consulting PTE Limited | Singapore | 100.00% |
| MHC Holding Us Ltd. | London, United Kingdom | 100.00% |
| Mansion House Consulting Inc. | Wilmington, USA | 100.00% |
| MCG Systems AG | Colony, Germany | 100.00% |
|---|---|---|
| Modcomp GmbH | Colony, Germany | 100.00% |
| Neveling.net GmbH | Hamburg, Germany | 100.00% |
| Net Reply LLC | Michigan, USA | 100.00% |
| Net Reply S.r.l. | Turin, Italy | 100.00% |
| Nexi Digital S.r.l. | Turin, Italy | 51.00% |
| Nexi Digital Polska Sp. z o.o. | Warsaw, Poland | 51.00% |
| Next Reply S.r.l. | Turin, Italy | 100.00% |
| Next Reply GmbH | Guetersloh, Germany | 100.00% |
| Open Reply GmbH | Guetersloh, Germany | 100.00% |
| Open Reply S.r.l. | Turin, Italy | 100.00% |
| Pay Reply S.r.l. | Turin, Italy | 100.00% |
| Portaltech Reply Ltd. | London, United Kingdom | 100.00% |
| Portaltech Reply S.r.l. | Turin, Italy | 100.00% |
| Portaltech Reply Süd GmbH | Munich, Germany | 100.00% |
| Power Reply S.r.l. | Turin, Italy | 100.00% |
| Power Reply GmbH & CO. KG. | Munich, Germany | 100.00% |
| Protocube Reply S.r.l. | Turin, Italy | 70.00% |
| Red Reply GmbH | Frankfurt, Germany | 100.00% |
| Reply Consulting S.r.l. | Turin, Italy | 100.00% |
| Reply Deutschland SE | Guetersloh, Germany | 100.00% |
| Reply GmbH | Zurich, Switzerland | 100.00% |
| Reply do Brasil Sistemas de Informatica Ltda | Belo Horizonte, Brazil | 100.00% |
| Reply Inc. | Michigan, USA | 100.00% |
| Reply Ltd. | London, United Kingdom | 100.00% |
| Reply Belgium Sprl | Mont Saint Guibert, Netherland | 100.00% |
| Reply Digital Experience S.r.l. | Turin, Italy | 100.00% |
| Reply France Sarl | Paris, France | 100.00% |
| Reply NL Ltd. | London, United Kingdom | 100.00% |
| Reply Sarl | Luxembourg | 100.00% |
| Reply Services S.r.l. | Turin, Italy | 100.00% |
| Reply Polska Sp. z o.o. (formerly Hermes Reply Polska Sp. z o.o.) | Katowice, Poland | 100.00% |
| Retail Reply S.r.l. | Turin, Italy | 100.00% |
| Ringmaster S.r.l. | Turin, Italy | 50.00% |
| Risk Reply Ltd. | London, United Kingdom | 100.00% |
| Riverland Reply GmbH | Munich, Germany | 100.00% |
| Roboverse Reply GmbH | Guetersloh, Germany | 100.00% |
| Sagepath LLC (*) | Atlanta, USA | 70.00% |
| Santer Reply S.p.A. | Milan, Italy | 100.00% |
| Security Reply S.r.l. | Turin, Italy | 100.00% |
| Sense Reply S.r.l. | Turin, Italy | 100.00% |
| Sensor Reply S.r.l. (formerly Envision) | Turin, Italy | 100.00% |
| Solidsoft Reply Ltd. | London, United Kingdom | 100.00% |
| Spark Reply S.r.l. | Turin, Italy | 100.00% |
| Spark Reply GmbH | Germany | 100.00% |
|---|---|---|
| Spike Reply GmbH | Colony, Germany | 100.00% |
| Spike Digital Reply GmbH | Guetersloh, Germany | 100.00% |
| Sprint Reply SA (formerly Brightknight SA) | Belgium | 100.00% |
| Sprint Reply S.r.l. | Turin, Italy | 100.00% |
| Sprint Reply GmbH | Munich, Germany | 100.00% |
| Spot Digital Ltd. | London, United Kingdom | 100,00% |
| Storm Reply S.r.l. | Turin, Italy | 100.00% |
| Storm Reply GmbH | Guetersloh, Germany | 100.00% |
| Syskoplan Reply S.r.l. | Turin, Italy | 100.00% |
| Syskoplan Reply GmbH | Guetersloh, Germany | 100.00% |
| Syskoplan IE Reply GmbH | Guetersloh, Germany | 100.00% |
| Sytel Reply Roma S.r.l. | Turin, Italy | 100.00% |
| Sytel Reply S.r.l. | Turin, Italy | 100.00% |
| Target Reply S.r.l. | Turin, Italy | 100.00% |
| Target Reply GmbH | Guetersloh, Germany | 100.00% |
| TamTamy Reply S.r.l. | Turin, Italy | 100.00% |
| Technology Reply S.r.l. | Turin, Italy | 100.00% |
| Technology Reply Roma S.r.l. | Turin, Italy | 100.00% |
| Technology Reply S.r.l. | Bucharest, Romania | 100.00% |
| TD Reply GmbH | Berlin, Germany | 100.00% |
| TD Marketing Consultants, Beijing Co. Ltd. | China | 100.00% |
| Threepipe Reply Ltd. | London, United Kingdom | 100,00% |
| The Spur Group LLC | Seattle, USA | 100.00% |
| Tool Reply GmbH | Guetersloh, Germany | 100.00% |
| Triplesense Reply GmbH | Frankfurt, Germany | 100.00% |
| Valorem LLC | Kansas City, USA | 100.00% |
| Valorem Private Ltd | India | 99.99% |
| Valorem GmbH | Zurich, Switzerland | 100.00% |
| Vanilla Reply GmbH (formerly Portaltech Reply GmbH) | Guetersloh, Germany | 100.00% |
| Vivametric Reply GmbH | Guetersloh, Germany | 100.00% |
| WM Reply Inc. | Illinois, USA | 80.00% |
| WM Reply Ltd | Auckland, NZ | 80.00% |
| WM Reply LLC | Minsk, Belarus | 100.00% |
| WM Reply Ltd | London, United Kingdom | 100.00% |
| WM Reply Malaysia Ltd | Malesia | 100.00% |
| Whitehall Reply S.r.l. | Turin, Italy | 100.00% |
| Xenia Reply S.r.l. | Turin, Italy | 100.00% |
| Xister Reply S.r.l. | Turin, Italy | 100.00% |
Companies carried at fair value
| BlueGrove AS (formerly CageEye AS) | Norway | 11.83% |
|---|---|---|
| Canard Drones Ltd | Spain | 35.41% |
| Connecterra BV | Belgium | 16.00% |
| Dcbrain SAS | France | 8.46% |
| FoodMarble Digestive Health Ltd | England | 18.05% |
| Gymcraft Ltd. | England | 0.02% |
| iNova Design Ltd | England | 28.68% |
| Iotic Labs Ltd | England | 16.28% |
| Kokoon Technology Ltd | England | 26.22% |
| Metron Sas | France | 8.46% |
| RazorSecure Ltd | England | 29.73% |
| Sensoria Inc. | USA | 24.00% |
| TAG Sensors AS | Norway | 19.67% |
| Ubirch GmbH | Germany | 18.51% |
| We Predict Ltd | England | 16.64% |
| Zeetta Networks Ltd | England | 24.00% |
HEADQUARTERS Reply S.p.A. Corso Francia, 110 10143 TURIN – ITALY Tel. +39-011-7711594 Fax +39-011-7495416 www.reply.com
CORPORATE DATA Share capital: Euro 4,863,485.64 i.v. Fiscal code and Company register of Turin no. 97579210010 VAT no. 08013390011 REA of Turin 938289
MARKETING AND COMMUNICATION E-mail: [email protected] Tel. +39-011-7711594 Fax +39-011-7495416
INVESTOR RELATIONS E-mail: [email protected] Tel. +39-02-535761 Fax +39-02-53576444
Reply S.p.A. Corso Francia, 110, 10143 Turin – Italy
Tel. +39-011-7711594 Fax. +39-011-7495416 [email protected] www.reply.com
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