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Contents Telecom Italia Group Consolidated Financial Statements Consolidated Statements of Financial Position _________________________________________ 150 Separate Consolidated Income Statements ____________________________________________ 152 Consolidated Statements of Comprehensive Income ____________________________________ 153 Consolidated Statements of Changes in Equity ________________________________________ 154 Consolidated Statements of Cash Flows _______________________________________________ 155 Note 1 – Form, content and other general information __________________________________ 157 Note 2 – Accounting policies _________________________________________________________ 161 Note 3 – Business combinations ______________________________________________________ 175 Note 4 – Goodwill ___________________________________________________________________ 179 Note 5 – Other intangible assets ______________________________________________________ 184 Note 6 – Tangible assets (owned and under finance leases) _____________________________ 187 Note 7 – Investments accounted for using the equity method ____________________________ 192 Note 8 – Other investments ____________________________________________________________ 194 Note 9 – Financial assets (non-current and current) ________________________________________ 195 Note 10 – Miscellaneous receivables and other non-current assets ___________________________ 197 Note 11 – Income taxes _______________________________________________________________ 198 Note 12 – Inventories _________________________________________________________________ 202 Note 13 – Trade and miscellaneous receivables and other current assets ______________________ 203 Note 14 – Equity _____________________________________________________________________ 205 Note 15 – Financial liabilities (non-current and current) _____________________________________ 210 Note 16 – Net financial debt ___________________________________________________________ 220 Note 17 – Financial risk management ____________________________________________________ 221 Note 18 –Derivatives__________________________________________________________________ 227 Note 19 – Supplementary disclosures on financial instruments _______________________________ 229 Note 20 – Employee benefits ___________________________________________________________ 237 Note 21 – Provisions __________________________________________________________________ 240 Note 22 – Miscellaneous payables and other non-current liabilities ___________________________ 241 Note 23 – Trade and miscellaneous payables and other current liabilities ______________________ 242 Note 24 – Contingent liabilities, other information, commitments and guarantees _______________ 243 Note 25 – Revenues __________________________________________________________________ 252 Note 26 – Other income _______________________________________________________________ 252 Note 27 – Acquisition of goods and services ______________________________________________ 253 Note 28 – Employee benefits expenses __________________________________________________ 254 Note 29 – Other operating expenses _____________________________________________________ 255 Note 30 – Internally generated assets ____________________________________________________ 255 Note 31 – Depreciation and amortization _________________________________________________ 256 Note 32 – Gains (losses) on disposals of non-current assets _________________________________ 257 Note 33 – Impairment reversals (losses) on non-current assets _______________________________ 258 Telecom Italia Group Consolidated Financial Statements Contents 148
Note 34 – Other income (expenses) from investments ______________________________________ 259 Note 35 – Finance income and Finance expenses __________________________________________ 260 Note 36 – Profit (loss) for the year _______________________________________________________ 263 Note 37 – Earnings per share ___________________________________________________________ 264 Note 38 – Segment reporting ___________________________________________________________ 267 Note 39 – Related party transactions ____________________________________________________ 270 Note 40 – Equity compensation plans ____________________________________________________ 282 Note 41 – Significant non-recurring events and transactions _________________________________ 287 Note 42 – Positions or transactions resulting from atypical and/or unusual operations ___________ 289 Note 43 – Other information ____________________________________________________________ 290 Note 44 – Events subsequent to December 31, 2011 ______________________________________ 293 Nota 45 – List of companies of the Telecom Italia Group ____________________________________ 294 Telecom Italia Group Consolidated Financial Statements Contents 149
Page 1 and 2:
Annual Report 2011 Relazione interm
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Statements of Comprehensive Income
Page 5 and 6:
Letter to the Shareholders To the S
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Key Operating and Financial Data -
Page 9 and 10:
The trend of the key operating and
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Liquidity margin: at December 31, 2
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Consolidated Operating and Financia
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Review of Operating and Financial P
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The fixed-line area, with a contrac
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- lower expenses of 246 million eur
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Business Unit (-329 million euros)
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Income tax expense Income tax expen
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eflect the definitive fair value of
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Capital expenditures on an accrual
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Finance expenses, income taxes and
Page 31 and 32:
The financial risk management polic
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On August 3, 2011, a bilateral stan
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Research and Development As for “
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Consolidated Financial Statements -
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Consolidated Statements of Financia
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Consolidated Statements of Cash Flo
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Highlights - The Business Units of
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The Business Units of the Telecom I
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International Wholesale (millions o
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compared to the same period of 2010
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In detail: (millions of euros) 2011
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Cubomusica GRATIS per 1 anno. Durin
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In particular, for the unbundling c
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International roaming On July 6, 20
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For the telecommunications operator
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Brazil The Telecom Italia Group ope
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EBIT EBIT is 2,294 million reais, i
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Argentina The Telecom Italia Group
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Mobile telephony service: Telecom P
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Again with regard to value-added se
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Revenues Revenues amount to 238 mil
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Principal changes in the regulatory
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• it erroneously attributed the m
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European sales recorded a good tren
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Review of Operating and Financial P
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The reduction of 483 million euros
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(162 million euros, on the basis of
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Equity Equity amounts to 20,537 mil
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Dividends flow Dividends paid amoun
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Bonds Bonds at December 31, 2011 to
Page 91 and 92:
Financial Statements - Telecom Ital
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Statements of Financial Position (m
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Additional Cash Flow Information (m
Page 97 and 98: Corporate Boards at December 31, 20
Page 99 and 100: Macro-Organization Group at Decembe
Page 101 and 102: other sources of information, the p
Page 103 and 104: Relative performance by Tim Partici
Page 105 and 106: Related Party Transactions In accor
Page 107 and 108: the Dow Jones Sustainability World
Page 109 and 110: Economic value generated and distri
Page 111 and 112: Type of customer care customer Over
Page 113 and 114: Involvement initiatives For the fif
Page 115 and 116: Vehicles Telecom Italia S.p.A. 2011
Page 117 and 118: • cogeneration/trigeneration: 5 l
Page 119 and 120: • an increase in emissions attrib
Page 121 and 122: channels have been registered as "D
Page 123 and 124: • Network and service platform in
Page 125 and 126: • E-learning and evolved teaching
Page 127 and 128: Tim Brasil Group (units) 12.31.2011
Page 129 and 130: Development The 2010 Group performa
Page 131 and 132: Internal communication The main act
Page 133 and 134: introduced on this subject. The agr
Page 135 and 136: On August 2, 2011 the second phase
Page 137 and 138: The Risk Management department mana
Page 139 and 140: Net financial debt is calculated as
Page 141 and 142: Bundle. Commercial offer including
Page 143 and 144: HFC (Hydrofluorocarbons). Hydrofluo
Page 145 and 146: Shared Access. Methods of shared ac
Page 147: Consolidated Financial Statements a
Page 151 and 152: Equity and Liabilities (millions of
Page 153 and 154: Consolidated Statements of Comprehe
Page 155 and 156: Consolidated Statements of Cash Flo
Page 157 and 158: Note 1 - Form, content and other ge
Page 159 and 160: • Argentina: includes fixed (Tele
Page 161 and 162: Note 2 - Accounting policies Going
Page 163 and 164: case of loss of control of a subsid
Page 165 and 166: Impairment of intangible and tangib
Page 167 and 168: • held to maturity (originally mo
Page 169 and 170: Inventories Inventories are measure
Page 171 and 172: Revenues are recognized to the exte
Page 173 and 174: Use of estimates The preparation of
Page 175 and 176: Note 3 - Business combinations Acqu
Page 177 and 178: Acquisition of control of Sofora Te
Page 179 and 180: Note 4 - Goodwill Goodwill shows th
Page 181 and 182: Core Domestic International Wholesa
Page 183 and 184: Changes in key variables needed to
Page 185 and 186: Concessions, licenses, trademarks a
Page 187 and 188: Note 6 - Tangible assets (owned and
Page 189 and 190: Gross carrying amount, accumulated
Page 191 and 192: Gross carrying amount, accumulated
Page 193 and 194: Aggregate data for 2011 and 2010, p
Page 195 and 196: Note 9 - Financial assets (non-curr
Page 197 and 198: Note 10 - Miscellaneous receivables
Page 199 and 200:
The temporary differences which mak
Page 201 and 202:
In addition to this effect, the inc
Page 203 and 204:
Note 13 - Trade and miscellaneous r
Page 205 and 206:
Note 14 - Equity Equity includes: (
Page 207 and 208:
• the reduction of share capital
Page 209 and 210:
• to mandate the board of directo
Page 211 and 212:
Gross financial debt according to t
Page 213 and 214:
The following table lists the bonds
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Nortel Inversora S.A. Preferred Ser
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Such obligation, required by nation
Page 219 and 220:
Revolving Credit Facility The follo
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Note 17 - Financial risk management
Page 223 and 224:
of market parameters, even though t
Page 225 and 226:
In order to limit the risk of the n
Page 227 and 228:
Note 18 -Derivatives Derivative fin
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Note 19 - Supplementary disclosures
Page 231 and 232:
Comparison between carrying amount
Page 233 and 234:
Carrying amount for each class of f
Page 235 and 236:
Fair value hierarchy level for each
Page 237 and 238:
Note 20 - Employee benefits Employe
Page 239 and 240:
The effect on the income statement,
Page 241 and 242:
Note 22 - Miscellaneous payables an
Page 243 and 244:
Note 24 - Contingent liabilities, o
Page 245 and 246:
On December 16, 2011 Telecom Italia
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In a judgement on November 2, 2011,
Page 249 and 250:
Greece -DELAN During 2009, the comp
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c) Commitments and guarantees Guara
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Note 27 - Acquisition of goods and
Page 255 and 256:
Note 29 - Other operating expenses
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Note 32 - Gains (losses) on disposa
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Note 34 - Other income (expenses) f
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Finance expenses Finance expenses d
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Note 36 - Profit (loss) for the yea
Page 265 and 266:
Future potential changes in share c
Page 267 and 268:
Note 38 - Segment reporting a) Repo
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Headcount by Operating Segment (num
Page 271 and 272:
The effects on the individual line
Page 273 and 274:
Transactions with associates and jo
Page 275 and 276:
Transactions with companies control
Page 277 and 278:
Transactions with other related par
Page 279 and 280:
(millions of euros) 12/31/2011 12/3
Page 281 and 282:
In the 2011, the contributions paid
Page 283 and 284:
Description of other Telecom Italia
Page 285 and 286:
Calculation of fair value measureme
Page 287 and 288:
Note 41 - Significant non-recurring
Page 289 and 290:
Note 42 - Positions or transactions
Page 291 and 292:
c) Operating leases Revenue related
Page 293 and 294:
Note 44 - Events subsequent to Dece
Page 295 and 296:
Name Head office Currency Share cap
Page 297 and 298:
Name Head office Currency Share cap
Page 299 and 300:
Certification of the Consolidated F
Page 301 and 302:
Consolidated Financial Statements T
Page 303 and 304:
Contents Telecom Italia S.p.A. Sepa
Page 305 and 306:
Statements of Financial Position As
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Separate Income Statements (euros)
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Statements of Changes in Equity Sta
Page 311 and 312:
Additional Cash Flow Information (t
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Profit (loss) before tax from conti
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• the capitalized costs can be me
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Intangible and tangible assets with
Page 319 and 320:
Financial liabilities hedged by der
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Starting from January 1, 2007, Ital
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Finance income and expenses Finance
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• IFRIC 19 (Extinguishing Financi
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The cost of capital used for the es
Page 329 and 330:
Type of license The net carrying am
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Note 5 - Tangible assets (owned and
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12/31/2010 Accumulated impairment l
Page 335 and 336:
Note 6 - Investments Investments de
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(thousands of euros) Carrying amoun
Page 339 and 340:
5,620 thousand euros for receivable
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Note 8 - Miscellaneous receivables
Page 343 and 344:
The temporary differences which mak
Page 345 and 346:
Note 10 - Inventories Inventories a
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Trade receivables amount to 4,162,0
Page 349 and 350:
Note 12 - Equity Equity is composed
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Share capital carries a restriction
Page 353 and 354:
The following statement provides ad
Page 355 and 356:
With regard to additional capital i
Page 357 and 358:
Note 13 - Financial liabilities (no
Page 359 and 360:
The main components of financial li
Page 361 and 362:
elating to items classified as curr
Page 363 and 364:
• the loan contract signed by Tel
Page 365 and 366:
Note 14 - Net financial debt As req
Page 367 and 368:
Total Financial liabilities (at the
Page 369 and 370:
Financial liabilities - Maturities
Page 371 and 372:
Currency of denomination Notional a
Page 373 and 374:
Carrying amount for each class of f
Page 375 and 376:
Fair value hierarchy level for each
Page 377 and 378:
Comparison between carrying amount
Page 379 and 380:
Gains and losses by IAS 39 category
Page 381 and 382:
Under IAS 19, employee severance in
Page 383 and 384:
Note 19 - Provisions Provisions dec
Page 385 and 386:
Note 21 - Trade and miscellaneous p
Page 387 and 388:
Note 22 - Contingent liabilities, o
Page 389 and 390:
outcome is considered probable. As
Page 391 and 392:
Federazione Anti Pirateria Audiovis
Page 393 and 394:
offers, contractual profile changes
Page 395 and 396:
Note 23 - Revenues Revenues decreas
Page 397 and 398:
Note 26 - Employee benefits expense
Page 399 and 400:
Note 30 - Depreciation and amortiza
Page 401 and 402:
Note 34 - Finance income and Financ
Page 403 and 404:
Note 35 - Related party transaction
Page 405 and 406:
STATEMENT OF FINANCIAL POSITION LIN
Page 407 and 408:
Transactions with subsidiaries The
Page 409 and 410:
Total income (expenses) from invest
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(thousands of euros) 12/31/2011 12/
Page 413 and 414:
STATEMENT OF CASH FLOWS LINE ITEMS
Page 415 and 416:
Page 417 and 418:
Page 419 and 420:
Page 421 and 422:
Remuneration to key managers In 201
Page 423 and 424:
The beneficiaries were identified i
Page 425 and 426:
Parameters used to determine fair v
Page 427 and 428:
Note 37 - Significant non-recurring
Page 429 and 430:
Expense related Telecom Italia has
Page 431 and 432:
Note 41 - List of investments in su
Page 433 and 434:
Certification of the Separate Finan
Page 435 and 436:
Telecom Italia S.p.A. Separate Fina
Page 437 and 438:
Report of the Board of Statutory Au
Page 439 and 440:
The Board of Auditors has overseen
Page 441 and 442:
amendments Agreed procedures and de
Page 443 and 444:
PricewaterhouseCoopers S.p.A. commu
Page 445 and 446:
On 7 July 2011, after the alignment
Page 447 and 448:
met the Chairman of the Conselho Fi
Page 449 and 450:
Regarding the provisions of article
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18. No significant facts that shoul
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non-compliances imputable to the ex
Page 455 and 456:
corporate bodies, and in particular
Page 457 and 458:
amount equal to 2% of the par value
Page 459 and 460:
curricula vitae are attached) as Di
Page 461 and 462:
at least twenty-five days before th
Page 463 and 464:
Authorization to increase share cap
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and this is confirmed in a report p
Page 467 and 468:
5.6 - For five years starting from
Page 469 and 470:
Proposed Resolution The Shareholder
Page 471 and 472:
9.8 - In appointing directors who f
Page 473 and 474:
only one slate. 17.10 - The Board o
Page 475 and 476:
17.17 - At the first renewal of the
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