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Consolidated Statements of Changes in Equity Changes in equity in 2010 Equity attributable to owners of the Parent (millions of euros) Share capital Paid-in capital Reserve for availablefor-sale financial assets Reserve for cash flow hedges Reserve for exchange differences on translating foreign operations Other gains (losses) of associates and joint ventures accounted for using the equity method Other reserves and retained earnings, including profit (loss) for the year Total Equity attributable to Noncontrolling interests Total equity Balance at December 31, 2009 10,585 1,689 (4) (494) 983 (110) 13,303 25,952 1,168 27,120 Changes in equity during the year: Dividends approved (1,029) (1,029) (135) (1,164) Total comprehensive income (loss) for the year (3) 210 418 109 3,121 3,855 713 4,568 Grant of equity instruments 15 8 9 32 32 Effect of capital transactions by Telecom Italia Media 3 3 44 47 Effect of Sofora Group (Argentina) consolidation (*) 1,948 1,948 Other changes 6 6 (2) 4 Balance at December 31, 2010 10,600 1,697 (7) (284) 1,401 (1) 15,413 28,819 3,736 32,555 (*) Analyzed in Note 3. Changes in equity in 2011 – Note 14 Equity attributable to owners of the Parent (millions of euros) Share capital Paid-in capital Reserve for availablefor-sale financial assets Reserve for cash flow hedges Reserve for exchange differences on translating foreign operations Other gains (losses) of associates and joint ventures accounted for using the equity method Other reserves and retained earnings, including profit (loss) for the year Total Equity attributable to Noncontrolling interests Total equity Balance at December 31, 2010 10,600 1,697 (7) (284) 1,401 (1) 15,413 28,819 3,736 32,555 Changes in equity during the year: Dividends approved (1,184) (1,184) (118) (1,302) Total comprehensive income (loss) for the year 3 210 (312) (4,726) (4,825) 220 (4,605) Grant of equity instruments 4 7 (4) 7 7 Effect of increase in economic stake in Argentina BU (57) (57) (153) (210) Effect of capital transactions by Brazil BU companies 19 19 221 240 Other changes 12 12 (2) 10 Balance at December 31, 2011 10,604 1,704 (4) (74) 1,089 (1) 9,473 22,791 3,904 26,695 Telecom Italia Group Consolidated Financial Statements Consolidated Statements of Changes in Equity 154
Consolidated Statements of Cash Flows (millions of euros) note Year 2011 Year 2010 Cash flows from operating activities: Profit (loss) from continuing operations (4,267) 3,582 Adjustments for: Depreciation and amortization 5,494 5,542 Impairment losses (reversals) on non-current assets (including investments) 7,365 (116) Net change in deferred tax assets and liabilities 189 (749) Losses (gains) realized on disposals of non-current assets (including investments) (18) (41) Share of losses (profits) of associates and joint ventures accounted for using the equity method 39 (99) Change in employee benefits (250) 73 Change in inventories (36) 96 Change in trade receivables and net amounts due from customers on construction contracts 3 13 Change in trade payables (164) (278) Net change in current income tax receivables/payables 90 (170) Net change in miscellaneous receivables/payables and other assets/liabilities 67 (980) Cash flows from (used in) operating activities (a) 8,512 6,873 Cash flows from investing activities: Purchase of intangible assets on an accrual basis 5) (3,066) (1,781) Purchase of tangible assets on an accrual basis 6) (3,029) (2,802) Total purchase of intangible and tangible assets on an accrual basis(*) (6,095) (4,583) Change in amounts due to fixed asset suppliers 557 103 Total purchase of intangible and tangible assets on a cash basis (5,538) (4,480) Acquisition of control of subsidiaries or other businesses, net of cash acquired (668) (4) Net cash and cash equivalents arising from the acquisition of control of the Sofora group - Argentina 3) - 392 Acquisitions/disposals of other investments 8) (1) 35 Change in financial receivables and other financial assets (580) 502 Proceeds from sale that result in a loss of control of subsidiaries or other businesses, net of cash disposed of 51 180 Proceeds from sale/repayment of intangible, tangible and other non-current assets 435 56 Cash flows from (used in) investing activities (b) (6,301) (3,319) Cash flows from financing activities: Change in current financial liabilities and other 1,351 957 Proceeds from non-current financial liabilities (including current portion) 4,523 2,007 Repayments of non-current financial liabilities (including current portion) (5,290) (5,842) Share capital proceeds/reimbursements (including subsidiaries) 240 67 Dividends paid(*) (1,326) (1,093) Changes in ownership interests in consolidated subsidiaries (211) Cash flows from (used in) financing activities (c) (713) (3,904) Cash flows from (used in) Discontinued operations/Non-current assets held for sale (d) - - Aggregate cash flows (e=a+b+c +d) 1,498 (350) Net cash and cash equivalents at beginning of the year (f) 5,282 5,484 Net foreign exchange differences on net cash and cash equivalents (g) (110) 148 Net cash and cash equivalents at end of the year (h=e+f+g) 6,670 5,282 (*) of which related parties: Total purchases of intangible and tangible assets on an accrual basis 166 62 Dividends paid 192 164 Telecom Italia Group Consolidated Financial Statements Consolidated Statements of Cash Flows 155
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Annual Report 2011 Relazione interm
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Statements of Comprehensive Income
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Letter to the Shareholders To the S
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Key Operating and Financial Data -
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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
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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
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Financial Statements - Telecom Ital
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Statements of Financial Position (m
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Additional Cash Flow Information (m
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Corporate Boards at December 31, 20
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Macro-Organization Group at Decembe
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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 and 148: Consolidated Financial Statements a
Page 149 and 150: Note 34 - Other income (expenses) f
Page 151 and 152: Equity and Liabilities (millions of
Page 153: Consolidated Statements of Comprehe
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
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Note 14 - Equity Equity includes: (
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• the reduction of share capital
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• to mandate the board of directo
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Gross financial debt according to t
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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
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Revolving Credit Facility The follo
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Note 17 - Financial risk management
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of market parameters, even though t
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In order to limit the risk of the n
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Note 18 -Derivatives Derivative fin
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Note 19 - Supplementary disclosures
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Comparison between carrying amount
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Carrying amount for each class of f
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Fair value hierarchy level for each
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Note 20 - Employee benefits Employe
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The effect on the income statement,
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Note 22 - Miscellaneous payables an
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Note 24 - Contingent liabilities, o
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On December 16, 2011 Telecom Italia
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In a judgement on November 2, 2011,
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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
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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
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Future potential changes in share c
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Note 38 - Segment reporting a) Repo
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Headcount by Operating Segment (num
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The effects on the individual line
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Transactions with associates and jo
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Transactions with companies control
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Transactions with other related par
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(millions of euros) 12/31/2011 12/3
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In the 2011, the contributions paid
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Description of other Telecom Italia
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Calculation of fair value measureme
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Note 41 - Significant non-recurring
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Note 42 - Positions or transactions
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c) Operating leases Revenue related
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Note 44 - Events subsequent to Dece
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Name Head office Currency Share cap
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Name Head office Currency Share cap
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Certification of the Consolidated F
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Consolidated Financial Statements T
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Contents Telecom Italia S.p.A. Sepa
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Statements of Financial Position As
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Separate Income Statements (euros)
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Statements of Changes in Equity Sta
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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
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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
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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
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Note 6 - Investments Investments de
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(thousands of euros) Carrying amoun
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5,620 thousand euros for receivable
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Note 8 - Miscellaneous receivables
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The temporary differences which mak
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Note 10 - Inventories Inventories a
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Trade receivables amount to 4,162,0
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Note 12 - Equity Equity is composed
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Share capital carries a restriction
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The following statement provides ad
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With regard to additional capital i
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Note 13 - Financial liabilities (no
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The main components of financial li
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elating to items classified as curr
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• the loan contract signed by Tel
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Note 14 - Net financial debt As req
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Total Financial liabilities (at the
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Financial liabilities - Maturities
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Currency of denomination Notional a
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Carrying amount for each class of f
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Fair value hierarchy level for each
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Comparison between carrying amount
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Gains and losses by IAS 39 category
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Under IAS 19, employee severance in
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Note 19 - Provisions Provisions dec
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Note 21 - Trade and miscellaneous p
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Note 22 - Contingent liabilities, o
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outcome is considered probable. As
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Federazione Anti Pirateria Audiovis
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offers, contractual profile changes
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Note 23 - Revenues Revenues decreas
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Note 26 - Employee benefits expense
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Note 30 - Depreciation and amortiza
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Note 34 - Finance income and Financ
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Note 35 - Related party transaction
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STATEMENT OF FINANCIAL POSITION LIN
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Transactions with subsidiaries The
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Total income (expenses) from invest
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(thousands of euros) 12/31/2011 12/
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STATEMENT OF CASH FLOWS LINE ITEMS
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Remuneration to key managers In 201
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The beneficiaries were identified i
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Parameters used to determine fair v
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Note 37 - Significant non-recurring
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Expense related Telecom Italia has
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Note 41 - List of investments in su
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Certification of the Separate Finan
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Telecom Italia S.p.A. Separate Fina
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Report of the Board of Statutory Au
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The Board of Auditors has overseen
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amendments Agreed procedures and de
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PricewaterhouseCoopers S.p.A. commu
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On 7 July 2011, after the alignment
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met the Chairman of the Conselho Fi
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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
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corporate bodies, and in particular
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amount equal to 2% of the par value
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curricula vitae are attached) as Di
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at least twenty-five days before th
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Authorization to increase share cap
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and this is confirmed in a report p
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5.6 - For five years starting from
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Proposed Resolution The Shareholder
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9.8 - In appointing directors who f
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only one slate. 17.10 - The Board o
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17.17 - At the first renewal of the
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