to download Telecom Italia Annual Report 2011 - Company Reporting

Note 9 – Financial assets
(non-current and current)
Financial assets (non-current and current) are composed as follows:
(millions of euros) 12/31/2011 12/31/2010
Non-current financial assets
Securities, financial receivables and other non-current financial
assets:
Securities other than investments 12 13
Financial receivables for lease contracts 153 199
Hedging derivatives relating to hedged items classified as non-current
assets/liabilities of a financial nature 2,701 1,524
Receivables from employees 41 45
Non-hedging derivatives 27 7
Other financial receivables 15 75
Total non-current financial assets (a) 2,949 1,863
Current financial assets
Securities other than investments
Held for trading 1 -
Held-to-maturity - -
Available-for-sale 1,006 1,316
Financial receivables and other current financial assets
1,007 1,316
Receivables from employees 9 16
Financial receivables for lease contracts 115 72
Hedging derivatives relating to hedged items classified as current
assets/liabilities of a financial nature 244 335
Non-hedging derivatives 24 4
Other short-term financial receivables 70 11
462 438
Cash and cash equivalents 6,714 5,526
Total current financial assets (b) 8,183 7,280
Total non-current and current financial assets (a+b) 11,132 9,143
Further details on Financial Instruments are provided in the Note “Supplementary disclosure on financial
instruments”.
Financial receivables for lease contracts refer to:
• Teleleasing lease contracts negotiated directly with customers and of which Telecom Italia is the
guarantor;
• portion of rental contracts, with the rendering of accessory services under the “full rent” formula.
"Hedging derivatives relating to hedged items classified as non-current assets/liabilities of a financial
nature” refer to the mark-to-mark component, while those classified as current assets/liabilities of a
financial nature mainly consist of accrued income on derivative contracts.
Further details are provided in the Note “Derivatives”.
Telecom Italia Group
Consolidated Financial Statements Note 9 – Financial assets (non-current and current) 195