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Note 12 – Inventories Inventories increased 60 million euros compared to December 31, 2010. The composition is as follows: (millions of euros) 12/31/2011 12/31/2010 Raw materials and supplies 3 3 Work in progress and semifinished products 5 3 Finished goods 439 381 Total 447 387 Inventories particularly refer to Telecom Italia S.p.A. for 125 million euros (112 million euros at December 31, 2010), the companies in the Brazil Business Unit for 113 million euros (103 million euros at December 31, 2010) and the companies in the Argentina Business Unit for 96 million euros (88 million euros at December 31, 2010). They mainly consist of equipment, handsets and relative fixed and mobile telecommunications accessories. Another 79 million euros (69 million euros at December 31, 2010) of inventories is carried by the Olivetti Business Unit for office products, specialized printers and gaming terminals. In 2011, inventories were written down for 12 million euros (5 million euros in 2010) mainly for the adjustment to estimated realizable value of fixed and mobile equipment and handsets for marketing. No inventories are pledged as collateral. Telecom Italia Group Consolidated Financial Statements Note 12 – Inventories 202
Note 13 – Trade and miscellaneous receivables and other current assets Trade and miscellaneous receivables and other current assets decreased 20 million euros compared to December 31, 2010 and are composed of the following: (millions of euros) 12/31/2011 of which Financial Instruments IAS 39 12/31/2010 of which Financial Instruments IAS 39 Amounts due on construction contracts 49 36 Trade receivables: Receivables from customers 4,576 4,576 4,536 4,536 Receivables from other telecommunications operators 1,725 1,725 1,870 1,870 6,301 6,301 6,406 6,406 Miscellaneous receivables and other current assets: Other receivables 977 331 873 280 Trade and miscellaneous prepaid expenses 443 475 1,420 331 1,348 280 Total 7,770 6,632 7,790 6,686 Further details on Financial Instruments are provided in the Note “Supplementary disclosure on financial instruments”. The ageing of financial instruments included in Trade and miscellaneous receivables and other current assets at December 31, 2011 and December 31, 2010 is as follows: (millions of euros) 12/31/2011 Total current Total overdue 0-90 days overdue: 91-180 days 181- 365 days More than 365 days Trade and miscellaneous receivables and other current assets 6,632 4,663 1,969 852 207 226 684 (millions of euros) 12/31/2010 Total current Total overdue 0-90 days overdue: 91-180 days 181- 365 days More than 365 days Trade and miscellaneous receivables and other current assets 6,686 4,598 2,088 980 200 178 730 Overdue receivables at December 31, 2011 account for a lower percentage of total receivables compared to the end of the prior year. Receivables overdue less than 90 days or more than one year in particular are lower. The increase in overdue amounts from 181 to 365 days can basically be ascribed to Telecom Italia S.p.A. and the companies in the Brazil Business Unit. Trade receivables amount to 6,301 million euros (6,406 million euros at December 31, 2010) and are net of the provision for bad debts of 845 million euros (876 million euros at December 31, 2010). Trade receivables specifically refer to Telecom Italia S.p.A. (4,004 million euros), the Brazil Business Unit (1,363 million euros) and the Sofora group - Telecom Argentina (370 million euros). Trade receivables include 88 million euros (29 million euros at December 31, 2010) of medium/longterm trade receivables from customers, principally in respect of Indefeasible Rights of Use – IRU. Telecom Italia Group Consolidated Financial Statements Note 13 – Trade and miscellaneous receivables and other current assets 203
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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
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Relative performance by Tim Partici
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Related Party Transactions In accor
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the Dow Jones Sustainability World
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Economic value generated and distri
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Type of customer care customer Over
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Involvement initiatives For the fif
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Vehicles Telecom Italia S.p.A. 2011
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• cogeneration/trigeneration: 5 l
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• an increase in emissions attrib
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channels have been registered as "D
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• Network and service platform in
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• E-learning and evolved teaching
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Tim Brasil Group (units) 12.31.2011
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Development The 2010 Group performa
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Internal communication The main act
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introduced on this subject. The agr
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On August 2, 2011 the second phase
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The Risk Management department mana
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Net financial debt is calculated as
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Bundle. Commercial offer including
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HFC (Hydrofluorocarbons). Hydrofluo
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Shared Access. Methods of shared ac
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Consolidated Financial Statements a
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Note 34 - Other income (expenses) f
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: In addition to this effect, the inc
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
Page 215 and 216: Nortel Inversora S.A. Preferred Ser
Page 217 and 218: Such obligation, required by nation
Page 219 and 220: Revolving Credit Facility The follo
Page 221 and 222: 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
Page 229 and 230: 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
Page 247 and 248: In a judgement on November 2, 2011,
Page 249 and 250: Greece -DELAN During 2009, the comp
Page 251 and 252: 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
Page 401 and 402:
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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