to download Telecom Italia Annual Report 2011 - Company Reporting

Gross financial debt according to the original currency of the transaction is as follows:
12/31/2011 12/31/2010
(millions of foreign currency) (millions of euros) (millions of foreign currency) (millions of euros)
USD 12,386 9,572 14,196 10,624
GBP 2,532 3,032 2,531 2,940
BRL 2,624 1,081 2,682 1,205
JPY 20,809 208 20,834 192
ARS 740 133 973 183
PYG 140,043 24 186,914 31
EURO 27,901 26,055
41,951 41,230
The analysis of gross financial debt by effective interest rate bracket excluding the effect of derivative
hedging instruments, if any, is the following:
(millions of euros) 12/31/2011 12/31/2010
Up to 2.5% 6,517 6,520
From 2.5% to 5% 4,973 4,240
From 5% to 7.5% 20,310 20,306
From 7.5% to 10% 4,921 5,064
Over 10% 839 1,002
Accruals/deferrals, MTM and derivatives 4,391 4,098
41,951 41,230
Instead, as a result of the use of derivative hedging instruments, gross financial debt by nominal interest
rate bracket is the following:
(millions of euros) 12/31/2011 12/31/2010
Up to 2.5% 10,259 11,714
From 2.5% to 5% 5,722 6,236
From 5% to 7.5% 18,502 15,969
From 7.5% to 10% 2,018 1,995
Over 10% 1,059 1,218
Accruals/deferrals, MTM and derivatives 4,391 4,098
41,951 41,230
Telecom Italia Group
Consolidated Financial Statements Note 15 – Financial liabilities (non-current and current) 211