to download Telecom Italia Annual Report 2011 - Company Reporting

Finance expenses
Finance expenses decreased 693 million euros compared to the 2010 and are composed as follows:
(millions of euros) 2011 2010
Interest expenses and other finance expenses:
Interest expenses and other costs relating to bonds 1,534 1,646
Interest expenses to banks 228 218
Interest expenses to others 227 244
1,989 2,108
Commissions 55 67
Foreign exchange losses 560 734
Charges from fair value hedge derivatives 214 286
Reversal of the Reserve for cash flow hedge derivatives to the income statement
(interest rate component) 753 772
Charges from non-hedging derivatives 62 87
Miscellaneous finance expenses 205 188
Negative fair value adjustments to:
(a) 3,838 4,242
Fair value hedge derivatives 121 68
Underlying financial assets and liabilities of fair value hedge derivatives 384 758
Non-hedging derivatives 119 87
(b 624 913
Impairment losses on financial assets other than investments (c) - -
Total (a+b+c) 4,462 5,155
of which, included in the supplementary disclosure on financial instruments 2,126 2,238
Telecom Italia Group
Consolidated Financial Statements
Note 35 – Finance income and expenses 261