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hCONSOLIDATED STATEMENT OF FINANCIAL POSITION LINE ITEMS (millions of euros) 12.31.2011 12.31.2010 Type of contract Net financial debt Non-current financial liabilities Teleleasing S.p.A. 151 192 Finance lease of equipment and finance leases Tiglio I S.r.l. 1 Sale and leaseback transactions Total non-current financial liabilities 151 193 Current financial liabilities 134 Interest expenses for finance leases of equipment 118 and finance leases with Teleleasing S.p.A. Other statement of financial position line items Miscellaneous receivables and other noncurrent assets 15 Miscellaneous receivables net of provision for bad debts Trade and miscellaneous receivables and other current assets EtecSA 29 International telecommunications services, roaming and dividends collectible NordCom S.p.A. 1 1 Supply of data network connections and applications software Teleleasing S.p.A. 33 33 Sale of equipment TM News S.p.A. 1 1 Property leases and telecommunications services Other minor companies 1 1 Total trade and miscellaneous receivables and other current assets 36 65 Trade and miscellaneous payables and other current liabilities EtecSA 2 Telecommunications services and roaming Supply of SIM cards and related adapters, software Movenda S.p.A. 2 1 analysis and development Nord.Com S.p.A. 1 1 Purchase and development of IT solutions, supply of rented equipment and IT services, professional assistance services and applications maintenance services, supply and operation of customized offerings Teleleasing S.p.A. 5 11 Purchase of goods sold under leasing arrangements with Telecom Italia customers Tiglio I S.r.l. 2 Property leases TM News S.p.A. 1 1 Other minor companies 1 Total trade and miscellaneous payables and other current liabilities 10 18 Supply of information content for the TimSpot service, services and photos for intranet, supply of journalistic information (news, APCOM News data flow) CONSOLIDATED STATEMENT OF CASH FLOWS LINE ITEMS (millions of euros) 2011 2010 Type of contract Purchase of intangible and tangible assets on an accrual basis 3 2 Acquisition from other minor companies Telecom Italia Group Consolidated Financial Statements Note 39 – Related party transactions 274
Transactions with companies controlled by associates and joint ventures Following the September 23, 2010 subscription to Italtel Group S.p.A.’s capital increase, the stake held in that company by the Telecom Italia Group, through ordinary and preferred shares, rose from 19.37% to 34.68%, with a concomitant modification of governance. Consequently, from that date, the company is considered an associate and the companies controlled by Italtel Group S.p.A. are considered related parties of the Telecom Italia Group. On October 13, 2010, the Sofora group entered the scope of consolidation after the stake held in the share capital of Sofora Telecomunicaciones S.A., the holding company of the Telecom Argentina group, was increased from 50% to 58%. Up to that date, Sofora Telecomunicaciones S.A. had been an associate and therefore a related party; the companies controlled by Sofora Telecomunicaciones S.A. had been related parties in that they had been subsidiaries of associates. The most significant amounts are summarized as follows: SEPARATE CONSOLIDATED INCOME STATEMENT LINE ITEMS (millions of euros) 2011 2010 Type of contract Revenues Italtel Group 2 1 Supply of telephone and data transmission services, contact center and sale of LAN and MAN networks Sofora - Telecom Argentina Group 21 International telecommunications services and roaming; data and voice services, supply of “IRU” transmission capacity; supply of advanced platforms and technical assistance provided by Telecom Italia for the development of broadband and the study of Value-Added Services Total revenues 2 22 Other income 1 Commercial transaction with Italtel Group Acquisition of goods and services Italtel Group 42 21 Hardware revision services, software development, maintenance and assistance contracts, platform updates, supply and management of customized offerings and supply and maintenance of switching equipment Sofora - Telecom Argentina Group 4 International telecommunications services and roaming Total Acquisition of goods and services 42 25 CONSOLIDATED STATEMENT OF FINANCIAL POSITION LINE ITEMS (millions of euros) 12/31/2011 12/31/2010 Type of contract Net financial debt Trade and miscellaneous receivables and other current assets 1 1 Trade and miscellaneous payables and other current liabilities 45 39 Supply contracts related to CAPEX and OPEX to Italtel Group Hardware revision services, software development and maintenance and assistance contracts to Italtel Group CONSOLIDATED STATEMENT OF CASH FLOWS LINE ITEMS (millions of euros) 2011 2010 Type of contract Purchase of intangible and tangible assets on an accrual basis 162 59 Telecommunications devices from Italtel Group At December 31, 2011, the Telecom Italia Group has provided guarantees on behalf of associates for a total of 6 million euros mainly on behalf of Aree Urbane S.r.l. (5 million of euros). At December 31, 2010, guarantees had been provided for a total of 16 million euros: on behalf of Aree Urbane S.r.l. 5 million euros, EtecSA (Cuba) Telecom Italia Group Consolidated Financial Statements Note 39 – Related party transactions 275
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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
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Equity and Liabilities (millions of
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Consolidated Statements of Comprehe
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Consolidated Statements of Cash Flo
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Note 1 - Form, content and other ge
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• Argentina: includes fixed (Tele
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Note 2 - Accounting policies Going
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case of loss of control of a subsid
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Impairment of intangible and tangib
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• held to maturity (originally mo
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Inventories Inventories are measure
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Revenues are recognized to the exte
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Use of estimates The preparation of
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Note 3 - Business combinations Acqu
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Acquisition of control of Sofora Te
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Note 4 - Goodwill Goodwill shows th
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Core Domestic International Wholesa
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Changes in key variables needed to
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Concessions, licenses, trademarks a
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Note 6 - Tangible assets (owned and
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Gross carrying amount, accumulated
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Gross carrying amount, accumulated
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Aggregate data for 2011 and 2010, p
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Note 9 - Financial assets (non-curr
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Note 10 - Miscellaneous receivables
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The temporary differences which mak
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In addition to this effect, the inc
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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
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
Page 253 and 254: Note 27 - Acquisition of goods and
Page 255 and 256: Note 29 - Other operating expenses
Page 257 and 258: Note 32 - Gains (losses) on disposa
Page 259 and 260: Note 34 - Other income (expenses) f
Page 261 and 262: Finance expenses Finance expenses d
Page 263 and 264: Note 36 - Profit (loss) for the yea
Page 265 and 266: Future potential changes in share c
Page 267 and 268: Note 38 - Segment reporting a) Repo
Page 269 and 270: Headcount by Operating Segment (num
Page 271 and 272: The effects on the individual line
Page 273: Transactions with associates and jo
Page 277 and 278: Transactions with other related par
Page 279 and 280: (millions of euros) 12/31/2011 12/3
Page 281 and 282: In the 2011, the contributions paid
Page 283 and 284: Description of other Telecom Italia
Page 285 and 286: Calculation of fair value measureme
Page 287 and 288: Note 41 - Significant non-recurring
Page 289 and 290: Note 42 - Positions or transactions
Page 291 and 292: c) Operating leases Revenue related
Page 293 and 294: Note 44 - Events subsequent to Dece
Page 295 and 296: Name Head office Currency Share cap
Page 297 and 298: Name Head office Currency Share cap
Page 299 and 300: Certification of the Consolidated F
Page 301 and 302: Consolidated Financial Statements T
Page 303 and 304: Contents Telecom Italia S.p.A. Sepa
Page 305 and 306: Statements of Financial Position As
Page 307 and 308: Separate Income Statements (euros)
Page 309 and 310: Statements of Changes in Equity Sta
Page 311 and 312: Additional Cash Flow Information (t
Page 313 and 314: Profit (loss) before tax from conti
Page 315 and 316: • the capitalized costs can be me
Page 317 and 318: Intangible and tangible assets with
Page 319 and 320: Financial liabilities hedged by der
Page 321 and 322: Starting from January 1, 2007, Ital
Page 323 and 324: 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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