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Statements of Comprehensive Income Note 12 (euros) Year 2011 Year 2010 Profit (loss) for the year (a) (3,571,256,824) 3,512,580,577 Other components of the Statements of Comprehensive Income: Available-for-sale financial assets: Profit (loss) from fair value adjustments 9,238,485 (1,455,774) Net fiscal impact (3,967,389) (778,117) (b) 5,271,096 (2,233,891) Hedging instruments: Profit (loss) from fair value adjustments (506,246,837) (1,024,258) Loss (profit) transferred to the Separate Income Statement 122,370,000 (29,028,000) Net fiscal impact 105,566,130 8,264,371 (c) (278,310,707) (21,787,887) Total (d=b+c) (273,039,611) (24,021,778) Total profit (loss) for the year (a+d) (3,844,296,435) 3,488,558,799 Telecom Italia S.p.A. Separate Financial Statements Statements of Comprehensive Income 308
Statements of Changes in Equity Statements of Changes in Equity for the Year ended December 31, 2010 (euros) Share capital Paid-in capital Reserve for available-forsale financial assets Reserve for cash flow hedges Other reserves and retained earnings (accumulated losses), including profit (loss) for the year Total Equity Balance at December 31, 2009 10,653,145,572 1,689,445,600 7,733,824 (618,735,218) 11,336,347,662 23,067,937,440 Changes in equity during the year: Dividends approved - - - - (1,034,755,107) (1,034,755,107) Total comprehensive income (loss) for the year - - (2,233,891) (21,787,887) 3,512,580,577 3,488,558,799 Grant of equity instruments 14,880,876 7,846,280 - - 8,986,824 31,713,980 Other changes - - - - 10,412,090 10,412,090 Balance at December 31, 2010 10,668,026,448 1,697,291,880 5,499,933 (640,523,105) 13,833,572,046 25,563,867,202 Statements of Changes in Equity for the Year ended December 31, 2011 – Note 12 (euros) Share capital Paid-in capital Reserve for available-forsale financial assets Reserve for cash flow hedges Other reserves and retained earnings (accumulated losses), including profit (loss) for the year Total Equity Balance at December 31, 2010 10,668,026,448 1,697,291,880 5,499,933 (640,523,105) 13,833,572,046 25,563,867,202 Changes in equity during the year: Dividends approved - - - - (1,191,279,207) (1,191,279,207) Total comprehensive income (loss) for the year - - 5,271,096 (278,310,707) (3,571,256,824) (3,844,296,435) Grant of equity instruments 4,881,963 6,681,590 - - (5,455,076) 6,108,477 Other changes - - - - 2,520,219 2,520,219 Balance at December 31, 2011 10,672,908,411 1,703,973,470 10,771,029 (918,833,812) 9,068,101,158 20,536,920,255 Telecom Italia S.p.A. Separate Financial Statements Statements of Changes in Equity 309
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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
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of market parameters, even though t
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In order to limit the risk of the n
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Note 18 -Derivatives Derivative fin
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Note 19 - Supplementary disclosures
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Comparison between carrying amount
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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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Note 20 - Employee benefits Employe
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The effect on the income statement,
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Note 22 - Miscellaneous payables an
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Note 24 - Contingent liabilities, o
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On December 16, 2011 Telecom Italia
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In a judgement on November 2, 2011,
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Greece -DELAN During 2009, the comp
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c) Commitments and guarantees Guara
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Note 27 - Acquisition of goods and
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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 and 274: Transactions with associates and jo
Page 275 and 276: Transactions with companies control
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: Separate Income Statements (euros)
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
Page 325 and 326: • IFRIC 19 (Extinguishing Financi
Page 327 and 328: The cost of capital used for the es
Page 329 and 330: Type of license The net carrying am
Page 331 and 332: Note 5 - Tangible assets (owned and
Page 333 and 334: 12/31/2010 Accumulated impairment l
Page 335 and 336: Note 6 - Investments Investments de
Page 337 and 338: (thousands of euros) Carrying amoun
Page 339 and 340: 5,620 thousand euros for receivable
Page 341 and 342: Note 8 - Miscellaneous receivables
Page 343 and 344: The temporary differences which mak
Page 345 and 346: Note 10 - Inventories Inventories a
Page 347 and 348: Trade receivables amount to 4,162,0
Page 349 and 350: Note 12 - Equity Equity is composed
Page 351 and 352: Share capital carries a restriction
Page 353 and 354: The following statement provides ad
Page 355 and 356: With regard to additional capital i
Page 357 and 358: 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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