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Statements of Cash Flows (thousands of euros) note Year 2011 Year 2010 Cash flows from operating activities: Profit (loss) for the year (3,571,257) 3,512,581 Adjustments for: Depreciation and amortization 3,792,777 4,107,228 Impairment losses (reversals) on non-current assets (including investments) 5,828,965 647,578 Net change in deferred tax assets and liabilities 138,173 11,455 Losses (gains) realized on disposals of non-current assets (including investments) (31,419) 3,658 Change in employee benefits (221,819) 57,475 Change in inventories (13,289) 55,148 Change in trade receivables and net amount due from customers on construction contracts 132,436 292,319 Change in trade payables (196,125) (474,323) Net change in current income tax receivables/payables 28,534 (230,920) Net change in miscellaneous receivables/payables and other assets/liabilities (122,529) (408,765) Cash flows from (used in) operating activities (a) 5,764,447 7,573,434 Cash flows from investing activities: Purchase of intangible assets on an accrual basis 4) (2,350,338) (1,230,200) Purchase of tangible assets on an accrual basis 5) (1,771,229) (1,787,836) Total purchase of intangible and tangible assets on an accrual basis (*) (4,121,567) (3,018,036) Change in amounts due to fixed asset suppliers 510,323 (112,548) Total purchase of intangible and tangible assets on a cash basis (3,611,244) (3,130,584) Acquisitions of subsidiaries and businesses, net of cash acquired 6) - - Acquisitions of other investments (41,757) (199,625) Change in financial receivables and other financial assets (313,698) 183,739 Proceeds from sale/reimbursements of intangible, tangible and other non-current assets 60,316 (29,322) Cash flows from (used in) investing activities (b) (3,906,383) (3,175,792) Cash flows from financing activities: Change in current financial liabilities and other 787,769 259,394 Proceeds from non-current financial liabilities (including current portion) 4,083,235 1,878,607 Repayments of non-current financial liabilities (including current portion) (6,391,511) (6,858,533) Share capital proceeds/reimbursements - 22,727 Dividends paid (*) (1,189,839) (1,033,517) Cash flows from (used in) financing activities (c) (2,710,346) (5,731,322) Aggregate cash flows (d=a+b+c) (852,282) (1,333,680) Net cash and cash equivalents at beginning of the year (e) 2,135,690 3,469,370 Net cash and cash equivalents at the end of the year (f=d+e) 1,283,408 2,135,690 (*) of which transactions of related party: (thousands of euros) Year 2011 Year 2010 Total purchase of intangible and tangible assets on an accrual basis (408,931) (262,235) Dividends paid (199,131) (169,702) Telecom Italia S.p.A. Separate Financial Statements Statements of Cash Flows 310
Additional Cash Flow Information (thousands of euros) Year 2011 Year 2010 Income taxes (paid)/received (1,009,889) (1,321,476) Interest expense paid (3,310,543) (3,437,941) Interest income received 1,439,738 1,461,678 Dividends received 253,794 2,356,727 Analysis of net cash and cash equivalents: (thousands of euros) Year 2011 Year 2010 Net cash and cash equivalents at beginning of the year: Cash and cash equivalents 2,763,052 4,236,543 Bank overdrafts repayable on demand (627,362) (767,173) 2,135,690 3,469,370 Net cash and cash equivalents at end of the year: Cash and cash equivalents 1,595,287 2,763,052 Bank overdrafts repayable on demand (311,879) (627,362) 1,283,408 2,135,690 Telecom Italia S.p.A. Separate Financial Statements Statements of Cash Flows 311
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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
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Note 32 - Gains (losses) on disposa
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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 and 308: Separate Income Statements (euros)
Page 309: Statements of Changes in Equity Sta
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
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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
Page 359 and 360: 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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