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Note 7 – Financial assets
(non-current and current)
Financial assets (non-current and current) are composed as follows:
(thousands of euros) 12/31/2011 12/31/2010
Non-current financial assets
Financial receivables and other non-current financial assets:
Financial receivables from subsidiaries 109,021 100,062
Financial receivables from associates and joint ventures - -
Financial receivables from other related parties - -
Financial receivables for lease contracts 150,783 192,220
Receivables from employees 36,275 39,405
Hedging derivatives relating to hedged items classified as non-current
assets/liabilities of a financial nature 633,965 450,270
Non-hedging derivatives 1,945,857 1,302,547
Other financial receivables 1,224 1,359
Prepaid expenses 13,918 13,510
Total non-current financial assets (a) 2,891,043 2,099,373
Current financial assets
Securities other than investments
Held for trading - -
Held-to-maturity - -
Available-for-sale 863,892 1,159,108
Financial receivables and other current financial assets
863,892 1,159,108
Financial receivables for lease contracts 109,811 63,144
Receivables from employees 7,621 14,098
Hedging derivatives relating to hedged items classified as current
assets/liabilities of a financial nature 160,765 240,509
Non-hedging derivatives 188,524 273,220
Financial receivables from subsidiaries 9,685 9,932
Financial receivables from associates and joint ventures 182 5
Other financial receivables 1,118 999
Prepaid expenses 660 429
478,366 602,336
Cash and cash equivalents 1,595,287 2,763,052
Total current financial assets (b) 2,937,545 4,524,496
Total non-current and current financial assets (c)=(a+b) 5,828,588 6,623,869
Further details on Financial Instruments are provided in the Note “Supplementary disclosure on financial
instruments”.
Financial receivables from subsidiaries primarily refer to the loans granted to TLC Commercial Service
for 9,000 thousand euros and to Telecom Italia Media for 100,000 thousand euros. The latter loan was
in turn secured by Telecom Italia S.p.A. from Banca Europea degli Investimenti (BEI) under an
investment program aimed at expanding the digital terrestrial network infrastructures; it will be repaid by
December 31, 2013.
Financial receivables for lease contracts refer to:
• indirect contracts, that is, lease contracts negotiated directly by Teleleasing with Telecom Italia
customers and of which Telecom Italia is the guarantor; in particular:
– the non-current portion is equal to 141,747 thousand euros (182,662 thousand euros at
December 31, 2010), of which 136,127 thousand euros refers to receivables due between the
second and fifth year (176,143 thousand euros at December 31, 2010) and
Telecom Italia S.p.A. Separate Financial Statements
Note 7 – Financial assets
(non-current and current)
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