to download Telecom Italia Annual Report 2011 - Company Reporting

5,620 thousand euros for receivables due beyond the fifth year (6,519 thousand euros in
2010);
– the current portion of these contracts is equal to 102,690 thousand euros (50,552 thousand
euros at December 31, 2010);
• direct contracts, that is, lease contracts with the rendering of accessory services under the “full rent”
formula; in particular:
– the non-current portion is equal to 9,036 thousand euros (9,558 thousand euros at December
31, 2010), of which 8,087 thousand euros refers to receivables due between the second and
fifth year (8,553 thousand euros at December 31, 2010) and 949 thousand euros for
receivables due beyond the fifth year (1,005 thousand euros at December 31, 2010);
– the current portion of these contracts is 7,121 thousand euros (12,592 thousand euros at
December 31, 2010).
Receivables from employees (current and non-current) refer to the remaining amount due on loans
granted.
Hedging derivatives total 794,730 thousand euros (690,779 thousand euros at December 31, 2010)
and relate to:
• hedged items classified in non-current assets/liabilities of a financial nature which refer to the markto-market
component (633,965 thousand euros) and include cash flow hedges and fair value
hedges put into place with Telecom Italia Finance S.A. (289,178 thousand euros);
• hedged items classified in current assets/liabilities of a financial nature (160,765 thousand euros),
mainly consisting of prepaid expenses on derivatives and include cash flow hedges and fair value
hedges put into place with Telecom Italia Finance S.A. (41,737 thousand euros).
Non-hedging derivatives total 2,134,381 thousand euros (1,575,767 thousand euros at December 31,
2010) and include the measurement of transactions which Telecom Italia S.p.A. carries out on behalf of
companies of the Group in its exclusive role as the centralized treasury function. This item is offset in full
by the corresponding item classified in non-current financial liabilities. In particular, non-hedging
derivatives relate to:
• items classified in non-current assets (1,945,857 thousand euros) and include derivatives put into
place with Banca Intesa (228,221 thousand euros), the Mediobanca group (29,772 thousand euros)
and Telecom Italia Capital S.A. (281,589 thousand euros);
• items classified in current assets (188,524 thousand euros) and include derivatives put into place
with Banca Intesa (26,549 thousand euros), the Mediobanca group (811 thousand euros), Telecom
Italia Capital S.A. (77,323 thousand euros) and Telecom Italia Finance S.A. (424 thousand euros).
Further details are provided in the Note “Derivatives”.
Securities other than investments classified as available-for-sale due beyond three months are
recorded at market value and consist of Italian treasury bonds. Such securities, which in accordance
with Consob Communication DEM/11070007 of August 5, 2011 represent investments in “sovereign
debt securities”, have been purchased in accordance with the “Guideline policy for liquidity investments
using financial instruments” adopted by the Telecom Italia Group in July 2009.
Telecom Italia S.p.A. Separate Financial Statements
Note 7 – Financial assets
(non-current and current)
339