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Income tax expense The income tax expense for the years ended December 31, 2011 and 2010 is detailed as follows. (thousands of euros) 2011 2010 IRAP taxes for current year 331,623 348,473 IRES taxes for current year 786,359 793,881 Expenses/(income) from tax consolidation 29,965 27,375 Current taxes of prior years (93,113) (83,784) Total current taxes 1,054,834 1,085,945 Deferred income taxes 94,044 9,293 Deferred taxes of prior years 44,128 2,163 Total deferred taxes 138,172 11,456 Total income taxes for the year 1,193,006 1,097,401 The IRES tax rate was established by Law 244 of December 24, 2007 at 27.5%, effective January 1, 2008, while the IRAP tax rate was set at 3.9%. The positive impact from current taxes of prior years (93,113 thousand euros) is due to lower taxes arising when the tax return was prepared as compared with the estimate recorded in the 2010 financial statements owing to a prudent interpretation of the tax laws in effect at that time; such effect is partly offset by higher deferred taxes of prior years (44,128 thousand euros). The reconciliation between the theoretical tax charge, calculated on the basis of the IRES tax rate in effect at December 31, 2011 (27.5%), and the effective tax charge in the separate financial statements is as follows: (thousands of euros) 2011 2010 Profit (loss) before tax (2,378,250) 4,609,982 Taxes calculated at the theoretical tax rate (654,019) 1,267,745 Income tax effect on increases (decreases) in variations: dividends recognized in income (68,132) (648,014) non-deductible depreciation, amortization and impairments 1,483,203 11,725 non-deductible impairments and losses on investments 120,868 154,456 non-taxable gains on investments and other income (12,600) - non-deductible costs 11,490 8,405 other (7,071) (32,910) Effective income tax recognized in income statement, excluding IRAP 873,739 761,408 IRAP 319,267 335,993 Total effective income tax recognized in the separate income statement 1,193,006 1,097,401 For a better understanding of the above reconciliation, the Regional Income Tax (IRAP) tax has been shown separately so as to avoid any distorting effect arising from the fact that this tax is calculated on a tax basis other than pre-tax profit. Telecom Italia S.p.A. Separate Financial Statements Note 9 – Income taxes 344
Note 10 – Inventories Inventories amount to 125,418 thousand euros at December 31, 2011, increasing 13,289 thousand euros compared to December 31, 2010. They mainly consist of equipment, handsets and the relative accessories for fixed-line and mobile telecommunications. In 2011, inventories were written down for 10,406 thousand euros mainly in reference to the adjustment to estimated realizable value of fixed and mobile equipment used for marketing purposes. No inventories are pledged as collateral. Telecom Italia S.p.A. Separate Financial Statements Note 10 – Inventories 345
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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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Note 34 - Other income (expenses) f
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Finance expenses Finance expenses d
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Note 36 - Profit (loss) for the yea
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Future potential changes in share c
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Note 38 - Segment reporting a) Repo
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Headcount by Operating Segment (num
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The effects on the individual line
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Transactions with associates and jo
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Transactions with companies control
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Transactions with other related par
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(millions of euros) 12/31/2011 12/3
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In the 2011, the contributions paid
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Description of other Telecom Italia
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Calculation of fair value measureme
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Note 41 - Significant non-recurring
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Note 42 - Positions or transactions
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c) Operating leases Revenue related
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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
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Page 321 and 322: Starting from January 1, 2007, Ital
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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
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Page 341 and 342: Note 8 - Miscellaneous receivables
Page 343: The temporary differences which mak
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Page 349 and 350: Note 12 - Equity Equity is composed
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Page 357 and 358: Note 13 - Financial liabilities (no
Page 359 and 360: The main components of financial li
Page 361 and 362: elating to items classified as curr
Page 363 and 364: • the loan contract signed by Tel
Page 365 and 366: Note 14 - Net financial debt As req
Page 367 and 368: Total Financial liabilities (at the
Page 369 and 370: Financial liabilities - Maturities
Page 371 and 372: Currency of denomination Notional a
Page 373 and 374: Carrying amount for each class of f
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Page 379 and 380: Gains and losses by IAS 39 category
Page 381 and 382: Under IAS 19, employee severance in
Page 383 and 384: Note 19 - Provisions Provisions dec
Page 385 and 386: Note 21 - Trade and miscellaneous p
Page 387 and 388: Note 22 - Contingent liabilities, o
Page 389 and 390: outcome is considered probable. As
Page 391 and 392: Federazione Anti Pirateria Audiovis
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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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