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STATEMENT OF FINANCIAL POSITION LINE ITEMS (thousands of euros) 12/31/2011 12/31/2010 Type of contract Net financial debt Non-current financial assets TLC Commercial Services 9,000 - Variable rate loan group Telecom Italia Media S.p.A. 100,000 100,001 Loans received from EIB for the three-years 2005-2007 capital expenditures program aimed at extending the infrastructures of the Digital Terrestrial Network Telecom Italia Capital S.A. 281,589 360,568 Derivatives Telecom Italia Finance S.A. 289,178 11,850 Derivatives Other companies 21 61 Total non-current financial assets 679,788 472,480 Financial receivables and other current financial assets Cash and cash equivalents Matrix 22,499 8,737 Olivetti S.p.A. 33,987 - Path.Net S.p.A. 20,966 - Telecontact S.p.A. 3,213 - Telenergia S.p.A. 2 1,287 Other companies 37 521 Total cash and cash equivalents 80,704 10,545 129,169 191,341 Mainly referring to derivatives of a financial nature with Telecom Italia Capital and Telecom Italia Finance Mainly referring to treasury current account transactions Non-current financial liabilities Telecom Italia Capital S.A. 10,438,037 10,917,728 Payables for loans and derivatives of a financial nature Telecom Italia Finance S.A. 1,699,982 5,632,881 Payables for loans and derivatives of a financial nature Other companies 673 481 Total Non-current financial liabilities 12,138,692 16,551,090 Current financial liabilities H.R. Services 8,539 20,578 Payables for current account transactions OFI Consulting 31,394 31,184 Mainly referring to payables for loans Olivetti Multiservices 17,119 14,700 Payables for current account transactions Olivetti S.p.A. 458 4,973 Payables for loans Path.Net S.p.A. - 20,478 Payables for current account transactions SAIAT S.p.A. 50,297 49,584 Payables for current account transactions Shared Service Center S.r.l. 39,080 64,607 Payables for current account transactions Telecom Italia Capital S.A. 236,302 471,155 Payables for loans Telecom Italia Finance S.A. 2,657,738 2,554,686 Payables for loans Telecom Italia Sparkle S.p.A. 251,734 335,354 Payables for current account transactions and for loans Telenergia S.p.A. 7,607 1,275 Mainly referring to payables for current account transactions Telsy 10,480 12,941 Payables for current account transactions Other companies 25,275 27,894 Total current financial 3,336,023 3,609,409 liabilities Telecom Italia S.p.A. Separate Financial Statements Note 35 – Related party transactions 410
(thousands of euros) 12/31/2011 12/31/2010 Type of contract Other statement of financial position line items Miscellaneous receivables 9,148 8,767 Mainly referring to prepaid expenses with Telecontact and other non-current assets Trade and miscellaneous receivables and other current assets 4GH group 30,240 - Supply of products for sale to the public, telephone and data transmission services for company use, lease of properties Sofora group -Telecom Argentina 3,653 506 Technical assistance activities provided by Telecom Italia for broadband development and studies on VAS implementation, supply of evolved platforms as well as international and roaming services Tim Participações Group 12,342 11,329 Roaming and technical assistance services H.R. Services 5,344 6,805 Human resources assistance and consulting service, user licenses for software products and rent of HW equipment, griffon and DMS services, leases of properties and facility management services, telephone services and other centralized expenses Matrix S.p.A. 28,198 54,695 Advertising on the Rosso Alice portal and user licenses for the Alice brand, information service 1254 and datacenter and business continuity services, telephone services MTV Italia S.r.l. 1,416 496 Telephone services, Datacenter services, administrative outsourcing, lease of properties, facility management services Olivetti S.p.A. 8,895 12,872 Concession of patent and know-how user licenses as well as the Olivetti name and trademark, which was transferred to Olivetti at the end of the year, and telephone services Path.Net S.p.A. 4,319 34,226 Services and infrastructures relating to the supply of data transmission connections for the Public Administration, rendering of outsourcing services Shared Service Center S.r.l. 21,003 6,996 Telephone and data transmission services and also management and maintenance of applications software, real estate management activities Telecom Italia Media Broadcasting S.p.A. 4,460 9,649 Sale of network infrastructures for carrying TV signals and telephone services Telecom Italia Media S.p.A. 5,840 3,419 Connectivity service, management and development of the digital terrestrial platform and telephone services, property leases Telecom Italia S.Marino S.p.A. 732 987 Connection and telecommunications services, in particular for the sale of data (bitstream) services and dark fiber contract Telecom Italia Sparkle S.p.A. 45,386 74,698 Telephone and data transmission services, services inherent to interconnection between Telecom Italia Sparkle and Telecom Italia communications network with particular reference to accesses and international traffic, sale of infrastructures and supply and development of specific software for internal use, property leases Telecontact S.p.A. 6,882 7,005 Sale of telephone products and IT material, property leases Telefonia Mobile Sammarinese 766 1,158 Interconnection services S.p.A. Telenergia S.p.A. 3,358 2,887 Outsourcing for corporate activities, administrative outsourcing Other companies 10,330 10,652 Total trade and 193,164 238,380 miscellaneous receivables and other current assets Miscellaneous payables and other non-current liabilities Matrix S.p.A. 4,357 - Payables for tax consolidation Olivetti S.p.A. 10,967 5,058 Payables for tax consolidation Telecom Italia Media 11,610 13,932 Deferred income Broadcasting S.p.A. Telecom Italia Media S.p.A. 8,460 18,879 Payables for tax consolidation Telecom Italia S.p.A. Separate Financial Statements Note 35 – Related party transactions 411
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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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Note 44 - Events subsequent to Dece
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Name Head office Currency Share cap
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Name Head office Currency Share cap
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Certification of the Consolidated F
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Consolidated Financial Statements T
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Contents Telecom Italia S.p.A. Sepa
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Statements of Financial Position As
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Separate Income Statements (euros)
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Statements of Changes in Equity Sta
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Additional Cash Flow Information (t
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Profit (loss) before tax from conti
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• the capitalized costs can be me
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Intangible and tangible assets with
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Financial liabilities hedged by der
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Starting from January 1, 2007, Ital
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Finance income and expenses Finance
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• IFRIC 19 (Extinguishing Financi
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The cost of capital used for the es
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Type of license The net carrying am
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Note 5 - Tangible assets (owned and
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12/31/2010 Accumulated impairment l
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Note 6 - Investments Investments de
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(thousands of euros) Carrying amoun
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5,620 thousand euros for receivable
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Note 8 - Miscellaneous receivables
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The temporary differences which mak
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Note 10 - Inventories Inventories a
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Trade receivables amount to 4,162,0
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Note 12 - Equity Equity is composed
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Share capital carries a restriction
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The following statement provides ad
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With regard to additional capital i
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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
Page 375 and 376: Fair value hierarchy level for each
Page 377 and 378: Comparison between carrying amount
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
Page 393 and 394: offers, contractual profile changes
Page 395 and 396: Note 23 - Revenues Revenues decreas
Page 397 and 398: Note 26 - Employee benefits expense
Page 399 and 400: Note 30 - Depreciation and amortiza
Page 401 and 402: Note 34 - Finance income and Financ
Page 403 and 404: Note 35 - Related party transaction
Page 405 and 406: STATEMENT OF FINANCIAL POSITION LIN
Page 407 and 408: Transactions with subsidiaries The
Page 409: Total income (expenses) from invest
Page 413 and 414: STATEMENT OF CASH FLOWS LINE ITEMS
Page 421 and 422: Remuneration to key managers In 201
Page 423 and 424: The beneficiaries were identified i
Page 425 and 426: Parameters used to determine fair v
Page 427 and 428: Note 37 - Significant non-recurring
Page 429 and 430: Expense related Telecom Italia has
Page 431 and 432: Note 41 - List of investments in su
Page 433 and 434: Certification of the Separate Finan
Page 435 and 436: Telecom Italia S.p.A. Separate Fina
Page 437 and 438: Report of the Board of Statutory Au
Page 439 and 440: The Board of Auditors has overseen
Page 441 and 442: amendments Agreed procedures and de
Page 443 and 444: PricewaterhouseCoopers S.p.A. commu
Page 445 and 446: On 7 July 2011, after the alignment
Page 447 and 448: met the Chairman of the Conselho Fi
Page 449 and 450: Regarding the provisions of article
Page 451 and 452: 18. No significant facts that shoul
Page 453 and 454: non-compliances imputable to the ex
Page 455 and 456: corporate bodies, and in particular
Page 457 and 458: amount equal to 2% of the par value
Page 459 and 460: 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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