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STATEMENT OF CASH FLOWS LINE ITEMS (thousands of euros) 2011 2010 Type of contract Purchase of intangible and tangible assets on an accrual basis Consorzio Criai 1,049 1,286 Software systems for implementation and development of voice services Movenda 1,455 862 Information services Other companies 84 90 Total purchase of intangible and tangible assets on an accrual basis 2,588 2,238 Transactions with companies controlled by associates and joint ventures Following the September 23, 2010 subscription to Italtel Group S.p.A.’s capital increase, the stake held in that company by the Telecom Italia Group, through ordinary and preferred shares, rose from 19.37% to 34.68%, with a concomitant modification of governance. Consequently, from that date, the company is considered an associate and the companies controlled by Italtel Group S.p.A. are considered related parties of the Telecom Italia Group. On October 13, 2010, the Sofora group entered the scope of consolidation after the stake held in the share capital of Sofora Telecomunicaciones S.A., the holding company of the Telecom Argentina group, was increased from 50% to 58%. Up to that date, Sofora Telecomunicaciones S.A. had been an associate and therefore a related party; the companies controlled by Sofora Telecomunicaciones S.A. had been related parties in that they had been subsidiaries of associates. The most significant amounts are summarized as follows: SEPARATE INCOME STATEMENT LINE ITEMS (thousands of euros) 2011 2010 Type of contract Revenues Italtel group 2,106 867 Supply of goods and services, product sales Sofora group -Telecom Argentina - 1,810 Technical assistance rendered by Telecom Italia for broadband development and studies for the implementation of VAS, supply of evolved platforms and also international telecommunications services and roaming Total revenues 2,106 2,677 Acquisition of goods and services Italtel group 28,271 15,121 Supply and maintenance of switching equipment, software development and platform upgrades, supply and operation of customized offers Sofora group -Telecom Argentina - 607 Roaming services Total acquisition of goods and 28,271 15,728 services Finance income - 4 Telecom Italia S.p.A. Separate Financial Statements Note 35 – Related party transactions 416
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 - - Financial receivables and other - - current financial assets Non-current financial liabilities - - Current financial liabilities - - Other statement of financial position line items Trade and miscellaneous receivables and other current assets Italtel group 555 998 Supply of goods and services, product sales Total trade and miscellaneous 555 998 receivables and other current assets Trade and miscellaneous payables and other current liabilities Italtel group 22,927 16,733 Supply transactions connected with investment and operations activities Total trade and miscellaneous 22,927 16,733 payables and other current liabilities STATEMENT OF CASH FLOWS LINE ITEMS (thousands of euros) Purchase of intangible and tangible assets on an accrual basis 2011 2010 Type of contract 104,798 40,594 Relating to purchases of telecommunications equipment from the Italtel group Telecom Italia has also provided guarantees on behalf of subsidiaries, associates and joint ventures and companies controlled by associates and joint ventures for a total of 12,612,030 thousand euros (15,863,682 thousand euros at December 31, 2010). In particular: 9,003,787 thousand euros on behalf of Telecom Italia Capital (10,215,537 thousand euros at December 31, 2010); 3,394,199 thousand euros on behalf of Telecom Italia Finance (5,474,755 thousand euros at December 31, 2010); 265 thousand euros on behalf of Telecom Italia Sparkle (57 thousand euros at December 31, 2010); 61,419 thousand euros on behalf of Telecom Italia Media (1,319 thousand euros at December 31, 2010); 4,613 thousand euros on behalf of Aree Urbane (same amount as at December 31, 2010); 4,000 thousand euros on behalf of OIivetti Multiservices (same amount as at December 31, 2010); 54,799 thousand euros on behalf of Telenergia (47,685 thousand euros at December 31, 2010); 57,183 thousand euros on behalf of the Latin American Nautilus group (61,495 thousand euros at December 31, 2010); 14,935 thousand euros on behalf of Olivetti S.p.A. (25,601 thousand euros at December 31, 2010). Furthermore, “weak” comfort letters have also been provided for a total of 385 thousand euros (32,499 thousand euros at December 31, 2010), on behalf of Telecom Italia Sparkle of North America, in respect of credit lines for commercial relationships (for the supply of goods and services). Telecom Italia S.p.A. Separate Financial Statements Note 35 – Related party transactions 417
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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
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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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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 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 and 410: Total income (expenses) from invest
Page 411 and 412: (thousands of euros) 12/31/2011 12/
Page 413 and 414: STATEMENT OF CASH FLOWS LINE ITEMS
Page 415: STATEMENT OF FINANCIAL POSITION LIN
Page 419 and 420: STATEMENT OF FINANCIAL POSITION LIN
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
Page 461 and 462: at least twenty-five days before th
Page 463 and 464: Authorization to increase share cap
Page 465 and 466: 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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