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Telecom Italia S.p.A. Separate Financial Statements Indipendent Auditors’ Report 434
Telecom Italia S.p.A. Separate Financial Statements Indipendent Auditors’ Report 435
Page 1 and 2:
Annual Report 2011 Relazione interm
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Statements of Comprehensive Income
Page 5 and 6:
Letter to the Shareholders To the S
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Key Operating and Financial Data -
Page 9 and 10:
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
Page 91 and 92:
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
Page 185 and 186:
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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Note 14 - Net financial debt As req
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Total Financial liabilities (at the
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Financial liabilities - Maturities
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Currency of denomination Notional a
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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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Comparison between carrying amount
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Gains and losses by IAS 39 category
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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 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: Certification of the Separate Finan
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
Page 467 and 468: 5.6 - For five years starting from
Page 469 and 470: Proposed Resolution The Shareholder
Page 471 and 472: 9.8 - In appointing directors who f
Page 473 and 474: only one slate. 17.10 - The Board o
Page 475 and 476: 17.17 - At the first renewal of the
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