to download Telecom Italia Annual Report 2011 - Company Reporting

challenging economic and financial context, make us confident that we can also achieve the ambitious
objectives we have set ourselves for the next three years.
The aim is to reach the year 2015 with a level of debt that can be regarded as “normal”, in other words,
a level of debt which, from the point of view of our capacity to generate cash flow, is absolutely in line
with, if not better than, that of other large international telecommunications groups.
In conjunction with the progress made on the debt front, we have achieved significant progress in terms
of the relaunch of commercial activities and more efficient management of the processes and, more
generally, growth strategies.
Our aims have not changed: we intend to continue our action to consolidate the domestic market,
promote growth in Latin America and encourage continuous improvements in the efficiency of
management and productive processes. In addition, we nurture a strong innovative drive with regard to
future developments in the sector, which Telecom Italia must look at and invest in, as one of the world’s
leading international telecommunications companies.
We intend to achieve all of this with maximum respect for the professional and ethical values of a
company that is socially aware, and able to play a crucial part, shouldering its responsibilities in helping
to develop the countries where it operates, and when dealing with its partners and customers. The
Group therefore conducts its affairs, and will continue to do so, in a correct, transparent way, open to
confrontation and dialog with the institutions, organizations on behalf of society and competitors.
On this solid basis of ethical priorities, the Group is continuing along the path of relaunching it activities
begun more than three years ago, a path which has brought much satisfaction, despite the presence of
an overall negative economic scenario which does not appear likely to improve in the short term. We are
confident that, with commitment and hard work on everybody’s part, we shall succeed in restoring the
capacity of Telecom Italia Group to create the value, which our shareholders expect.
Franco Bernabè
Annual Report 2011 Letter to the Shareholders 6