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would be 2.6 billion euros in 2011, in line with that of 2010, also in comparable terms. The Parent, Telecom Italia S.p.A., reports a loss of 3,571 million euros. In comparable terms – excluding the impact of the goodwill impairment charge and other non-recurring items – the Profit would be 1.8 billion euros in 2011. Annual Report 2011 Key Operating and Financial Data - Telecom Italia Group 8
The trend of the key operating and financial indicators for the year and the fourth quarter of 2011 can be summarized as follows: Organic Revenues (millions of euros) +785 (+2.7%) 29,172 29,957 IVQ IIIQ 7,246 +3.7% 7,516 +270 IIQ 7,318 +2.1% 7,470 +152 IQ 7,088 7,073 Reported Revenues +2,386 (+8.7%) 29,957 27,571 7,520 +5.0% 7,898 +378 +2.9% 7,672 -0.2% 2010 2011 -15 6,676 6,810 +12.6% +9.7% 7,898 7,516 7,470 6,413 +10.3% 7,073 2010 2011 Consolidated Reported Revenues: in 2011 are 29,957 million euros with a positive change of 8.7% (+2,386 million euros). The increase is due to the Latin America operations which benefit from the entry of the Argentina Business Unit in the scope of consolidation for the full year, and the positive performance by the Brazil Business Unit (7,343 million euros, +1,144 million euros compared to 2010, or +18.5%). The change in consolidated Organic Revenues (1) in 2011 comes to +2.7%, displaying a trend of constant improvement during the year; consolidated Organic Revenues for the fourth quarter of 2011 in fact recorded a 5.0% increase compared to the fourth quarter of 2010. More to the point: • the organic reduction in Domestic Business Unit Revenues in 2011 is 4.8% (-2.1% in the fourth quarter of 2011); as for revenues by customer segment, 2011 records a reduction of 5.0% in the Consumer segment, a contraction of 6.9% in the Business segment and 5.4% in the Top Clients segment. • Revenues in Brazil show organic growth of 18.2% compared to 2010 (+1,129 million euros); in the fourth quarter of 2011, organic revenue growth is 20.0% (+325 million euros). • Revenues in Argentina increase 26.5% in organic terms compared to 2010 (+674 million euros); in particular, Revenues of the Mobile business are up 32.3% while the Fixed area expands by 15.0%. For the fourth quarter of 2011, organic revenue growth is 24.1% (+174 million euros). (millions of euros) IIIQ IIQ IQ Organic EBITDA 42.3% 41.2% EBITDA Margin +4 (+0.0%) 12,335 12,339 IVQ 3,006 3,186 +0.8% 3,213 3,066 +3.3% -0.4% 3,105 3,055 3,077 -3.6% 2,966 2010 2011 +99 +27 -11 -111 Reported EBITDA 41.4% 40.9% +834 (+7.3%) 12,246 11,412 2,937 2,742 2,907 +4.6% +16.6% +4.9% 3,071 3,198 3,048 2,826 +3.6% 2,929 2010 2011 Consolidated Reported EBITDA: grows 834 million euros (from 11,412 million euros in 2010 to 12,246 million euros in 2011); a positive contribution to this result is made by the entry of the Argentina Business Unit in the scope of consolidation for the entire year; for the fourth quarter of 2011, EBITDA increases 4.6% (+134 million euros). The consolidated Reported EBITDA margin falls 0.5 percentage points to 40.9% in 2011 (41.4% in 2010). The consolidated Organic EBITDA Margin is down 1.1 percentage points to 41.2% in 2011 (42.3% in 2010). Such performance is linked to the higher contribution to revenues by South America, where margins are lower than those of the Domestic Business, as well as the increase in sales of mobile handsets, aimed at a greater penetration of data services. In terms of the amount, organic EBITDA is 12,339 million euros (12,335 million euros in the prior year); in the fourth quarter of 2011, organic EBITDA is 3,105 million euros, up 3.3% compared to 3,006 million euros in the fourth quarter of 2010. +226 +840 +660 +660 +134 +456 +141 +103 (1) The organic change in Revenues, EBITDA and EBIT is calculated by excluding the effects of the change in the scope of consolidation, exchange differences and non-organic components constituted by non-recurring items and other non-organic income/expenses. Annual Report 2011 Key Operating and Financial Data - Telecom Italia Group 9
Page 1 and 2: Annual Report 2011 Relazione interm
Page 3 and 4: Statements of Comprehensive Income
Page 5 and 6: Letter to the Shareholders To the S
Page 7: Key Operating and Financial Data -
Page 11 and 12: Liquidity margin: at December 31, 2
Page 13 and 14: Consolidated Operating and Financia
Page 15 and 16: Review of Operating and Financial P
Page 17 and 18: The fixed-line area, with a contrac
Page 19 and 20: - lower expenses of 246 million eur
Page 21 and 22: Business Unit (-329 million euros)
Page 23 and 24: Income tax expense Income tax expen
Page 25 and 26: eflect the definitive fair value of
Page 27 and 28: Capital expenditures on an accrual
Page 29 and 30: Finance expenses, income taxes and
Page 31 and 32: The financial risk management polic
Page 33 and 34: On August 3, 2011, a bilateral stan
Page 35 and 36: Research and Development As for “
Page 37 and 38: Consolidated Financial Statements -
Page 39 and 40: Consolidated Statements of Financia
Page 41 and 42: Consolidated Statements of Cash Flo
Page 43 and 44: Highlights - The Business Units of
Page 45 and 46: The Business Units of the Telecom I
Page 47 and 48: International Wholesale (millions o
Page 49 and 50: compared to the same period of 2010
Page 51 and 52: In detail: (millions of euros) 2011
Page 53 and 54: Cubomusica GRATIS per 1 anno. Durin
Page 55 and 56: In particular, for the unbundling c
Page 57 and 58: 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
Page 115 and 116:
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
Page 141 and 142:
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
Page 165 and 166:
Impairment of intangible and tangib
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• held to maturity (originally mo
Page 169 and 170:
Inventories Inventories are measure
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Revenues are recognized to the exte
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Use of estimates The preparation of
Page 175 and 176:
Note 3 - Business combinations Acqu
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Acquisition of control of Sofora Te
Page 179 and 180:
Note 4 - Goodwill Goodwill shows th
Page 181 and 182:
Core Domestic International Wholesa
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Changes in key variables needed to
Page 185 and 186:
Concessions, licenses, trademarks a
Page 187 and 188:
Note 6 - Tangible assets (owned and
Page 189 and 190:
Gross carrying amount, accumulated
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Gross carrying amount, accumulated
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Aggregate data for 2011 and 2010, p
Page 195 and 196:
Note 9 - Financial assets (non-curr
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Note 10 - Miscellaneous receivables
Page 199 and 200:
The temporary differences which mak
Page 201 and 202:
In addition to this effect, the inc
Page 203 and 204:
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
Page 223 and 224:
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
Page 277 and 278:
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
Page 285 and 286:
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
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
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Statements of Financial Position As
Page 307 and 308:
Separate Income Statements (euros)
Page 309 and 310:
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
Page 315 and 316:
• the capitalized costs can be me
Page 317 and 318:
Intangible and tangible assets with
Page 319 and 320:
Financial liabilities hedged by der
Page 321 and 322:
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
Page 329 and 330:
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
Page 343 and 344:
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
Page 355 and 356:
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
Page 365 and 366:
Note 14 - Net financial debt As req
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Total Financial liabilities (at the
Page 369 and 370:
Financial liabilities - Maturities
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Currency of denomination Notional a
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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
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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
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(thousands of euros) 12/31/2011 12/
Page 413 and 414:
STATEMENT OF CASH FLOWS LINE ITEMS
Page 415 and 416:
Page 417 and 418:
Page 419 and 420:
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
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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
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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
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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