e company's assets as collateral for loans (negative pledges).
With reference to the loans received by Telecom Italia S.p.A.
("Telecom Italia") from the European Investment Bank ("EIB"), we
point out that following the downgrade to Baa3 undergone by Telecom
Italia from Moody's last
15
February 11, 2013, the EIB has performed a review of all the
outstanding contracts (at that time for a total nominal amount of
3,350 million euros). The parties agreed to lightly modify the
contracts with reference to the clauses of assets disposal,
negative pledge and event of default cases. Furthermore additional
costs (in terms of greater interest rate paid on each loan) have
been defined at the expense of Telecom Italia from a minimum of 1
bp p.a. to a maximum of 56 bps p.a., according to the loan
maturity. Finally, a clause has been inserted according to which
should one or more medium/long term non subordinated debt and not
guaranteed Telecom Italia credit rating be less than BBB- for
Standard & Poor's, Baa3 for Moody's and BBB- for Fitch Ratings,
the company shall communicate it immediately to the EIB, which will
have the right to require the constitution of additional guarantees
liking to the EIB itself, or Telecom Italia shall provide other
kind of guarantee offering protection in manner, form and content
adequate to the Bank, specifying a term for that establishment; in
case of non-fulfilment by Telecom Italia to the EIB possible
requirements, the EIB could demand the immediate repayment of the
loan. We point out that, following the downgrade of Moody's on
October 8, 2013 and of Standard & Poor's on November 14, 2013,
the Company arranged for the communication contractually due,
starting with EIB suitable arguments. With reference to the EIB
loans not secured by bank guarantees for a nominal amount of 1,450
million euros (out of a total nominal amount of 2,850 million euros
at December 31, 2013), the following covenants are applied:
in the event the company becomes the target of a merger, demerger
or contribution of a business segment outside the Group, or sells,
disposes or transfers assets or business segments (except in
certain cases, expressly provided for), it shall immediately inform
the EIB which shall have the right to ask for guarantees to be
provided or changes to be made to the loan contract, or, only for
certain loan contract, the EIB has the option to demand the
immediate repayment of the loan (should the merger, demerger or
contribution of a business segment outside the Group compromise the
Project execution or cause a prejudice to EIB in its quality of
creditor); "Clause by inclusion" contemplated in the loan
contracted on August 5, 2011 for the amount of 100 million euros
and in the loan contracted on February 7, 2013 for the amount of
300 million euros: against more restrictive clauses (i.e. cross
default clauses, financial covenants, commitments restricting the
sale of goods) granted by the company in new financing agreements,
the EIB will have the right to demand the constitution of
guarantees or the amendment of the loan contract in order to have
an equivalent treatment in favor of the EIB. This provision is not
applied till the outstanding capital related to the subsidized
loans does not exceed the amount of 500 million euros; "Network
Event" contemplated in the 300 million euros financing and in the
100 million euros financing guaranteed by SACE dated both February
7, 2013: against the disposal of the entire fixed network or of a
substantial part of it (in any case more than half of quantitative
terms) in favor of third parties or in case of disposal of the
controlling stake of the company in which the network or a
substantial part of it has previously been transferred, Telecom
Italia shall immediately inform EIB which has the option of
requiring the provision of guarantees or amendment of the loan
contract or an alternative solution.
The syndicated bank credit lines of Telecom Italia S.p.A. do not
contain financial covenants (e.g. ratios such as Debt/EBITDA,
EBITDA/Interests, etc.) which would oblige the Company to repay the
outstanding loan if the covenants are not observed. Mechanisms are
provided for adjusting the cost of funding in relation to Telecom
Italia's credit rating. The syndicated bank credit line contain the
usual other types of covenants, including the commitment not to use
the company's assets as collateral for loans (negative pledges),
the commitment not to change the business purpose or sell assets of
the company unless specific conditions exist (e.g. the sale at the
fair market value). Covenants with basically the same content can
be found in the export credit loan agreement.
16
In a series of agreements in which Telecom Italia is a party,
communication must be provided in case of a change in control. With
reference to loans: Multi-currency revolving credit facility
("MRCF") (8,000,000,000 euros) due on August 1, 2014. The agreement
was signed between Telecom Italia and a syndicate of banks on
August 1, 2005 and subsequently modified. The protocol provided in
case of change in control is similar to that included in the
syndicated credit lines called Forward Start Facility that will
come into effect at the due date of the MRCF on August 1, 2014, and
exactly: Revolving Credit Facility ("RCF 2017") signed on May 24,
2012 for the amount of 4 billion euros and due on May 24, 2017; and
Revolving Credit Facility ("RCF 2018") signed on March 25, 2013 for
the amount of 3 billion euros and due on March 26, 2018.
In the event of a change in control, Telecom Italia shall inform
the agent within 5 business days and the agent, on behalf of the
lending banks, shall negotiate in good faith how to continue the
relationship. None of the parties shall be obliged to continue such
negotiations beyond the term of 30 days, at the end of which, in
the absence of an agreement (a) with the 2/3 of the Lenders of the
MRCF, the credit facility shall cease to be effective and Telecom
Italia shall be held to repay any sum eventually disbursed to
itself (currently equal to 1,500,000,000 euros) or (b) with a
single bank in the RCF 2017 and RCF 2018, the bank with who the
agreement hasn't been met shall request the repayment of the amount
disbursed and the cancellation of the amount related to its
commitment. Conventionally, no change in control is held to exist
in the event control, pursuant to art. 2359 of the Italian Civil
Code, is acquired (i) by shareholders who, at the date of signing
the agreement held, directly or indirectly, more than 13% of the
voting rights in shareholders' meetings or (ii) by the investors
(Telefónica S.A., Assicurazioni Generali S.p.A., Intesa Sanpaolo
S.p.A. and Mediobanca S.p.A.) which had signed a shareholder's
agreement on April 28, 2007 regarding the Telecom Italia shares, or
(iii) by a combination of parties belonging to the above two
categories; Bond: EUR 1,300 million Fixed Rate Guaranteed
Subordinated Mandatory Convertible Bonds into Telecom Italia S.p.A.
ordinary shares (the "Mandatory Convertible Bonds") at maturity,
issued by Telecom Italia Finance S.A. (the "Issuer") and guaranteed
by Telecom Italia S.p.A. (the "Guarantor"). The trust deed provides
in case of acquisition of control, the Issuer shall give notice to
the Trustee and to the bondholders, and the bondholders have the
rights to convert, within the following 60 days, its bonds into
ordinary shares of the Guarantor. It is not an acquisition of
control, the case in which the control would be acquired (i) by
Guarantor shareholders that, as at the date of signing the
agreement, directly or indirectly, held a quote of the Guarantor
shareholders meeting voting rights greater than 13%, or (ii) by
parts of the Telco shareholders' agreement dated February 29, 2012
and amended on September 24 and November 12, 2013, or iii) by a
combination of subjects belonging to the above mentioned two
categories; the regulations covering the bonds issued under the
EMTN Programs, by both Olivetti and Telecom Italia, and the loans
denominated in US dollars, typically provide that, in the event of
mergers or transfer of all or substantially all of the assets of
the issuing company or the guarantor, the incorporating or
transferee company shall assume all of the obligations of the
merged or transferor company. Non-fulfillment of the obligation,
for which a solution is not found, is an event of default.
Contracts with the European Investment Bank (EIB) for a total
nominal amount of 2.85 billion euros: the contracts signed by
Telecom Italia with the EIB, for the amount of 2.15 billion euros,
carry the obligation of promptly informing the Bank about changes
regarding the Bylaws or the allocation of capital among the
shareholders which can bring about a change in control. Failure to
communicate this information to the Bank shall result in the
termination of the contract. Furthermore, when a shareholder, who
at the date of signing the contract does not hold at least 2% of
the share capital, comes to hold more than 50% of the voting rights
in ordinary shareholders' meetings or, in any case, a number of
shares such that it represents more than 50% of the share capital
and, in the bank's reasonable opinion, this fact could cause a
detriment to the Bank or could compromise the execution of the
loan
17
project, the Bank has the right to ask Telecom Italia to provide
guarantees or modify the contract or find an alternative solution.
Should Telecom Italia not comply with the requests of EIB, the Bank
has the right to terminate the contract; the contracts signed by
Telecom Italia with the EIB in 2011 and in 2013, for a total amount
of 600 million euros, carry the obligation of promptly informing
the Bank about any significant changes regarding the Bylaws or the
shareholders. Failure to communicate this information to the Bank
shall result in the termination of the contract. According to these
contracts, there is change in control if a subject or a group of
subjects acting in concert acquire the control of Telecom Italia,
or of the entity controlling it directly or indirectly. There isn't
change in control in case the control is acquired directly or
indirectly by (i) any shareholder of Telecom Italia that at the
date of the contract holds directly or indirectly at least 13% of
the voting rights in the ordinary shareholders' meeting or (ii) by
the investors Telefónica S.A., Assicurazioni Generali S.p.A.,
Intesa Sanpaolo S.p.A. and Mediobanca S.p.A. or by their
subsidiaries. In case of change in control, the EIB has the right
to demand the repayment in advance of the loan; the three contracts
guaranteed and dated September 26, 2011 for a total amount of 200
million euros, as well as the loan contract dated February 7, 2013
guaranteed by SACE for the amount of 100 million euros, consider
the "clause by inclusion" according to which in case Telecom Italia
commits itself to maintain in other financing agreements financial
covenants not present or more restrictive than those granted to the
EIB, the Bank will have the right to demand the constitution of
guarantees or the amendment of the loan contract in order to have
an equivalent provision in favor of the EIB. This provision is not
applied till the outstanding capital related to the subsidized
loans does not exceed the amount of 500 million euros. Loans: we
underline that the outstanding loans generally contain a commitment
for Telecom Italia whose breach is an Event of Default of not
implementing mergers, demergers or transfer of business, involving
entities outside the Group. Such Event of Default could entail,
upon request of the Lender, the early redemption of the drawn
amounts and/or the annulment of the undrawn commitment amounts.
Senior Secured Syndicated Facility. The contract was signed in
October 2011 between BBVA Banco Francés and Tierra Argentea S.A.
(company fully-controlled by the Telecom Italia Group) for the
amount of 312,464,000 Argentinean pesos and provides the repayment
of the loan in 2016. Following a Waiver & Prepayment Agreement
on March 6, 2013, and a Second prepayment and Waiver Agreement on
January 15, 2014, the residual capital amount is equal to
39,664,000 Argentinean pesos (about 4 million euros). The loan is
assisted by a bank guarantee at first call for its residual amount.
The covenants contractually provided, as negative covenants or
financial covenants, are coherent with those of the syndicated
credit facilities and with the local market practice; furthermore,
there is a clause of change of control that involves the total
repayment in advance of the loan in case the Telecom Italia Group
holds less than the 100% of Tierra Argentea S.A. or loses the
control of the other Argentinean subsidiaries. Furthermore, in the
documentation of the loans granted to certain companies of the Tim
Brasil group, the companies must generally respect certain
financial ratios (e.g. capitalization ratios, ratios for servicing
debt and debt ratios), as well as customary negative pledges
clauses, worth the request for the repayment in advance of the
loan. Finally, as of December 31, 2013, no covenants, negative
pledge clauses or other clauses regarding the above described debt
position have been breached or violated in any way.
18
EFFECTS OF NON-RECURRING EVENTS AND TRANSACTIONS ON EACH ITEM OF
THE SEPARATE CONSOLIDATED INCOME STATEMENTS
The effects of non-recurring events and transactions on the
separate consolidated income statements are set out below in
accordance with Consob communication DME/RM/9081707 dated September
16, 2009:
(millions of euros)
2013
2012
Operating revenues and other income: Other income Acquisition of
goods and services, other operating expenses, change in
inventories: Restructuring expenses Sundry expenses Employee
benefits expenses: Restructuring expenses Impact on Operating
profit (loss) before depreciation and amortization, capital gains
(losses) and impairment reversals (losses) on non-current assets
(EBITDA) Gains (losses) on disposals of non-current assets: Gains
on disposals of non-current assets Losses on disposals of
non-current assets Impairment reversals (losses) on non-current
assets: Impairment loss on Core Domestic goodwill Impairment loss
on Media goodwill Write-down of other intangible and tangible
assets (Media) Write-down of tangible assets for restructuring
Impact on EBIT - Operating profit (loss) Other income (expenses)
from investments: Net losses on disposal of other investments
Finance expenses: Interest expense and other financial expenses on
disputes Impact on profit (loss) before tax from continuing
operations IRES tax recovery for IRAP tax on cost of labor (Law
Decree 16/2012) Income taxes on non-recurring items Discontinued
operations - Impairment loss on goodwill and write-down of other
intangible assets Sofora - Telecom Argentina group Other Income
(expenses) relating to Discontinued operations Impact on profit
(loss) for the year - (2,383) - 3 - (22) (2,402) (47) (4,209) 319
11 (234) 2 (4,111) - (2) (2,187) - - - (2,383) (4,016) (105) (52)
(3) (4,160) 4 (101) 72 - (19) (99) (10) (56) (86) (14) (32) 6 -
19
TELECOM ITALIA S.p.A. - SEPARATE INCOME STATEMENTS
2013 (millions of euros) amount Revenues Other income Total
operating revenues and other income Acquisition of goods and
services Employee benefits expenses Other operating expenses Change
in inventories Internally generated assets Operating profit (loss)
before depreciation and amortization, capital gains (losses) and
impairment reversals (losses) on non-current assets (EBITDA)
Depreciation and amortization Gains (losses) on disposals of
non-current assets Impairment reversals (losses) on non-current
assets Operating profit (loss) (EBIT) Income (expenses) from
investments Finance income Finance expenses Profit (loss) before
tax Income tax expense Profit (loss) for the year 15,304 256 15,560
(5,434) (2,251) (624) 42 244 16,940 241 17,181 (5,940) (2,490)
(656) (13) 351 (1,636) 15 (1,621) 506 239 32 55 (107) (30.5) %
(9.7) 6.2 (9.4) 8.5 9.6 4.9 2012 Change
7,537 (3,470) (2) (2,187) 1,878 (73) 2,458 (4,445) (182) (846)
(1,028)
8,433 (3,492) 20 (4,017) 944 36 2,233 (4,238) (1,025) (796)
(1,821)
(896) 22 (22) 1,830 934 (109) 225 (207) 843 (50) 793
(10.6) 0.6 45.6 98.9 10.1 (4.9) 82.2 (6.3) 43.5
20
TELECOM ITALIA S.p.A. - STATEMENTS OF COMPREHENSIVE INCOME
In accordance with IAS 1 (Presentation of Financial Statements)
here below are presented the Statements of Comprehensive Income,
including the Profit (loss) for the year, as shown in the Separate
Income Statements, and all non-owner changes in equity.
(millions of euros)
2013
2012
Profit (loss) for the year Other components of the Statements of
Comprehensive Income:
Other components that will not be reclassified subsequently to
Separate Income Statement Remeasurements of employee defined
benefit plans (IAS19):
(a)
(1,028)
(1,821)
Actuarial gains (losses) Income tax effect
Total other components that will not be reclassified subsequently
to Separate Income Statement Other components that will be
reclassified subsequently to Separate Income Statement
Available-for-sale financial assets:
(19) 5
(14) (b) (14)
(53) 15
(38) (38)
Profit (loss) from fair value adjustments Loss (profit) transferred
to the Separate Income Statement Income tax effect
(c) Hedging instruments:
(26) - 8
(18)
44 - (12)
32
Profit (loss) from fair value adjustments Loss (profit) transferred
to the Separate Income Statement Income tax effect
(d) Total other components that will be reclassified subsequently
to Separate Income Statement (e= c+d)
175 326 (138)
363 345
(458) 324 37
(97) (65)
Total other components of the Statements of Comprehensive Income
Total comprehensive income (loss) for the year
(f= b+e) (a+f)
331 (697)
(103) (1,924)
21
TELECOM ITALIA S.p.A. STATEMENTS OF FINANCIAL POSITION
(millions of euros)
12/31/2013 (a)
12/31/2012 (b)
Change (a-b)
Assets Non-current assets Intangible assets Goodwill Intangible
assets with a finite useful life Tangible assets Property, plant
and equipment owned Assets held under finance leases Other
non-current assets Investments Non-current financial assets
Miscellaneous receivables and other non-current assets Deferred tax
assets Total Non-current assets Current assets Inventories Trade
and miscellaneous receivables and other current assets Current
income tax receivables Current financial assets Securities other
than investments, financial receivables and other current financial
assets Cash and cash equivalents Total Current assets Total assets
Equity and Liabilities Equity Share capital issued Less: treasury
shares Share capital Paid-in capital Other reserves and retained
earnings (accumulated losses), including profit (loss) for the year
Total Equity Non-current liabilities Non-current financial
liabilities Employee benefits Deferred tax liabilities Provisions
Miscellaneous payables and other non-current liabilities Total
Non-current liabilities Current liabilities Current financial
liabilities Trade and miscellaneous payables and other current
liabilities Current income tax payables Total Current Liabilities
Total Liabilities Total equity and liabilities (e) (f=d+e) (c+f)
8,882 6,226 - 15,108 45,907 62,487 5,425 7,003 - 12,428 49,041
66,770 3,457 (777) - 2,680 (3,134) (4,283) (d) 29,154 762 2 469 412
30,799 34,887 728 2 478 518 36,613 (5,733) 34 - (9) (106) (5,814)
(c) 10,694 (21) 10,673 1,704 4,203 16,580 10,694 (21) 10,673 1,704
5,352 17,729 - - - - (1,149) (1,149) (b) (a+b) 2,009 1,284 3,293
7,023 62,487 839 2,146 2,985 7,341 66,770 1,170 (862) 308 (318)
(4,283) 154 3,475 101 112 4,189 55 42 (714) 46 (a) 9,329 1,371
1,134 561 12,395 55,464 9,330 2,449 996 824 13,599 59,429 (1)
(1,078) 138 (263) (1,204) (3,965) 9,307 918 10,225 9,488 1,005
10,493 (181) (87) (268) 28,424 4,420 32,844 30,611 4,726 35,337
(2,187) (306) (2,493)
22
TELECOM ITALIA S.p.A. STATEMENTS OF CASH FLOWS
(millions of euros)
2013
2012
Cash flows from operating activities:
Profit (loss) for the year Adjustments for: Depreciation and
amortization Impairment losses (reversals) on non-current assets
(including investments) Net change in deferred tax assets and
liabilities Losses (gains) realized on disposals of non-current
assets (including investments) Change in provisions for employee
benefits Change in inventories Change in trade receivables and net
amounts due from customers on construction contracts Change in
trade payables Net change in current income tax
receivables/payables Net change in miscellaneous
receivables/payables and other assets/liabilities Cash flows from
(used in) operating activities
Cash flows from investing activities:
(1,028) 3,470 2,371 140 1 (33) (35) 769 (388) (53) (667) (a) 4,547
(1,235) (1,680) (2,915) (81) (2,996) 5 (174) (108) 18 (b) (3,255)
(194) 2,441 (3,025) - (454) (c) (d=a+b+c) (e) (f=d+e) (1,232) 60
911 971
(1,821) 3,492 4,122 99 (29) (232) 13 818 (571) (451) (261) 5,179
(1,197) (1,808) (3,005) 217 (2,788) 57 (60) 943 29 (1,819) (102)
3,940 (6,670) - (900) (3,732) (372) 1,283 911
Purchase of intangible assets on an accrual basis Purchase of
tangible assets on an accrual basis Total purchase of intangible
and tangible assets on an accrual basis Change in amounts due to
fixed asset suppliers Total purchase of intangible and tangible
assets on a cash basis Acquisitions of control of subsidiaries or
other businesses, net of cash acquired Acquisitions/disposals of
other investments Change in financial receivables and other
financial assets Proceeds from sale/repayments of intangible,
tangible and other non-current assets Cash flows from (used in)
investing activities
Cash flows from financing activities:
Change in current financial liabilities and other Proceeds from
non-current financial liabilities (including current portion)
Repayments of non-current financial liabilities (including current
portion) Share capital proceeds/reimbursements Dividends paid Cash
flows from (used in) financing activities Aggregate cash flows Net
cash and cash equivalents at beginning of the year Net cash and
cash equivalents at end of the year
23
Additional Cash Flow Information
2013
(millions of euros)
2012
Income taxes (paid) received Interest expense paid Interest income
received Dividends received
(759) (4,419) 2,708 104
(1,097) (3,576) 1,717 132
Analysis of Net Cash and Cash Equivalents
(millions of euros)
2013
2012
Net cash and cash equivalents at beginning of the year: Cash and
cash equivalents Bank overdrafts repayable on demand Net cash and
cash equivalents at end of the year: Cash and cash equivalents Bank
overdrafts repayable on demand 1,284 (313) 971 2,146 (1,235) 911
2,146 (1,235) 911 1,595 (312) 1,283
24
TELECOM ITALIA S.p.A. NET FINANCIAL DEBT
(millions of euros)
12/31/2013
12/31/2012
Change
Non-current financial liabilities Bonds Amounts due to banks, other
financial payables and liabilities Finance lease liabilities
Current financial liabilities (1) Bonds Amounts due to banks, other
financial payables and liabilities Finance lease liabilities Total
Gross financial debt Non-current financial assets Financial
receivables and other non-current financial assets Current
financial assets Securities other than investments Financial
receivables and other current financial assets Cash and cash
equivalents Total financial assets Net financial debt carrying
amount Reversal of fair value measurement of derivatives and
related financial assets/liabilities Adjusted Net Financial Debt
Breakdown as follows: Total adjusted gross financial debt Total
adjusted financial assets (1) of which current portion of
medium/long -term debt: Bonds Amounts due to banks, other financial
payables and liabilities Finance lease liabilities
1,406 5,380 188 1,192 2,301 217 214 3,079 (29) (1,462) (547)
(1,284) (363) (476) (2,146) (1,099) (71) 862 (1,371) (2,449) 1,078
1,406 7,288 188 1,192 4,016 217 214 3,272 (29) 15,828 12,325 1,001
15,138 18,591 1,158 690 (6,266) (157)
29,154
34,887
(5,733)
8,882 38,036
5,425 40,312
3,457 (2,276)
(1,371)
(2,449)
1,078
(3,293) (4,664) 33,372
(1,063)
(2,985) (5,434) 34,878
(1,651)
(308) 770 (1,506)
588
32,309 35,934 (3,625)
33,227 37,010 (3,783)
(918) (1,076) 158
25
TELECOM ITALIA S.p.A. EFFECTS OF NON-RECURRING EVENTS AND
TRANSACTIONS ON
EACH ITEM OF THE SEPARATE INCOME STATEMENTS
The effects of non-recurring events and transactions on the
separate income statements are set out below in accordance with
Consob communication DME/RM/9081707 dated September 16, 2009:
(millions of euros)
2013
2012
Acquisition of goods and services Fines Fine for A428 proceedings
Sundry expenses Employee benefits expenses Expenses for mobility
Use of mobility fund Impact on operating profit (loss) before
depreciation and amortization, capital gains (losses) and
impairment reversals (losses) on non-current assets (EBITDA) Gains
(losses) on disposals of non-current assets Gains (losses) on
non-current assets Impairment reversals (losses) on non-current
assets Goodwill impairment changes Impact on EBIT - Operating
profit (loss) Other income (expenses) from investments Gain on
disposal of non-current assets Loss on disposal of Consorzio CRIAI
Net gain on disposal of Matrix Finance expenses Impact on profit
(loss) before tax IRES tax recovery for IRAP tax on cost of labor
(Law Decree 16/2012) Income taxes on non-recurring items Impact on
profit (loss) for the year - - - - (2,287) - 4 (2,283) - (2) 10
(43) (4,030) 303 (2) (3,729) (2,187) (2,287) (4,016) (3,995) 1 36
(15) - (101) - 6 (15) (2) (84) - - - (21)
26
EFFECTS ON KEY FINANCIAL AND OPERATING DATA ARISING FROM THE
PROSPECTIVE ADOPTION OF IFRS 13 (FAIR VALUE MEASUREMENT)
On December 11, 2012, EC issued the Regulation EC n. 1255-2012 that
endorsed in the EU the IFRS 13, which aims to improve consistency
and comparability in fair value measurement through the so called
"fair value hierarchy". IFRS 13 should be adopted prospectively and
do not extend the use of fair value accounting but provide guidance
on how it should be applied. In particular, the IFRS 13: · · ·
defines the concept of fair value; establishes a single set of
principles for all fair value measurements; introduces specific
disclosure requirements to be provided about the measurement of
fair value.
Although many of the concepts set forth in IFRS 13 are consistent
with current practice, some aspects of the new standard result in
impacts on Telecom Italia Group, foremost among which is the effect
due to the clarification introduced regarding the measurement of
the non-performance risk in determining the fair value of
derivative contracts. This risk includes both changes in the
creditworthiness of the counterparty and of the Telecom Italia
Group itself. The application of IFRS 13 has resulted for the year
2013 in a positive effect on the consolidated net result and equity
attributable to owners of the Parent of 18 million euros. As
regards Telecom Italia S.p.A., the application of IFRS 13 has
resulted for the year 2013 in a positive effect on net result and
equity of 37 million euros.
27
Grafico Azioni Telecom Italia (BIT:TITR)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni Telecom Italia (BIT:TITR)
Storico
Da Gen 2024 a Gen 2025
