DOCSLIB.ORG

View Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

1 Summary data and general information >> 2 Corporate boards 20 Report on operations 3 LETTER Of THE chairman 201 Consolidated financial statements 5highlights 267 financial statements Telecom Italia S.p.A. 7 Selected eco. and financial data T.I. Group 342 other information 8 Key data Telecom Italia Group B.U. 10 Operating highlights Telecom Italia Group 11 Shareholder information 17 Macro-organization chart of T.I. Group 19 International presence { CONTENTS Summary data Corporate boards 2 and general Letter of the Chairman 3 information Highlights 5 Selected economic and financial data - Telecom Italia Group 7 Key data - Telecom Italia Group Business Units 8 Operating highlights - Telecom Italia Group 10 Shareholder information 11 Macro-organization chart - Telecom Italia Group 17 International presence 19 Report Economic and financial performance - Telecom Italia Group 20 on operations Economic and financial performance - Telecom Italia S.p.A. 39 Subsequent events 50 Business outlook 52 Related party transactions 53 Transition to IAS/IFRS 55 Economic and financial performance – Telecom Italia Group Business Units 57 Wireline 57 Mobile 68 South America 76 Internet and Media 81 Information Technology Market 87 Information Technology Group 93 Olivetti Tecnost 97 Other activities 101 Disputes, litigations and legal proceedings pending 111 Sustainability section 124 Context 124 Customers 129 Suppliers 135 Competitors 137 - Regulatory framework 138 - Interbusiness services 141 The State and institutions 143 The Environment 146 The Community 161 - Research & Development 169 Human resources 170 Shareholders 181 - Financial communications 181 - Safeguarding of privacy and data protection 181 Corporate governance 183 Equity investments held by Directors, Statutory Auditors and General Managers 197 Telecom Italia Group Consolidated balance sheets 202 Consolidated Consolidated statements of income 204 financial statements Notes to the consolidated financial statements 206 Independent Auditors’ report 265 Telecom Italia S.p.A. Balance sheets 268 Financial statements Statements of income 270 Notes to the financial statements 272 Independent Auditors’ report 331 Board of Statutory Auditors’ report 333 Other information Resolutions 342 Useful information 364 2003 ANNUAL REPORT 1 1 Summary data and general information >> 2 Corporate boards 20 Report on operations 3 LETTER Of THE chairman 201 Consolidated financial statements 5highlights 267 financial statements Telecom Italia S.p.A. 7 Selected eco. and financial data T.I. Group 342 other information 8 Key data Telecom Italia Group B.U. 10 Operating highlights Telecom Italia Group 11 Shareholder information 17 Macro-organization chart of T.I. Group 19 International presence { CORPORATE BOARDS Board of Directors (1) Chairman (2) Marco Tronchetti Provera (E) Ĩ (1) Appointed by the Olivetti Shareholders’ Deputy Chairman (2) Gilberto Benetton Meeting held on May 26, 2003. Directors (2) Carlo Orazio Buora (E) Ĩ (2) Appointed by the Board of Directors’ Riccardo Ruggiero (E) Meeting held on August 4, 2003. Directors Umberto Colombo (I) Ĩ (E) Executive director. Giovanni Consorte Ĩ (I) Independent Francesco Denozza (I) director. Luigi Fausti (I) Guido Ferrarini (I) Natalino Irti (I) Gianni Mion Pietro Modiano Massimo Moratti Carlo Alessandro Puri Negri Pier Francesco Saviotti Secretary to the Board (2) Francesco Chiappetta Remuneration Chairman Luigi Fausti Committee Members Umberto Colombo Pier Francesco Saviotti Committee for Chairman Guido Ferrarini Internal Control and Corporate Governance Members Luigi Fausti Natalino Irti General Managers (2) Riccardo Ruggiero Giuseppe Sala Board of Statutory Chairman Ferdinando Superti Furga (1) Auditors Acting auditors Rosalba Casiraghi Paolo Golia Salvatore Spiniello Gianfranco Zanda Alternate auditors Enrico Bignami Enrico Laghi Independent auditors (3) Reconta Ernst & Young S.p.A. Ĩ (3) Appointment conferred by the Olivetti Shareholders’ Meeting held on July 4, 2000. 2003 ANNUAL REPORT 2 1 Summary data and general information >> 2 Corporate boards 20 Report on operations 3 LETTER Of THE chairman 201 Consolidated financial statements 5highlights 267 financial statements Telecom Italia S.p.A. 7 Selected eco. and financial data T.I. Group 342 other information 8 Key data Telecom Italia Group B.U. 10 Operating highlights Telecom Italia Group 11 Shareholder information 17 Macro-organization chart of T.I. Group 19 International presence { LETTER OF THE CHAIRMAN To the Shareholders, good reputation and trust, we took action to make our administrative decisions even more For Telecom Italia, 2003 was a decisive turning transparent, to ensure that the interests of all our point in the building of structures that would be shareholders would be respected, and to establish both stronger and more appropriate to meet the a continuous, open dialogue with the financial ambitions and challenges facing a large group community. With respect to corporate governance, committed to an industrial project abounding we want to be at the top not only nationally but with development potential. also internationally, so that every level of corporate What we achieved in 2003 involved radical operations will adopt the kind of conduct that will restructuring and the re-launching of the industrial guarantee the utmost honesty and transparency. It side of the Group. Over the last two years, we have is a continuous process: another step forward was succeeded in cutting costs by more than euro 2.2 the decision, starting with the Board of Directors billion, equivalent to 86% of the target set for the taking office in 2004, that the board should have a end of 2004. Non-strategic operations were sold majority of independent directors of the highest for euro 10 billion. The values of investments in possible standing from both a personal and the corporate portfolio were lowered by more than professional standpoint. euro 12 billion, to bring them in line with fair In more general terms, we have stepped up our value. Net financial indebtedness was reduced by commitment to implement policies of corporate euro 10 billion. At the same time, more than euro responsibility that aim to satisfy all the bearers of 10 billion was distributed to shareholders between legitimate interest – customers, employees, dividends and tender offers. It is therefore suppliers, the public at large, future generations – legitimate that we should feel proud of having by supporting the principles of the Global fulfilled the commitments that we made to the Compact, the key benchmark at world level market when we took over the responsibility of launched in 2000 by the U.N.O. to promote managing the Group. respect for human rights and labor standards and One of these commitments was to streamline the the safeguarding of the environment. By making corporate structure. In fact, integration of Olivetti the Sustainability Program an integral part of the with Telecom Italia last summer resulted in a Industrial Plan, we have planned the measures company that is more competitive, more flexible needed to assure the ethical excellence of the in financial terms, and better oriented to create whole Group. value for its shareholders. The positive economic and financial results of While we were working to rid ourselves of the 2003 fit into this general framework. The results heavy burden that had accumulated in past years, exceed the set targets in a way that places the we did not neglect to build solid, competitive Telecom Italia Group in a prime position within foundations for the future. We continued to invest the international telecommunications scenario. almost euro 5 billion a year, mainly in the The results achieved are even more impressive technological innovation of our networks, when we consider that 85% of the results was systems, products and services. We focused our generated on the Italian market, where attention even more on marketing and on the deregulation has been so far-reaching and so structures dedicated to serving our clientele. We rigorous and where, as a result, competition in never failed to continue to improve the level of terms of prices and services has been even fiercer professional expertise of our human resources. than in other European countries. Since we were well aware that there could be no The main business segments generated growth. reliable, long-lasting growth without integrity, a For the first time in four years, revenues from 2003 ANNUAL REPORT 3 1 Summary data and general information >> 2 Corporate boards 20 Report on operations 3 LETTER Of THE chairman 201 Consolidated financial statements 5highlights 267 financial statements Telecom Italia S.p.A. 7 Selected eco. and financial data T.I. Group 342 other information 8 Key data Telecom Italia Group B.U. 10 Operating highlights Telecom Italia Group 11 Shareholder information 17 Macro-organization chart of T.I. Group 19 International presence wireline telephone services increased as a result become interactive. Companies will be able to of effective strategies to promote customer conduct their business on-line, thus reducing loyalty, the ever-more rapid spread of broadband costs and improving their level of services, the development of value added services competitiveness. The true development of the and the introduction of innovative data ”Internet Age” is finally taking place. transmission solutions. In mobile telephone The Wi-Fi platform and the technologies of the services, Tim continued its commitment to launch third generation, EDGE (the latest
Recommended publications
  • Enel Green Power, Sharp and Stmicroelectronics Sign Agreement for the Largest Photovoltaic-Panel Manufacturing Plant in Italy

    Enel Green Power, Sharp and Stmicroelectronics Sign Agreement for the Largest Photovoltaic-Panel Manufacturing Plant in Italy

    Enel Green Power, Sharp and STMicroelectronics Sign Agreement for the Largest Photovoltaic-Panel Manufacturing Plant in Italy January 4, 2010 3:04 AM ET Enel Green Power, Sharp and STMicroelectronics join forces to produce innovative thin-film photovoltaic panels. The plant, located in Catania, Italy, is expected to have initial production capacity of 160 MW per year and is targeted to grow to 480 MW over the next years. In addition, Enel Green Power and Sharp will jointly develop solar farms focusing on the Mediterranean area, with a total installed capacity at a level of 500 MW, by the end of 2016. Geneva, January 4, 2010 – Today, Enel Green Power, Sharp and STMicroelectronics signed an agreement for the manufacture of triple-junction thin-film photovoltaic panels in Italy. At the same time, Enel Green Power and Sharp signed a further agreement to jointly develop solar farms. Today's agreement regarding the photovoltaic panel factory follows the Memorandum of Understanding signed in May 2008 by Enel Green Power and Sharp. STMicroelectronics has joined this strategic partnership. This agreement marks the first time that three global technology and industrial powerhouses have joined together in an equal partnership to contribute their unique value-add to the solar industry. It brings together Enel Green Power, with its international market development and project management know-how; Sharp, and its exclusive triple-junction thin-film technology, which will be operational in the mother plant in Sakai, Japan as of spring 2010; and STMicroelectronics, with its manufacturing capacity, skills and resources in highly advanced, hi-tech sectors such as microelectronics.
  • Intesa Sanpaolo Group Conflicts of Interest

    Intesa Sanpaolo Group Conflicts of Interest

    Conflicts of interest 24/07/2020 Intesa Sanpaolo Group conflicts of interest Please read carefully the important disclosures at the end of this publication COMPANIES CONFLICTS OF INTEREST 2I RETE GAS SPA We provide the following information on Intesa Sanpaolo Group's conflicts of interest: - One or more of the companies of the Intesa Sanpaolo Banking Group have an equity stake of 5% or more in 2I RETE GAS SPA or in the Company that has a controlling interest in 2I RETE GAS SPA or are a major shareholder of 2I RETE GAS SPA - One or more of the companies of the Intesa Sanpaolo Banking Group have elected one or more members of the Board of Directors or the Board of Statutory Auditors or another controlling body of 2I RETE GAS SPA or of the parent company 2I RETE GAS SPA or the majority shareholder of 2I RETE GAS SPA - One or more of the companies of the Intesa Sanpaolo Banking Group have granted significant financing to 2I RETE GAS SPA and its parent and group companies A2A SPA We provide the following information on Intesa Sanpaolo Group's conflicts of interest: - One or more of the companies of the Intesa Sanpaolo Banking Group have granted significant financing to A2A SPA and its parent and group companies ABITARE IN SPA We provide the following information on Intesa Sanpaolo Group's conflicts of interest: - One or more of the companies of the Intesa Sanpaolo Banking Group are one of the main financial lenders to ABITARE IN SPA and its parent and group companies - Intesa Sanpaolo acts as Corporate Broker relative to securities issued
  • International Conference on Education 47Th Session

    International Conference on Education 47Th Session

    ED/MD/103 Final report International Conference on Education 47th session Geneva 8 – 11 September 2004 UNESCO International Bureau of Education (i) TABLE OF CONTENTS Page AGENDA ................................................................................................................................. (iii) PART I - PROCEEDINGS OF THE CONFERENCE A. Opening ceremony ................................................................................................. 1 B. Organization of work – Methodology .................................................................... 2 C. Celebration of International Literacy Day ............................................................. 3 D. Closing ceremony .................................................................................................. 4 E. Award of the Comenius Medal .............................................................................. 5 F. Side-meetings.......................................................................................................... 5 PART II - DOCUMENTS ISSUED BY THE CONFERENCE A. General report ......................................................................................................... 7 B. Message from the 47th session of ICE and proposed priorities for action ........................................................................... 11 ANNEXES I. Opening address by H.E. Mr Fabian Osuji, Minister of Education of Nigeria II. Opening address by Mr Koïchiro Matsuura, Director-General of UNESCO III. Opening address by H.E.
  • TEA6422 TEA6422D TEA6422DT Stmicroelectronics Datasheet

    TEA6422 TEA6422D TEA6422DT Stmicroelectronics Datasheet

    TEA6422 BUS-CONTROLLED AUDIO MATRIX ■ 6 Stereo Inputs ■ 3 Stereo Ouputs ■ Gain Control 0 dB/Mute for each Output ■ Cascadable (2 different addresses) ■ Serial Bus Controlled ■ Very Low Noise ■ Very Low Distorsion SHRINK DIP24 ■ Fully ESD Protected (Shrink Plastic Package) ■ Wide Audio Dynamic Range ( 3 V ) RMS ORDER CODE: TEA6422 DESCRIPTION The TEA6422 switches 6 stereo audio inputs on 3 stereo outputs. All the switching possibilities are changed through the I2C BUS. SO28 (Plastic Monopackage) ORDER CODE: TEA6422D Figure 1. PIN CONNECTIONS SO28 SDIP24 GND 1 28 SDA GND 1 24 SDA CAPACITANCE 2 27 SCL 2 23 CAPACITANCE SCL VS 3 26 ADDR VS 3 22 ADDR L1 4 25 R1 L1 4 21 R1 L2 5 24 R2 L2 5 20 R2 L3 6 23 R3 L3 6 19 R3 NC 7 22 NC L4 7 18 R4 NC 8 21 NC L5 8 17 R5 L4 9 20 R4 L6 9 16 R6 L5 10 19 R5 LOUT1 10 15 ROUT3 L6 11 18 R6 ROUT1 11 14 LOUT3 LOUT1 12 17 ROUT3 LOUT2 12 13 ROUT2 ROUT1 13 16 LOUT3 LOUT2 14 15 ROUT2 September 2003 1/10 1 TEA6422 BLOCK DIAGRAM RIGHT INPUTS GAIN = 0 dB RIGHT OUTPUTS VS SDA C SUPPLY BUS DECODER SCL GND ADDR LEFT OUTPUTS GAIN = 0 dB LEFT INPUTS ABSOLUTE MAXIMUM RATINGS Symbol Parameter Value Unit VCC Supply Voltage 12 V o Toper Operating Temperature 0, + 70 C o Tstg Storage Temperature - 20, + 150 C THERMAL DATA Symbol Parameter Value Unit SDIP24 75 oC/W R (j-a) Junction - ambient Thermal Resistance th SO28 75 oC/W 2/10 1 TEA6422 ELECTRICAL CHARACTERISTICS o Ω Ω TA = 25 C, VS = 9 V, RL = 10 k , RG = 600 , f = 1 kHz (unless otherwise specified) Symbol Parameter Test Conditions Min.
  • 4133-6266-6020.6 EMTN PROGRAMME PROSPECTUS This

    4133-6266-6020.6 EMTN PROGRAMME PROSPECTUS This

    EMTN PROGRAMME PROSPECTUS This document constitutes two base prospectuses: (i) the base prospectus of TIM S.p.A. and (ii) the base prospectus of Telecom Italia Finance S.A. (together, the EMTN Programme Prospectus). TIM S.p.A. (incorporated with limited liability under the laws of the Republic of Italy) TELECOM ITALIA FINANCE S.A. (incorporated with limited liability under the laws of the Grand-Duchy of Luxembourg) €20,000,000,000 Euro Medium Term Note Programme unconditionally and irrevocably guaranteed in respect of Notes issued by Telecom Italia Finance S.A. by TIM S.p.A. (incorporated with limited liability under the laws of the Republic of Italy) Under this €20,000,000,000 Euro Medium Term Note Programme (the Programme), TIM S.p.A. (TIM) and Telecom Italia Finance S.A. (TI Finance and, together with TIM in its capacity as an issuer, the Issuers and each an Issuer) may from time to time issue notes (the Notes) denominated in any currency agreed with the relevant Dealer (as defined below). Payment of all amounts owing in respect of the Notes issued by TI Finance will be unconditionally and irrevocably guaranteed by TIM (in such capacity, the Guarantor). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed €20,000,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement), subject to increase as described herein. The Notes may be issued on a continuing basis to one or more of the Dealers specified under “Overview of the Programme” and any additional Dealer appointed under the Programme from time to time by the Issuers (each a Dealer and, together, the Dealers), which appointment may be for a specific issue or on an ongoing basis.
  • World's Smallest Micro-Mirror Scanning Technology From

    World's Smallest Micro-Mirror Scanning Technology From

    Press release Communiqué de presse Comunicato stampa 新闻稿 / 新聞稿 プレスリリース 보도자료 T4264D World’s Smallest Micro-Mirror Scanning Technology from STMicroelectronics Chosen for Intel® RealSense™ High-Resolution LiDAR Depth Camera L515 Power-efficient, hi-res LiDAR camera capturing millions of depth points per second suits a wide range of Industrial and Computing use cases Geneva, March 8, 2021 – STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, has developed a tiny MEMS mirror with Intel enabling spatial scanning of an environment. Intel developed a LiDAR system based on this micro-mirror, providing high-resolution scanning for industrial applications such as robotic arms for bin picking, volumetric measurements, logistics, and 3D scanning. Built into the Intel RealSense LiDAR1 Camera L515, the small dimensions of the ST micro-mirror contribute to the LiDAR camera’s hockey-puck size (61mm diameter x 26mm height). The micro-mirror enables continuous laser scanning across the entire field of view. In combination with a custom photodiode sensor, the RealSense LiDAR Camera L515 renders a 3D depth map of the entire scene. “With 30 frames per second and a field-of-view of 70° by 55°, ST’s 2nd-generation micro-mirror continues to set the bar for 3D scanning and detection applications,” said Benedetto Vigna, President Analog, MEMS and Sensors Group, STMicroelectronics. “Continuing the long-term supply relationship for micro-mirrors with Intel demonstrates our never-ending efforts to leverage our long-lasting leadership in MEMS to meet the demanding technical and supply needs of our customers.” The L515 leverages the scanning capabilities of ST’s MEMS to deliver high-resolution depth with no interpolated pixels, the ability to control the field of view, and provides close to zero pixel blur driven by the low 50nS exposure time.
  • John Hancock Disciplined Value International Fund A: JDIBX C: JDICX I: JDVIX R2: JDISX R4: JDITX R6: JDIUX

    John Hancock Disciplined Value International Fund A: JDIBX C: JDICX I: JDVIX R2: JDISX R4: JDITX R6: JDIUX

    All data is as of June 30, 2021 Q2 - 2021 International equity fund Quarterly commentary John Hancock Disciplined Value International Fund A: JDIBX C: JDICX I: JDVIX R2: JDISX R4: JDITX R6: JDIUX Objective Use for Morningstar category Long-term growth of capital Core international holding Foreign Large Value Quarterly commentary Highlights The fund beneited from strong stock selection in the communication International equities rallied in the second quarter, helping the fund’s services sector, where SK Telecom Co., Ltd. was a top performer ater its benchmark—the MSCI EAFE Index—achieve a series of all-time highs management announced a plan to split the company in two to recognize before it peaked in mid-June. value. The fund also outperformed in energy, due largely to a rally in shares The fund delivered a positive return, but it trailed the index. of Cenovus Energy, Inc., IMI PLC, and Hitachi Corp. All three companies Given the underperformance of the value style relative to growth, the were top contributors for the quarter, as was a zero weighting in the fund’s value-driven strategy was a headwind to results compared with the Japanese company Sotbank Group Corp. broad-based benchmark. Market review and outlook Portfolio changes International stocks performed well in the past three months as economic We increased the fund’s weightings in industrials and healthcare while data continued to improve as the gradual rollout of vaccines fostered a reducing its allocation to information technology. The changes were all resumption of normal business conditions. Broad measures of consumer stock speciic, and the structure of the portfolio didn’t change materially.
  • Xtera® Selected As the Supplier for the ARBR Subsea Cable System

    Xtera® Selected As the Supplier for the ARBR Subsea Cable System

    1/23/2018 Xtera® Selected as the Supplier for the ARBR Subsea Cable System Xtera® Selected as the Supplier for the ARBR Subsea Cable System January 23, 2018 09:00 ET | Source: Xtera HONOLULU and ALLEN, Texas, Jan. 23, 2018 (GLOBE NEWSWIRE) ­­ Xtera®, a provider of innovative subsea fibre optic solutions, today announces it has been selected as the supplier of the ARBR submarine fibre optic cable system developed jointly by Seaborn Networks and the Werthein Group. The 2,700 km open system, 4­fibre pair, 48Tbps, direct PoP­to­PoP subsea cable will connect Argentina and Brazil. The ARBR subsea cable system will allow for direct onward connectivity to New York, via the Seabras­1 system, thereby providing a lower latency route between the commercial and financial centers of Buenos Aires, São Paulo, Rio de Janeiro and New York. The ARBR cable is fully funded and on an accelerated implementation schedule to bring valuable new capacity on an underserved route, providing important new connectivity to this region. “This award further consolidates Xtera’s position as a strong player in the regional submarine market segment and is a significant endorsement of Xtera’s differentiated product offering,” says Stuart Barnes, Chairman and Chief Strategy Officer, Xtera. “Our four pillars of product and service offerings encompass subsea systems technologies, wet and dry upgrades, IP licensing, and OEM / specialist units to selected markets. Xtera is further defined by its flexible approach to system­ partnering and contracting structures that ensure the best value for investment and a solution aligned to each customer’s need.” The ARBR subsea cable system will utilize Xtera’s field­proven submarine repeaters with hybrid EDFA­Raman design, enabling a robust optimized transmission system.
  • Euro Stoxx® Residual Momentum Premium Index

    Euro Stoxx® Residual Momentum Premium Index

    EURO STOXX® RESIDUAL MOMENTUM PREMIUM INDEX Components1 Company Supersector Country Weight (%) EUROFINS SCIENTIFIC null null 3.37 SARTORIUS STEDIM BIOTECH null null 3.20 EDP RENOVAVEIS null null 2.97 HELLOFRESH AG null null 2.21 SIEMENS GAMESA null null 2.21 SARTORIUS PREF. null null 2.16 KESKO null null 2.07 DEUTSCHE POST null null 1.89 CORBION null null 1.81 BRENNTAG null null 1.80 SIGNIFY null null 1.75 ZALANDO null null 1.68 SEB null null 1.56 LVMH MOET HENNESSY null null 1.52 BOLLORE null null 1.48 INTERPUMP GRP null null 1.45 SIEMENS null null 1.44 CAP GEMINI null null 1.41 RATIONAL null null 1.41 BMW null null 1.40 BANCO BPM null null 1.37 FUCHS PETROLUB PREF null null 1.30 SOITEC null null 1.27 SAINT GOBAIN null null 1.25 PUBLICIS GRP null null 1.23 MICHELIN null null 1.22 UNIBAIL-RODAMCO-WESTFIELD null null 1.20 WARTSILA null null 1.15 CAIXABANK null null 1.13 STELLANTIS null null 1.12 CNH Industrial NV null null 1.12 SOLVAY null null 1.11 BCO BILBAO VIZCAYA ARGENTARIA null null 1.09 PROSIEBENSAT.1 MEDIA null null 1.08 NOKIAN RENKAAT null null 1.08 COVESTRO null null 1.06 DEUTSCHE BANK null null 1.02 INFINEON TECHNOLOGIES null null 1.02 DAIMLER null null 1.02 STMICROELECTRONICS null null 1.02 CONTINENTAL null null 1.01 REXEL null null 0.99 FLUTTER ENTERTAINMENT null null 0.99 AALBERTS null null 0.99 COMMERZBANK null null 0.95 RYANAIR null null 0.94 HEIDELBERGCEMENT null null 0.93 BASF null null 0.93 ASML HLDG null null 0.93 SPIE null null 0.90 ING GRP null null 0.90 ELIS null null 0.89 HERMES INTERNATIONAL null null 0.88 ASM
  • Semiconductors & Semiconductor Equipment

    Semiconductors & Semiconductor Equipment

    Semiconductors & Semiconductor Equipment Driving forces Highlighted criteria & The application of advanced semiconductors has progressed dimension weights beyond traditional computing products to include the Internet Environmental Dimension..34% of Things, Artificial Intelligence, automotive applications, 5G, – Climate Strategy and high-performance computing. Cybersecurity is a strategic – Environmental Policy & priority that is increasing in importance, since security should Management Systems be included by design during chip R&D. The rate at which the – Operational Eco-Efficiency number of transistors on a chip doubles (i.e., Moore’s Law) is – Product Stewardship slowing as integrated circuits become smaller. The semiconductor industry must, therefore, investigate new architectures, materials, Social Dimension ............. 23% and packaging to go beyond current scaling and performance – Human Capital Development constraints, while also addressing the demand for low energy- – Talent Attraction & Retention consumption products. To sustain a rapid pace of innovation, the industry will need to increase R&D investment that, in turn, Governance & Economic will necessitate attracting and retaining a skilled workforce and Dimension ........................ 43% developing talent. The industry must continue to improve its – Innovation Management ultra-pure water usage, energy and waste management, and – Product Quality and Recall pollution prevention. It must also increase promotion of projects Management to substitute hazardous materials and
  • Annual Report and Financial Statements Annual Report and Financial Statements 2016 BOARD of DIRECTORS

    Annual Report and Financial Statements Annual Report and Financial Statements 2016 BOARD of DIRECTORS

    2016 Annual Report and Financial Statements Annual Report and Financial Statements 2016 BOARD OF DIRECTORS Chairman Marcos Marcelo Mindlin Vice-Chairman Gustavo Mariani Director Ricardo Alejandro Torres Damián Miguel Mindlin Diego Martín Salaverri Clarisa Lifsic Santiago Alberdi Carlos Tovagliari Javier Campos Malbrán Julio Suaya de María Alternate Director José María Tenaillon Juan Francisco Gómez Mariano González Álzaga Mariano Batistella Pablo Díaz Index Alejandro Mindlin Brian Henderson Gabriel Cohen Annual Report 4 Carlos Pérez Bello Glossary of Terms 8 Gerardo Carlos Paz Consolidated Financial Statements 166 SUPERVISORY COMMITTEE Glossary of Terms 168 President José Daniel Abelovich Consolidated Statement of Financial Position 172 Statutory Auditor Jorge Roberto Pardo Consolidated Statement of Comprehensive Income (Loss) 174 Germán Wetzler Malbrán Consolidated Statement of Changes In Equity 176 Alternate Statutory Auditor Marcelo Héctor Fuxman Consolidated Statement of Cash Flows 180 Silvia Alejandra Rodríguez Tomás Arnaude Notes to the Consolidated Financial Statements 183 AUDIT COMMITTEE Report of Independent Auditors 344 President Carlos Tovagliari Contact 348 Regular Member Clarisa Lifsic Santiago Alberdi Annual Report Contents Glossary of Terms 8 1. 2016 Results and Future Outlook 12 2. Corporate Governance 19 3. Our Shareholders / Stock Performance 25 4. The Macroeconomic Context 28 5. The Argentine Electricity Market 30 6. The Argentine Oil and Gas Market 53 7. Relevant Events for the Fiscal Year 67 8. Description of Our Assets 80 9. Human Resources 110 10. Corporate Responsibility 113 11. Information Technology 118 12. Quality, Safety, Environment & Labor Health 119 13. Results for the Fiscal Year 122 2016 Annual Report 14. Dividend Policy 148 To the shareholders of Pampa Energía S.A.
  • Audit Report, Consolidated Annual Financial Statements, and Consolidated Management Report All for the Year Ended December 31, 2010

    Audit Report, Consolidated Annual Financial Statements, and Consolidated Management Report All for the Year Ended December 31, 2010

    AUDIT REPORT, CONSOLIDATED ANNUAL FINANCIAL STATEMENTS, AND CONSOLIDATED MANAGEMENT REPORT ALL FOR THE YEAR ENDED DECEMBER 31, 2010 TELEFÓNICA, S.A. AND SUBSIDIARIES COMPOSING THE TELEFÓNICA GROUP CONSOLIDATED FINANCIAL STATEMENTS (CONSOLIDATED ANNUAL ACCOUNTS) AND CONSOLIDATED MANAGEMENT REPORT FOR THE YEAR ENDED DECEMBER 31, 2010 TELEFÓNICA GROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT DECEMBER 31 (MILLIONS OF EUROS) ASSETS NOTE 2010 2009 A) NON-CURRENT ASSETS 108,721 84,311 Intangible assets (Note 6) 25,026 15,846 Goodwill (Note 7) 29,582 19,566 Property, plant and equipment (Note 8) 35,797 31,999 Investment properties 5 5 Investments in associates (Note 9) 5,212 4,936 Non-current financial assets (Note 13) 7,406 5,988 Deferred tax assets (Note 17) 5,693 5,971 B) CURRENT ASSETS 21,054 23,830 Inventories 1,028 934 Trade and other receivables (Note 11) 12,426 10,622 Current financial assets (Note 13) 1,574 1,906 Tax receivables (Note 17) 1,331 1,246 Cash and cash equivalents (Note 13) 4,220 9,113 Non-current assets held for sale 475 9 TOTAL ASSETS (A + B) 129,775 108,141 EQUITY AND LIABILITIES NOTE 2010 2009 A) EQUITY 31,684 24,274 Equity attributable to equity holders of the parent 24,452 21,734 Non-controlling interests (Note 12) 7,232 2,540 B) NON-CURRENT LIABILITIES 64,599 56,931 Non-current interest-bearing debt (Note 13) 51,356 47,607 Non-current trade and other payables (Note 14) 2,304 1,249 Deferred tax liabilities (Note 17) 6,074 3,082 Non-current provisions (Note 15) 4,865 4,993 C) CURRENT LIABILITIES 33,492 26,936 Current interest-bearing debt (Note 13) 9,744 9,184 Current trade and other payables (Note 14) 19,251 14,023 Current tax payables (Note 17) 2,822 2,766 Provisions (Note 15) 1,675 963 TOTAL EQUITY AND LIABILITIES (A+B+C) 129,775 108,141 The accompanying Notes 1 to 25 and Appendices I to VI are an integral part of these consolidated statements of financial position.