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Telecom Italia S.p.A. 2005 T elecom ItaliaS.p.A. 2005 AnnualReport Report on Operations Consolidated Financ. Stat. Parent’s Report on Operations Parent’s Financ. Stat. Other Information CONTENTS TELECOM ITALIA GROUP Report on Corporate boards at December 31, 2005 2 Operations Chairman’s letter 4 Macro-organization chart - Telecom Italia Group - at December 31, 2005 6 International presence at December 31, 2005 9 Shareholder information 10 Selected operating and financial data - Telecom Italia Group 14 Operating and financial performance - Telecom Italia Group 16 Business outlook 32 Key data - Telecom Italia Group Business Units 33 Operating highlights - Telecom Italia Group 34 Operating and financial performance - Telecom Italia Group Business Units 35 Wireline 35 Mobile 43 Media 50 Olivetti 54 Other activities 58 Alternative performance measures 65 Sustainability section 66 Context 66 Customers 72 Suppliers 78 Competitors 81 Institutions 87 The Environment 90 The Community 101 – Research, development and innovation 106 Human resources 110 Shareholders 122 Equity investments held by Directors, Statutory Auditors and General Managers 124 Telecom Italia Contents 128 Group - Consolidated balance sheets 129 Consolidated Consolidated statements of operations 131 Financial Consolidated statements of changes in shareholders’ equity 132 Statements Consolidated statements of cash flows 134 Notes 136 Independent Auditors’ report 275 ANNUAL CORPORATE GOVERNANCE REPORT 277 THE PARENT, TELECOM ITALIA S.p.A. Report on Selected operating and financial data - Telecom Italia S.p.A. 292 Operations Operating and financial performance - Telecom Italia S.p.A. 393 Highlights of the major subsidiaries of Telecom Italia S.p.A. 300 Event subsequent to December 31, 2005 302 Related party transactions 303 Stock option plans 306 Research, development and innovation 309 Telecom Balance sheets 312 Italia S.p.A. - Statements of operations 314 Financial Notes to the financial statements 316 Statements Independent Auditors’ report 381 OTHER INFORMATION Board of Statutory Auditors’ report 382 Resolutions 393 Useful information 400 Contents 1 Report on Operations Consolidated Financ. Stat. Parent’s Report on Operations Parent’s Financ. Stat. Other Information Corporate Boards at December 31, 2005 Board of Chairman Marco Tronchetti Provera (Executive Director) Directors Deputy Chairman Gilberto Benetton Chief Executive Carlo Orazio Buora (Executive Director) Officers Riccardo Ruggiero (Executive Director) Directors Paolo Baratta (Independent Director) John Robert Sotheby Boas (Independent Director) Domenico De Sole (Independent Director) Francesco Denozza (Independent Director) Luigi Fausti (Independent Director) Guido Ferrarini ((Independent Director) Jean Paul Fitoussi (Independent Director) Enzo Grilli (Independent Director) Gianni Mion Massimo Moratti Marco Onado (Independent Director) Renato Pagliaro Pasquale Pistorio (Independent Director) Carlo Alessandro Puri Negri Luigi Roth (Independent Director) Secretary to the Board Francesco Chiappetta The ordinary Shareholders’ Meeting held on May 6, 2004 appointed the Board of Directors for three years up to the approval of the financial statements for the year ended December 31, 2006, establishing that the Board should be composed of 19 members. The Shareholders’ Meeting held on April 7, 2005 has, among other things, revised the number of members of the Board of Directors from 19 to 21 and appointed Marco De Benedetti and Enzo Grilli as directors. The appointments of top management were made by the Board of Directors at the meetings held on May 6, 2004 (Chairman, Deputy Chairman, Chief Executive Officers Carlo Buora and Riccardo Ruggiero) and July 26, 2005 (Chief Executive Officer Marco De Benedetti). In the meeting held on September 9, 2004, the Board of Directors chose the director Guido Ferrarini, Chairman of the Committee for Internal Control and Corporate Governance, as the lead independent director of the Company. He was attributed, among other things, the right to call specific and separate meetings of the independent directors to discuss matters considered of interest to the functioning of the Board of Directors or to the management of the company. On October 5, 2005, the Chief Executive Officer Marco De Benedetti tendered his resignation. On January 23, 2006, the director Giovanni Consorte tendered his resignation. Remuneration Luigi Fausti (Chairman) Committee Paolo Baratta Pasquale Pistorio Members of the Remuneration Committee (a committee within the Board of Directors envisaged by the Self-Regulatory Code of the Company) were appointed by the Board of Directors in the meeting held on May 6, 2004. Committee for Guido Ferrarini (Chairman) Internal Control Domenico De Sole and Corporate Francesco Denozza Governance Marco Onado Members of the Committee for Internal Control and Corporate Governance (a committee within the Board of Directors envisaged by the Self-Regulatory Code of the Company) were appointed by the Board of Directors in the meeting held on May 6, 2004. Strategies Marco Tronchetti Provera Committees Carlo Orazio Buora Domenico De Sole Marco Onado Pasquale Pistorio The Strategies Committee was set up by resolution of the Board of Directors on September 9, 2004. Corporate Boards at December 31, 2005 2 Report on Operations Consolidated Financ. Stat. Parent’s Report on Operations Parent’s Financ. Stat. Other Information Board of Statutory Chairman Ferdinando Superti Furga Auditors Acting Auditors Rosalba Casiraghi Paolo Golia Salvatore Spiniello Gianfranco Zanda Alternate Auditors Enrico Bignami Enrico Laghi The Board of Statutory Auditors was appointed by the Shareholders’ Meeting held on May 26, 2003. Common representatives – savings shareholders Carlo Pasteris – “Telecom Italia 1,5% 2001-2010 Francesco Pensato convertible bonds with a repayment premium” – “Telecom Italia 2002-2022 bonds Francesco Pensato at floating rates, open special , series reserved for subscription by employees of the Telecom Italia Group, in service or retired” The common representative of the savings shareholders was appointed for the three-year period 2004-2006 by the Special Shareholders’ Meeting held on October 26, 2004. Following the impossibility of conducting the meetings of the bondholders for the aforesaid bonds, the Milan Court decreed the appointment of the common representative for the three-year period 2005-2007 for both bonds. Independent Auditors Reconta Ernst & Young S.p.A. Appointment of the audit firm was conferred by the Shareholders’ Meeting held on May 6, 2004 for the three years 2004-2006. For Reconta Ernst & Young S.p.A., this is a renewal (the first) of its appointment, after expiry of the mandate voted by the shareholders of the then Olivetti in their meeting held on July 4, 2000. Corporate Boards at December 31, 2005 3 Report on Operations Consolidated Financ. Stat. Parent’s Report on Operations Parent’s Financ. Stat. Other Information Chairman’s letter To the Shareholders, In 2005, our Group was the first in Europe to complete the integration process between fixed and mobile telephone services and the Internet. This constituted yet another step towards our aim of exploiting the enormous potential of the new technologies and broadband with a view to removing all the barriers which prevent private individuals and corporations from freely accessing multimedia services and content in a digital, interactive format, in any location, with any kind of terminal and at any time. The merger between Telecom Italia and Tim was complex. It could not have been otherwise, considering the different history and different corporate culture of the two companies, added to the fact that they were both rivals in the same sphere. Both companies were listed on the Stock Market and both were pursuing different and, to some extent, conflicting growth opportunities. Despite this, the merger was completed in a very short time. In less than five months, we succeeded in integrating into a single company – according to the “One Company” organizational model – our combined structures and expertise in the fields of marketing, administration and control, network development and Information Technology, and the area of sales and customer care. This rapid and far-reaching transformation – approximately 14,000 people changed jobs and responsibilities – was made possible by a general awareness of the enormity of the industrial reasons for making the move and how promising the prospects were, even in the short-term. The merger immediately generated benefits in terms of net profitability. In addition, there were the first positive results arising from important synergies and reductions in cost, which had been planned and which, it was decided, would be reinvested in marketing activities and the development of services and products. This enabled us to effectively combat the phenomena which negatively affected the Italian economy in 2005: the slowdown in economic growth, with its repercussions on the demand for telecommunications services, which was higher than the European average but noticeably in decline; the accentuation of the migration of traffic from fixed to mobile services; the increased level of competition in a market which even the most recent report published by the European Commission recognized as one of the most deregulated; the decision on the part of the Italian regulatory authorities to reduce mobile termination rates by more than what occurred for the other major European operators. The results of 2005, which
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