or a total maximum amount of around 2.7 billion euros, there is a duty to inform the Bank promptly of any modifications regarding the Bylaws or the distribution of the capital among the shareholders that could entail to a change of control. Any failure to provide this information leads to termination of the contract, which also occurs when a shareholder, who does not hold at least 2% of the share capital as of the date of signing the contract, comes to hold more than 50% of the rights to vote in ordinary shareholders' meetings or, however, a number of shares representing more than 50% of the share capital, in case that, according to the reasonable judgment of the Bank, this could cause prejudice to the Bank or compromise the performance of the financing project; Export Credit Agreement (nominal outstanding amount of 63 million euros). The contract was signed in 2004 by Telecom Italia with Soci�t� G�n�rale and the repayment of the loan is due in 2013. It established that, in case of change of control and following failed agreement with the lender bank, Telecom Italia must repay the outstanding loan at the first date in which the interest payment occurred.

29


Furthermore, in the documentation of loans granted to certain companies of Tim Brasil group, the companies must generally respect certain financial ratios (e.g. capitalization ratios, ratios for servicing debt, profitability and debt ratios), as well as the usual non financial covenants, worth the request for the repayment in advance of the loan. Finally, we point out that on March 31, 2011 none of the covenants, negative pledge clauses or other clauses regarding the above described debt positions have been violated in any way.

30


TELECOM ITALIA GROUP � EFFECTS OF NON-RECURRING EVENTS AND TRANSACTIONS ON EACH ITEM OF
THE SEPARATE CONSOLIDATED INCOME STATEMENTS

The effect of non-recurring events and transactions on the separate consolidated income statements is set out below in accordance with Consob communication DME/RM/9081707 dated September 16, 2009:

(millions of euros)

1St quarter 2011

1St quarter 2010

Acquisition of goods and services / Other operating expenses: Other sundry expenses Impact on Operating profit before depreciation and amortization, capital gains (losses) and impairment reversals (losses) on non-current assets (EBITDA) Impact on Operating profit (EBIT) Financial income (expenses) and Other income (expenses) from investments: Net gains on disposals of Other investments Impact on Profit before tax from continuing operations Effect of income taxes on non-recurring items Impact on Profit for the period 17 17 17 1 (7) 1 (6) (8) (8) (8)

31

Telecom Italia (BIT:TITR)
Historical Stock Chart
Von Jun 2024 bis Jul 2024 Click Here for more Telecom Italia Charts.
Telecom Italia (BIT:TITR)
Historical Stock Chart
Von Jul 2023 bis Jul 2024 Click Here for more Telecom Italia Charts.