Telecom Italia: Board of Directors examines and approves Interim Financial Statements at 31 March 2011
06 Mai 2011 - 9:05AM
Italian Regulatory (Text)
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.
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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.
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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)
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