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Progetto Santiago Calatrava_Comune di Reggio Emilia_Foto Kai-Uwe Schulte-Bunert

2018

Annual Report

CONTENTS

REPORT ON OPERATIONS

TIM Group___________________________________________4

Key Operating and Financial Data - TIM Group ______________________________________9

Financial and Operating Highlights of the Business Units of the TIM Group _____________23

Main Commercial Developments _________________________________________________34

Main changes in the regulatory framework_________________________________________ 37

Competition ___________________________________________________________________42

Consolidated Financial Position and Cash Flows Performance ________________________46

Consolidated Data - Tables of detail ______________________________________________53

Social and environmental impact of operations and their economic aspects____________61

Research and development ______________________________________________________66

Consolidated Non-Financial Statement____________________________________________ 71

Events subsequent to December 31, 2018 __________________________________________ 72

Business Outlook for the Year 2019 _______________________________________________ 72

Main risks and uncertainties______________________________________________________ 74

Information for Investors ________________________________________________________ 78

Related party transactions and direction and coordination activity ____________________ 81

Alternative Performance Measures _______________________________________________82

TIM S.p.A.__________________________________________84

Review of Key Operating and Financial Data - TIM S.p.A. _____________________________85

Financial Statements - TIM S.p.A. _________________________________________________ 97

Reconciliation of Consolidated Equity ____________________________________________103

Corporate Boards at December 31, 2018 __________________________________________104

Macro-Organization Chart ______________________________________________________106

TIM GROUP CONSOLIDATED FINANCIAL STATEMENTS____108

Contents _____________________________________________________________________ 111

Consolidated Statements of Financial Position ____________________________________ 112

Separate Consolidated Income Statements _______________________________________ 114

Consolidated Statements of Comprehensive Income _______________________________ 115

Consolidated Statements of Changes in Equity ____________________________________ 116

Consolidated Statements of Cash Flows __________________________________________ 117

Notes to the Consolidated Financial Statements ___________________________________ 119

Certification of the Consolidated Financial Statements pursuant to Article 81-ter

of Consob Regulation 11971 dated May 14, 1999, with Amendments and Additions _____ 272

Independent Auditors' Report ___________________________________________________ 273

TIM S.p.A. SEPARATE FINANCIAL STATEMENTS___________274

Contents _____________________________________________________________________ 277 Statements of Financial Position_________________________________________________278

Separate Income Statements __________________________________________________ 280

Statements of Comprehensive Income ___________________________________________281

Statements of Changes in Equity ________________________________________________282

Statements of Cash Flows ______________________________________________________283

Notes to the Separate Financial Statements of TIM S.p.A. ___________________________285

Certification of the Separate Financial Statements Pursuant to Article 81-ter

of Consob Regulation 11971 dated May 14, 1999, with Amendments and Additions _____424

Independent Auditors' Report ___________________________________________________425

OTHER INFORMATION_________________________________427

Report of the Board of Statutory Auditors_________________________________________429

Proposed Resolutions __________________________________________________________451

Glossary ______________________________________________________________________ 455

Useful Information_____________________________________________________________474

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Telecom Italia S.p.A. published this content on 15 March 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 15 March 2019 14:53:17 UTC