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TELECOM ITALIA GROUP 1Q 2013 Results Milan, May 9 th , 2013 Telecom Italia Group 1Q 2013 Results FRANCO BERNABE’ - PIERGIORGIO PELUSO

Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

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Page 1: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

TELECOM ITALIA GROUP

1Q 2013 Results Milan, May 9th, 2013

Telecom Italia Group

1Q 2013 Results

FRANCO BERNABE’ - PIERGIORGIO PELUSO

Page 2: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

1 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

Safe Harbour These presentations contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activities and situation relating to the Company and the Group. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those projected or implied in the forward looking statements as a result of various factors. Consequently, Telecom Italia S.p.A. makes no representation, whether expressed or implied, as to the conformity of the actual results with those projected in the forward looking statement. Forward-looking information is based on certain key assumptions which we believe to be reasonable as of the date hereof, but forward looking information by its nature involves risks and uncertainties, which are outside our control, and could significantly affect expected results. Analysts are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation. Telecom Italia S.p.A. undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes in Telecom Italia S.p.A. business or acquisition strategy or planned capital expenditures or to reflect the occurrence of unanticipated events. Analysts and investors are encouraged to consult the Company's Annual Report on Form 20-F as well as periodic filings made on Form 6-K, which are on file with the United States Securities and Exchange Commission. Some data for the first quarter 2012, used in comparisons, included into this presentation have been restated as a result of the early adoption, starting from the first half 2012, of the revised version of IAS 19 (Employee Benefits) and the reclassification of Matrix (company that was disposed of on October 31, 2012) from the Business Unit Domestic–Core Domestic to the Business Unit Other Activities.

Page 3: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

2 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

TI Group 1Q13 Results and Core Markets Performance Italy

Brazil

Argentina

Financial Position

Strategic Update

Wrap-up

Appendix

Agenda

Page 4: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

3 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

CAPEX

EBITDA - CAPEX

EBITDA

Contribution to YoY change

Revenues

Contribution to YoY change

0.0%

3.3%

-6.5%

7.023 6.796

1Q12 1Q13

906 878

1Q12 1Q13

1.979 1.821

1Q12 1Q13

2,885 2,699

1Q12 1Q13

-0.3%

1.5%

-7.6%

Euro mln, Organic data, %

TI Group Main Results

-227 M€ -3.2%

-28 M€ -3.1%

12.9% 12.9%

% on Revenues

-158 M€ -8.0%

26.8% -1.4 pp 28.2%

% on Revenues

Domestic

Other B.U.

LatAm

41.1% 39.7%

-1.4 pp

-186 M€ -6.4%

% on Revenues

Domestic

Other B.U.

LatAm -6.4% -3.2%

Page 5: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

4 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

Revenues

EBITDA

EBITDA-CAPEX

Weight on TI Group

39.8%

27.2%

TI Group

1Q13

6,796

2,699

1,821

-3.2%

-6.4%

-8.0%

1Q13

1,786

463

285

+5.4%

+4.4%

+19.8%

26.3%

17.2%

~16%

Brazil

1Q13

917

271

159

+18.3%

+9.2%

+10.6 %

13.5%

10.0%

~9%

Argentina

1Q13

4,024

2,000

1,422

D% yoy

-10.1%

-9.8%

-12.9%

58.9%

74.1%

~78%

Domestic

TI Group Core Markets Performance Euro mln, Organic data

D% yoy D% yoy D% yoy

Page 6: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

5 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

2.218 2.000

1Q12 1Q13

Highlights

Domestic

4.477 4.024

1Q12 1Q13

-453 M€

-10.1%

-218 M€

-9.8%

% on Total Revenues 49.7% +0.2 pp 49.5%

Dual-speed Top Line:

Mobile Service Revenues: negative impact due to regulated

prices combined with a harsh competition;

Core Fixed: in line with last year trend, mainly due to ICT

services (+9.4% YoY) and Broadband services (+1.5% YoY).

EBITDA margin: outstanding level at ~50%.

Networks: confirming our UBB deployment to leverage on our

distinctive and unique infrastructure.

Convergence Approach: Multiple-Play offers to expand the

integration of voice, data, images, information, entertainment,

multimedia and communication services.

Euro mln, Organic data, %

Revenues EBITDA

Page 7: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

6 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

443 463

1Q12 1Q13

Highlights

Brazil

% on Total Revenues

Top Line: positive performance mainly due to re-acceleration

in the net mobile service revenues trend (+3.2% YoY in 4Q12,

+4.0% YoY in 1Q13).

Effective cost control aimed at supporting marginality:

SAC/ARPU ratio declining (-15.1% YoY) and bad debt under

control (1% of gross revenues).

Commercial Strategy: focus on innovation and unique market

positioning. In the month of March, TIM totalled over 50% of

market net adds.

Network: infrastructure evolution to foster voice demand and

to support Mobile Data.

Quality & Transparency: renewed commitment to quality, to

strengthen regulatory & institutional dialogue and to improve

customer relationships.

Euro mln, Organic data

Revenues EBITDA

1.694 1.786

1Q12 1Q13

+92M€

+5.4%

+20 M€

+4.4%

25.9% -0.3 pp 26.2%

Page 8: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

7 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

248 271

1Q12 1Q13

Highlights

Argentina

Top Line double-digit growth, offsetting limited nominal price

adjustments:

Mobile: consolidating leading position in revenue share,

+13% YoY ARPU for better postpaid/prepaid mix and

consistent VAS revenue expansion;

Fixed: +20% YoY ARPU BB thanks to enhancing value

proposition and compelling BB offers.

EBITDA: strengthening cost control to manage impact of

labour-related cost increases.

Capex Plan focused on quality of service and on improving

customer experience through:

Network evolution: speeding-up roll-out process to upgrade

capacity and increase effectiveness of the available

spectrum (refarming);

Network innovation: FTTCab deployment to ensure best BB

experience.

Euro mln, Organic data, %

Revenues EBITDA

775

917

1Q12 1Q13

+142M€

+18.3%

+23 M€

+9.2%

29.6% -2.5 pp 32.1%

% on Total Revenues

Page 9: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

8 PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

TI Group 1Q13 Results and Core Markets Performance

Italy

Brazil

Argentina

Financial Position

Strategic Update

Wrap-up

Appendix

Agenda

Page 10: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

9 PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

D vs. 12

2011YE

30,414 30,312

1Q12

Euro mln, Reported Data

EBITDA

CAPEX

D WC & Others

Operating FCF

(2,672)

+878

+1,657

(137)

+493

1Q13 Net Debt Evolution affected by One-Offs & Seasonalities

28,274

2012YE

Adjusted

(10)

(16)

(26)

Disposals

+438

(31)

+407

Cash Financial Expenses/ Financial Accruals

+153

+96

+249

Cash Taxes/Other Impacts

28,767

1Q13

Adjusted

(626)

+489

(137)

Operating FCF

(102)

Page 11: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

10 PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

Operating Free Cash Flow 1Q13 vs 1Q12 YE NFP Bridge: Apr-Dec 2013 vs 2012

Progressive FCF Generation will allow the achievement of 2013 Debt Target

Euro mln, Reported Data

Revenues

Opex

Δ WC

OFCF

7,392

6,796

- 264

+295

626

(1,393) (1,657)

Capex (954 ) (878)

4,419 4,124

1Q12 1Q13

Euro bln

-596

+76

137 - 489

2012 30.3

1Q12

28.3

FY12 2.0

Net Cash Flow

1Q13

2013 28.8 <27

FY13E

2.0

~1.9

Δ Apr-Dec 2013 NCF YoY Breakdown (~)

Operating: -0.2 €bln EBITDA less Capex

One-Offs: -0.3 €bln from 4Q12 suppliers payment deferral

Expected Net Cash Flow

OFCF - 0.2 €bln

Brazil spectrum payments - 0.2 €bln

M&A (Matrix, La7) - 0.2 €bln

Dividends (Group) +0.4 €bln

Taxes +0.2 €bln

FX & other - 0.1 €bln

- 0.1 €bln

Page 12: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

11 PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

Bonds Drawn bank facility

Robust Liquidity, Well-Distributed Debt Maturities

7.20 € bln

Group Liquidity Position

+

6.70 € bln

Undrawn Portion of

Facility/Committed

=

13.90 € bln

Group Liquidity Margin

Euro mln Loans (of which long-term rent, financial and operating lease payable € 1,317)

(1) € 35.732 mln is the nominal amount of outstanding medium-long term debt.

By adding IAS adjustments (€ 899 mln) and current liabilities (€ 592 mln), the gross debt figure of € 37.222 mln is reached.

N.B. Debt maturities are net of € 856 mln (face value) of repurchased own bonds (of which € 641 mln related to bonds due in the next 24 mounths).

Page 13: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

12 PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

On April 30th, 2013 TI Media has completed the sale of La7

Srl to Cairo Communication Group;

In September 2012, when TI Media spun-off the TV business,

the estimated full year loss for La7 TV channel was above 100

euro mln;

In the first 4 months of 2013, La7 TV channel loss was equal

to 24 euro mln (of which 17 euro mln in 1Q13);

P&L-wise, TI’s 1Q13 provision amounted to 105 euro mln; the

overall stop loss at the end of April totalled 130 euro mln (100

euro mln post minorities);

Cash-wise, TI contributed 114 euro mln for the disposal.

La7 Stop-Loss

Euro mln

Euro Mln; Organic Data

Revenues

OPEX

EBITDA

EBITDA - CAPEX

6,796

4,097

2,699

1,821

TI Group

1,786

1,323

463

285

Brazil

917

646

271

159

Argentina

4,024

2,024

2,000

1,422

Domestic

48

58

-10

-19

Media

TI 1Q 2013 results

TI Media EBIT evolution La7 Sale completed

1Q13 2014 2015

TI Media excl. La7 La7 La7 disposal

- 17

- 105

- 3

52

71

-19

-20

Olivetti

Page 14: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

13 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

TI Group 1Q13 Results and Core Markets Performance

Italy

Brazil

Argentina

Financial Position

Strategic Update

Wrap-up

Appendix

Agenda

Page 15: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

14 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

FIBRE OPTIC – ACCESS

Major Elements of TI’s Fixed Access Network

Structural Separation would:

Guarantee full Equivalence of Input; Focus on the Development of the New Fiber Network; Continue to improve the existing Copper Network quality; Stabilize the Regulatory Framework.

COPPER

UBB equipment in the local exchange (OLT)

TWISTED PAIRS

Main Distribution Frames

USERS’ STUDS

POLES

CABINETS

PHYSICAL ACCESSES

DISTRIBUTORS

CABLES BLUEPRINT

5,700,000

575,000 km

Retail+WHS 22,000,000

km of fibre

724,000

km of cables

14,200

km of cables

576,000

~33.6 m

8,900,000

151,000

10,500

102m km couple

Fixed Access Network

UBB Access equipment (ONU FTTC)

84

2,137 active

2,745 installed

Page 16: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

15 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

TI Group 1Q13 Results and Core Markets Performance

Italy

Brazil

Argentina

Financial Position

Strategic Update

Wrap-up

Appendix

Agenda

Page 17: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

16 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

Telecom Italia Group FY2013 Guidance Confirmed

* excluding impact from non-organic items and FX.

** reported figure

Organic Data*

TI Group - 2013 targets

Low-single digit decline YoY EBITDA

< 27 € bln NFP Adj.**

Stable YoY Revenues

Page 18: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

17 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

TI Group 1Q13 Results and Core Markets Performance

Italy

Brazil

Argentina

Financial Position

Strategic Update

Wrap-up

Appendix

Agenda

PIERGIORGIO PELUSO

Page 19: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

18 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

TI Group - Revenues Evolution Euro mln

* Average Exchange rate (Real/Euro): 2.64 in 2013, 2.32 in 2012 * * Average Exchange rate (Peso/Euro): 6.62 in 2013, 5.69 in 2012

Others & Elim. (9)

7,392 7,023 6,796 6,796 (9) (360) (453) +92 +142 (10) (7) +9

area

1Q12 Change in consolid.

Exchange rate impact

items

Other non-organic

1Q12 Organic

Domestic Brazil* Argentina** Media Olivetti Other & Elim.

1Q13 Organic

1Q13

Brazil (234) Argentina (126)

0 0

items

Other non-organic

Organic Variation

-227 (-3.2%)

-596 (-8.1%)

PIERGIORGIO PELUSO

Page 20: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

19 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

Others & Elim +12 Agreements and Transactions (1) Restructuring charges (21) Other net cost (5)

Organic Variation

-186 (-6.4%)

Brazil (62) Argentina (41)

2,973 2,885 2,699 2,672 +12 (103) +3 (218)

+20 +23 (4) (6) (1) (27)

TI Group - EBITDA Evolution Euro mln

area

1Q12 Change in consolid.

Exchange rate impact

1Q12 Organic

Domestic Brazil* Argentina** Media Olivetti Other & Elim.

1Q13 Organic

1Q13

items

Other non-organic

items

Other non-organic

-301 (-10.1%)

PIERGIORGIO PELUSO

* Average Exchange rate (Real/Euro): 2.64 in 2013, 2.32 in 2012 * * Average Exchange rate (Peso/Euro): 6.62 in 2013, 5.69 in 2012

Page 21: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

20 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

Euro mln

1,625 (48) 1,596 (187)

1,414

1,282

-343 (-21.1%)

+16

+5 +1 (5) (1)

Agreements and Transactions (1) Restructuring charges (21) Other net cost (5) Provision for La7 disposal (105)

TI Group - EBIT Evolution

+3

(132) +5

area

1Q12 Change in consolid.

Exchange rate impact

1Q12 Organic

Domestic Brazil* Argentina** Media Olivetti Other & Elim.

1Q13 Organic

1Q13

items

Other non-organic

items

Other non-organic

Organic Variation

-182 (-11.4%)

PIERGIORGIO PELUSO

* Average Exchange rate (Real/Euro): 2.64 in 2013, 2.32 in 2012 * * Average Exchange rate (Peso/Euro): 6.62 in 2013, 5.69 in 2012

Page 22: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

21 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

Total Gross Debt Net of Adjustment: Euro 37,222 mln Maturities and Risk Management

Well Diversified and Hedged Debt

Euro mln

Average debt maturity: 7.09 years (bonds only:

8.08 years)

Fixed rate portion of gross debt, approximately

74.7%

Around 49% of outstanding bonds (nominal

amount) is denominated in USD, GBP and YEN

and is fully hedged

Cost of debt: 5.3%

N.B. The figures are net of the adjustment due to the fair value measurement

of derivatives and related financial liabilities/assets, as follows:

- the impact in Gross Financial Debt is equal to 2,424 €/mln (of which

672 €/mln on bonds)

- the impact on Financial Assets is equal to 1,675 €/mln

Therefore, the Net Financial Indebtedness is adjusted by 749 €/mln.

3.6%

5.8%

71.0%

Bonds

26,423

Gross debt

Financial assets

of which C & CE and marketable securities

- C & CE

- Marketable securities

- Italian Government Securities

- Others

37,222

(8,455)

Bank Facility

1,467

Bank & EIB

5,858

Op. Leases and long term rent

1,331

Other

2,143

15.7%

3.9%

Net Financial Position 28,767

(7,202)

(6,476)

(726)

(509)

(217)

PIERGIORGIO PELUSO

Page 23: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

22 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

2013 2012 D Abs.

REVENUES 6,796 7,392 (596) (8.1)

Other Operating Income 55 52 3

TOTAL REVENUES & OTHER INCOME 6,851 7,444 (593) (8.0)

Total Purchases of materials and external services (2,964) (3,231) 267

Personnel (976) (988) 12

of which payroll (940) (977) 37

Other operating costs (440) (456) 16

Capitalized Cost and Others 201 204 (3)

EBITDA 2,672 2,973 (301) (10.1)

% on Revenues 39.3% 40.2%

Depreciation & Amortization (1,292) (1,344) 52

Write-downs and revaluations of non-current assets

7 (4) 11 Gains/losses of non-current assets realization

(105) 0 (105)

EBIT 1,282 1,625 (343) (21.1)

% on Revenues 18.9% 22.0%

Income (loss) equity invest. valued equity method - -3 3

Other income ( expenses ) from investments - - -

Net Financial Income / (Expenses) (491) (449) (42)

Income before Taxes & Disc. Ops. 791 1,173 (382) (32.6)

% on Revenues 11.6% 15.8%

Taxes (343) (455) 112

Income before Disc. Ops. 448 718 (270)

Net income (loss) of assets disposed 0 0 0

Net Income (ante Minorities) 448 718 (270)

% on Revenues 6.6% 9.7%

Minorities 84 113 (29)

Net Income (post Minorities) 364 605 (241) (39.8)

% on Revenues 5.4% 8.2%

% D

8.3

1.2

3.5

5.8

3.9

24.6

(37.6)

(37.6)

(1.5)

(25.7)

9.4

Euro mln – Reported Data

TI Group 1Q13 Results - P&L

I Quarter

PIERGIORGIO PELUSO

Page 24: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

23 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

-6

I Quarter

2013 2012 D Abs. D %

I Quarter

2013 2012 D Abs. D %

Reported Organic

REVENUES REVENUES

TI Group TI Group

EBITDA EBITDA

TI Group TI Group

EBITDA MARGIN EBITDA MARGIN

TI Group 1Q13 - Main Results by BU Euro mln

I Quarter

2013 2012 D Abs. D %

I Quarter

2013 2012 D Abs. D %

Domestic 4,024 4,477 - 453 (10.1)

Wireline Domestic 2,976 3,223 - 247 (7.7)

Tim Domestic 1,379 1,650 - 271 (16.4)

Brazil 1,786 1,928 142 (7.4)

Argentina 917 901 16 1.8

Media 48 58 10 (17.2)

Olivetti 52 59 - 7 (11.9)

Other Activities & Elim. -31 -31 0 -

-

-

4,024 4,477 -453 (10.1) Domestic

Wireline Domestic 2,976 3,223 -247 (7.7)

Tim Domestic 1,379 1,650 -271 (16.4)

Brazil 1,786 1,694 92 5.4

Argentina 917 775 142 18.3

Media 48 58 -10 (17.2)

Olivetti 52 59 -7 (11.9)

Other Activities -31 -40 9 -

Domestic 1,973 2,215 -242 (10.9)

Brazil 463 505 -42 (8.3)

Argentina 271 289 -18 (6.2)

Media -10 -6 -4 (66.7)

Olivetti -19 -13 -6 (46.2)

Other Activities & Elim. -6 -17 11 -

Domestic 2,000 2,218 -218 (9.8)

Brazil 463 443 20 4.4

Argentina 271 248 23 9.2

Media -10 -6 - 4 (66.7)

Olivetti -19 -13 (46.2)

Other Activities & Elim. - 6 -5 -1 -

2,699 2,885 -186 (6.4)

39.7% 41.1% -1.4 pp

2,672 2,973 -301 (10.1)

39.3% 40.2% - 0.9 pp

6,796 7,392 -596 (8.1) 6,796 7,023 -227 (3.2)

PIERGIORGIO PELUSO

Page 25: Telecom Italia 1Q 2013 Results - Franco Bernabè, Piergiorgio Peluso

24 FRANCO BERNABE’ – PIERGIORGIO PELUSO

TELECOM ITALIA GROUP

1Q 2013 Results

Euro mln

Equity +3

Net Fin. Charges (42)

605

Net Income

1Q12

-241 (-39.8%)

Minorities

1Q12

113 718

Income ante Min

& Disc. Ops. 1Q11

D

EBIT

(343)

D

Net Interest &

Net Income

/Equity

(39)

D

Taxes

112 448

Income/(Loss) ante

Min & Disc. Ops.

1Q13

Minorities

1Q13

(84)

364

Net Income

1Q13

Net Income Evolution

o/w

La7 Write-down (105)

PIERGIORGIO PELUSO