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TI » Topics » FAIR VALUE

This excerpt taken from the TI 20-F filed May 19, 2006.

FAIR VALUE

 

The majority of non-current financial liabilities of the Telecom Italia Group consist of notes and bonds and their measurement at fair value can be easily determined using financial instruments which, because of their size and distribution among investors, are frequently traded on the markets (see “Note 18—Financial liabilities (current and non-current)”). Where public trading data is not available, for other types of loans, the following assumptions were made:

 

  ·  

the floating-rate loans were considered at the notional repayment amount;

 

  ·  

the fixed-rate loans were measured at fair value (present value of future flows using December 31, 2005 market rates).

 

Finally, the carrying value of most of the financial assets reasonably approximates their fair value as they are short term liquid financial investments.

 

Fair values (including interest accruals) of financial liabilities and assets at December 31, 2005 are set below:

 

Financial liabilities

    As of December 31, 2005
     Carrying
values (IFRS)
    Market
values
(including
interest
accruals)
     (millions of Euro)

Notes and bonds

    35,462    37,427

Convertible/exchangeable notes and bonds

    2,519    2,680

Term loans

    7,535    7,574

Loans, other debt, finance lease liabilities

    6,442    6,509
    
  
     51,958    54,190

Discontinued operations/assets held for sale

    143    143
    
  

Total Gross Financial Debt

    52,101    54,333
    
  

 

Financial assets

    As of December 31, 2005
     Carrying
values (IFRS)
    Market
values
(including
interest
accruals)
     (millions of Euro)

Deposits, cash

    9,958    9,958

Euro Commercial Papers

    327    327

Deposits for temporary investments originally due beyond 3 months

    90    90

Securities

    390    390

Other receivables

    1,441    1,441
    
  
     12,206    12,206

Discontinued operations/assets held for sale

    37    37
    
  

Total Financial Assets

    12,243    12,243
    
  

 

F-74

Table of Contents

Financial Statements

  

Notes To Consolidated Financial Statements

 

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