Telecom Italia signed out the Solidarity Plan which was introduced in April, that will bring savings of about EUR 100 million on a full year basis. For the second quarter of 2013 to the second quarter of 2015, the new related agreement will apply to their full domestic workforce of 43,000 FTE and will generate savings of 2,500 full-time equivalent. On top of this, another 500 head count reduction has been agreed with the unions.

Telecom Italia S.p.A. (BIT:TIT) which is planning to sell its fixed line network but will retain the majority stake in the business, Franco Bernabe, Chairman of Telecom Italia said. "We do not rule out anything except the fact we will be in any case maintaining majority of the network," Franco Bernabe said during a conference call with analysts. He said the possible sale of a stake in the network, which could be spun off in a yet-to-be created new company, would not be discussed in the Board meeting scheduled for May 23, 2013.

Telecom Italia S.p.A. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company's revenues were EUR 6,796 million compared with EUR 7,392 million a year ago. Total operating revenues and other income was EUR 6,851 million compared with EUR 7,444 million a year ago. EBITDA was EUR 2,672 million compared with EUR 2,973 million a year ago. EBIT was EUR 1,282 million compared with EUR 1,625 million a year ago. Profit before tax from continuing operations was EUR 791 million compared with EUR 1,173 million a year ago. Profit from continuing operations was EUR 448 million compared with EUR 718 million a year ago. Profit for the period was EUR 448 million compared with EUR 718 million a year ago. Profit attributable to owners of the parent was EUR 364 million compared with EUR 605 million a year ago. Cash flows from operating activities was EUR 814 million compared with EUR 1,402 million a year ago. Purchase of intangible assets on an accrual basis was EUR 410 million compared with EUR 424 million a year ago. Purchase of tangible assets on an accrual basis was EUR 468 million compared with EUR 530 million a year ago. Total purchase of intangible and tangible assets on a cash basis was EUR 1,391 million compared with EUR 1,307 million a year ago. As on March 31, 2013, the company's net financial debt carrying amount was EUR 29,516 million and adjusted net financial debt was EUR 28,767 million. The company announced impairment losses on non-current assets of EUR 105 million for the first quarter of 2013. For the year, 2013, the company expects revenues essentially unchanged from 2012, low-single digit percentage reduction in EBITDA, and adjusted net financial position of less than EUR 27 billion.