UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
FOR THE MONTH OF FEBRUARY 2003
TELECOM ITALIA S.p.A.
(Translation of registrant's name into English)
CORSO D'ITALIA 41
ROME, ITALY 00198
(Address of principal executive offices)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:
FORM 20-F [X] FORM 40-F [ ]
Indicate by check mark if the registrant
is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant
is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): [ ]
Indicate by check mark whether by furnishing the information
contained in this Form, the registrant is also thereby furnishing
the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
YES [ ] NO [X]
If "Yes" is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b): 82- _______
[TELECOM ITALIA LOGO] [HP LOGO]
PRESS RELEASE
TELECOM ITALIA AND HP ANNOUNCE STRATEGIC OUTSOURCING AGREEMENT
The five-year agreement is valued at 225 Million Euros
Rome, 21st February 2003 - Telecom Italia, the most important Italian group,
leader in wireline and wireless telecommunication services and a key player in
the ICT market, and HP (NYSE:HPQ), leading global provider of IT solutions and
services, reached a Management Services & Outsourcing agreement, for a duration
of five years, worth 225 Million Euros.
Under the terms of the agreement, HP will provide office automation management
for Telecom Italia, which will achieve significant cost savings in the group's
distributed IT environment management, and allow the group to focus its skills
and resources on its core business.
Moreover, HP will access Telecom Italia's operational structures and skills in
the SAP environment for Italy. Such access will enable the flexibility and
economies of scale HP needs for its fast growing requirements in this field. The
main components of the agreement are:
- HP will provide asset management, help desk, maintenance and management
services for 90,000 workstations, leveraging the existing skills of
approximately 600 specialists from IT Telecom -the Telecom Italia Business Unit
Information Technology Group- who will join a new HP entity specialized in the
delivery of such services.
- IT Telecom will host HP systems and will manage HP operations for SAP
environments.
"This agreement enables Telecom Italia to reinforce its strategy focusing on its
core business whilst further consolidating its competitiveness. The partnership
with HP will result in a significant IT cost reduction and better levels of
service " said Mr. Arrigo Andreoni, CEO and General Manager, IT Telecom, "while
ensuring a high level of services and quality to HP for SAP systems
management".
"The agreement will reinforce HP's positioning in the outsourcing market, as a
leading provider of on-demand IT services. It also clearly demonstrates HP's ,
innovation, efficiency and leadership in the management of IT infrastructure in
complex environments " said Francesco Serafini, Senior Vice President and
General Manager, HP Services EMEA. "Our capability of providing services in
response to different levels of demand and user profiles has been the key
element in our offer, and supports Telecom Italia's requirements to derive more
value from its IT investments whilst further increasing the group's flexibility
towards changing market requirements ".
This agreement between HP and Telecom Italia will become binding and operational
once the consultations with the Unions have been completed and the approval of
the Italian Antitrust Authority is received.
***
HP is a leading global provider of products, technologies, solutions and
services to consumers and businesses. The company's offerings span IT
infrastructure, personal computing and access devices, global services and
imaging and printing solutions. HP completed its merger transaction involving
Compaq Computer Corporation on May 3, 2002.
****
This news release contains forward-looking statements that involve risks and
uncertainties, as well as assumptions that, if they never materialize or prove
incorrect, could cause the results of HP and its consolidated subsidiaries to
differ materially from those expressed or implied by such forward-looking
statements. All statements other than statements of historical fact are
statements that could be deemed forward-looking statements, including any
projections of earnings, revenues, or other financial items; any statements of
the plans, strategies, and objectives of management for future operations; any
statements concerning proposed new services or developments; any statements
regarding future economic conditions or performance; statements of belief and
any statement of assumptions underlying any of the foregoing. The risks,
uncertainties and assumptions referred to above include employee management
issues; the timely development, production and acceptance of services and their
feature sets; the challenge of managing asset levels, including inventory; the
difficulty of keeping expense growth at modest levels while increasing revenues;
and other risks that are described from time to time in HP's Securities and
Exchange Commission reports, including but not limited to HP's quarterly report
on Form 10-Q for the quarter ended July 31, 2002 and reports filed subsequent to
HP's annual report on Form 10-K, as amended on January 30, 2002, for the fiscal
year ended October 31, 2001. HP assumes no obligation to update these forward-
looking statements.
Telecom Italia: Hewlett-Packard
Communication & Media Relations Media Contact
Ufficio Stampa Daniele Mason
Information Technology HP Services EMEA AR/PR Manager
+39 0636882023-0636882066 Mobile: +33 (0)6 03 32 80 86
www.telecomitalia.it/stampa email: dmason@webershandwick.com
Cautionary Statement for Purposes of the "Safe Harbor" Provision of the United
States Private Securities Litigation Reform Act of 1995.
The Private Securities Litigation reform Act of 1995 provides a "safe harbor"
for forward-looking statements. The Press Release included in this Form 6-K
contains certain forward looking statements and forecasts reflecting
management's current views with respect to certain future events. The ability
of the Telecom Italia Group to achieve its projected results is dependant on
many factors which are outside of management's control. Actual results may
differ materially from those projected or implied in the forward-looking
statements. Such forward-looking information involves risks and uncertainties
that could significantly affect expected results and are based on certain key
assumptions.
The following important factors could cause the Telecom Italia Group's actual
results to differ materially from those projected or implied in any forward-
looking statements:
- the continuing impact of increased competition in a liberalized market,
including competition from global and regional alliances formed by other
telecommunications operators in the core domestic fixed-line and wireless
markets of the Telecom Italia Group;
- the ability of the Telecom Italia Group to introduce new services to
stimulate increased usage of its fixed and wireless networks to offset declines
in its fixed-line business due to the continuing impact of regulatory required
price reductions, market share loss and pricing pressures generally;
- the ability of the Telecom Italia Group to achieve cost-reduction
targets in the time frame established or to continue the process of
rationalizing its non-core assets;
- the impact of regulatory decisions and changes in the regulatory
environment;
- the impact of the slowdown in Latin American economies and the slow
recovery of economies generally on the international business of the Telecom
Italia Group focused on Latin America and on its foreign investments and capital
expenditures;
- the continuing impact of rapid changes in technologies;
- the impact of political and economic developments in Italy and other
countries in which the Telecom Italia Group operates;
- the impact of fluctuations in currency exchange and interest rates;
- Telecom Italia's ability to continue the implementation of its 2002-2004
Industrial Plan, including the rationalization of its corporate structure and
the disposition of Telecom Italia's interests in various companies;
- the ability of the Telecom Italia Group to successfully achieve its debt
reduction targets;
- Telecom Italia's ability to successfully roll out its UMTS networks and
services and to realize the benefits of its investment in UMTS licenses and
related capital expenditures;
- SEAT's ability to successfully implement its internet strategy;
- the ability of the Telecom Italia Group to achieve the expected return
on the significant investments and capital expenditures it has made in Latin
America and in Europe;
- the amount and timing of any future impairment charges for Telecom
Italia's licences, goodwill or other assets; and
- the impact of litigation or decreased mobile communications usage
arising from actual or perceived health risks or other problems relating to
mobile handsets or transmission masts.
The foregoing factors should not be construed as exhaustive. Due to such
uncertainties and risks, readers are cautioned not to place undue reliance on
such forward-looking statements, which speak only as of the date hereof.
Accordingly, there can be no assurance that the group will achieve its projected
results.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: February 21, 2003
TELECOM ITALIA S.p.A.
BY: /s/ Carlo De Gennaro
---------------------------
Carlo De Gennaro
Company Manager