BUENOS AIRES, Argentina,
Nov. 9, 2020 /PRNewswire/ --
Note: For the figures included in their FFSS, the
Company has accounted for the effects of inflation adjustment
adopted by Resolution 777/18 of the Comisión Nacional de
Valores ("CNV"), which establishes that the restatement will be
applied to the annual financial statements, for intermediate and
special periods ended as of December 31,
2018 inclusive. Accordingly, the reported figures
corresponding to 9M20 include the effects of the adoption of
inflationary accounting in accordance with IAS
29. Finally, comments related to variations of results
of 9M20 and vs. 9M19 mentioned in this press release correspond to
"figures restated by inflation" or "constant".
- For comparative purposes, it is important to highlight that
the results restated by inflation corresponding to September 2019 contain the effect of year over
year inflation as of September 2020,
which amounted to 36.6%.
- Consolidated Revenues of Telecom Argentina amounted to
P$208,220 million in 9M20, from which Service Revenues totaled
P$197,044 million (-3.6% in real terms vs. 9M19). Services Revenues
in 3Q20 totaled P$62,844 million (-8.0% vs. 3Q19). As it was
established in the Agreement with the National Communications
Entity ("ENACOM"), the prices of mobile and fixed telephony,
Internet and pay TV did not increase from May 1 to August 31, 2020. In addition, according
to the provisions set forth by Decree 690/2020, price increases or
modifications established or announced as from July 31, 2020 have been suspended until
December 31, 2020.
- Mobile clients in Argentina
have reached 18.7 million in 9M20 (-150 thousand or -0.8% vs.
2Q20). In turn, cable TV subscribers totaled approximately 3.6
million (+69 thousand or +2.0% vs. 2Q20), while broadband accesses
amounted to almost 4.2 million (+78 thousand or +1.9% vs.
2Q20).
- Operating Income before Depreciation and Amortization
amounted to P$74,455 million in 9M20 (+2.4% vs. 9M19). Operating
Income totaled P$ 19,393 million (-1.4% vs. 9M19).
- The Company registered a Net Loss of P$1,249 million in 9M20
(-92.8% vs. 9M19). This decrease in the Net Loss vs. 9M19 was
mainly due to a reduction in FX losses in a context of lower
devaluation in real terms vs. the same period of last year, and
also lower income tax charges.
- Investments (including rights of use assets) reached
P$40,699 million in 9M20, equivalent to 19.5% of Consolidated
Revenues.
- Net Financial Debt amounted to P$132,450 million in 9M20,
(-8.0% in real terms vs. 9M19).
*Unaudited non financial data
|
|
IAS
29
|
|
IAS
29
|
|
|
|
|
(in
million P$ adjusted by inflation, except where
noted)**
|
|
As of
September, 30
|
|
As of
September, 30
|
|
Δ
$
|
|
Δ
%
|
|
2020
|
|
2019
|
|
|
|
|
Consolidated
Revenues
|
|
208,220
|
|
218,182
|
|
(9,962)
|
|
-4.6%
|
Operating Income
before D&A
|
|
74,455
|
|
72,708
|
|
1,747
|
|
2.4%
|
Operating
Income
|
|
19,393
|
|
19,672
|
|
(279)
|
|
-1.4%
|
Net income (loss)
before income tax expense
|
|
6,531
|
|
-225
|
|
6,756
|
|
-
|
Net Loss attributable
to Controlling Company
|
|
(1,645)
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|
(17,680)
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|
16,035
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-90.7%
|
Shareholders' equity
attributable to Controlling Company
|
|
370,734
|
|
385,005
|
|
(14,271)
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|
-3.7%
|
Net Financial
Debt
|
|
(132,450)
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|
(144,035)
|
|
11,585
|
|
-8.0%
|
Investments in
PP&E, intangible assets & rights of use assets *
|
|
40,699
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|
60,030
|
|
(19,331)
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|
-32.2%
|
|
|
|
|
|
|
|
|
|
Fixed lines in
service (in thousand lines) ***
|
|
2,938
|
|
3,272
|
|
(334)
|
|
-10.2%
|
Mobile customers (in
thousand)
|
|
20,889
|
|
21,282
|
|
(393)
|
|
-1.8%
|
Personal (Argentina)
|
|
18,654
|
|
18,974
|
|
(320)
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-1.7%
|
Núcleo (Paraguay) -including Wimax customers-
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|
2,235
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|
2,308
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(73)
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-3.2%
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Broadband accesses in
Argentina (in thousand)
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|
4,173
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|
4,144
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|
30
|
|
0.7%
|
Pay TV Suscribers (in
thousand)
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|
3,568
|
|
3,515
|
|
53
|
|
1.5%
|
|
|
|
|
|
|
|
|
|
Average Billing per
user (ARBU) Fixed Telephony / voice (in P$ - Restated by
inflation)
|
|
542.7
|
|
532.8
|
|
9.9
|
|
1.9%
|
Average Revenue per
user (ARPU) Mobile Services - Personal (in P$ - Restated by
inflation)
|
|
401.2
|
|
387.5
|
|
13.7
|
|
3.5%
|
Average Revenue per
user (ARPU) Broadband (in P$ - Restated by inflation)
|
|
1,199.7
|
|
1,333.0
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|
(133.3)
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-10.0%
|
Average Revenue per
user (ARPU) Cable TV (in P$ - Restated by inflation)
|
|
1,285.3
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|
1,455.6
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(170.3)
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-11.7%
|
|
|
|
|
|
|
|
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* (in constant
measuring unit.)
|
**(Figures may not
sum up due to rounding)
|
*** (does not
include IP telephony lines, which as of September 30, 2020 amounted
to approximately 278 thousand)
|
Telecom Argentina S.A. ('Telecom Argentina') - (NYSE: TEO; BASE:
TECO2), announced today a Net Loss of $1,249
million for the period ended September 30, 2020 (-92.8% vs. 9M19). The Net
Loss attributable to the Controlling Company was P$1,645
million.
It is worth mentioning, that the comparative figures for the
previous fiscal year have been restated so that the resulting
comparative information is presented in terms of the current
measurement unit as of September 30,
2020.
The following table shows the evolution of the consumer price
index (National CPI) according to the official statistics (INDEC),
which were used to restate the figures in constant currency:
|
As of
December 31,
2018
|
As of
December
31, 2019
|
As of
September
30, 2019
|
As of
September
30, 2020
|
Price Index
Variation
|
|
|
|
|
Annual
|
47.6%
|
53.8%
|
53.7%
|
36.6%
|
3 year
cumulative
|
147.8%
|
183.2%
|
159.9%
|
194.7%
|
3 month
cumulative since June
|
n/a
|
n/a
|
12.5%
|
7.7%
|
9 month
cumulative
|
n/a
|
n/a
|
37.7%
|
22.3%
|
During 9M20, Consolidated Revenues amounted to P$208,220
million, of which Service Revenues totaled P$197,044 million.
Consolidated Operating Revenues
Mobile Services
As of September 30, 2020, mobile
clients in Argentina and
Paraguay amounted to 20.9 million.
In 9M20, mobile services revenues represented P$79,706 million
(+P$4,798 million vs. 9M19). The commercial strategy was focused on
achieving higher mobile portability through convergent offers and
promoting the consumption of mobile internet.
Mobile Services in Argentina
As of September 30, 2020, Personal
reached more than 18.7 million subscribers in Argentina (-150 thousand or -0.8% vs. 2Q20).
Postpaid clients represented 41% of the subscriber base.
In 9M20, mobile service revenues amounted to P$69,372 million
(+6.8% vs 9M19). Mobile internet revenues reached 76% of mobile
service revenues (no changes vs. 9M19). The average monthly revenue
per user ('ARPU' – restated in constant currency as of September 30, 2020) amounted to P$401.2 during
9M20 (+3.5% vs. 9M19). The effect generated by the restatement in
terms of the measuring unit as of September
30, 2020, included in the ARPU amounts to P$35.8 and
P$144.1, for the 9M20 and 9M19, respectively. Mobile churn
was 2.2% (vs. 2.1% in 9M19).
Commercial Initiatives
During the third quarter of the year, Personal launched Mi
Negocio Personal, an integrated and personalized virtual store
solution designed for entrepreneurs and SMEs. This product was
introduced with the objective to continue supporting our clients in
a context where they need to have a digital proposal to defend
their businesses.
Personal in Paraguay
('Núcleo')
As of September 30, 2020, Núcleo's
subscriber base reached 2.2 million clients. Prepaid and postpaid
customers represented 83% and 17%, respectively.
Núcleo generated service revenues equivalent to P$10,334 million
during 9M20 (+3.6% vs. 9M19). Internet revenues represented 51% of
9M20 service revenues (vs. 50% in 9M19).
Cable TV Services
Cable TV service revenues reached P$40,755 million in 9M20
(-P$4,863 million vs. 9M19). As from March
2020, revenues related to local soccer league programming
have not been generated, because the activity was suspended but
will return during November 2020.
Cable TV subscribers totaled almost 3.6 million (+69 thousand or
+2.0% vs. 2Q20). Moreover, the monthly Cable TV ARPU (restated in
constant currency as of September 30,
2020) reached P$1,285.3 during 9M20. The effect generated by
the restatement in terms of the measuring unit as of September 30, 2020, included in the ARPU amounts
to P$114.7 and P$541.5, for the 9M20 and 9M19, respectively.
Additionally, the average monthly churn during 9M20 was 0.9% (-1.3%
when compared to 9M19).
During the third quarter, the Company continued to promote new
content and co-productions for its Flow platform, among others,
local film titles as part of its strategy to promote the
development of national productions.
Fixed Telephony and Data Services
Revenues generated by fixed telephony and data reached P$31,955
million in 9M20 (-P$2,229 million vs. 9M19).
As a result, the average monthly revenue billed per user ('ARBU'
- restated in constant currency as of September 30, 2020) of fixed telephony reached
P$542.7 (+1.9% vs. 9M19). The effect generated by the restatement
in terms of the measuring unit as of September 30, 2020, included in the ARBU amounts
to P$48.5 and P$198.2, for the 9M20 and 9M19, respectively.
During the third quarter, TELECOM | FIBERCORP, continued to
develop different initiatives for the corporate segment by
providing solutions to companies so that they can continue with
their activities, maintaining productivity and growth levels.
Telecom announced its alliance with the IAE Business School, the
Business School of Universidad Austral, to work together
with entrepreneurs in NAVES, its training, mentoring and networking
program, with the aim to strengthen the agents of the digital
economy.
Additionally, the Company presented its new IoT agribusiness
solution at Expoagro Digital. It is an innovative
development of "remote grain monitoring" with automatic switch
between fixed and mobile network that guarantees connection and
provides tools that allow a better performance and maximum
availability of service.
Internet Services
Internet services revenues totaled P$44,053 million during 9M20
(-P$4,938 million vs. 9M19). As of September
30, 2020, total broadband accesses reached almost 4.2
million (+78 thousand or +1.9% vs. 2Q20).
Additionally, broadband ARPU (restated in constant currency as
of September 30, 2020) amounted to
P$1,199.7 per month in 9M20. The effect generated by the
restatement in terms of the measuring unit as of September 30, 2020, included in the ARPU amounts
to, approximately, P$107.1 and P$495.9, for the 9M20 and 9M19,
respectively.
Moreover, the average monthly churn rate for the period
was 1.2% vs. 1.5% in the 9M19. It is worth noting that as of 9M20,
58% of the total customer base had a broadband service of 50Mb
or higher (increasing from 33% as of 9M19).
Revenues from equipment sales
Equipment revenues amounted to P$11,176 million (-P$2,565
million vs. 9M19). This reduction was mainly due to a decrease in
the quantities sold, partially offset by the increase in the prices
of handsets.
Consolidated Operating Costs
Consolidated Operating Costs (including D&A and impairment
of fixed assets) totaled P$188,827 million in 9M20 (-P$9,683
million or -4.9% vs. 9M19). Excluding D&A and impairment of
fixed assets, operating costs showed a reduction of 8.0%, which
contributed to generate an increase of the Operating Income before
D&A margin (35.8% in 9M20 vs. 33.3% in 9M19).
The cost breakdown is as follows:
- Employee benefit expenses and severance payments totaled
P$38,668 million (-6.9% vs. 9M19). Total employees amounted to
23,407 in 9M20.
- Interconnection and transmission costs (including TLRD,
Roaming, international settlement charges and lease of circuits)
totaled P$7,675 million (+10.1% vs. 9M19). This variation was
mainly due to higher FX affecting dollar denominated services.
- Fees for services, maintenance, materials and supplies amounted
to P$21,848 million (-7.1% vs. 9M19). Fees for services decreased
P$257 million during 9M20. On the other hand, maintenance and
material costs decreased P$1.425 million compared to 9M19, mainly
due to an optimization in the consumption of materials associated
with the activity, partially offset by higher costs related to the
maintenance of our networks, systems, connection, and disconnection
of clients.
- Taxes and fees with regulatory authorities amounted to P$15,771
million (-7.7% vs. 9M19). This decrease is mainly due to lower
sales in 9M20 vs 9M19.
- Commissions and advertising (Commissions paid to agents,
collection fees and other commissions) totaled P11,501 million (-11.7% vs. 9M19). This decline
is due to the sales channel reorganization and to a decrease in
advertising related to lower handset sales. All digital contact
channels were strengthened, encouraging clients to make all their
commercial requests by these means.
- Cost of handsets sold amounted to P$7,236 million (-29.3% vs.
9M19). This decrease is a consequence of lower handset sales in
Argentina, which was partially
offset by an increase in their purchase price.
- Programming and content costs totaled P$13,645 million (-17.1%
vs. 9M19). This reduction is mainly explained by operative
efficiencies and withdrawal of signals (mainly related to sports),
which were partially offset by price increases in almost all of the
other broadcasting signals. Moreover, as from March 2020 there were no costs related to local
soccer league programming, because the activity was suspended.
- Other Costs totaled P$17,421 million (+4.8% vs. 9M19),
from which bad debt expenses reached P$7,883 million (+32.7% vs.
9M19). Bad debt ratio was 3.8% as of September 30, 2020 (vs. 2.7% in 9M19).
Additionally, other operating costs (including charges for lawsuits
and other contingencies, energy and other public services,
insurances, rents, internet capacity, among others), which totaled
P$9,538 million (-10.7% vs. 9M19), decreased mainly due to lower
charges of rents and internet capacity.
- Depreciation, amortization and impairment of fixed assets
amounted P$55,062 million (+3.8% vs. 9M19). This increase was due
to the impact of the amortization of assets incorporated after
September 30, 2019.
Net Financial Results
Net Financial Results (including Financial Expenses on Debt and
Other Financial Results, net) generated a lower loss of P$13,234
million in 9M20 (vs. a loss of P$19,618 million in 9M19) due
to:
in million of
P$
|
9M19
|
9M20
|
$
Var
|
FX results
|
-$ 12,033
|
-$ 4,289
|
$ 7,744
|
Net
Interests
|
-$ 7,188
|
-$ 10,516
|
-$ 3,328
|
Results of
investments
|
-$ 3,066
|
$ 3,145
|
$ 6,211
|
RECPAM
|
$ 6,507
|
$ 4,233
|
-$ 2,274
|
Debt refinancing
results
|
$ 0
|
-$ 3,085
|
-$ 3,085
|
Others
|
-$ 3,838
|
-$ 2,722
|
$ 1,116
|
Total
|
-$
19,618
|
-$
13,234
|
$
6,384
|
Consolidated Net Financial Debt
As of September 30, 2020, our net
financial debt position (cash, cash equivalents plus financial
investments and financial NDF minus loans) totaled P$132,450
million, decreasing by P$11,585 million or -8.0% when compared to
the consolidated net financial debt position as of September 30, 2019, which totaled P$144,035
million (restated in terms of the measuring unit as of September 30, 2020).
Investments in PP&E, intangible assets and rights of use
assets
During the 9M20, the Company invested P$40,699 million (-32.2%
vs. 9M19). These investments represented 19.5% of consolidated
revenues in 9M20, and were focused on:
- Projects associated with the expansion of Cable TV and Internet
services to improve the transmission and access speed offered to
customers.
- Deployment of 4G coverage and capacity to support the growth of
our mobile Internet service.
- Extension of our transmission networks in order to unify the
different access technologies, reconverting the copper fixed
networks into fiber or hybrid fiber-coaxial networks.
- Reconversion of systems and advances towards the complete
digitization of our operations, aiming to develop an ecosystem of
platforms that leverage on connectivity which allow to manage and
evolve products and services, with a focus on the digital and
convergent experience of our clients.
Thanks to the investments in infrastructure done in recent
years, Telecom currently counts with the equipment and systems that
allow its network to perform efficiently, supporting the increase
of up to 50% in home internet data traffic, 70% in mobile voice
services and 30% in mobile data, plus a 75% growth in
upstream. The renewal of the Company's core platforms (both
oriented to customers and the back office) was another of the key
factors that allowed to adapt quickly and continue operating
normally during the lockdown period.
Relevant Matters
Decree 690/2020 and amendment to Law No 27.078 (Argentina
Digital Law)
On August 22, 2020 was published
in the Official Gazette the Decree No. 690/2020 of the National
Executive Power, through which it amended the Argentina
Digital Law.
As part of the amendments, the status of "competing essential
and strategic public services" was introduced to ICT services –
fixed telephony, mobile, cable TV and Internet - and to the access
to telecommunications networks for and between licensees, being the
ENACOM the entity in charge of guaranteeing its effective
availability.
The decree mentions that the ENACOM will establish the
regulation of ICT services and the suspension of any increases or
changes in prices established or announced from July 31, 2020 until December 31, 2020, specifically mentioning the
broadcasting services by subscription through physical or
radioelectric link and satellite television, as well as fixed or
mobile telephony services, in any modality.
The decree has been approved by the Congress in terms of Law No.
26,122, and it has not been regulated yet.
Refinancing of the loans with IFC and IDB Invest
On September 22, 2020, Telecom
Argentina refinanced the following loan agreements:
- The loan agreement between Personal and IFC entered into on
October 5, 2016 for up to
US$ 400 million.
- The loan agreement with IFC entered into on March 4, 2019 for up to US$ 450 million.
- The loan agreement between Personal and IIC entered into on
April 7, 2017 for up to US$ 100 million.
- The loan agreement with IDB Invest entered into on May 29, 2019 for up to US$
300 million.
In the case of the loans in items 1 and 2 mentioned above, it
was agreed to modify the maturity schedule of all principal
maturities that operated during 2021, deferring 85% of them for a
period between 24 months and 48 months and prepaying the remaining
15% together with accrued interest and other related expenses.
In the case of items 3 and 4, it was agreed to modify the
maturity schedule of all principal maturities whose maturity
operated during the last quarter of 2020 and in 2021, deferring 85%
of them for a period of between 24 months and 66 months, prepaying
the remaining 15% together with accrued interest and other related
expenses.
Other Relevant Matters
Call to Extraordinary General Shareholders' Meeting
The Board of Directors of Telecom Argentina in a meeting held on
October 13, 2020, which was adjourned
until October 16, 2020, resolved to
call the shareholders to an Extraordinary General Shareholders'
Meeting to be held on November 13,
2020, in order to consider: the total or partial withdrawal
of the "Voluntary reserve for future cash dividends" and/or of the
"Voluntary reserve to maintain the capital investments level and
the Company's current level of solvency", the distribution of cash
dividends or dividends in kind or in any combination of both
options according to the Company´s current context, and the
delegation of powers to the Board of Directors.
Telecom Argentina is a leading
telecommunications company in Argentina, where it offers, either itself or
through its controlled subsidiaries local and long distance
fixed-line telephony, cellular, data transmission, and pay TV and
Internet services, among other services. Additionally, Telecom
Argentina offers mobile, broadband and satellite TV services in
Paraguay and pay TV services in
Uruguay. The Company commenced
operations on November 8, 1990, upon
the Argentine government's transfer of the telecommunications
system in the northern region of Argentina.
As of September 30, 2020, Telecom
Argentina has 2,153,688,011 shares issued and outstanding.
For more information,
please contact Investor Relations:
|
|
|
|
Fernando
Balmaceda
(5411) 4968
5222
|
Solange Barthe
Dennin
(5411) 4968
3752
|
Luis F. Rial
Ubago
(5411) 4968
3718
|
|
|
|
Voice Mail:
(5411) 4968 3628
|
Fax: (5411) 4968
3616
|
E-mail:
relinver@teco.com.ar
|
|
For information about
Telecom Argentina's services, visit:
|
|
www.telecom.com.ar
|
www.personal.com.ar
|
www.personal.com.py
|
www.cablevisionfibertel.com.ar
|
Disclaimer
This document may contain statements that could constitute
forward-looking statements, including, but not limited to (i) the
Company's expectations for its future performance, revenues,
income, earnings per share, capital expenditures, dividends,
liquidity and capital structure; (ii) the continued synergies
expected from the merger between the Company and Cablevisión S.A.
(or the Merger); (iii) the implementation of the Company's business
strategy; (iv) the changing dynamics and growth in the
telecommunications and cable markets in Argentina, Paraguay, Uruguay and the
United States; (v) the Company's outlook for new and
enhanced technologies; (vi) the effects of operating in a
competitive environment; (vii) the industry conditions; (viii) the
outcome of certain legal proceedings; and (ix) regulatory and legal
developments. Forward-looking statements may be identified by words
such as "anticipate," "believe," "estimate," "expect," "intend,"
"plan," "project," "will," "may" and "should" or other similar
expressions. Forward-looking statements are not guarantees of
future performance and involve certain risks and uncertainties that
are difficult to predict. In addition, certain forward-looking
statements are based upon assumptions as to future events that may
not prove to be accurate. Many factors could cause actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements that
may be expressed or implied by forward-looking statements. These
factors include, among others: (i) the Company's ability to
successfully implement our business strategy and to achieve
synergies resulting from the Merger; (ii) the Company's ability to
introduce new products and services that enable business growth;
(iii) uncertainties relating to political and economic conditions
in Argentina, Paraguay, Uruguay and the
United States, including the policies of the new government
in Argentina; (iv) the impact of
political developments, including the policies of the new
government in Argentina, on the
demand for securities of Argentine companies; (v) inflation, the
devaluation of the peso, the Guaraní and the Uruguayan peso and
exchange rate risks in Argentina,
Paraguay and Uruguay; (vi) restrictions on the ability to
exchange Argentine or Uruguayan pesos or Paraguayan guaraníes into
foreign currencies and transfer funds abroad; (vii) the impact of
currency and exchange measures or restrictions on our ability to
access the international markets and our ability to repay our
dollar-denominated indebtedness; (viii) the creditworthiness of our
actual or potential customers; (ix) the nationalization,
expropriation and/or increased government intervention in
companies; (x) technological changes; (xi) the impact of legal or
regulatory matters, changes in the interpretation of current or
future regulations or reform and changes in the legal or regulatory
environment in which the Company operates, including regulatory
developments such as sanctions regimes in other jurisdictions
(e.g., the United States) which
impact on the Company's suppliers; (xii) the effects of increased
competition; (xiii) reliance on content produced by third parties;
(xiv) increasing cost of the Company's supplies; (xv) inability to
finance on reasonable terms capital expenditures required to remain
competitive; (xvi) fluctuations, whether seasonal or in response to
adverse macro-economic developments, in the demand for advertising;
(xvii) the Company's ability to compete and develop our business in
the future; (xviii) the impact of increased national or
international restrictions on the transfer or use of
telecommunications technology; and (xix) the impact of the outbreak
of COVID-19 on the global economy and specifically on the economies
of the countries in which we operate, as well as on our operations
and financial performance. Many of these factors are macroeconomic
and regulatory in nature and therefore beyond the control of the
Company's management. Should one or more of these risks or
uncertainties materialize, or underlying assumptions prove
incorrect, actual results may vary materially from those described
herein as anticipated, believed, estimated, expected, intended,
planned or projected. The Company does not intend and does not
assume any obligation to update the forward-looking statements
contained in this document. These forward-looking statements are
based upon a number of assumptions and other important factors that
could cause our actual results, performance or achievements to
differ materially from our future results, performance or
achievements expressed or implied by such forward-looking
statements. Readers are encouraged to consult the Company's Annual
Report on Form 20-F and the periodic filings made on Form 6-K,
which are periodically filed with or furnished to the United States
Securities and Exchange Commission, as well as the presentations
periodically filed before the Argentine Securities and Exchange
Commission (Comisión Nacional de Valores) and the Buenos Aires
Stock Exchange (Bolsas y Mercados Argentinos), for further
information concerning risks and uncertainties faced by the
Company.
Contacts:
Fernando Balmaceda
(5411) 4968 5222
Solange Barthe Dennin
(5411) 4968 3752
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content:http://www.prnewswire.com/news-releases/telecom-argentina-sa-announces-consolidated-results-for-the-nine-month-period-9m20-and-third-quarter-of-fiscal-year-2020-3q20-301169257.html
SOURCE Telecom Argentina S.A.