Table of Contents
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
of the Securities Exchange Act of 1934
For the month of
August 2022
Commission File
Number: 001-13464
Telecom
Argentina S.A.
(Translation of registrant’s name into English)
General Hornos,
No. 690, 1272
Buenos Aires,
Argentina
(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:
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):
Telecom
Argentina S.A.
TABLE OF CONTENTS
Item
Contacts:
Luis
Fernando Rial Ubago
(5411)
5112 7218
Tomás
Pellicori
(5411)
5524 7692 |
Market
Cap (NYSE: TEO): US$1,981.4 million*
|
Telecom
Argentina S.A.
announces
consolidated results for the first half (“1H22”) and
second
quarter of fiscal year 2022 (“2Q22”) **
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 June 30, 2018 inclusive. Accordingly, the reported
figures corresponding to 1H22 include the effects of the adoption of inflationary accounting in accordance with IAS 29. Finally, comments
related to variations of results of 1H22 and vs. 1H21 mentioned in this press release correspond to “figures restated by inflation”
or “constant”. Moreover, Table 3 contemplates information broken down by segment for periods ended as of June 30
of 2022 and 2021, as analyzed by the Executive Committee and the CEO, who receive periodically the financial information of Telecom and
its subsidiaries (in historical values). For further details, please refer to the titles of the financial tables beginning from
page 10.
| § | The
results included for comparative purposes (June 2021) contain the effect of the year
over year inflation as of June 2022, which was 64.0%. |
| § | Consolidated
Revenues amounted to P$264,577 million in 1H22 (-10.4% in constant currency vs. 1H21), in
a context of high inflation. Service Revenues totaled P$247,527 million (-9.7% in constant
currency vs. 1H21). |
| § | Mobile
clients in Argentina reached 20.1 million in 1H22 (+0.8 million vs. 1H21), cable TV subscribers
totaled approximately 3.5 million (-27 thousand vs. 1H21), while broadband accesses amounted
to almost 4.2 million (-6 thousand vs. 1H21). |
| § | Operating
Income before Depreciation and Amortization amounted to P$80,846 million in 1H22 (-19.5%
vs. 1H21), while our operating margin before D&A was 30.6%. |
| § | The
Company’s Net Income amounted to P$31,879 million in 1H22 (vs. a loss of $2,742 million
in 1H21). Our net financial results were positive and totaled P$38,691 million, while income
tax charge was positive in P$1,579 million. |
| § | Investments
(including rights of use assets) reached P$45,219 million in 1H22, equivalent to 17.1% of
our Consolidated Revenues. |
| § | Net
Financial Debt amounted to P$312,116 million in 1H22 (+0.5% in constant currency vs. 1H21). |
*Market
Cap as of August 8th, 2022
**Unaudited
non financial data
| (in
million P$ adjusted by inflation, except where noted)** |
IAS
29
As of June 30,
2022 |
IAS
29
As of June 30,
2021 |
Δ
$ |
Δ
% |
| Consolidated
Revenues |
264,577 |
295,198 |
(30,621) |
-10.4% |
| Operating
Income before D&A |
80,846 |
100,445 |
(19,599) |
-19.5% |
| Operating
Income (loss) |
(8,535) |
8,698 |
(17,233) |
-198.1% |
| Net
income before income tax expense |
30,300 |
39,372 |
(9,072) |
-23.0% |
| Net
income (loss) attributable to Controlling Company |
31,260 |
(3,288) |
34,548 |
- |
| Shareholders'
equity attributable to Controlling Company |
734,470 |
780,007 |
(45,537) |
-5.8% |
| Net
Financial Debt |
(312,116) |
(310,488) |
(1,628) |
0.5% |
| Investments
in PP&E, intangible assets & rights of use assets * |
45,219 |
68,389 |
(23,170) |
-33.9% |
| |
|
|
|
|
| Fixed
lines in service (in thousand lines) *** |
2,169 |
2,625 |
(456) |
-17.4% |
| Mobile
customers (in thousand) |
22,349 |
21,439 |
910 |
4.2% |
| Personal
(Argentina) |
20,062 |
19,256 |
806 |
4.2% |
| Núcleo
(Paraguay) -including Wimax customers- |
2,287 |
2,184 |
103 |
4.7% |
| Broadband
accesses in Argentina (in thousand) |
4,228 |
4,234 |
(6) |
-0.1% |
| Pay
TV Subscribers (in thousand) |
3,517 |
3,545 |
(27) |
-0.8% |
| |
|
|
|
|
| Average
Billing per user (ARBU) Fixed Telephony / voice (in P$ - Restated by inflation) |
1,015.1 |
1,076.7 |
(61.6) |
-5.7% |
| Average
Revenue per user (ARPU) Mobile Services - Personal (in P$ - Restated by inflation) |
779.2 |
861.2 |
(82.0) |
-9.5% |
| Average
Revenue per user (ARPU) Broadband (in P$ - Restated by inflation) |
2,240.0 |
2,365.1 |
(125.1) |
-5.3% |
| Average
Revenue per user (ARPU) Cable TV (in P$ - Restated by inflation) |
2,239.3 |
2,602.2 |
(362.9) |
-13.9% |
*
(in constant measuring unit – includes $6.526 million corresponding to additions of rights of use assets as of June 30, 2022)
**(Figures
may not add up due to rounding)
***
(does not include IP telephony lines, which as of June 30, 2022 amounted to approximately 916 thousand)
| Consolidated Revenues |
EBITDA |
| (in million P$) |
(in million P$) |
| |
|
 |
 |
 IAS 29 Adjustment
(Inflation) |
 EBITDA Margin |
| |
|
| EBIT |
Net Income (Loss) |
| (in million P$) |
(in million P$) |
 |
 |
| IAS 29 Adjustment (Inflation) |
|
Buenos
Aires, August 9, 2022 - Telecom Argentina S.A. (‘Telecom
Argentina’) - (NYSE: TEO; BYMA: TECO2), announced today a net income of P$31,879 million for the period ended June 30, 2022
(+P$34,621 million vs. 1H21). The net income attributable to the controlling company was P$31,260 million (+P$34,548 million vs. 1H21).
Comparative
figures for the previous fiscal year have been restated so that the resulting information is presented in the current measurement unit
as of June 30, 2022.
The
following table shows the evolution of the consumer price index (National CPI - according to INDEC’s official statistics) as of
June 30, 2022 and as of December 31, 2021 and 2020, which were used to restate the figures in constant currency:
| |
As
of December 31,
2020 |
As
of December 31,
2021 |
As
of June 30,
2021 |
As
of June 30,
2022 |
| Price Index Variation |
|
|
|
|
| Annual |
36.1% |
50.9% |
50.2% |
64.0% |
3 month cumulative
(since Mar-22) |
n/a |
n/a |
11.0% |
17.3% |
During
the 1H22, Consolidated Revenues amounted to P$264,577 million, from which Service Revenues totaled P$247,527 million.
| |
IAS
29
1H22 |
IAS
29
IH21 |
Δ $ |
Δ % |
| Consolidated
Revenues (MMP$) |
264,577 |
295,198 |
(30,621) |
(10.4%) |
| Net
Income (loss) attributable to Controlling Company (MMP$) |
31,260 |
(3,288) |
34,548 |
- |
| Net
income (loss) attributable to Controlling Company per Share (P$) |
14.5 |
(1.5) |
16.0 |
|
| Net
income (loss) attributable to Controlling Company per ADR (P$) |
72.6 |
(7.6) |
80.2 |
|
| Operating
income before D&A * |
30.6% |
34.0% |
|
|
| Operating
income (loss)* |
-3.2% |
2.9% |
|
|
| Net
income (loss)* |
12.0% |
-0.9% |
|
|
| *As
a percentage of Consolidated Revenues |
|
|
|
|
| Note:
The average of ordinary shares outstanding considered amounted to and 2,153,688,011 as of 1H22 and 1H21 |
Consolidated
Operating Revenues
| Mobile
Services |
 |
| |
| As
of June 30, 2022, total mobile customers in Argentina and Paraguay amounted to 22.3 million. In 1H22, total mobile services revenues
represented P$103,718 million (-P$5,944 million vs. 1H21). |
| |
| Mobile
Services in Argentina |
| |
| As
of June 30, 2022, total mobile subscribers amounted to more than 20.1 million (+0.8 million vs. 1H21). Postpaid clients represented
42% of our subscriber base. |
| |
| In
1H22, mobile service revenues in Argentina amounted to P$94,957 million (-2.7% vs 1H21). Mobile internet revenues were 87% of mobile
service revenues. The average monthly revenue per user (‘ARPU’ – restated in constant currency as of June 30,
2022) amounted to P$779.2 during 1H22 (-9.5% vs. 1H21). The effect generated by the inflation adjustment as of June 30, 2022
(included in the ARPU) amounted to P$95.6 and P$379.9, for 1H22 and 1H21, respectively. Mobile churn was 2.4% (vs. 1.5% in 1H21). |
| Commercial
Initiatives |
 |
| |
| The
Company continued to enhance its customers’ mobile Internet experience through the deployment of the 4G and 4G+ network throughout
the country, reaching more than 14.6 million customers with 4G devices. During 1H22, the traffic carried by 4G technologies represented
95% of total traffic. |
| |
| Personal
in Paraguay (‘Núcleo’) |
| |
| As
of June 30, 2022, Núcleo’s subscriber base reached 2.3 million clients. Prepaid and postpaid customers represented
81% and 19%, respectively. |
| |
| Núcleo´s
mobile service revenues during 1H22, amounted to P$8,761 million (-27.1% vs. 1H21), mainly due to a decrease in ARPU measured in constant
pesos, which was partially offset by the appreciation of the Guaraní against the Argentine peso. |
| Cable
TV Services |
 |
| |
| Cable
TV service revenues were P$48,849 million in 1H22 (-P$9,635 million vs. 1H21). Cable TV subscribers totaled approximately 3.5 million
(-27 thousand vs. 1H21). The monthly Cable TV ARPU (restated in constant currency as of June 30, 2022) reached P$2,240.0 during
1H22 (vs P$2,365.1 in 1H21). The effect generated by the restatement in terms of the measuring unit as of June 30, 2022 included
in ARPU amounts to P$281.7 and P$1,046.6, for the 1H22 and 1H21, respectively. The average monthly churn during 1H22 and 1H21 was 1.3%
and 1.0%, respectively. |
| |
| Flow
continued to strengthen its content offering by incorporating new products in music, national and international films, and gaming. |
| |
| Additionally,
we launched our new ISDB-T solution for analog pay TV customers, which allows the upgrade of their classic cable connection to digital
without the need for a decoder box. |
| Fixed
Telephony and Data Services |
 |
| |
| Revenues
generated by fixed telephony and data services reached P$33,404 million in 1H22 (-P$9,041 million vs. 1H21). |
| |
| The
monthly fixed voice ARPU (restated in constant currency as of June 30, 2022) reached P$1,015.1 (vs. P$1,076.7 in 1H21). The effect
generated by the restatement in terms of the measuring unit as of June 30, 2022, included in the ARPU amounted to P$131.7 and P$477.5
for the 1H22 and 1H21, respectively. |
| |
| Regarding
the B2B business, the corporate segment launched a new comprehensive communication campaign for its vertical Cloud during the
quarter, focusing on the evolution and growth of the customers’ e-commerce, logistics and stock platforms, among others. |
| |
|
Internet
Services
Internet services revenues totaled
P$59,308 million during 1H22 (-P$2,243 million vs. 1H21). As of June 30, 2022, total broadband accesses reached approximately 4.2
million (-6 thousand vs. 1H21).
Additionally,
broadband ARPU (restated in constant currency as of June 30, 2022) amounted to P$2,240.0 per month in 1H22 (vs. P$2,365.1
in 1H21). The effect generated by the restatement in terms of the measuring unit as of June 30, 2022, included in the ARPU amounted
to approximately P$281.7 and P$1,046.6, for the 1H22 and 1H21, respectively.
The average monthly churn rate for
the 1H22 was 1.5% (unchanged compared to 1H21). As of 1H22, 77% of our total customer base had a broadband service of 50Mb or higher (this
percentage was 63% as of 1H21).
Revenues from equipment sales
Equipment revenues amounted to P$17,050
million (-P$4,458 million vs. 1H21). Said decrease was mainly due to a lower volume of handsets sold (-17%), which have increased their
average price.
Consolidated Operating
Costs
Consolidated Operating Costs (including
D&A and impairment of fixed assets) totaled P$273,112 million in 1H22 (-P$13,388 million or -4.7% vs. 1H21). Excluding D&A and
impairment of fixed assets, operating costs experienced a reduction of 5.7%.
Our costs breakdown was as follows:
- Employees benefits and severance
payments: P$60,519 million (+4.8% vs. 1H21). Total employees amounted to 22,385 as of 1H22.
- Interconnection and transmission
costs (including roaming, international settlement charges and lease of circuits) were P$8,118 million (-25.5% vs. 1H21). This saving
was mainly due to a new business dynamic that optimizes our links and sites which has offset the increase in prices of those services
which are denominated in US dollars.
- Fees for services, maintenance,
materials and supplies: P$30,711 million (-8.7% vs. 1H21). This decrease is mainly explained by lower maintenance and material costs of
$2,717 million vs. 1H21.
- Taxes and fees paid to regulatory
authorities: P$20,370 million (-10.9% vs. 1H21). This decrease was mainly due to lower sales during 1H22 vs 1H21. These costs represent
7.7% of total revenues as of 1H22 and 1H21.
- Commissions and advertising (commissions
paid to agents, collection fees and other commissions): P$14,765 million (-10.4% vs. 1H21). Said decrease was mainly explained by a reduction
in advertising costs.
- Cost of handsets sold: P$12,456
million (-17.6% vs. 1H21). These costs decreased mainly due to lower volume of handsets sold (-17% vs. 1H21), notwithstanding the increase
in purchase prices.
- Programming and content costs:
P$12,456 million (-18.7% vs. 1H21). Said reduction was mainly generated by commercial efficiencies, which were partially offset by price
increases in almost all of our broadcasting signals.
- Other Costs totaled P$20,073 million
(+14.9% vs. 1H21). Bad debt expenses reached P$13,619 million (+10.1% vs. 1H21).
Our bad debt ratio was 2.4% as of
June 30, 2022 (vs. 1.7% in 1H21). The increase was mainly explained by the harder economic situation in Argentina, which has a direct
impact on our clients´ incomes. During 2Q22, the bad debt ratio has improved, decreasing to 2.1%.
Other operating costs (including
charges for lawsuits and other contingencies, energy and other public services, insurance, rents and internet capacity) totaled P$13,619
million (+10.1% vs. 1H21). This increase was mainly related to higher lawsuits and other contingency charges, partially offset by lower
energy costs, rental charges, and internet capacity.
- Depreciation, amortization and
impairment of fixed assets amounted to P$89,381 million (-2.6% vs. 1H21). This charge includes the impact of the amortization of assets
incorporated after June 30, 2021, partially offset by the effect of the assets that were completely amortized after such date.
Net Financial Results
Net Financial Results (including
Financial Expenses on Debt and Other Financial Results) were P$38,691 million in 1H22 (vs. P$30,485 million in 1H21), mainly due to:
| in
million of P$ |
1H21 |
1H22 |
Var |
| RECPAM |
12,705 |
26,311 |
13,606 |
| Net Interests |
(12,606) |
(1,965) |
10,641 |
| FX results |
37,643 |
27,710 |
(9,933) |
| Results of investments |
(1,540) |
(9,320) |
(7,780) |
| Others |
(5,717) |
(4,045) |
1,672 |
| Total |
30,485 |
38,691 |
8,206 |
Income Tax
Our income tax includes the following
effects:
(i) the
tax to be paid according to local tax legislation,
(ii) the
effect of applying the deferred tax method on temporary differences generated when comparing our asset and liability valuation according
to tax and financial accounting criteria which includes the effect of the income tax inflation adjustment, and
(iii) the
effects mentioned in Note 13 to the consolidated financial statements as of June 30, 2022.
Our income tax amounted to a positive
amount of P$1,579 million in 1H22 (vs. a loss of P$42,114 million in 1H21). The tax paid according to item (i) was P$18,772 million
in 1H22 (vs. P$8,778 million in 1H21) and the income tax effect related to the application of the deferred tax method described in item
(ii) was a gain of P$20,351 million in 1H22 (vs. a loss of P$33,326 million in 1H21).
Consolidated Net Financial
Debt
As of June 30, 2022, our net
financial debt (cash, cash equivalents plus financial investments and financial NDF & interest rate swaps minus loans) amounted
to P$312,116 million, increasing P$1,628 million (+0.5%) when compared to the consolidated net financial debt as of June 30, 2021
adjusted by inflation.
Investments in PP&E, intangible assets and
rights of use assets
During
the 1H22, the Company invested (including rights of use assets) P$45,219 million (-33.9% vs. 1H21). Said investments represented 17.1%
of consolidated revenues in 1H22, and were focused on:
| · | Projects related to the expansion of internet
and television services to improve our transmission and access speed. |
| · | Deployment and modernization of our 4G mobile
access sites, supporting the growth in the coverage of our mobile network. |
| · | Extension of our transmission and transport
networks in order to unify the different access technologies and to consolidate the deployment of last-mile networks with FTTH (Fiber
to the home) architecture. |
| · | New customer contact systems. |
Additionally,
during the 2Q22 we announced new investments in the city of Mendoza, and in other locations in the Province of Buenos Aires such as Junín
and General Villegas, which include the deployment of fiber optics and new mobile sites.
Relevant financial events of the period
Acquisition of Negocios y
Servicios S.A.
On June 1, 2022, Telecom Argentina
has acquired all of the shares representing the capital of the company Negocios y Servicios S.A. (“Negocios y Servicios”),
a company incorporated in the Province of Mendoza, which provides internet services in the cities of San Martín, Junín,
Rivadavia and Santa Rosa of said province.
Reserve withdrawal and Dividend
Distribution
On June 2, 2022, in exercise
of the authority delegated by the General Ordinary and Extraordinary Shareholders’ Meeting held on April 27, 2022, the Board
of Directors of Telecom Argentina resolved:
| 1. | To partially withdraw the “Voluntary reserve to maintain the capital investments level and the Company's
current level of solvency” in the amount of P$31,633,589,053. |
| 2. | To distribute dividends in kind as follows: (i) Global Bonds of the Argentine Republic amortizable
in US Dollars maturing on 07/09/2030 (the “2030 Global Bonds”), for a nominal value of US$411,145,986, and (ii) Global
Bonds of the Argentine Republic amortizable in US Dollars maturing on 07/09/2035 (the “2035 Global Bonds”) for a nominal value
of US$103,854,014, at a ratio of US$0.190903225 2030 Global Bonds and US$0.048221476 2035 Global Bonds per share of the Company. |
Export credit facility with
Export Development Canada (EDC)
On June 14, 2022, the Company
received a disbursement of US$17 million, equivalent to P$2,090 million, which will mature in December 2026.
Relevant events after June 30,
2022
International Finance Corporation
Loan
On July 15, 2022, under the
loan agreement entered into between the Company and the International Finance Corporation ("IFC") on June 28, 2022, the
Company received from IFC a disbursement amounting to US$184,500,000, which amortization schedule will end in August 2029.
Term Loan Cancellation
On July 18, 2022, in connection
with the loan agreement entered into October 8, 2018 between the Company and a syndicate of foreign banks whose administrative agent
is Citibank N.A. (the "Loan"), the Company has cancelled the total amount of the principal remaining under the Loan for US$140,000,000
plus accrued and unpaid interest.
*******
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 June 30,
2022, Telecom Argentina owns 2,153,688,011 issued and outstanding shares. |
For more information, please contact
Investor Relations:
|
Luis Fernando Rial Ubago
(5411) 5112 7218 |
Tomás Pellicori
(5411) 5524 7692 |
Pablo Lorenzo
(5411) 2482 6817 |
For information about Telecom Argentina’s
services, visit:
www.telecom.com.ar
www.personal.com.ar
www.personal.com.py
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.
(Financial tables follow)
*******
TELECOM
ARGENTINA S.A.
Consolidated
Information
Six
month period and second quarter - Fiscal Year 2022
(In million of Argentine pesos)
| 1- | Consolidated Balance Sheet |
(Restated by inflation, comparative
figures in constant currency as of June 2022)
| | |
06/30/22 | | |
12/31/21 | | |
Δ | $ | |
Δ | % |
| Cash and cash equivalents | |
| 21,515 | | |
| 27,025 | | |
| (5,510 | ) | |
| -20.4 | % |
| Financial Investments | |
| 4,818 | | |
| 14,685 | | |
| (9,867 | ) | |
| -67.2 | % |
| Trade receivables | |
| 26,788 | | |
| 30,707 | | |
| (3,919 | ) | |
| -12.8 | % |
| Other Receivables | |
| 13,110 | | |
| 12,043 | | |
| 1,067 | | |
| 8.9 | % |
| Inventories | |
| 4,822 | | |
| 4,242 | | |
| 580 | | |
| 13.7 | % |
| Assets held for sale | |
| 657 | | |
| - | | |
| 657 | | |
| - | |
| Total current assets | |
| 71,710 | | |
| 88,702 | | |
| (16,992 | ) | |
| -19.2 | % |
| Trade receivables | |
| 92 | | |
| 99 | | |
| (7 | ) | |
| -7.1 | % |
| Goodwill | |
| 516,657 | | |
| 516,150 | | |
| 507 | | |
| 0.1 | % |
| Property, plant and equipment ('PP&E') | |
| 576,367 | | |
| 614,282 | | |
| (37,915 | ) | |
| -6.2 | % |
| Intangible assets | |
| 186,026 | | |
| 196,215 | | |
| (10,189 | ) | |
| -5.2 | % |
| Right-of-use assets | |
| 44,208 | | |
| 45,496 | | |
| (1,288 | ) | |
| -2.8 | % |
| Other Receivables | |
| 7,531 | | |
| 8,127 | | |
| (596 | ) | |
| -7.3 | % |
| Total non-current assets | |
| 1,330,881 | | |
| 1,380,369 | | |
| (49,488 | ) | |
| -3.6 | % |
| TOTAL ASSETS | |
| 1,402,591 | | |
| 1,469,071 | | |
| (66,480 | ) | |
| -4.5 | % |
| Trade payables | |
| 57,435 | | |
| 67,029 | | |
| (9,594 | ) | |
| -14.3 | % |
| Financial debt | |
| 92,751 | | |
| 88,320 | | |
| 4,431 | | |
| 5.0 | % |
| Salaries and social security payables | |
| 22,821 | | |
| 30,312 | | |
| (7,491 | ) | |
| -24.7 | % |
| Income tax liabilities | |
| 23,492 | | |
| 18,962 | | |
| 4,530 | | |
| 23.9 | % |
| Taxes payables | |
| 5,541 | | |
| 5,395 | | |
| 146 | | |
| 2.7 | % |
| Dividend Payable | |
| 435 | | |
| 0 | | |
| 435 | | |
| - | |
| Lease liabilities | |
| 8,043 | | |
| 8,346 | | |
| (303 | ) | |
| -3.6 | % |
| Other liabilities | |
| 3,907 | | |
| 4,160 | | |
| (253 | ) | |
| -6.1 | % |
| Provisions | |
| 2,148 | | |
| 2,922 | | |
| (774 | ) | |
| -26.5 | % |
| Total current liabilities | |
| 216,573 | | |
| 225,446 | | |
| (8,873 | ) | |
| -3.9 | % |
| Trade payables | |
| 657 | | |
| 1,493 | | |
| (836 | ) | |
| -56.0 | % |
| Financial debt | |
| 245,698 | | |
| 275,097 | | |
| (29,399 | ) | |
| -10.7 | % |
| Salaries and social security payables | |
| 2,060 | | |
| 2,104 | | |
| (44 | ) | |
| -2.1 | % |
| Deferred income tax liabilities | |
| 163,962 | | |
| 184,121 | | |
| (20,159 | ) | |
| -10.9 | % |
| Taxes payables | |
| 21 | | |
| 0 | | |
| 21 | | |
| - | |
| Lease liabilities | |
| 14,586 | | |
| 17,409 | | |
| (2,823 | ) | |
| -16.2 | % |
| Other liabilities | |
| 2,146 | | |
| 1,703 | | |
| 443 | | |
| 26.0 | % |
| Provisions | |
| 11,591 | | |
| 13,036 | | |
| (1,445 | ) | |
| -11.1 | % |
| Total non-current liabilities | |
| 440,721 | | |
| 494,963 | | |
| (54,242 | ) | |
| -11.0 | % |
| TOTAL LIABILITIES | |
| 657,294 | | |
| 720,409 | | |
| (63,115 | ) | |
| -8.8 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Equity attributable to Controlling Company | |
| 734,470 | | |
| 736,992 | | |
| (2,522 | ) | |
| -0.3 | % |
| Non-controlling interest | |
| 10,827 | | |
| 11,670 | | |
| (843 | ) | |
| -7.2 | % |
| TOTAL EQUITY | |
| 745,297 | | |
| 748,662 | | |
| (3,365 | ) | |
| -0.4 | % |
| TOTAL LIABILITIES AND EQUITY | |
| 1,402,591 | | |
| 1,469,071 | | |
| (66,480 | ) | |
| -4.5 | % |
| 2- | Consolidated
Loans |
| | (Monetary items) |
| | |
| | |
06/30/22 | | |
12/31/21 | | |
Δ | $ | |
Δ | % |
| Bank overdrafts - principal | |
| 15,703 | | |
| 16,589 | | |
| (886 | ) | |
| -5.3 | % |
| Bank and other financial entities loans - principal | |
| 47,704 | | |
| 44,354 | | |
| 3,350 | | |
| 7.6 | % |
| Notes - principal | |
| 2,660 | | |
| - | | |
| 2,660 | | |
| - | |
| NDF | |
| 38 | | |
| 252 | | |
| (214 | ) | |
| -84.9 | % |
| Loans for purchase of equipment | |
| 4,372 | | |
| 4,894 | | |
| (522 | ) | |
| -10.7 | % |
| Accrued interest and related expenses | |
| 22,274 | | |
| 22,231 | | |
| 43 | | |
| 0.2 | % |
| Total Current Loans | |
| 92,751 | | |
| 88,320 | | |
| 4,431 | | |
| 5.0 | % |
| Notes - principal | |
| 144,673 | | |
| 151,625 | | |
| (6,952 | ) | |
| -4.6 | % |
| Bank and other financial entities loans - principal | |
| 65,263 | | |
| 78,620 | | |
| (13,357 | ) | |
| -17.0 | % |
| NDF | |
| - | | |
| - | | |
| - | | |
| - | |
| Loans for purchase of equipment | |
| 4,380 | | |
| 5,332 | | |
| (952 | ) | |
| -17.9 | % |
| Accrued interest and related expenses | |
| 31,382 | | |
| 39,520 | | |
| (8,138 | ) | |
| -20.6 | % |
| Total Non Current Loans | |
| 245,698 | | |
| 275,097 | | |
| (29,399 | ) | |
| -10.7 | % |
| Total Loans | |
| 338,449 | | |
| 363,417 | | |
| (24,968 | ) | |
| -6.9 | % |
| | |
| | | |
| | | |
| | | |
| | |
| Cash and cash equivalents, and Financial Investments | |
| 26,333 | | |
| 41,710 | | |
| (15,377 | ) | |
| -36.9 | % |
| Net Financial Debt | |
| (312,116 | ) | |
| (321,707 | ) | |
| 9,591 | | |
| -3.0 | % |
TELECOM
ARGENTINA S.A.
Consolidated
Information
Six
month period and second quarter - Fiscal Year 2022
(In million of Argentine pesos)
3- Segment Information
(Segment information for periods ended as of
June 30 of 2022 and 2021 as analyzed by the CEO, who periodically receives the financial information of Telecom and its subsidiaries
(in historical values))
|
As of June 30,
2022 |
Services
rendered
in Argentina |
Services rendered
in
Argentina - Inflation
restatement |
Services rendered
in
Argentina restated
for inflation |
Other
abroad
segments |
Other abroad
segments -
restatement for
inflation |
Other
abroad
segments restated
for inflation |
Eliminations |
Total |
| Revenues |
216,623 |
31,358 |
247,981 |
15,509 |
2,200 |
17,709 |
(1,113) |
264,577 |
|
Operating costs (without
depreciation, amortization, and impairment of fixed assets) |
(150,876) |
(23,527) |
(174,403) |
(9,119) |
(1,322) |
(10,441) |
1,113 |
(183,731) |
| Operating income before D&A |
65,747 |
7,831 |
73,578 |
6,390 |
878 |
7,268 |
- |
80,846 |
|
Depreciation, amortization
and impairment of fixed assets |
(89,381) |
| Operating loss |
(8,535) |
| Earnings from associates |
144 |
| Debt financial expenses |
24,989 |
| Other financial results, net |
13,702 |
| Net income before income tax expenses |
30,300 |
| Income tax expense |
1,579 |
| Net Income |
31,879 |
|
Attributable to: |
|
| Controlling Company |
31,260 |
| Non-controlling interest |
619 |
|
As of June 30,
2021 |
Services
rendered
in Argentina |
Services rendered
in
Argentina - Inflation
restatement |
Services rendered
in
Argentina restated
for inflation |
Other
abroad
segments |
Other abroad
segments -
restatement for
inflation |
Other
abroad
segments restated
for inflation |
Eliminations |
Total |
| Revenues |
153,205 |
121,161 |
274,366 |
12,441 |
9,823 |
22,264 |
(1,432) |
295,198 |
|
Operating costs (without
depreciation, amortization, and impairment of fixed assets) |
(99,867) |
(82,606) |
(182,473) |
(7,669) |
(6,043) |
(13,712) |
1,432 |
(194,753) |
| Operating income before D&A |
53,338 |
38,555 |
91,893 |
4,772 |
3,780 |
8,552 |
- |
100,445 |
|
Depreciation, amortization
and impairment of fixed assets |
(91,747) |
| Operating income |
8,698 |
| Earnings from associates |
189 |
| Debt financial expenses |
19,916 |
| Other financial results, net |
10,569 |
| Net income before income tax expenses |
39,372 |
| Income tax expense |
(42,114) |
| Net Loss |
(2,742) |
|
Attributable to: |
|
| Controlling Company |
(3,288) |
| Non-controlling interest |
546 |
TELECOM
ARGENTINA S.A.
Consolidated
Information
Six
month period and second quarter - Fiscal Year 2022
(In
million of Argentine pesos)
| 4- Consolidated
Income Statements - restated by inflation (constant figures) |
|
|
|
|
|
|
| (Allows
the understanding of the variations of the Income Statement in real terms) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
| |
|
06/30/22 |
|
06/30/21 |
|
Δ
$ |
|
Δ
% |
| |
|
|
|
|
|
|
|
|
| Revenues |
|
264,577 |
|
295,198 |
|
(30,621) |
|
-10.4% |
| Consolidated
Operating Costs |
|
(273,112) |
|
(286,500) |
|
13,388 |
|
-4.7% |
| Operating
(loss) income |
|
(8,535) |
|
8,698 |
|
(17,233) |
|
-198.1% |
| Net Financial
results and earnings from associates |
|
38,835 |
|
30,674 |
|
8,161 |
|
26.6% |
| Net income
before income tax expense |
|
30,300 |
|
39,372 |
|
(9,072) |
|
-23.0% |
| Income tax
expense |
|
1,579 |
|
(42,114) |
|
43,693 |
|
-103.7% |
| Net (loss)
Income |
|
31,879 |
|
(2,742) |
|
34,621 |
|
- |
| |
|
|
|
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
|
|
|
| Controlling
Company |
|
31,260 |
|
(3,288) |
|
34,548 |
|
- |
| Non-controlling
interest |
|
619 |
|
546 |
|
73 |
|
13.4% |
| |
|
|
|
|
|
|
|
|
| Operating
income before D&A |
|
80,846 |
|
100,445 |
|
(19,599) |
|
-19.5% |
| As % of
Revenues |
|
30.6% |
|
34.0% |
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
06/30/22 |
|
06/30/21 |
|
Δ
$ |
|
Δ
% |
| |
|
|
|
|
|
|
|
|
| Net Financial
results |
|
|
|
|
|
|
|
|
| Debt
financial expenses |
|
|
|
|
|
|
|
|
| Interests
on financial debt |
|
(2,264) |
|
(10,913) |
|
8,649 |
|
-79.3% |
| Foreign
currency exhange losses on financial debt |
|
27,253 |
|
30,829 |
|
(3,576) |
|
-11.6% |
| Total
Debt financial expenses |
|
24,989 |
|
19,916 |
|
5,073 |
|
25.5% |
| Other
financial results, net |
|
|
|
|
|
|
|
|
| Gains (losses)
for operations with notes and bonds |
|
(9,320) |
|
(1,540) |
|
(7,780) |
|
- |
| Other foreign
currency exhange gains (losses) |
|
457 |
|
6,814 |
|
(6,357) |
|
-93.3% |
| Other net
interests and gains of investments |
|
299 |
|
(1,693) |
|
1,992 |
|
-117.7% |
| Taxes and
bank expenses |
|
(2,547) |
|
(2,880) |
|
333 |
|
-11.6% |
| Financial
expenses on pension benefits |
|
(256) |
|
(259) |
|
3 |
|
-1.2% |
| Financial
discounts on assets, debts and other |
|
(1,242) |
|
(2,578) |
|
1,336 |
|
-51.8% |
| RECPAM* |
|
26,311 |
|
12,705 |
|
13,606 |
|
107.1% |
| Total
other financial results, net |
|
13,702 |
|
10,569 |
|
3,133 |
|
29.6% |
| Total
Net Financial results |
|
38,691 |
|
30,485 |
|
8,206 |
|
26.9% |
| |
|
|
|
|
|
|
|
|
| * Inflation
restatement gain / (loss) |
|
|
|
|
|
|
|
|
| 5- Consolidated
Income Statements - restated by inflation (constant figures) |
|
|
|
|
|
|
| Three
Months Comparison |
|
|
|
|
|
|
| |
|
06/30/22 |
|
06/30/21 |
|
Δ
$ |
|
Δ
% |
| |
|
|
|
|
|
|
|
|
| Revenues |
|
126,897 |
|
145,009 |
|
(18,112) |
|
-12.5% |
| Consolidated
Operating Costs |
|
(136,907) |
|
(146,113) |
|
9,206 |
|
-6.3% |
| Operating
loss |
|
(10,010) |
|
(1,104) |
|
(8,906) |
|
- |
| Net Financial
results and earnings from associates |
|
12,489 |
|
18,206 |
|
(5,717) |
|
-31.4% |
| Net income
before income tax expense |
|
2,479 |
|
17,102 |
|
(14,623) |
|
-85.5% |
| Income tax
expense |
|
1,547 |
|
(36,240) |
|
37,787 |
|
-104.3% |
| Net income
(loss) |
|
4,026 |
|
(19,138) |
|
23,164 |
|
-121.0% |
| |
|
|
|
|
|
|
|
|
| Attributable
to: |
|
|
|
|
|
|
|
|
| Controlling
Company |
|
3,664 |
|
(19,192) |
|
22,856 |
|
-119.1% |
| Non-controlling
interest |
|
362 |
|
54 |
|
308 |
|
- |
| |
|
|
|
|
|
|
|
|
| Operating
income before D&A |
|
33,114 |
|
45,780 |
|
(12,666) |
|
-27.7% |
| As % of
Revenues |
|
26.1% |
|
31.6% |
|
|
|
|
TELECOM
ARGENTINA S.A.
Consolidated
Information
Six
month period and second quarter - Fiscal Year 2022
(In
million of Argentine pesos)
| 6- | Breakdown of consolidated revenues - restated by inflation (constant figures) |
(Revenues as of 2021 restated to
2022 values include a variation due to the restatement of approximately 79.1% vs. a restatement variation of 14.5% for revenues as of
2022)
| |
|
06/30/22 |
|
06/30/21 |
|
1H22
IAS 29 vs. 1H21 IAS 29 |
| |
1H22
IAS 29 |
|
IAS
29
Adjustment |
|
1H21
IAS 29 |
|
IAS
29
Adjustment |
|
Δ
$ |
|
Δ
% |
| REVENUES
FROM SERVICES |
|
247,527 |
|
31,188 |
|
274,030 |
|
121,056 |
|
(26,503) |
|
-9.7% |
| Mobile
Services |
|
103,718 |
|
13,024 |
|
109,662 |
|
48,381 |
|
(5,944) |
|
-5.4% |
| Internet
Services |
|
59,308 |
|
7,544 |
|
61,551 |
|
27,232 |
|
(2,243) |
|
-3.6% |
| Cable
TV Services |
|
48,849 |
|
6,171 |
|
58,484 |
|
25,870 |
|
(9,635) |
|
-16.5% |
| Fixed
Telephony and Data Services |
|
33,404 |
|
4,209 |
|
42,445 |
|
18,735 |
|
(9,041) |
|
-21.3% |
| Other
service revenues |
|
2,248 |
|
240 |
|
1,888 |
|
838 |
|
360 |
|
19.1% |
| REVENUES
FROM EQUIPMENT SALES |
|
17,050 |
|
2,224 |
|
21,208 |
|
9,295 |
|
(4,158) |
|
-19.6% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUES
|
|
264,577 |
|
33,412 |
|
295,238 |
|
130,351 |
|
(30,661) |
|
-10.4% |
| 7- | Breakdown of consolidated revenues - restated by inflation (constant figures)
Three Months Comparison |
| |
|
06/30/22 |
|
06/30/21 |
|
2Q22
IAS 29 vs. 2Q21 IAS 29 |
| |
2Q22
IAS 29 |
|
IAS
29
Adjustment |
|
2Q21
IAS 29 |
|
IAS
29
Adjustment |
|
Δ
$ |
|
Δ
% |
| REVENUES
FROM SERVICES |
|
119,224 |
|
5,954 |
|
133,683 |
|
54,642 |
|
(14,459) |
|
-10.8% |
| Mobile Services |
|
50,490 |
|
2,563 |
|
54,124 |
|
22,137 |
|
(3,634) |
|
-6.7% |
| Internet
Services |
|
28,295 |
|
1,429 |
|
29,783 |
|
12,175 |
|
(1,488) |
|
-5.0% |
| Cable TV
Services |
|
23,296 |
|
1,141 |
|
28,049 |
|
11,443 |
|
(4,753) |
|
-16.9% |
| Fixed Telephony
and Data Services |
|
16,019 |
|
797 |
|
20,915 |
|
8,551 |
|
(4,896) |
|
-23.4% |
| Other service
revenues |
|
1,124 |
|
24 |
|
812 |
|
336 |
|
312 |
|
38.4% |
| REVENUES
FROM EQUIPMENT SALES |
|
7,673 |
|
358 |
|
11,326 |
|
4,641 |
|
(3,653) |
|
-32.3% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| REVENUES
|
|
126,897 |
|
6,312 |
|
145,009 |
|
59,283 |
|
(18,112) |
|
-12.5% |
TELECOM
ARGENTINA S.A.
Consolidated
Information
Six
month period and second quarter - Fiscal Year 2022
(In
million of Argentine pesos)
| 8- | Consolidated
Income Statements - restated by inflation (constant figures) |
(Allows
the understanding of the variations of the Income Statement in real terms)
| |
|
06/30/22 |
|
06/30/21 |
|
1H22
IAS 29 vs. 1H21 IAS 29 |
|
| |
1H22 IAS
29 |
|
IAS
29
Adjustment |
|
1H21 IAS
29 |
|
IAS
29
Adjustment |
|
Δ
$ |
|
Δ
% |
|
| Revenues |
|
264,577 |
|
33,412 |
|
295,198 |
|
130,351 |
|
(30,621) |
|
-10.4% |
|
| Employee benefit
expenses and severance payments |
|
(60,519) |
|
(7,228) |
|
(57,727) |
|
(25,496) |
|
(2,792) |
|
4.8% |
|
| Interconnection
and transmission costs |
|
(8,118) |
|
(1,018) |
|
(10,898) |
|
(4,829) |
|
2,780 |
|
-25.5% |
|
| Fees for services,
maintenance, materials and supplies |
|
(30,711) |
|
(4,641) |
|
(33,625) |
|
(15,550) |
|
2,914 |
|
-8.7% |
|
| Taxes and fees
with the regulatory authority |
|
(20,370) |
|
(2,555) |
|
(22,854) |
|
(10,097) |
|
2,484 |
|
-10.9% |
|
| Commissions
and advertising |
|
(14,765) |
|
(1,808) |
|
(16,480) |
|
(7,249) |
|
1,715 |
|
-10.4% |
|
| Cost of equipments
and handsets |
|
(12,456) |
|
(2,591) |
|
(15,121) |
|
(7,716) |
|
2,665 |
|
-17.6% |
|
| Programming
and content costs |
|
(16,719) |
|
(2,137) |
|
(20,577) |
|
(9,141) |
|
3,858 |
|
-18.7% |
|
| Bad debt expenses |
|
(6,454) |
|
(903) |
|
(5,105) |
|
(2,241) |
|
(1,349) |
|
26.4% |
|
| Other operating
income and expenses |
|
(13,619) |
|
(1,822) |
|
(12,366) |
|
(5,697) |
|
(1,253) |
|
10.1% |
|
| Subtotal
Operating costs before D&A |
|
(183,731) |
|
(24,703) |
|
(194,753) |
|
(88,016) |
|
11,022 |
|
-5.7% |
|
| Operating
income before D&A |
|
80,846 |
|
8,709 |
|
100,445 |
|
42,335 |
|
(19,599) |
|
-19.5% |
|
| Depreciation,
amortization ('D&A') and impairment of fixed assets |
|
(89,381) |
|
(60,187) |
|
(91,747) |
|
(68,159) |
|
2,366 |
|
-2.6% |
|
| Operating
income (loss) |
|
(8,535) |
|
(51,478) |
|
8,698 |
|
(25,824) |
|
(17,233) |
|
-198.1% |
|
| Earnings from
associates |
|
144 |
|
(95) |
|
189 |
|
39 |
|
(45) |
|
-23.8% |
|
| Net financial
results |
|
38,691 |
|
117,131 |
|
30,485 |
|
68,502 |
|
8,206 |
|
26.9% |
|
| Net income
before income tax expense |
|
30,300 |
|
65,558 |
|
39,372 |
|
42,717 |
|
(9,072) |
|
-23.0% |
|
| Income tax
expense |
|
1,579 |
|
(11,926) |
|
(42,114) |
|
(46,330) |
|
43,693 |
|
-103.7% |
|
| Net income
(loss) |
|
31,879 |
|
53,632 |
|
(2,742) |
|
(3,613) |
|
34,621 |
|
- |
|
| Attributable
to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Controlling
Company |
|
31,260 |
|
53,578 |
|
(3,288) |
|
(3,672) |
|
34,548 |
|
- |
|
| Non-controlling
interest |
|
619 |
|
54 |
|
546 |
|
59 |
|
73 |
|
13.4% |
|
| 9- | Consolidated Income Statements
- restated by inflation (constant figures)
Three Months Comparison |
| |
|
06/30/22 |
|
06/30/21 |
|
2Q22
IAS 29 vs. 2Q21 IAS 29 |
|
| |
2Q22 IAS
29 |
|
IAS
29
Adjustment |
|
2Q21 IAS
29 |
|
IAS
29
Adjustment |
|
Δ
$ |
|
Δ
% |
|
| Revenues |
|
126,897 |
|
6,312 |
|
145,009 |
|
59,283 |
|
(18,112) |
|
-12.5% |
|
| Employee benefit
expenses and severance payments |
|
(32,111) |
|
(1,597) |
|
(29,834) |
|
(12,241) |
|
(2,277) |
|
7.6% |
|
| Interconnection
and transmission costs |
|
(3,910) |
|
(190) |
|
(5,088) |
|
(2,081) |
|
1,178 |
|
-23.2% |
|
| Fees for services,
maintenance, materials and supplies |
|
(16,011) |
|
(1,383) |
|
(16,677) |
|
(7,172) |
|
666 |
|
-4.0% |
|
| Taxes and fees
with the regulatory authority |
|
(9,842) |
|
(487) |
|
(11,173) |
|
(4,569) |
|
1,331 |
|
-11.9% |
|
| Commissions
and advertising |
|
(7,228) |
|
(361) |
|
(8,507) |
|
(3,475) |
|
1,279 |
|
-15.0% |
|
| Cost of equipments
and handsets |
|
(5,405) |
|
(494) |
|
(8,003) |
|
(3,900) |
|
2,598 |
|
-32.5% |
|
| Programming
and content costs |
|
(7,925) |
|
(398) |
|
(9,510) |
|
(3,897) |
|
1,585 |
|
-16.7% |
|
| Bad debt expenses |
|
(2,702) |
|
(154) |
|
(3,219) |
|
(1,307) |
|
517 |
|
-16.1% |
|
| Other operating
income and expenses |
|
(8,649) |
|
(648) |
|
(7,218) |
|
(3,049) |
|
(1,431) |
|
19.8% |
|
| Subtotal
Operating costs before D&A |
|
(93,783) |
|
(5,712) |
|
(99,229) |
|
(41,691) |
|
5,446 |
|
-5.5% |
|
| Operating
income before D&A |
|
33,114 |
|
600 |
|
45,780 |
|
17,592 |
|
(12,666) |
|
-27.7% |
|
| Depreciation,
amortization ('D&A') and impairment of fixed assets |
|
(43,124) |
|
(28,170) |
|
(46,884) |
|
(34,410) |
|
3,760 |
|
-8.0% |
|
| Operating
loss |
|
(10,010) |
|
(27,570) |
|
(1,104) |
|
(16,818) |
|
(8,906) |
|
- |
|
| Earnings from
associates |
|
3 |
|
(96) |
|
40 |
|
(15) |
|
(37) |
|
-92.5% |
|
| Net financial
results |
|
12,486 |
|
59,811 |
|
18,166 |
|
306 |
|
(5,680) |
|
-31.3% |
|
| Net income
before income tax expense |
|
2,479 |
|
32,145 |
|
17,102 |
|
(16,527) |
|
(14,623) |
|
-85.5% |
|
| Income tax
expense |
|
1,547 |
|
(6,818) |
|
(36,240) |
|
(43,597) |
|
37,787 |
|
-104.3% |
|
| Net income
(loss) |
|
4,026 |
|
25,327 |
|
(19,138) |
|
(60,124) |
|
23,164 |
|
-121.0% |
|
| Attributable
to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Controlling
Company |
|
3,664 |
|
25,314 |
|
(19,192) |
|
(27,104) |
|
22,856 |
|
-119.1% |
|
| Non-controlling
interest |
|
362 |
|
13 |
|
54 |
|
(154) |
|
308 |
|
- |
|
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.
| |
|
Telecom
Argentina S.A. |
| |
|
|
| |
|
|
| Date: |
August 9, 2022 |
|
By: |
/s/ Luis F. Rial Ubago |
| |
|
|
|
Name: |
Luis F. Rial Ubago |
| |
|
|
|
Title: |
Responsible for Market Relations |
Telecom Argentina (NYSE:TEO)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025
Telecom Argentina (NYSE:TEO)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
