Telecom Argentina S.A. announces consolidated annual results ("FY21") and fourth quarter of fiscal year 2021 ("4Q21")** - 09.03.22 - News

BUENOS AIRES, March 9, 2022

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 FY21 include the effects of the adoption of inflationary accounting in accordance with IAS 29. Finally, comments related to variations of results of FY21 and vs. FY20 mentioned in this press release correspond to "figures restated by inflation" or "constant".

For comparative purposes, it is important to highlight that the results adjusted by inflation corresponding to December 2020 contain the effect of the year over year inflation as of December 2021, which amounted to 50.9%.
Consolidated Revenues amounted to P$425,493 million in FY21. Service Revenues totaled P$395,697 million (-7.7% in constant currency vs. FY20), in a context where inflation is still high. Service revenues for 4Q21 totaled P$95,735 million (-1.9% in constant currency vs 4Q20).
Mobile clients in Argentina reached 20.1 million in FY21 (+1.7 million vs. FY20), cable TV subscribers totaled approximately 3.6 million (+17 thousand vs. FY20), while broadband accesses amounted to almost 4.2 million (+89 thousand vs. FY20). Consequently, all these segments have verified an increase in the number of clients versus 2020.
Operating Income before Depreciation and Amortization amounted to P$132,767 million in FY21 (-14.5% vs. FY20).
The Company's Net Income amounted to P$9,940 million in FY21 (vs. a loss of $7,704 million in FY20). Net financial results were positive and totaled P$45,649 million, which were partially offset by an income tax expense of $33.317 million.
Investments (including rights of use assets) reached P$103,704 million in FY21, equivalent to 24.4% of Consolidated Revenues.
Net Financial Debt amounted to P$236,286 million in FY21 (-11.2% in constant currency vs. FY20).

*Market Cap as of March 8^th, 2022
**Unaudited non financial data

(in million P$ adjusted by inflation, except where noted)**

IAS 29

As of December 31,

Kurse

Telecom Argentina SA B ADR

5,825 €

0,00%

Telecom Argentina SA B ADR Realtime-Chart

As of December 31,

Δ $

Δ %

2021

2020

Consolidated Revenues

425,493

455,234

(29,741)

-6.5%

Operating Income before D&A

132,767

155,301

(22,534)

-14.5%

Operating (loss) Income

(2,787)

30,632

(33,419)

-109.1%

Net income before income tax expense

43,257

4,750

38,507

-

Net income (loss) attributable to Controlling Company

8,665

(8,626)

17,291

-200.5%

Shareholders' equity attributable to Controlling Company

541,423

577,285

(35,862)

-6.2%

Net Financial Debt

(236,286)

(266,225)

29,939

-11.2%

Investments in PP&E, intangible assets & rights of use assets *

103,704

100,755

2,949

2.9%

Fixed lines in service (in thousand lines) ***

2,417

2,821

(404)

-14.3%

Mobile customers (in thousand)

22,348

20,649

1,699

8.2%

Personal (Argentina)

20,130

18,433

1,697

9.2%

Núcleo (Paraguay) -including Wimax customers-

2,218

2,216

2

0.1%

Broadband accesses in Argentina (in thousand)

4,248

4,158

89

2.2%

Pay TV Subscribers (in thousand)

3,563

3,546

17

0.5%

Average Billing per user (ARBU) Fixed Telephony / voice (in P$ - Restated by inflation)

777.2

866.9

(89.7)

-10.3%

Average Revenue per user (ARPU) Mobile Services - Personal (in P$ - Restated by inflation)

617.0

658.4

(41.4)

-6.3%

Average Revenue per user (ARPU) Broadband (in P$ - Restated by inflation)

1,727.1

1,918.5

(191.4)

-10.0%

Average Revenue per user (ARPU) Cable TV (in P$ - Restated by inflation)

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