Telecom Argentina S.A. announces consolidated nine month period ('9M16') and third quarter results for fiscal year 2016 ('3Q16')*

BUENOS AIRES, Argentina, Nov. 9, 2016

• Consolidated Revenues amounted to P$38,818 million (+35.8% vs. 9M15); Fixed Data +65.3% vs. 9M15; Fixed Internet +32.9% vs. 9M15; and Mobile business in Argentina +32.2% vs. 9M15.
• Mobile subscribers in Argentina reached 19.9 million in 9M16 (+0.5 million vs. 9M15).
• Mobile Value Added Services in Argentina (Internet and Data): +30.4% vs. 9M15; 62.1% of Service Revenues.
• Mobile ARPU in Argentina increased to P$108.2 per month in 9M16 (+21.8% vs. 9M15).
• ADSL ARPU increased to P$260.4 per month in 9M16 (+30.7% vs. 9M15); monthly churn reached 1.5% in 9M16.
• Consolidated Operating costs -including D&A and Results on disposal and write-down of PP&E- totaled P$33,329 million (+38.0% vs. 9M15).
• Operating Income Before Depreciation and Amortization reached P$10,208 million (+33.2% vs. 9M15), 26.3% of consolidated revenues, with an improvement in margin in 3Q16 vs. 3Q15.
• Net Income amounted to P$2,495 million (-10.2% vs. 9M15). Net Income attributable to Telecom Argentina amounted to P$2,471 million (-10.4% vs. 9M15), with a better trend with respect to 1H16      (-11.8% vs. 1H15). Net Income was influenced by higher depreciation and amortization costs due to higher capex.
• Capex increased to P$7,699 million in 9M16 (+69.8% vs. 9M15, excluding the spectrum payment executed in 2Q15), equivalent to 19.8% of Consolidated Revenues.
• Net Financial Debt: P$7,157 million, an increase of P$5,571 million vs. 9M15, after Telecom Argentina's cash dividend distribution during 2016 and higher payments of capex and spectrum.

(in million P$, except where noted)		As of September, 30
		2016		2015		Δ $		Δ % ARIVA.DE Börsen-Geflüster Kurse Telecom Argentina SA B ADR 7,91 $ +1,41%
Consolidated Revenues		38,818		28,590		10,228		35.8%
Mobile Services		27,928		20,866		7,062		33.8%
Fixed Services		10,890		7,724		3,166		41.0%
Operating Income before D&A		10,208		7,664		2,544		33.2%
Operating Income		5,523		4,459		1,064		23.9%
Net Income attributable to Telecom Argentina		2,471		2,757		(286)		-10.4%
Shareholders' equity attributable to Telecom Argentina		17,843		16,318		1,525		9.3%
Net Financial Position - (Debt) / Cash		(7,157)		(1,586)		(5,571)		-
CAPEX (excluding spectrum)		7,699		4,535		3,164		69.8%
Fixed lines in service (in thousand lines)		3,946		4,054		(108)		-2.7%
Mobile customers (in thousand)		22,433		21,974		459		2.1%
Personal (Argentina)		19,901		19,444		457		2.4%
Núcleo (Paraguay) -including Wimax customers-		2,532		2,530		2		0.1%
Broadband accesses (in thousand)		1,800		1,804		(4)		-0.2%
Average Billing per user (ARBU) Fixed Telephony / voice  (in P$)		93.1		64.8		28.3		43.7%
Average Revenue per user (ARPU) Mobile Services in Arg. (in P$)		108.2		88.8		19.4		21.8%
Average Revenue per user (ARPU) ADSL (in P$)		260.4		199.3		61.1		30.7%

*Unaudited non financial data

During 9M16, Consolidated Revenues increased by 35.8% to P$38,818 million (+P$10,228 million vs. 9M15), mainly fueled by the Fixed Data and Broadband businesses and Mobile Services. Moreover, Operating Income reached P$5,523 million (+P$1,064 million or +23.9% vs. 9M15).

Consolidated Operating Revenues

Mobile Services

As of September 30, 2016 clients with mobile services amounted to 22.4 million vs. 22.0 million as of 9M15.

Third parties Revenues amounted to P$27,928 million (+33.8% vs. 9M15) as a result of the commercial strategy that promotes the consumption of value added services ('VAS') through a wide offer of 4G Smartphones together with data plans suitable to clients' needs. 

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