Telecom Argentina S.A. announces consolidated results for the first quarter of fiscal year 2023 ("1Q23") ** - 09.05.23 - News

BUENOS AIRES, Argentina, May 9, 2023

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 1Q23 include the effects of the adoption of inflationary accounting in accordance with IAS 29. Finally, comments related to variations of results of 1Q23 and vs. 1Q22 mentioned in this press release correspond to "figures restated by inflation" or "constant".

For the purposes of the analysis, it should be noted that the results presented on a comparative basis (March 2022) contain the effect of the year-over-year inflation as of March 2023, which was 104.3%.
Consolidated Revenues amounted to P$214,818 million in 1Q23 (-10.4% in constant currency vs. 1Q22), in a context of a strong inflationary acceleration. Service Revenues totaled P$200,782 million (-10.1% in constant currency vs. 1Q22).
Mobile clients in Argentina reached 20.5 million in 1Q23 (+321 thousand vs. 1Q22), cable TV subscribers totaled approximately 3.4 million in the same period (-140 thousand vs. 1Q22), while broadband accesses amounted to 4.1 million (-156 thousand vs. 1Q22).
In 1Q23, Operating Income before Depreciation and Amortization amounted to P$65,046 million (-21.8% vs. 1Q22), while our operating margin before D&A was 30.3%.
During 1Q23, the Company recorded a net income of P$28,483 million (vs. P$48,510 million in 1Q22).
Investments (including right-of-use assets) amounted to P$34,528 million in 1Q23, which represents 16.1% of our Consolidated Sales.
Net Financial Debt amounted to P$477,923 million in 1Q23 (-6,6% in constant currency vs. 1Q22).

**Unaudited non-financial information

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

IAS 29

Δ $

Kurse

Telecom Argentina SA B ADR

5,825 €

0,00%

Telecom Argentina SA B ADR Realtime-Chart

Δ %

As of Mar-31,

2023

2022

Consolidated Revenues

214,818

239,787

(24,969)

-10.4 %

Operating Income before D&A

65,046

83,130

(18,084)

-21.8 %

Operating Income (loss)

(3,090)

2,568

(5,658)

-

Net income (loss) before income tax expense

16,710

48,453

(31,743)

-65.5 %

Net income (loss) attributable to Controlling Company

27,759

48,063

(20,304)

-

Shareholders' equity attributable to Controlling Company

996,389

969,405

26,984

2.8 %

Net Financial Debt

(477,923)

(511,819)

33,896

-6.6 %

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

34,528

38,373

(3,845)

-10.0 %

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

2,954

3,104

(149)

-4.8 %

Mobile customers (in thousand)

22,795

22,405

390

1.7 %

Personal (Argentina)

20,484

20,163

321

1.6 %

Núcleo (Paraguay)-includingWimax customers-

2,311

2,242

69

3.1 %

Broadband accesses in Argentina (in thousand)

4,082

4,238

(156)

-3.7 %

Pay TV Subscribers (in thousand)

3,395

3,535

(140)

-4.0 %

Average Billing per user (ARPU) Fixed Telephony / voice (inP$ - Restated by inflation)

1,618.3

1,983.5

(365.2)

-18.4 %

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

1,307.4

1,394.3

(86.9)

-6.2 %

Average Revenue per user (ARPU) Broadband (inP$ - Restated by inflation)****

3,641.0

3,894.9

(253.9)

-6.5 %

Average Revenue per user (ARPU) Cable TV (inP$ - Restated by inflation)****

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