Telecom Argentina S.A. announces consolidated results for the first half ("1H22") and second quarter of fiscal year 2022 ("2Q22") ** - 09.08.22 - News

BUENOS AIRES, Aug. 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 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".

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).

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

IAS 29

As of June 30,

Kurse

Telecom Argentina SA B ADR

6,32 $

-0,47%

Δ $

Δ %

2022

2021

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

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