Telecom Argentina S.A. announces consolidated six month period ('1H17') and second quarter results for fiscal year 2017 ('2Q17')*

BUENOS AIRES, Argentina, Aug. 9, 2017

• Consolidated Revenues amounted to P$30,544 million (+20.2% vs. 1H16); Service Revenues reached P$27,090 million (+27.3% vs. 1H16); Fixed Voice Services and Internet Services +44.5% and +29.3% vs. 1H16, respectively; and Mobile Services in Argentina +25.3% vs. 1H16.
• Mobile subscribers in Argentina: 19.5 million in 1H17.
• Mobile Internet in Argentina +66.5% vs. 1H16; 47.2% of Service Revenues.
• Mobile ARPU in Argentina increased to P$135.3 per month in 1H17 (+27.5% vs. 1H16).
• ADSL ARPU rised to P$344.0 per month in 1H17 (+35.3% vs. 1H16); monthly churn reached 1.4% in 1H17.
• Consolidated Operating costs -including D&A and disposals and impairment of PP&E- totaled P$24,732 million (+13.9% vs. 1H16).
• Operating Income before Depreciation and Amortization ('EBITDA') reached P$9,344 million (+38.1% vs. 1H16), 30.6% of consolidated revenues.
• Net Income amounted to P$3,639 million (+109.5% vs. 1H16). Net Income attributable to Telecom Argentina amounted to P$3,615 million (+109.6% vs. 1H16), being influenced by the growth in EBITDA, better financial results and by higher depreciation and amortization costs.
• Capex reached P$4,023 million in 1H17, equivalent to 13.2% of Consolidated Revenues.
• Net Debt Financial Position: P$775 million, a decrease of P$4,647 million vs. 1H16, mostly due to an increase in operating cash flow.

(in million P$, except where noted)		As of June, 30
		2017		2016		Δ $ ARIVA.DE Börsen-Geflüster Kurse Telecom Argentina SA B ADR 7,18 $ +2,28%		Δ %
Consolidated Revenues		30,544		25,406		5,138		20.2%
Mobile Services		21,188		18,350		2,838		15.5%
Fixed Services		9,356		7,056		2,300		32.6%
Operating Income before D&A		9,344		6,764		2,580		38.1%
Operating Income		5,851		3,721		2,130		57.2%
Net Income attributable to Telecom Argentina		3,615		1,725		1,890		109.6%
Shareholders' equity attributable to Telecom Argentina		22,999		17,074		5,925		34.7%
Net Financial Position - (Debt) / Cash		(775)		(5,422)		4,647		-85.7%
CAPEX (excluding spectrum)		4,023		4,495		(472)		-10.5%
Fixed lines in service (in thousand lines)		3,861		3,974		(112)		-2.8%
Mobile customers (in thousand)		22,031		22,517		(486)		-2.2%
Personal (Argentina)		19,529		19,957		(428)		-2.1%
Núcleo (Paraguay) -including Wimax customers-		2,502		2,560		(58)		-2.3%
Broadband accesses (in thousand)		1,735		1,798		(63)		-3.5%
Average Billing per user (ARBU) Fixed Telephony / voice  (in P$)		140.9		87.3		53.7		61.5%
Average Revenue per user (ARPU) Mobile Services in Arg. (in P$)		135.3		106.2		29.2		27.5%
Average Revenue per user (ARPU) ADSL (in P$)		344.0		254.3		89.7		35.3%

Telecom Argentina ('Telecom') - (NYSE: TEO; BASE: TECO2), one of Argentina's leading telecommunications companies, announced today a Net Income of P$3,639 million for the six month period ended June 30, 2017, or +109.5% when compared to 1H16. Net income attributable to Telecom Argentina amounted to P$3,615 million (+109.6% vs. 1H16).

During 1H17, Consolidated Revenues increased by 20.2% to P$30,544 million (+P$5,138 million vs. 1H16), mainly fueled by Fixed Voice Services, Fixed Internet Services and Mobile Services in Argentina. Moreover, Operating Income reached P$5,851 million (+P$2,130 million or +57.2% vs. 1H16).

Consolidated Operating Revenues

Mobile Services

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