Telecom Argentina S.A. announces consolidated six month period ('1H19') and second quarter results for fiscal year 2019 ('2Q19')* - 09.08.19 - News

BUENOS AIRES, Argentina, Aug. 9, 2019

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 1H19 include the effects of the adoption of inflationary accounting in accordance with IAS 29. Finally, comments related to variations of results of 1H19 and vs. 1H18 mentioned in this press release correspond to "figures restated by inflation" or "constant".

The results restated for inflation corresponding to June 2018 contain the effect of year over year inflation as of June 2019, which reaches 55.8%. It is important to highlight this impact when performing an analysis of the Company's operational performance.
Consolidated Revenues of Telecom Argentina amounted to P$94,756 million in 1H19, of which Service Revenues totaled P$88,581 million. At the end of June, the Company was able to increase billing at a faster rate than the level of inflation (net of the effect of public services inflation), thanks to a greater demand for higher value services. This has been achieved in a challenging context, where it can be observed that despite significant increases in the wallet share assigned to energy and transportation services by users due to the increase in tariffs, the consumption allocation to telecommunications services remains stable during the last years.
Mobile clients in Argentina reached 18.6 million in 1H19, while cable television subscribers and broadband accesses totaled 3.4 million and 4.1 million, respectively. It is important to remark that in all cases the total number of subscribers increased when compared to the previous quarter, through actions such as change of products, bundling and upselling, allowing to increase the weight of value customers and reiterating the leadership of the Company in mobile portability, in broadband and video platforms.
Operating Income before Depreciation and Amortization amounted P$31,839 million in 1H19, 33.6% of Consolidated Sales. During 2Q19 the margin was 34.6%, and above the 32.7% obtained in 1Q19.
Net Income amounted to P$6,729 million in 1H19, increasing +99.6% vs. 1H18. Net Income attributable to the Controlling Company amounted to P$6,600 million during the same period, increasing +99.7% vs. 1H18. The variation of the mentioned Net Income vs. 1H18 mainly reflects greater net financial results due to the effect of positive FX results measured in real terms.
A second payment of dividends of P$7,045 million has been approved, in accordance to the resolutions of the Shareholders' Meeting of April 2019, which will be made available through the use of cash resources as a consequence of the Company's solid operative generation.
Investments in PP&E, intangible assets and adds of rights of use reached P$24,120 million in 1H19, equivalent to 25.5% of Consolidated Revenues, due to better financing conditions obtained by the Company and with the objective of improving the services demanded by its customers. In this way, the Company carries on with its investment plan as it was formulated.
Net Financial Debt Position: P$75,268 million in 1H19, down 6.3% in real terms when compared with December 2018.

IAS 29

(in million P$ adjusted by inflation)

As of June, 30

ARIVA.DE Börsen-Geflüster

Kurse

Telecom Argentina SA B ADR

7,10 €

0,00%

Telecom Argentina SA B ADR Realtime-Chart

Δ $

Δ %

2019

2018

Consolidated Revenues

94,756

107,078

(12,322)

-11.5%

Operating Income before D&A

31,839

38,361

(6,522)

-17.0%

Operating Income

9,359

19,142

(9,783)

-51.1%

Net Income attributable to Controlling Company

6,600

3,305

3,295

99.7%

Shareholders' equity attributable to Controlling Company

274,275

n.a

Net Financial Position - (Debt) / Cash

(75,268)

n.a

CAPEX

24,120

23,572

548

2.3%

Fixed lines in service (in thousand lines)

3,371

3,679

(308)

-8.4%

Mobile customers (in thousand)

20,943

21,459

(516)

-2.4%

Personal (Argentina)

18,408

18,631

(223)

-1.2%

Nextel (Argentina)

182

447

(265)

-59.3%

Núcleo (Paraguay) -including Wimax customers-

2,352

2,381

(29)

-1.2%

Broadband accesses in Argentina (in thousand)

4,132

4,083

49

1.2%

Cable TV Suscribers (in thousand)

3,417

3,484

(67)

-1.9%

Argentina

3,276

3,341

(65)

-1.9%

Uruguay

141

143

(2)

-1.4%

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

341.2

342.8

(2)

-0.5%

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

246.5

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