Telecom Argentina S.A. Announces Consolidated Annual Results (“FY23”) and Fourth Quarter of Fiscal Year 2023 (“4Q23”)
- Improvement in service revenues despite challenges like inflation and devaluation.
- Stable customer base in fixed segment and growth in mobile subscribers.
- Operating margins increased due to effective cost management.
- Net loss reduced compared to the previous year.
- Investments in 5G spectrum acquisition and network expansion.
- Declines in consolidated revenues and various service segments.
- Increase in net financial debt due to devaluation and acquisition funds.
- Challenges in passing on inflation effects to prices and retaining customers.
- Reduction in ARPU in mobile, broadband, and cable TV services.
- Negative impact on financial results due to exchange differences and investments.
- Decline in consolidated revenues and service revenues.
- Increase in net financial debt and financial losses.
- Challenges in maintaining ARPU and customer retention.
- Negative impact on financial results due to exchange differences and investments.
Insights
Telecom Argentina's financial results for FY23 reveal a net loss of P$249,687 million, an improvement from the previous fiscal year's net loss of P$640,379 million. Despite the challenging economic environment, characterized by a significant inflation rate of 211.4% as of December 2023, the company managed to improve its margin over revenues to 28.1% in FY23, up from 27.5% in FY22. This was achieved through effective management of operating costs, which declined by 10.1% in real terms compared to FY22.
However, the company's net financial debt increased by 41.1% in constant currency compared to FY22, largely due to the devaluation of the Argentine peso against the US dollar. The acquisition of a 100MHz block of 5G spectrum in the 3.5GHz band represents a significant investment in future growth, accounting for 27.6% of the company's consolidated revenues. This strategic move positions Telecom Argentina to capitalize on the next generation of mobile technology, although it also contributes to the increase in net financial debt.
Investors should note the company's resilience in maintaining service revenues, with a smaller decrease of 10.1% compared to FY22's 11.7% drop. This suggests that despite the economic headwinds, Telecom Argentina is maintaining its competitive position in the market. The company's performance, particularly the improvement in margin over revenues and the reduction in operating costs, indicates a robust operational strategy that may mitigate some of the negative impacts of the inflationary environment on the business.
The telecommunications sector in Argentina is highly competitive and subject to economic fluctuations. Telecom Argentina's FY23 results show a mixed performance with stable customer bases in the fixed segment and a growth in mobile subscribers by 760 thousand compared to FY22. The decrease in broadband and cable TV subscribers, albeit marginal, reflects a challenging market environment and possibly a shift in consumer preferences towards alternative digital platforms.
The strategic acquisition of 5G spectrum is a forward-looking investment that could enhance the company's service offerings and potentially lead to increased market share. However, it is essential to monitor how effectively the company can monetize this investment amidst the country's economic volatility. The award by Ookla for the fastest mobile network in Argentina for the fifth consecutive time is a positive indicator of the company's service quality, which can be a differentiator in retaining and attracting customers.
Furthermore, the expansion in the company's virtual wallet service, Personal Pay, suggests a diversification of revenue streams, which could be crucial in a landscape where traditional telecommunications services are becoming commoditized. The growth of over 2 million customers in Personal Pay demonstrates the potential for cross-selling and increased customer engagement through digital financial services.
Telecom Argentina's financial statements, adjusted for inflation in accordance with IAS 29, reflect the broader economic challenges faced by Argentina, including a significant annual inflation rate of 211.4% by the end of 2023. The company's revenue decline in constant currency terms and the substantial devaluation of the Argentine peso underscore the volatile macroeconomic conditions.
The improvement in operating margins despite these conditions is notable, but it is crucial to consider the sustainability of such margins in the long run, especially if inflation continues to erode purchasing power and consumer demand. The company's increasing net financial debt is a concern, as it may limit future investment capacity and increase vulnerability to further currency fluctuations.
Investors should remain cautious about the potential risks associated with high inflation, currency devaluation and regulatory changes, such as the nullity of Decree 690/2020, which could impact the company's pricing strategies and cost structures. The company's ability to navigate these economic and regulatory challenges will be critical to its long-term financial health and stock performance.
Note: For the figures included in the 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 annual financial statements, interim and special periods ending as of December 31, 2018 inclusive. Accordingly, the reported figures corresponding to FY23 include the effects of the adoption of inflationary accounting in accordance with IAS 29. Finally, comments related to variations of results of FY23 and vs. FY22 mentioned in this press release correspond to "figures restated by inflation" or "constant".
- It should be noted that the results presented on a comparative basis (December 2022) include the effect of the year-over-year inflation as of December 2023, which was
211.4% . - Even with a scenario of strong inflationary acceleration, Service Revenues improved in real terms. In FY22 was observed a variation of -
11.7% vs. FY21, while in FY23 was observed a variation of -10.1% compared to FY22, amounting$1,905,932. T he Company's Consolidated Revenues amounted to$2,059,101 million in FY23 (-9.3% in constant currency compared to FY22). - The fixed segment customer base remained stable during the last quarters of 2023, reversing the trend observed at the beginning of the year. Mobile subscribers in Argentina reached 21 million in FY23 (+760 thousand vs. FY22), cable TV subscribers totaled 3.1 million in the same period (-115 thousand vs. FY22), while broadband accesses amounted to 4.1 million (-42 thousand vs. FY22).
- The margin over revenues has improved, even in the challenging context in Argentina, registering
28.1% in FY23 (compared to27.5% in FY22). This variation is due to the effective management of Operating Costs before Depreciation, Amortization, and Impairment of Fixed Assets, which experienced a strong decline in real terms during FY23 (-10.1% vs FY22). In FY23, Operating Income before Depreciation, Amortization and Impairment of Fixed Assets ("Operating Income Before D, A & I") amounted to P$579,396 million (-7.1% vs. FY22). - As a result of the strong devaluation of the Argentine peso against the US dollar in real terms, during the FY23, the Company recorded a net loss of P
$249,687 million (vs. a loss of P$640,379 million in FY22) mainly explained by exchange differences losses included in Financial Results. - Investments in 2023 include the acquisition of the 100MHz block of 5G spectrum in the 3.5GHz band during October. As a result, investments (including right-of-use assets) amounted to P
$568,817 million in FY23, which represents27.6% of our Consolidated Revenues. CAPEX (excluding right-of-use assets) during the FY23 represented23.5% of Consolidated Revenues. - Net Financial Debt increased due to the strong devaluation in real terms that occurred in December 2023 amounting to P
$1,849,559 million in FY23 (+41.1% in constant currency vs. FY22). Additionally, this increase is partially attributed to the acquisition of funds for 5G spectrum financing.
*Market capitalization as of March 8, 2024
**Unaudited non-financial information
BUENOS AIRES, ARGENTINA / ACCESSWIRE / March 11, 2024 / Telecom Argentina S.A. ("Telecom Argentina") - (NYSE:TEO)(BYMA:TECO2), announced today a net loss of P
| IAS 29 | IAS 29 | |||||||||||||||
| As of Dec-31, | As of Dec-31, | |||||||||||||||
| 2023 | 2022 | Δ $ | Δ % | |||||||||||||
Consolidated Revenues | 2,059,101 | 2,270,728 | (211,627 | ) | -9.3 | % | ||||||||||
Operating Income before D, A & I | 579,396 | 623,998 | (44,602 | ) | -7.1 | % | ||||||||||
Operating Loss | (125,065 | ) | (918,469 | ) | 793,404 | -86.4 | % | |||||||||
Net loss before income tax expense | (587,944 | ) | (722,915 | ) | 134,971 | -18.7 | % | |||||||||
Net loss attributable to Controlling Company | (257,730 | ) | (647,208 | ) | 389,478 | -60.2 | % | |||||||||
Shareholders' equity attributable to Controlling Company | 2,167,879 | 2,479,866 | (311,987 | ) | -12.6 | % | ||||||||||
Net Financial Debt | (1,849,559 | ) | (1,310,910 | ) | (538,649 | ) | 41.1 | % | ||||||||
Investments in PP&E, intangible assets & rights of use assets ** | 568,817 | 458,595 | 110,222 | 24.0 | % | |||||||||||
Fixed lines in service (in thousand lines) *** | 2,887 | 3,008 | (121 | ) | -4.0 | % | ||||||||||
Mobile customers (in thousand) | 23,321 | 22,464 | 856 | 3.8 | % | |||||||||||
Personal (Argentina) | 21,004 | 20,244 | 760 | 3.8 | % | |||||||||||
N??cleo (Paraguay) -including Wimax customers- | 2,316 | 2,220 | 96 | 4.3 | % | |||||||||||
Broadband accesses in Argentina (in thousand) | 4,074 | 4,116 | (42 | ) | -1.0 | % | ||||||||||
Pay TV Subscribers (in thousand) | 3,369 | 3,484 | (115 | ) | -3.3 | % | ||||||||||
Average Revenue per user (ARPU) Fixed Telephony / voice (in P$ - Restated by inflation) | 4,205.1 | 4,499.8 | (294.7 | ) | -6.5 | % | ||||||||||
Average Revenue per user (ARPU) Mobile Services - Personal (in P$ - Restated by inflation) | 3,056.1 | 3,433.6 | (377.5 | ) | -11.0 | % | ||||||||||
Average Revenue per user (ARPU) Broadband (in P$ - Restated by inflation) | 8,671.6 | 9,505.4 | (833.8 | ) | -8.8 | % | ||||||||||
Average Revenue per user (ARPU) Cable TV (in P$ - Restated by inflation) | 8,591.2 | 9,363.7 | (772.5 | ) | -8.2 | % | ||||||||||
*(Figures may not add up due to rounding)
** (in constant currency - includes right-of-use assets as of December 31, 2023, for P
*** (Includes IP telephony lines, which amounted to approximately 1.52 million and 1.10 million as of December 31, 2023, and December 31, 2022, respectively)
Comparative figures for the previous fiscal year have been restated by inflation so that the resulting information is presented in terms of the current measurement unit as of December 31, 2023.
The following table shows the evolution of the national consumer price index (National CPI - according to INDEC's official statistics) for the last three fiscal years, used for the restatement of figures in constant currency.
As of December 31, 2021 | As of December 31, 2022 | As of December 31, 2023 | ||||||||||
Annual | 50.9 | % | 94.8 | % | 211.4 | % | ||||||
3-month cumulative (Since September) | n/a | n/a | 53.3 | % | ||||||||
During the FY23, Consolidated Revenues amounted to P
During the FY23, Service Revenues decreased by
Consolidated Revenues
Mobile Services
As of December 31, 2023, total mobile subscribers in Argentina and Paraguay amounted to 23.3 million. In FY23, mobile services revenues reached P
Mobile Services in Argentina
As of December 31, 2023, total mobile subscribers amounted to approximately 21 million (+760 thousand vs. FY22). Throughout the period, there has been a change in customer behavior, resulting in a
In FY23, mobile service revenues in Argentina amounted to P
On October 24, through a public auction, the Company acquired a 100MHz block of spectrum in the 3.5GHz band, marking an initial milestone for the deployment of 5G technology in the country. As of the date of this report, the Company has over 100 sites operational with 5G technology in the 3.5 GHz band.
During the Mobile World Congress 2024, the Company was awarded for the fifth consecutive time by Ookla, a global leader in network usage testing, for having the fastest mobile network in Argentina, as verified through its SpeedTest platform. Thus, it is the only operator in Latin America to achieve this accomplishment.
Personal in Paraguay ("Núcleo")
As of December 31, 2023, Núcleo's subscriber base reached 2.3 million accesses. Of the total number of accesses,
During FY23, Mobile service revenues in Paraguay reached
Internet Services
Internet services revenues totaled P
Additionally, broadband ARPU (restated in constant currency as of December 31, 2023) amounted to P
As of December 31, 2023, customers with a service of 100 Mb or higher represent
Cable TV Services
Cable TV service revenues reached P
The subscriber base in Argentina amounted to 3.1 million accesses as of December 31, 2023, reflecting a
Fixed Telephony and Data Services
Revenues generated by fixed telephony and data services reached P
The monthly fixed voice ARPU (restated in constant currency as of December 31, 2023) reached P
The corporate segment continues to develop new solutions to support companies in boosting their business and advancing digital transformation in this new context.
Revenues from equipment sales
Equipment revenues amounted to P
Personal Pay
Our virtual wallet service, Personal Pay, ended the year with more than 2 million customers (vs. 729 thousand in December 2022).Personal Pay developed new features, including the addition of remunerated account balance services, prepaid cards for teenagers, Extra Pay and B2B solutions, among others.
Consolidated Operating Costs
Consolidated Operating Costs (including Depreciation, Amortization and Impairment of Fixed Assets) totaled P
The cost breakdown was as follows:
- Employees benefits and severance payments: P
$514,462 million in FY23 (-9.6% vs. FY22). Total employees amounted to 21,262 as of December 31, 2023. - Interconnection and transmission costs (including roaming, international settlement charges and lease of circuits): P
$60,793 million (-13.1% vs. FY22). - Fees for services, maintenance and materials: P
$258,717 million in FY23 (-6.1% vs. FY22). - Taxes and fees paid to regulatory authorities: P
$158,189 million (-9.3% vs. FY22). - Commissions and advertising (commissions paid to agents, collection fees and other commissions): These costs totaled P
$120,602 million in FY23 (-12.3% vs. FY22). - Cost of handsets sold: P
$111,078 million (+3.3% vs. FY22). The increase is mainly explained by a higher volume of handsets sold compared to FY22. - Programming and content costs: P
$116,172 million (-18.4% vs. FY22). - Other Costs totaled P
$139,692 million (-18.1% vs. FY22), of which bad debt expenses totaled P$44,652 million (-21.8% vs. FY22).- Our bad debt ratio was
2.2% of total revenues as of December 31, 2023 (vs2.5% in FY22). - Other operating costs, including charges for lawsuits and other contingencies, energy and other public services, insurance, rents and internet capacity, among others, totaled P
$95,040 million (-16.3% vs. FY22).
- Our bad debt ratio was
- Depreciation, amortization and impairment of fixed assets amounted to P
$704,461 million (-54.3% vs. FY22).- The decrease is mainly because in FY22, the Company recognized an impairment of goodwill assigned to the Argentine cash-generating unit (CGU), amounting to
$759,523 million in the currency of FY23. - This charge also includes the impact of the amortization of assets incorporated after December 31, 2022, partially offset by the effect of the assets that were completely amortized after such date.
- The decrease is mainly because in FY22, the Company recognized an impairment of goodwill assigned to the Argentine cash-generating unit (CGU), amounting to
Net Financial Results
Net Financial Results (including Financial Expenses on Debt and Other Financial Results) showed a loss of P
In millions of $ | FY23 | FY22 | Δ $ | |||||||||
Exchange differences | (684,612 | ) | 135,079 | (819,691 | ) | |||||||
Net interest | (43,048 | ) | (40,533 | ) | (2,515 | ) | ||||||
Remeasurement in borrowings* | 49,796 | 5,400 | 44,396 | |||||||||
Investment results | 64,323 | (39,496 | ) | 103,819 | ||||||||
RECPAM | 187,819 | 165,557 | 22,262 | |||||||||
Others | (35,269 | ) | (33,003 | ) | (2,266 | ) | ||||||
Total | (460,991 | ) | 193,004 | (653,995 | ) | |||||||
*Related to Notes issued in UVA
Income Tax
Telecom's income tax includes the following effects:
- the current income tax, determined based on the current tax legislation applicable to Telecom,
- the effect of applying the deferred tax method on temporary differences generated when comparing our asset and liability valuation according to tax and financial accounting criteria which includes the effect of the income tax inflation adjustment.
Income tax gain amounted to P
Consolidated Net Financial Debt
As of December 31, 2023, our net financial debt (cash, cash equivalents - net of Client Funds - plus financial investments and financial NDF* minus loans) is passive and amounted to P
* Contemplates rate swaps and NDF (non-delivery forwards) agreements.
Investments in PP&E, intangible assets and rights of use assets
During the FY23, the Company invested (including rights of use assets) P
The investments were focused on:
- Expansion of cable TV and internet services to improve transmission and access speed offered to customers.
- Deployment and modernization of our 4G mobile access sites to improve coverage and increase mobile network capacity. The deployment of 4G/LTE reached a coverage of
98% of the population in 2,032 locations as of December 31, 2023. Our mobile subscribers with access to our 4G network, according to Ookla's latest December 2023 benchmark, perceive an improved service experience, reaching average speeds of 47.96Mbps, compared to 30Mbps during the same period in 2022. - Through the government's public auction, we have acquired spectrum in the 3.5 MHz band, which will accelerate the growth of our 5G service and will contribute to the expansion of mobile internet and the improvement of service quality, and new Value Added Services.
- Expanding our transmission and transport networks to unify the different access technologies and to consolidate the deployment of last-mile networks with FTTH architecture.
Relevant financial events of the period
Nulity of Decree 690/2020
On November 17, 2023, the Company was notified of the decision of Federal Administrative Court No. 8 in the case "Telecom Argentina S.A. a/EN-Enacom and other re. on knowledge process" (Docket N° 4206/2021), which admitted the lawsuit initiated by the Company and declared the nullity of Decree 690/2020 and ENACOM Resolutions N° 1466/2020 and 1467/2020.
Resignation of Member and Alternate Member of the Board of Directors
On December 1, 2023, the Company received resignation letters, as from December 7th 2023, of the Member of the Board of Directors Eduardo Enrique de Pedro and of the Alternate Member of the Board of Directors Juan Santiago Fraschina, whose respective appointments were proposed by FGS Anses.
Issuances and financing during 2023
| Series | Currency | Amount involved (in millions) | Issuance date | Maturity date | Amortization | Interest rate | Interest payment date | |||||
| 14 | US$ linked | 62.4 | Feb-23 | Feb-28 | At maturity date | Fixed: | Quarterly basis | |||||
| 15 | (1) | US$ linked | 87.4 | Jun-23 | Jun-26 | At maturity date | n/a | |||||
| 16 | (2) | US$ linked | 180.4 | Jul-23 | Jul-25 | At maturity date | n/a | |||||
| 18 | (3) | UVA | 75.0 | Nov-23 | Nov-27 | At maturity date | Fixed: | Quarterly basis | ||||
| 19 | (4)(5) | US$ linked | 34.6 30.9 | Nov-23 Dec-23 | Nov-26 | At maturity date | n/a |
- For the Series 15 notes, the subscription price was above par, thus, the Company received funds equivalent to US
$ 102.3 million . * - For the Series 16 notes, the subscription price was above par, thus, the Company received funds equivalent to US
$ 213.2 million . * - For the Series 18 notes, the subscription price was above par, thus, the Company received funds equivalent to UVA 94.5 million. *
- For the Series 19 notes, the subscription price was above par, thus, the Company received funds equivalent to US
$ 48.3 million . * - For the additional Series 19 notes, the subscription price was above par, thus, the Company received funds equivalent to US
$ 49.9 million . *
*Excluding issuance expenses
Entities | Currecy | Principal residual nominal value (in MM) | Maturity date | Amortization | Interest rate | Spread | Interest payment date | ||||
Inter-American Development Bank (IDB) | US$ | 120 | Jun-27 | Semiannually | Variable: SOF 6 months | 6.65 | % | Semiannually | |||
China Development Bank Shenzhen Branch (CDB) | RMB | 431.3 | Dec-27 | Semiannually | Fixed: | N/A | Semiannually | ||||
Export Development Canada (EDC) | US$ | 12.7 | May-30 | Semiannually | Variable: SOF 6 months | 6.65 | % | Semiannually |
Relevant events after December 31, 2023
Resignation of Alternate Member of the Supervisory Committee
On February 5, 2024, the Company received the resignation letter from the Alternate Member of the Supervisory Committee Luciano Nicolás Giménez, effective as of that date, due to personal reasons.
Extension of preliminary injunction
On February 20, 2024, the Company informed of the decision rendered by the Federal Administrative Litigation Matters Court No. 8 in the proceedings "Telecom Argentina S.A. a/EN-Enacom and other re. preliminary injunction (Autonomous)" (Docket No. 12,881/2020) whereby the Court decided to further extend for a period of six months the preliminary injunction previously granted to us according to section 5 of Law No. 26,854.
Compliance with covenants
The Company holds certain loans with IFC, IIC, IDB, Finnvera, EDC, and CDB, hereinafter collectively referred to as the "Lenders", whose balances as of December 31, 2023, amounted to
Considering the complexity of Argentina's economic situation (for further reference, refer to note 29 of the Company's Consolidated Financial Statements as of December 31, 2023) which prevented the early and accurate estimation of the ratios, the Company requested and obtained from its lenders a waiver with respect to its obligation to present the calculation of the Net Debt/EBITDA ratio until March 15, 2024. This waiver was conditioned upon certain obligations during such period, which have been met to date.
During March 2024, the Company requested and obtained from the lenders new waivers effective until March 31, 2025, which allowed to increase the Net Debt/EBITDA maintenance ratio above the originally established level (raising it to 3.75), for the calculation period between December 31, 2023 and December 31, 2024, inclusive, establishing a maximum Net Debt of US
Additionally, during the term of the waivers, the payment of dividends will be allowed during the period between October 1, 2024 and December 31, 2024, establishing a maximum distribution amount of up to US
As of December 31, 2023, the Company is in compliance with the Net Debt/EBITDA maintenance ratio established in the waivers obtained in March 2024, as well as with the rest of the commitments assumed and in force as of the date of submission of these earnings reports.
*******
Telecom Argentina is a leading telecommunications company in Argentina, where it offers, either itself or through its controlled subsidiaries local and long distance fixed-line telephone, cellular, data transmission, and pay TV and Internet services, among other services. Additionally, Telecom Argentina offers mobile, broadband and satellite TV services in Paraguay and pay TV services in Uruguay. The Company commenced operations on November 8, 1990, upon the Argentine government's transfer of the telecommunications system in the northern region of Argentina.
As of December 31, 2023, Telecom Argentina owns 2,153,688,011 issued and outstanding shares.
For more information, please contact Investor Relations:
Luis Fernando Rial Ubago | Tomás Pellicori | Santiago Gramegna |
For information about Telecom Argentina's services, visit:
www.telecom.com.ar
www.personal.com.ar
www.personal.com.py
Disclaimer
This document may contain statements that could constitute forward-looking statements, including, but not limited to (i) the Company's expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; (ii) the continued synergies expected from the merger between the Company and Cablevisión S.A. (or the Merger); (iii) the implementation of the Company's business strategy; (iv) the changing dynamics and growth in the telecommunications and cable markets in Argentina, Paraguay, Uruguay and the United States; (v) the Company's outlook for new and enhanced technologies; (vi) the effects of operating in a competitive environment; (vii) the industry conditions; (viii) the outcome of certain legal proceedings; and (ix) regulatory and legal developments. Forward-looking statements may be identified by words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "will," "may" and "should" or other similar expressions. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by forward-looking statements. These factors include, among others: (i) the Company's ability to successfully implement our business strategy and to achieve synergies resulting from the Merger; (ii) the Company's ability to introduce new products and services that enable business growth; (iii) uncertainties relating to political and economic conditions in Argentina, Paraguay, Uruguay and the United States, including the policies of the new government in Argentina; (iv) the impact of political developments, including the policies of the new government in Argentina, on the demand for securities of Argentine companies; (v) inflation, the devaluation of the peso, the Guaraní and the Uruguayan peso and exchange rate risks in Argentina, Paraguay and Uruguay; (vi) restrictions on the ability to exchange Argentine or Uruguayan pesos or Paraguayan guaraníes into foreign currencies and transfer funds abroad; (vii) the impact of currency and exchange measures or restrictions on our ability to access the international markets and our ability to repay our dollar-denominated indebtedness; (viii) the creditworthiness of our actual or potential customers; (ix) the nationalization, expropriation and/or increased government intervention in companies; (x) technological changes; (xi) the impact of legal or regulatory matters, changes in the interpretation of current or future regulations or reform and changes in the legal or regulatory environment in which the Company operates, including regulatory developments such as sanctions regimes in other jurisdictions (e.g., the United States) which impact on the Company's suppliers; (xii) the effects of increased competition; (xiii) reliance on content produced by third parties; (xiv) increasing cost of the Company's supplies; (xv) inability to finance on reasonable terms capital expenditures required to remain competitive; (xvi) fluctuations, whether seasonal or in response to adverse macro-economic developments, in the demand for advertising; (xvii) the Company's ability to compete and develop our business in the future; (xviii) the impact of increased national or international restrictions on the transfer or use of telecommunications technology; and (xix) the impact of the outbreak of COVID-19 on the global economy and specifically on the economies of the countries in which we operate, as well as on our operations and financial performance. Many of these factors are macroeconomic and regulatory in nature and therefore beyond the control of the Company's management. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned or projected. The Company does not intend and does not assume any obligation to update the forward-looking statements contained in this document. These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance or achievements to differ materially from our future results, performance or achievements expressed or implied by such forward-looking statements. Readers are encouraged to consult the Company's Annual Report on Form 20-F and the periodic filings made on Form 6-K, which are periodically filed with or furnished to the United States Securities and Exchange Commission, as well as the presentations periodically filed before the Argentine Securities and Exchange Commission (Comisión Nacional de Valores) and the Buenos Aires Stock Exchange (Bolsas y Mercados Argentinos), for further information concerning risks and uncertainties faced by the Company.
******
SOURCE: Telecom Argentina S.A.
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FAQ
What was the net loss announced by Telecom Argentina for the period ended December 31, 2023?
What were the main factors contributing to the improvement in operating margins for Telecom Argentina?
How did the mobile subscriber base in Argentina change in FY23 for Telecom Argentina?
What was the percentage change in consolidated revenues for Telecom Argentina in FY23 compared to FY22?
What was the impact of the devaluation of the Argentine peso on Telecom Argentina's net financial debt in FY23?
