BUENOS AIRES, Aug. 14, 2020 /PRNewswire/ --
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 1H20 include the effects of the adoption of
inflationary accounting in accordance with IAS
29. Finally, comments related to variations of results
of 1H20 and vs. 1H19 mentioned in this press release correspond to
"figures restated by inflation" or "constant".
- For comparative purposes, it is important to highlight that
the results restated by inflation corresponding to June 2019 contain the effect of year over year
inflation as of June 2020, which
amounted to 42.8%.
- Consolidated Revenues of Telecom Argentina amounted to
P$131,158 million in 1H20, from which Service Revenues totaled
P$124,658 million (-1.4% in real terms vs. 1H19). Services Revenues
in 2Q20 totaled P$61,898 million (+0.5% vs. 2Q19).
- Mobile clients in Argentina
have reached 18.8 million in 1H20 (-35 thousand vs. 1Q20). In turn,
cable TV subscribers totaled approximately 3.5 million (+21
thousand vs. 1Q20), while broadband accesses amounted to almost 4.1
million (+21 thousand vs. 1Q20). Therefore, our client base
remained relatively stable for all products when compared to the
previous quarter's.
- Operating Income before Depreciation and Amortization
amounted to P$47,852 million (+5.3% vs. 1H19) in 1H20. Operating
Income totaled P$ 14,491 million (+8.5% vs. 1H19).
- The Company registered a Net Income of P$1,961 million in
1H20 (-79.6% vs. 1H19). The decrease in Net Income mainly reflects
the impact of FX losses in a context of greater devaluation in real
terms, partially offset by the growth in Operating Income before
D&A.
- Investments (including rights of use assets) reached
P$22,766 million in 1H20, equivalent to 17.4% of Consolidated
Revenues.
- Net Financial Debt amounted to P$131,032 million in 1H20,
(+21.9% in real terms vs. 1H19).
|
|
IAS
29
|
|
|
IAS
29
|
|
|
|
|
(in
million P$ adjusted by inflation, except where
noted)**
|
|
As of June,
30
|
|
|
As of June,
30
|
|
Δ $
|
|
Δ %
|
|
2020
|
|
|
2019
|
|
|
Consolidated
Revenues
|
|
131,158
|
|
|
135,272
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|
(4,114)
|
|
-3.0%
|
Operating Income
before D&A
|
|
47,852
|
|
|
45,453
|
|
2,399
|
|
5.3%
|
Operating
Income
|
|
14,491
|
|
|
13,361
|
|
1,130
|
|
8.5%
|
Net income before
income tax expense
|
|
5,252
|
|
|
20,487
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|
(15,235)
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-74.4%
|
Net Income
attributable to Controlling Company
|
|
1,744
|
|
|
9,422
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(7,678)
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-81.5%
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Shareholders' equity
attributable to Controlling Company
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347,432
|
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391,553
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(44,121)
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-11.3%
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Net Financial
Debt
|
|
(131,032)
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|
|
(107,452)
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|
(23,580)
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|
21.9%
|
Investments in
PP&E, intangible assets & rights of use assets *
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|
22,766
|
|
|
34,433
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|
(11,667)
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-33.9%
|
|
|
|
|
|
|
|
|
|
|
Fixed lines in
service (in thousand lines) ***
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|
2,998
|
|
|
3,371
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|
(373)
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-11.1%
|
Mobile customers (in
thousand)
|
|
21,049
|
|
|
20,760
|
|
289
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|
1.4%
|
Personal (Argentina)
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|
18,804
|
|
|
18,408
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|
396
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|
2.2%
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Núcleo (Paraguay) -including Wimax customers-
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2,245
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|
2,352
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(107)
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-4.5%
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Broadband accesses in
Argentina (in thousand)
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|
4,095
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4,132
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(37)
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-0.9%
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Pay TV Suscribers (in
thousand)
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|
3,500
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|
|
3,485
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|
15
|
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0.4%
|
|
|
|
|
|
|
|
|
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Average Billing per
user (ARBU) Fixed Telephony / voice (in P$ - Restated by
inflation)
|
|
519.4
|
|
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487.9
|
|
31.5
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6.5%
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Average Revenue per
user (ARPU) Mobile Services - Personal (in P$ - Restated by
inflation)
|
|
375.5
|
|
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351.4
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24.1
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6.9%
|
Average Revenue per
user (ARPU) Broadband (in P$ - Restated by inflation)
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|
1,160.9
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1,235.4
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(74.5)
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-6.0%
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Average Revenue per
user (ARPU) Cable TV (in P$ - Restated by inflation)
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1,255.3
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1,367.2
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(111.9)
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-8.2%
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|
|
|
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|
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* (in constant measuring unit.)
**(Figures may not
sum up due to rounding)
*** (does not include IP
telephony lines, which as of June 30,
2020 amounted to approximately 207 thousand)
Telecom Argentina S.A. ('Telecom Argentina') - (NYSE: TEO; BASE:
TECO2), announced today a Net Income of $1,961 million for the period ended June 30, 2020 (-79.6% vs. 1H19). The Net Income
attributable to the Controlling Company was P$1,744 million.
It is worth mentioning, that the comparative figures for the
previous fiscal year have been restated so that the resulting
comparative information is presented in terms of the current
measurement unit as of June 30,
2020.
The following table shows the evolution of the consumer price
index (National CPI) for the last three fiscal years and as of
June 30, 2019 and 2020 according to
the official statistics (INDEC), which were used to restate the
figures in constant currency:
|
|
As of December 31,
2018
|
As of December 31,
2019
|
As of June 30,
2019
|
As of June 30,
2020
|
Price Index
Variation
|
|
|
|
|
Annual
|
|
47.6%
|
53.8%
|
55.8%
|
42.8%
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3 year
cumulative
|
147.8%
|
183.2%
|
139.2%
|
187.7%
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3 month
cumulative since March
|
n/a
|
n/a
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9.5%
|
5.4%
|
6 month
cumulative
|
n/a
|
n/a
|
22.4%
|
13.6%
|
During 1H20, Consolidated Revenues amounted to P$131,158
million, of which Service Revenues totaled P$124,658 million.
Consolidated Operating Revenues
Mobile Services
As of June 30, 2020, mobile
clients in Argentina and
Paraguay amounted to 21.0 million.
In 1H20, mobile services revenues represented P$49,433 million
(+P$3,717 million vs. 1H19). The commercial strategy was focused on
achieving higher mobile portability through convergent offers and
promoting the consumption of mobile internet.
Mobile Services in Argentina
As of June 30, 2020, Personal
reached more than 18.8 million subscribers in Argentina (-35 thousand vs. 1Q20). Postpaid
clients represented 41% of the subscriber base.
In 1H20, mobile service revenues amounted to P$43,116 million
(+8.2% vs 1H19). Mobile internet revenues reached 77% of mobile
service revenues (vs. 78% in 1H19). The average monthly revenue per
user ('ARPU' – restated in constant currency as of June 30, 2020) amounted to P$375.5 during 1H20
(+6.9% vs. 1H19). The effect generated by the restatement in terms
of the measuring unit as of June 30,
2020, included in the ARPU amounts to P$18.6 and P$124.8,
for the 1H20 and 1H19, respectively. Mobile churn was 2.2%
(vs. 2.3% in 1H19).
Commercial Initiatives
As a result of the lockdown that the country is going through
and according to the national authorities' dispositions, the
company continues to reinforce its networks, systems infrastructure
and service platforms in order to guarantee that its clients can be
communicated and connected throughout the country. In this
particular situation, the company works on a daily basis to take
care of both its employees and its customers. In this sense,
digital and telephone contact channels have been strengthened so
that the greater volume of service and commercial requests could be
carried out directly from the clients' homes, without needing to
visit the company's commercial offices.
Personal in Paraguay
('Núcleo')
As of June 30, 2020, Núcleo's
subscriber base reached 2.2 million clients. Prepaid and postpaid
customers represented 83% and 17%, respectively.
Núcleo generated service revenues equivalent to P$6,317 million
during 1H20 (+7.6% vs. 1H19). Internet revenues represented 50% of
1H20 service revenues (vs. 49% in 1H19).
Cable TV Services
Cable TV service revenues reached P$26,357 million in 1H20
(-P$2,218 million vs. 1H19). During 2Q20, revenues related to local
soccer league programming have not been generated, considering that
the activity is suspended. Cable TV subscribers totaled almost 3.5
million (+21 thousand vs. 1Q20). Moreover, the monthly Cable TV
ARPU (restated in constant currency as of June 30, 2020) reached P$1,255.3 during 1H20. The
effect generated by the restatement in terms of the measuring unit
as of June 30, 2020, included in the
ARPU amounts to P$62.5 and P$485.3, for the 1H20 and 1H19,
respectively. Additionally, the average monthly churn during 1H20
was 1.0% (reducing from 1.3% in 1H19).
During the second quarter, the Company continued to promote new
content and co-productions for its Flow platform. In May, the
co-production "Los Internacionales" was released, and a new
alliance with Atrescine, the world's largest distributor of
Spanish cinema, was also announced.
Fixed Telephony and Data Services
Revenues generated by fixed telephony and data reached P$20,093
million in 1H20 (-P$972 million vs. 1H19).
As a result, the average monthly revenue billed per user ('ARBU'
- restated in constant currency as of June
30, 2020) of fixed telephony reached P$519.4 (+6.5% vs.
1H19). The effect generated by the restatement in terms of the
measuring unit as of June 30, 2020,
included in the ARBU amounts to P$25.9 and P$173.2, for the 1H20
and 1H19, respectively.
During the second quarter, different initiatives were developed
in the corporate segment to assist companies in the current
healthcare context, providing them with solutions so that they can
continue with their activities.
Among these actions, the "Cyber Defense Center" security
solution was launched in May. It is designed to meet organizations'
demand for online security. This solution, dedicated exclusively to
cybersecurity monitoring, is a tailor-made and flexible service
based on the needs of each company.
Internet Services
Internet services revenues totaled P$28,392 million during 1H20
(-P$2,231 million vs. 1H19). As of June 30,
2020, total broadband accesses reached almost 4.1 million
(+21 thousand vs. 1Q20).
Additionally, broadband ARPU (restated in constant currency as
of June 30, 2020) amounted to
P$1,160.9 per month in 1H20. The effect generated by the
restatement in terms of the measuring unit as of June 30, 2020, included in the ARPU amounts to,
approximately, P$57.8 and P$438.6, for the 1H20 and 1H19,
respectively.
Moreover, the average monthly churn rate for the period
was 1.3%. It is worth noting that as of 1H20 55% of the total
customer base had a broadband service of 50Mb or higher
(increasing from 18% as of 1H19).
A new technology under the name of "INFINITE" was presented in
June. It has an automatic switch between fixed and mobile networks
that guarantees a secure connection and provides tools that enhance
Internet connection's performance. This innovative solution
complements the fixed broadband internet service and adds a
wireless data line from Personal's 4G mobile broadband network.
Revenues from equipment sales
Equipment revenues amounted to P$6,500 million (-P$2,315 million
vs. 1H19). This reduction was mainly due to a decrease in the
quantities sold, partially offset by the increase in prices of
handsets.
Consolidated Operating Costs
Consolidated Operating Costs (including D&A and impairment
of fixed assets) totaled P$116,667 million in 1H20 (-P$5,244
million or -4.3% vs. 1H19). Excluding D&A and impairment of
fixed assets, operating costs showed a reduction of 7.3%, which
contributed to generate an increase of the Operating Income before
D&A margin (36.5% in 1H20 vs. 33.6% in 1H19).
The cost breakdown is as follows:
- Employee benefit expenses and severance payments totaled
P$24,419 million (-5.4% vs. 1H19). Total employees amounted to
23,415 in 1H20.
- Interconnection and transmission costs (including TLRD,
Roaming, international settlement charges and lease of circuits)
totaled P$4,601 million (+7.9% vs. 1H19). This variation was mainly
due to higher FX affecting US$ denominated services, partially
offset by lower traffic volumes, both nationally and
internationally, and lower purchases of interconnection links.
- Fees for services, maintenance, materials and supplies
amounted to P$13,739 million (-1.6% vs.
1H19). Fees for services remained stable during 1H20. On the other
hand, maintenance and material costs decreased P$248 million
compared to 1H19, mainly due to an optimization in the consumption
of materials associated with the activity, partially offset by
higher costs related to the maintenance of our networks, systems,
connection, and disconnection of clients.
- Taxes and fees with regulatory authorities amounted to P$9,923
million (-7.5% vs. 1H19). This decrease is mainly due to lower
sales in 1H20 vs 1H19.
- Commissions and advertising (Commissions paid to agents,
collection fees and other commissions) totaled P$7,011 million
(-12.0% vs. 1H19). This decline is due to the sales channel
reorganization and to a decrease in advertising related to lower
handset sales. All digital contact channels were strengthened,
encouraging clients to carry out all their commercial requests by
these means.
- Cost of handsets sold amounted to P$4,399 million
(-33.6% vs. 1H19). This decrease is a consequence of lower handset
sales in Argentina, which was
partially offset by an increase in their purchase price.
- Programming and content costs totaled P$8,991 million (-11.8%
vs. 1H19). This reduction is mainly explained by operative
efficiencies and withdrawal of signals, some of which are related
to sports, which were partially offset by price increases in almost
all of the other broadcasting signals. Moreover, there were no
costs related to local soccer league programming during 2Q20,
considering that the activity is suspended.
- Other Costs totaled P$10,223 million (-0.4% vs. 1H19),
from which bad debt expenses reached P$5,359 million (+41.0% vs.
1H19). Bad debt ratio was 4.1% as of June
30, 2020 (vs. 2.8% in 1H19). Additionally, other operating
costs (including charges for lawsuits and other contingencies,
energy and other public services, insurances, rents, internet
capacity, among others), which totaled P$4,864 million (-24.8% vs.
1H19), decreased mainly due to lower charges for lawsuits and other
contingencies.
- Depreciation, amortization and impairment of fixed assets
amounted P$33,361 million (+4.0% vs. 1H19). This increase was due
to the impact of the amortization of assets incorporated after
June 30, 2019.
Net Financial Results
Net Financial Results (including Financial Expenses on Debt and
Other Financial Results, net) generated a loss of P$9,455 million
in 1H20 (vs. a gain of P$6,890 million in 1H19). This variation was
mainly due to:
in million of
P$
|
1H19
|
1H20
|
$
Var
|
FX results
|
$ 9,353
|
-$ 3,834
|
-$ 13,187
|
Net
Interests
|
-$ 3,319
|
-$ 6,559
|
-$ 3,240
|
Results of
investments
|
$ 248
|
$ 258
|
$ 10
|
RECPAM
|
$ 2,964
|
$ 2,593
|
-$ 371
|
Others
|
-$ 2,356
|
-$ 1,913
|
$ 443
|
Total
|
$
6,890
|
-$
9,455
|
-$
16,345
|
Consolidated Net Financial Debt
As of June 30, 2020, our net
financial debt position (cash, cash equivalents plus financial
investments and financial NDF minus loans) totaled P$131,032
million, increasing P$23,580 million or 21.9% when compared to the
consolidated net financial debt position as of June 30, 2019, which totaled P$107,452 million
(restated in terms of the measuring unit as of June 30, 2020).
Investments in PP&E, intangible assets and rights of use
assets
During 1H20, the Company invested P$22,766 million (-33.9% vs.
1H19). These investments represented 17.4% of consolidated revenues
in 1H20, and were focused on:
- Projects associated with the expansion of Cable TV and Internet
services to improve the transmission and access speed offered to
customers.
- Deployment of 4G coverage and capacity to support the growth of
our mobile Internet service.
- Extension of our transmission networks in order to unify the
different access technologies, reconverting the copper fixed
networks into fiber or hybrid fiber-coaxial networks.
Thanks to the investments in infrastructure done in recent
years, Telecom currently counts with the equipment and systems that
allow its networks to perform efficiently, supporting the increase
of up to 50% in home internet data traffic, 70% in mobile voice
services and 30% in mobile data, plus a 75% growth in
upstream.
Relevant Matters
Agreement with the Ente Nacional de Comunicaciones
(National Communications Entity)
Within the framework of the emergency caused by COVID-19 and the
prevention measures introduced by the National Government, on
May 26 Telecom announced that it has
entered into an Agreement with the Ente Nacional de
Comunicaciones ("ENACOM"), whose main points are mentioned
below:
- There will be no increases in the prices of mobile and fixed
telephony, broadband and pay TV services from May 1 to August 31, 2020.
- Creation of inclusive Plans for telephony and internet mobile
services and fixed broadband service for individuals requesting
this benefit, with a fixed price until September 30, 2020.
- The extension of the "reduced service" benefit, that guarantees
the connectivity of users with prepaid mobile phone and internet
services, and maintenance of the price until October 31, 2020.
- There will not be made any layoffs without cause.
The term of this Agreement will be until August 31, 2020.
Other Relevant Matters
Agreement with TMF Trust Company (Uruguay)
Due to the public offering of the Class 5 Notes that was
announced on July 7, 2020 by the
Company, to be subscribed and integrated in cash and / or in kind,
through the delivery of the Class "A" Notes due in 2021 (the
"Offer"), and in anticipation of certain additional refinancing
transactions that could involve significant cash payments during
the coming months, on July 15, 2020,
the Company entered into an agreement with TMF Trust Company
(Uruguay), in its fiduciary
capacity, to facilitate the administration of said payments.
The purpose of the agreement is to ensure the timely
availability of the funds required to make the cash payments
related to said refinancing transactions.
Under the agreement, any assets that have not been applied to
the cancellation of the Company´s cash payments mentioned above
shall revert to the Company, as residual beneficiary, upon
termination of the fiduciary administration agreement.
Exchange of Class A Notes due 2021 and issuance of amortizing
Class 5 Notes due 2025.
On July 7, 2020, the Company
announced the commencement of its offer to exchange its outstanding
Class A Notes due 2021 (the "Class A Notes") for new amortizing
Class 5 Notes, due 2025 (the "Class 5 Notes") and certain cash
consideration. The offer involved an amount of US$ 700 to be received in nominal value of Class
5 Notes and US$ 320 to be received in
cash, for each US$ 1,000 of nominal
value of Class A Notes validly tendered.
The closing of the said offer took place on August 3, having the holders validly tendered
US$ 362.2 million of the total
outstanding amount of the Class A Notes, which represented an
acceptance rate of 77.74% of the exchange offer. On that day,
Telecom also announced the issuance of an additional amount of
US$ 135.4 million of Class 5 Notes
that were subscribed in cash. Funds arising from the mentioned
issuance were used mainly to repay the loan agreement entered into
with Deutsche Bank AG, London
Branch and CPPIB Credit Investments, Inc., as lenders, on
November 8, 2018.
In accordance with the exchange offer and said additional cash
offer, on August 6, 2020, the Company
issued an amount of US$ 388.9 million
in Class 5 Notes, as follows:
Class 5
Issuance Date: August 6, 2020.
Amount Issued: US$ 388,871,000.
Maturity Date: August 6, 2025.
Amortization: Amortizing, 33% maturing in 2023, 33% in 2024
and 34% in 2025.
Interest Rate: 8.5% p.a.
Interest Payments: Semi-annual.
Meeting of holders of Class A Notes held on August 5, 2020
A General Extraordinary Meeting of holders of Class A Notes of
Telecom Argentina was held on August 5,
2020. In accordance with the Offer and Consent Solicitation
announced by the Company on July 7,
2020, the following resolutions were adopted:
(A) the amendments and/or eliminations regarding the 2021 Notes
and the respective Indenture described in the Prospectus Supplement
dated July 7, 2020 published in the
Buenos Aires Stock Exchange Daily Gazette and on the Argentine
Securities and Exchange Commission´s website;
(B) the effective date for the abovementioned amendments and/or
eliminations regarding the 2021 Notes stated in (A) above should be
the date of the referred Meeting, subject to the execution of the
Offer and Consent Solicitation, which occurred on August 6, 2020; and
(C) to authorize, empower and instruct Deutsche Bank Trust
Company Americas, Banco Comafi S.A. and other parties to the 2021
Notes Indenture to establish and execute together with the Company
the final draft of the documents that will reflect the amendments
and/or eliminations of terms and conditions approved by the holders
of Class A Notes, and to carry out any other action to make said
amendments and/or eliminations effective (including, without
limitation, the subscription of any other document, amendment,
restatement and/or supplemental contract to the 2021 Notes
Indenture or to the 2021 Notes that may be deemed necessary to that
end).
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 telephony, 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 June 30, 2020, Telecom
Argentina has 2,153,688,011 shares issued and outstanding.
For more information, please contact Investor Relations:
Fernando
Balmaceda
(5411) 4968
5222
|
Solange Barthe
Dennin
(5411) 4968
3752
|
Luis F. Rial
Ubago
(5411) 4968
3718
|
Voice Mail: (5411) 4968 3628
Fax: (5411) 4968 3616
E-mail: relinver@teco.com.ar
For information about Telecom Argentina's services, visit:
www.telecom.com.ar
www.personal.com.ar
www.personal.com.py
www.cablevisionfibertel.com.ar
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.
Contacts:
Fernando Balmaceda
(5411) 4968 5222
Solange Barthe Dennin
(5411) 4968 3752
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SOURCE Telecom Argentina S.A.