BUENOS AIRES, May 11, 2021 /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 1Q21 include the effects of the
adoption of inflationary accounting in accordance with IAS
29. Finally, comments related to variations of results
of 1Q21 and vs. 1Q20 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 March 2020 contain the effect of year over year
inflation as of March 2021, which
amounted to 42.6%.
- Consolidated Revenues of Telecom Argentina amounted to
P$82,547 million in 1Q21, of which Service Revenues totaled
P$77,116 million (-9.2% in real terms vs. 1Q20), in a context where
inflation still remains pretty high.
- Mobile clients in Argentina
reached 18.8 million in 1Q21 (-43 thousand vs. 4Q20). In turn,
cable TV subscribers totaled approximately 3.5 million (-41
thousand vs. 4Q20), while broadband accesses amounted to almost 4.2
million (+12 thousand vs. 4Q20).
- Operating Income before Depreciation and Amortization
amounted to P$30,045 million (-4.4% vs. 1Q20) in 1Q21 due to a
strict cost control. Meanwhile, Operating Income totaled P$ 5.387
million (-34.5% vs. 1Q20).
- The Company registered a Net Income of P$9,012 million in
1Q21 (+139.2% vs. 1Q20), where the drop in Operating Income
mentioned above was more than offset by accounting profits from FX
differences. The exchange delay avoided the impact of losses in
results due to the revaluation of the debt in dollars, as had
happened in 1Q20.
- Investments (including rights of use assets) reached
P$19,522 million in 1Q21, equivalent to 23.6% of Consolidated
Revenues.
- Net Financial Debt amounted to P$185,425 million in 1Q21,
(-3.1% in real terms vs. 1Q20).
*Unaudited non financial data
|
|
IAS
29
|
IAS
29
|
|
|
|
|
(in
million P$ adjusted by inflation, except where
noted)**
|
|
As of March
31,
|
As of
March 31,
|
|
Δ
$
|
|
Δ
%
|
|
2021
|
2020
|
|
|
Consolidated
Revenues
|
|
82,547
|
89,529
|
|
(6,982)
|
|
-7.8%
|
Operating Income
before D&A
|
|
30,045
|
31,418
|
|
(1,373)
|
|
-4.4%
|
Operating
Income
|
|
5,387
|
8,225
|
|
(2,838)
|
|
-34.5%
|
Net income before
income tax expense
|
|
12,240
|
6,182
|
|
6,058
|
|
98.0%
|
Net income
attributable to Controlling Company
|
|
8,741
|
3,636
|
|
5,105
|
|
140.4%
|
Shareholders' equity
attributable to Controlling Company
|
|
440,771
|
415,335
|
|
25,436
|
|
6.1%
|
Net Financial
Debt
|
|
(185,425)
|
(197,671)
|
|
12,246
|
|
-6.2%
|
Investments in
PP&E, intangible assets & rights of use assets *
|
|
19,522
|
14,244
|
|
5,278
|
|
37.1%
|
|
|
|
|
|
|
|
|
Fixed lines in
service (in thousand lines) ***
|
|
2,752
|
3,078
|
|
(326)
|
|
-10.6%
|
Mobile customers (in
thousand)
|
|
21,004
|
21,110
|
|
(106)
|
|
-0.5%
|
Personal (Argentina)
|
|
18,796
|
18,839
|
|
(43)
|
|
-0.2%
|
Núcleo (Paraguay) -including Wimax customers-
|
|
2,208
|
2,271
|
|
(63)
|
|
-2.8%
|
Broadband accesses in
Argentina (in thousand)
|
|
4,157
|
4,074
|
|
84
|
|
2.1%
|
Pay TV Suscribers (in
thousand)
|
|
3,520
|
3,479
|
|
41
|
|
1.2%
|
|
|
|
|
|
|
|
|
Average Billing per
user (ARBU) Fixed Telephony / voice (in P$ - Restated by
inflation)
|
|
589.5
|
695.1
|
|
(105.6)
|
|
-15.2%
|
Average Revenue per
user (ARPU) Mobile Services - Personal (in P$ - Restated by
inflation)
|
|
485.5
|
502.1
|
|
(16.6)
|
|
-3.3%
|
Average Revenue per
user (ARPU) Broadband (in P$ - Restated by inflation)
|
|
1,358.4
|
1,579.8
|
|
(221.4)
|
|
-14.0%
|
Average Revenue per
user (ARPU) Cable TV (in P$ - Restated by inflation)
|
|
1,540.6
|
1,784.0
|
|
(243.4)
|
|
-13.6%
|
* (in constant
measuring unit.)
|
**(Figures may not
sum up due to rounding)
|
*** (does not
include IP telephony lines, which as of March 31, 2021 amounted to
approximately 406 thousand)
|
Telecom Argentina S.A. ('Telecom Argentina') - (NYSE: TEO; BASE:
TECO2), announced today a Net Income of $9,012 million for the period ended March 31, 2021 (+139.2% vs. 1Q20). The Net Income
attributable to the Controlling Company was P$8,741 million
(+140.4% vs. 1Q20).
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 March 31,
2021.
The following table shows the evolution of the consumer price
index (National CPI) for the last three fiscal years and as of
March 31, 2020 and 2021 according to
the official statistics (INDEC), which were used to restate the
figures in constant currency:
|
As of
December
31, 2019
|
As of
December
31, 2020
|
As of March
31, 2020
|
As of March
31, 2021
|
Price Index
Variation
|
|
|
|
|
Annual
|
53.8%
|
36.1%
|
48.3%
|
42.6%
|
3 month
cumulative
|
n/a
|
n/a
|
7.8%
|
13.0%
|
During 1Q21, Consolidated Revenues amounted to P$82,547 million,
of which Service Revenues totaled P$77,116 million.
Consolidated Operating Revenues
Mobile Services
As of March 31, 2021, mobile
clients amounted to 21.0 million in Argentina and Paraguay. In 1Q21, mobile services revenues
represented P$30,886 million (-P$2,104 million vs. 1Q20).
Mobile Services in Argentina
As of March 31, 2021, Personal
reached more than 18.8 million subscribers in Argentina (+363 thousand vs. 4Q20). Postpaid
clients represented 42% of the subscriber base, growing versus the
previous quarter due to a positive net portability.
In 1Q21, mobile service revenues in Argentina amounted to P$27,316 million (-5.0%
vs 1Q20). Mobile internet revenues reached 73% of mobile service
revenues. The average monthly revenue per user ('ARPU' – restated
in constant currency as of March 31,
2021) amounted to P$485.5 during 1Q21 (-3.3% vs. 1Q20). The
effect generated by the restatement in terms of the measuring unit
as of March 31, 2021, included in the
ARPU amounts to P$19.9 and P$160.0, for the 1Q21 and 1Q20,
respectively. Mobile churn was 1.5% (vs. 2.3% in 1Q20).
Commercial Initiatives
During the first quarter, Personal and Fibertel brands offered
their convergent clients the differential benefit of gigs as a gift
to be able to use during the summer.
Regarding infrastructure and innovation, during the month of
February, Telecom announced the start of the first 5G network in
Argentina, putting into operation
10 Personal mobile sites in the cities of Buenos Aires and Rosario to continue promoting
the converged fixed-mobile network.
Personal in Paraguay
('Núcleo')
As of March 31, 2021, Núcleo's
subscriber base reached almost 2.2 million clients. Prepaid and
postpaid customers represented 83% and 17%, respectively.
Núcleo generated service revenues equivalent to P$3,570 million
during 1Q21 (-15.9% vs. 1Q20).
Cable TV Services
Cable TV service revenues reached P$16,728 million in 1Q21
(-P$1,988 million vs. 1Q20). Cable TV subscribers totaled almost
3.5 million (-23.6 thousand vs. 4Q20). Moreover, the monthly Cable
TV ARPU (restated in constant currency as of March 31, 2021) reached P$1,540.6 during 1Q21.
The effect generated by the restatement in terms of the measuring
unit as of March 31, 2021, included
in the ARPU amounts to P$68.5 and P$567.9, for the 1Q21 and 1Q20,
respectively. Additionally, the average monthly churn during 1Q21
was 1.2% (reducing from 1.4% in 1Q20).
During the first quarter, the Company continued optimizing its
entertainment proposal with innovative and high-quality content
through its Flow platform, which participated in the BAFICI
Festival, awarding the "Flow Award to Argentine cinema".
In the vertical of content linked to gaming, the Company
continued to accompany the consolidation of Esports as a phenomenon
of entertainment and local consumption.
In January, the 2021 Master Flow League began, the largest
League of Legends competition in Argentina organized by the Professional
Videogame League and Flow.
Fixed Telephony and Data Services
Revenues generated by fixed telephony and data reached P$11,833
million in 1Q21 (-P$1,687 million vs. 1Q20).
As a result, the average monthly revenue billed per user ('ARBU'
- restated in constant currency as of March
31, 2021) of fixed telephony reached P$589.5 (-15.2% vs.
1Q20). The effect generated by the restatement in terms of the
measuring unit as of March 31, 2021,
included in the ARBU amounts to P$25.2 and P$221.7 for the 1Q21 and
1Q20, respectively.
Within the framework of the corporate segment, Telecom
FiberCorp, continued to develop different initiatives to support
companies in their productivity and growth.
In January, as part of the objective of the commercial agreement
between the Company and IBM, two new product offerings were
announced: IBM Security Guardium, a data security technology and
IBM Security Trusteer, which offers detection fraud and continues
authentication based on digital identity risk.
In addition, Telecom FiberCorp presented the new Collaboration
solution that provides integrated telephony, chat, meetings and
screen sharing services, among other functions, from one place.
Telecom FiberCorp participated in the 101st edition
of the Congreso Segurinfo Iberoamericano, the main annual
conference on Cybersecurity and Information Technologies. In this
way, the Company continues to support companies by offering
comprehensive solutions for the security of their information.
Internet Services
Internet services revenues totaled P$17,460 million during 1Q21
(-P$2,020 million vs. 1Q20). As of March 31,
2021, total broadband accesses reached approximately 4.2
million (+12 thousand vs. 4Q20).
Additionally, broadband ARPU (restated in constant currency as
of March 31, 2021) amounted to
P$1,358.4 per month in 1Q21. The effect generated by the
restatement in terms of the measuring unit as of March 31, 2021, included in the ARPU amounts to,
approximately, P$58.3 and P$498.3, for the 1Q21 and 1Q20,
respectively.
Moreover, the average monthly churn rate for the period
was 1.4% (vs. 1.6% in 1Q20). It is worth noting that as of 1Q21 74%
of the total customer base had a broadband service of 20Mb or
higher (increasing from 66% as of 1Q20).
Revenues from equipment sales
Equipment revenues amounted to P$5,431 million (+P$862 million
vs. 1Q20). This variation was mainly due to an increase in the
quantities sold +17%, and by the increase in average prices of
handsets.
Consolidated Operating Costs
Consolidated Operating Costs (including D&A and impairment
of fixed assets) totaled P$77,160 million in 1Q21 (-P$4,144 million
or -5.1% vs. 1Q20). Excluding D&A and impairment of fixed
assets, operating costs showed a reduction of 9.7%, which
contributed to generate an increase of the Operating Income before
D&A margin (36.4% in 1Q21 vs. 35.1% in 1Q20).
The cost breakdown is as follows:
- Employee benefit expenses and severance payments: P$15,331
million (-8.3% vs. 1Q20). Total employees amounted to 23,183 in
1Q21.
- Interconnection and transmission costs (including Roaming,
international settlement charges and lease of circuits) totaled
P$3,193 million (+11.0% vs. 1Q20). This variation responds mainly
to increases in the exchange rate in relation to services set at
US$ and higher TLRD charges.
- Fees for services, maintenance, materials and supplies: P$9,315
million (-5.1% vs. 1Q20). Fees for services decreased by P$256
million in 1Q21 and maintenance and material costs decreased by
P$241 million compared to 1Q20. This variation was mainly due to an
optimization in the consumption of materials and the effects of the
lower activity, partially offset by higher prices of the services
contracted to suppliers among others.
- Taxes and fees with regulatory authorities: P6,420 million (-5.8% vs. 1Q20). This decrease is
mainly due to lower sales in 1Q21 vs 1Q20.
- Commissions and advertising (Commissions paid to agents,
collection fees and other commissions): P$4,382 million (-14.0% vs.
1Q20). This decline is mainly due to lower agent commission charges
and lower advertising costs.
- Cost of handsets sold: P$3,912 million (+21.9% vs. 1Q20).
P$3,671 million correspond to the cost of sales of devices in
Argentina which increased 23.8%
vs. 1Q20 mainly due to the increase in prices and quantities
sold.
- Programming and content costs:P$6,083 million (-9.8% vs. 1Q20).
This reduction is explained mainly by operative efficiencies, which
were partially offset by price increases of approximately 20% in
almost all of the broadcasting signals.
- Other Costs totaled P$3,866 million (-43.5% vs. 1Q20),
of which bad debt expenses reached P$1,037 million (-67.7% vs.
1Q20). Bad debt ratio was 1.3% as of March
31, 2021 (vs. 3.6% in 1Q20). This decrease in bad debt
expenses is mainly the result of the different actions in arrears
management initiated by the Company at the end of 2020, the effects
of which affect 1Q21 results.
As far as the clients of the corporate segment, collection
procedures were carried out that resulted in the recovery of
account receivable. It should also be noted that the 1Q20 charge
included approximately P$394 million as a consequence of the
estimated effects of Covid on the occasion of the issuance of said
financial statements.
There was also a strong reduction in other operating costs
(including charges for lawsuits and other contingencies, energy and
other public services, insurance, rents and internet capacity),
which amounted to P$2,829 million (-22.1% vs. 1Q20).
- Depreciation, amortization and impairment of fixed assets
amounted to P$24,658 million (+6.3% vs. 1Q20). This increase was
due to the impact of the amortization of assets incorporated after
March 31, 2020.
Net Financial Results
Net Financial Results (including Financial Expenses on Debt and
Other Financial Results, net) generated a gain of P$6,771 million
in 1Q21 (vs. a loss of P$2,174 million in 1Q20). This variation was
mainly due to:
|
|
|
|
|
|
|
|
in million of
P$
|
1Q20
|
1Q21
|
$
Var
|
FX results
|
$ 1,561
|
$ 8,099
|
$ 6,538
|
Net
Interests
|
-$ 4,431
|
-$ 3,124
|
$ 1,307
|
Results of
investments
|
$ 88
|
-$ 346
|
-$ 434
|
RECPAM
|
$ 1,505
|
$ 3,652
|
$ 2,147
|
Others
|
-$ 897
|
-$ 1,510
|
-$ 613
|
Total
|
- $
2,174
|
$
6,771
|
$
8,945
|
Consolidated Net Financial Debt
As of March 31, 2021, our net
financial debt position (cash, cash equivalents plus financial
investments and financial NDF minus loans) totaled P$185,425
million, decreasing P$5,863 million or -3.1% when compared to the
consolidated net financial debt position as of March 31, 2020, which totaled P$191,288 million
(restated in terms of the measuring unit as of March 31, 2021).
Investments in PP&E, intangible assets and rights of use
assets
During 1Q21, the Company invested P$19,522 million (+37.1% vs.
1Q20). These investments represented 23.6% of consolidated revenues
in 1Q21, 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 and the improvement in the
quality.
- 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.
- Investments in customer contact systems.
Regarding 5G, our first sites have Dynamic Spectrum Sharing
("DSS") technology, which is leveraged on the current 4G network to
power 5G accesses dynamically and on demand, allowing speeds of 10
Gbps, greater capacity of connected devices, and greater coverage
and features than the current LTE-4G/4.5G.
We participated in the trials that ENACOM developed with
different actors of the ICT ecosystem in our country, in order to
show the possibilities that 5G could offer to all its users.
Other Initiatives
Through several initiatives open to the community, Telecom
continues to encourage a more digital life in order to promote
access and development of digital skills and competencies.
During the first months of the year, the Company started free
courses and workshops on digital programming and digital trades
"digit@lers" and "digit@lers girls", with which it encourages more
and more young people to discover their digital vocation and the
opportunities offered by digital ICT in a world in which technology
plays an increasingly relevant role, narrowing the gender gap in
the sector.
Relevant Matters
Issuance of Notes in Paraguay
by Núcleo S.A.
Núcleo issued two new Series of Notes with the following
characteristics:
Series IV
Issuance Date: March 10, 2021.
Amount Issued: Gs.130.000 million (approximately P$1,771
million as of the Issuance Date)
Maturity Date: 84 months as from the Issuance Date.
Amortization: Bullet (February 2,
2028).
Interest Rate: 7.10% p.a.
Interest Payments: semi-annually.
Series V
Issuance Date: March 10, 2021.
Amount Issued: Gs.120.000 million (approximately P$1,635
million as of the Issuance Date)
Maturity Date: 120 months as from the Issuance Date.
Amortization: Bullet (January 17,
2031).
Interest Rate: 8.00% p.a.
Interest Payments: semi-annually.
Loan with China Development Bank, Shenzhen Branch ("CDB")
On March 30, 2021 the Company
subscribed a second tranche for a total amount of RMB 21.1 million which accrue an annual interest
rate of 6.8%, payable semi-annually. The principal will be
cancelled in 11 consecutive semi-annual installments starting in
May 2023 until December 2027.
The proceeds from the loan will be used by the Company to
finance its investment plan related to the acquisition by the
Company of telecommunications equipment.
Other Relevant Matters
Ordinary and Extraordinary General Shareholders' Meeting held on
April 28, 2021.
The Ordinary and Extraordinary Shareholders' Meeting of Telecom
was held on April 28, 2021 with the
Shareholders attending remotely due to the health context. The
Shareholders' Meeting adopted, among others, the following
resolutions:
- To approve the Annual Report and the financial statements of
Telecom as of December 31, 2020.
- To approve the proposal of the Board of Directors adjusted to
March 31, 2021, using the National
Consumer Price Index (National CPI) in accordance with the
provisions of CNV Resolution No. 777/2018, regarding negative
Retained Earnings as of December 31,
2020, (P$6,455,431,747), which consists of: (i) absorb said
amount from the "Facultative Reserve to Maintain the Capital
investments Level and the Current Level of Solvency of the
Company"; and (iii) regarding the amount of P$13,776,401,012,
reclassify it from the "Facultative Reserve to Maintain the Capital
Investments Level and the Current Level of Solvency of the Company"
by charging that amount to the account "Contributed Surplus".
Loan with China Development Bank, Shenzhen Branch ("CDB")
On April 30, 2021 the Company
subscribed a third tranche for a total amount of RMB 26.0 million which accrue an annual interest
rate of 6.8%, payable semi-annually. The principal will be
cancelled in 11 consecutive semi-annual installments starting in
May 2023 until December 2027.
The proceeds from the loan will be used by the Company to
finance its investment plan related to the acquisition by the
Company of telecommunications equipment.
Resolution of the Chamber II of the Federal Court of Appeals on
Administrative Litigation Matters
On April 30, 2021 the Federal
Court of Appeals on Administrative Litigation Matters
resolved to grant the appeal filed by the Company , revoke
the decision of the original instance, and, consequently, admit the
requested precautionary measure, ordering the suspension of the
effects of sections 1,2 3, 4, 5 and 6 of Decree 690/20 and the
resolutions issued as a consequence and their consequent
non-applicability to the Company for a period of six months.
In reaching its decision, the Court considered, among other
reasons, that the "configuration of circumstances prima facie
lead to serious and founded questioning of Decree 690/2020's
reasonability standard and legitimacy and of ENACOM's resolutions
adopted as a consequence thereof, due to the direct adverse effects
they have on Telecom Argentina's property rights, which derive from
ICT services provision under a free competition system as ruled,
authorized and granted (depending on the case), by the National
State itself."
Ordinary General Shareholders' Meeting of Núcleo
The Ordinary General Shareholders' Meeting of Núcleo held on
April 21, 2021 decided the
distribution of dividends for a total of ₲140,000 million, of which
₲94,500 million correspond to Telecom. They will be payable in two
installments, the first in May 2021
and the second in October
2021.
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 March 31, 2021, 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
|
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.
View original
content:http://www.prnewswire.com/news-releases/telecom-argentina-sa-announces-consolidated-results-for-the-first-quarter-of-fiscal-year-2021-1q21-301288145.html
SOURCE Telecom Argentina S.A.