Telecom Argentina Reports FY23 & 4Q23 Results

Ticker: TCMFF · Form: 6-K · Filed: Mar 11, 2024 · CIK: 932470

Telecom Argentina SA 6-K Filing Summary
FieldDetail
CompanyTelecom Argentina SA (TCMFF)
Form Type6-K
Filed DateMar 11, 2024
Risk Levellow
Pages15
Reading Time17 min
Key Dollar Amounts$2,929.02 million, $1,905,932, $2,059,101 million, $579,396 million, $249,687 million
Sentimentneutral

Sentiment: neutral

Topics: results, financials, inflation-adjustment

Related Tickers: TEO

TL;DR

TEO dropped its FY23 & 4Q23 results, market cap $2.9B, inflation adjustments applied.

AI Summary

Telecom Argentina S.A. announced its consolidated annual results for fiscal year 2023 (FY23) and the fourth quarter of 2023 (4Q23). The company's market capitalization on the NYSE was US$2,929.02 million as of the filing date. The financial statements reflect the effects of inflation adjustment as adopted by Reso.

Why It Matters

This filing provides investors with the latest financial performance data for Telecom Argentina, crucial for assessing the company's health and future prospects in the telecommunications sector.

Risk Assessment

Risk Level: low — This is a routine financial results announcement with no immediate significant new risks indicated.

Key Numbers

  • US$2,929.02 million — Market Cap (As of the filing date on the NYSE)

Key Players & Entities

  • Telecom Argentina S.A. (company) — Registrant
  • US$2,929.02 million (dollar_amount) — Market Cap on NYSE
  • FY23 (date) — Fiscal Year 2023
  • 4Q23 (date) — Fourth Quarter of Fiscal Year 2023
  • Luis Fernando Rial Ubago (person) — Contact Person
  • Tomás Pellicori (person) — Contact Person

FAQ

What specific financial metrics were announced for FY23 and 4Q23?

The filing announces consolidated annual results for FY23 and fourth quarter results for 4Q23, but does not detail specific metrics within this summary.

What is the significance of the inflation adjustment mentioned?

The company has accounted for the effects of inflation adjustment adopted by Reso in its financial statements for the figures included in the FFSS.

Where is Telecom Argentina S.A. headquartered?

The company's principal executive offices are located at General Hornos, No. 690, 1272 Buenos Aires, Argentina.

What is the ticker symbol for Telecom Argentina S.A. on the NYSE?

The ticker symbol is TEO.

Who are the listed contacts for this filing?

The listed contacts are Luis Fernando Rial Ubago (lfrialubago@teco.com.ar) and Tomás Pellicori (tlpellicori@teco.com.ar).

Filing Stats: 4,373 words · 17 min read · ~15 pages · Grade level 11.1 · Accepted 2024-03-11 17:23:02

Key Financial Figures

  • $2,929.02 million — teco.com.ar Market Cap (NYSE: TEO): US$2,929.02 million * Telecom Argentina S.A. announces
  • $1,905,932 — n of -10.1% compared to FY22, amounting $1,905,932. The Company's Consolidated Revenues am
  • $2,059,101 million — any's Consolidated Revenues amounted to $2,059,101 million in FY23 (-9.3% in constant currency com
  • $579,396 million — me Before D, A & I”) amounted to P$579,396 million (-7.1% vs. FY22). · As a resul
  • $249,687 million — 23, the Company recorded a net loss of P$249,687 million (vs. a loss of P$640,379 million in FY2
  • $640,379 million — ss of P$249,687 million (vs. a loss of P$640,379 million in FY22) mainly explained by exchange [
  • $568,817 million — uding right-of-use assets) amounted to P$568,817 million in FY23, which represents 27.6% of our
  • $1,849,559 million — occurred in December 2023 amounting to P$1,849,559 million in FY23 (+41.1% in constant currency vs
  • $85,619 million — se assets as of December 31, 2023, for P$85,619 million and as of December 31, 2022, for P$65,3
  • $65,386 million — llion and as of December 31, 2022, for P$65,386 million) *** (Includes IP telephony lines, wh
  • $257,730 million — butable to the controlling company was P$257,730 million. Comparative figures for the previous
  • $2,059,101 m — Y23, Consolidated Revenues amounted to P$2,059,101 million, from which Service Revenues tota
  • $1,905,932 million — n, from which Service Revenues totaled P$1,905,932 million. During the FY23, Service Revenues de
  • $829,552 million — FY23, mobile services revenues reached P$829,552 million (- P$83,221 million or -9.1% vs. FY22),
  • $83,221 million — revenues reached P$829,552 million (- P$83,221 million or -9.1% vs. FY22), obtaining the highe

Filing Documents

From the Filing

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of March 2024 Commission File Number: 001-13464 Telecom Argentina S.A. (Translation of registrant’s name into English) General Hornos, No. 690, 1272 Buenos Aires, Argentina (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F Form 40-F Contacts: Luis Fernando Rial Ubago - lfrialubago@teco.com.ar Tomás Pellicori - tlpellicori@teco.com.ar Market Cap (NYSE: TEO): US$2,929.02 million * Telecom Argentina S.A. announces consolidated annual results (“FY23”) and fourth quarter of fiscal year 2023 (“4Q23”) ** 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”. Moreover, Table 3 contemplates information broken down by segment for periods ended as of December 31 of 2023 and 2022, as analyzed by the Executive Committee and the CEO, who receive periodically the financial information of Telecom and its subsidiaries (in historical values). For further details, please refer to the titles of the financial tables beginning from page 11. · 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. The 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 to 27.5% 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 EE23 (-10.1% vs EE22). 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 [rate?] 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 represents 27.6% of our Consolidated Revenues. CAPEX (excluding right-of-use assets) during the FY23 represented 23.5% 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 TELECOM ARGENTINA 1 *(Figures may not add up due to rounding) ** (in constant currency - includes right-of-use assets as of December 31, 2023, for P$85,619 million and as of December 31, 2022, for P$65,386 million) *** (Includes IP telephony lines, which amounted to approximately 1.52 million and 1.10 million as of December 31, 2023, and December 31, 2022, respectively) Consolidated Revenues (in million P$) Operating Income before

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