Telecom Argentina Reports 1H24 & 2Q24 Results

Ticker: TCMFF · Form: 6-K · Filed: Aug 13, 2024 · CIK: 932470

Telecom Argentina SA 6-K Filing Summary
FieldDetail
CompanyTelecom Argentina SA (TCMFF)
Form Type6-K
Filed DateAug 13, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$3,036.7 million, $1,666,979 million, $1,572,594 million, $856,084 million, $799,692 million
Sentimentneutral

Sentiment: neutral

Topics: earnings, financial-results, inflation-accounting

Related Tickers: TEO

TL;DR

TEO dropped 1H24/2Q24 results, market cap $3.04B, inflation adjustments noted.

AI Summary

Telecom Argentina S.A. reported its consolidated financial results for the first half of 2024 (1H24) and the second quarter of 2024 (2Q24). The company's market capitalization on the NYSE was US$3,036.7 million as of the filing date. The report details the accounting for inflation adjustment effects as adopted by Resolution.

Why It Matters

This filing provides investors with key financial performance indicators for Telecom Argentina, crucial for understanding the company's operational health and market position in the telecommunications sector.

Risk Assessment

Risk Level: low — This is a routine financial results disclosure with no immediate significant operational or strategic changes indicated.

Key Numbers

  • US$3,036.7 million — Market Cap (As reported on the NYSE)

Key Players & Entities

  • Telecom Argentina S.A. (company) — Registrant and reporting entity
  • US$3,036.7 million (dollar_amount) — Market capitalization on NYSE
  • 1H24 (date) — First half of fiscal year 2024
  • 2Q24 (date) — Second quarter of fiscal year 2024
  • Luis Fernando Rial Ubago (person) — Contact person
  • Tomás Pellicori (person) — Contact person

FAQ

What specific financial metrics are detailed in the 1H24 and 2Q24 results?

The filing announces the consolidated results for 1H24 and 2Q24 but does not provide the specific financial metrics within this initial report.

What is the significance of the 'inflation adjustment' mentioned?

The company has accounted for the effects of inflation adjustment as adopted by Resolution, which is important for understanding the real value of financial figures in an inflationary environment.

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.

Does Telecom Argentina file annual reports under Form 20-F or 40-F?

Telecom Argentina S.A. files its annual reports under cover of Form 20-F.

Filing Stats: 4,459 words · 18 min read · ~15 pages · Grade level 10 · Accepted 2024-08-12 18:07:23

Key Financial Figures

  • $3,036.7 million — @teco.com.ar Market Cap (NYSE: TEO): US$3,036.7 million * Telecom Argentina S.A. announces
  • $1,666,979 million — ny's Consolidated Revenues amounted to P$1,666,979 million in 1H24 (-13.3% in constant currency co
  • $1,572,594 million — red to 1H23). Service Revenues totaled P$1,572,594 million (-11.7% vs. 1H23), in a context where y
  • $856,084 million — high levels. In 2Q24, revenues reached P$856,084 million (-8.3% vs. 2Q23) while Service Revenues
  • $799,692 million — . 2Q23) while Service Revenues totaled P$799,692 million (-6.7% vs. 2Q23 and +3.5% vs. 1Q24), in
  • $495,092 million — erating Income before D, A & I totaled P$495,092 million. · Due to the real appreciatio
  • $859,223 million — , the Company recorded a net income of P$859,223 million (compared to an income of P$146,409 mil
  • $146,409 million — ,223 million (compared to an income of P$146,409 million in 1H23), mainly explained by gains fro
  • $315,946 million — uding right-of-use assets) amounted to P$315,946 million in 1H24 (+3.7% in constant currency vs.
  • $2,189,225 million — · Net Financial Debt totaled P$2,189,225 million as of June 30, 2024, decreasing in real
  • $91,354 million — ncy - includes right-of-use assets for P$91,354 million as of June 30, 2024 and for P$76,223 mi
  • $76,223 million — 54 million as of June 30, 2024 and for P$76,223 million as of June 30, 2023) *** (Includes IP
  • $851,682 million — butable to the controlling company was P$851,682 million. It should be noted that comparative
  • $1,666,979 m — H24, Consolidated Revenues amounted to P$1,666,979 million, from which Service Revenues tota
  • $672,409 million — 1H24, mobile services revenues reached P$672,409 million (- P$106,440 million or -13.7% vs. 1H23

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 August 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 X Form 40-F Contacts: Luis Fernando Rial Ubago - lfrialubago@teco.com.ar Tomás Pellicori - tlpellicori@teco.com.ar Market Cap (NYSE: TEO): US$3,036.7 million * Telecom Argentina S.A. announces consolidated results for the first half (“1H24) and second quarter of fiscal year 2024 (“2Q24”) ** 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 1H24 include the effects of the adoption of inflationary accounting in accordance with IAS 29. Therefore, comments related to variations of results between 1H24 and 1H23 mentioned in this press release correspond to “figures restated by inflation” or “constant” figures. Moreover, Table 3 shows information broken down by segment for periods ended as of June 30 of 2024 and 2023, 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 on page 12. · It should be noted that the results presented on a comparative basis (June 2023) include the effect of the year-over-year inflation as of June 2024, which was 271.5%. · The Company's Consolidated Revenues amounted to P$1,666,979 million in 1H24 (-13.3% in constant currency compared to 1H23). Service Revenues totaled P$1,572,594 million (-11.7% vs. 1H23), in a context where year-over-year inflation remains at high levels. In 2Q24, revenues reached P$856,084 million (-8.3% vs. 2Q23) while Service Revenues totaled P$799,692 million (-6.7% vs. 2Q23 and +3.5% vs. 1Q24), indicating an improvement in the trend of these revenues in real terms. · During 1H24 in Argentina, Mobile accesses increased reaching 21.2 million in 1H24 (+578 thousand vs. 1H23). In broadband 4.1 million accesses were registered (-33.8 thousand vs. 1H23). Finally, Pay TV subscribers totaled 3.1 million in the same period (-26.9 thousand vs. 1H23). · During1H24 the margin of Operating Income before Depreciation, Amortization, and Impairments of Fixed Assets ("Operating Income before D, A & I") over revenues showed a positive trend compared to the same period of the previous year, registering 29.7% (vs. 28.4% in 1H23). Additionally, in 2Q24, the margin experienced a notable improvement, reaching 29.1% (+2.8 pp vs. 2Q23). This improvement is due to the effective management of Operating Costs before Depreciation, Amortization, and Impairments of Fixed Assets, which during 1H24 recorded a significant decrease in real terms (-14.9% vs. 1H23). In 1H24, Operating Income before D, A & I totaled P$495,092 million. · Due to the real appreciation of the Argentine peso against the US dollar during 1H24 (due to inflation being higher than devaluation during the period), the Company recorded a net income of P$859,223 million (compared to an income of P$146,409 million in 1H23), mainly explained by gains from exchange rate differences in real terms included in Financial Results. · Investments (including right-of-use assets) amounted to P$315,946 million in 1H24 (+3.7% in constant currency vs. 1H23), which represents 19.0% of our Consolidated Revenues. CAPEX (excluding right-of-use assets) during the 1H24 represented 13.5% of Consolidated Revenues. · Net Financial Debt totaled P$2,189,225 million as of June 30, 2024, decreasing in real terms (-34.2% in constant currency vs. December 31, 2023). *Market capitalization as of August 9, 2024 **Unaudited non-financial information TELECOM ARGENTINA 1 *(Figures may not add up due to rounding) ** (in constant currency - includes right-of-use assets for P$91,354 million as of June 30, 2024 and for P$76,223 million as of June 30, 2023) *** (Includes IP telephony lines, which amounted to approximately 1.69 million and 1.29 million as of June 30, 2024, and June 30, 2023, respectively) – Not included in ARPU calculations. 1- Consolidated Revenues (in million P$) 3- Operating Income before D, A & I

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