Form 20-F

X

Form 40-F

Yes

No

X

Yes

No

X

Yes

No

X

1.      Telecom Argentina S.A. announces consolidated first quarter results for fiscal year 2018 (‘1Q18’)

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As of March, 31

(in million P$, except where noted)**

2018

2017

Δ $

Δ %

Consolidated Revenues

30,698

24,124

6,574

27.3%

Operating Income before D&A

11,793

8,481

3,312

39.1%

Operating Income

7,126

4,495

2,631

58.5%

Net Income attributable to Controlling Company

3,460

2,946

514

17.4%

Shareholders’ equity attributable to Controlling Company

127,211

n.a.

-

-

Net Financial Position - (Debt) / Cash

(32,181)

n.a.

-

-

CAPEX (excluding spectrum)*

6,050

4,466

1,584

35.5%

Homes Passed (in thousand)

9,670

n.a.

-

-

Fixed lines in service (in thousand lines)

3,741

3,893

(152)

-3.9%

Mobile customers (in thousand)

21,865

22,836

(971)

-4.3%

Personal (Argentina)

18,924

19,253

(329)

-1.7%

Nextel (Argentina)

535

1,034

(499)

-48.3%

Núcleo (Paraguay) -including Wimax customers-

2,406

2,548

(142)

-5.6%

Broadband accesses (in thousand)

4,099

3,941

158

4.0%

Cable TV Suscribers (in thousand)

3,486

3,510

(24)

-0.7%

Argentina

3,345

3,368

(23)

-0.7%

Uruguay

142

143

(1)

-0.7%

Average Billing per user (ARBU) Fixed Telephony / voice (in P$)

198.4

134.1

64.2

47.9%

Average Revenue per user (ARPU) Mobile Services - Personal (in P$)

160.8

133.4

27.4

20.5%

Average Revenue per user (ARPU) Broadband (in P$)***

577.6

381.0

196.6

51.6%

Average Revenue per user (ARPU) Cable TV (in P$)

636.5

463.2

173.3

37.4%

1Q18

1Q17

Δ $

Δ %

Consolidated Revenues (MMP$)

30,698

24,124

6,574

27.3%

Net Income attributable to Controlling Shareholder (MMP$)

3,460

2,946

514

17.4%

Earnings attributable to Controlling Shareholder per Share (P$)

1.6

1.4

0.2

Earnings attributable to Controlling Shareholder per ADR (P$)

8.0

-

1.2

Operating Income before D&A *

38.4%

35.2%

Operating Income *

23.2%

18.6%

Net Income*

11.3%

12.3%

*As a percentage of Consolidated Revenues

Consolidated Operating Revenues

Mobile Services

As of March 31, 2018, mobile clients amounted to 21.9 million.

In 1Q18, service revenues represented P$10,945 million (+17.0% vs. 1Q17). The commercial strategy was focused on promoting the consumption of mobile internet services through an updated offer of plans suitable for all market segments.

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Mobile Services in Argentina

As of March 31, 2018, Personal’s subscribers in Argentina amounted to 18.9 million, where postpaid clients represented 36% of the subscriber base.

In 1Q18, service revenues of Personal in Argentina (excluding equipment sales) amounted to P$9,515 million (+17.3% vs. 1Q17), with 58.5% corresponding to mobile internet revenues (vs. 45.4% as in 1Q17), as mobile internet revenues amounted to P$5,567 million (+51.4% vs. 1Q17). In addition, equipment sales increased by 45.6% vs. 1Q17, reaching P$2,151 million, equivalent to 18.4% of total revenues of Personal in Argentina.

The average monthly revenue per user (“ARPU”) amounted to $160.8 during 1Q18 (+20.5% vs. 1Q17).

As of March 31, 2018, Nextel’s subscribers amounted to approximately 0.5 million, where postpaid clients represented 83% of the subscriber base and prepaid clients represented the remaining 17%.

Commercial Initiatives

During 1Q18, the Company continued with its differential offer for its mobile customers, which includes the use of the instant messaging application WhatsApp for free for 30 days even without credit, which enhances the value that this service has for customers’ communication.

Likewise, the Company’s offering of devices continues evolving with Personal Bipy Adults, and together with the Internet of Things (“IOT”). This release integrates a smart watch with GPS and the ability to make calls and send voice messages to predefined contacts, along with a smartphone application that allows to any responsible guardian to be permanently connected and assist the adult in case it is required. Personal Bipy Adults is part of a series of IOT launches, which began last year with the launch of Personal Bipy for children.

Mobile Services in Paraguay (‘Núcleo’)

As of March 31, 2018, Núcleo’s subscriber base amounted to approximately 2.4 million clients. Prepaid and postpaid customers represented 83% and 17%, respectively.

Núcleo generated service revenues that amounted to P$937 million during 1Q18 (+49.0% vs. 1Q17). Internet revenues amounted to P$406 million (+42.5% vs. 1Q17) representing 43.3% of 1Q18 service revenues (vs. 45.3% in 1Q17).

Cable TV Services

Cable TV service revenues amounted to P$6,666 million in 1Q18 (+34.3% vs. 1Q17). This increase was mainly explained by an up selling of value added services combined with price modifications. Total Cable TV subscribers totaled almost 3.5 million, while the Cable TV ARPU amounted to P$636.5 during 1Q18, rising +37.4% vs. 1Q17. Moreover, average monthly churn during 1Q18 remained at 1.3%.

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During the first months of the year, Cablevisión continued to add exclusive content to its on-demand content grid. Among the most outstanding are: series and documentaries by BBC Worldwide; the ‘Parecido’ web series, through an agreement with UN3TV; and ‘The Handmaid’s Tale’ entire series at the premiere of the first episode. On the other hand, the Cosquín Rock festival was broadcasted exclusively during the two days.

In addition, Cablevisión Flow, the innovative product that evolved the way of watching television and updated our offer in pay TV business, made the first platform upgrade in March, for both versions of the product (Box and App). The upgrade was focused optimizing the user experience in navigation and simplification, clarity, and accessibility to content. Furthermore, a YouTube widget was added to access from the interface. The second update of the platform will be made in the preview of the Russia 2018 World Cup. Cablevisión Flow subscribers in its Box version amounted to almost 0.8 million as of 1Q18, while Flow App subscribers totaled almost 0.3 million.

Fixed Telephony and Data Services

During 1Q18, revenues generated by fixed telephony and data services amounted to P$3.625 million in 1Q18, +26.2% vs. 1Q17. The increase in fixed telephony services was mainly explained by monthly fee price increases that came into effect for both corporate and residential fixed line customers, and additionally due to the bundled offer of packs that include voice and internet services (‘Arnet + Voz’), that aim to achieve higher levels of customer loyalty and churn reduction.

As a result, the average monthly revenue billed per user (“ARBU”) amounted to P$198.4 in 1Q18, +47.9% vs. 1Q17.

Meanwhile, Data revenues increase (services mainly offered to Corporate customers, SMEs, Government and to other operators) was mainly driven by FX rate variations that affected those contracts that were adjusted by the $/U$S exchange rate and due to the increase in the number of clients, generated in a context that evidence the growing position of Telecom as an integrated ICT provider.

Additionally, as part of the actions of the corporate business, the Company was present at the 12th edition of Expoagro, presenting innovative solutions for the agricultural sector and offering fixed and mobile connectivity for exhibitors and visitors. Telecom designed a portfolio of products dedicated to provide the agribusiness with telemetry, management and monitoring and meteorology solutions.

Internet Services

Internet services revenues totaled P$7.153 million during 1Q18, +41.8% vs. 1Q17. As of March 31, 2018, total broadband accesses increased to almost 4.1 million (+4.0% vs. 1Q17). Additionally, broadband ARPU amounted to P$577.6 per month in 1Q18 (+51.6% vs. 1Q17). Moreover, the average monthly churn rate for the period was around 1.5% for each product. On the other hand, clients with service of 20Mb or higher currently represent 25% of the total customer base as of 1Q18.

4

For fixed connectivity and content services, a suitable commercial offer was presented in March 2018, accompanied by a comprehensive campaign that included a 35% discount for 12 months in Cablevisión Flow + Fibertel with 100 megabytes of speed.

Consolidated Operating Costs

Consolidated Operating Costs totaled P$23,572 million in 1Q18, an increase of P$3,943 million, or +20.1% vs. 1Q17 (including D&A and impairment of PP&E). Continuing with the trend observed during the lasts quarters, this overall increase is below inflation levels and moreover Revenue growth, which allowed a significant increase in the Company’s Operating Income before D&A and to improve its margin. This was a result of a higher level of efficiency in the cost structure. Higher costs are mainly associated to the effect of higher revenues, a highly competitive environment in the mobile and Internet businesses, the impact of higher direct and indirect labor costs generated by the operations in Argentina, the increase in costs of services contracted with our suppliers, higher programming and content costs due to cost from the incorporation of broadcasting signals of football matches.

The cost breakdown is as follows:

- Employee benefit expenses and severance payments totaled P$5,217 million (+21.6% vs. 1Q17), mainly impacted by increases in salaries to unionized and non-unionized employees together with the associated social security contributions. Finally, total employees at the end of 1Q18 amounted to 26,768 (vs. 27.155 in 1Q17).

- Interconnection and transmission costs (including TLRD, Roaming, Interconnection, international settlement charges and lease of circuits) amounted to P$931 million, -0.2% vs. 1Q17. This decrease is mostly due to lower transmission costs in the international bandwidth, offset by higher TLRD costs.

- Fees for services, maintenance, materials and supplies amounted to P$2,881 million (+18.2% vs. 1Q17), mainly due to greater fees for services, mostly related to call centers and to higher fees driven mostly by new Company projects and services linked to operational management in general. There were also higher technical maintenance costs and higher hardware and software maintenance costs due to the increase in prices and the higher level of activity.

- Taxes and fees with regulatory authorities amounted to P$2,469 million (+27.1% vs. 1Q17), impact that was predominantly associated to the increase in revenues.

- Commissions and advertising (Commissions paid to agents, prepaid card commissions and others) totaled P$1,709 million (+7.9% vs. 1Q17). The increase is mostly due to collections fees and higher advertising charges, offset by a decrease in CPP commissions and total commissions paid to commercial channels.

- Cost of handsets sold totaled P$1,525 million (+23.3% vs. 1Q17), this increase was for the most part a consequence of higher costs per unit due to the rise in participation of high-end devices.

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- Programming and content costs totaled P$2,145 million (+44.0% vs. 1Q17), largely due to the incorporation of the cost of signals to broadcast live football matches of the first division of the Argentine Football Association.

- Depreciation, amortization and impairment of PP&E amounted P$4,667 million (+17.1% vs. 1Q17). Depreciations of PP&E totaled P$3,676 million, amortizations of intangible assets amounted to P$935 million, while the losses of PP&E amounted to P$19 million and the impairment of PP&E P$37 million. The higher charge is mostly due to a greater amortization and depreciation of PP&E and intangibles, corresponding to higher values allocated to the aforementioned assets resulting from the acquisition method under IFRS 3.

- Other Costs totaled P$2,028 million (+17.3% vs. 1Q17), of which bad debt expenses amounted to P$613 million (+28.8% vs. 1Q17), and whose increase is mainly due to the impact generated by the application as of the FY2018 of IFRS 9, partially offset by greater efficiency in the delinquency management, as well as other operating costs that totaled P$1,415 million, increasing by 12.9% vs. 1Q17.

Net Financial Results

The Net Financial Results (including Financial Costs on Debt and Other Financial Results, net) showed a loss of P$2,306 million, compared with a loss of P$18 million in 1Q17. The result was mainly due to FX losses net of NDF of P$1,800 million (compared with a gain of P$555 million in 1Q17), mostly due to the depreciation of the peso during the 1Q18, followed by net interest losses of P$345 million (representing a greater loss of P$90 million vs. 1Q17), which are partially offset by gains on investments of P$192 million (that generated greater earnings of P$189 million vs. 1Q17).

Consolidated Net Financial Debt

As of March 31, 2018, net financial debt position (cash, cash equivalents plus financial investments and financial NDF minus loans) totaled P$32,181 million, increasing when compared to the consolidated net financial debt position as of December 31, 2017 (calculated as the sum of consolidated net financial debt positions of Telecom Argentina and Cablevisión, which was P$9,580 million).

Capital Expenditures

During 1Q18, the Company invested P$6,050 million, increasing approximately 18.5% from the sum of the parts of Telecom Argentina’s and Cablevisión’s CAPEX as of 1Q17, focusing on projects that maximize the network capacity and on the development of products and services that contribute to address the customers needs that today demand for connectivity and data availability. Likewise, significant investments have been made in the charging, billing and relationship systems with customers. In relative terms, Capex amounted to 19.7% of consolidated revenues.

in million of P$

1Q17

1Q18

$ Var

FX results

$ 555

-$ 1,800

-$ 2,355

Net Interests

-$ 255

-$ 345

-$ 90

Gains on investments

$ 3

$ 192

$ 189

Others

-$ 321

-$ 353

-$ 32

Total

-$ 18

-$ 2,306

-$ 2,288

Capex (In billion P$)

*(Unaudited information -figures as of 1Q17 calculated as the sum of the parts of Telecom Argentina's and Cablevisión's CAPEX)

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Moreover, the quantity of Homes Passed through the network amounted to 9.7 million as of 1Q18.

In terms of infrastructure, the deployment of the 4G/LTE network continued throughout the country, reaching more than 1,225 cities, including all the capital cities of the provinces, reaching 10.5 million customers with 4G devices. In addition, through sustained investments, the Company continues to expand its service offerings in the interior of the country, in order to integrate several places into the national digitalization plan. In recent months, the company launched Cablevisión Digital, HD and Fibertel in various locations in the province of Buenos Aires, Córdoba and Santa Fe.

Relevant Matters

Distribution of dividends declared by Cablevisión

On January 8, 2018, Telecom Argentina, as a surviving company of Cablevisión S.A., paid cash dividends declared by Cablevisión on December 18, 2017 for P$4,077,790,056.

Distribution of dividends of Telecom Argentina

On January 31, 2018, the Board of Directors of Telecom Argentina approved:

1. the withdrawal of P$9,729,418,019 of the “Reserve for future cash dividends” of Telecom Argentina as of December 31, 2017, and its distribution as cash dividends in two installments: i) $ 2,863,000,000 on February 15, 2018 and ii) $ 6,866,418,019 on April 30, 2018, being the Board of Directors able to anticipate such payment if it deems appropriate in the future.

2. the distribution of P$5,640,728,444 as interim cash dividends in accordance with section 224, 2° paragraph of the General Corporations Law (“GCL”), corresponding to the net income (net and realized) for the period between January 1, 2017 and September 30, 2017, which arises from the Special Individual Financial Statements of Telecom Argentina as of September 30, 2017, which were paid on February 15, 2018; and

3. the distribution of P$4,502,777,155 as interim cash dividends in accordance with section 224, 2° paragraph of the GCL, corresponding to net income (net and realized) for the period between January 1, 2017 and September 30, 2017, which arises from Cablevisión’s Special Individual Financial Statements as of September 30, 2017 -company absorbed by Telecom Argentina- that were paid on February 15, 2018.

Other Relevant Matters

General Ordinary Shareholders’ Meeting of Telecom Argentina held on April 25, 2018

The General Ordinary Shareholders’ Meeting of Telecom Argentina held on April 25, 2018 resolved, among others, to:

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1. ratify the distribution of interim cash dividends in the amount of P$5,640,728,444, disposed by the Board of Directors on its meeting of January 31, 2018, based on the Special Individual Financial Statements of Telecom Argentina as of September 30, 2017, which were distributed on February 15, 2018;

2.  allocate the Retained Earnings of Telecom Argentina as of December 31, 2017, net of the P$5,640,728,444 distributed as anticipated dividends, that is to say P$1,989,254,041 to the constitution of the “Facultative Reserve for future Dividend Distributions”. In addition, it was resolved to delegate the powers into the Board of Directors of the Company so that it may determine the withdrawal, in one or more times, of an amount up to P$994,627,020 of the “Facultative Reserve for future Dividend Distributions” and distribute it to the shareholders as cash dividends, enabling such delegated powers to be exercised until December 31, 2018.

3. ratify the distribution of interim cash dividends in the amount of P$4,502,777,155 disposed by the Board of Directors on its meeting of January 31, 2018, based on the Special Individual Financial Statements of Cablevisión, which were distributed on February 15, 2018;

4. to allocate the Retained Earnings of Cablevisión as of December 31, 2017, net of the P$4,502,777,155 distributed as anticipated dividends, that is to say P$1,311,975,449, to the constitution of the ‘Facultative Reserve to maintain the level of investments in capital goods and the current level of the Company’s solvency’; and

5. ratify the advanced distribution of dividends for the amount of P$212,900,000, resolved by the Board of Directors of Sofora on its meeting of November 29, 2017, based on the Special Individual Financial Statements of the aforementioned company as of March 31, 2017, in accordance with section 224, subsection 2 of the GCL. These dividends were distributed by the Company for P$210 million on November 30, 2017; and P$3 million were paid on December 29, 2017 by Telecom Argentina as a surviving company.

General Ordinary Shareholders’ Meeting of Núcleo held on April 24, 2018

The General Ordinary Shareholders’ Meeting of Núcleo in its meeting held on April 24, 2018 approved the distribution of dividends totaling P$416 million, corresponding to Guaraníes 115,000 million converted at the exchange rate of the approval date (of which P$135 million correspond to minority shareholders), which will be paid in May 2018.

*******

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Ownership Structure

As of May 11, 2018, Telecom Argentina has 2,168,909,384 shares issued and 2,153,688,011 shares outstanding.

Cablevisión Holding S.A. owns 18.75% of total capital stock directly and owns 20.06% of total capital stock indirectly through VLG Argentina LLC

Solange Barthe Dennin

Luis F. Rial Ubago

Antonella Papaleo

Nahuel Monsalvo

(5411) 4968 3752

(5411) 4968 3718

(5411) 4968 6236

(5411) 4698 4448

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03/31/18

12/31/17

Cash and cash equivalents

7,849

4,414

Financial Investments

3,133

110

Trade receivables

11,077

1,753

Other Receivables

2,355

828

Inventories

2,013

83

Total current assets

26,427

7,188

Financial Investments

2,703

-

Trade receivables

62

-

Goodwill

63,817

4,109

Property, plant and equipment (‘PP&E’)

86,632

22,080

Intangible assets

42,351

2,368

Other Receivables

1,142

531

Total non-current assets

196,707

29,088

TOTAL ASSETS

223,134

36,276

Trade payables

16,170

3,886

Financial debt

25,965

937

Salaries and social security payables

3,084

1,751

Taxes payables

6,904

1,858

Dividend Payable

-

4,078

Other liabilities

953

103

Provisions

413

-

Total current liabilities

53,489

12,613

Trade payables

107

-

Financial debt

19,901

9,907

Salaries and social security payables

135

-

Deferred income tax liabilities

16,582

266

Taxes payables

2

3

Other liabilities

827

134

Provisions

2,839

1,092

Total non-current liabilities

40,393

11,402

TOTAL LIABILITIES

93,882

24,015

Equity attributable to Controlling Company

127,211

11,694

Non-controlling interest

2,041

567

TOTAL EQUITY

129,252

12,261

TOTAL LIABILITIES AND EQUITY

223,134

36,276

03/31/18

12/31/17

Bank overdrafts - principal

206

-

Banks loans - principal

20,910

52

Notes - principal

2,341

-

NDF

6

-

Accrued interest and related expenses

1,679

29

For purchase of equipment

819

852

Companies under Section 33 - Law 19,550 and related parties

4

4

Total Current Loans

25,965

937

For purchase of equipment

369

465

Notes - principal

10,075

9,325

Banks loans - principal

8,513

142

Accrued interest and related expenses

944

(25)

Total Non Current Loans

19,901

9,907

Total Loans

45,866

10,844

Cash and cash equivalents, and Financial Investments

13,685

4,524

Net Financial Position - Cash (Debt)

(32,181)

(6,320)

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Telecom

(acquired

Company)
(1)

Adjustments on

Income of

Previous FY’s
(2)

NIIF 3 Merger

Effect

(3)

Total indentifiable

net assets, inc. as

of 01.01.2018

ASSETS
CURRENT ASSETS

Cash and cash equivalents

2,695

-

-

2,695

Trade receivables

8,467

184

(656)

7,995

Other current assets

6,371

-

32

6,403

Total current assets

17,533

184

-624

17,093

NON CURRENT ASSETS

Deferred income tax assets

624

-

(624)

-

Investments

4,298

(21)

1,139

5,416

Goodwill

-

-

59,653

59,653

Property, plant and equipment (‘PP&E’)

25,917

-

33,650

59,567

Intangible assets

6,888

(68)

31,464

38,284

Other non current assets

345

125

(125)

345

Total non currents assets

38,072

36

125,157

163,265

Total assets

55,605

220

124,533

180,358

LIABILITIES

-

-

-

-

CURRENT LIABILITIES

Total current liabilities

21,120

-

7

21,127

NON CURRENT LIABILITIES

Deferred income tax liabilities

-

92

16,023

16,115

Other non current liabilities

11,399

-

18

11,417

Total non current liabilities

11,399

92

16,041

27,532

Total Liabilities

32,519

92

16,048

48,659

EQUITY

-

-

-

-

Capital Stock - Outstanding Shares

969

-

(15)

954

Inflation Adjustment - Outstanding Shares

2,646

-

-

2,646

Capital Stock - Treasury Shares

15

-

-

15

Inflation Adjustment - Treasury Shares

42

-

-

42

Treasury shares acquisition cost

(461)

-

-

(461)

Merger Premium

-

-

109,469

109,469

Legal reserve

734

-

-

734

Special reserve for IFRS implementation

351

-

-

351

Voluntary reserve for investments in capital stock

461

-

-

461

Reserve for future cash dividend payments

9,730

-

-

9,730

Other comprehensive income

972

-

(972)

-

Cost of equity interest increase in controlled companies

(3)

-

3

-

Retained earnings

7,630

128

-

7,758

TOTAL EQUITY

23,086

128

108,485

131,699

TOTAL LIABILITIES AND EQUITY

55,605

220

124,533

180,358

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4-

Consolidated Income Statements - as reported in FFSS

03/31/18

03/31/17

Revenues

30,698

9,433

Consolidated Operating Costs

(23,572)

(6,585)

Operating income

7,126

2,848

Net Financial results and results of equity in earnings from associates

(2,263)

29

Net income before income tax expense

4,863

2,877

Income tax expense

(1,382)

(985)

Net income

3,481

1,892

Attributable to:

Controlling Company

3,460

1,874

Non-controlling interest

21

18

Operating income before D&A

11,793

3,789

As % of Revenues

38.4%

40.2%

Net Financial results

03/31/18

03/31/17

Financial expenses on debt

Interest on debt

(534)

(159)

Exchange differences on debt

(2,008)

305

Financial discounts on debt

(25)

(2)

Other financial expenses on debt

37

9

Total financial expenses on debt

(2,530)

153

Other financial results, net
Interest and gains on investments

290

55

Taxes and bank expenses

(354)

(116)

Exchanges differences on cash and cash equivalents

411

(34)

Exchanges differences from other items

(203)

(12)

Financial discounts on assets, debts and diverse

(6)

(7)

Results for operations with notes and bonds

192

(24)

Results from changes on fair value of financial instruments

-

(21)

Interest on provisions

(101)

(2)

Quinquennial financial costs

(15)

-

Others

10

(3)

Total other financial results, net

224

(164)

(2,306)

(18)

5-

Breakdown of the Income Statements - as reported in FFSS

03/31/18

03/31/17

REVENUES FROM SERVICES

28,503

9,317

Mobile Services

10,945

633

Internet Services

7,153

3,450

Cable TV Services

6,666

4,962

Fixed Telephony and Data Services

3,625

-

Other revenues from services

114

272

REVENUES FROM EQUIPMENT SALES

2,195

116

REVENUES

30,698

9,433

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6-

Consolidated Income Statements - Pro Forma

03/31/18

03/31/17

Δ $

Δ %

Revenues

30,698

24,124

6,574

27.3%

Consolidated Operating Costs

(23,572)

(19,629)

(3,943)

20.1%

Operating income

7,126

4,495

2,631

58.5%

Net Financial results and results of equity in earnings from associates

(2,263)

22

-

-

Net income before income tax expense

4,863

4,517

346

7.7%

Income tax expense

(1,382)

(1,554)

172

-11.1%

Net income

3,481

2,963

518

17.5%

Attributable to:

Controlling Company

3,460

2,946

514

17.4%

Non-controlling interest

21

17

4

23.5%

Operating income before D&A

11,793

8,481

3,312

39.1%

As % of Revenues

38.4%

35.2%

Net Financial results

03/31/18

03/31/17

Δ $

Δ %

Financial expenses on debt

Interest on debt

(534)

(407)

(127)

31.2%

Exchange differences on debt

(2,008)

548

(2,556)

-

Financial debt discounts on debt

(25)

(2)

(23)

-

Other financial expenses on debt

37

9

28

-

Total financial expenses on debt 

(2,530)

148

(2,678)

-

Other financial results, net

Interest and gains on investments

290

224

66

29.5%

Taxes and bank expenses

(354)

(256)

(98)

38.3%

Exchanges differences on cash and cash equivalents

411

(38)

449

-

Exchanges differences from other items

(203)

45

(248)

-

Financial discounts on assets, debts and diverse

(6)

(15)

9

-60.0%

Results for operations with notes and bonds

192

3

189

-

Results from changes on fair value of financial instruments

-

(21)

21

-100.0%

Interest on provisions

(101)

(72)

(29)

40.3%

Quinquennial financial costs

(15)

(12)

(3)

25.0%

Others

10

(24)

34

-141.7%

Total other financial results, net

224

(166)

390

-

(2,306)

(18)

(2,288)

-

7-

Breakdown of the Income Statements - Pro Forma

03/31/18

03/31/17

Δ $

Δ %

REVENUES FROM SERVICES

28,503

22,509

5,994

26.6%

Mobile Services

10,945

9,357

1,588

17.0%

Internet Services

7,153

5,045

2,108

41.8%

Cable TV Services

6,666

4,962

1,704

34.3%

Fixed Telephony and Data Services

3,625

2,873

752

26.2%

Other revenues from services

114

272

-158

-58.1%

REVENUES FROM EQUIPMENT SALES

2,195

1,615

580

35.9%

REVENUES

30,698

24,124

6,574

27.3%

13

www.telecom.com.ar

03/31/18

03/31/17

Revenues

30,698