Telecom Argentina S.A
(NYSE:TEO)

Telecom Argentina S.A., together with its subsidiaries, provides telecommunications services in Argentina and internationally. The company offers telephone services, including local, domestic, and international long-distance telephone services, as well as public telephone services; interconnection s...

Website: http://www.telecom.com.ar

Founded: 1990

Full Time Employees: 23,415

Sector: Communication Services

Industry: Telecom Services

Telecommunication

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Quarterly

Annual

Unit: USD	2025-11-12	2025-06-30	2025-05-13	2024-12-31	2024-11-12	2024-08-15	2024-07-08	2024-05-20	2023-12-31	2023-11-13	2023-08-14	2023-03-31	2022-12-31	2022-11-14	2022-08-11	2022-05-13	2021-12-31	2021-11-12	2021-08-13	2021-05-14	2020-12-31	2020-11-12	2020-08-21	2020-05-20	2019-08-16	2019-07-10	2019-05-17	2018-12-31	2018-11-20	2018-08-28	2018-05-21	2018-04-24	2018-03-08	2017-12-31	2017-12-01	2017-09-11	2017-05-16	2017-03-22	2016-12-31	2016-12-05	2016-09-02	2016-06-10	2016-01-06	2015-12-31	2015-09-17	2015-06-17	2014-12-31	2014-12-15	2014-08-28	2014-06-03	2014-03-27	2013-12-31	2013-11-21	2013-08-27	2013-05-17	2013-03-22	2012-12-31	2012-06-13	2011-12-31	2011-12-15	2011-11-04	2011-09-07	2011-06-23	2011-05-04	2011-04-08	2011-02-24	2010-12-31	2010-12-06	2010-09-21	2010-06-07	2010-04-08	2009-12-31	2009-12-02	2009-06-04	2009-03-27	2008-12-01	2008-08-25	2008-05-28	2008-03-27	2007-12-31	2007-11-28	2007-08-28	2007-06-08	2007-03-26	2006-12-31	2006-04-07	2006-03-14	2005-12-31	2005-08-24	2005-03-30	2004-12-31	2004-11-18	2004-06-02	2004-03-30	2003-12-31	2003-09-30	2002-12-31

revenues	2,065,211,000,000	1,911,678,000,000	1,363,353,000,000		983,141,000,000	856,084,000,000	683,916,000,000	683,916,000,000		333,403,000,000	251,350,000,000	214,818,000,000		148,238,000,000	126,897,000,000	117,372,000,000		96,254,000,000	88,430,000,000	82,547,000,000		67,022,000,000	65,023,000,000	62,762,000,000	46,235,000,000	44,328,000,000	44,328,000,000		35,315,000,000	33,481,000,000	30,698,000,000				16,719,000,000	15,818,000,000	14,726,000,000	53,240,000,000		13,412,000,000	12,951,000,000	12,455,000,000	10,094,000,000		9,624,000,000	8,872,000,000		8,598,000,000	8,119,000,000	7,466,000,000	27,287,000,000		7,114,000,000	6,649,000,000	6,064,000,000	22,117,000,000		5,126,000,000
employee benefit expenses and severance payments	-507,333,000,000	-499,245,000,000	-286,847,000,000		-252,230,000,000	-207,318,000,000	-157,824,000,000	-157,824,000,000		-80,471,000,000	-60,332,000,000	-51,669,000,000		-41,651,000,000	-32,111,000,000	-24,218,000,000		-21,876,000,000	-18,193,000,000	-15,331,000,000		-12,380,000,000	-12,065,000,000	-11,724,000,000	-8,469,000,000	-8,783,000,000	-8,783,000,000		-6,542,000,000	-5,837,000,000	-5,217,000,000				-3,280,000,000			-9,800,000,000		-2,778,000,000	-2,261,000,000		-2,034,000,000		-1,715,000,000	-1,543,000,000		-1,465,000,000	-1,354,000,000	-1,183,000,000	-4,152,000,000		-1,123,000,000	-1,005,000,000	-868,000,000			-677,000,000
interconnection and transmission costs	-100,726,000,000	-47,513,000,000	-44,275,000,000		-25,470,000,000	-23,607,000,000	-25,088,000,000	-25,088,000,000		-9,647,000,000	-7,253,000,000	-6,408,000,000		-4,672,000,000	-3,910,000,000	-3,587,000,000		-3,415,000,000	-3,103,000,000	-3,193,000,000		-2,722,000,000	-2,477,000,000	-2,016,000,000	-1,382,000,000	-1,466,000,000	-1,466,000,000		-1,229,000,000	-1,043,000,000	-931,000,000
fees for services, maintenance, materials and supplies	-264,101,000,000	-242,729,000,000	-172,012,000,000		-127,724,000,000	-110,363,000,000	-100,037,000,000	-100,037,000,000		-42,912,000,000	-33,132,000,000	-25,185,000,000		-19,043,000,000	-16,011,000,000	-12,532,000,000		-11,040,000,000	-10,170,000,000	-9,315,000,000		-7,057,000,000	-6,490,000,000	-6,879,000,000	-4,851,000,000	-4,504,000,000	-4,504,000,000		-3,550,000,000	-3,358,000,000	-2,881,000,000				-1,797,000,000			-5,006,000,000		-1,245,000,000	-1,242,000,000		-991,000,000		-980,000,000	-889,000,000		-883,000,000	-844,000,000	-755,000,000	-2,641,000,000		-663,000,000	-658,000,000	-556,000,000			-477,000,000
taxes and fees with the regulatory authority	-178,621,000,000	-168,378,000,000	-113,911,000,000		-77,864,000,000	-66,838,000,000	-52,700,000,000	-52,700,000,000		-25,669,000,000	-19,449,000,000	-16,542,000,000		-11,425,000,000	-9,842,000,000	-8,975,000,000		-7,371,000,000	-6,814,000,000	-6,420,000,000		-5,088,000,000	-4,888,000,000	-4,778,000,000	-3,703,000,000	-3,483,000,000	-3,483,000,000								-1,546,000,000			-5,125,000,000		-1,305,000,000	-1,286,000,000		-988,000,000		-980,000,000	-873,000,000		-835,000,000	-809,000,000	-755,000,000	-2,689,000,000		-706,000,000	-646,000,000	-602,000,000			-462,000,000
commissions and advertising	-103,915,000,000	-107,140,000,000	-71,288,000,000		-58,243,000,000	-44,565,000,000	-35,507,000,000	-35,507,000,000		-19,919,000,000	-16,006,000,000	-12,517,000,000		-9,721,000,000	-7,228,000,000	-6,425,000,000		-5,547,000,000	-5,188,000,000	-4,382,000,000		-3,953,000,000	-3,249,000,000	-3,570,000,000	-2,823,000,000	-2,518,000,000	-2,518,000,000		-2,299,000,000	-2,109,000,000	-1,709,000,000
cost of equipment and handsets	-67,986,000,000	-87,494,000,000	-57,005,000,000		-48,968,000,000	-45,561,000,000	-23,857,000,000	-23,857,000,000		-16,849,000,000	-15,723,000,000	-9,968,000,000		-6,552,000,000	-5,405,000,000	-6,011,000,000		-4,675,000,000	-4,881,000,000	-3,912,000,000		-2,500,000,000	-2,028,000,000	-2,250,000,000	-2,250,000,000	-2,182,000,000	-2,182,000,000		-1,774,000,000	-2,071,000,000	-1,525,000,000				-1,869,000,000
programming and content costs	-93,759,000,000	-87,133,000,000	-71,825,000,000		-56,939,000,000	-48,977,000,000	-37,456,000,000	-37,456,000,000		-18,319,000,000	-14,104,000,000	-12,316,000,000		-9,167,000,000	-7,925,000,000	-7,497,000,000		-6,318,000,000	-5,799,000,000	-6,083,000,000		-3,966,000,000	-4,011,000,000	-4,726,000,000	-3,408,000,000	-3,412,000,000	-3,412,000,000		-2,615,000,000	-2,384,000,000	-2,145,000,000
bad debt expenses	-27,124,000,000	-39,031,000,000	-25,650,000,000		-19,132,000,000	-15,103,000,000	-17,020,000,000	-17,020,000,000		-6,389,000,000	-4,850,000,000	-6,499,000,000		-3,909,000,000	-2,702,000,000	-3,199,000,000		-1,960,000,000	-1,962,000,000	-1,037,000,000		-2,114,000,000	-2,990,000,000	-2,248,000,000	-1,077,000,000	-1,448,000,000	-1,448,000,000		-717,000,000	-660,000,000	-613,000,000				-245,000,000			-1,228,000,000		-326,000,000	-263,000,000		-129,000,000		-98,000,000	-183,000,000		-94,000,000	-115,000,000	-118,000,000	-283,000,000		-56,000,000	-72,000,000	-93,000,000			-69,000,000
other operating expenses	-72,520,000,000	-104,985,000,000	-68,592,000,000		-49,427,000,000	-44,251,000,000	-27,293,000,000	-27,293,000,000		-13,743,000,000	-14,251,000,000	-8,668,000,000		-5,573,000,000	-8,649,000,000	-4,237,000,000		-5,595,000,000	-4,402,000,000	-2,829,000,000		-4,302,000,000	-2,182,000,000	-2,546,000,000											-845,000,000			-2,590,000,000		-650,000,000	-732,000,000		-473,000,000		-428,000,000	-417,000,000		-409,000,000	-353,000,000	-330,000,000	-1,252,000,000		-309,000,000	-322,000,000	-286,000,000			-300,000,000
depreciation, amortization and impairment of fixed and intangible assets	-483,338,000,000	-470,631,000,000	-340,049,000,000
operating income	165,788,000,000	57,399,000,000	111,899,000,000		-36,736,000,000	-31,095,000,000	-26,147,000,000	-26,147,000,000		-18,494,000,000	-20,308,000,000	-3,090,000,000		-224,257,000,000	-10,010,000,000	1,257,000,000		-4,613,000,000	-672,000,000	5,387,000,000		3,793,000,000	8,415,000,000	5,766,000,000	4,437,000,000	4,496,000,000	4,496,000,000		6,290,000,000	6,528,000,000	7,126,000,000				3,167,000,000	2,958,000,000	2,893,000,000	7,843,000,000		1,802,000,000	1,724,000,000	1,997,000,000	1,311,000,000		1,468,000,000	1,680,000,000		1,225,000,000	1,241,000,000	1,377,000,000	4,518,000,000		1,203,000,000	945,000,000	1,115,000,000	3,966,000,000		1,033,000,000		3,064,000,000		1,963,000,000	980,000,000		3,201,000,000			2,322,000,000	1,539,000,000	763,000,000	2,762,000,000		2,035,000,000	625,000,000	2,041,000,000	1,540,000,000	1,049,000,000	534,000,000	1,636,000,000		1,201,000,000	727,000,000	358,000,000	912,000,000		504,000,000	347,000,000		223,000,000	400,000,000		208,000,000	65,000,000	107,000,000
yoy	-551.30%	-284.59%	-527.96%			68.14%	28.75%	746.18%		-91.75%	102.88%	-345.82%		4761.41%	1389.58%	-76.67%		-221.62%	-107.99%	-6.57%		-15.64%	87.17%		-29.46%	-31.13%	-36.91%				125.01%					64.15%	67.81%	292.74%			17.44%	18.87%			18.29%	22.00%			3.16%	45.71%	305.20%			-8.52%		29.44%		-47.38%							107.99%				-24.37%	22.08%	35.33%		93.99%	17.04%	24.76%		-12.66%	-26.55%	356.98%			44.25%	3.17%			26.00%			243.08%	273.83%
qoq	188.83%	-48.70%			18.14%	18.92%	0.00%			-8.93%	557.22%			2140.33%	-896.34%			586.46%	-112.47%			-54.93%	45.94%	29.95%	-1.31%	0.00%			-3.65%	-8.39%					7.07%	2.25%	-63.11%			4.52%	-13.67%	52.33%			-12.62%			-1.29%	-9.88%	-69.52%			27.30%	-15.25%	-71.89%							100.31%						50.88%	101.70%	-72.38%			225.60%	-69.38%	32.53%	46.81%	96.44%	-67.36%			65.20%	103.07%	-60.75%			45.24%			-44.25%			220.00%	-39.25%
operating margin %	Infinity%	Infinity%	Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	-Infinity%	NaN%	-Infinity%	-Infinity%	Infinity%	NaN%	-Infinity%	-Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	20.13%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	NaN%
losses from associates and joint ventures	-2,225,000,000	-1,842,000,000			-4,851,000,000	-1,361,000,000
financial results from borrowings	-444,833,000,000	-311,912,000,000	85,634,000,000		92,403,000,000	176,002,000,000
other financial results	-12,150,000,000	-10,478,000,000	15,322,000,000		-45,629,000,000	26,855,000,000	115,520,000,000	115,520,000,000		23,384,000,000	9,420,000,000	10,459,000,000		17,477,000,000	4,509,000,000	7,837,000,000		2,328,000,000	2,364,000,000	3,678,000,000		3,882,000,000	1,646,000,000	1,570,000,000	-1,620,000,000	4,155,000,000	4,155,000,000		209,000,000	329,000,000	224,000,000
income (loss) before income tax	-293,420,000,000									6,856,000,000
income tax benefit	100,939,000,000	92,472,000,000			-16,730,000,000	-111,539,000,000	-210,826,000,000	-210,826,000,000		25,179,000,000	23,019,000,000	11,773,000,000																	6,375,000,000	3,612,000,000																																													-535,000,000		-328,000,000	-149,000,000	-292,000,000		-275,000,000	-158,000,000	-52,000,000	17,000,000		-122,000,000				-26,000,000		-9,000,000	-4,000,000	7,000,000
net income for the period	-192,481,000,000	-174,361,000,000	93,202,000,000		-11,543,000,000	58,862,000,000	675,032,000,000	675,032,000,000		32,035,000,000	4,151,000,000	28,483,000,000		-202,383,000,000	4,026,000,000	23,745,000,000		2,852,000,000	-11,671,000,000	9,012,000,000			-822,000,000	2,641,000,000	5,328,000,000	1,279,000,000	1,279,000,000		-13,668,000,000	-8,353,000,000	3,481,000,000				2,056,000,000	1,673,000,000	1,966,000,000			758,000,000	802,000,000	935,000,000	800,000,000		937,000,000	1,041,000,000		848,000,000	930,000,000	906,000,000			886,000,000	662,000,000	813,000,000			708,000,000
attributable to:
controlling company	-200,363,000,000	-178,207,000,000	89,060,000,000		-16,361,000,000	54,608,000,000	672,260,000,000	672,260,000,000		30,297,000,000	3,473,000,000	27,759,000,000		-203,003,000,000	3,664,000,000	23,526,000,000		2,549,000,000	-11,703,000,000	8,741,000,000		-3,523,000,000	-942,000,000	2,549,000,000	5,250,000,000	1,232,000,000	1,232,000,000		-13,677,000,000	-8,372,000,000	3,460,000,000
non-controlling interest	7,882,000,000	3,846,000,000	4,142,000,000		4,818,000,000	4,254,000,000	2,772,000,000	2,772,000,000		1,738,000,000	678,000,000	724,000,000		620,000,000	362,000,000	219,000,000		303,000,000	32,000,000	271,000,000		163,000,000	120,000,000	92,000,000	78,000,000	47,000,000	47,000,000		9,000,000	19,000,000	21,000,000				30,000,000	13,000,000	11,000,000	30,000,000		12,000,000	2,000,000	10,000,000			9,000,000	13,000,000		9,000,000	14,000,000	17,000,000	52,000,000		16,000,000	10,000,000	11,000,000	47,000,000		10,000,000
earnings (losses) per share for income attributable to the controlling company - basic and diluted	-93.03				-7.6
income before income tax		-266,833,000,000	212,947,000,000		5,187,000,000	170,401,000,000	885,858,000,000	885,858,000,000			-18,868,000,000	16,710,000,000
earnings per share for income attributable to the controlling company - basic and diluted		-82.7	41.35			25.36	312.14	312.14		14.07	1.61	12.89
earnings from associates and joint ventures			92,000,000				-1,359,000,000			-85,000,000	-1,337,000,000
income tax expense			-119,745,000,000															-2,894,000,000	-22,100,000,000	-3,228,000,000		-4,236,000,000	-1,507,000,000	-1,693,000,000	-3,872,000,000	-3,425,000,000	-3,425,000,000				-1,382,000,000				-1,095,000,000			-1,594,000,000		-408,000,000	-433,000,000		-438,000,000		-501,000,000	-550,000,000		-453,000,000	-497,000,000	-439,000,000	-1,792,000,000		-480,000,000	-362,000,000	-437,000,000			-386,000,000		-985,000,000		-655,000,000	-337,000,000		-1,010,000,000			-754,000,000	-502,000,000	-242,000,000	-797,000,000		-560,000,000	-201,000,000		-446,000,000											-134,000,000		-3,000,000
depreciation, amortization and impairment of fixed assets					-303,880,000,000	-280,596,000,000	-233,281,000,000	-233,281,000,000		-117,979,000,000	-86,558,000,000	-68,136,000,000		-260,782,000,000	-43,124,000,000	-39,434,000,000		-33,070,000,000	-28,590,000,000	-24,658,000,000		-19,147,000,000	-16,228,000,000	-16,259,000,000
financial costs							797,844,000,000	797,844,000,000
earnings (losses) from associates and joint ventures								-1,359,000,000
debt financial results										2,051,000,000	-6,643,000,000	8,916,000,000		10,455,000,000	7,977,000,000			7,947,000,000	8,713,000,000
earnings from associates												425,000,000		166,000,000	3,000,000	120,000,000		84,000,000	24,000,000	82,000,000		139,000,000	119,000,000	92,000,000	52,000,000	103,000,000	103,000,000		38,000,000	48,000,000	43,000,000
income before income tax expense														-196,159,000,000	2,479,000,000	23,717,000,000		5,746,000,000	10,429,000,000	12,240,000,000		876,000,000	685,000,000	4,334,000,000	9,200,000,000	4,704,000,000	4,704,000,000			-11,965,000,000	4,863,000,000				3,151,000,000	2,574,000,000	3,017,000,000	5,599,000,000		1,166,000,000	1,235,000,000	1,440,000,000	1,238,000,000		1,438,000,000	1,591,000,000		1,301,000,000	1,427,000,000	1,345,000,000	5,046,000,000
income tax														-6,224,000,000	1,547,000,000	28,000,000
earnings (losses) per share attributable to controlling company - basic and diluted														-94.26	1.7			1.18
debt financial expenses																14,503,000,000				3,093,000,000		-6,938,000,000	-9,495,000,000	-3,094,000,000	6,331,000,000	-4,050,000,000	-4,050,000,000		-26,580,000,000	-18,870,000,000	-2,530,000,000
earnings per share attributable to controlling company basic and diluted																10.92				4.06				1.18
earnings per share attributable to controlling company - basic and diluted																			-5.43				-0.44		2.44	0.57	0.57		-6.35	-3.89	1.61
net loss for the period																						-3,360,000,000
loss per share attributable to controlling company - basic and diluted																						-1.64
other comprehensive income - will be reclassified subsequently to profit or loss
currency translation adjustments																						2,279
ndf effects classified as hedges																						-114
income tax effects on ndf classified as hedges																						54
other comprehensive income, net of tax																						2,219
total comprehensive loss for the period																						-25,469
owners contribution
outstanding shares - capital nominal value
balances as of january 1, 2019																						15
resolutions of the general ordinary and extraordinary shareholders’ meeting held on april 24, 2019:
- reserves constitutions
- dividends
dividends to non-controlling shareholders
capital reduction																						-11
irrevocable call and put option on the shares of avc continente audiovisual
increase in tuves shareholding
comprehensive income:
other comprehensive loss
total comprehensive income
balances as of september 30, 2019																						4
balances as of january 1, 2020
resolutions of the general ordinary and extraordinary shareholders’ meeting held on april 28, 2020:
- absorption of negative retained earnings
- reserves reallocation
irrevocable call and put option on the shares of avc continente audiovisual valuation adjustment
balances as of september 30, 2020
other operating income and expenses																									-2,295,000,000	-2,041,000,000	-2,041,000,000		-1,915,000,000	-1,750,000,000	-1,415,000,000
depreciation, amortization and impairment of pp&e, intangible assets and rights of use assets																									-11,540,000,000	-9,995,000,000	-9,995,000,000
taxes, and fees with the regulatory authority																													-2,774,000,000	-2,766,000,000	-2,469,000,000
depreciation, amortization and impairment of pp&e																													-5,610,000,000	-4,975,000,000	-4,667,000,000
income before income tax benefit																													-20,043,000,000
chairman of the board of directors
subscription revenue:
cable television services																																24,589,000,000
iden telephony service																																2,413,000,000
internet																																12,865,000,000
cable subscription, internet revenue and telephony																																39,868,000,000
non-subscription revenue:
sales of goods																																215,000,000
others																																869,000,000
total																																40,952,000,000
other income																																			22,000,000	23,000,000	16,000,000	83,000,000		14,000,000	9,000,000	11,000,000	4,000,000		4,000,000	7,000,000		10,000,000	20,000,000	10,000,000	63,000,000		13,000,000	4,000,000	9,000,000	79,000,000		5,000,000
total revenues and other income																																			16,741,000,000	15,841,000,000	14,742,000,000	53,323,000,000		13,426,000,000	12,960,000,000	12,466,000,000	10,098,000,000		9,628,000,000	8,879,000,000		8,608,000,000	8,139,000,000	7,476,000,000	27,350,000,000		7,127,000,000	6,653,000,000	6,073,000,000	22,196,000,000
interconnection costs and other telecommunication charges																																			-763,000,000			-2,553,000,000		-624,000,000	-623,000,000		-558,000,000		-501,000,000	-500,000,000		-516,000,000	-505,000,000	-515,000,000	-1,829,000,000		-380,000,000	-522,000,000	-484,000,000			-408,000,000
commissions																																			-882,000,000			-3,849,000,000		-945,000,000	-960,000,000		-799,000,000		-773,000,000	-623,000,000		-669,000,000	-577,000,000	-541,000,000	-2,203,000,000		-583,000,000	-522,000,000	-502,000,000			-449,000,000
advertising																																			-290,000,000			-874,000,000		-177,000,000	-179,000,000		-221,000,000		-179,000,000	-191,000,000		-171,000,000	-177,000,000	-164,000,000	-656,000,000		-166,000,000	-132,000,000	-154,000,000			-164,000,000
cost of vas																																			-224,000,000			-1,499,000,000		-350,000,000	-402,000,000		-313,000,000		-304,000,000	-293,000,000		-273,000,000	-215,000,000	-191,000,000	-708,000,000		-202,000,000	-170,000,000	-131,000,000
provisions																																			-98,000,000			-187,000,000		-25,000,000	-67,000,000				-74,000,000	-93,000,000			-65,000,000	-37,000,000	-270,000,000		-128,000,000	-57,000,000	-40,000,000			-40,000,000
depreciation and amortization																																			-1,741,000,000			-6,198,000,000		-1,591,000,000	-1,519,000,000		-1,164,000,000		-1,033,000,000	-957,000,000		-843,000,000	-772,000,000	-739,000,000	-2,873,000,000		-731,000,000	-708,000,000	-691,000,000			-615,000,000
disposal and impairment of pp&e																																			6,000,000
finance income																																			757,000,000	347,000,000	669,000,000	1,006,000,000		129,000,000	131,000,000	366,000,000	303,000,000		165,000,000	105,000,000		246,000,000	264,000,000	799,000,000	1,416,000,000		394,000,000	260,000,000	205,000,000	570,000,000		130,000,000
finance expenses																																			-773,000,000			-3,250,000,000		-765,000,000	-620,000,000		-376,000,000		-195,000,000	-194,000,000		-170,000,000	-78,000,000	-831,000,000	-888,000,000		-231,000,000	-181,000,000	-70,000,000			-69,000,000
telecom argentina																																			2,026,000,000	1,660,000,000	1,955,000,000	3,975,000,000		746,000,000	800,000,000	925,000,000	801,000,000		928,000,000	1,028,000,000		839,000,000	916,000,000	889,000,000	3,202,000,000		870,000,000	652,000,000	802,000,000	2,685,000,000		698,000,000
earnings per share attributable to telecom argentina – basic and diluted																																			2.09					0.77	0.83		0.83		0.96	1.06		0.87	0.94	0.92			0.89
disposals and impairment of pp&e
earnings per share attributable to telecom argentina — basic and diluted																																				1.71	2.02					0.95
cost of equipments and handsets																																						-6,188,000,000		-1,548,000,000	-1,584,000,000		-1,056,000,000		-1,095,000,000	-640,000,000		-1,226,000,000	-1,118,000,000	-775,000,000	-3,111,000,000		-881,000,000	-730,000,000	-558,000,000			-437,000,000
impairment of pp&e																																						-383,000,000
net income for the year																																						4,005,000,000													3,254,000,000					2,732,000,000
earnings per share attributable to telecom argentina
basic and diluted																																						4.1													3.27					2.73
gain on disposal of pp&e and impairment of pp&e																																								-60,000,000	-118,000,000		-54,000,000			3,000,000		1,000,000	6,000,000		-173,000,000		4,000,000
recovery of restructuring costs																																																						8,000,000
gain on disposal of pp&e																																																		4,000,000					7,000,000
recovery of restructuring costs /																																																			8,000,000
net income before income tax expense																																																					1,366,000,000	1,024,000,000	1,250,000,000	4,195,000,000		1,094,000,000
gain on disposal of pp&e and impairment of pp&e and related assets																																																						-172,000,000
earnings per share attributable to telecom argentina– basic and diluted																																																						0.66	0.81			0.71
restructuring costs
gain on disposal of property, plant and equipment																																																								8,000,000
total revenues																																																										5,131,000,000
yoy
qoq
net sales																																																												13,386,000,000		8,616,000,000	4,131,000,000		14,679,000,000			10,484,000,000	6,717,000,000	3,249,000,000	12,226,000,000		8,861,000,000	2,829,000,000	10,608,000,000	7,789,000,000	5,051,000,000	2,480,000,000	9,074,000,000		6,515,000,000	4,202,000,000	2,055,000,000	7,437,000,000		5,718,000,000	4,057,000,000		2,585,000,000	4,494,000,000		3,211,000,000	1,017,000,000	3,753,000,000		2,711
cost of services																																																												-6,468,000,000		-4,179,000,000	-1,972,000,000		-7,355,000,000			-5,296,000,000	-3,363,000,000	-1,618,000,000	-6,099,000,000		-4,420,000,000	-1,439,000,000	-5,648,000,000	-4,104,000,000	-2,634,000,000	-1,289,000,000	-4,963,000,000		-3,559,000,000	-2,324,000,000	-1,135,000,000	-4,510,000,000		-3,704,000,000	-2,636,000,000		-1,699,000,000	-2,950,000,000		-2,153,000,000	-681,000,000	-2,640,000,000
gross profit																																																												6,918,000,000		4,437,000,000	2,159,000,000		7,324,000,000			5,188,000,000	3,354,000,000	1,631,000,000	6,127,000,000		4,441,000,000	1,390,000,000	4,960,000,000	3,685,000,000	2,417,000,000	1,191,000,000	4,111,000,000		2,956,000,000	1,878,000,000	920,000,000	2,927,000,000		2,014,000,000	1,421,000,000		886,000,000	1,544,000,000		1,058,000,000	336,000,000	1,113,000,000		782
yoy																																																																	118.37%				-24.48%	17.34%	23.53%		83.74%	16.71%	20.65%		-18.23%	-36.58%	346.85%			-6.75%	-35.26%			30.44%			163.69%	38.72%		135294017.65%
qoq																																																														105.51%						54.68%	105.64%	-73.38%			219.50%	-71.98%	34.60%	52.46%	102.94%	-71.03%			57.40%	104.13%	-68.57%			41.73%			-42.62%			214.88%	-69.81%
gross margin %	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%
general and administrative expenses																																																												-481,000,000		-311,000,000	-154,000,000		-530,000,000			-365,000,000	-244,000,000	-121,000,000	-449,000,000		-313,000,000	-94,000,000	-368,000,000	-282,000,000	-179,000,000	-103,000,000	-342,000,000		-243,000,000	-162,000,000	-73,000,000	-272,000,000		-249,000,000	-202,000,000		-148,000,000	-244,000,000		-184,000,000	-55,000,000	-222,000,000
selling expenses																																																												-3,373,000,000		-2,163,000,000	-1,025,000,000		-3,593,000,000			-2,501,000,000	-1,571,000,000	-747,000,000	-2,916,000,000		-2,093,000,000	-671,000,000	-2,551,000,000	-1,863,000,000	-1,189,000,000	-554,000,000	-2,133,000,000		-1,512,000,000	-989,000,000	-489,000,000	-1,743,000,000		-1,261,000,000	-872,000,000		-515,000,000	-900,000,000		-666,000,000	-216,000,000	-784,000,000
financial results																																																												110,000,000		56,000,000	41,000,000		-34,000,000			-44,000,000	-46,000,000	-57,000,000	-329,000,000		-317,000,000	-94,000,000	-265,000,000	-112,000,000	-8,000,000	-60,000,000	-441,000,000		-323,000,000	-218,000,000	-132,000,000	-482,000,000		-306,000,000	91,000,000		299,000,000	-1,172,000,000		-622,000,000	95,000,000	48,000,000
other expenses																																																												-352,000,000		-136,000,000	-47,000,000		-317,000,000			-208,000,000	-123,000,000	-51,000,000	-229,000,000		-157,000,000		-268,000,000	-141,000,000	-91,000,000	-47,000,000	-98,000,000		-76,000,000	-58,000,000	-32,000,000	-186,000,000		-165,000,000	-108,000,000		-50,000,000	-78,000,000		-69,000,000	-31,000,000	-168,000,000
net income before income tax and noncontrolling interest																																																												2,822,000,000		1,883,000,000	974,000,000		2,850,000,000			2,070,000,000	1,370,000,000	655,000,000			1,574,000,000	531,000,000
noncontrolling interest																																																												-19,000,000		-12,000,000	-9,000,000		-19,000,000			-7,000,000	-3,000,000	-2,000,000	-15,000,000		-8,000,000	-1,000,000
net income																																																												1,818,000,000		1,216,000,000	628,000,000		1,821,000,000			1,309,000,000	865,000,000	411,000,000	1,405,000,000		1,006,000,000	329,000,000	961,000,000	831,000,000	613,000,000	272,000,000	884,000,000		614,000,000	387,000,000	135,000,000	244,000,000		1,334,000,000	1,623,000,000		458,000,000	-666,000,000		-491,000,000	124,000,000	351,000,000		779
yoy																																																																	110.52%				-14.02%	24.92%	46.20%		64.11%	20.96%	8.71%		-0.16%	-29.72%	554.81%			-70.99%	-91.68%			-300.30%			269.35%	-289.74%		-63029625.03%
qoq																																																														93.63%						51.33%	110.46%	-70.75%			205.78%	-65.76%	15.64%	35.56%	125.37%	-69.23%			58.66%	186.67%	-44.67%			-17.81%			-168.77%			-495.97%	-64.67%
net income margin %	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	NaN%	0%	NaN%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	NaN%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	-Infinity%	NaN%	-Infinity%	Infinity%	Infinity%	NaN%	Infinity%
net income per share																																																												1.85		1.24	0.64		1.85			1.33	0.88	0.42	1.43		1.02	0.33	0.98	0.84	0.62	0.28	0.9		0.62	0.39	0.14	0.25		1.36	1.65		0.47	-0.68		-0.5	0.13	0.36
gain on equity investees																																																																							13,000,000		13,000,000											5,000,000
continuing operations
net income before income tax and noncontrolling interest.																																																																							2,217,000,000
net income from continuing operations																																																																							1,405,000,000				961,000,000	831,000,000	613,000,000	272,000,000	782,000,000		512,000,000	285,000,000	137,000,000
discontinued operations
income from the operations																																																																															1,000,000		1,000,000	1,000,000	1,000,000
income from assets disposal																																																																															101,000,000		101,000,000	101,000,000
net income from discontinued operations																																																																															102,000,000		102,000,000	102,000,000
net income before income tax and minority interest																																																																											1,508,000,000	1,287,000,000	950,000,000	427,000,000	1,097,000,000		802,000,000	451,000,000	194,000,000	249,000,000		1,464,000,000	1,761,000,000		464,000,000	-643,000,000		-484,000,000	129,000,000	365,000,000		792
minority interest																																																																											-12,000,000	-10,000,000	-9,000,000	-6,000,000	-23,000,000		-15,000,000	-8,000,000	-5,000,000	-22,000,000		-8,000,000	-4,000,000		-3,000,000	3,000,000		2,000,000	-1,000,000	-21,000,000
gain on debt restructuring																																																																																						1,424,000,000	1,424,000,000			209,000,000
loss from assets disposal																																																																																			-3,000,000
loss from discontinued operations																																																																																			-2,000,000
equity gain from related companies																																																																																						7,000,000	7,000,000		7,000,000	-2,000,000		-1,000,000		2,000,000
results on debt restructuring																																																																																									-15,000,000
amortization of goodwill
gain on repurchase of debt																																																																																														376,000,000
2.
3.
nine-month periods ended september 30,																																																																																																2,003
cost of services provided
administrative expenses
sales expenses
operating profit																																																																																																24
equity losses from related companies																																																																																																2
depreciation of goodwill
financial and holding results																																																																																																529
debt restructuring results																																																																																																375
earnings per share																																																																																																0.79

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-11-12	2025-09-30	2025-06-30	2025-05-13	2025-03-31	2024-12-31	2024-11-12	2024-09-30	2024-08-15	2024-07-08	2024-06-30	2024-05-20	2024-03-31	2023-12-31	2023-11-13	2023-09-30	2023-08-14	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-05-13	2022-03-31	2021-12-31	2021-11-12	2021-09-30	2021-08-13	2021-06-30	2021-05-14	2021-03-31	2020-12-31	2020-11-12	2020-09-30	2020-08-21	2020-06-30	2020-05-20	2020-03-31	2019-11-15	2019-08-16	2019-07-10	2019-06-30	2019-05-17	2019-03-08	2018-12-31	2018-11-20	2018-11-08	2018-08-28	2018-08-08	2018-06-30	2018-05-21	2018-04-24	2017-12-01	2017-09-11	2017-05-16	2017-03-22	2016-12-31	2016-12-05	2016-09-02	2016-06-10	2016-01-06	2015-12-31	2015-09-17	2015-06-17	2014-12-31	2014-12-15	2014-08-28	2014-06-03	2014-03-27	2013-12-31	2013-11-21	2013-08-27	2013-06-30	2013-05-17	2013-03-31	2013-03-22	2012-12-31	2012-11-27	2012-06-13	2011-12-31	2011-12-15	2011-09-07	2011-06-30	2011-06-23	2011-04-08	2010-12-31	2010-12-06	2010-09-30	2010-09-21	2010-06-30	2010-06-07	2010-04-08	2009-12-31	2009-12-02	2009-06-04	2009-03-27	2009-03-09	2008-12-31	2008-12-01	2008-08-25	2008-08-07	2008-05-28	2008-05-12	2008-03-31	2008-03-27	2008-03-09	2007-12-31	2007-11-28	2007-08-28	2007-08-13	2007-06-08	2007-05-11	2007-03-26	2007-03-10	2006-12-31	2006-11-13	2006-08-11	2006-05-12	2006-04-07	2006-03-14	2005-12-31	2005-11-29	2005-08-24	2005-08-15	2005-05-13	2005-03-30	2005-03-08	2004-12-31	2004-11-18	2004-11-12	2004-08-16	2004-06-02	2004-05-12	2004-03-31	2004-03-30	2003-12-31	2003-09-30	2003-08-25	2003-05-23	2003-03-13	2002-12-31

current assets																																																				7,188,000,000																																																																																					2,589	2,010	2,397
cash and cash equivalents	397,893,000,000	397,893,000,000	330,952,000,000	412,345,000,000	412,345,000,000	318,319,000,000	182,810,000,000	182,810,000,000	165,008,000,000	150,604,000,000	165,008,000,000	150,604,000,000	150,604,000,000	159,774,000,000	98,175,000,000	98,175,000,000	60,901,000,000	60,901,000,000	41,594,000,000	40,052,000,000	32,932,000,000	21,515,000,000	21,505,000,000	21,505,000,000	19,849,000,000	17,071,000,000	17,071,000,000	16,414,000,000	16,414,000,000	31,640,000,000	31,640,000,000	18,527,000,000	21,092,000,000	21,092,000,000	49,162,000,000	49,162,000,000	35,205,000,000	35,205,000,000	37,554,000,000	18,244,000,000	13,534,000,000	18,244,000,000	13,534,000,000		6,891,000,000	9,737,000,000		6,958,000,000		6,958,000,000	7,849,000,000		6,197,000,000	3,490,000,000	1,584,000,000	3,945,000,000	3,945,000,000	369,000,000	489,000,000	657,000,000	644,000,000	870,000,000	1,560,000,000	1,266,000,000	825,000,000	2,408,000,000	2,582,000,000	4,469,000,000	5,224,000,000	5,224,000,000	4,580,000,000	4,233,000,000	4,233,000,000	3,968,000,000	3,968,000,000	3,160,000,000	3,160,000,000	2,665,000,000	3,122,000,000	2,818,000,000						1,385,000,000															875		1.418
investments	289,527,000,000	289,527,000,000	45,837,000,000	106,483,000,000	106,483,000,000	33,584,000,000	162,829,000,000	162,829,000,000	223,141,000,000	315,094,000,000	223,141,000,000	315,094,000,000	315,094,000,000	123,969,000,000	38,986,000,000	38,986,000,000	19,220,000,000	19,220,000,000	50,131,000,000	8,373,000,000	6,260,000,000	4,802,000,000	25,082,000,000	25,082,000,000	10,786,000,000	8,220,000,000	8,220,000,000	34,529,000,000	34,529,000,000	5,431,000,000	5,431,000,000	6,542,000,000	18,097,000,000	18,097,000,000	2,253,000,000	2,253,000,000	807,000,000	807,000,000	1,251,000,000	1,858,000,000	1,842,000,000	1,858,000,000	1,842,000,000		1,371,000,000	6,614,000,000		4,305,000,000		4,305,000,000	3,062,000,000		1,941,000,000	1,622,000,000	4,302,000,000	1,751,000,000	1,751,000,000	780,000,000	751,000,000	827,000,000	1,175,000,000	1,430,000,000	575,000,000	66,000,000	53,000,000	352,000,000	626,000,000	207,000,000	123,000,000	123,000,000	1,214,000,000	981,000,000	981,000,000	155,000,000	155,000,000	563,000,000	563,000,000	150,000,000	1,000,000		2,082,000,000	1,371,000,000	1,371,000,000	1,801,000,000	1,268,000,000	2,000,000	1,695,000,000	1,695,000,000	1,129,000,000	1,129,000,000	1,667,000,000	1,227,000,000	1,227,000,000	2,067,000,000	1,513,000,000	1,089,000,000		1,089,000,000	1,101,000,000	848,000,000		1,175,000,000		1,175,000,000	947,000,000		947,000,000	1,193,000,000	787,000,000		1,000,000,000		631,000,000		631,000,000				596,000,000	566,000,000	596,000,000		3,975,000,000			3,630,000,000		3,630,000,000	3,588,000,000			2,767,000,000		2,767,000,000	2,441,000,000	2,441,000,000					1,316
trade receivables	776,936,000,000	776,936,000,000	728,369,000,000	726,087,000,000	726,087,000,000	295,992,000,000	255,798,000,000	255,798,000,000	252,285,000,000	208,647,000,000	252,285,000,000	208,647,000,000	208,647,000,000	132,868,000,000	70,678,000,000	70,678,000,000	56,847,000,000	56,847,000,000	48,122,000,000	37,616,000,000	29,779,000,000	26,788,000,000	26,295,000,000	26,295,000,000	22,554,000,000	19,941,000,000	19,941,000,000	20,806,000,000	20,806,000,000	22,166,000,000	22,166,000,000	18,956,000,000	16,064,000,000	16,064,000,000	17,152,000,000	17,152,000,000	18,986,000,000	18,986,000,000	16,192,000,000	15,605,000,000	16,461,000,000	15,605,000,000	16,461,000,000		17,415,000,000	12,953,000,000		12,365,000,000		12,365,000,000	11,077,000,000		7,824,000,000	7,854,000,000	8,063,000,000	7,577,000,000	7,577,000,000	7,982,000,000	7,731,000,000	6,934,000,000	4,772,000,000	5,663,000,000	4,425,000,000	4,385,000,000	4,124,000,000	3,715,000,000	3,417,000,000	2,981,000,000	2,986,000,000	2,986,000,000	2,627,000,000	2,466,000,000	2,466,000,000	2,213,000,000	2,213,000,000	2,181,000,000	2,181,000,000	1,921,000,000	1,779,000,000	1,790,000,000						1,463,000,000											1.009				901		907			1,009,000				795		724				715	710	691				636			598		612			599	570		563							596
other receivables	184,619,000,000	184,619,000,000	154,404,000,000	133,815,000,000	133,815,000,000	44,755,000,000	61,226,000,000	61,226,000,000	55,543,000,000	51,774,000,000	55,543,000,000	51,774,000,000	51,774,000,000	44,261,000,000	27,064,000,000	27,064,000,000	34,957,000,000	34,957,000,000	25,442,000,000	19,537,000,000	13,178,000,000	13,126,000,000	11,431,000,000	11,431,000,000	8,846,000,000	6,250,000,000	6,250,000,000	6,617,000,000	6,617,000,000	7,996,000,000	7,996,000,000	5,516,000,000	6,104,000,000	6,104,000,000	5,760,000,000	5,760,000,000	6,408,000,000	6,408,000,000	5,983,000,000	4,007,000,000	4,358,000,000	4,007,000,000	4,358,000,000		5,073,000,000	5,896,000,000		3,613,000,000		3,613,000,000	2,426,000,000		1,212,000,000	1,068,000,000	1,130,000,000	1,011,000,000	1,011,000,000	1,024,000,000	1,119,000,000	1,378,000,000	846,000,000	1,336,000,000	692,000,000	658,000,000	670,000,000	682,000,000	689,000,000	692,000,000	646,000,000	646,000,000	598,000,000	534,000,000	534,000,000	610,000,000	610,000,000	449,000,000	449,000,000	387,000,000	378,000,000	306,000,000	246,000,000	257,000,000	257,000,000	276,000,000	334,000,000	322,000,000	301,000,000	301,000,000	281,000,000	281,000,000	241,000,000	241,000,000	241,000,000	244,000,000	266,000,000	201,000,000		201,000,000	390,000,000	492,000,000		660,000,000		660,000,000	332,000,000		332,000,000	200,000,000	185,000,000		118,000,000		128,000,000		128,000,000				76,000,000	91,000,000	86,000,000		85,000,000			78,000,000		78,000,000	94,000,000			103,000,000		103,000,000	150,000,000	150,000,000					76
inventories	86,909,000,000	86,909,000,000	120,503,000,000	117,913,000,000	117,913,000,000	60,444,000,000	53,100,000,000	53,100,000,000	42,190,000,000	44,208,000,000	42,190,000,000	44,208,000,000	44,208,000,000	31,529,000,000	21,988,000,000	21,988,000,000	10,371,000,000	10,371,000,000	8,667,000,000	6,448,000,000	5,058,000,000	4,822,000,000	2,251,000,000	2,251,000,000	3,115,000,000	3,349,000,000	3,349,000,000	3,329,000,000	3,329,000,000	3,874,000,000	3,874,000,000	3,722,000,000	3,076,000,000	3,076,000,000	2,325,000,000	2,325,000,000	2,991,000,000	2,991,000,000	3,459,000,000	3,208,000,000	3,110,000,000	3,208,000,000	3,110,000,000		2,737,000,000	2,831,000,000		2,379,000,000		2,379,000,000	2,013,000,000		1,951,000,000	1,251,000,000	1,229,000,000	1,278,000,000	1,278,000,000	2,243,000,000	2,469,000,000	2,803,000,000	2,229,000,000	2,193,000,000	731,000,000	719,000,000	721,000,000	1,092,000,000	1,032,000,000	1,059,000,000	772,000,000	772,000,000	1,086,000,000	773,000,000	773,000,000	540,000,000	540,000,000	633,000,000	633,000,000	762,000,000	547,000,000	536,000,000	551,000,000	306,000,000	306,000,000	369,000,000	437,000,000	452,000,000	355,000,000	355,000,000	344,000,000	344,000,000	223,000,000	243,000,000	243,000,000	262,000,000	219,000,000	251,000,000		251,000,000	244,000,000	234,000,000		197,000,000		197,000,000	157,000,000		157,000,000	224,000,000	215,000,000		141,000,000		176,000,000		176,000,000				104,000,000	148,000,000	104,000,000		109,000,000			79,000,000		79,000,000	87,000,000			22,000,000		22,000,000	14,000,000	14,000,000					12
assets classified as held for sale	2,792,000,000	2,792,000,000	492,000,000	2,454,000,000	2,454,000,000	1,765,000,000	1,997,000,000	1,997,000,000	1,781,000,000		1,781,000,000				1,940,000,000	1,940,000,000	1,430,000,000	1,430,000,000	1,149,000,000	954,000,000	791,000,000	657,000,000
total current assets	1,738,676,000,000	1,738,676,000,000	1,380,557,000,000	1,499,097,000,000	1,499,097,000,000	754,859,000,000	717,760,000,000	717,760,000,000	739,948,000,000	770,327,000,000	739,948,000,000	770,327,000,000	770,327,000,000	492,401,000,000	258,831,000,000	258,831,000,000	183,726,000,000	183,726,000,000	175,105,000,000	112,980,000,000	87,998,000,000	71,710,000,000	86,564,000,000	86,564,000,000	65,150,000,000	54,831,000,000	54,831,000,000	81,695,000,000	81,695,000,000	71,107,000,000	71,107,000,000	53,263,000,000	64,433,000,000	64,433,000,000	76,652,000,000	76,652,000,000	64,397,000,000	64,397,000,000	64,439,000,000	42,922,000,000	39,305,000,000	42,922,000,000	39,305,000,000		33,487,000,000	38,031,000,000		29,620,000,000		29,620,000,000	26,427,000,000		19,125,000,000	15,285,000,000	16,308,000,000	15,562,000,000	15,562,000,000	12,398,000,000	12,559,000,000	12,599,000,000	9,666,000,000	11,492,000,000	7,983,000,000	7,094,000,000	6,393,000,000	8,249,000,000	8,346,000,000	9,408,000,000	9,751,000,000	9,751,000,000	10,105,000,000	8,987,000,000	8,987,000,000	7,486,000,000	7,486,000,000	6,986,000,000	6,986,000,000	5,885,000,000	5,826,000,000	5,450,000,000	4,490,000,000	3,493,000,000	3,493,000,000	4,101,000,000	3,614,000,000	3,624,000,000	3,633,000,000	3,633,000,000	2,964,000,000	2,964,000,000	3,248,000,000	2,943,000,000	2,943,000,000	3,702,000,000	3,018,000,000	2,592,000,000	2.592	2,592,000,000	2,682,000,000	2,502,000,000	2,502	3,186,000,000	3.186	3,186,000,000	2,384,000,000	2,592,000	2,384,000,000	2,467,000,000	2,018,000,000	2,018	2,087,000,000	2,068	1,767,000,000		1,767,000,000	1,900	1,504	2,032	1,532,000,000	1,476,000,000	1,542,000,000	1,476	4,811,000,000		4,730	4,434,000,000	4.434	4,434,000,000	4,416,000,000	4.416	3.946	3,471,000,000	3,471	3,471,000,000	3,215,000,000	3,215,000,000				2.092	2,092
non-current assets																																																				29,088,000,000
deferred income tax assets	375,054,000,000	375,054,000,000	366,099,000,000	327,701,000,000	327,701,000,000	32,990,000,000	27,170,000,000	27,170,000,000	20,904,000,000	16,282,000,000	20,904,000,000	16,282,000,000	16,282,000,000	13,815,000,000	6,580,000,000	6,580,000,000	4,210,000,000	4,210,000,000	3,125,000,000	2,472,000,000	1,619,000,000	1,057,000,000	817,000,000	817,000,000	658,000,000	530,000,000	530,000,000	492,000,000	492,000,000	475,000,000	475,000,000	412,000,000	336,000,000	336,000,000	330,000,000	330,000,000	294,000,000	294,000,000	135,000,000	88,000,000	128,000,000	88,000,000	128,000,000		78,000,000	78,000,000		58,000,000		58,000,000	50,000,000										170,000,000		199,000,000	190,000,000		282,000,000	195,000,000	171,000,000			171,000,000	137,000,000	137,000,000	67,000,000	67,000,000			39,000,000
goodwill	4,122,236,000,000	4,122,236,000,000	3,885,277,000,000	3,662,411,000,000	3,662,411,000,000	3,372,692,000,000	3,119,743,000,000	3,119,743,000,000	2,783,516,000,000	2,337,135,000,000	2,783,516,000,000	2,337,135,000,000	2,337,135,000,000	1,543,964,000,000	1,005,267,000,000	1,005,267,000,000	745,678,000,000	745,678,000,000	602,273,000,000	494,757,000,000	422,217,000,000	516,657,000,000	440,166,000,000	440,166,000,000	379,220,000,000	344,644,000,000	344,644,000,000	315,425,000,000	315,425,000,000	284,429,000,000	284,429,000,000	251,908,000,000	226,285,000,000	226,285,000,000	210,198,000,000	210,198,000,000	199,416,000,000	199,416,000,000	165,802,000,000	147,257,000,000	134,635,000,000	147,257,000,000	134,635,000,000		120,449,000,000	64,073,000,000		63,903,000,000		63,903,000,000	63,817,000,000																																																																																										2
pp&e	5,998,155,000,000	5,998,155,000,000	5,665,089,000,000	5,403,286,000,000	5,403,286,000,000	4,330,508,000,000	4,086,881,000,000	4,086,881,000,000	3,750,804,000,000	3,283,930,000,000	3,750,804,000,000	3,283,930,000,000	3,283,930,000,000	2,271,838,000,000	1,472,850,000,000	1,472,850,000,000	1,119,152,000,000	1,119,152,000,000	936,405,000,000	792,794,000,000
intangible assets	2,612,974,000,000	2,612,974,000,000	2,484,503,000,000	2,368,465,000,000	2,368,465,000,000	1,896,375,000,000	1,766,959,000,000	1,766,959,000,000	1,590,915,000,000	1,355,603,000,000	1,590,915,000,000	1,355,603,000,000	1,355,603,000,000	906,426,000,000	487,726,000,000	487,726,000,000	365,608,000,000	365,608,000,000	302,592,000,000	254,807,000,000	222,387,000,000	186,026,000,000	161,938,000,000	161,938,000,000	144,114,000,000	133,760,000,000	133,760,000,000	124,916,000,000	124,916,000,000	115,092,000,000	115,092,000,000	104,026,000,000	95,055,000,000	95,055,000,000	90,190,000,000	90,190,000,000	87,255,000,000	87,255,000,000	77,393,000,000	70,182,000,000	65,338,000,000	70,182,000,000	65,338,000,000		59,870,000,000	42,180,000,000		42,024,000,000		42,024,000,000	42,351,000,000		7,194,000,000	7,381,000,000	7,387,000,000	7,592,000,000	7,592,000,000	7,576,000,000	7,618,000,000	7,660,000,000	7,550,000,000	7,659,000,000	7,593,000,000	5,292,000,000	5,331,000,000	1,703,000,000	1,587,000,000	1,513,000,000	1,519,000,000	1,519,000,000	1,483,000,000	1,488,000,000	1,488,000,000	1,515,000,000	1,515,000,000	1,514,000,000	1,514,000,000	1,529,000,000	1,496,000,000	1,488,000,000	758,000,000	762,000,000	762,000,000	767,000,000	769,000,000	1,233,000,000	758,000,000	758,000,000	762,000,000	762,000,000	768,000,000	773,000,000	773,000,000	767,000,000	766,000,000	772,000,000		772,000,000	779,000,000	750,000,000		753,000,000		753,000,000	760,000,000		760,000,000	764,000,000	771,000,000		774,000,000		783,000,000		783,000,000				764,000,000	738,000,000	764,000,000		749,000,000			773,000,000		773,000,000	762,000,000			818,000,000		818,000,000	845,000,000	845,000,000					937
right of use assets	692,795,000,000	692,795,000,000	671,510,000,000	655,559,000,000	655,559,000,000	491,319,000,000	445,187,000,000	445,187,000,000	384,569,000,000	325,633,000,000	384,569,000,000	325,633,000,000	325,633,000,000	215,692,000,000	133,951,000,000	133,951,000,000	99,385,000,000	99,385,000,000	79,503,000,000	62,932,000,000	51,666,000,000	44,208,000,000	37,545,000,000	37,545,000,000	33,415,000,000	29,168,000,000	29,168,000,000	26,354,000,000	26,354,000,000	23,555,000,000	23,555,000,000	17,772,000,000	13,272,000,000	13,272,000,000	12,011,000,000	12,011,000,000	10,401,000,000	10,401,000,000	8,207,000,000	6,906,000,000	5,722,000,000	6,906,000,000	5,722,000,000
investment properties	55,001,000,000	55,001,000,000	52,502,000,000	54,518,000,000	54,518,000,000
total non-current assets	13,891,767,000,000	13,891,767,000,000	13,178,232,000,000	12,536,624,000,000	12,536,624,000,000	10,186,893,000,000	9,475,832,000,000	9,475,832,000,000	8,595,800,000,000	7,373,226,000,000	8,595,800,000,000	7,373,226,000,000	7,373,226,000,000	4,985,202,000,000	3,126,520,000,000	3,126,520,000,000	2,348,064,000,000	2,348,064,000,000	1,934,066,000,000	1,615,993,000,000	1,390,139,000,000	1,330,881,000,000	1,153,106,000,000	1,153,106,000,000	1,013,964,000,000	923,687,000,000	923,687,000,000	857,719,000,000	857,719,000,000	784,216,000,000	784,216,000,000	698,791,000,000	628,419,000,000	628,419,000,000	586,940,000,000	586,940,000,000	561,403,000,000	561,403,000,000	470,673,000,000	415,946,000,000	379,959,000,000	415,946,000,000	379,959,000,000		338,251,000,000	210,854,000,000		202,695,000,000		202,695,000,000	196,707,000,000		38,910,000,000	36,881,000,000	32,562,000,000	32,352,000,000	32,352,000,000	30,597,000,000	29,118,000,000	28,244,000,000	24,360,000,000	26,973,000,000	22,988,000,000	19,877,000,000	19,924,000,000	16,423,000,000	15,309,000,000	14,555,000,000	13,379,000,000	13,379,000,000	11,845,000,000	11,089,000,000	11,089,000,000	11,126,000,000	11,126,000,000	10,823,000,000	10,823,000,000	10,266,000,000	9,989,000,000	9,869,000,000	8,672,000,000	8,576,000,000	8,576,000,000	8,446,000,000	8,350,000,000	8,699,000,000	7,832,000,000	7,832,000,000	7,757,000,000	7,757,000,000	7,744,000,000	7,690,000,000	7,690,000,000	7,328,000,000	7,008,000,000	7,057,000,000	7.057	7,057,000,000	6,976,000,000	6,711,000,000	6,711	6,525,000,000	6.525	6,525,000,000	6,787,000,000	7,057,000	6,787,000,000	6,809,000,000	6,743,000,000	6,743	6,821,000,000	6,822	6,948,000,000		6,948,000,000	6,779	6,871	6,884	7,015,000,000	7,138,000,000	7,015,000,000	7,138	7,405,000,000		7,601	7,898,000,000	7.905	7,898,000,000	8,100,000,000		8.378	8,734,000,000	8,734	8,734,000,000	9,086,000,000	9,086,000,000				10.755	10,755
total assets	15,630,443,000,000	15,630,443,000,000	14,558,789,000,000	14,035,721,000,000	14,035,721,000,000	10,941,752,000,000	10,193,592,000,000	10,193,592,000,000	9,335,748,000,000	8,143,553,000,000	9,335,748,000,000	8,143,553,000,000	8,143,553,000,000	5,477,603,000,000	3,385,351,000,000	3,385,351,000,000	2,531,790,000,000	2,531,790,000,000	2,109,171,000,000	1,728,973,000,000	1,478,137,000,000	1,402,591,000,000	1,239,670,000,000	1,239,670,000,000	1,079,114,000,000	978,518,000,000	978,518,000,000	939,414,000,000	939,414,000,000	855,323,000,000	855,323,000,000	752,054,000,000	692,852,000,000	692,852,000,000	663,592,000,000	663,592,000,000	625,800,000,000	625,800,000,000	535,112,000,000	458,868,000,000	419,264,000,000	458,868,000,000	419,264,000,000		371,738,000,000	248,885,000,000		232,315,000,000		232,315,000,000	223,134,000,000	36,276,000,000	58,035,000,000	52,166,000,000	48,870,000,000	47,914,000,000	47,914,000,000	42,995,000,000	41,677,000,000	40,843,000,000	34,026,000,000	38,465,000,000	30,971,000,000	26,971,000,000	26,317,000,000	24,672,000,000	23,655,000,000	23,963,000,000	23,130,000,000	23,130,000,000	21,950,000,000	20,076,000,000	20,076,000,000	18,612,000,000	18,612,000,000	17,809,000,000	17,809,000,000	16,151,000,000	15,815,000,000	15,319,000,000	13,162,000,000	12,069,000,000	12,069,000,000	12,547,000,000	11,964,000,000	12,323,000,000	11,465,000,000	11,465,000,000	10,721,000,000	10,721,000,000	10,992,000,000	10,633,000,000	10,633,000,000	11,030,000,000	10,026,000,000	9,649,000,000	9.649	9,649,000,000	9,658,000,000	9,213,000,000	9,213	9,711,000,000	9.711	9,711,000,000	9,171,000,000	9,649,000	9,171,000,000	9,276,000,000	8,761,000,000	8,761	8,908,000,000	8,890	8,715,000,000		8,715,000,000	8,679	8,375	8,916	8,547,000,000	8,614,000,000	8,557,000,000	8,614	12,216,000,000		12,331	12,332,000,000	12.339	12,332,000,000	12,516,000,000	12.516	12.324	12,205,000,000	12,205	12,205,000,000	12,301,000,000	12,301,000,000	11,970	11,807	12,741	12.847	12,847
liabilities
current liabilities																																																				12,613,000,000																																																																																					9,981	9,347	10,608
trade payables	961,988,000,000	961,988,000,000	938,478,000,000	846,002,000,000	846,002,000,000	444,687,000,000	392,697,000,000	392,697,000,000	391,424,000,000	415,440,000,000	391,424,000,000	415,440,000,000	415,440,000,000	356,854,000,000	172,136,000,000	172,136,000,000	135,053,000,000	135,053,000,000	107,124,000,000	89,257,000,000	61,965,000,000	57,435,000,000	45,097,000,000	45,097,000,000	49,231,000,000	43,946,000,000	43,946,000,000	42,912,000,000	42,912,000,000	44,208,000,000	44,208,000,000	39,358,000,000	33,708,000,000	33,708,000,000	28,649,000,000	28,649,000,000	30,844,000,000	30,844,000,000	29,770,000,000	22,819,000,000	21,288,000,000	22,819,000,000	21,288,000,000		22,854,000,000	24,157,000,000		18,943,000,000		18,943,000,000	16,170,000,000		10,660,000,000	9,963,000,000	9,015,000,000	8,979,000,000	8,979,000,000	9,728,000,000	10,030,000,000	11,259,000,000	7,881,000,000	9,873,000,000	6,013,000,000	4,621,000,000	6,072,000,000	5,852,000,000	5,305,000,000	5,692,000,000	6,130,000,000	6,130,000,000	5,064,000,000	4,359,000,000	4,359,000,000	3,475,000,000	3,475,000,000	3,659,000	3,659,000	3,116,000,000	2,997,000,000	3,407,000,000						2,908,000,000
borrowings	1,433,449,000,000	1,433,449,000,000	1,371,973,000,000	1,198,136,000,000	1,198,136,000,000	1,072,741,000,000	1,029,938,000,000	1,029,938,000,000	820,770,000,000	854,148,000,000	820,770,000,000	854,148,000,000	854,148,000,000	563,478,000,000	287,513,000,000	287,513,000,000	233,950,000,000	233,950,000,000	180,802,000,000
salaries and social security payables	356,894,000,000	356,894,000,000	317,280,000,000	305,956,000,000	305,956,000,000	226,262,000,000	172,409,000,000	172,409,000,000	137,026,000,000	127,776,000,000	137,026,000,000	127,776,000,000	127,776,000,000	91,140,000,000	56,216,000,000	56,216,000,000	38,829,000,000	38,829,000,000	37,733,000,000	37,652,000,000	31,240,000,000	22,821,000,000	21,129,000,000	21,129,000,000	22,263,000,000	16,568,000,000	16,568,000,000	13,078,000,000	13,078,000,000	12,164,000,000	12,164,000,000	14,336,000,000	11,094,000,000	11,094,000,000	9,972,000,000	9,972,000,000	7,121,000,000	7,121,000,000	7,424,000,000	6,189,000,000	5,825,000,000	6,189,000,000	5,825,000,000		5,947,000,000	4,568,000,000		3,932,000,000		3,932,000,000	3,084,000,000		2,071,000,000	1,665,000,000	1,655,000,000	1,610,000,000	1,610,000,000	1,587,000,000	1,261,000,000	1,237,000,000	1,243,000,000	1,261,000,000	979,000,000	965,000,000	1,022,000,000	843,000,000	732,000,000	757,000,000	741,000,000	741,000,000	671,000,000	574,000,000	574,000,000	610,000,000	610,000,000	635,000,000	635,000,000	590,000,000	593,000,000	536,000,000						390,000,000
income tax liabilities	40,700,000,000	40,700,000,000	144,094,000,000	193,549,000,000	193,549,000,000
other taxes payables	241,607,000,000	241,607,000,000	207,212,000,000	309,611,000,000	309,611,000,000	90,662,000,000	67,507,000,000	67,507,000,000	70,301,000,000	61,300,000,000	70,301,000,000	61,300,000,000	61,300,000,000	39,148,000,000	23,596,000,000	23,596,000,000	16,988,000,000	16,988,000,000	13,828,000,000	9,931,000,000	7,772,000,000	5,541,000,000	5,930,000,000	5,930,000,000	3,962,000,000																												1,169,000,000	1,327,000,000	1,325,000,000	1,149,000,000	1,149,000,000	916,000,000	884,000,000	850,000,000	721,000,000	1,153,000,000	723,000,000	866,000,000	824,000,000	668,000,000	668,000,000	580,000,000	667,000,000	667,000,000	545,000,000	608,000,000	608,000,000	512,000,000	512,000,000	552,000,000	552,000,000	523,000,000	440,000,000	457,000,000						531,000,000
dividends payables	1,027,000,000	1,027,000,000	799,000,000	699,000,000	699,000,000	686,000,000	647,000,000	647,000,000	616,000,000		616,000,000											435,000,000				324,000,000	324,000,000	321,000,000	321,000,000				160,000,000	160,000,000	152,000,000	152,000,000																												21,000,000		26,000,000	627,000,000	52,000,000			17,000,000	15,000,000	15,000,000	33,000,000	33,000,000			10,000,000	23,000,000
leases liabilities	141,454,000,000	141,454,000,000	124,290,000,000	149,490,000,000	149,490,000,000	74,531,000,000	63,237,000,000	63,237,000,000	50,204,000,000	40,178,000,000	50,204,000,000	40,178,000,000	40,178,000,000	28,736,000,000	16,369,000,000	16,369,000,000	14,247,000,000	14,247,000,000	11,267,000,000	9,202,000,000	8,068,000,000	8,043,000,000	6,048,000,000	6,048,000,000	6,130,000,000	5,226,000,000	5,226,000,000	5,445,000,000	5,445,000,000	4,367,000,000	4,367,000,000	3,336,000,000	3,455,000,000	3,455,000,000	3,177,000,000	3,177,000,000	2,891,000,000	2,891,000,000	2,829,000,000	2,281,000,000	1,616,000,000	2,281,000,000	1,616,000,000
other liabilities	76,060,000,000	76,060,000,000	68,595,000,000	63,010,000,000	63,010,000,000	40,399,000,000	59,494,000,000	59,494,000,000	42,392,000,000	26,736,000,000	42,392,000,000	26,736,000,000	26,736,000,000	20,460,000,000	11,673,000,000	11,673,000,000	8,160,000,000	8,160,000,000	5,474,000,000	4,960,000,000	4,730,000,000	3,907,000,000	3,524,000,000	3,524,000,000	3,055,000,000	2,830,000,000	2,830,000,000	2,326,000,000	2,326,000,000	2,216,000,000	2,216,000,000	2,062,000,000	1,590,000,000	1,590,000,000	2,168,000,000	2,168,000,000	1,620,000,000	1,620,000,000	1,658,000,000	1,489,000,000	1,712,000,000	1,489,000,000	1,712,000,000		1,537,000,000	1,595,000,000		1,303,000,000		1,303,000,000	953,000,000		88,000,000	72,000,000	79,000,000	69,000,000	69,000,000	55,000,000	53,000,000	54,000,000	46,000,000	53,000,000	39,000,000	39,000,000	47,000,000	47,000,000	43,000,000	46,000,000	49,000,000	49,000,000	55,000,000	56,000,000	56,000,000	31,000,000	31,000,000	40,000,000	40,000,000	43,000,000	52,000,000	30,000,000	77,000,000	63,000,000	63,000,000	60,000,000	54,000,000	84,000,000	58,000,000	58,000,000	71,000,000	71,000,000	55,000,000	52,000,000	52,000,000	69,000,000	54,000,000	48,000,000		48,000,000	36,000,000	33,000,000		35,000,000		35,000,000	50,000,000		50,000,000	31,000,000	40,000,000		41,000,000		36,000,000		36,000,000				31,000,000	28,000,000	31,000,000		28,000,000			22,000,000		22,000,000	24,000,000			25,000,000		25,000,000	25,000,000	25,000,000					25
provisions	72,279,000,000	72,279,000,000	45,575,000,000	39,345,000,000	39,345,000,000	3,884,000,000	3,421,000,000	3,421,000,000	6,726,000,000	5,228,000,000	6,726,000,000	5,228,000,000	5,228,000,000	5,340,000,000	4,430,000,000	4,430,000,000	3,573,000,000	3,573,000,000	3,268,000,000	2,634,000,000	2,316,000,000	2,148,000,000	2,096,000,000	2,096,000,000	2,146,000,000	1,907,000,000	1,907,000,000	1,993,000,000	1,993,000,000	1,640,000,000	1,640,000,000	1,617,000,000	3,402,000,000	3,402,000,000	1,321,000,000	1,321,000,000	1,141,000,000	1,141,000,000	909,000,000	900,000,000	834,000,000	900,000,000	834,000,000		744,000,000	491,000,000		455,000,000		455,000,000	413,000,000		382,000,000	340,000,000	384,000,000	271,000,000	271,000,000	250,000,000	220,000,000	227,000,000	198,000,000	207,000,000	262,000,000	259,000,000	199,000,000	169,000,000	165,000,000	161,000,000	224,000,000	224,000,000	184,000,000	157,000,000	157,000,000	126,000,000	126,000,000	134,000,000	134,000,000	71,000,000	51,000,000	173,000,000						64,000,000
total current liabilities	3,325,458,000,000	3,325,458,000,000	3,218,296,000,000	3,105,798,000,000	3,105,798,000,000	1,958,412,000,000	1,791,510,000,000	1,791,510,000,000	1,523,334,000,000	1,533,735,000,000	1,523,334,000,000	1,533,735,000,000	1,533,735,000,000	1,106,718,000,000	572,268,000,000	572,268,000,000	451,092,000,000	451,092,000,000	359,913,000,000	288,311,000,000	249,005,000,000	216,573,000,000	187,375,000,000	187,375,000,000	165,583,000,000	150,967,000,000	150,967,000,000	125,737,000,000	125,737,000,000	119,016,000,000	119,016,000,000	106,050,000,000	93,845,000,000	93,845,000,000	128,323,000,000	128,323,000,000	91,888,000,000	91,888,000,000	75,872,000,000	61,528,000,000	54,084,000,000	61,528,000,000	54,084,000,000		53,445,000,000	85,378,000,000		62,531,000,000		62,531,000,000	53,489,000,000		20,515,000,000	17,912,000,000	15,973,000,000	16,511,000,000	16,511,000,000	21,563,000,000	21,099,000,000	18,163,000,000	14,503,000,000	16,914,000,000	12,277,000,000	8,405,000,000	9,097,000,000	8,829,000,000	8,695,000,000	8,814,000,000	9,050,000,000	9,050,000,000	7,639,000,000	6,801,000,000	6,801,000,000	5,830,000,000	5,830,000,000	5,883,000,000	5,883,000,000	5,118,000,000	5,259,000,000	5,519,000,000	4,617,000,000	4,204,000,000	4,204,000,000	4,388,000,000	4,480,000,000	4,510,000,000	4,689,000,000	4,689,000,000	4,415,000,000	4,415,000,000	4,131,000,000	4,169,000,000	4,169,000,000	4,262,000,000	4,099,000,000	4,061,000,000	4.061	4,061,000,000	3,229,000,000	3,877,000,000	3,877	3,784,000,000	3.784	3,784,000,000	3,643,000,000	4,061,000	3,643,000,000	2,984,000,000	3,215,000,000	3,215	3,316,000,000	3,298	3,373,000,000		3,373,000,000	2,817	2,586	2,670	2,196,000,000	1,493,000,000	2,206,000,000	1,493	9,738,000,000		10,010	10,227,000,000	10.227	10,227,000,000	11,465,000,000	11.465	11.009	10,541,000,000	10,541	10,541,000,000	10,715,000,000	10,715,000,000				11.656	11,656
non-current liabilities																																																				11,402,000,000
deferred income tax liabilities	1,479,121,000,000	1,479,121,000,000	1,419,241,000,000	1,378,660,000,000	1,378,660,000,000	1,410,737,000,000	1,332,521,000,000	1,332,521,000,000	1,185,424,000,000	906,453,000,000	1,185,424,000,000	906,453,000,000	906,453,000,000	461,142,000,000	445,514,000,000	445,514,000,000	348,730,000,000	348,730,000,000	300,091,000,000	256,213,000,000	194,740,000,000	163,962,000,000	146,046,000,000	146,046,000,000	135,232,000,000	127,494,000,000	127,494,000,000	120,248,000,000	120,248,000,000	93,174,000,000	93,174,000,000	79,674,000,000	71,829,000,000	71,829,000,000	62,828,000,000	62,828,000,000	58,220,000,000	58,220,000,000	46,008,000,000	37,352,000,000	28,015,000,000	37,352,000,000	28,015,000,000		24,542,000,000	8,582,000,000		14,880,000,000		14,880,000,000	16,582,000,000		188,000,000	242,000,000	310,000,000	569,000,000	569,000,000	524,000,000	601,000,000	462,000,000	384,000,000	550,000,000	355,000,000	337,000,000	417,000,000			7,000,000	126,000,000	126,000,000	113,000,000	124,000,000	124,000,000	186,000,000	186,000,000	220,000,000	220,000,000	185,000,000	203,000,000	210,000,000						247,000,000
total non-current liabilities	5,766,660,000,000	5,766,660,000,000	5,039,710,000,000	4,835,268,000,000	4,835,268,000,000	3,448,558,000,000	3,164,706,000,000	3,164,706,000,000	3,084,151,000,000	2,633,962,000,000	3,084,151,000,000	2,633,962,000,000	2,633,962,000,000	2,125,455,000,000	1,148,959,000,000	1,148,959,000,000	868,451,000,000	868,451,000,000	732,534,000,000	628,110,000,000	525,209,000,000	440,721,000,000	391,817,000,000	391,817,000,000	363,536,000,000	334,972,000,000	334,972,000,000	330,848,000,000	330,848,000,000	288,010,000,000	288,010,000,000	257,149,000,000	222,642,000,000	222,642,000,000	182,706,000,000	182,706,000,000	198,496,000,000	198,496,000,000	173,091,000,000	119,632,000,000	108,449,000,000	119,632,000,000	108,449,000,000		89,380,000,000	52,576,000,000		47,605,000,000		47,605,000,000	40,393,000,000		11,771,000,000	10,616,000,000	11,113,000,000	11,525,000,000	11,525,000,000	3,053,000,000	2,991,000,000	3,946,000,000	2,887,000,000	3,941,000,000	2,821,000,000	2,777,000,000	2,451,000,000	2,129,000,000	2,094,000,000	2,038,000,000	2,029,000,000	2,029,000,000	2,052,000,000	1,729,000,000	1,729,000,000	1,781,000,000	1,781,000,000	1,768,000,000	1,768,000,000	1,727,000,000	1,681,000,000	1,635,000,000	1,190,000,000	1,109,000,000	1,109,000,000	1,084,000,000	1,121,000,000	1,302,000,000	985,000,000	985,000,000	964,000,000	964,000,000	927,000,000	936,000,000	936,000,000	1,665,000,000	1,502,000,000	1,487,000,000	1.487	1,487,000,000	2,440,000,000	1,574,000,000	1,574	2,521,000,000	2.521	2,521,000,000	2,419,000,000	1,487,000	2,419,000,000	3,478,000,000	2,981,000,000	2,981	3,255,000,000	3,255	3,141,000,000		3,141,000,000	3,757	3,765	4,329	4,443,000,000	4,931,000,000	4,443,000,000	4,931	1,458,000,000		1,487	1,549,000,000	1.556	1,549,000,000	321,000,000		319	317,000,000	317	317,000,000	365,000,000	365,000,000				343	343
total liabilities	9,092,118,000,000	9,092,118,000,000	8,258,006,000,000	7,941,066,000,000	7,941,066,000,000	5,406,970,000,000	4,956,216,000,000	4,956,216,000,000	4,607,485,000,000	4,167,697,000,000	4,607,485,000,000	4,167,697,000,000	4,167,697,000,000	3,232,173,000,000	1,721,227,000,000	1,721,227,000,000	1,319,543,000,000	1,319,543,000,000	1,092,447,000,000	916,421,000,000	774,214,000,000	657,294,000,000	579,192,000,000	579,192,000,000	529,119,000,000	485,939,000,000	485,939,000,000	456,585,000,000	456,585,000,000	407,026,000,000	407,026,000,000	363,199,000,000	316,487,000,000	316,487,000,000	311,029,000,000	311,029,000,000	290,384,000,000	290,384,000,000	248,963,000,000	181,160,000,000	162,533,000,000	181,160,000,000	162,533,000,000		142,825,000,000	137,954,000,000		110,136,000,000		110,136,000,000	93,882,000,000	24,015,000,000	32,286,000,000	28,528,000,000	27,086,000,000	28,036,000,000	28,036,000,000	24,616,000,000	24,090,000,000	22,109,000,000	17,390,000,000	20,855,000,000	15,098,000,000	11,182,000,000	11,548,000,000	10,958,000,000	10,789,000,000	10,852,000,000	11,079,000,000	11,079,000,000	9,691,000,000	8,530,000,000	8,530,000,000	7,611,000,000	7,611,000,000	7,651,000,000	7,651,000,000	6,845,000,000	6,940,000,000	7,154,000,000	5,807,000,000	5,313,000,000	5,313,000,000	5,472,000,000	5,601,000,000	5,812,000,000	5,674,000,000	5,674,000,000	5,379,000,000	5,379,000,000	5,058,000,000	5,105,000,000	5,105,000,000	5,927,000,000	5,601,000,000	5,548,000,000	5.548	5,548,000,000	5,669,000,000	5,451,000,000	5,451	6,305,000,000	6.305	6,305,000,000	6,062,000,000	5,548,000	6,062,000,000	6,462,000,000	6,196,000,000	6,196	6,571,000,000	6,553	6,514,000,000		6,514,000,000	6,574	6,351	6,999	6,639,000,000	6,424,000,000	6,649,000,000	6,424	11,196,000,000		11,497	11,776,000,000	11.783	11,776,000,000	11,786,000,000	11.786	11.328	10,858,000,000	10,858	10,858,000,000	11,080,000,000	11,080,000,000	10,324	9,655	10,972	11.999	11,999
equity
equity attributable to controlling company	6,436,731,000,000	6,436,731,000,000	6,224,353,000,000	6,019,367,000,000	6,019,367,000,000	5,425,003,000,000	5,138,576,000,000	5,138,576,000,000	4,635,492,000,000	3,885,937,000,000	4,635,492,000,000	3,885,937,000,000	3,885,937,000,000	2,167,879,000,000	1,629,889,000,000	1,629,889,000,000	1,186,306,000,000	1,186,306,000,000	996,389,000,000	796,341,000,000	690,897,000,000	734,470,000,000	650,675,000,000	650,675,000,000	541,423,000,000	484,846,000,000	484,846,000,000	475,664,000,000	475,664,000,000	440,771,000,000	440,771,000,000	382,456,000,000	370,734,000,000	370,734,000,000	347,432,000,000	347,432,000,000	330,433,000,000	330,433,000,000	281,806,000,000	274,275,000,000	253,167,000,000	274,275,000,000	253,167,000,000		225,686,000,000	108,000,000,000		119,869,000,000		119,869,000,000	127,211,000,000
equity attributable to non-controlling interest	101,594,000,000	101,594,000,000	76,430,000,000	75,288,000,000	75,288,000,000	109,779,000,000	98,800,000,000	98,800,000,000	92,771,000,000	89,919,000,000	92,771,000,000	89,919,000,000	89,919,000,000	77,551,000,000	34,235,000,000	34,235,000,000	25,941,000,000	25,941,000,000	20,335,000,000	16,211,000,000	13,026,000,000	10,827,000,000	9,803,000,000	9,803,000,000	8,572,000,000	7,733,000,000	7,733,000,000	7,165,000,000	7,165,000,000	7,526,000,000	7,526,000,000	6,399,000,000	5,631,000,000	5,631,000,000	5,131,000,000	5,131,000,000	4,983,000,000	4,983,000,000	4,343,000,000	3,433,000,000	3,564,000,000	3,433,000,000	3,564,000,000		3,227,000,000	2,931,000,000		2,310,000,000		2,310,000,000	2,041,000,000		686,000,000	639,000,000	514,000,000	542,000,000	542,000,000	536,000,000	513,000,000	493,000,000	318,000,000	416,000,000	336,000,000	343,000,000	351,000,000	336,000,000	328,000,000	305,000,000	268,000,000	268,000,000	232,000,000	197,000,000	197,000,000	200,000,000	200,000,000
total equity	6,538,325,000,000	6,538,325,000,000	6,300,783,000,000	6,094,655,000,000	6,094,655,000,000	5,534,782,000,000	5,237,376,000,000	5,237,376,000,000	4,728,263,000,000	3,975,856,000,000	4,728,263,000,000	3,975,856,000,000	3,975,856,000,000	2,245,430,000,000	1,664,124,000,000	1,664,124,000,000	1,212,247,000,000	1,212,247,000,000	1,016,724,000,000	812,552,000,000	703,923,000,000	745,297,000,000	660,478,000,000	660,478,000,000	549,995,000,000	492,579,000,000	492,579,000,000	482,829,000,000	482,829,000,000	448,297,000,000	448,297,000,000	388,855,000,000	376,365,000,000	376,365,000,000	352,563,000,000	352,563,000,000	335,416,000,000	335,416,000,000	286,149,000,000	277,708,000,000	256,731,000,000	277,708,000,000	256,731,000,000		228,913,000,000	110,931,000,000		122,179,000,000		122,179,000,000	129,252,000,000		25,749,000,000	23,638,000,000	21,784,000,000	19,878,000,000	19,878,000,000	18,379,000,000	17,587,000,000	18,734,000,000	16,636,000,000	17,610,000,000	15,873,000,000	15,789,000,000	14,769,000,000	13,714,000,000	12,866,000,000	13,111,000,000	12,051,000,000	12,051,000,000	12,259,000,000	11,546,000,000	11,546,000,000	11,001,000,000	11,001,000,000	10,158,000,000	10,158,000,000	9,306,000,000	8,875,000,000	8,165,000,000						6,511,000,000
total liabilities and equity	15,630,443,000,000	15,630,443,000,000	14,558,789,000,000	14,035,721,000,000	14,035,721,000,000	10,941,752,000,000	10,193,592,000,000	10,193,592,000,000	9,335,748,000,000	8,143,553,000,000	9,335,748,000,000	8,143,553,000,000	8,143,553,000,000	5,477,603,000,000	3,385,351,000,000	3,385,351,000,000	2,531,790,000,000	2,531,790,000,000	2,109,171,000,000	1,728,973,000,000	1,478,137,000,000	1,402,591,000,000	1,239,670,000,000	1,239,670,000,000	1,079,114,000,000	978,518,000,000	978,518,000,000	939,414,000,000	939,414,000,000	855,323,000,000	855,323,000,000	752,054,000,000	692,852,000,000	692,852,000,000	663,592,000,000	663,592,000,000	625,800,000,000	625,800,000,000	535,112,000,000	458,868,000,000	419,264,000,000	458,868,000,000	419,264,000,000		371,738,000,000	248,885,000,000		232,315,000,000		232,315,000,000	223,134,000,000		58,035,000,000	52,166,000,000	48,870,000,000	47,914,000,000	47,914,000,000	42,995,000,000	41,677,000,000	40,843,000,000	34,026,000,000	38,465,000,000	30,971,000,000	26,971,000,000	26,317,000,000	24,672,000,000	23,655,000,000	23,963,000,000	23,130,000,000	23,130,000,000	21,950,000,000	20,076,000,000	20,076,000,000	18,612,000,000	18,612,000,000	17,809,000,000	17,809,000,000	16,151,000,000	15,815,000,000	15,319,000,000						12,323,000,000											9.649				9,213		9.711			9,649,000				8,761		8,890				8,679	8,375	8,916				8,614			12,331		12.339			12.516	12.324		12,205							12.847
income tax payables						4,560,000,000	2,160,000,000	2,160,000,000	3,875,000,000	2,929,000,000	3,875,000,000	2,929,000,000	2,929,000,000	1,562,000,000	335,000,000	335,000,000	292,000,000	292,000,000	417,000,000	314,000,000	32,250,000,000	23,492,000,000	23,176,000,000	23,176,000,000	13,927,000,000																												2,491,000,000	1,861,000,000	1,625,000,000	724,000,000	724,000,000	595,000,000	568,000,000	713,000,000	640,000,000	439,000,000	701,000,000	573,000,000	247,000,000	715,000,000	659,000,000	1,044,000,000	801,000,000	801,000,000	722,000,000	579,000,000	579,000,000	602,000,000	602,000,000	458,000,000	458,000,000	348,000,000	755,000,000	605,000,000						491,000,000
financial debt																				134,361,000,000	100,664,000,000	92,751,000,000	80,375,000,000	80,375,000,000	64,869,000,000	66,696,000,000	66,696,000,000	52,717,000,000	52,717,000,000	49,628,000,000	49,628,000,000	41,602,000,000	37,063,000,000	37,063,000,000	78,957,000,000	78,957,000,000	45,505,000,000	45,505,000,000	30,757,000,000	25,330,000,000	19,702,000,000	25,330,000,000	19,702,000,000		20,044,000,000	52,734,000,000		35,622,000,000		35,622,000,000	25,965,000,000		2,816,000,000	1,604,000,000	788,000,000	3,266,000,000	3,266,000,000	7,981,000,000	6,398,000,000	3,412,000,000	3,221,000,000	3,451,000,000	2,987,000,000	540,000,000	179,000,000	32,000,000	26,000,000	20,000,000	15,000,000	15,000,000	9,000,000	51,000,000	51,000,000	55,000,000	55,000,000	43,000,000	43,000,000	37,000,000	24,000,000	19,000,000						42,000,000
property, plant and equipment																					684,718,000,000	576,367,000,000	506,707,000,000	506,707,000,000	451,174,000,000	409,778,000,000	409,778,000,000	385,976,000,000	385,976,000,000	356,433,000,000	356,433,000,000	320,863,000,000	289,846,000,000	289,846,000,000	270,313,000,000	270,313,000,000	259,885,000,000	259,885,000,000	215,310,000,000	185,613,000,000	167,658,000,000	185,613,000,000	167,658,000,000		150,476,000,000	97,513,000,000		91,585,000,000		91,585,000,000	86,632,000,000		26,333,000,000	24,727,000,000	23,526,000,000	23,165,000,000	23,165,000,000	21,993,000,000	20,375,000,000	19,126,000,000	15,895,000,000	17,963,000,000	14,508,000,000	13,806,000,000	13,809,000,000	13,114,000,000	12,361,000,000	11,924,000,000	11,226,000,000	11,226,000,000	9,845,000,000	9,161,000,000	9,161,000,000	9,193,000,000	9,193,000,000	9,035,000,000	9,035,000,000	8,549,000,000	8,352,000,000	8,247,000,000						7,365,000,000
taxes payables																										13,470,000,000	13,470,000,000	6,945,000,000	6,945,000,000	4,793,000,000	4,793,000,000	3,739,000,000	3,373,000,000	3,373,000,000	3,927,000,000	3,927,000,000	2,766,000,000	2,766,000,000	2,525,000,000	2,520,000,000	3,107,000,000	2,520,000,000	3,107,000,000		2,319,000,000	1,833,000,000		2,276,000,000		2,276,000,000	6,904,000,000
assets
revenues																																												-30
operating costs before d&a																																												-187			-27		-20
operating income before d&a																																												-217			-32		-25
depreciation, amortization (‘d&a’) and impairment of pp&e and intangible assets																																												-11,414
operating income																																												-11,631			-1,884		-1,646
net financial results																																												35
net income before income tax expense																																												-11,596			-1,875		-1,637
income tax expense																																												3,479			562		491
net income																																												-8,117			-1,313		-1,146																																																																				99																				779	1,288
attributable to telecom argentina																																												-8,044					-1,133
attributable to non-controlling shareholders																																												-73
depreciation, amortization (‘d&a’) and impairment of pp&e																																															-1,852		-1,621
finance results																																															9		9
controlling company																																															-1,300
attributable to non controlling interest																																															-13		-13
chairman of the board of directors
statement of financial position:
total shareholders’ equity																																																				12,260,000,000
income tax assets																																																					823,000,000	809,000,000	774,000,000	680,000,000	680,000,000	323,000,000	344,000,000	308,000,000		265,000,000
deferred revenues																																																					818,000,000	1,061,000,000	1,067,000,000	443,000,000	443,000,000	451,000,000	385,000,000	411,000,000	553,000,000	477,000,000	573,000,000	521,000,000	507,000,000	477,000,000	470,000,000	462,000,000	423,000,000	423,000,000	372,000,000	402,000,000	402,000,000	386,000,000	386,000,000	362,000,000	362,000,000	380,000,000	324,000,000	292,000,000
dividends payable																																																					20,000,000	19,000,000					1,300,000,000																												364,000,000	364,000,000	364,000,000	364,000,000					12,000,000							21,000,000		21,000,000
equity attributable to telecom argentina																																																					25,063,000,000	22,999,000,000	21,270,000,000	19,336,000,000	19,336,000,000	17,843,000,000	17,074,000,000	18,241,000,000	16,318,000,000	17,194,000,000	15,537,000,000	15,446,000,000	14,418,000,000	13,378,000,000	12,538,000,000	12,806,000,000	11,783,000,000	11,783,000,000	12,027,000,000	11,349,000,000	11,349,000,000	10,801,000,000	10,801,000,000	9,959,000,000	9,959,000,000	9,137,000,000	8,736,000,000
dividend payables																																																							35,000,000
deferred income tax asset																																																																	140,000,000				128,000,000	128,000,000						62,000,000	62,000,000
non-controlling interest																																																																												199,000,000	199,000,000	169,000,000	139,000,000	144,000,000
equity attributable to owners of the parent																																																																																8,021,000,000						6,404,000,000
cash and banks																																																																																	89,000,000	54,000,000	54,000,000	104,000,000	119,000,000		63,000,000	63,000,000	64,000,000	64,000,000	63,000,000	62,000,000	62,000,000	66,000,000	39,000,000	36,000,000		36,000,000	24,000,000	22,000,000		242,000,000		242,000,000	45,000,000		45,000,000	18,000,000	21,000,000		33,000,000		31,000,000		31,000,000				46,000,000	21,000,000	46,000,000		36,000,000			32,000,000		32,000,000	36,000,000			11,000,000		11,000,000	26,000,000	26,000,000					89
accounts receivable																																																																																	1,518,000,000	1,501,000,000	1,501,000,000	1,546,000,000	1,449,000,000		1,212,000,000	1,212,000,000	1,139,000,000	1,139,000,000	1,047,000,000	1,163,000,000	1,163,000,000	1,057,000,000	975,000,000	1,009,000,000		1,009,000,000	916,000,000	901,000,000		907,000,000		907,000,000	898,000,000		898,000,000	813,000,000	795,000,000		746,000,000		783,000,000		783,000,000				705,000,000	636,000,000	705,000,000		600,000,000			612,000,000		612,000,000	599,000,000			563,000,000		563,000,000	581,000,000	581,000,000
other assets																																																																																	4,000,000	4,000,000	4,000,000	5,000,000	7,000,000		7,000,000	7,000,000	7,000,000	7,000,000	7,000,000	7,000,000	7,000,000	6,000,000	6,000,000	6,000,000		6,000,000	7,000,000	5,000,000		5,000,000		5,000,000	5,000,000		5,000,000	19,000,000	15,000,000		15,000,000		18,000,000		18,000,000				5,000,000	14,000,000	5,000,000		6,000,000			3,000,000		3,000,000	12,000,000			5,000,000		5,000,000	3,000,000	3,000,000					3
fixed assets																																																																																	7,778,000,000	7,668,000,000	7,668,000,000	7,589,000,000	7,479,000,000		6,988,000,000	6,988,000,000	6,919,000,000	6,919,000,000	6,895,000,000	6,839,000,000	6,839,000,000	6,473,000,000	6,166,000,000	6,188,000,000		6,188,000,000	6,118,000,000	5,888,000,000		5,705,000,000		5,705,000,000	5,738,000,000		5,738,000,000	5,636,000,000	5,561,000,000		5,589,000,000		5,741,000,000		5,741,000,000				5,959,000,000	6,115,000,000	5,959,000,000		6,401,000,000			6,895,000,000		6,895,000,000	7,079,000,000			7,647,000,000		7,647,000,000	8,001,000,000	8,001,000,000				9.618	9,618
accounts payable																																																																																	2,982,000,000	2,777,000,000	2,777,000,000	2,746,000,000	2,908,000,000		2,156,000,000	2,156,000,000	2,106,000,000	2,106,000,000	1,932,000,000	2,212,000,000	2,212,000,000	1,805,000,000	1,603,000,000	1,769,000,000	1.769	1,769,000,000	1,668,000,000	1,633,000,000	1,633	1,563,000,000	1.563	1,563,000,000	1,640,000,000	1,769,000	1,640,000,000	1,424,000,000	1,440,000,000	1,440	1,315,000,000	1,299	1,494,000,000		1,494,000,000	1,187	1,056	1,017	824,000,000	803,000,000	834,000,000	803	573,000,000		600	548,000,000	548	548,000,000	507,000,000	507	435	421,000,000	421	421,000,000	451,000,000	451,000,000				391	391
debt																																																																																	18,000,000	55,000,000	55,000,000	59,000,000	42,000,000		833,000,000	833,000,000	794,000,000	794,000,000	828,000,000	763,000,000	763,000,000	1,488,000,000	1,440,000,000	1,355,000,000		1,355,000,000	713,000,000	1,531,000,000		1,550,000,000		1,550,000,000	1,474,000,000		1,474,000,000	1,041,000,000	1,301,000,000		1,489,000,000		1,395,000,000		1,395,000,000				905,000,000	330,000,000	905,000,000		8,800,000,000			9,434,000,000		9,434,000,000	10,726,000,000			9,909,000,000		9,909,000,000	9,996,000,000	9,996,000,000					11,053
salaries and social security payable																																																																																	461,000,000	366,000,000	366,000,000	362,000,000	390,000,000		334,000,000	334,000,000	272,000,000	272,000,000	272,000,000	300,000,000	300,000,000	243,000,000	218,000,000	237,000,000		237,000,000	197,000,000	172,000,000		175,000,000		175,000,000	164,000,000		164,000,000	158,000,000	140,000,000		138,000,000		132,000,000		132,000,000				104,000,000	94,000,000	104,000,000		79,000,000			79,000,000		79,000,000	74,000,000			63,000,000		63,000,000	77,000,000	77,000,000
taxes payable																																																																																	958,000,000	837,000,000	837,000,000	1,060,000,000	1,022,000,000		856,000,000	856,000,000	734,000,000	734,000,000	975,000,000	769,000,000	769,000,000	620,000,000	738,000,000	618,000,000		618,000,000	569,000,000	460,000,000		396,000,000		396,000,000	266,000,000		266,000,000	251,000,000	221,000,000		230,000,000		229,000,000		229,000,000				222,000,000	163,000,000	222,000,000		200,000,000			114,000,000		114,000,000	109,000,000			99,000,000		99,000,000	151,000,000	151,000,000					117
contingencies																																																																																	121,000,000	106,000,000	106,000,000	101,000,000	64,000,000		88,000,000	88,000,000	74,000,000	74,000,000	69,000,000	73,000,000	73,000,000	37,000,000	34,000,000	36,000,000		36,000,000	46,000,000	48,000,000		44,000,000		44,000,000	49,000,000		49,000,000	79,000,000	73,000,000		81,000,000		87,000,000		87,000,000				110,000,000	75,000,000	110,000,000		58,000,000			30,000,000		30,000,000	25,000,000			24,000,000		24,000,000	15,000,000	15,000,000
noncontrolling interest																																																																																	168,000,000	164,000,000	164,000,000	160,000,000	126,000,000	107,000,000	99,000,000	99,000,000	95,000,000	95,000,000	93,000,000	92,000,000	92,000,000	79,000,000	72,000,000
shareholders’ equity																																																																																	7,187,000,000	6,592,000,000	6,592,000,000	6,915,000,000	6,237,000,000		5,692,000,000	5,692,000,000	5,247,000,000	5,247,000,000	5,841,000,000	5,436,000,000	5,436,000,000	5,024,000,000	4,353,000,000	4,020,000,000	4.02	4,020,000,000	3,901,000,000	3,677,000,000	3,677	3,328,000,000	3.328	3,328,000,000	3,030,000,000	4,020,000	3,030,000,000	2,748,000,000	2,511,000,000	2,511	2,261,000,000	2,261	2,129,000,000		2,129,000,000	2,043	1,971	1,871	1,836,000,000	2,125,000,000	1,836,000,000	2,125	960,000,000		781	502,000,000	502	502,000,000	677,000,000	677	938	1,292,000,000	1,292	1,292,000,000	1,168,000,000	1,168,000,000	1,596	2,105	1,724		811
total liabilities, noncontrolling interest and shareholders’ equity																																																																																	13,162,000,000	12,069,000,000	12,069,000,000	12,547,000,000	11,964,000,000		11,465,000,000	11,465,000,000	10,721,000,000	10,721,000,000	10,992,000,000	10,633,000,000	10,633,000,000	11,030,000,000	10,026,000,000
minority interest																																																																																																81,000,000	81	81,000,000	88,000,000	85,000,000	85	78,000,000	78	78,000,000	79,000,000	81,000,000	79,000,000	66,000,000	54,000,000	54	76,000,000	76	72,000,000		72,000,000	62	53	46	41,000,000	36,000,000	41,000,000	36	34,000,000		30	30,000,000	30	30,000,000	30,000,000	30	34	33,000,000	33	33,000,000	32,000,000	32,000,000	23	21	9	1	1
total liabilities, minority interest and shareholders’ equity																																																																																																9,649,000,000		9,649,000,000	9,658,000,000	9,213,000,000		9,711,000,000		9,711,000,000	9,171,000,000		9,171,000,000	9,276,000,000	8,761,000,000		8,908,000,000		8,715,000,000		8,715,000,000
cash, equivalents and investments																																																																																																	1.125				870		1.417			1,125,000				808		1,033				887	556	1,075				587			3,942		3.662			3.624	3.21		2,778							1.405
other current assets																																																																																																	458				731		862			458,000,000				415		311				298	238	266				253			190		160			193	166		130							91
fixed & intangible assets																																																																																																	6.96				6,638		6.458			6,960,000				6,332		6,363				6,403	6,478	6,573				6,853			7,361		7.668			7.841	8.133		8,465
other non-current assets																																																																																																	97				73		67			97,000,000				411		459				376	393	311				285			240		237			259	245		269							1.136
loans																																																																																																	1.355				1,531		1.55			1,355,000				1,301		1,489				1,143	1,072	1,205				330			9,148		9.434			10.726	10.346		9,909							11.053
reserves																																																																																																	36				48		44			36,000,000				73		81				128	118	117				75			48		30			25	29		24								9
other current liabilities																																																																																																	901				665		627			901,000,000				401		429				359	340	331				285			214		215			207	199		187							212
other non-current liabilities																																																																																																	453				405		442			453,000,000				434		278				158	132	168				212			100		123			70	70		72							199
2- consolidated loans
corporate bonds																																																																																																					1,437		1.439														813					3,878									4.819
banks and others																																																																																																					106		26
accrued interest																																																																																																					19		85														50					72									1.015
derivatives																																																																																																																					19
net present value
total current loans																																																																																																					1,531		1.55														1,072					5,132									10.346
total non-current loans																																																																																																					897		1.819														3,358														25
total loans																																																																																																					2,428		3.369														4,430					4,796									10.371
derivatives valuation effect																																																																																																					254		332
net financial debt																																																																																																					1,299		1.666														4,008
financial and holding results																																																																																																																																									529	1,019
financial results generated by assets
interest on short term investments																																																																																																					45		26
foreign currency exchange gains																																																																																																							13
holding results generated by inventories
other financial results
total financial results generated by assets																																																																																																							32
financial results generated by liabilities
interest
foreign currency exchange losses																																																																																																					119
others																																																																																																					5		2
total financial results generated by liabilities
total financial and holding results
current assets from discontinued operations																																																																																																															34,000,000
non-current assets from discontinued operations																																																																																																															10,000,000
current liabilities from discontinued operations																																																																																																															22,000,000
non-current liabilities from discontinued operations																																																																																																															7,000,000
2-
banks																																																																																																																					190					1,182									1.733
on purchase of fixed assets and inventories																																																																																																																																			2.609
3- consolidated income statement
six - month comparison
net revenues																																																																																																																					3,357
cost of services provided
gross profit																																																																																																																					1,324
administrative expenses
selling expenses
operating profit																																																																																																																					419																				24
equity income from related companies																																																																																																																					6
debt restructuring results																																																																																																																																									375	374
other incomes & expenses
results from ordinary operations																																																																																																																					43
taxes on income																																																																																																																					66
operating profit before d&a																																																																																																																					1,119
as a % of net revenues																																																																																																																					33
foreign currency translation adjustments																																																																																																																							31,000,000	29,000,000	31,000,000		26,000,000			24,000,000		24,000,000	23,000,000			22,000,000		22,000,000	21,000,000	21,000,000
total liabilities, minority interest, foreign currency translation adjustments and shareholders’ equity																																																																																																																							8,547,000,000	8,614,000,000	8,557,000,000		12,216,000,000			12,332,000,000		12,332,000,000	12,516,000,000			12,205,000,000		12,205,000,000	12,301,000,000	12,301,000,000
temporary differences from translation																																																																																																																										29					24				24		22				27	26	36	36	36
penalties or default interest																																																																																																																																			170
financial instruments valuation effect																																																																																																																										27
temporary differences from transaltion																																																																																																																													23					23
total non - current assets																																																																																																																																		8.1
total non - current liabilities																																																																																																																																		321
non current assets																																																																																																																																									9,381	9,797	10,344
non current liabilities																																																																																																																																									343	308	364
total liabilities, minority interest, temporary differences from translation and shareholders’ equity																																																																																																																																									11,970				12,847
4. summary comparative consolidated statements of operations
nine-month periods ended september 30,																																																																																																																																									2,003
net sales																																																																																																																																									2,711	1,750
operating costs
equity income (losses) from related companies																																																																																																																																									2
depreciation of goodwill
other expenses
net income before income tax and minority interest																																																																																																																																									792	1,300
income tax
earnings per share																																																																																																																																									0.79	1.31
total liabilities, minority interest, temporary differences and shareholders’ equity																																																																																																																																										11,807	12,741
six month periods ended june 30,																																																																																																																																										2,003
equity losses from related companies
temporary measurement differences of derivative instruments determined as an effective hedge
shareholders' equity																																																																																																																																												811
trade accounts receivable																																																																																																																																													596
compensation and social benefits payable																																																																																																																																													61

Cashflow Statements:

Quarterly

Annual

Unit: USD	2025-11-12	2025-06-30	2025-05-13	2024-11-12	2024-08-15	2024-07-08	2024-05-20	2023-11-13	2023-08-14	2023-03-31	2022-05-13	2021-11-12	2021-08-13	2021-05-14	2020-11-12	2020-08-21	2020-05-20	2019-11-15	2019-08-16	2019-07-10	2019-05-17	2018-11-20	2018-08-28	2018-05-21	2017-12-01	2017-09-11	2017-05-16	2016-12-05	2016-09-02	2016-06-10	2016-01-06	2015-09-17	2015-06-17	2014-12-15	2014-08-28	2014-06-03	2013-11-21	2013-08-27	2013-05-17	2012-06-13	2011-12-15	2011-09-07	2011-06-23	2010-12-06	2010-09-21	2010-06-07	2009-12-02	2009-06-04	2008-12-01	2008-08-25	2008-05-28	2007-11-28	2007-08-28	2007-06-08	2006-03-14	2005-08-24	2004-11-18	2004-06-02	2003-09-30	2003-08-25	2003-05-23

cash flows from operating activities
net income for the period	-272,543,000,000	-75,554,000,000	93,202,000,000	951,912,000,000	859,223,000,000	675,032,000,000	675,032,000,000	85,164,000,000	39,407,000,000	28,483,000,000	23,745,000,000	1,025,000,000	-1,672,000,000	9,012,000,000		1,961,000,000	2,641,000,000		6,729,000,000	1,279,000,000	1,279,000,000	-18,540,000,000	-4,872,000,000	3,481,000,000	5,695,000,000	3,639,000,000	1,966,000,000	2,495,000,000	1,737,000,000	935,000,000	2,778,000,000	1,978,000,000	1,041,000,000	2,684,000,000	1,836,000,000	906,000,000	2,361,000,000	1,475,000,000	813,000,000	708,000,000	1,818,000,000	1,216,000,000	628,000,000	1,309,000,000	865,000,000	411,000,000	1,006,000,000	329,000,000	831,000,000	613,000,000	272,000,000	614,000,000	387,000,000
adjustments to reconcile net income to net cash flows from operating activities
allowances deducted from assets	106,972,000,000	68,262,000,000	27,821,000,000	54,512,000,000	30,310,000,000	19,009,000,000	19,009,000,000	23,318,000,000	12,210,000,000	5,949,000,000	5,913,000,000	7,215,000,000	4,352,000,000	1,632,000,000	7,852,000,000	5,622,000,000	2,471,000,000	7,059,000,000	2,977,000,000	1,450,000,000	1,450,000,000
depreciation of pp&e	1,017,916,000,000	621,283,000,000	259,832,000,000	708,283,000,000	425,842,000,000	177,941,000,000	177,941,000,000	272,202,000,000	133,758,000,000	53,058,000,000															3,702,000,000	2,435,000,000	1,190,000,000	3,087,000,000	1,982,000,000	933,000,000	2,165,000,000	1,391,000,000	677,000,000	1,740,000,000	1,106,000,000	538,000,000	1,447,000,000	955,000,000	467,000,000	426,000,000
amortization of intangible assets	153,773,000,000	91,461,000,000	32,909,000,000	80,795,000,000	49,150,000,000	20,873,000,000	20,873,000,000	42,053,000,000	20,949,000,000	8,585,000,000	4,298,000,000	10,532,000,000	6,432,000,000	2,919,000,000	7,205,000,000	4,150,000,000	2,144,000,000	5,653,000,000	3,127,000,000	1,440,000,000	1,440,000,000	2,799,000,000	1,834,000,000	935,000,000	1,431,000,000	957,000,000	483,000,000	1,398,000,000	912,000,000	442,000,000	989,000,000	599,000,000	280,000,000	614,000,000	405,000,000	201,000,000	683,000,000	444,000,000	224,000,000	189,000,000	13,000,000	9,000,000	3,000,000	14,000,000	10,000,000	4,000,000	14,000,000	5,000,000	16,000,000	11,000,000	5,000,000	32,000,000	22,000,000	12,000,000	34,000,000	23,000,000	80,000,000	26,000,000	81	55	28
amortization of rights of use assets	190,881,000,000	116,089,000,000	46,541,000,000	140,609,000,000	82,569,000,000	34,386,000,000	34,386,000,000	34,207,000,000	16,155,000,000	6,218,000,000	2,962,000,000	6,862,000,000	4,073,000,000	1,789,000,000	3,865,000,000	2,430,000,000	1,034,000,000	2,195,000,000
depreciation of investment properties	1,557,000,000	2,610,000,000	212,000,000
disposals of fixed and intangible assets	28,231,000,000	5,769,000,000	7,798,000,000
earnings from associates and joint ventures	4,073,000,000		-92,000,000			1,359,000,000		1,178,000,000	811,000,000
financial results and others	643,891,000,000	215,685,000,000	-126,489,000,000	-1,681,064,000,000	-1,403,700,000,000	-950,299,000,000	-950,299,000,000	-82,214,000,000	-36,400,000,000	-25,081,000,000	-24,571,000,000	-32,911,000,000	-18,783,000,000	-8,980,000,000	17,092,000,000	12,477,000,000	3,572,000,000		169,000,000	4,317,000,000	4,317,000,000	38,735,000,000	18,556,000,000	1,838,000,000
income tax expenses	-64,409,000,000	34,473,000,000	119,745,000,000
income tax paid	-10,892,000,000	-5,215,000,000	-536,000,000	-6,652,000,000	-2,967,000,000	-252,000,000	-252,000,000	-2,086,000,000	-900,000,000	-292,000,000	-721,000,000	-1,528,000,000	-830,000,000	-291,000,000	-1,138,000,000	-724,000,000	-427,000,000	-1,352,000,000	-800,000,000	-348,000,000	-348,000,000	-4,400,000,000	-3,597,000,000	-906,000,000	-1,840,000,000			-1,280,000,000	-838,000,000		-1,202,000,000	-870,000,000	-352,000,000	-1,783,000,000	-1,297,000,000	-379,000,000	-1,227,000,000	-842,000,000	-339,000,000	-217,000,000
change in operating assets and liabilities, net of effects from purchase of controlled entity
increase trade receivables	-201,862,000,000
increase other receivables	-45,457,000,000
decrease inventories	53,391,000,000	317,000,000	-165,000,000
decrease trade payables	-90,145,000,000
increase salaries and social security payables	-3,655,000,000	-28,980,000,000	1,258,000,000
increase other taxes payables	-232,403,000,000	-63,404,000,000	-27,593,000,000
increase other liabilities and provisions	17,058,000,000	-47,549,000,000	155,000,000
total cash flows from operating activities	1,296,377,000,000	686,868,000,000	273,544,000,000	479,006,000,000	328,659,000,000	171,229,000,000	171,229,000,000	305,472,000,000	134,137,000,000	53,141,000,000		90,476,000,000	56,340,000,000	27,555,000,000	71,784,000,000	47,276,000,000	16,130,000,000	55,787,000,000	34,973,000,000	14,491,000,000	14,491,000,000	27,377,000,000	16,481,000,000	9,200,000,000	15,568,000,000	10,806,000,000	5,568,000,000	6,359,000,000	3,211,000,000	1,435,000,000	4,884,000,000	3,833,000,000	1,156,000,000	3,620,000,000	2,004,000,000	1,252,000,000	5,088,000,000	3,308,000,000	1,288,000,000	1,302,000,000	3,346,000,000	2,040,000,000	1,115,000,000	2,555,000,000	1,567,000,000	978,000,000	2,323,000,000	855,000,000	2,344,000,000	1,547,000,000	817,000,000	2,046,000,000	1,304,000,000	669,000,000	1,384,000,000	773,000,000	1,472,000,000	381,000,000	1,378	784	334
cash flows from investing activities
payments for pp&e	-688,580,000,000	-409,457,000,000	-169,566,000,000	-205,909,000,000	-171,104,000,000	-68,032,000,000	-68,032,000,000
payments for intangible asset acquisitions	-87,374,000,000	-52,373,000,000	-20,167,000,000	-29,888,000,000	-18,031,000,000	-5,991,000,000	-5,991,000,000
dividends received from associates				933,000,000	764,000,000
proceeds from the sale of pp&e and intangible assets	33,983,000,000	14,580,000,000	1,805,000,000	3,414,000,000	2,851,000,000	2,566,000,000	2,566,000,000	282,000,000	64,000,000	1,000,000
payments for acquisition of subsidiary, net of cash acquired	-1,209,041,000,000	-1,140,955,000,000	-1,076,244,000,000
integration contributions in joint ventures	-204,000,000
compensation received for acquisition of companies				2,961,000,000
proceeds from dfi liquidations	20,538,000,000	2,285,000,000	90,000,000	3,649,000,000
proceeds from sale of investments not considered as cash and cash equivalents	281,163,000,000	127,846,000,000	8,947,000,000	251,175,000,000	146,723,000,000	8,352,000,000	8,352,000,000
payments for investments not considered as cash and cash equivalents	-416,138,000,000	-51,200,000,000	-2,880,000,000	-263,210,000,000	-190,904,000,000	-161,394,000,000	-161,394,000,000
total cash flows from investing activities	-2,065,653,000,000	-1,509,274,000,000	-1,258,015,000,000	-249,793,000,000	-234,812,000,000	-224,218,000,000	-224,218,000,000	-230,844,000,000	-118,756,000,000	-61,279,000,000	-37,834,000,000	-84,615,000,000	-58,968,000,000	-13,819,000,000	-47,193,000,000	-23,571,000,000	-11,568,000,000	-27,827,000,000	-20,103,000,000	-6,873,000,000	-6,873,000,000	-18,258,000,000	-10,072,000,000	-2,456,000,000	-11,798,000,000			-6,973,000,000	-3,907,000,000		-7,319,000,000	-5,320,000,000	-1,361,000,000	-5,587,000,000	-4,335,000,000	-2,135,000,000	-3,494,000,000	-2,202,000,000	-514,000,000	-1,007,000,000	-2,042,000,000	-1,408,000,000	-601,000,000	-1,344,000,000	-920,000,000	-521,000,000	-860,000,000	-381,000,000	-818,000,000	-207,000,000	197,000,000	-730,000,000	-389,000,000	-255,000,000	247,000,000	365,000,000	-112,000,000	-81,000,000			15
cash flows from financing activities
proceeds from borrowings	3,490,325,000,000	2,531,849,000,000	1,420,063,000,000	842,682,000,000	264,140,000,000	191,171,000,000	191,171,000,000	170,872,000,000	77,056,000,000	42,045,000,000
payment of borrowings	-2,273,464,000,000	-1,323,128,000,000	-251,692,000,000	-816,816,000,000	-225,083,000,000	-73,487,000,000	-73,487,000,000	-105,284,000,000	-37,491,000,000	-16,762,000,000
repurchase of notes	-13,917,000,000	-4,801,000,000		-19,151,000,000
payment of interests, dfi and related expenses	-307,055,000,000	-323,074,000,000	-78,801,000,000	-252,245,000,000
payments of leases liabilities	-136,741,000,000	-90,149,000,000	-30,069,000,000	-58,161,000,000	-35,895,000,000	-13,619,000,000	-13,619,000,000	-21,274,000,000	-10,008,000,000	-4,536,000,000	-1,476,000,000	-4,162,000,000	-2,536,000,000	-1,185,000,000	-2,956,000,000	-2,451,000,000	-1,009,000,000	-1,755,000,000	-1,586,000,000	-825,000,000	-825,000,000
dividends paid to non-controlling interests in subsidiaries	-16,276,000,000	-11,147,000,000		-8,890,000,000	-7,928,000,000
total cash flows from financing activities	742,872,000,000	779,550,000,000	1,059,501,000,000	-312,581,000,000	-158,191,000,000	27,656,000,000	27,656,000,000	-58,766,000,000	-12,986,000,000	2,510,000,000		-11,930,000,000			-36,262,000,000	-4,675,000,000	3,137,000,000	-960,000,000	-3,627,000,000	-1,806,000,000	-1,806,000,000	-6,573,000,000	-5,563,000,000					58,000,000	260,000,000		2,382,000,000	1,681,000,000	291,000,000	-1,296,000,000	-691,000,000	-57,000,000	-289,000,000	-82,000,000	-9,000,000	-5,000,000	-967,000,000	-925,000,000	5,000,000	-727,000,000	-729,000,000	-19,000,000	-233,000,000	-53,000,000	-957,000,000	-952,000,000	-55,000,000	-806,000,000	-790,000,000	-42,000,000	-4,024,000,000	-100,000,000	-18,000,000	-5,000,000
net decrease in cash and cash equivalents	-26,404,000,000	-42,856,000,000				-25,333,000,000	-25,333,000,000			-5,628,000,000
cash and cash equivalents at the beginning of the year	388,241,000,000	366,376,000,000	345,596,000,000	322,074,000,000	287,230,000,000	242,252,000,000	242,252,000,000	81,366,000,000	60,351,000,000	48,756,000,000	23,039,000,000	25,374,000,000	23,219,000,000	20,927,000,000	31,284,000,000	29,059,000,000	27,577,000,000	9,489,000,000	8,435,000,000	7,637,000,000	7,637,000,000	4,414,000,000	4,414,000,000	4,414,000,000	3,945,000,000	3,945,000,000	3,945,000,000	870,000,000	870,000,000	870,000,000	684,000,000	684,000,000	684,000,000	5,224,000,000	5,224,000,000	5,224,000,000	3,160,000,000	3,160,000,000	3,160,000,000	2,818,000,000
net foreign exchange differences and recpam on cash and cash equivalents	36,056,000,000	7,432,000,000	-8,281,000,000	-55,896,000,000	-57,878,000,000	-66,315,000,000	-66,315,000,000	947,000,000	-1,845,000,000	-1,534,000,000	-1,381,000,000	-2,234,000,000	-1,063,000,000	-404,000,000	1,479,000,000	1,073,000,000	-71,000,000	1,065,000,000	-1,434,000,000	85,000,000	85,000,000
cash and cash equivalents at the end of the period	397,893,000,000	330,952,000,000	412,345,000,000	182,810,000,000	165,008,000,000	150,604,000,000	150,604,000,000	98,175,000,000	60,901,000,000	41,594,000,000	21,505,000,000	17,071,000,000	16,414,000,000	31,640,000,000	21,092,000,000	49,162,000,000	35,205,000,000	37,554,000,000	18,244,000,000	13,534,000,000	13,534,000,000	9,737,000,000	6,958,000,000	7,849,000,000	6,197,000,000	3,490,000,000	1,584,000,000	369,000,000	489,000,000	657,000,000	644,000,000	887,000,000	775,000,000	2,408,000,000	2,582,000,000	4,469,000,000	4,580,000,000	4,233,000,000	3,968,000,000	3,122,000,000																	3,558,000,000	2,511,000
cash flows from (used in) operating activities
earnings (losses) from associates and joint ventures							1,359,000,000
(decrease) / increase salaries and social security payables
(decrease) / increase other taxes payables
(decrease) / increase other liabilities and provisions
cash flows from (used in) investing activities
total cash flows used in investing activities
cash flows from (used in) financing activities
total cash flows from (used in) financing activities
losses from associates and joint ventures		1,744,000,000		8,184,000,000	2,972,000,000
decrease trade receivables		-88,851,000,000	-81,996,000,000
decrease other receivables		-53,920,000,000	-47,932,000,000
increase trade payables		-107,352,000,000	-31,126,000,000
net increase in cash and cash equivalents			75,030,000,000	-83,368,000,000	-64,344,000,000			15,862,000,000	2,395,000,000				-5,742,000,000	11,117,000,000	-11,671,000,000	19,030,000,000	7,699,000,000	27,000,000,000	11,243,000,000	5,812,000,000	5,812,000,000	2,546,000,000	846,000,000	3,022,000,000
decrease / (increase) trade receivables
decrease / (increase) other receivables
decrease / (increase) inventories
(decrease) / increase trade payables
net increase / (decrease) in cash and cash equivalents
net income for the year																																																						135,000,000
impairment of goodwill
disposals of fixed assets and consumption of materials						338,000,000	338,000,000	225,000,000	135,000,000	69,000,000	566,000,000	1,542,000,000	1,011,000,000	359,000,000	392,000,000	407,000,000	179,000,000
income tax				422,092,000,000	361,508,000,000	210,826,000,000	210,826,000,000	-75,861,000,000	-37,592,000,000	-11,773,000,000	-28,000,000																														-63,000,000	-128,000,000	152,000,000	-65,000,000	-131,000,000	142,000,000	12,000,000	201,000,000	442,000,000	325,000,000	149,000,000	268,000,000	151,000,000	46,000,000	123,000,000	3,000,000	9,000,000
net increase in assets				-242,951,000,000	-191,678,000,000	-120,468,000,000	-120,468,000,000	-108,822,000,000	-61,216,000,000	-28,913,000,000	-9,925,000,000	-13,087,000,000	-10,533,000,000	-7,003,000,000								-8,040,000,000	-3,878,000,000	-1,837,000,000	-1,975,000,000			-2,724,000,000	-2,531,000,000		-3,114,000,000	-752,000,000	-393,000,000	-1,509,000,000	-950,000,000	-474,000,000	-1,442,000,000	-851,000,000	-356,000,000	-76,000,000	-405,000,000	-94,000,000		-359,000,000	-210,000,000		-270,000,000	-7,000,000	-361,000,000	-220,000,000		-219,000,000	-146,000,000		-139,000,000	-36,000,000	-167,000,000
net increase in liabilities				42,265,000,000	114,749,000,000	102,484,000,000	102,484,000,000	116,108,000,000	46,820,000,000	17,263,000,000	4,680,000,000	4,364,000,000	1,792,000,000	5,095,000,000						-7,936,000,000	-7,936,000,000	10,928,000,000	1,618,000,000		2,610,000,000		1,607,000,000	-679,000,000			492,000,000			146,000,000	-225,000,000		1,214,000,000	774,000,000		-283,000,000	329,000,000	25,000,000		242,000,000	107,000,000			-117,000,000			11,000,000	-133,000,000			205,000,000	120,000,000	19,000,000	-43,000,000	250	168	93
payments for acquisition of subsidiary and joint venture, net of cash acquired				-12,918,000,000	-5,111,000,000
acquisition of call options agreements
payment of dfi, interests and related expenses
transactions with non-controlling interests

cash and cash equivalents at the end of the year
disposals of fixed assets				1,021,000,000	681,000,000
total cash flows used in financing activities
net increase /(decrease) in cash and cash equivalents
payment of interests and related expenses					-153,425,000,000	-76,409,000,000	-76,409,000,000	-100,458,000,000	-42,543,000,000	-18,237,000,000	-8,486,000,000	-20,072,000,000	-11,189,000,000	-7,092,000,000	-15,731,000,000	-9,449,000,000	-5,002,000,000	-5,651,000,000	-3,255,000,000	-1,331,000,000	-1,331,000,000	-2,085,000,000	-1,094,000,000	-366,000,000
dividends from associates						281,000,000	281,000,000
net effect between additions financed by trade creditors and payments from prior periods
additions financed by lease liabilities
additions of asset dismantling costs
payment for acquisition of subsidiary, net of cash acquired and joint venture
net investments acquisitions not considered as cash and cash equivalents								-98,779,000,000	-63,948,000,000	-42,740,000,000
pp&e acquisitions								-119,178,000,000	-51,718,000,000	-17,688,000,000															-7,825,000,000			-6,808,000,000	-4,261,000,000		-3,192,000,000	-2,026,000,000	-1,089,000,000	-3,793,000,000	-2,658,000,000	-1,450,000,000	-2,209,000,000	-1,425,000,000	-732,000,000	-845,000,000
intangible asset acquisitions								-12,309,000,000	-2,421,000,000	-852,000,000	-580,000,000	-1,791,000,000	-990,000,000	-426,000,000	-1,437,000,000	-699,000,000	-383,000,000	-1,111,000,000	-678,000,000	-298,000,000	-298,000,000	-1,218,000,000	-1,180,000,000	-686,000,000																	-7,000,000	-6,000,000	-2,000,000	-16,000,000	-14,000,000	-8,000,000	-11,000,000	-5,000,000	-10,000,000	-5,000,000	-4,000,000	-22,000,000	-20,000,000	-1,000,000	-13,000,000	-13,000,000	-1,000,000
acquisition of shareholdings								-1,472,000,000	-1,092,000,000
proceeds from dividends								612,000,000	359,000,000		147,000,000	211,000,000	194,000,000	175,000,000	46,000,000	15,000,000	22,000,000	147,000,000	107,000,000	78,000,000	78,000,000	36,000,000	36,000,000	18,000,000
payments of dividends								-2,622,000,000
earnings from associates										-425,000,000	-120,000,000	-210,000,000	-115,000,000	-82,000,000	-372,000,000	-216,000,000	-92,000,000	204,000,000	-165,000,000	-103,000,000	-103,000,000	-129,000,000	-91,000,000	-43,000,000
depreciation of property, plant and equipment											29,954,000,000	75,712,000,000	44,931,000,000	19,877,000,000	43,712,000,000	26,632,000,000	13,013,000,000	30,949,000,000	17,950,000,000	7,845,000,000	7,845,000,000	12,184,000,000	7,667,000,000	3,676,000,000
(earnings) from associates
property, plant and equipment acquisitions											-22,195,000,000	-48,892,000,000	-31,059,000,000	-14,415,000,000	-32,747,000,000	-21,810,000,000	-10,950,000,000	-31,154,000,000	-21,004,000,000	-7,744,000,000	-7,744,000,000	-21,815,000,000	-13,077,000,000	-5,638,000,000
payment for acquisition of subsidiary
proceeds from the sale of property, plant and equipment and intangible assets											27,000,000	80,000,000	28,000,000	3,000,000				1,000,000	1,000,000	1,000,000	1,000,000	31,000,000
investments not considered as cash and cash equivalents											-15,233,000,000			844,000,000	-13,055,000,000	-1,077,000,000	-257,000,000	4,344,000,000	1,471,000,000	1,090,000,000	1,090,000,000	2,058,000,000	1,495,000,000	1,015,000,000	-3,271,000,000			1,139,000,000	1,137,000,000	951,000,000	-997,000,000	-502,000,000	-13,000,000	-1,032,000,000	-1,211,000,000	-476,000,000	-685,000,000	-403,000,000	426,000,000		-434,000,000	-330,000,000
proceeds from financial debt											18,673,000,000	43,317,000,000	33,323,000,000	13,065,000,000	40,127,000,000	27,688,000,000	21,579,000,000	48,402,000,000	21,915,000,000	12,397,000,000	12,397,000,000	22,188,000,000	21,054,000,000	20,889,000,000	2,262,000,000	25,000,000	1,000,000	4,478,000,000	1,991,000,000	1,328,000,000	3,468,000,000	2,602,000,000	353,000,000				203,000,000	43,000,000
payment of financial debt											-7,783,000,000	-30,653,000,000	-22,382,000,000	-7,407,000,000	-57,544,000,000	-20,309,000,000	-12,431,000,000	-26,939,000,000	-14,008,000,000	-12,047,000,000	-12,047,000,000	-2,563,000,000	-1,410,000,000	-294,000,000	-3,019,000,000			-1,231,000,000	-363,000,000		-25,000,000	-12,000,000	-9,000,000	-10,000,000		-3,000,000	-152,000,000	-18,000,000	-7,000,000	-3,000,000
payment of cash dividends															-158,000,000	-154,000,000		-15,017,000,000	-6,693,000,000																		-16,000,000	-16,000,000
payments of cash dividends												-360,000,000	-330,000,000
total cash flows provided by operating activities											36,753,000,000
total cash flows from from financing activities											928,000,000
net increase (decrease) in cash and cash equivalents											-153,000,000
losses from associates
income tax expense												30,960,000,000	25,682,000,000	3,228,000,000	7,780,000,000	3,291,000,000	1,693,000,000	12,532,000,000	7,621,000,000	3,425,000,000	3,425,000,000	-8,605,000,000		1,382,000,000	3,047,000,000	1,952,000,000	1,051,000,000	1,346,000,000	938,000,000	505,000,000	1,489,000,000	1,051,000,000	550,000,000	1,389,000,000	936,000,000	439,000,000	1,279,000,000	799,000,000	437,000,000	386,000,000
acquisition in shareholdings
payment of dividends
investments not considered as cash and cash equivalents net acquisitions												-34,223,000,000	-27,141,000,000
net (decrease) in cash and cash equivalents												-6,069,000,000
total cash flows (used in) from financing activities													-3,114,000,000	-2,619,000,000
net decrease in assets															-5,302,000,000	-4,312,000,000	-5,237,000,000	2,087,000,000		2,424,000,000	2,424,000,000																						-114,000,000			83,000,000					-135,000,000			12,000,000				-22,000,000
net decrease in liabilities															-8,053,000,000	-4,442,000,000	-4,861,000,000	-13,229,000,000	-7,833,000,000					-172,000,000					-614,000,000			-308,000,000	-1,081,000,000			-70,000,000			-108,000,000				-30,000,000			-139,000,000	24,000,000		-14,000,000	-77,000,000			-44,000,000	-71,000,000
cash incorporated by the merger																						2,831,000,000	2,831,000,000	2,831,000,000
net loss for the period															-1,249,000,000			-12,697,000,000
acquisition of interest of tuves
impairment of fixed assets
disposals of pp&e and consumption of materials																		97,000,000	-28,000,000	-12,000,000	-12,000,000	21,000,000
income tax (benefit) expense
impairment of pp&e																		23,000,000	89,000,000	73,000,000	73,000,000										72,000,000	10,000,000	3,000,000				172,000,000
financial results and other																		22,266,000,000
acquisiton of interest of tuves																		-54,000,000
acquisiton of interest of cv berazategui
amortization of rights of use																			1,314,000,000	637,000,000	637,000,000
decrease net in assets																			3,823,000,000
decrease (increase) net in assets
allowances deducted from assets and provisions																						2,155,000,000	1,344,000,000	793,000,000
impairment of pp&e and intangible assets
disposals and impairment of pp&e																						269,000,000	141,000,000	56,000,000		93,000,000
acquisition in cv berazategui shareholding																						-181,000,000	-181,000,000
payment of cash dividends and related withholding tax																						-24,113,000,000	-24,113,000,000	-23,951,000,000
net foreign exchange differences on cash and cash equivalents																						2,777,000,000	1,698,000,000	413,000,000	10,000,000	39,000,000		55,000,000	55,000,000	48,000,000	13,000,000	9,000,000	5,000,000	447,000,000	380,000,000	185,000,000	115,000,000	49,000,000	43,000,000	14,000,000
disposals of pp&e																							-11,000,000
income tax (gain) expense																							-2,230,000,000
proceeds from the sale of property, plant and equipment																							4,000,000	4,000,000
total cash flows (used in) provided by financing activities																								-3,722,000,000
bad debt expenses																									920,000,000	675,000,000	342,000,000	844,000,000	518,000,000	255,000,000
allowance for obsolescence of inventories, materials and other
consumption of materials																									631,000,000	220,000,000	105,000,000	346,000,000	217,000,000	94,000,000	216,000,000	138,000,000	68,000,000	161,000,000	108,000,000	46,000,000	111,000,000	76,000,000	30,000,000	44,000,000	97,000,000	66,000,000	26,000,000	83,000,000	54,000,000	25,000,000	77,000,000	23,000,000	85,000,000	51,000,000	24,000,000	55,000,000	36,000,000	17,000,000	45,000,000	25,000,000	42,000,000	14,000,000
disposals and impairment of property, plant and equipment
net book value of property, plant and equipment
provisions																									357,000,000	259,000,000	154,000,000	106,000,000	81,000,000	14,000,000	287,000,000	256,000,000	146,000,000	202,000,000	161,000,000	68,000,000	294,000,000	140,000,000	51,000,000	67,000,000
other financial results
3g/4g licenses acquisitions
other intangible asset acquisitions																																								-6,000,000
personal shares acquisitions
acquisition of tuves paraguay
incorporated by merge with nortel
increase in cash and cash equivalents																									2,252,000,000				-381,000,000			203,000,000	91,000,000	-2,816,000,000	-2,642,000,000	-755,000,000	1,420,000,000		808,000,000	304,000,000	337,000,000		519,000,000	484,000,000	-82,000,000	438,000,000	1,230,000,000	421,000,000	569,000,000	388,000,000	959,000,000	510,000,000	125,000,000	372,000,000	-2,393,000,000	1,038,000,000	1,342,000,000	295,000,000	332	3	342
allowance for obsolescence of inventories, materials and other deducted from assets																									78,000,000	29,000,000	18,000,000	54,000,000	38,000,000	22,000,000
disposal and impairment of pp&e																									76,000,000
net book value of disposal of pp&e																									32,000,000
other financial losses																									804,000,000	526,000,000	154,000,000	1,155,000,000	620,000,000	232,000,000
intangible assets acquisitions																									-723,000,000			-1,317,000,000	-793,000,000		-894,000,000	-548,000,000	-264,000,000	-774,000,000	-478,000,000	-213,000,000	-615,000,000	-384,000,000	-215,000,000
increase of equity interest in personal
proceeds on the sale of pp&e																									23,000,000
cash flows related to the acquisition of tuves paraguay																									2,000,000	2,000,000
payment of interest and related costs																									-753,000,000			-1,189,000,000	-667,000,000		-238,000,000	-85,000,000	-53,000,000
payment of cash dividends and related tax withholdings																									-18,000,000			-2,000,000,000	-701,000,000		-823,000,000	-824,000,000		-1,262,000,000	-672,000,000
total cash flows (used in)/provided by financing activities																									-1,528,000,000
net book value of disposals of pp&e																										17,000,000	4,000,000	11,000,000	11,000,000	7,000,000
net increase (decrease) in liabilities																										2,275,000,000				754,000,000
proceeds from the sale of pp&e																										15,000,000	4,000,000	13,000,000	10,000,000	9,000,000	20,000,000	12,000,000	5,000,000	12,000,000	12,000,000	4,000,000	15,000,000	10,000,000	7,000,000
decrease in cash and cash equivalents																												-501,000,000			-40,000,000											-293,000,000
gain on disposal of pp&e and impairment of pp&e																											69,000,000	200,000,000	140,000,000	22,000,000
payment of interest and related expenses
gain on disposal of property, plant and equipment
impairment of property, plant and equipment
acquisition of 4g license																															-2,256,000,000	-2,256,000,000
increase (decrease) in cash and cash equivalents																																						1,073,000,000
bad debt expenses and other allowances																															440,000,000	296,000,000	195,000,000	402,000,000	297,000,000	152,000,000	306,000,000	222,000,000	111,000,000	67,000,000
gain on disposal of pp&e																															-21,000,000	-13,000,000	-6,000,000	-11,000,000	-10,000,000	-4,000,000	-11,000,000		-7,000,000
interest and other financial losses																															293,000,000	57,000,000	28,000,000	-415,000,000	-363,000,000	-171,000,000	-91,000,000	-41,000,000	-35,000,000	-9,000,000
recovery of restructuring costs																																					-8,000,000
interest and other financial results																																																							-344,000,000	-633,000,000		-145,000,000
treasury shares acquisition																																					-310,000,000	-83,000,000
(recovery of restructuring costs)/restructuring costs
payment of interest																																		-24,000,000	-13,000,000	-10,000,000	-14,000,000		-2,000,000	-2,000,000
(decrease) increase in cash and cash equivalents
payment of cash dividends and the related withholding tax																																				-44,000,000
recovery of restructuring costs/
impairment of pp&e and related assets																																						172,000,000
restructuring provision
payment of debt																																									-121,000,000	-82,000,000	-37,000,000	-126,000,000	-100,000,000	-33,000,000	-483,000,000	-60,000,000	-917,000,000	-904,000,000	-58,000,000	-653,000,000	-648,000,000	-30,000,000	-3,286,000,000	-70,000,000	-6,000,000
subscriber acquisition costs (“sac”) and service connection or habilitation costs																																								-156,000,000
amortization of subscriber acquisition costs (“sac”) and service connection or habilitation costs
amortization of other intangible assets
other income from investments
sac and service connection or habilitation costs
decrease in investments not considered as cash and cash equivalents																																												15,000,000			246,000,000	-10,000,000	432,000,000	506,000,000	534,000,000		-22,000,000		654,000,000	654,000,000	189,000,000	5,000,000
financial debt proceeds
cash dividends paid																																									-915,000,000	-915,000,000		-689,000,000	-689,000,000		-16,000,000		-29,000,000	-26,000,000
payment of capital reimbursement of núcleo to the non-controlling interest
allowance for doubtful accounts and other allowances																																									143,000,000	96,000,000	49,000,000	116,000,000	82,000,000	37,000,000	119,000,000	45,000,000	73,000,000	40,000,000	18,000,000	63,000,000	44,000,000	23,000,000	32,000,000	16,000,000
depreciation of fixed assets																																									1,135,000,000	730,000,000	359,000,000	946,000,000	615,000,000	297,000,000	806,000,000	287,000,000	946,000,000	627,000,000	340,000,000	1,019,000,000	665,000,000	318,000,000	1,100,000,000	726,000,000	1,194,000,000	403,000,000	1,342	895	449
gain on sale/disposal of fixed assets and other assets																																									-15,000,000	-15,000,000	-4,000,000	-3,000,000	-2,000,000		-5,000,000	-5,000,000	-3,000,000	-2,000,000	-1,000,000
provision for lawsuits and contingencies																																									256,000,000	102,000,000	36,000,000	135,000,000	80,000,000	38,000,000	92,000,000	-15,000,000	65,000,000	53,000,000	21,000,000	48,000,000	28,000,000	17,000,000
holdings losses on inventories																																									11,000,000	16,000,000	5,000,000
interest and other financial losses on loans																																									8,000,000	5,000,000	-4,000,000	126,000,000	89,000,000	70,000,000	445,000,000	120,000,000	224,000,000	102,000,000	100,000,000	348,000,000	231,000,000	151,000,000
noncontrolling interest																																									19,000,000	12,000,000	9,000,000	7,000,000	3,000,000	2,000,000	8,000,000	1,000,000
fixed asset acquisitions																																									-1,626,000,000	-1,085,000,000	-603,000,000	-1,351,000,000	-926,000,000	-513,000,000	-1,108,000,000	-375,000,000	-1,154,000,000	-714,000,000	-336,000,000	-862,000,000	-533,000,000	-256,000,000	-407,000,000	-291,000,000	-300,000,000	-86,000,000
proceeds for the sale of fixed assets and other assets																																									25,000,000	13,000,000	4,000,000	8,000,000	5,000,000	1,000,000	13,000,000	9,000,000	11,000,000	6,000,000	3,000,000
debt proceeds																																									79,000,000	80,000,000	45,000,000	128,000,000	98,000,000	15,000,000	350,000,000	22,000,000	102,000,000	88,000,000	7,000,000	40,000,000	36,000,000		30,000,000	14,000,000
payment of interest and debt-related expenses																																									-10,000,000	-8,000,000	-3,000,000	-40,000,000	-38,000,000	-1,000,000	-84,000,000	-15,000,000	-113,000,000	-110,000,000	-4,000,000	-165,000,000	-157,000,000	-12,000,000	-768,000,000	-44,000,000	-12,000,000	-5,000,000
cash and cash equivalents at the beginning of year																																									1,385,000,000	1,385,000,000	1,385,000,000	1,273,000,000	1,273,000,000	1,273,000,000	902,000,000	902,000,000	458,000,000	458,000,000	458,000,000	661,000,000	661,000,000	661,000,000	2,940,000,000	2,940,000,000			1,314	1,314	1,314
cash and cash equivalents at period end																																									1,722,000,000	1,092,000,000	1,904,000,000	1,757,000,000	1,191,000,000	1,711,000,000	2,132,000,000	1,323,000,000	1,027,000,000	846,000,000	1,417,000,000	1,171,000,000	786,000,000	1,033,000,000	547,000,000	3,978,000,000			1,646	1,317	1,656
benefit from lawsuits and contingencies
holdings (gain) losses on inventories
gain on equity investees																																															-13,000,000
equity investees acquisitions																																																	-97,000,000
payment of capital reimbursement of núcleo
proceeds for the sale of property, plant and equipment
payment of capital reimbursement of núcleo to the noncontrolling interest
holding losses on inventories																																												4,000,000
holdings loss on inventories																																													5,000,000	8,000,000	8,000,000	-12,000,000	30,000,000	15,000,000	7,000,000	46,000,000	26,000,000	2,000,000
increase in investments not considered as cash and cash equivalents																																													15,000,000	-1,000,000
holdings (gain) loss on inventories
cash flows from operating activities from continuing operations
net income for the year from continuing operations																																																						137,000,000
adjustments to reconcile net income to net cash flows from continuing operations
total cash flows from operating activities from continuing operations
cash flows from investing activities from continuing operations
total cash flows from investing activities from continuing operations
cash flows from financing activities from continuing operations
total cash flows from financing activities from continuing operations
cash flows from investing activities from discontinued operations
proceeds for the sale of equity investees																																																				182,000,000	182,000,000
total cash flows from investing activities from discontinued operations
net increase in cash and cash equivalents from continuing operations.
net increase in cash and cash equivalents from discontinued operations
net increase in cash and cash equivalents from continuing operations
net income from discontinued operations
minority interest																																																	10,000,000	9,000,000	6,000,000	15,000,000	8,000,000	5,000,000	4,000,000	3,000,000	-2,000,000	1,000,000	13	12	8
acquisition of cubecorp
payment of capital reimbursement of nucleo
decrease (increase) in investments not considered as cash and cash equivalents
net income for the period from continuing operations																																																	831,000,000	613,000,000	272,000,000	512,000,000	285,000,000
net loss from discontinued operations
loss on sale/disposal of fixed assets and other assets
gain on debt restructuring																																																							-1,424,000,000
dividends paid																																																				-28,000,000	-21,000,000
net (decrease) increase in liabilities
(increase) decrease in investments not considered as cash and cash equivalents																																																				-38,000,000
income from discontinued operations																																																				-102,000,000	-102,000,000
adjustments to reconcile net income to net cash flows provided by continuing operations
loss on sale/disposal of fixed assets																																																				-8,000,000	-2,000,000
proceeds for the sale of fixed assets																																																				10,000,000	4,000,000	2,000,000
loss from discontinued operations																																																						2,000,000
loss on equity investees
payment of liquidating dividend of nucleo
net income																																																							1,623,000,000	458,000,000	-491,000,000	124,000,000	779	1,288	907
equity loss from related companies																																																							-7,000,000
fixed assets disposal																																																							7,000,000	2,000,000	5,000,000	1,000,000
provision for commissions																																																							49,000,000	24,000,000
provision for contingencies																																																							63,000,000	39,000,000	38,000,000	17,000,000
holdings results on inventories																																																							13,000,000	10,000,000
interest and other financial results on loans
proceeds for the sale of fixed assets and equity investments																																																							13,000,000	15,000,000
repurchase of debt
cash and cash equivalents at year end
depreciation and amortization
increase in provisions
(increase)/decrease in assets
(decrease)/increase in liabilities
debt restructurings results
others
total funds generated by operating activities
total funds applied to investing activities
increase in financial debt
debt payments
interests and financial expenses
total funds applied to financing activities
increase/(decrease) of funds
debt restructuring results
equity gain from related companies																																																								-7,000,000	1,000,000
4-
5-
amortization of goodwill
interest and other financial results on debt																																																									685,000,000
allowance for doubtful accounts and other receivables																																																									59,000,000	1,000,000
gain on repurchase of debt
cash and cash equivalents at the beginning of period																																																									2,216,000,000	2,216,000
consolidated statement of cash flow
three - month comparison
11
(increase)/ decrease in assets
income tax benefit																																																										4,000,000
benefit from contingencies
net decrease (increase) in assets
net book value of fixed assets sold
proceeds from the sale of fixed assets
adjustments to reconcile net income to net cash from operating activities
bad debts expense and other allowances																																																											31
equity income (losses) from related companies
depreciation of goodwill
materials usage																																																											29	20	7
fixed assets disposals																																																											11	5
reserves																																																											83	46	13
interest and other financial expenses
termination benefits
other investments not considered as cash or cash equivalents																																																												41	34
total cash flows used for investing activities
repayment of debt
total cash flows used for financing activities
bad debts expense and allowances for other receivable																																																												22	7
equity losses from related companies
temporary differences from translation on cash and banks
fixed and intangible assets disposals																																																													1
acquisition of investments and related intangible assets
cash and cash equivalents at the beginning of year/period
cash and cash equivalents at year/period end

Telecom Argentina S.A(NYSE:TEO)

Telecom Argentina S.A
(NYSE:TEO)