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DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2019
DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS |
Schedule of subsidiaries included in the consolidation process and the respective equity interest owned by the company |
|  |  |  |  |  | Telecom Argentina's |
|  |  |  |  |  | direct/indirect interest |
|  |  |  |  |  | in capital stock and |
Company |  | Main Activity |  | Country |  | votes |
Núcleo |  | Mobile telecommunications Services |  | Paraguay |  | 67.50 | %
Personal Envíos |  | Mobile financial services |  | Paraguay |  | 67.50 | %
Tuves Paraguay |  | Telecommunications services |  | Paraguay |  | 67.50 | %
Microsistemas |  | Services related to the use of electronic payment media |  | Argentina |  | 100.00 | %
Pem |  | Investment |  | Argentina |  | 100.00 | %
Cable Imagen |  | Closed-circuit television |  | Argentina |  | 100.00 | %
Televisión Dirigida |  | Cable television services |  | Paraguay |  | 100.00 | %
Adesol (a) |  | Holding |  | Uruguay |  | 100.00 | %
AVC Continente Audiovisual |  | Broadcasting services |  | Argentina |  | 60.00 | %
Inter Radios |  | Broadcasting services |  | Argentina |  | 100.00 | %
Telecom USA |  | Telecommunication services |  | USA |  | 100.00 | %
| (a) |  | Includes the 100% interest in Telmas S.A., which holds interests in the following special-purpose entities: Audomar S.A., Bersabel S.A., Dolfycor S.A., Reiford S.A., Space Energy S.A., Tracel S.A. and Visión Satelital S.A. See Note 3 d.4).
Schedule of income statement information | Presented below is the Segment financial information as it is analyzed by the Executive Committee and the CEO for the years ended December 31, 2019, 2018 and 2017. ☐ Consolidated Income Statement as of December 31, 2019
|  |  |  | Services |  | Services |  |  |  | Other |  |  |  |  |  |
|  |  |  | rendered in |  | rendered in |  |  |  | abroad |  | Other abroad |  |  |  |
|  |  |  | Argentina – |  | Argentina |  |  |  | segments – |  | segments |  |  |  |
|  | Services rendered in |  | Inflation |  | restated for |  |  |  | Inflation |  | restated for |  |  |  |
|  | Argentina |  | restatement |  | inflation |  | Other abroad segments |  | restatement |  | inflation |  | Eliminations |  | Total
Revenues |  | 182,233 |  | 40,027 |  | 222,260 |  | 12,931 |  | 3,057 |  | 15,988 |  | (1,224) |  | 237,024
Operating costs without depreciation, amortization and impairment of fixed assets |  | (121,682) |  | (28,393) |  | (150,075) |  | (8,946) |  | (2,143) |  | (11,089) |  | 1,224 |  | (159,940)
Adjusted EBITDA |  | 60,551 |  | 11,634 |  | 72,185 |  | 3,985 |  | 914 |  | 4,899 |  | — |  | 77,084
Depreciation, amortization and impairment of fixed assets |  | (26,024) |  | (31,544) |  | (57,568) |  | (2,869) |  | (852) |  | (3,721) |  | — |  | (61,289)
Operating income |  | 34,527 |  | (19,910) |  | 14,617 |  | 1,116 |  | 62 |  | 1,178 |  | — |  | 15,795
Earnings from associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (187)
Debt financial expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (16,657)
Other financial results, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 11,331
Income before income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,282
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (14,170)
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,888)
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Controlling Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,396)
Non-controlling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 508
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,888)
☐ Consolidated Income Statement as of December 31, 2018
|  |  |  | Services |  | Services |  |  |  | Other |  |  |  |  |  |
|  |  |  | rendered in |  | rendered in |  |  |  | abroad |  | Other abroad |  |  |  |
|  |  |  | Argentina – |  | Argentina |  |  |  | segments – |  | segments |  |  |  |
|  | Services rendered in |  | Inflation |  | restated for |  |  |  | Inflation |  | restated for |  |  |  |
|  | Argentina |  | restatement |  | inflation |  | Other abroad segments |  | restatement |  | inflation |  | Eliminations |  | Total
Revenues |  | 129,836 |  | 114,767 |  | 244,603 |  | 7,894 |  | 7,104 |  | 14,998 |  | (1,083) |  | 258,518
Operating costs without depreciation, amortization and impairment of fixed assets |  | (85,942) |  | (76,657) |  | (162,599) |  | (5,414) |  | (4,873) |  | (10,287) |  | 1,083 |  | (171,803)
Adjusted EBITDA |  | 43,894 |  | 38,110 |  | 82,004 |  | 2,480 |  | 2,231 |  | 4,711 |  | — |  | 86,715
Depreciation, amortization and impairment of fixed assets |  | (20,416) |  | (30,187) |  | (50,603) |  | (1,753) |  | (1,658) |  | (3,411) |  | — |  | (54,014)
Operating income |  | 23,478 |  | 7,923 |  | 31,401 |  | 727 |  | 573 |  | 1,300 |  | — |  | 32,701
Earnings from associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 363
Debt financial expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (52,262)
Other financial results, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23,348
Income before income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,150
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,366
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,516
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Controlling Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,145
Non-controlling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 371
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,516
☐ Consolidated Income Statement as of December 31, 2017
|  |  |  | Services |  | Services |  |  |  | Other |  |  |  |  |  |
|  |  |  | rendered in |  | rendered in |  |  |  | abroad |  | Other abroad |  |  |  |
|  |  |  | Argentina – |  | Argentina |  |  |  | segments – |  | segments |  |  |  |
|  | Services rendered in |  | Inflation |  | restated for |  |  |  | Inflation |  | restated for |  |  |  |
|  | Argentina |  | restatement |  | inflation |  | Other abroad segments |  | restatement |  | inflation |  | Eliminations |  | Total
Revenues |  | 39,870 |  | 60,841 |  | 100,711 |  | 1,074 |  | 758 |  | 1,832 |  | (12) |  | 102,531
Operating costs without depreciation, amortization and impairment of fixed assets |  | (25,082) |  | (39,153) |  | (64,235) |  | (711) |  | (502) |  | (1,213) |  | 12 |  | (65,436)
Adjusted EBITDA |  | 14,788 |  | 21,688 |  | 36,476 |  | 363 |  | 256 |  | 619 |  | — |  | 37,095
Depreciation, amortization and impairment of fixed assets |  | (3,880) |  | (11,021) |  | (14,901) |  | (106) |  | (75) |  | (181) |  | — |  | (15,082)
Operating income |  | 10,908 |  | 10,667 |  | 21,575 |  | 257 |  | 181 |  | 438 |  | — |  | 22,013
Earnings from associates |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 543
Debt financial expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (334)
Other financial results, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,431
Income before income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23,653
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (8,486)
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,167
Attributable to: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Controlling Company |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 14,969
Non-controlling interest |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 198
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 15,167
Schedule of national consumer price index according to official statistics (INDEC) | The table below show the evolution of these indexes in the last three years and as of December 31, 2019 following official statistics (INDEC) in accordance with the guideline described in Resolution No. 539/18:
|  | As of December 31, |  | As of December 31, |  | As of December 31, |  | As of December 31, |
|  | 2016 |  | 2017 |  | 2018 |  | 2019 |
National Consumer Price Index |  | 100 |  | 124.8 |  | 184.26 |  | 284.44 |
Variation in Prices |  |  |  |  |  |  |  |  |
Annual |  | 34.6 | % | 24.7 | % | 47.6 | % | 53.8 | %
Accumulated 3 years |  | 102.2 | % | 96.6 | % | 147.8 | % | 183.2 | %

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