DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS

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, 2023, 2022 and 2021.

◻

Consolidated Income Statement as of December 31, 2023

Services

Other

rendered in

abroad

Other abroad

Services

Argentina –

Argentina

Other

segments –

segments

rendered in

Inflation

restated for

abroad

Inflation

restated for

Argentina

restatement

inflation

segments

restatement

inflation

Eliminations

Total

Revenues

1,054,683

870,441

1,925,124

80,246

62,669

142,915

(8,938)

2,059,101

Operating costs without depreciation, amortization and impairment of Fixed Assets

(759,759)

(645,509)

(1,405,268)

(46,821)

(36,554)

(83,375)

8,938

(1,479,705)

Adjusted EBITDA

294,924

224,932

519,856

33,425

26,115

59,540

—

579,396

Depreciation, amortization and impairment of Fixed Assets

(704,461)

Operating loss

(125,065)

Losses from associates and joint ventures

(1,888)

Financial cost

(634,307)

Other financial results, net

173,316

Loss before income tax

(587,944)

Income tax benefit

338,257

Net loss

(249,687)

Attributable to:

Controlling Company

(257,730)

Non-controlling interest

8,043

(249,687)

◻

Consolidated Income Statement as of December 31, 2022

Services

Other

rendered in

abroad

Other abroad

Services

Argentina –

Argentina

Other

segments –

segments

rendered in

Inflation

restated for

abroad

Inflation

restated for

Argentina

restatement

inflation

segments

restatement

inflation

Eliminations

Total

Revenues

504,432

1,622,426

2,126,858

36,528

116,827

153,355

(9,485)

2,270,728

Operating costs without depreciation, amortization and impairment of Fixed Assets

(370,534)

(1,194,810)

(1,565,344)

(21,661)

(69,210)

(90,871)

9,485

(1,646,730)

Adjusted EBITDA

133,898

427,616

561,514

14,867

47,617

62,484

—

623,998

Depreciation, amortization and impairment of Fixed Assets

(1,542,467)

Operating loss

(918,469)

Earnings from associates and joint ventures

2,550

Financial cost

92,625

Other financial results, net

100,379

Loss before income tax

(722,915)

Income tax benefit

82,536

Net loss

(640,379)

Attributable to:

Controlling Company

(647,208)

Non-controlling interest

6,829

(640,379)

◻

Consolidated Income Statement as of December 31, 2021

Services

Other

rendered in

abroad

Other abroad

Services

Argentina –

Argentina

Other

segments –

segments

rendered in

Inflation

restated for

abroad

Inflation

restated for

Argentina

restatement

inflation

segments

restatement

inflation

Eliminations

Total

Revenues

332,816

2,070,653

2,403,469

26,215

163,537

189,752

(12,178)

2,581,043

Operating costs without depreciation, amortization and impairment of Fixed Assets

(229,554)

(1,445,309)

(1,674,863)

(15,514)

(97,478)

(112,992)

12,178

(1,775,677)

Adjusted EBITDA

103,262

625,344

728,606

10,701

66,059

76,760

—

805,366

Depreciation, amortization and impairment of Fixed Assets

(822,272)

Operating loss

(16,906)

Earnings from associates and joint ventures

2,398

Financial cost

174,096

Other financial results, net

102,811

Income before income tax

262,399

Income tax expense

(202,105)

Net income

60,294

Attributable to:

Controlling Company

52,559

Non-controlling interest

7,735

60,294

Schedule of national consumer price index according to official statistics (INDEC)


	As of December 31,		As of December 31,		As of December 31,
	2021		2022		2023

National Consumer Price Index (National CPI) (December 2016=100)	582.46		1,134.59		3,533.19

Variation in Prices
Annual	50.9	%	94.8	%	211.4	%

Banco Nación US$/$ exchange rate	102.72		177.16		808.45

Variation in the exchange rate
Annual	22.1	%	72.5	%	356.3	%