We would like to clarify that during the conference call and Q&A sessions we may produce certain forward-looking statements about Telecom’s future performance, plans, strategies and targets. Such statements are subject to uncertainties that could cause Telecom's actual results and operations to differ materially. Such uncertainties include, but are not limited to, the effects of public emergency law and complementary regulation, the effects of ongoing industry and economic regulations, possible changes in demand for telecom products and services and the effects of more general factors such as changes in general market or economic conditions, in legislation and regulation.
Our press release dated February 16 th, 2012, a copy of which has been included in the Form 6-K report to be furnished to the SEC, describes certain factors that may affect any forward-looking statements we may produce during this session. Furthermore, we urge the audience of this conference call to read the disclaimer clause contained in slide one of the presentation.
As usual, in our quarterly conference calls, the agenda for today as seen in slide two is first to go over the general market overview. Then, we'll go over to some business highlights, and after that we'll go over to some specifics of the evolution of our financial figures, where we have added a short reconciliation between IFRS and local GAAP figures for fiscal year 2011, and finally we will end the call with our traditional Q&A session.
Having gone through these procedural matters, I will go over a brief macro overview as an introduction to the general operating environment.In slide three, we included some snapshots on the current Argentine macroeconomic scenario. Year 2011 showed an Argentine economy with a substantial level of growth, although at the end of the year certain deceleration was perceived. Moreover, tightening fiscal and monetary policies announcing and gradually implemented by the government could slowdown economy during 2012, but could contribute to a more sustainable growth perhaps for the future.
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