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CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended
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Dec. 31, 2019
CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS |
CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS | NOTE 5 – CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS a) Cash and cash equivalents and Investments
|  | As of December 31,
|  | 2019 |  | 2018
Cash and cash equivalents |  |  |  |
Cash and Banks |  | 1,718 |  | 2,889
Time deposits |  | 703 |  | 7,620
Mutual funds |  | 23,161 |  | 92
Total cash and cash equivalents |  | 25,582 |  | 10,601
Investments |  |  |  |
Current |  |  |  |
Government bonds at fair value |  | 297 |  | 1,119
Government bonds at amortized cost |  | 132 |  | 798
Mutual funds |  | 63 |  | 2
Other investments at amortized cost |  | — |  | 190
Allowance for credit risk (*) |  | (63) |  | —
Total current investments |  | 429 |  | 2,109
Non- current |  |  |  |
Government bonds at amortized cost |  | 1,976 |  | 7,119
Investments in associates (**) |  | 1,125 |  | 1,487
2003 Telecommunications Fund |  | 1 |  | 1
Allowance for credit risk (*) |  | (979) |  | —
|  | 2,123 |  | 8,607
Total non-current investments |  | 2,552 |  | 10,716
(*) Constituted following the expected credit losses parameters provided by IFRS 9 as a consequence of a significant increase in these financial instruments' credit risk. (**) Information on Investments in associates is detailed below: Financial position information:
|  |  |  |  |  | Percentage of capital |  |  |  |
|  |  |  |  |  | stock owned and |  | Valuation as of |  | Valuation as of
Companies |  | Main activity | Country | voting rights |  | 12.31.2019 |  | 12.31.2018
Ver T.V. S.A. (1) |  | Cable television station |  | Argentina |  | 49.00 |  | 622 |  | 909
Teledifusora San Miguel Arcángel S.A. (1) (2) (3) |  | Cable television station |  | Argentina |  | 50.10 |  | 252 |  | 349
La Capital Cable S.A. (2) |  | Closed-circuit television |  | Argentina |  | 50.00 |  | 245 |  | 220
Other minor investments in associates at equity method, net of the allowance for impairment |  |  |  |  |  |  |  | 6 |  | 9
Total |  |  |  |  |  |  |  | 1,125 |  | 1,487
| (1) |  | Data about the issuer arise from extra-accounting information.
| (2) |  | Direct and indirect interest.
| (3) |  | Despite owning a percentage higher than a 50% of interest, the Company does not have the control in accordance with the requirements of IFRS.
Earnings information:
|  | Years ended December 31,
|  | 2019 |  | 2018 |  | 2017
Ver T.V. S.A. |  | (164) |  | 218 |  | 380
Teledifusora San Miguel Arcángel S.A. |  | (43) |  | 111 |  | 105
La Capital Cable S.A. |  | 20 |  | 34 |  | 58
Total |  | (187) |  | 363 |  | 543
Movements in the allowance of current credit risk are as follows:
|  | December 31,
|  | 2019 |  | 2018
At the beginning of the fiscal year |  | — |  | —
Additions – Other financial results, net |  | (1,140) |  | —
Uses (includes RECPAM) |  | 1,077 |  | —
At the end of the year |  | (63) |  | —
Movements in the allowance of non-current credit risk are as follows:
|  | December 31,
|  | 2019 |  | 2018
At the beginning of the fiscal year |  | — |  | —
Additions – Other financial results, net |  | (1,429) |  | —
Uses (include RECPAM) |  | 450 |  |
At the end of the year |  | (979) |  | —
b) Additional information on the consolidated statements of cash flows The Company applies the indirect method to reconcile the net income for the year with the cash flows generated by its operations. For purposes of the statements of cash flows, cash and cash equivalents comprise cash, bank current accounts and short-term highly liquid investments (with a maturity of three months or less from the date of acquisition). Bank overdrafts are disclosed in the statement of financial position as financial debts and its flows in the cash flow statements as proceed and payment of financial debt, because they are part of the short-term financial structure of Telecom and its subsidiaries. Changes in assets/liabilities components:
|  | December 31,
|  | 2019 |  | 2018 |  | 2017
Net decrease (increase ) in assets |  |  |  |  |  |
Trade receivables |  | 3,262 |  | (6,295) |  | (624)
Other receivables |  | 113 |  | (1,375) |  | (1,133)
Inventories |  | 465 |  | (17) |  | 46
|  | 3,840 |  | (7,687) |  | (1,711)
Net increase (decrease) in liabilities |  |  |  |  |  |
Trade payables |  | (16,964) |  | (12,041) |  | 559
Salaries and social security payables |  | 1,273 |  | 435 |  | 557
Taxes payables |  | 984 |  | (3,123) |  | (2,192)
Other liabilities and provisions |  | (4,149) |  | (3,583) |  | (1,132)
|  | (18,856) |  | (18,312) |  | (2,208)
Main Financing activities components The following table presents the main financing activities components:
Bank overdrafts |  | 8,025 |  | 3,348 |  | —
Notes |  | 22,521 |  | — |  | —
Bank and other financial entities loans |  | 26,974 |  | 39,371 |  | 1,891
Loans for purchase of equipment |  | 987 |  | — |  | —
Companies under section 33 - Law No. 19,550 and related parties |  | — |  | — |  | 54
Total financial debt proceeds |  | 58,507 |  | 42,719 |  | 1,945
Notes |  | — |  | (6,007) |  | —
Bank and other financial entities loans |  | (33,445) |  | (515) |  | (2,495)
Loans for purchase of equipment |  | (3,058) |  | (419) |  | —
Companies under section 33 - Law No. 19,550 and related parties |  | — |  | — |  | (2)
Total payment of debt |  | (36,503) |  | (6,941) |  | (2,497)
Bank overdrafts |  | (970) |  | (145) |  | —
Notes - Interests and related expenses |  | (1,129) |  | (2,322) |  | —
Bank and other financial entities loans - Interests and related expenses |  | (7,124) |  | (3,673) |  | (1,944)
By NDF, purchase of equipment and others |  | 1,330 |  | 411 |  | (41)
Companies under section 33 - Law No. 19,550 and related parties |  | — |  | — |  | (2)
Total payment of interest and related expenses |  | (7,893) |  | (5,729) |  | (1,987)
Main non-cash operating transactions Main non-cash operating transactions and that were eliminated from the consolidated statement of cash flows are the following:
|  | December 31,
|  | 2019 |  | 2018 |  | 2017
PP&E and intangible assets acquisition financed with accounts payable |  | 16,384 |  | 13,887 |  | —
|  | 16,384 |  | 13,887 |  | —
Cash dividends from the Company and its subsidiaries Brief information on dividends of the Company and its subsidiaries is provided below:
|  |  |  |  |  | Distributed amount |  |  |  | Amount paid in
|  |  |  |  |  |  |  |  | Current currency |  |  |  | current currency
|  |  |  |  |  | Currency of the |  | as of December 31, |  |  |  | as of December
Year |  | Company |  | Distribution month |  | transaction date |  | 2019 |  | Payment month |  | 31, 2019
2019 |  | Telecom |  | April 2019 |  |  | 6,300 |  | 8,666 |  | May 2019 |  | 8,133
|  | Telecom |  | August 2019 |  |  | 7,045 |  | 8,334 |  | August 2019 |  | 8,334
|  | Telecom |  | October 2019 |  | (1) | 17,387 |  | 18,806 |  | October 2019 |  | 18,806
|  | Núcleo |  | April 2019 |  |  | 197 |  | 262 |  | May 2019 |  | 255
|  |  |  |  |  |  | 30,929 |  | 36,068 |  |  |  | 35,528
2018 |  | Telecom |  | December 2017 |  |  | — |  | — |  | January 2018 |  | 9,098
|  | Telecom |  | January 2018 |  | (2) | 13,007 |  | 29,020 |  | February 2018 |  | 28,338
|  | Telecom |  | January 2018 |  |  | 6,866 |  | 15,320 |  | March 2018 |  | 14,624
|  | Núcleo |  | April 2018 |  |  | 135 |  | 280 |  | March 2018 |  | 279
|  |  |  |  |  |  | 20,008 |  | 44,620 |  |  |  | 52,339
2017 |  | Cablevisión |  | December 2017 |  | (3) | 4,078 |  | 9,263 |  | January 2018 |  | —
|  | Cablevisión |  | March 2017 |  |  | 800 |  | 2,130 |  | April 2017 |  | 2,076
|  | Cablevisión |  | March 2017 |  |  | 800 |  | 2,130 |  | September 2017 |  | 1,928
|  | CV Berazategui |  | April 2017 |  |  | 6 |  | 10 |  | April 2017 |  | 10
|  |  |  |  |  |  | 5,684 |  | 13,533 |  |  |  | 4,014
(1) The General Ordinary Shareholders’ Meeting held on October 10, 2019 resolved to distribute US$300 million in cash dividends to be paid in US dollars (freely available) equivalent to $17,387 according to the exchange rate of BCRA Com “A” 3,500 issued on October 9, 2019 ($57.9). (2) Includes $5,641 and $4,503 of anticipated cash dividends pursuant to Section 224, 2nd paragraph of the LGS related to the net income (liquid and realized) of the period January 1st, 2017 and September 30, 2017 arising from the Telecom Argentina’s and Cablevision’s stand-alone basis financial statements as of September 30, 2017, respectively, that were subsequently ratified by the General Ordinary Shareholders’ Meeting held on April 25, 2018. (3) On January 8, 2018, Telecom, as the continuing Company of Cablevisión, cancelled the dividends stated by Cablevisión on December 18, 2017. Cash dividends from associates companies Brief information on dividends of the associates companies is provided below:
|  |  |  | Dividends Collected
|  |  |  |  |  | Current currency
|  |  |  | Currency of the |  | as of December 31,
Year |  | Company |  | transaction date |  | 2019
2019 |  | Ver TV |  | 97 |  | 126
|  | TSMA |  | 41 |  | 53
|  | La Capital Cable |  | 5 |  | 6
|  |  |  | 143 |  | 185
2018 |  | Ver TV |  | 18 |  | 41
|  | TSMA |  | 8 |  | 17
|  | La Capital Cable |  | 15 |  | 28
|  |  |  | 41 |  | 86
2017 |  | Ver TV |  | 70 |  | 151
|  | TSMA |  | 19 |  | 54
|  | La Capital Cable |  | 10 |  | 24
|  |  |  | 99 |  | 229
Additional information required by IAS 7
|  |  |  |  |  |  |  | Exchange |  |
|  |  |  |  |  |  |  | differences |  |
|  | Balances |  |  |  |  |  | and currency |  | Balances
|  | as of |  |  |  |  |  | translation |  | as of
|  | December 31, |  | Cash |  |  |  | adjustments and |  | December 31,
|  | 2018 |  | Flows |  | Accrued interests |  | Others |  | 2019
Bank overdrafts |  | 3,501 |  | 8,024 |  | — |  | (1,815) |  | 9,710
Bank and other financial entities loans – principal |  | 72,618 |  | (6,472) |  | — |  | 4,348 |  | 70,494
Notes - principal |  | 24,731 |  | 19,464 |  | — |  | (3,670) |  | 40,525
NDF |  | 154 |  | (878) |  | — |  | 1,099 |  | 375
Loans for purchase of equipment |  | 3,198 |  | 987 |  | — |  | 5 |  | 4,190
Accrued interests and related expenses |  | 17,810 |  | (9,342) |  | 11,098 |  | 7,136 |  | 26,702
Total current and non-current financial debt (Note 14) |  | 122,012 |  | 11,783 |  | 11,098 |  | 7,103 |  | 151,996
Additional information required by IAS 7
|  |  |  |  |  |  |  |  |  | Exchange |  |
|  |  |  |  |  |  |  |  |  | differences |  |
|  | Balances |  |  |  |  |  |  |  | and currency |  | Balances
|  | as of |  |  |  |  |  |  |  | translation |  | as of
|  | December 31, |  | Incorporation by |  | Cash |  |  |  | adjustments and |  | December 31,
|  | 2017 |  | merger |  | Flows |  | Accrued interests |  | Others |  | 2018
Bank overdrafts |  | — |  | 306 |  | 3,348 |  | — |  | (153) |  | 3,501
Bank and other financial entities loans – principal |  | 442 |  | 18,610 |  | 38,856 |  | — |  | 14,710 |  | 72,618
Notes – principal |  | 16,942 |  | 4,901 |  | (6,007) |  | — |  | 8,895 |  | 24,731
NDF |  | — |  | 39 |  | (68) |  | 183 |  | — |  | 154
Loans for purchase of equipment |  | 2,989 |  | — |  | (394) |  | 54 |  | 549 |  | 3,198
Companies under section 33 - Law No. 19,550 and related parties |  | 9 |  | — |  | — |  | — |  | (9) |  | —
Accrued interests and related expenses |  | 4,246 |  | 3,995 |  | (6,307) |  | 6,761 |  | 9,115 |  | 17,810
Total current and non-current financial debt (Note 14) |  | 24,628 |  | 27,851 |  | 29,428 |  | 6,998 |  | 33,107 |  | 122,012

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