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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
$ in Millions, $ in Millions
Equity attributable to Controlling Company
ARS ($)
Outstanding shares, Capital nominal value
ARS ($)
Treasury shares, Capital nominal value
ARS ($)
Treasury shares, Inflation adjustment
ARS ($)
Treasury shares acquisition cost
ARS ($)
Contributed Surplus
ARS ($)
Legal reserve
ARS ($)
Special reserve for IFRS implementation
ARS ($)
Voluntary reserve for capital investments
ARS ($)
Facultative
ARS ($)
 [2]
Voluntary reserve for future dividends payments
ARS ($)
Other comprehensive results
ARS ($)
Other deferred
ARS ($)
Retained earnings
ARS ($)
Equity attributable to non-controlling interest
ARS ($)
USD ($)
ARS ($)
Balances as of at Dec. 31, 2016 $ 82,893 $ 1,200 [1]   $ 6,169     $ 153 $ 164   $ 17,993   $ (1,912) $ 24 $ 59,102 $ 1,215   $ 84,108
Legal and facultative reserve [3]             534     5,980       (6,514)      
Dividends [3] (4,260)                         (4,260)     (4,260)
Dividends to non-controlling shareholders                             (10)   (10)
Facultative reserve partial reversal [4] (9,263)                 (9,263)             (9,263)
Comprehensive income:                                  
Net (loss) income for the year 14,969                         14,969 198   15,167
Other comprehensive income (loss) (986)                     (986)     (102)   (1,088)
Total comprehensive (loss) / income for the year 13,983                     (986)   14,969 96   14,079
Balances as of at Dec. 31, 2017 83,353 1,200 [1]   6,169     687 164   14,710   (2,898) 24 63,297 1,301   84,654
Incorporation of the Net Equity of the acquiree 102,520 969 [1] $ 15 [1],[5] 61,689 $ (2,761) [5]   2,798 1,337 $ 5,077   $ 34,481 (486) (8) (591) 1,801   104,321
Retained earnings adjustment 36                         36 (32)   4
Merger effect 196,303 (15) [1]   (77)   $ 195,901           486 8   1,243   197,546
Call option reserve [6] (203)                       (203)       (203)
Facultative reserve [7]                   2,722 4,124     (6,846)      
Dividends [8] (44,340)                   (21,709)     (22,631)     (44,340)
Dividends to non-controlling shareholders                             (280)   (280)
Increase in CV Berazategui shareholding (368)                       (368)   (8)   (376)
Comprehensive income:                                  
Net (loss) income for the year 8,145                         8,145 371   8,516
Other comprehensive income (loss) 1,740                     1,740     568   2,308
Total comprehensive (loss) / income for the year 9,885                     1,740   8,145 939   10,824
Balances as of at Dec. 31, 2018 347,186 2,154 [1],[9] 15 [1],[5],[9] 67,781 (2,761) [5] 195,901 3,485 1,501 5,077 17,432 16,896 (1,158) (547) 41,410 4,964   352,150
Reserve constitution [10]             409     22,644 9,691     (32,744)      
Dividends [10],[11] (17,000)                   (8,334)     (8,666)     (17,000)
Dividends to non-controlling shareholders [12]                             (262)   (262)
Capital reduction     $ (15) [9] (954) $ 2,761                 (1,792)      
Irrevocable Call and Put Option on the shares of AVC Continente Audiovisual [13] (114)                       (114)       (114)
Increase in Tuves shareholding [14] 34                       34   (94)   (60)
Dividends (18,806) [11],[15],[16]                 (2,116) [11],[15],[16] (16,690) [11],[15],[16]         $ (300) (18,806) [11],[15],[16]
Adesol dividends (24)                       (24)       (24)
Comprehensive income:                                  
Net (loss) income for the year (4,396)                         (4,396) 508   (3,888)
Other comprehensive income (loss) (1,802)                     (1,802)     (348)   (2,150)
Total comprehensive (loss) / income for the year (6,198)                     (1,802)   (4,396) 160   (6,038)
Balances as of at Dec. 31, 2019 $ 305,078 $ 2,154 [9]   $ 66,827   $ 195,901 $ 3,894 $ 1,501 $ 5,077 $ 37,960 $ 1,563 $ (2,960) $ (651) $ (6,188) $ 4,768   $ 309,846
[1] As of December 31, 2017 and 2018 total shares, were issued and fully paid. As of December 31, 2018, 15,221,373 were treasury shares. See Note 22 to these consolidated financial statements.
[2] Corresponds to the Facultative Reserve to maintain the capital investments level and the current level of solvency.
[3] As approved by the Ordinary and Extraordinary Shareholders’ Meeting of Cablevisión held on March 30, 2017.
[4] For future dividends payments approved by the General Extraordinary Shareholders’ Meeting of Cablevisión held on December 18, 2017.
[5] As of December 31, 2018, corresponds to 15,221,373 shares of $1 argentine peso of nominal value each, equivalent to 0.70% of total capital. See Note 22 to these consolidated financial statements.
[6] Call option reserve of non-controlling interest.
[7] As approved by the General Ordinary Shareholders’ Meeting held on April 25, 2018.
[8] As approved by the Company’s Board of Directors on January 31, 2018.Total dividends distributed were equivalent to $20.58 pesos per share.
[9] As of December 31, 2019 total shares, were issued and fully paid.
[10] As approved by the Ordinary and Extraordinary Shareholders’ Meeting of the Company held on April 24, 2019.
[11] Total dividends distributed for the year ended on December 31, 2019 were equivalent to $16.63 pesos per share.
[12] Correspond to non-controlling shareholders of Núcleo.
[13] See Note 3.d.1.b) to these consolidated financial statements.
[14] See Note 3.d.1.a) to these consolidated financial statements.
[15] As approved by the General Ordinary Shareholders’ Meeting of the Company held on October 10, 2019.
[16] Equivalent to US$300 million paid in cash US dollars (freely available).