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CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended
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Dec. 31, 2020
CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS |
Schedule of cash and cash equivalents and investments |
|  | As of December 31,
|  | 2020 |  | 2019
Cash and cash equivalents |  |  |  |
Cash and Banks |  | 4,645 |  | 2,339
Time deposits |  | 3,546 |  | 957
Mutual funds (a) |  | 8,797 |  | 31,531
Government bonds at fair value |  | 1,539 |  | —
Total cash and cash equivalents |  | 18,527 |  | 34,827
Investments |  |  |  |
Current |  |  |  |
Government bonds at fair value |  | 5,054 |  | 404
Government bonds at amortized cost |  | 126 |  | 180
Mutual funds (a) |  | 1,442 |  | 87
Allowance for credit risk (b) |  | (80) |  | (87)
Total current investments |  | 6,542 |  | 584
Non- current |  |  |  |
Government bonds at amortized cost |  | 342 |  | 2,692
Investments in associates (c) |  | 2,026 |  | 1,531
2003 Telecommunications Fund |  | 1 |  | 1
Allowance for credit risk (b) |  | (217) |  | (1,333)
Total non-current investments |  | 2,152 |  | 2,891
Total investments |  | 8,694 |  | 3,475
| (a) |  | As of December 31, 2020, includes $194 in Cash and cash equivalents which availability is restricted between 30 and 60 days, according to contractual provisions and $1,372 in Investments in guarantee of financial operations.
| (b) |  | Constituted following the expected credit losses parameters provided by IFRS 9 as a consequence of a significant increase in these financial instruments’ credit risk.
| (c) |  | Information on Investments in associates is detailed below:
Schedule of financial position information of investments in associates |
|  |  |  |  |  | Percentage of capital |  |  |  |
|  |  |  |  |  | stock owned and |  | Valuation as of |  | Valuation as of
Companies |  | Main activity | Country | voting rights |  | 12.31.2020 |  | 12.31.2019
Ver TV. (1) |  | Cable television station |  | Argentina |  | 49.00 |  | 1,219 |  | 847
TSMA (1) (2) (3) |  | Cable television station |  | Argentina |  | 50.10 |  | 454 |  | 344
La Capital Cable (1) (2) |  | Closed-circuit television |  | Argentina |  | 50.00 |  | 348 |  | 334
Other minor investments in associates at equity method (4) |  |  |  |  |  |  |  | 5 |  | 6
Total |  |  |  |  |  |  |  | 2,026 |  | 1,531
| (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.
| (4) |  | The variation is included in Other financial results, net - RECPAM.
Schedule of earnings (losses) information in associates |
|  | Years ended December 31,
|  | 2020 |  | 2019 |  | 2018
Ver TV |  | 372 |  | (223) |  | 297
TSMA |  | 110 |  | (59) |  | 151
La Capital Cable |  | 14 |  | 27 |  | 46
Total |  | 496 |  | (255) |  | 494
Summary of movements in the allowance of credit risk | Movements in the allowance of current credit risk are as follows:
|  | December 31,
|  | 2020 |  | 2019
At the beginning of the fiscal year |  | (87) |  | —
Additions – Exchange differences |  | (50) |  | —
Additions – Risk of doubtful government bonds results |  | (16) |  | (1,552)
Reclassifications |  | (503) |  | —
Uses (includes RECPAM) |  | 576 |  | 1,465
At the end of the year |  | (80) |  | (87)
Movements in the allowance of non-current credit risk are as follows:
|  | December 31,
|  | 2020 |  | 2019
At the beginning of the fiscal year |  | (1,333) |  | —
Additions – Exchange differences |  | (220) |  | —
Additions – Risk of doubtful government bonds results |  | (42) |  | (1,945)
Reclassifications |  | 503 |  | —
Uses (includes RECPAM) |  | 875 |  | 612
At the end of the year |  | (217) |  | (1,333)
Schedule of changes in assets/liabilities components |
|  | December 31,
|  | 2020 |  | 2019 |  | 2018
Net (increase) decrease in assets |  |  |  |  |  |
Trade receivables |  | (7,313) |  | 4,441 |  | (8,570)
Other receivables |  | (647) |  | 154 |  | (1,872)
Inventories |  | (197) |  | 633 |  | (23)
|  | (8,157) |  | 5,228 |  | (10,465)
Net decrease in liabilities |  |  |  |  |  |
Trade payables |  | (7,019) |  | (23,095) |  | (16,393)
Salaries and social security payables |  | 476 |  | 1,733 |  | 592
Taxes payables |  | 1,135 |  | 1,339 |  | (4,253)
Other liabilities and provisions |  | (5,800) |  | (5,648) |  | (4,878)
|  | (11,208) |  | (25,671) |  | (24,932)
Schedule of main financing activities components |
Bank overdrafts |  | — |  | 10,925 |  | 4,558
Notes |  | 28,075 |  | 30,660 |  | —
Bank and other financial entities loans |  | 24,830 |  | 36,723 |  | 53,600
Loans for purchase of equipment |  | 3,123 |  | 1,344 |  | —
Total financial debt proceeds |  | 56,028 |  | 79,652 |  | 58,158
Bank overdrafts |  | (6,908) |  | (1) |  | —
Notes |  | (9,621) |  | (4,162) |  | (8,178)
Bank and other financial entities loans |  | (46,624) |  | (45,532) |  | (701)
Loans for purchase of equipment |  | (2,240) |  | — |  | (570)
Total payment of debt |  | (65,393) |  | (49,695) |  | (9,449)
Bank overdrafts |  | (3,967) |  | (1,321) |  | (197)
Notes |  | (5,701) |  | (1,537) |  | (3,161)
Bank and other financial entities loans |  | (9,038) |  | (9,699) |  | (5,000)
By NDF, purchase of equipment and others |  | (2,145) |  | 1,811 |  | 560
Total payment of interest and related expenses |  | (20,851) |  | (10,746) |  | (7,798)
Schedule of main non-cash operating transactions |
PP&E and intangible assets acquisition financed with accounts payable |  | 19,652 |  | 20,922 |  | 18,906
Dividends payment with investments not considered as cash and cash equivalents |  | 25,713 |  | — |  | —
Accounts payable payment with CDB loan proceeds |  | 249 |  | — |  | —
Other receivables offset with income tax liabilities |  | 26 |  | — |  | —
Trade receivables offset with government bonds |  | 468 |  | — |  | —
Summary of cash dividends from the Company, its subsidiaries and associates companies |
|  |  |  | Cash Dividends Collected
|  |  |  |  |  | Current currency
|  |  |  | Currency of the |  | as of December 31,
Year |  | Company |  | transaction date |  | 2020
2020 |  | Ver TV |  | 50 |  | 57
|  | TSMA |  | 21 |  | 23
|  |  |  | 71 |  | 80
2019 |  | Ver TV |  | 97 |  | 172
|  | TSMA |  | 41 |  | 72
|  | La Capital Cable |  | 5 |  | 8
|  |  |  | 143 |  | 252
2018 |  | Ver TV |  | 18 |  | 56
|  | TSMA |  | 8 |  | 23
|  | La Capital Cable |  | 15 |  | 38
|  |  |  | 41 |  | 117
|  |  |  |  |  | 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 |  | 2020 |  | Payment month |  | 31, 2020
2020 |  | Núcleo |  | April 2020 |  |  | 295 |  | 367 |  | May 2020 |  | 191
|  | Núcleo |  | April 2020 |  |  | — |  | — |  | October 2020 |  | 176
|  |  |  |  |  |  | 295 |  | 367 |  |  |  | 367
2019 |  | Telecom |  | April 2019 |  |  | 6,300 |  | 11,798 |  | May 2019 |  | 11,072
|  | Telecom |  | August 2019 |  |  | 7,045 |  | 11,346 |  | August 2019 |  | 11,346
|  | Telecom |  | October 2019 |  | (1) | 17,387 |  | 25,603 |  | October 2019 |  | 25,603
|  | Núcleo |  | April 2019 |  |  | 197 |  | 356 |  | May 2019 |  | 347
|  |  |  |  |  |  | 30,929 |  | 49,103 |  |  |  | 48,368
2018 |  | Telecom |  | December 2017 |  |  | - |  | - |  | January 2018 |  | 12,386
|  | Telecom |  | January 2018 |  | (2) | 13,007 |  | 39,508 |  | February 2018 |  | 38,580
|  | Telecom |  | January 2018 |  |  | 6,866 |  | 20,857 |  | March 2018 |  | 19,909
|  | Núcleo |  | April 2018 |  |  | 135 |  | 381 |  | March 2018 |  | 380
|  |  |  |  |  |  | 20,008 |  | 60,746 |  |  |  | 71,255
(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.
Schedule of additional information required by IAS 7 |
|  |  |  |  |  |  |  | Exchange |  |
|  |  |  |  |  |  |  | differences |  |
|  | Balances |  |  |  |  |  | , currency |  | Balances
|  | as of |  |  |  |  |  | translation |  | as of
|  | December 31, |  | Cash |  |  |  | adjustments and |  | December 31,
|  | 2019 |  | Flows |  | Accrued interest |  | others |  | 2020
Bank overdrafts |  | 13,219 |  | (6,908) |  | — |  | (2,358) |  | 3,953
Securities' caution - principal |  | 419 |  | (313) |  | — |  | (106) |  | —
Bank and other financial entities loans – principal |  | 95,552 |  | (21,481) |  | — |  | (*) 6,992 |  | 81,063
Notes - principal |  | 55,171 |  | 18,454 |  | — |  | (3,303) |  | 70,322
NDF |  | 510 |  | (1,831) |  | — |  | 1,848 |  | 527
Loans for purchase of equipment |  | 5,705 |  | 883 |  | — |  | 28 |  | 6,616
Accrued interest and related expenses |  | 36,352 |  | (19,195) |  | 13,974 |  | 6,588 |  | 37,719
Total current and non-current financial debt (Note 13) |  | 206,928 |  | (30,391) |  | 13,974 |  | 9,689 |  | 200,200
(*) Includes $249 of loans with the CDB Bank (Note 13) that do not represent cash movement.
|  |  |  |  |  |  |  | Exchange |  |
|  |  |  |  |  |  |  | differences |  |
|  | Balances |  |  |  |  |  | , currency |  | Balances
|  | as of |  |  |  |  |  | translation |  | as of
|  | December 31, |  | Cash |  |  |  | adjustments and |  | December 31,
|  | 2018 |  | Flows |  | Accrued interest |  | others |  | 2019
Bank overdrafts |  | 4,766 |  | 10,924 |  | — |  | (2,471) |  | 13,219
Securities' caution - principal |  | — |  | 419 |  | — |  | — |  | 419
Bank and other financial entities loans – principal |  | 98,863 |  | (9,228) |  | — |  | 5,917 |  | 95,552
Notes – principal |  | 33,669 |  | 26,498 |  | — |  | (4,996) |  | 55,171
NDF |  | 209 |  | (1,195) |  | — |  | 1,496 |  | 510
Loans for purchase of equipment |  | 4,354 |  | 1,344 |  | — |  | 7 |  | 5,705
Accrued interest and related expenses |  | 24,247 |  | (12,721) |  | 15,109 |  | 9,717 |  | 36,352
Total current and non-current financial debt (Note 13) |  | 166,108 |  | 16,041 |  | 15,109 |  | 9,670 |  | 206,928

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