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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, 2021
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 4 – 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,
Cash and cash equivalents | ​ | 2021 | ​ | 2020
Cash and Banks |  | 13,161 |  | 7,012
Time deposits |  | 3,582 |  | 5,352
Mutual funds |  | 3,106 |  | 13,278
Government bonds at fair value |  | — |  | 2,323
Total cash and cash equivalents |  | 19,849 |  | 27,965
Investments |  |  |  |
Current |  |  |  |
Government bonds at fair value |  | 10,702 |  | 7,628
Government bonds at amortized cost |  | — |  | 190
Mutual funds |  | 84 |  | 106
Allowance for credit risk (a) | ​ | — | ​ | (120)
​ |  | 10,786 |  | 7,804
Non- current |  | ​ |  |
Government bonds at amortized cost |  | — |  | 516
Investments in associates (b) |  | 3,225 |  | 3,058
2003 Telecommunications Fund |  | 1 |  | 2
Allowance for credit risk (a) | ​ | — | ​ | (328)
​ | ​ | 3,226 | ​ | 3,248
Total investments |  | 14,012 |  | 11,052
​
| (a) | Constituted following the expected credit losses parameters provided by IFRS 9 as a consequence of a significant increase in these financial instruments’ credit risk.
| (b) | Information on Investments in associates is detailed below:
Financial position information: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Percentage |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | of capital | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | stock owned | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | and | ​ | Valuation as | ​ | Valuation as
Companies | ​ | Main activity | Country | voting rights | ​ | of 12.31.2021 | ​ | of 12.31.2020
Ver TV. (1) | ​ | Cable television station | ​ | Argentina | ​ | 49.00 | ​ | 2,010 | ​ | 1,840
TSMA (1) (2) (3) |  | Cable television station |  | Argentina |  | 50.10 |  | 684 |  | 685
La Capital Cable (1) (2) |  | Closed-circuit television |  | Argentina |  | 50.00 |  | 531 |  | 525
Other minor investments in associates at equity method |  |  |  |  |  |  |  | — |  | 8
Total |  |  |  |  |  |  |  | 3,225 |  | 3,058
​
(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 (losses) information: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2021 |  | 2020 |  | 2019
Ver TV | ​ | 312 | ​ | 562 | ​ | (337)
TSMA |  | 77 |  | 166 |  | (89)
La Capital Cable |  | 6 |  | 21 |  | 41
Total |  | 395 |  | 749 |  | (385)
​ Movements in the allowance of current credit risk are as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2021 |  | 2020
At the beginning of the fiscal year | ​ | (120) | ​ | (131)
Additions – Exchange differences |  | (12) |  | (75)
Additions – Risk of doubtful government bonds results | ​ | — | ​ | (24)
Reclassifications | ​ | (75) | ​ | (759)
Uses (includes RECPAM) |  | 207 |  | 869
At the end of the year |  | — |  | (120)
​ Movements in the allowance of non-current credit risk are as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2021 |  | 2020
At the beginning of the fiscal year |  | (328) |  | (2,012)
Additions – Exchange differences |  | (25) |  | (332)
Additions – Risk of doubtful government bonds results | ​ | — | ​ | (63)
Reclassifications | ​ | 75 | ​ | 759
Uses (includes RECPAM) |  | 278 |  | 1,320
At the end of the year |  | — |  | (328)
​ 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 consolidated 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 consolidated 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,
Net (increase) decrease in assets |  | 2021 |  | 2020 |  | 2019
Trade receivables |  | (12,854) |  | (20,075) |  | (12,149)
Other receivables |  | (5,316) |  | (6,007) |  | (6,392)
Inventories |  | (391) |  | (1,943) |  | (1,971)
​ |  | (18,561) |  | (28,025) |  | (20,512)
Net increase (decrease) in liabilities |  |  |  |  |  |
Trade payables |  | 6,640 |  | 8,887 |  | (8,364)
Salaries and social security payables |  | 10,002 |  | 6,545 |  | 9,392
Other taxes payables |  | (2,656) |  | 3,467 |  | 4,509
Other liabilities and provisions |  | (4,545) |  | (3,771) |  | (89)
​ |  | 9,441 |  | 15,128 |  | 5,448
​ Main Financing activities components The following table presents the main financing activities components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2021 | ​ | 2020 | ​ | 2019
Bank overdrafts | ​ | 10,156 | ​ | — | ​ | 16,490
Notes | ​ | 41,524 | ​ | 42,377 | ​ | 46,279
Bank and other financial entities loans |  | 11,060 |  | 37,478 |  | 55,430
Loans for purchase of equipment |  | 1,476 |  | 4,715 |  | 2,029
Total financial debt proceeds | ​ | 64,216 | ​ | 84,570 | ​ | 120,228
Bank overdrafts | ​ | — | ​ | (10,427) | ​ | (1)
Notes | ​ | (19,722) | ​ | (14,522) | ​ | (6,282)
Bank and other financial entities loans | ​ | (27,003) | ​ | (70,374) | ​ | (68,727)
Loans for purchase of equipment | ​ | (3,571) | ​ | (3,382) | ​ | —
Total payment of debt | ​ | (50,296) | ​ | (98,705) | ​ | (75,010)
Bank overdrafts | ​ | (3,198) | ​ | (5,988) | ​ | (1,993)
Notes | ​ | (10,601) | ​ | (8,605) | ​ | (2,320)
Bank and other financial entities loans |  | (10,280) |  | (13,642) |  | (14,640)
By DFI, purchase of equipment and others |  | (2,738) |  | (3,238) |  | 2,733
Total payment of interest and related expenses |  | (26,817) |  | (31,473) |  | (16,220)
​ 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,
​ |  | 2021 |  | 2020 |  | 2019
PP&E and intangible assets acquisition financed with accounts payable | ​ | 20,609 | ​ | 29,663 | ​ | 31,580
Dividends payment with investments not considered as cash and cash equivalents | ​ | 40,020 | ​ | 38,809 | ​ | —
Accounts payable payment with CDB loan proceeds | ​ | 8,138 | ​ | 376 | ​ | —
Trade receivables offset with government bonds | ​ | 2,355 | ​ | 706 | ​ | —
Social security payables offset with government bonds | ​ | 1,316 | ​ | — | ​ | —
Other receivables offset with income tax liabilities | ​ | 73 | ​ | 39 | ​ | —
​ Cash dividends collected Brief information on cash dividends collected by the Company is provided below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | Cash Dividends Collected
​ | ​ | ​ | ​ | ​ | ​ | Current currency
​ | ​ | ​ | ​ | Currency of the | ​ | as of December 31,
Year |  | Company |  | transaction date |  | 2021
2021 | ​ | Ver TV | ​ | 109 | ​ | 153
​ | ​ | TSMA | ​ | 57 | ​ | 81
​ | ​ | ​ | ​ | 166 | ​ | (*) 234
2020 |  | Ver TV |  | 50 |  | 86
​ |  | TSMA |  | 21 |  | 35
​ | ​ | ​ |  | 71 |  | 121
2019 |  | Ver TV |  | 97 |  | 260
​ |  | TSMA |  | 41 |  | 108
​ |  | La Capital Cable |  | 5 |  | 12
​ | ​ | ​ |  | 143 |  | 380
(*) includes 14 corresponding to dividends distributed in 2020. ​ Cash and non-cash assets dividends from the Company and its subsidiaries Non-cash assets dividends Telecom Argentina’s General Extraordinary Shareholders’ Meeting held on August 11, 2021 resolved to distribute non- cash assets dividends as follows: i) Global Bonds of the Argentine Republic amortizable in US dollars maturing on July 9, 2030 (the “2030 Global Bonds”), for a nominal value of US$370,386,472, and ii) Global Bonds of the Argentine Republic amortizable in US dollars maturing on July 9, 2035 (the “2035 Global Bonds”) for a nominal value of US$186,621,565. Consequently, and considering that the valuation of the mentioned non-cash assets dividends was $35,068,340,043 Argentine pesos ($40,020 in current currency as of December 31, 2021), the “Voluntary Reserve to maintain the Company’s level of investments in capital assets and the current level of solvency” was partially withdraw for that amount. Telecom Argentina’s General Extraordinary Shareholders’ Meeting held on November 13, 2020 resolved to distribute non- cash assets dividends as follows: i) Global Bonds of the Argentine Republic amortizable in US dollars maturing on July 9, 2030 (the “2030 Global Bonds”), for a nominal value of US$157,642,897, and ii) Global Bonds of the Argentine Republic amortizable in US dollars maturing on July 9, 2035 (the “2035 Global Bonds”) for a nominal value of US$271,896,177. Consequently, and considering that the valuation of the mentioned non-cash assets dividends was $24,723,374,678 Argentine pesos ($38,809 in current currency as of December 31, 2021), the “Voluntary Reserve for Future Cash Dividends” amounting to $9,963 in current currency as of December 31, 2021 was fully withdraw and the “Voluntary Reserve to maintain the Company’s level of investments in capital assets and the current level of solvency” was partially withdraw in $28,846 in current currency as of December 31, 2021. Cash dividends Brief information on cash 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 |  | 2021 |  | Payment month |  | 31, 2021
2021 | ​ | Núcleo | ​ | April 2021 | ​ | 650 | ​ | 834 | ​ | May 2021/ Oct 2021 | ​ | 744
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 834 | ​ | ​ | ​ | 744
2020 |  | Núcleo |  | April 2020 |  | 295 |  | 556 |  | May 2020/ Oct 2020 |  | 554
​ | ​ | ​ | ​ | ​ |  | ​ |  | 556 |  | ​ | ​ | 554
2019 |  | Telecom |  | April 2019 |  | 6,300 |  | 17,808 |  | May 2019 |  | 16,712
​ |  | Telecom |  | August 2019 |  | 7,045 |  | 17,126 |  | August 2019 |  | 17,126
​ |  | Telecom |  | October 2019 |  | 17,387 |  | 38,646 |  | October 2019 |  | 38,646
​ |  | Núcleo |  | April 2019 |  | 197 |  | 537 |  | May 2019 |  | 523
​ | ​ | ​ |  | ​ |  | ​ |  | 74,117 | ​ | ​ | ​ | 73,007
​

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