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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, 2022
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 | ​ | 2022 | ​ | 2021
Cash and Banks (1) |  | 16,258 |  | 25,637
Time deposits |  | 15,713 |  | 6,978
Mutual funds |  | 3,245 |  | 6,050
Government bonds at fair value |  | 4,836 |  | —
Total cash and cash equivalents |  | 40,052 |  | 38,665
​ | ​ | ​ | ​ | ​
Investments |  |  |  |
Current |  |  |  |
Government bonds at fair value |  | 8,263 |  | 20,847
Mutual funds |  | 110 |  | 163
​ |  | 8,373 |  | 21,010
Non- current |  | ​ |  |
Investments in associates (a) |  | 6,443 |  | 6,281
2003 Telecommunications Fund |  | 1 |  | 1
​ | ​ | 6,444 | ​ | 6,282
Total investments |  | 14,817 |  | 27,292
(1) | As of December 31, 2022, includes restricted funds for $505 corresponding to the funds to be paid to clients
| (a) | 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 12.31.2022 | ​ | of 12.31.2021
Ver TV. (1) | ​ | Cable television station | ​ | Argentina | ​ | 49.00 | ​ | 4,132 | ​ | 3,914
TSMA (1) (2) (3) |  | Cable television station |  | Argentina |  | 50.10 |  | 1,554 |  | 1,334
La Capital Cable (1) (2) |  | Closed-circuit television |  | Argentina |  | 50.00 |  | 757 |  | 1,033
Total |  |  |  |  |  |  |  | 6,443 |  | 6,281
(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,
​ |  | 2022 |  | 2021 |  | 2020
Ver TV | ​ | 413 | ​ | 608 | ​ | 1,095
TSMA |  | 272 |  | 150 |  | 323
La Capital Cable |  | 134 |  | 12 |  | 41
Total |  | 819 |  | 770 |  | 1,459
​ b) Additional information on the consolidated statements of cash flows Changes in assets/liabilities components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
Net increase in assets |  | 2022 |  | 2021 |  | 2020
Trade receivables |  | (26,143) |  | (25,039) |  | (39,105)
Other receivables |  | (20,699) |  | (10,355) |  | (11,701)
Inventories |  | (5,017) |  | (762) |  | (3,785)
​ |  | (51,859) |  | (36,156) |  | (54,591)
Net increase (decrease) in liabilities |  |  |  |  |  |
Trade payables |  | 39,055 |  | 12,934 |  | 17,311
Salaries and social security payables |  | 16,383 |  | 19,483 |  | 12,749
Other taxes payables |  | (5,480) |  | (5,174) |  | 6,753
Other liabilities and provisions |  | (9,296) |  | (8,853) |  | (7,346)
​ |  | 40,662 |  | 18,390 |  | 29,467
​ Main Financing activities components The following table presents the main financing activities components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2022 |  | 2021 |  | 2020
Bank overdrafts | ​ | — | ​ | 19,783 | ​ | —
Notes | ​ | 22,512 | ​ | 80,886 | ​ | 82,548
Bank and other financial entities loans |  | 60,714 |  | 21,544 |  | 73,005
Loans for purchase of equipment |  | 1,989 |  | 2,875 |  | 9,184
Total financial debt proceeds | ​ | 85,215 | ​ | 125,088 | ​ | 164,737
Bank overdrafts | ​ | (1,171) | ​ | — | ​ | (20,311)
Notes | ​ | (98) | ​ | (38,417) | ​ | (28,288)
Bank and other financial entities loans | ​ | (60,390) | ​ | (52,600) | ​ | (137,084)
Loans for purchase of equipment | ​ | (6,654) | ​ | (6,956) | ​ | (6,588)
Total payment of debt | ​ | (68,313) | ​ | (97,973) | ​ | (192,271)
Bank overdrafts | ​ | (8,409) | ​ | (6,229) | ​ | (11,664)
Notes | ​ | (16,328) | ​ | (20,650) | ​ | (16,762)
Bank and other financial entities loans |  | (19,012) |  | (20,025) |  | (26,574)
By DFI, purchase of equipment and others |  | (2,463) |  | (5,334) |  | (6,307)
Total payment of interest and related expenses |  | (46,212) |  | (52,238) |  | (61,307)
​ Main non-cash transactions Main non-cash transactions and that were eliminated from the consolidated statement of cash flows are the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2022 |  | 2021 |  | 2020
PP&E and intangible assets acquisition financed with accounts payable | ​ | 28,349 | ​ | 40,144 | ​ | 54,143
Dividends payment with investments not considered as cash and cash equivalents (See “Cash and non-cash assets dividends from the Company and its subsidiaries”) | ​ | 45,258 | ​ | 77,956 | ​ | 75,597
Initial debt for acquisition of NYSSA (Note 3.d.1.b) | ​ | 609 | ​ | — | ​ | —
Indemnification assets (Note 3.d.1.b) | ​ | 90 | ​ | — | ​ | —
Trade payables cancelled with financial debt | ​ | 10,736 | ​ | 15,852 | ​ | 732
Trade receivables cancelled with government bonds | ​ | 671 | ​ | 4,587 | ​ | 1,375
Social security payables cancelled with government bonds | ​ | — | ​ | 2,563 | ​ | —
Other receivables offset with income tax liabilities | ​ | — | ​ | 142 | ​ | 76
​ Dividends proceeds Brief information on dividends proceeds by the Company is provided below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ |  | Cash Dividends Collected
​ | ​ | ​ | ​ | ​ | ​ | Current currency
​ | ​ | ​ | ​ | Currency of the | ​ | as of December 31,
Year |  | Company |  | transaction date |  | 2022
2022 | ​ | Ver TV | ​ | 104 | ​ | 195
​ | ​ | TSMA | ​ | 28 | ​ | 51
​ |  | La Capital Cable |  | 343 |  | 369
​ | ​ | ​ | ​ | ​ | ​ | 615
2021 |  | Ver TV |  | 110 |  | 298
​ |  | TSMA |  | 57 |  | 158
​ | ​ | ​ |  | ​ | (*) | 456
2020 |  | Ver TV |  | 50 |  | 168
​ |  | TSMA |  | 21 |  | 68
​ | ​ | ​ |  | ​ |  | 236
(*) includes 27 corresponding to dividends distributed in 2020. Cash and non-cash assets dividends from the Company and its subsidiaries Non-cash dividends 2022 Dividends Based on the powers delegated by Telecom Argentina’s Ordinary and Extraordinary Shareholders’ Meeting held on April 27, 2022, on June 2, 2022 the Board resolved to distribute non-cash assets dividends of Global Bonds of the Argentine Republic amortizable in US dollars for a nominal value of US$515,000,000: 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$411,145,986 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$103,854,014. Consequently, considering the valuation of the aforementioned bonds at the date of distribution resolved by the Board of Directors, non- cash dividends amounted to $31,634 Argentine pesos ($45,258 in current currency as of December 31, 2022), and partially withdraw the “Voluntary reserve to maintain the Company’s level of investments in capital assets and the current level of solvency” for such amount. 2021 Dividends The General Extraordinary Shareholders’ Meeting of Telecom Argentina 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 Argentine pesos ($77,956 in current currency as of December 31, 2022), 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. 2020 Dividends The General Extraordinary Shareholders’ Meeting of Telecom Argentina 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 Argentine pesos ($75,597 in current currency as of December 31, 2021), the “Voluntary Reserve for Future Cash Dividends” amounting to $19,407 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 $56,190 in current currency as of December 31, 2021. Cash dividends distributed Brief information on cash dividends distributed and paid 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 |  | 2022 |  | Payment month |  | 31, 2022
2022 | ​ | Núcleo | ​ | April 2022 | ​ | 804 | ​ | 1,271 | ​ | May 2022/ Aug 2022 | ​ | 1,229
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,229
2021 |  | Núcleo |  | April 2021 |  | 650 |  | 1,625 |  | May 2021/ Oct 2021 |  | 1,449
​ | ​ | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | 1,449
2020 |  | Núcleo |  | April 2020 |  | 295 |  | 1,083 |  | May 2020/ Oct 2020 |  | 1,079
​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | 1,079
​

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