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DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
DESCRIPTION OF BUSINESS AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS |
Schedule of subsidiaries included in the consolidation process and the respective equity interest owned by the company | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Telecom Argentina's |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | direct/indirect interest | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | in capital stock and | ​
Company |  |  | Main Activity |  |  | Country |  |  | votes | ​
Núcleo |  | ​ | Mobile telecommunications Services | ​ | ​ | Paraguay | ​ | ​ | 67.50 | %
Personal Envíos | ​ | ​ | Mobile financial services | ​ | ​ | Paraguay | ​ | ​ | 67.50 | %
Tuves Paraguay | ​ | ​ | Distribution of television and audio signals direct to home services | ​ | ​ | Paraguay | ​ | ​ | 67.50 | %
Micro Sistemas | ​ | ​ | Services related to the use of electronic payment media | ​ | ​ | Argentina | ​ | ​ | 100.00 | %
Pem | ​ | ​ | Investment | ​ | ​ | Argentina | ​ | ​ | 100.00 | %
Cable Imagen | ​ | ​ | Closed-circuit television | ​ | ​ | Argentina | ​ | ​ | 100.00 | %
Televisión Dirigida | ​ | ​ | Cable television services | ​ | ​ | Paraguay | ​ | ​ | 100.00 | %
Adesol (a) |  | ​ | Holding | ​ | ​ | Uruguay | ​ | ​ | 100.00 | %
AVC Continente Audiovisual (b) |  | ​ | Broadcasting services | ​ | ​ | Argentina | ​ | ​ | 100.00 | %
Inter Radios |  | ​ | Broadcasting services | ​ | ​ | Argentina | ​ | ​ | 100.00 | %
Telecom USA | ​ | ​ | Telecommunication services | ​ | ​ | USA | ​ | ​ | 100.00 | %
Personal Smarthome (c) | ​ | ​ | Security solutions and services | ​ | ​ | Argentina | ​ | ​ | 100.00 | %
Personal Smart Security (d) | ​ | ​ | Prestación de servicios de seguridad y/o servicios relacionados. | ​ | ​ | Argentina | ​ | ​ | 100.00 | %
Opalker (e) | ​ | ​ | Cybersecurity and related services | ​ | ​ | Uruguay | ​ | ​ | 100.00 | %
NYSSA. (f) | ​ | ​ | Prestación de servicios de acceso a internet. | ​ | ​ | Argentina | ​ | ​ | 100.00 | %
(a) | Includes the 100% interest in Telemas S.A., which holds interests in the following special-purpose entities: Audomar S.A., Bersabel S.A., Dolfycor S.A., Reiford S.A., Space Energy S.A., Tracel S.A. and Visión Satelital S.A. (See Note 3.d.4)) to these consolidated financial statements).
(b) | On October 27, 2021, Telecom acquired the remaining 40% of AVC Continente Audiovisual’s capital stock. For further information, see Note 3.d.1.a) to these consolidated financial statements.
(c) | Company started on December 30, 2020 and registered in the IGJ on June 9, 2021 As of December 31, 2022 is a dormant entity.
(d) | Company indirectly acquired on April 5, 2022 for a total consideration of $0.1 through subsidiary Personal Smarthome S.A. As of December 31, 2022 is a dormant entity.
(e) | Company acquired on July 27, 2021. On August 18, 2022, the Board of Directors of Telecom Argentina decided to make contributions to its controlled company Opalker, which were integrated through the credit that the Company had on Opalker, for US$0.2 million (equivalent to $28 in currency of 31 December 2022).
(f) | Company acquired on June 1, 2022. For further information, see Note 3.d.1.b) to these consolidated financial statements.
Schedule of income statement information | Presented below is the Segment financial information as it is analyzed by the Executive Committee and the CEO for the years ended December 31, 2022, 2021 and 2020.
| ◻ | Consolidated Income Statement as of December 31, 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Services |  | Services |  | ​ |  | Other |  | ​ |  | ​ |  | ​
​ | ​ | ​ | ​ | rendered in | ​ | rendered in | ​ | ​ | ​ | abroad | ​ | Other abroad | ​ | ​ | ​ | ​
​ | ​ | Services | ​ | Argentina – | ​ | Argentina | ​ | Other | ​ | segments – | ​ | segments | ​ | ​ | ​ | ​
​ | ​ | rendered in | ​ | Inflation | ​ | restated for | ​ | abroad | ​ | Inflation | ​ | restated for | ​ | ​ | ​ | ​
​ | ​ | Argentina | ​ | restatement | ​ | inflation | ​ | segments | ​ | restatement | ​ | inflation | ​ | Eliminations | ​ | Total
Revenues |  | 504,432 |  | 178,550 | ​ | 682,982 | ​ | 36,528 |  | 12,718 | ​ | 49,246 | ​ | (3,046) |  | 729,182
Operating costs without depreciation, amortization and impairment of fixed assets |  | (370,534) |  | (132,133) | ​ | (502,667) | ​ | (21,661) |  | (7,520) | ​ | (29,181) | ​ | 3,046 |  | (528,802)
Adjusted EBITDA | ​ | 133,898 | ​ | 46,417 | ​ | 180,315 | ​ | 14,867 | ​ | 5,198 | ​ | 20,065 | ​ | — | ​ | 200,380
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation, amortization and impairment of fixed assets |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | (495,321)
Operating loss |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | (294,941)
Earnings from associates |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 819
Debt financial expenses |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 29,744
Other financial results, net |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 32,234
Loss before income tax expense |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (232,144)
Income tax expense |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 26,504
Net loss |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (205,640)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Attributable to: |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | ​
Controlling Company |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (207,833)
Non-controlling interest |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 2,193
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (205,640)
​
| ◻ | Consolidated Income Statement as of December 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Services |  | Services |  | ​ |  | Other |  | ​ |  | ​ |  | ​
​ | ​ | ​ | ​ | rendered in | ​ | rendered in | ​ | ​ | ​ | abroad | ​ | Other abroad | ​ | ​ | ​ | ​
​ | ​ | Services | ​ | Argentina – | ​ | Argentina | ​ | Other | ​ | segments – | ​ | segments | ​ | ​ | ​ | ​
​ | ​ | rendered in | ​ | Inflation | ​ | restated for | ​ | abroad | ​ | Inflation | ​ | restated for | ​ | ​ | ​ | ​
​ | ​ | Argentina | ​ | restatement | ​ | inflation | ​ | segments | ​ | restatement | ​ | inflation | ​ | Eliminations | ​ | Total
Revenues |  | 332,816 |  | 438,992 | ​ | 771,808 | ​ | 26,215 |  | 34,719 | ​ | 60,934 | ​ | (3,911) |  | 828,831
Operating costs without depreciation, amortization and impairment of fixed assets |  | (229,554) |  | (308,282) | ​ | (537,836) | ​ | (15,514) |  | (20,771) | ​ | (36,285) | ​ | 3,911 |  | (570,210)
Adjusted EBITDA | ​ | 103,262 | ​ | 130,710 | ​ | 233,972 | ​ | 10,701 | ​ | 13,948 | ​ | 24,649 | ​ | — | ​ | 258,621
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation, amortization and impairment of fixed assets |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | (264,050)
Operating loss |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | (5,429)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings from associates |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 770
Debt financial expenses |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 55,906
Other financial results, net |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 33,015
Income before income tax expense |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 84,262
Income tax expense |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (64,900)
Net income |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 19,362
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Attributable to: |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | ​
Controlling Company |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 16,878
Non-controlling interest |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 2,484
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 19,362
​
| ◻ | Consolidated Income Statement as of December 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | Services | ​ | Services | ​ | ​ |  | Other | ​ | ​ | ​ | ​ |  | ​
​ | ​ | ​ | ​ | rendered in | ​ | rendered in | ​ | ​ | ​ | abroad | ​ | Other abroad | ​ | ​ | ​ | ​
​ | ​ | Services | ​ | Argentina – | ​ | Argentina | ​ | Other | ​ | segments – | ​ | segments | ​ | ​ | ​ | ​
​ | ​ | rendered in | ​ | Inflation | ​ | restated for | ​ | abroad | ​ | Inflation | ​ | restated for | ​ | ​ | ​ | ​
​ | ​ | Argentina | ​ | restatement | ​ | inflation | ​ | segments | ​ | restatement | ​ | inflation | ​ | Eliminations | ​ | Total
Revenues |  | 240,325 |  | 588,261 | ​ | 828,586 | ​ | 18,183 |  | 44,138 | ​ | 62,321 | ​ | (4,142) |  | 886,765
Operating costs without depreciation, amortization and impairment of fixed assets |  | (158,901) |  | (390,278) | ​ | (549,179) | ​ | (11,419) |  | (27,793) | ​ | (39,212) | ​ | 4,142 |  | (584,249)
Adjusted EBITDA | ​ | 81,424 | ​ | 197,983 | ​ | 279,407 | ​ | 6,764 | ​ | 16,345 | ​ | 23,109 | ​ | — | ​ | 302,516
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation, amortization and impairment of fixed assets |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | (242,847)
Operating income |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | 59,669
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings from associates |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 1,459
Debt financial expenses |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (72,619)
Other financial results, net |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 20,744
Income before income tax expense |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 9,253
Income tax expense |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (24,260)
Net loss |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (15,007)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Attributable to: |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | ​
Controlling Company |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (16,803)
Non-controlling interest |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 1,796
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (15,007)
​
Schedule of financial statement information based on geographical area | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31
​ | ​ | 2022 | ​ | 2021 | ​ | 2020
Sales revenues from customers located in Argentina |  | 680,369 |  | 769,006 |  | 825,105
Sales revenues from foreign customers |  | 48,813 |  | 59,825 |  | 61,660
​ | ​ | ​ | ​ | ​ | ​ | ​
CAPEX corresponding to the segment “Services rendered in Argentina |  | 114,572 |  | 153,094 |  | 147,262
CAPEX corresponding to the segment “Other abroad segments” |  | 11,697 |  | 13,552 |  | 16,606
​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed assets corresponding to the segment “Services rendered in Argentina” |  | 1,547,448 |  | 1,897,661 |  | 1,964,513
Fixed assets corresponding to the segment “Other abroad segments” |  | 57,842 |  | 65,466 |  | 77,687
​ | ​ | ​ | ​ | ​ | ​ | ​
Financial Debt corresponding to the segment “Services rendered in Argentina” |  | 457,123 |  | 505,299 |  | 571,839
Financial Debt corresponding to the segment “Other abroad segments” |  | 12,066 |  | 14,644 |  | 16,797
​ | ​ | ​ | ​ | ​ | ​ | ​
​
Schedule of national consumer price index according to official statistics (INDEC) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, |  | As of December 31, |  | As of December 31, |
​ | ​ | 2020 | ​ | 2021 | ​ | 2022 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
National Consumer Price Index (December 2016=100) | ​ | 385.88 | ​ | 582.46 | ​ | 1,134.59 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Variation in Prices |  |  |  |  |  | ​ | ​
Annual |  | 36.1 | % | 50.9 | % | 94.8 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Banco Nación US$/$ exchange rate | ​ | 84.15 | ​ | 102.72 | ​ | 177.16 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Variation in the exchange rate | ​ | ​ | ​ | ​ | ​ | ​ | ​
Annual | ​ | 40.5 | % | 22.1 | % | 72.5 | %
​

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