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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, 2023
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 (a) |  | ​ | Mobile telecommunications Services | ​ | ​ | Paraguay | ​ | ​ | 67.50 | %
Personal Envíos | ​ | ​ | Mobile financial services | ​ | ​ | Paraguay | ​ | ​ | 67.50 | %
Tuves Paraguay (a) | ​ | ​ | Distribution of television and audio signals direct to home services | ​ | ​ | Paraguay | ​ | ​ | 67.50 | %
Televisión Dirigida | ​ | ​ | Cable television services | ​ | ​ | Paraguay | ​ | ​ | 100.00 | %
AVC Continente Audiovisual | ​ | ​ | Broadcasting services | ​ | ​ | Argentina | ​ | ​ | 100.00 | %
Inter Radios | ​ | ​ | Broadcasting services | ​ | ​ | Argentina | ​ | ​ | 100.00 | %
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 | %
Personal Smarthome (b) |  | ​ | Security solutions and services | ​ | ​ | Argentina | ​ | ​ | 100.00 | %
NYS2 (b) (c) |  | ​ | ICT Services and Audiovisual Communication Services. | ​ | ​ | Argentina | ​ | ​ | 100.00 | %
NYSSA (d) |  | ​ | Provision of internet access services. | ​ | ​ | Argentina | ​ | ​ | 100.00 | %
Adesol (e) | ​ | ​ | Holding | ​ | ​ | Uruguay | ​ | ​ | 100.00 | %
Opalker | ​ | ​ | Cybersecurity and related services | ​ | ​ | Uruguay | ​ | ​ | 100.00 | %
Ubiquo (f) | ​ | ​ | Cybersecurity services and products | ​ | ​ | Chile | ​ | ​ | 95.00 | %
Telecom USA | ​ | ​ | Telecommunication services | ​ | ​ | USA | ​ | ​ | 100.00 | %
Micro Fintech Holding (g) | ​ | ​ | Holding | ​ | ​ | USA | ​ | ​ | 100.00 | %
(a) | On October 17, 2023, Núcleo’s Board of Directors approved the pre-commitment agreement for the merger by absorption with Tuves Paraguay, which was approved by the Extraordinary Shareholders’ Meeting on November 2, 2023. The Definitive Merger Commitment was approved by the Extraordinary Shareholders’ Meeting on December 20, 2023. The effective date of the merger will be the day after obtaining approval of the merger from the Public Registry of Commerce. As of the date of issuance of these consolidated financial statements, the approval of the merger is still pending.
(b) | As of December 31, 2023 is a dormant entity.
(c) | Company indirectly acquired on April 5, 2022 for a total consideration of $0.3 million in current currency of 31 December 2023 through subsidiary Personal Smarthome S.A. In May 2023, the company changed its name from “Personal Smart Security S.A.U.” to “NYS2 S.A.U.” and modified its main activity to ICT Services and Audiovisual Communication Services”. On October 18, 2023, ENACOM granted it the “license to provide ICT Services, whether fixed or mobile, wired or wireless, domestic or international, with or without its own infrastructure.
(d) | Company acquired on June 1, 2022. For further information, see Note 28.
(e) | 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. 6)).
(f) | Company indirectly acquired by the subsidiary Opalker on June 20, 2023, for a total amount of US$0.2 million ($106 million in current currency as of December 31, 2023). A goodwill of $265 million was recognized related to this transaction. This acquisition allows the Company to move forward in its regional expansion model with cybersecurity solutions.
(g) | In order to participate and invest in the capital of other companies related to the financial activity, on October 11, 2023, Telecom Argentina established the company Micro Fintech Holding LLC in the State of Delaware, USA. Telecom Argentina is the owner of 100% of the participation in such company. As of the date of issuance of these consolidated financial statements is a dormant entity.
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, 2023, 2022 and 2021.
| ◻ | Consolidated Income Statement as of December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | 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 |  | 1,054,683 |  | 870,441 | ​ | 1,925,124 | ​ | 80,246 |  | 62,669 | ​ | 142,915 | ​ | (8,938) |  | 2,059,101
Operating costs without depreciation, amortization and impairment of Fixed Assets |  | (759,759) |  | (645,509) | ​ | (1,405,268) | ​ | (46,821) |  | (36,554) | ​ | (83,375) | ​ | 8,938 |  | (1,479,705)
Adjusted EBITDA | ​ | 294,924 | ​ | 224,932 | ​ | 519,856 | ​ | 33,425 | ​ | 26,115 | ​ | 59,540 | ​ | — | ​ | 579,396
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation, amortization and impairment of Fixed Assets |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | (704,461)
Operating loss |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | (125,065)
Losses from associates and joint ventures |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (1,888)
Financial cost |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (634,307)
Other financial results, net |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 173,316
Loss before income tax |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (587,944)
Income tax benefit |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 338,257
Net loss |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (249,687)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Attributable to: |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | ​
Controlling Company |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (257,730)
Non-controlling interest |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 8,043
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (249,687)
​
| ◻ | 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 |  | 1,622,426 | ​ | 2,126,858 | ​ | 36,528 |  | 116,827 | ​ | 153,355 | ​ | (9,485) |  | 2,270,728
Operating costs without depreciation, amortization and impairment of Fixed Assets |  | (370,534) |  | (1,194,810) | ​ | (1,565,344) | ​ | (21,661) |  | (69,210) | ​ | (90,871) | ​ | 9,485 |  | (1,646,730)
Adjusted EBITDA | ​ | 133,898 | ​ | 427,616 | ​ | 561,514 | ​ | 14,867 | ​ | 47,617 | ​ | 62,484 | ​ | — | ​ | 623,998
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation, amortization and impairment of Fixed Assets |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | (1,542,467)
Operating loss |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | (918,469)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings from associates and joint ventures |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 2,550
Financial cost |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 92,625
Other financial results, net |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 100,379
Loss before income tax |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (722,915)
Income tax benefit |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 82,536
Net loss |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (640,379)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Attributable to: |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | ​
Controlling Company |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (647,208)
Non-controlling interest |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 6,829
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (640,379)
​
| ◻ | 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 |  | 2,070,653 | ​ | 2,403,469 | ​ | 26,215 |  | 163,537 | ​ | 189,752 | ​ | (12,178) |  | 2,581,043
Operating costs without depreciation, amortization and impairment of Fixed Assets |  | (229,554) |  | (1,445,309) | ​ | (1,674,863) | ​ | (15,514) |  | (97,478) | ​ | (112,992) | ​ | 12,178 |  | (1,775,677)
Adjusted EBITDA | ​ | 103,262 | ​ | 625,344 | ​ | 728,606 | ​ | 10,701 | ​ | 66,059 | ​ | 76,760 | ​ | — | ​ | 805,366
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation, amortization and impairment of Fixed Assets |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | (822,272)
Operating loss |  | ​ |  | ​ | ​ | ​ | ​ | ​ |  | ​ | ​ | ​ | ​ | ​ |  | (16,906)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings from associates and joint ventures |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 2,398
Financial cost |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 174,096
Other financial results, net |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 102,811
Income before income tax |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 262,399
Income tax expense |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | (202,105)
Net income |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 60,294
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Attributable to: |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | ​
Controlling Company |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 52,559
Non-controlling interest |  |  |  | ​ | ​ | ​ | ​ |  |  | ​ | ​ | ​ | ​ |  |  | 7,735
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 60,294
Schedule of financial statement information based on geographical area | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31
​ | ​ | 2023 | ​ | 2022 | ​ | 2021
Sales revenues from customers located in Argentina |  | 1,921,148 |  | 2,118,721 |  | 2,394,743
Sales revenues from foreign customers |  | 137,953 |  | 152,007 |  | 186,300
​ | ​ | ​ | ​ | ​ | ​ | ​
CAPEX corresponding to the segment “Services rendered in Argentina |  | 448,920 |  | 356,784 |  | 476,746
CAPEX corresponding to the segment “Other abroad segments” |  | 34,278 |  | 36,425 |  | 42,202
​ | ​ | ​ | ​ | ​ | ​ | ​
Fixed Assets corresponding to the segment “Services rendered in Argentina” |  | 4,685,453 |  | 4,818,873 |  | 5,909,460
Fixed Assets corresponding to the segment “Other abroad segments” |  | 252,467 |  | 180,124 |  | 203,866
​ | ​ | ​ | ​ | ​ | ​ | ​
Borrowings corresponding to the segment “Services rendered in Argentina” |  | 2,072,486 |  | 1,423,516 |  | 1,573,539
Borrowings corresponding to the segment “Other abroad segments” |  | 55,583 |  | 37,575 |  | 45,603
​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of national consumer price index according to official statistics (INDEC) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, |  | As of December 31, |  | As of December 31, |
​ | ​ | 2021 | ​ | 2022 | ​ | 2023 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
National Consumer Price Index (National CPI) (December 2016=100) | ​ | 582.46 | ​ | 1,134.59 | ​ | 3,533.19 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Variation in Prices |  |  |  |  |  | ​ | ​
Annual |  | 50.9 | % | 94.8 | % | 211.4 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Banco Nación US$/$ exchange rate | ​ | 102.72 | ​ | 177.16 | ​ | 808.45 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Variation in the exchange rate | ​ | ​ | ​ | ​ | ​ | ​ | ​
Annual | ​ | 22.1 | % | 72.5 | % | 356.3 | %

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