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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, 2023
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 | ​ | 2023 |  | 2022
Cash and Banks (1) |  | 90,968 |  | 50,630
Time deposits |  | 35,548 |  | 48,933
Mutual funds |  | 13,906 |  | 10,103
Government bonds at fair value |  | 19,352 |  | 15,059
Total cash and cash equivalents |  | 159,774 |  | 124,725
​ | ​ | ​ | ​ | ​
(1) As of December 31, 2023, includes restricted funds for $7,219 million corresponding to the funds to be paid to customers
​ | ​ | ​ | ​ | ​
Investments |  |  |  |
Current |  |  |  |
Government bonds at fair value |  | 111,339 |  | 25,731
Time deposits | ​ | 12,110 | ​ | —
Mutual funds |  | 520 |  | 343
​ |  | 123,969 |  | 26,074
Non- current |  | ​ |  |
Investments in associates and joint ventures(a) |  | 23,807 |  | 20,061
2003 Telecommunications Fund |  | 1 |  | 1
​ | ​ | 23,808 | ​ | 20,062
Total investments |  | 147,777 |  | 46,136
(a) | Information on Investments in associates and joint ventures is detailed below:
Financial position information: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | Percentage |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | of capital | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | stock owned | ​ | ​ | ​ | ​
​ | ​ | Nature of | ​ | ​ | ​ | ​ | ​ | and | ​ | Valuation as | ​ | Valuation as
Companies | ​ | relationship | ​ | Main activity | ​ | Country | ​ | voting rights (%) | ​ | of 12.31.2023 | ​ | of 12.31.2022
Ver TV. (1) | ​ | Associate | ​ | Cable television station | ​ | Argentina | ​ | 49.00 | ​ | 10,493 | ​ | 12,869
TSMA (1) (2) (3) | ​ | Associate |  | Cable television station |  | Argentina |  | 50.10 |  | 3,814 |  | 4,836
La Capital Cable (1) (2) | ​ | Associate |  | Closed-circuit television |  | Argentina |  | 50.00 |  | 2,248 |  | 2,356
OPH (4) | ​ | Joint venture | ​ | Holding | ​ | USA | ​ | 50.00 | ​ | 7,252 | ​ | —
Total | ​ | ​ |  | ​ |  | ​ |  |  |  | 23,807 |  | 20,061
(1) | Data about the issuer arises 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 Accounting Standards. See Note 3.d.3.1).
(4) | During April 2023, the Company has acquired a 50% shareholding in OPH. See Note 28.b).
​ Earnings information: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Ver TV | ​ | (1,772) | ​ | 1,286 | ​ | 1,894
TSMA |  | (825) |  | 847 |  | 467
La Capital Cable |  | 327 |  | 417 |  | 37
OPH | ​ | 382 | ​ | — | ​ | —
Total |  | (1,888) |  | 2,550 |  | 2,398
​ b) Additional information on the consolidated statements of cash flows Changes in assets/liabilities components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
Net (increase) decrease in assets |  | 2023 |  | 2022 |  | 2021
Trade receivables |  | (177,962) |  | (102,951) |  | (80,732)
Other receivables |  | (89,842) |  | (70,363) |  | (32,860)
Inventories |  | (20,870) |  | (7,318) |  | 8,691
​ |  | (288,674) |  | (180,632) |  | (104,901)
Net increase (decrease) in liabilities |  |  |  |  |  |
Trade payables |  | 338,257 |  | 172,342 |  | 69,827
Salaries and social security payables |  | 72,461 |  | 58,990 |  | 60,120
Other taxes payables |  | 43,974 |  | (36,242) |  | (17,647)
Other liabilities and provisions |  | 18,029 |  | (1,878) |  | (5,767)
​ |  | 472,721 |  | 193,212 |  | 106,533
​ Main Financing activities components The following table presents the main financing activities components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2023 |  | 2022 |  | 2021
Bank overdrafts | ​ | 58,006 | ​ | — | ​ | 61,606
Notes | ​ | 263,859 | ​ | 70,104 | ​ | 251,885
Bank and other financial entities loans |  | 65,991 |  | 189,068 |  | 67,090
Loans for purchase of equipment |  | 313 |  | 6,194 |  | 8,953
Total proceeds from borrowings | ​ | 388,169 | ​ | 265,366 | ​ | 389,534
Bank overdrafts | ​ | — | ​ | (3,647) | ​ | —
Notes | ​ | (109,562) | ​ | (305) | ​ | (119,633)
Bank and other financial entities loans | ​ | (104,108) | ​ | (188,059) | ​ | (163,800)
Loans for purchase of equipment | ​ | (14,882) | ​ | (20,721) | ​ | (21,662)
Total payment of borrowings | ​ | (228,552) | ​ | (212,732) | ​ | (305,095)
Bank overdrafts | ​ | (38,250) | ​ | (26,186) | ​ | (19,398)
Notes | ​ | (35,093) | ​ | (50,847) | ​ | (64,306)
Bank and other financial entities loans |  | (90,545) |  | (59,205) |  | (62,359)
By DFI, and loans for purchase of equipment |  | (18,967) |  | (7,670) |  | (16,610)
Total payment of interest and related expenses |  | (182,855) |  | (143,908) |  | (162,673)
​ Main Non-cash financing and investing activities ​ Main non-cash operating transactions and that were eliminated from the consolidated statement of cash flows are the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2023 |  | 2022 |  | 2021
PP&E and intangible assets acquisition financed with accounts payable | ​ | 138,230 | ​ | 85,674 | ​ | 125,011
Right of use assets acquisition owed | ​ | 85,619 | ​ | 65,386 | ​ | 110,123
Dividends payment made with investments not considered as cash and cash equivalents (See “Dividends paid”) | ​ | 104,445 | ​ | 140,937 | ​ | 242,761
Trade payables cancelled with borrowings | ​ | 34,104 | ​ | 33,433 | ​ | 49,364
Trade receivables cancelled with government bonds | ​ | — | ​ | 2,090 | ​ | 14,284
Social security payables cancelled with government bonds | ​ | — | ​ | — | ​ | 7,981
Joint ventures acquisition cancelled with government bonds | ​ | 547 | ​ | — | ​ | —
Debt for acquisition of companies and joint ventures | ​ | 3,927 | ​ | 1,896 | ​ | —
Indemnification assets | ​ | — | ​ | 280 | ​ | —
Other receivables offset with income tax liabilities | ​ | — | ​ | — | ​ | 861
​ Dividends from associates ​ Brief information on dividends proceeds from associates by the Company is provided below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Distributed amount | ​ | Dividends collected
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Current currency | ​ | ​ | ​ | Current currency
​ | ​ | Paying | ​ | Distribution | ​ | Currency of the | ​ | as of December 31, | ​ | Collection | ​ | as of December 31,
Year |  | Company |  | month |  | transaction date |  | 2023 |  | month |  | 2023
2023 | ​ | Ver TV | ​ | March, 2023 | ​ | 130 | ​ | 332 | ​ | April, 2023 | ​ | 306
​ | ​ | Ver TV | ​ | November, 2023 | ​ | 217 | ​ | 272 | ​ | November, 2023 | ​ | 272
​ | ​ | La Capital Cable | ​ | April, 2023 | ​ | 200 | ​ | 435 | ​ | May, 2023 | ​ | 429
​ |  | TSMA | ​ | July, 2023 |  | 101 |  | 197 | ​ | July, 2023 | ​ | 197
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,236 | ​ | ​ | ​ | 1,204
2022 |  | Ver TV | ​ | January, 2022 |  | 104 |  | 607 | ​ | January, 2022 | ​ | 607
​ |  | TSMA | ​ | January, 2022 |  | 28 |  | 159 | ​ | January, 2022 | ​ | 159
​ |  | La Capital Cable | ​ | September, 2022 |  | 343 |  | 1,253 | ​ | October, 2022 | ​ | 1,149
​ | ​ | ​ | ​ | ​ |  | ​ | ​ | 2,019 | ​ | ​ | ​ | 1,915
2021 |  | Ver TV | ​ | January, 2021 |  | 110 |  | 928 | ​ | January, 2021 | ​ | 928
​ |  | TSMA | ​ | January, 2021 |  | 57 |  | 492 | ​ | January, 2021 | ​ | 492
​ | ​ | ​ | ​ | ​ |  | ​ |  | 1,420 | ​ | ​ | ​ | 1,420
​ ​ Dividends paid Distribution of non-cash dividends ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Distributed amount
​ | ​ | ​ | ​ | Currency of the |  | Current currency as of
Year | ​ | Government Bonds and Nominal Value | ​ | transaction date | ​ | December 31, 2023
2023 (1) | ​ | 2030 Global Bonds: US$411,214,954 | ​ | 47,701 | ​ | 104,445
2022 (2) | ​ | 2030 Global Bonds: US$411,145,986 2035 Global Bonds 2035: US$103,854,014 | ​ | 31,634 | ​ | 140,937
2021(3) |  | 2030 Global Bonds: US$370,386,472 2035 Global Bonds 2035: US$186,621,565 |  | 35,068 |  | 242,761
​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Pursuant to the powers delegated by the shareholders of Telecom Argentina at the Ordinary and Extraordinary Shareholders’ Meeting held on April 27, 2023, on May 3, 2023, the Board resolved to partially reverse the “Voluntary reserve to maintain the Company’s level of capital expenditures and its current solvency level” to distribute as non-cash dividends.
(2) | Pursuant to 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 partially reverse the “Voluntary reserve to maintain the Company’s level of capital expenditures and its current solvency level” to distribute as non-cash dividends.
(3) | The General Extraordinary Shareholders’ Meeting of Telecom Argentina held on August 11, 2021 resolved to partially reverse the “Voluntary reserve to maintain the Company’s level of capital expenditures and its current solvency level” to distribute as non-cash dividends.
Dividends paid to non-controlling interests in subsidiaries ​ Brief information on cash dividends distributed and paid is provided below: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Distributed amount | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Current currency | ​ | ​ | ​ | Dividends paid in
​ | ​ | Paying | ​ | ​ | ​ | Currency of the | ​ | as of December 31, | ​ | ​ | ​ | current currency
Year |  | company |  | Distribution month |  | transaction date |  | 2023 |  | Payment month |  | as of December 31, 2023
2023 | ​ | Núcleo | ​ | August, 2023 | ​ | 2,326 | ​ | 4,020 | ​ | August, 2023 | ​ | 4,020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 4,020
2022 |  | Núcleo |  | April, 2022 |  | 804 |  | 3,957 |  | May, 2022 / August, 2022 |  | 3,827
​ | ​ | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | 3,827
2021 |  | Núcleo |  | April, 2021 |  | 650 |  | 5,060 |  | May, 2021/ October, 2021 |  | 4,512
​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | 4,512
​

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