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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, 2024
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 | ​ | 2024 |  | 2023
Cash and Banks (1) |  | 121,753 |  | 198,094
Time deposits |  | 104,974 |  | 77,412
Mutual funds |  | 91,592 |  | 30,282
Government bonds at fair value through profit or loss |  | — |  | 42,142
Total cash and cash equivalents |  | 318,319 |  | 347,930
​ | ​ | ​ | ​ | ​
(1) As of December 31, 2024 and 2023, includes restricted funds for $ 8,738 million and $7,219 million ($15,720 million in current currency as of December 2024), respectively corresponding to the funds to be paid to customers.
​ | ​ | ​ | ​ | ​
Investments |  |  |  |
Current |  |  |  |
Government bonds at fair value through profit or loss |  | 11,386 |  | 242,456
Time deposits | ​ | 20,632 | ​ | 26,371
Mutual funds |  | 1,566 |  | 1,132
​ |  | 33,584 |  | 269,959
Non- current |  | ​ |  |
Investments in associates and joint ventures(a) |  | 13,608 |  | 51,877
2003 Telecommunications Fund |  | 1 |  | 1
​ | ​ | 13,609 | ​ | 51,878
Total investments |  | 47,193 |  | 321,837
(a) | Information on Investments in associates and joint ventures is detailed below:
Financial position information: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | ​ |  | Percentage |  | ​ |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (direct and | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | indirect) of | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | capital stock | ​ | ​ | ​ | ​
​ | ​ | Nature of | ​ | ​ | ​ | ​ | ​ | owned and | ​ | Valuation as | ​ | Valuation as
Companies | ​ | relationship | ​ | Main activity | ​ | Country | ​ | voting rights (%) | ​ | of 12.31.2024 | ​ | of 12.31.2023
Ver TV (1) (3) | ​ | Associate | ​ | Community Closed-circuit television | ​ | Argentina | ​ | — | ​ | — | ​ | 22,850
TSMA (1) (2) (3) | ​ | Associate |  | Community Closed-circuit television |  | Argentina |  | — |  | — |  | 8,343
La Capital Cable (1) | ​ | Associate |  | Closed-circuit television |  | Argentina |  | 50.00 |  | 4,711 |  | 4,898
OPH (1) (4) (5) | ​ | Joint venture | ​ | Holding | ​ | USA | ​ | 50.00 | ​ | 8,897 | ​ | 15,786
Total | ​ | ​ |  |  |  |  |  |  |  | 13,608 |  | 51,877
​ Earnings (loss) information: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2024 |  | 2023 |  | 2022
Ver TV | ​ | (7,182) | ​ | (3,859) | ​ | 2,800
TSMA |  | (156) |  | (1,796) |  | 1,845
La Capital Cable |  | 323 |  | 712 |  | 908
OPH | ​ | (3,461) | ​ | 832 | ​ | —
Costs related to the sale of Ver TV (Note 28.1) | ​ | (998) | ​ | — | ​ | —
Total |  | (11,474) |  | (4,111) |  | 5,553
(1) | Data about the issuer arises from extra-accounting information.
(2) | As of December 31, 2023, despite owning a percentage higher than a 50% of interest, the Company did not have the control in accordance with the requirements of IFRS Accounting Standards.
(3) | During September 2024, the Company acquired an additional 49.9% equity interest in TSMA by exchanging 49% of its equity interest in Ver TV. For this transaction, the Company recognized a loss of $2,720 million. For more details, see Note 28.1).
(4) | In April 2023, the Company has acquired a 50% shareholding in OPH.
(5) | As of December 31, 2024, includes $(3,428) million of currency translation adjustments.
​ The evolution of investments in associates and joint ventures is as follows: ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of December
​ |  | 2024 |  | 2023
At the beginning of the year |  | 51,877 |  | 43,713
Losses for the year |  | (10,476) |  | (4,111)
Reduction of interest in associate |  | (23,352) |  | —
Dividends from associates |  | (1,013) |  | (2,679)
Acquisitions |  | — |  | 14,954
Currency translation adjustments |  | (3,428) |  | —
At the end of the year |  | 13,608 |  | 51,877
​ b) Additional information on the consolidated statements of cash flows Changes in assets/liabilities components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
Net (increase) decrease in assets |  | 2024 |  | 2023 |  | 2022
Trade receivables |  | (260,840) |  | (387,536) |  | (224,190)
Other receivables |  | (81,291) |  | (195,643) |  | (153,225)
Inventories |  | (6,388) |  | (45,447) |  | (15,936)
​ |  | (348,519) |  | (628,626) |  | (393,351)
Net increase (decrease) in liabilities |  |  |  |  |  |
Trade payables |  | 20,900 |  | 736,601 |  | 375,298
Salaries and social security payables |  | 83,601 |  | 157,794 |  | 128,459
Other taxes payables |  | 64,669 |  | 95,759 |  | (78,922)
Other liabilities and provisions |  | (7,401) |  | 39,261 |  | (4,090)
​ |  | 161,769 |  | 1,029,415 |  | 420,745
​ Non-cash investing and financing activities ​ Main non-cash transactions from the consolidated statement of cash flows are the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | December 31,
Description |  | Classification of activities |  | 2024 |  | 2023 |  | 2022
PP&E and intangible assets acquisition financed with accounts payable | ​ | Investing - Operating | ​ | 203,394 | ​ | 301,013 | ​ | 186,567
Right of use assets acquisition owed | ​ | Investing - Financing | ​ | 237,298 | ​ | 186,447 | ​ | 142,387
Joint ventures acquisition cancelled with government bonds | ​ | Investing - Investing | ​ | — | ​ | 1,191 | ​ | —
Other liabilities for acquisition of companies and joint ventures | ​ | Investing - Operating | ​ | — | ​ | 8,552 | ​ | 4,129
Other receivables offset with acquisition of companies and joint ventures | ​ | Investing - Operating | ​ | 8,332 | ​ | — | ​ | —
Dividends payment made with investments not considered as cash and cash equivalents (See “Dividends paid”) | ​ | Investing - Financing | ​ | 118,854 | ​ | 227,443 | ​ | 306,909
Trade payables cancelled with borrowings | ​ | Financing - Operating | ​ | 23,425 | ​ | 74,268 | ​ | 72,805
Trade receivables cancelled with government bonds | ​ | Investing - Operating | ​ | — | ​ | — | ​ | 4,551
Trade payables cancelled with government bonds | ​ | Investing - Operating | ​ | 21,026 | ​ | — | ​ | —
Exchange Notes | ​ | Financing - Financing | ​ | 133,156 | ​ | — | ​ | —
Transaction with non-controlling interest offset against other receivables | ​ | Financing - Operating | ​ | 1,304 | ​ | — | ​ | —
Dividend payable from subsidiaries | ​ | Financing - Operating | ​ | 825 | ​ | — | ​ | —
​ Dividends received from associates ​ Brief information on dividends received 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 |  | 2024 |  | month |  | 2024
2024 | ​ | Ver TV | ​ | March, 2024 | ​ | 281 | ​ | 404 | ​ | March, 2024 | ​ | 404
​ | ​ | Ver TV | ​ | June, 2024 | ​ | 70 | ​ | 85 | ​ | June, 2024 | ​ | 85
​ | ​ | La Capital Cable | ​ | May, 2024 | ​ | 400 | ​ | 510 | ​ | May, 2024 | ​ | 510
​ |  | TSMA | ​ | April, 2024 |  | 10 |  | 14 | ​ | May, 2024 | ​ | 14
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,013 | ​ | ​ | ​ | 1,013
2023 |  | Ver TV | ​ | March, 2023 |  | 130 |  | 724 | ​ | April, 2023 | ​ | 667
​ |  | Ver TV | ​ | November, 2023 |  | 217 |  | 592 | ​ | November, 2023 | ​ | 592
​ | ​ | La Capital Cable | ​ | April, 2023 | ​ | 200 | ​ | 936 | ​ | May, 2023 | ​ | 936
​ |  | TSMA | ​ | July, 2023 |  | 101 |  | 427 | ​ | July, 2023 | ​ | 427
​ | ​ | ​ | ​ | ​ |  | ​ | ​ | 2,679 | ​ | ​ | ​ | 2,622
2022 |  | Ver TV | ​ | January, 2022 |  | 104 |  | 1,322 | ​ | January, 2022 | ​ | 1,322
​ | ​ | TSMA | ​ | January, 2022 | ​ | 28 | ​ | 356 | ​ | January, 2022 | ​ | 356
​ |  | La Capital Cable | ​ | September, 2022 |  | 343 |  | 2,728 | ​ | October, 2022 | ​ | 2,492
​ | ​ | ​ | ​ | ​ |  | ​ |  | 4,406 | ​ | ​ | ​ | 4,170
​ ​ 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, 2024
2024 (1) | ​ | 2030 Global Bonds: US$145,602,795 | ​ | 115,725 | ​ | 118,854
2023 (2) | ​ | 2030 Global Bonds: US$411,214,954 | ​ | 47,701 | ​ | 227,443
2022 (3) |  | 2030 Global Bonds: US$411,145,986 2035 Global Bonds 2035: US$103,854,014 |  | 31,634 |  | 306,909
​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Pursuant to the powers delegated by the shareholders of Telecom Argentina at the Ordinary and Extraordinary Shareholders’ Meeting held on April 25, 2024, on November 11, 2024, the Board of Directors 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 for $118,854 million.
(2) | 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 of Directors 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 for $227,443 million.
(3) | 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 for $ 306,909 milion.
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 |  | 2024 |  | Payment month |  | as of December 31, 2024
2024 | ​ | Núcleo | ​ | April, 2024 | ​ | 6,468 | ​ | 8,535 | ​ | April, 2024 | ​ | 8,535
​ | ​ | ​ | ​ | May, 2024 | ​ | 842 | ​ | 1,069 | ​ | May, 2024 | ​ | 1,069
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 9,604 | ​ | ​ | ​ | 9,604
​ | ​ | Personal Envíos | ​ | June, 2024 | ​ | 681 | ​ | 825 | ​ | ​ | ​ | (*)
2023 |  | Núcleo |  | August, 2023 |  | 2,326 |  | 8,754 |  | August, 2023 |  | 8,754
​ | ​ | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | 8,754
2022 |  | Núcleo |  | April, 2022 |  | 804 |  | 8,617 |  | May, 2022 / August, 2022 |  | 8,334
​ | ​ | ​ |  | ​ |  | ​ |  | ​ | ​ | ​ | ​ | 8,334
(*) As of December 31, 2024, these dividends are unpaid. The same converted at the closing exchange rate amount to $686 million.

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