XML 47 R29.htm IDEA: XBRL DOCUMENT
v3.25.0.1

FINANCIAL INSTRUMENTS | 12 Months Ended
--- | ---
Dec. 31, 2024
FINANCIAL INSTRUMENTS |
FINANCIAL INSTRUMENTS | NOTE 22 – FINANCIAL INSTRUMENTS
| a) | Categories of financial assets and financial liabilities
The following tables set out, for financial assets and liabilities as of December 31, 2024 and 2023 their category of financial instrument and the details of profits and losses generated according to each category. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Fair value | ​ | ​
​ |  | ​ |  | accounted |  | accounted |  | ​
​ | ​ | ​ | ​ | through | ​ | through other | ​ | ​
​ | ​ | Amortized | ​ | profit or | ​ | comprehensive | ​ | ​
As of December 31, 2024 | ​ | cost | ​ | loss | ​ | income | ​ | Total
Assets | ​ |  | ​ | ​ | ​ |  | ​ |
Cash and cash equivalents | ​ | 226,727 | ​ | 91,592 | ​ | — | ​ | 318,319
Investments | ​ | 20,632 | ​ | 12,952 | ​ | — | ​ | 33,584
Trade receivables | ​ | 296,424 | ​ | — | ​ | — | ​ | 296,424
Other receivables | ​ | 16,378 | ​ | 3,496 | ​ | — | ​ | 19,874
Total | ​ | 560,161 | ​ | 108,040 | ​ | — | ​ | 668,201
Liabilities | ​ | ​ | ​ | ​ | ​ |  | ​ | ​
Trade payables | ​ | 461,163 | ​ | — | ​ | — | ​ | 461,163
Borrowings | ​ | 2,878,004 | ​ | — | ​ | — | ​ | 2,878,004
Leases liabilities | ​ | 212,976 | ​ | — | ​ | — | ​ | 212,976
Other liabilities | ​ | 16,280 | ​ | 1,244 | ​ | — | ​ | 17,524
Total | ​ | 3,568,423 | ​ | 1,244 | ​ | — | ​ | 3,569,667
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Fair value | ​ | ​
​ |  | ​ |  | accounted |  | accounted |  | ​
​ | ​ | ​ | ​ | through | ​ | through other | ​ | ​
​ | ​ | Amortized | ​ | profit or | ​ | comprehensive | ​ | ​
As of December 31, 2023 | ​ | cost | ​ | loss | ​ | income | ​ | Total
Assets | ​ |  | ​ |  | ​ |  | ​ |
Cash and cash equivalents | ​ | 275,506 | ​ | 72,424 | ​ | — | ​ | 347,930
Investments | ​ | 26,371 | ​ | 243,588 | ​ | — | ​ | 269,959
Trade receivables | ​ | 289,887 | ​ | — | ​ | — | ​ | 289,887
Other receivables | ​ | 47,067 | ​ | 22 | ​ | 4,326 | ​ | 51,415
Total | ​ | 638,831 | ​ | 316,034 | ​ | 4,326 | ​ | 959,191
Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Trade payables | ​ | 779,088 | ​ | — | ​ | — | ​ | 779,088
Borrowings | ​ | 4,634,160 | ​ | — | ​ | — | ​ | 4,634,160
Leases liabilities | ​ | 193,036 | ​ | — | ​ | — | ​ | 193,036
Other liabilities | ​ | 31,240 | ​ | 3,469 | ​ | — | ​ | 34,709
Total | ​ | 5,637,524 | ​ | 3,469 | ​ | — | ​ | 5,640,993
​ Gains and losses by category – Year 2024 ​
​ | ​ | ​ | ​ | ​
​ |  | Net gain/(loss) |  | Of which interest
Financial assets at amortized cost | ​ | (36,276) | ​ | 39,991
Financial liabilities at amortized cost | ​ | 1,632,087 | ​ | (133,540)
Financial assets at fair value through profit or loss | ​ | (45,409) | ​ | —
Financial liabilities at amortized cost through profit or loss | ​ | (407) | ​ | —
Total | ​ | 1,549,995 | ​ | (93,549)
​ Gains and losses by category – Year 2023 ​
​ | ​ | ​ | ​ | ​
​ |  | Net gain/(loss) |  | Of which interest
Financial assets at amortized cost | ​ | 137,618 | ​ | 54,055
Financial liabilities at amortized cost | ​ | (1,650,848) | ​ | (48,217)
Financial assets at fair value through profit or loss | ​ | 193,309 | ​ | 140,072
Financial liabilities at amortized cost through profit or loss | ​ | (67,803) | ​ | —
Total | ​ | (1,387,724) | ​ | 145,910
​ Gains and losses by category – Year 2022 ​
​ | ​ | ​ | ​ | ​
​ |  | Net gain/(loss) |  | Of which interest
Financial assets at amortized cost |  | 39,509 |  | 30,957
Financial liabilities at amortized cost |  | 139,282 |  | (112,712)
Financial assets at fair value through profit or loss |  | (64,998) |  | (4,972)
Financial liabilities at fair value through profit or loss |  | (37,527) |  | —
Total |  | 76,266 |  | (86,727)
​
| b) | Fair value hierarchy and other disclosures
The Company presents the judgments and estimates made to determine the fair values of the financial instruments that are recognized and measured at fair value in its consolidated financial statements. The measurement at fair value of the financial instruments of Telecom are classified according to the three levels set out in IFRS 13:
- | Level 1: Fair value determined by quoted prices (unadjusted) in active markets for identical assets or liabilities.
- | Level 2: Fair value determined based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (e.g., as prices) or indirectly (e.g., derived from prices).
- | Level 3: Fair value determined by unobservable inputs where the reporting entity is required to develop its own assumptions.
Financial assets and liabilities recognized at fair value as of December 31, 2024 and 2023, and the level of hierarchy are listed below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2024 |  | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |  |
Current Assets |  |  |  |  |  |
Mutual Funds (1) (2) |  | 93,158 |  | — |  | 93,158
Government bonds (1) (2) |  | 11,386 |  | — |  | 11,386
Other receivables: Compensation received for company acquisitions (3) |  | — |  | 1,079 |  | 1,079
Non-current Assets |  | ​ |  | ​ |  | ​
Other receivables: Compensation received for company acquisitions (3) |  | — |  | 2,417 |  | 2,417
Total assets |  | 104,544 |  | 3,496 |  | 108,040
Liabilities |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |
Other liabilities: Debt for acquisition of NYSSA (3) |  | — |  | 643 |  | 643
Non-current Liabilities |  |  |  | ​ |  | ​
Other liabilities: Debt for acquisition of NYSSA (3) |  | — |  | 601 |  | 601
Total liabilities |  | — |  | 1,244 |  | 1,244
​
​ | ​ | ​ | ​ | ​ | ​ | ​
As of December 31, 2023 |  | Level 1 |  | Level 2 |  | Total
Assets |  |  |  |  |  |
Current Assets |  |  |  |  |  |
Mutual Funds (1) (2) |  | 31,414 |  | — |  | 31,414
Government bonds (1) (2) |  | 284,598 |  | — |  | 284,598
Other receivables: DFI (4) | ​ | — | ​ | 3,374 | ​ | 3,374
Other receivables: Indemnification assets (3) | ​ | — | ​ | 22 | ​ | 22
Non-current Assets |  | ​ |  | ​ |  | ​
Other receivables: DFI (4) | ​ | — | ​ | 952 | ​ | 952
Total assets | ​ | 316,012 | ​ | 4,348 | ​ | 320,360
Liabilities |  | ​ |  | ​ |  | ​
Current Liabilities |  | ​ |  | ​ |  | ​
Other liabilities: Debt for acquisition of NYSSA (3) |  | — |  | 1,235 |  | 1,235
Non-current Liabilities | ​ | ​ | ​ | ​ | ​ | ​
Other liabilities: Debt for acquisition of NYSSA (3) | ​ | — | ​ | 2,234 | ​ | 2,234
Total liabilities |  | — |  | 3,469 |  | 3,469
(1) | The Mutual funds are included in Cash and cash equivalentsand Investments. The Government bonds are included in Cash and cash equivalents and Investments.
(2) | The fair value is based on information obtained from active markets and corresponds to quoted market prices as of year-end. A market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.
(3) | The fair value was determined by the variation between the quoted values of certain public securities in foreign currency and Argentine pesos.
(4) | The fair value of financial instruments that are not negotiated in active markets is determined using valuation techniques. These valuation techniques maximize the use of market observable information, when available, and rely as little as possible on specific estimates of the Company. The techniques used for the measurement of financial instruments, are detailed below: a) DFI for forward purchases of US dollars and RMB, corresponds to the variation between the market prices at the end of the fiscal year and the time of agreement and; b) DFI interest rate swap corresponds to the present value of estimated future cash flows based on observable yield curves obtained in the market.
During the years ended December 31, 2024 and 2023, there were no transfers between Levels of the fair value hierarchy. Additionally, the methods and assumptions used to estimate the fair values of each class of financial instrument are as follows: Trade receivables and Other receivables: Carrying amounts are considered to approximate fair value due to the short term nature of these receivables. Noncurrent trade receivables have been recognized at their amortization cost, using the effective interest method and are not significant. Trade payables and Other liabilities: The carrying amount of trade payables and other liabilities to approximates its fair value due to the short term nature of these debts. Noncurrent trade payables and other liabilities have been discounted. Borrowings As of December 31, 2024, fair value of borrowings is as follows:
​ | ​ | ​ | ​ | ​
​ |  | Carrying Value |  | Fair Value
​ | ​ | ​ | ​ | ​
Notes |  | 2,410,891 |  | 2,246,719
Other borrowings |  | 467,113 |  | 468,133
​ |  | 2,878,004 |  | 2,714,852
​ As of December 31, 2023, fair value of borrowings is as follows:
​ | ​ | ​ | ​ | ​
​ |  | Carrying Value |  | Fair Value
​ | ​ | ​ | ​ | ​
Notes |  | 2,843,432 |  | 2,635,181
Other borrowings |  | 1,790,728 |  | 1,804,274
​ |  | 4,634,160 |  | 4,439,455
​ The fair value of the loans was assessed as follows:
| a) | The fair value of Notes traded in active markets was measured based on quoted market prices at the end of the reporting period. As a result, its valuation classifies as Level 1.
| b) | The fair value of Notes that are not traded in an active market was measured based on quotes provided by first-tier financial entities, so their valuation qualifies as Level 2.
| c) | Fort the rest of the borrowings, the fair values were calculated based on cash flows discounted using a current lending rate, so as they are classified as level 3.
| c) | Hedge accounting
Derivatives are used by Telecom and its subsidiaries to manage their exposure to exchange rate and interest rate risks. The position of DFIs in the consolidated statements of financial position and amounts recognized in Consolidated Income Statements and Consolidated Statements of Comprehensive Income, are detailed below: ​
​ | ​ | ​ | ​ | ​
​ | As of December 31,
​ | ​ | 2024 | ​ | 2023
Other receivables current - DFI: SOFR |  | — |  | 3,374
Other receivables non current - DFI: SOFR |  | — |  | 952
Total assets |  | — |  | 4,326
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Years ended December 31,
​ | ​ | 2024 | ​ | 2023 | ​ | 2022
​ | ​ | Profit (loss)
Foreign currency exchange effect |  | 2,995 |  | 17,273 |  | (10,544)
Interests on borrowings |  | (2,747) |  | (2,705) |  | (997)
Financial results |  | 248 |  | 14,568 |  | (11,541)
DFI effects classified as hedges |  | (5,913) |  | 2,859 |  | 4,122
Other comprehensive income (loss) |  | (5,913) |  | 2,859 |  | 4,122
​
| ● | Interest rate swaps – cash flow hedges
In August 2024, the Company cancelled the several DFI agreements, to hedge the fluctuation of SOFR from the IFC loan signed on June 28, 2022, for its total amount, for the period beginning February 15, 2023 to August 15, 2025. The agreements entered into covered a total amount of US$184.5 million. The interest rates were set at 3.605%, 3.912% and 3.895%, respectively. In September 2022, the several DFI agreements were finalized to hedge the fluctuation of LIBOR from the IFC loan amounting to US$400 million and from the IIC loan amounting to US$100 million. The mentioned agreements hedged a total amount of US$440 million. Such DFI allows fixing the variable rate in a range between 2.085% and 2.4525% nominal annual rate.
| ● | Exchange rate Hedges
During year ended December 31, 2024, Telecom Argentina entered into several DFI agreements to hedge the fluctuation of the exchange rate from its loan portfolio amounting to US$50 million fixing the average exchange rate in 1,004 Argentine pesos/US$, expiring between July and August 2024. During year ended December 31, 2023, Telecom Argentina entered into several DFI agreements to hedge the fluctuation of the exchange rate from its loan portfolio amounting to US$752 million fixing the average exchange rate in 279.8 Argentine pesos/US$, expiring between February 2023 and November 2023. Additionally, entered into one DFI agreement to RMB 20 million fixing the average exchange rate in 37 Argentine pesos/RMB, $, expiring in May 2023 and July 2023. During year ended December 31, 2022, Telecom Argentina entered into several DFI agreements to hedge the fluctuation of the exchange rate from its loan portfolio amounting to US$262 million fixing the average exchange rate in 166.1 Argentine pesos/US$, expiring between February 2022 and June 2023. Additionally, on December 2022, entered into one DFI agreement to RMB 15 million fixing the average exchange rate in 27.8 Argentine pesos/RMB, expiring in January 2023.
| d) | Offsetting of financial assets and financial liabilities
Telecom and its subsidiaries offset the financial assets and liabilities to the extent that such offsetting is provided by offsetting agreements and provided that Telecom has the intention to make such offsetting. The main financial assets and liabilities offset correspond to transactions with other national and foreign operators including interconnection, carriers and Roaming (being offsetting a standard practice in the telecommunications industry at the international level that Telecom and its subsidiaries applies regularly). Offsetting is also applied to transactions with agents. ​ The following table presents financial assets and liabilities that are offset as of December 31, 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2024
​ | ​ | Trade | ​ | Other | ​ | ​ | ​ | Other
​ |  | receivables |  | receivables |  | Trade payables |  | liabilities
Current and noncurrent assets (liabilities) - Gross value |  | 312,860 |  | 23,427 |  | (477,599) |  | (21,077)
Offsetting |  | (16,436) |  | (3,553) |  | 16,436 |  | 3,553
Current and noncurrent assets (liabilities) – Carrying Value |  | 296,424 |  | 19,874 |  | (461,163) |  | (17,524)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2023
​ | ​ | Trade | ​ | Other | ​ | ​ | ​ | Other
​ |  | receivables |  | receivables |  | Trade payables |  | liabilities
Current and noncurrent assets (liabilities) - Gross value |  | 305,745 |  | 53,314 |  | (794,946) |  | (36,608)
Offsetting |  | (15,858) |  | (1,899) |  | 15,858 |  | 1,899
Current and noncurrent assets (liabilities) – Carrying Value |  | 289,887 |  | 51,415 |  | (779,088) |  | (34,709)
​

X
- References No definition available. + Details
Name: | ifrs-full_DisclosureOfFinancialInstrumentsAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for financial instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2024-01-01 -Section Scope -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2024-en-r&doctype=Standard&dita_xref=IFRS07_g3-5A_TI -URIDate 2024-03-27 + Details
Name: | ifrs-full_DisclosureOfFinancialInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-2022:textBlockItemType
Balance Type: | na
Period Type: | duration