CASH AND CASH EQUIVALENTS AND INVESTMENTS. ADDITIONAL INFORMATION ON THE CONSOLIDATED STATEMENTS OF CASH FLOWS

Schedule of financial position information of investments in associates

Percentage

(direct and

indirect) of

capital stock

Nature of

owned and

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

(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.

Schedule of investments in associates and joint ventures


	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

Schedule of main non-cash operating transactions


		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	—	—

Schedule of 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.