Company: TCMFF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001104659-25-019133
Chunk: 148

Company: TELECOM ARGENTINA SA
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 148
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604 million partially offset by proceeds from borrowings for P$1,196,510 million.
In 2023, cash flows used in financing activities included payments for borrowings, interest and related expenses and leases liabilities for P$1,044,647 million and cash dividend payments for P$8,754 million partially offset by proceeds from borrowings for P$845,291 million.
In 2022, cash flows used in financing activities included payments for borrowings, interest and related expenses and leases liabilities for P$880,115 million and cash dividend payments for P$8,334 million partially offset by proceeds from borrowings for P$577,871 million.
Liquidity
The liquidity position of Telecom Argentina is and will be significantly dependent on its operating performance, its indebtedness, capital expenditure programs and dividends from its subsidiaries, if any.
Working Capital
Operating Working Capital is a non-GAAP measure, defined as the difference between our operating current assets and operating current liabilities. Our Management believes this measure is useful for assessing our efficiency in managing our short-term assets and liabilities and ensuring operational continuity. For reconciliation of Operating Working Capital to the most directly comparable IFRS Accounting Standards measure, see “—Reconciliation” below.

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PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS   TELECOM ARGENTINA S.A.
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Net Current Financial Liability is a non-GAAP measure, defined as the difference between our financial assets and financial liabilities. Our Management believes this measure is useful for assessing our solvency and liquidity because it provides a view of our ability to meet our short- and long-term financial obligations. For reconciliation of Net Current Financial Liability to the most directly comparable IFRS Accounting Standards measure, “Reconciliation” below.
Working Capital is a non-GAAP measure, defined as the difference between our current assets and current liabilities. Our Management believes this metric is useful for measuring our short-term financial health and operational efficiency and assessing our ability to manage our liquidity and sustain our operational activities. For reconciliation of Working Capital to the most directly comparable IFRS Accounting Standards measure, “Reconciliation” below.
Telecom’s working capital breakdown and its main variations are disclosed below:
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                               ​                                  ​   ​        ​        ​   ​        ​        ​    ​         ​    
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​                                                                 2024                  2023                      Variation       
​                                                                 ​   (P$million)                                                 
Trade receivables                                                 ​   ​       295,