Company: TCMFF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001104659-25-019133
Chunk: 125

Company: TELECOM ARGENTINA SA
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 125
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,003,871)   ​   2,604,218   ​      n/a   
​
We incurred financial gains, net of P$1,600,347 million in 2024, as compared to financial loss, net of P$1,003,871 million in 2023. Financial Results, net in 2024 mainly include gain generated by (i) foreign exchange differences measured in real terms of P$1,875,455 million as a result of the U.S. dollar appreciating 27.7% against the Argentine Peso compared to a 117.8% inflation (compared to a loss of P$1,490,835 million in 2023 and 356.3% devaluation of the Argentine Peso against the U.S. dollar compared to a 211.4% inflation in 2023) and (ii) the effect generated by the restatement in current currency, which amounted to a gain of P$129,236 million (compared to P$409,001 million in 2023). These gains were partially offset by losses generated by (i) interest on borrowings measured in real terms of P$132,146 million (compared to P$127,344 million in 2023), (ii) remeasurement in borrowings of P$102,728 million (compared to a gain of P$108,438 million in 2023), (iii) other financial results of P$66,948 million (compared to P$35,901 million in 2023), and (iv) fair value losses on financial assets at fair value through profit or loss of P$45,400 million (compared to a gain of P$140,072 million in 2023). Other financial results include the effect of PAIS tax of P$57,122 million in 2024.
Income Tax
The Company’s income tax charge includes the following effects: (i) the current tax payable for the year pursuant to tax legislation applicable to each of Telecom Argentina and its subsidiaries; (ii) the effect of applying the deferred tax method on temporary differences arising out of the asset and liability valuation according to tax versus financial accounting criteria and; (iii) the effects of the income tax inflation adjustment. 
Income tax amounted to a loss of P$409,154 million in 2024 as compared to a gain of P$736,601 million in 2023. It includes mainly the following effects: (i