Company: TCMFF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001104659-25-019133
Chunk: 149

Company: TELECOM ARGENTINA SA
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 149
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$156,464 million compared to December 31, 2023).
During 2024, Telecom raised funds from the financial market to refinance part of its borrowings in order to optimize its maturity, interest rate and structure. For more information, see “—Liquidity and Capital Resources—Sources and Uses of Funds—Borrowings Developments during 2024”. Telecom will continue with its strategy of refinancing its borrowings in order to extend the contractual terms, and to obtain lower financing costs, with the aim of being able to cover its negative working capital.
Additionally, in relation to the acquisition of Telefónica Móviles, the financing described under “Item 4—Information on the Company—Recent Developments—Acquisition of Telefónica Móviles”, will not affect our Working Capital position for the next twelve months, since the capital maturities begin in 2028.
For our definitions of (i) Operating Working Capital; (ii) Net Current Financial Liability and (iii) Working Capital, see “—Working Capital” herein. 
Reconciliation
The following tables show a reconciliation of (i) Operating Working Capital; (ii) Net Current Financial Liability and (iii) Working Capital, in each case the most directly comparable IFRS Accounting Standards measure:

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PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS   TELECOM ARGENTINA S.A.
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Operating working capital – negative

                   ​                      ​         ​         ​         ​     
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​                                         2024               2023             
​                                         ​                        (P$million)
Trade receivables (current)                        295,992             289,338
Other receivables (current without DFI)             44,755              70,752
Inventories                                         60,444              68,659
Current liabilities                            (1,958,412)         (2,410,028)
Borrowings (current)                             1,072,741           1,227,050
Operating working capital - negative             (484,480)           (754,229)
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Net Current financial liability

                       ​                          ​         ​         ​         ​     
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​                                                 2024               2023             
​                                                 ​                        (P$million)
Current liabilities                                    (1,958,412)         (2,410,028)
Trade payables (current)                                   444,