Company: TCMFF
Filing Date: 2025-05-13
Form Type: 6-K
Source: 0001104659-25-047837
Chunk: 48

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-13
Form: 6-K
Chunk 48
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     |  -403,869 |
| As % of Revenues                                              |     |      68.2% |     |        49.3% |     |           |
| Cash and cash equivalents                                     |     |    412,345 |     |      345,596 |     |    66,749 |
| Other                                                         
 receivables: DFI                                              |     |         18 |     |            - |     |        18 |
| Investments                                                   |     |    106,483 |     |       36,462 |     |    70,021 |
| Current borrowings                                            |     | -1,198,136 |     |   -1,164,665 |     |   -33,471 |
| Net Current financial liability                               |     |   -679,290 |     |     -782,607 |     |   103,317 |
| Assets classified as held for sale                            |     |      2,454 |     |        1,916 |     |       538 |
| Negative working capital (current assets—current liabilities) |     | -1,606,701 |     |   -1,306,687 |     |   300,014 |
| Liquidity rate (current assets/ current liabilities)          |     |       0.48 |     |         0.39 |     |      0.09 |

Telecom has a typical
working capital structure corresponding to a company with intensive capital that obtains spontaneous financing from its suppliers (especially
PP&E and Intangible asset) for longer terms than those it provides to its customers. As a result, Telecom has a negative working capital,
which amounted to $1,606,701 million as of March 31, 2025 (increasing $300,014 million compared to December 31, 2024).

Negative working capital
contains $121,570 million corresponding to TMA as of March 31, 2025.

During 2024, Telecom obtained
funds from the financial market to refinance part of its loans in order to optimize their terms, rates, and structure. Telecom will continue
its strategy of refinancing its borrowings to extend contractual terms and achieve lower financing costs, thus covering its negative working
capital.

Telecom had consolidated cash and cash equivalents
amounting to $412,345 million and $345,596 million as of March 31, 2025 and December 31