Company: TCMFF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001104659-25-019133
Chunk: 357

Company: TELECOM ARGENTINA SA
Filing Date: 2025-02-28
Form: 20-F
Item: Item 18
Chunk 357
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,878,004   ​   100   %   4,634,160   ​   100   %
(*)includes capital and interest.
The Company manages its exposure to interest rate variation risk, optimizing the type of financing with the aim of improving terms and reducing its financial costs with improvements in interest rates. It also has used different hedging DFIs which convert variable rates into fixed rates. For more information on the DFIs held by the Company, see Note 22.
For more information about borrowings see Note 13.
Sensitivity analysis
As of December 31, 2024, Management believes that any variation of 100 bps in the agreed interest rates would result in $2,758 million gain / loss. As of December 31, 2023, Management believes that any variation of 100 bps in the agreed interest rates would result in $11,456 million gain / loss.
Price Risk
Telecom’s investments in financial assets at fair value through profit or loss are susceptible to the risk of changes in market prices arising from fluctuations in the future value of these assets. The Company conducts an ongoing monitoring of the evolution of these assets’ prices.
As of December 31, 2024 and 2023, the total value of investments with changes in fair value recognized in net income amounted to $12,952 million and $243,588 million, respectively.
Sensitivity Analysis
Management estimates that any 10% variation in the market price would result in $1,295 million and $24,358 million gain / loss as of December 31, 2024 and 2023, respectively.
Credit risk
Credit risk represents Telecom’s exposure to possible losses arising from the failure of commercial or financial counterparts to fulfill their assumed obligations. Such risk stems principally from economic and financial factors that could affect to our debtors.
Credit risk arises from cash and cash equivalents as well as credit exposures to customers, including outstanding receivables and committed transactions.

F-

TELECOM ARGENTINA S.A.

Telecom’s maximum theoretical exposure to credit risk is represented by the carrying amount of the financial assets and trade receivables, net recorded in the consolidated statement of financial position.
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