Company: TCMFF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001104659-25-019133
Chunk: 151

Company: TELECOM ARGENTINA SA
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 151
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, the Company has informed the lenders that such waivers should no longer be in effect and that the original terms of the loan agreements shall be reinstated in their entirety.
Additionally, beyond the flexibility established in the waivers, the Company has also been within the limits established in the original loan agreements in relation to the aforementioned ratios for the calculation periods of 2024.
As of the date of issuance of this Annual Report, the Company complies with: a) the EBITDA/ Interest Net ratio and b) the Net Debt/EBITDA ratio established in the original loan agreements and is also in compliance with the rest of the covenants established.
For more information on our financial ratio waivers, see Note 13 of our Consolidated Financial Statements.
Dividends to Shareholders
Telecom Argentina has distributed non-cash dividends through the delivery of 2030 and 2035 Global Bonds issued by Argentina, funded by partial reversals of its voluntary reserve. These distributions were approved by the Ordinary and Extraordinary Shareholders’ Meetings held on June 2, 2022, April 27, 2023, and April 25, 2024. The table below summarizes these distributions:

 ​     ​                   ​                   ​          ​             ​                ​           
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Year       Non cash                                Distributed amount                                
​      ​   ​                                   ​   Currency of the             Current currency as of
​      ​   ​                                   ​   transaction date   ​        December 31, 2024     
​      ​   ​                                   ​   (in millions of P$)                               
2024   ​   2030 Global Bonds: US$145,602,795   ​   115,725            ​        118,854               
2023   ​   2030 Global Bonds: US$411,214,954   ​   47,701             ​        227,443               
2022   ​   2030 Global Bonds: US$411,145,986   ​   31,634             ​        306,909               
           2035 Global Bonds: US$103,854,014                                                         
​
For more information on our dividends to shareholders, see Note 4 of our Consolidated Financial Statements.

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PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS   TELECOM ARGENTINA S.A.
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Our ability to generate sufficient cash from our operations to satisfy our indebtedness and capital expenditure needs may be affected by macro