Company: TCMFF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001104659-25-019133
Chunk: 140

Company: TELECOM ARGENTINA SA
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 140
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2022.

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PART I - ITEM 5 OPERATING AND FINANCIAL REVIEW AND PROSPECTS   TELECOM ARGENTINA S.A.
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The decrease was mainly due to the fact that in 2022, the Management identified the need to review the estimate of the recoverable value of Goodwill assigned to the cash-generating unit of Telecom (CGU Telecom), which comprises the Company and its subsidiaries in Argentina. From such analysis, it concluded that the book value of CGU Telecom exceeded its recoverable value. Consequently, Goodwill was impaired by P$1,653,965 million in current currency as of December 31, 2023. For further information refer to Note 3.u.1) of our Consolidated Financial Statements.
Additionally, depreciation, amortization and impairment of Fixed Assets of the year includes the impact of the depreciation and amortization of the capital expenditures subsequent to December 31, 2022, partially offset by the effect of those assets that ended their useful life after that same date.
The effect generated by the restatement in current currency as of December 31, 2024, included in Depreciation, amortization and impairment of Fixed Assets amounted to P$1,435,764 million and P$3,295,303 million in 2023 and 2022, respectively.
Operating loss
In 2023, our consolidated operating loss amounted to P$272,346 million, representing a decrease of P$1,727,745 million as compared to 2022. Operating loss represented (6.1)% and (40.4)% of consolidated revenues in 2023 and 2022, respectively.
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​                                                           ​   Year ended December 31,                          ​   % of Change          
​                                                           2023                     2022                            2023-2022            
​                                                               (P$million / %)                                  ​   Increase/(Decrease)  
Adjusted EBITDA (1)                                             ​        1,261,714          ​        1,358,841       ​           (7.1)    
As % of revenues                                                ​             28.1   ​      ​             27.5       ​           ​        
Depreciation, amortization and impairment of Fixed Assets       ​      (1,534,060)   ​      ​      (3,358,932)