Company: TCMFF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001104659-25-019133
Chunk: 354

Company: TELECOM ARGENTINA SA
Filing Date: 2025-02-28
Form: 20-F
Item: Item 18
Chunk 354
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      187,639   ​        (130,191)   ​         2,548
Other interests, net                                                                 ​       24,298   ​           33,601   ​        13,122
Other taxes and bank expenses                                                        ​    (116,636)   ​         (55,175)   ​      (47,198)
Financial expenses on pension benefits                                               ​      (6,736)   ​          (4,042)   ​       (2,759)
Financial discounts on assets, debts and others                                      ​     (27,625)   ​         (15,847)   ​      (21,639)
RECPAM                                                                               ​      129,236   ​          409,001   ​       360,523
Total other financial results, net                                                   ​      144,776   ​          377,419   ​       218,589
Total financial results, net                                                         ​    1,600,347   ​      (1,003,871)   ​       420,293
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NOTE 26 – FINANCIAL RISK MANAGEMENT
Financial risk factors
Telecom and its subsidiaries are exposed to the following financial risks in the ordinary course of its business operations:

●   Market risk: stemming from change in exchange rates, market prices and interest rates in connection with financial assets that have been originated and financial liabilities that have been assumed;
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●   Credit risk: representing the risk of the non-fulfillment of the obligations undertaken by the counterpart regarding the operations of Telecom;
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●   Liquidity risk: connected with the need to meet short-term financial commitments.
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These financial risks are managed by:

●   The definition of guidelines for directing operations;
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●   The activity of the Board of Directors and Management which monitors the level of exposure to mentioned risks consistently with prefixed general objectives;
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●   The identification of the most suitable financial instruments, to reach prefixed objectives;
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●   The monitoring of the results achieved.
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This sensitivity analysis provides only a limited point of view of the sensitivity to market risk of certain financial instruments. The actual impact of changes in financial instruments may differ significantly from this estimate.
The policies to manage and the sensitivity analyses of the above financial risks by Telecom are described below.
Market risk
Foreign exchange risk
One of the main Telecom’s market risks is its exposure to changes in foreign currency exchange rates in the markets in which