Company: TCMFF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001104659-25-019133
Chunk: 356

Company: TELECOM ARGENTINA SA
Filing Date: 2025-02-28
Form: 20-F
Item: Item 18
Chunk 356
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Financial assets and liabilities denominated in foreign currencies 
Financial assets and liabilities denominated in foreign currencies as of December 31, 2024 and 2023, are the following:
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       ​          ​          ​               ​               ​      
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​                 2024                 2023                         
​                 ​        In equivalent millions of Argentine pesos
Assets                       355,472                         389,753
Liabilities              (2,627,952)                     (4,904,557)
Liabilities Net          (2,272,480)                     (4,514,804)
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Sensitivity analysis
As of December 31,2024, which is a not hedged net liability position in foreign currency of US$2,201 million, Management estimates that an increase in the U.S. dollar exchange rate of approximately 20%, would result in a variation of approximately $454,495 million of the consolidated financial position in foreign currency.
As of December 31, 2023, which was a not hedged net liability position in foreign currency of US$2,564 million, Management estimates that an increase in the U.S. dollar exchange rate of approximately 20%, would result in a variation of approximately $902,961 million of the consolidated financial position in foreign currency.
Interest rate risk
Within its borrowings structure, Telecom and its subsidiaries have negotiable obligations, bank loans and loans from other financial entities denominated in pesos, dollars, RMB and guaraníes at fixed and variable rates and current account advances denominated in pesos in the short term and at rates renegotiable upon maturity, and are therefore exposed to the risk of interest rate fluctuations, mainly through the fluctuation of the SOF variable rate.

F-

TELECOM ARGENTINA S.A.

The proportion of fixed-rate and variable-rate borrowings as of December 31, 2024 and 2023 is detailed below:

         ​             ​       ​       ​    ​    ​       ​       ​    ​    ​
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​                      2024                      2023                       
​                      ​               $     %   ​               $     %    
Fixed rate             ​   2,602,234   ​    90   %   3,488,549   ​    75   %
Variable rate          ​     275,770   ​    10   %   1,145,611   ​    25   %
Total borrowings (*)   ​   2