Company: TCMFF
Filing Date: 2025-05-19
Form Type: 6-K
Source: 0001104659-25-050264
Chunk: 63

Company: TELECOM ARGENTINA SA
Filing Date: 2025-05-19
Form: 6-K
Chunk 63
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| Closing inventory              |     |            |  62,171,429,254 |     |            |  41,459,851,310 |
| Cost of goods sold (Note 19 c) |     |            | 162,825,819,658 |     |            | 247,769,294,036 |

Movements in the provision for inventory write-down
in 2024 and 2023 are as follows:

| Balance as of December 31, 2022 |     | (4,065,677,658 | ) |
| Reversals                       |     |  1,388,777,835 |   |
| Balance as of December 31, 2023 |     | (2,676,899,823 | ) |
| Reversals                       |     |   (270,810,478 | ) |
| Balance as of December 31, 2024 |     | (2,947,710,301 | ) |

The amount of TMA's inventory purchase commitments
was not significant for fiscal years 2024 and 2023.

TMA has insurance policies to cover the costs
and expenses that may arise from potential future losses relating to inventories.

Changes in the provisions for inventory write-down
are recognized under the caption Supplies in the income statement.

| 9. | Related Parties |

The related parties of the Company include, apart
from its subsidiaries, associates, jointly controlled entities and those of TSA, the key management personnel of TMA and all individuals
related to them by a family relationship up to the second degree of consanguinity and/or first degree by marriage, as well as entities
over which key management personnel can exercise significant influence or control.

Below there is a detail of the balances and transactions
between TMA and other related parties.

Transactions with the Controlling Company and Related Parties

Cash Pooling Agreements

During fiscal year 2023, TASA, a company now merged
with TMA, entered into several agreements with Telfisa Global, B.V. ("Telfisa"), a financial company whose sole shareholder
is TSA, through which it placed its cash surplus. In exchange for depositing its cash surplus in Telfisa, TMA received an annual interest
rate equivalent to the 30-day SOFR plus four basis points. These agreements were periodically renewed until January 2024.

Loan Agreement

In January 2024, the Company received and
accepted a proposal from TSA