Telecom Argentina SA Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Telecom Argentina SA has submitted its 20-F annual report for the fiscal year 2023.</b>

AI Summary

TELECOM ARGENTINA SA (TCMFF) filed a Foreign Annual Report (20-F) with the SEC on March 21, 2024. Telecom Argentina SA filed its annual report on Form 20-F for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at General Hornos, No. 690, Buenos Aires, Argentina. Telecom Argentina SA was formerly known as Telecom Argentina Stet France Telecom SA. The filing includes various asset categories such as Tower and Pole, Switching Equipment, and Computer Equipment and Software.

Why It Matters

For investors and stakeholders tracking TELECOM ARGENTINA SA, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance, operations, and risk factors for the fiscal year 2023, crucial for investors assessing the company's standing. As a 20-F filing, it offers detailed information on the company's business, legal proceedings, and management, which is essential for understanding its strategic direction and potential challenges in the telecommunications sector.

Risk Assessment

Risk Level: — TELECOM ARGENTINA SA shows moderate risk based on this filing. The company operates in the telecommunications industry, which is subject to significant regulatory changes and intense competition, as indicated by the nature of its business and the standard disclosures in a 20-F filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F to understand Telecom Argentina SA's performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (2023-12-31)
• 20240321 — Filed As Of Date (2024-03-21)
• 60000000 — Central Index Key (0000932470)

Key Players & Entities

• TELECOM ARGENTINA SA (company) — Filer
• 20-F (regulator) — Form Type
• 20231231 (date) — Fiscal Year End
• 20240321 (date) — Filed As Of Date
• General Hornos, No. 690 (address) — Business Address
• Buenos Aires (location) — Business Address City
• TELECOM ARGENTINA STET FRANCE TELECOM SA (company) — Former Company Name
• 19950809 (date) — Date of Name Change

FAQ

Industry Context

Telecom Argentina SA operates within the telecommunications industry, providing a range of services including mobile, fixed-line, internet, and pay-TV.

Regulatory Implications

As a foreign private issuer, Telecom Argentina SA is subject to SEC regulations, including the requirement to file annual reports on Form 20-F.

What Investors Should Do

1. Analyze the detailed financial statements and disclosures in the 20-F for the fiscal year ended December 31, 2023.
2. Assess the company's operational segments and asset categories mentioned in the filing.
3. Review any disclosed risk factors and their potential impact on future performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.
• 2024-03-21: Filing Date — Date the 20-F form was submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing for the fiscal year 2023, providing updated information compared to previous periods.

Key Financial Figures

• $1.00 — hange Class B Shares, nominal value P$1.00 per share TECO2 New York Stock Exch
• $ — herwise specified, all references to "US$," "U.S. dollars" or "dollars" are to Un
• $808.45 — Argentine Peso amounts using a rate of P$808.45 = US$1.00, the U.S. dollar ask rate pub
• $1 — so amounts using a rate of P$808.45 = US$1.00, the U.S. dollar ask rate published
• $96 million — rt credit lines for a total amount of US$96 million and US$ 30 million, dated May 2019 and

Filing Documents

• teo-20231231x20f.htm (20-F) — 9625KB
• teo-20231231xex4d6.htm (EX-4.6) — 159KB
• teo-20231231xex8d1.htm (EX-8.1) — 38KB
• teo-20231231xex12d1.htm (EX-12.1) — 14KB
• teo-20231231xex12d2.htm (EX-12.2) — 12KB
• teo-20231231xex13d1.htm (EX-13.1) — 11KB
• teo-20231231xex97d1.htm (EX-97.1) — 29KB
• teo-20231231x20f018.jpg (GRAPHIC) — 4KB
• 0001104659-24-037229.txt (&nbsp;) — 39796KB
• teo-20231231.xsd (EX-101.SCH) — 263KB
• teo-20231231_cal.xml (EX-101.CAL) — 174KB
• teo-20231231_def.xml (EX-101.DEF) — 709KB
• teo-20231231_lab.xml (EX-101.LAB) — 1493KB
• teo-20231231_pre.xml (EX-101.PRE) — 1137KB
• teo-20231231x20f_htm.xml (XML) — 10890KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Table of Contents TABLE OF CONTENTS Page PRESENTATION OF FINANCIAL INFORMATION 1

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 2 GLOSSARY OF TERMS 4 PART I ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 11 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 11 ITEM 3. KEY INFORMATION 11 ITEM 4. INFORMATION ON THE COMPANY 40 ITEM 4A. UNRESOLVED STAFF COMMENTS 67 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 68 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 102 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 117 ITEM 8. FINANCIAL INFORMATION 121 ITEM 9. THE OFFER AND LISTING 122 ITEM 10. ADDITIONAL INFORMATION 124 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 149 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 150 PART II ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 151 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 151 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 151 ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 152 ITEM 16B. CODE OF ETHICS 152 ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 152 ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 154 ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE COMPANY AND AFFILIATED PURCHASERS 154 ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 154 ITEM 16G. CORPORATE GOVERNANCE 154 ITEM 16H. MINE SAFETY DISCLOSURE 155 ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 155 ITEM 16J. INSIDER TRADING POLICIES 155 ITEM 16K. CYBERSECURITY 155 PART III ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 158 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 158 ITEM 19. EXHIBITS 159 Table of Contents PRESENTATION OF FINANCIAL INFORMATION Telecom Argentina S.A. is a company incorporated under the laws of Argentina. As used in this Annual Report on Form 20-F (the "Form 20-F" or "Annual Report"), the terms "the Company," "Telecom," "we," "us," and "our" refer to Telecom Argentina S.A. and its consolidated subsidiaries as of December 31, 2023. Unless otherwise stated, references to the financial results of "Telecom" are to the consolidated financial results of Telecom Argentina and its consolidated subsidiaries. Telecom is primarily engaged in the provision of fixed and mobile telecommunications services, data services, Internet services and cable television services. The term "Telecom Argentina" refers to Telecom Argentina S.A., excluding its subsidiaries. The term "Cablevisin" refers to Cablevisin S.A., together with its consolidated subsidiaries. The term "Merger" refers to the merger between Telecom and Cablevisin, effective as of January 1, 2018, through which Cablevisin was merged with and into Telecom Argentina, with Telecom Argentina being the surviving entity. As of December 31, 2023, Telecom Argentina's subsidiaries were Ncleo S.A.E. and its subsidiaries Personal Envos S.A. and Tuves Paraguay S.A., PEM S.A.U., Cable Imagen S.R.L., Televisin Dirigida S.A., Adesol S.A., AVC Continente Audiovisual S.A., Inter Radios S.A.U., Telecom Argentina USA Inc., Micro Sistemas S.A.U., Personal Smarthome S.A. and its subsidiary NYS2 S.A.U., Opalker S.A. and its subsidiary Ubiquo Chile Spa, Negocios y Servicios S.A.U. and Micro Fintech Holding LLC. For further information on our subsidiaries, see Exhibit 8.1 to this Annual Report. The Company has no significant subsidiaries. Our consolidated financial statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021, and the notes thereto (the "Consolidated Financial Statements") are set forth on pages F-1

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this Annual Report contains information that is forward-looking, including, but not limited to: our expectations for our future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; the implementation of our business strategy; the changing dynamics and growth in the telecommunications, cable and cybersecurity markets in Argentina, Paraguay, Uruguay, Chile and the United States; our outlook for new and enhanced technologies; the effects of operating in a competitive environment; industry conditions; the outcome of certain legal proceedings; regulatory and legal developments; and other factors identified or discussed under "Item 3—Key Information—Risk Factors". This Annual Report contains certain forward-looking statements and information relating to Telecom that are based on current views, expectations, estimates and projections of our Management and information currently available to Telecom. These statements include, but are not limited to, statements made in "Item 3—Key Information—Risk Factors," "Item 5—Operating and Financial Review and Prospects" under the caption "Trend Information," "Item 8—Financial Information—Legal Proceedings" and other statements about Telecom's strategies, plans, objectives, expectations, intentions, capital expenditures, and assumptions and any other statement contained in this Annual Report that is not a historical fact. When used in this Annual Report, the terms "anticipate," "believe," "estimate," "expect," "intend," "plan," "project," "will," "may" and "should" and other similar expressions identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain fo

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS TELECOM ARGENTINA S.A. 2 Table of Contents restrictions on the ability to exchange Argentine Pesos, Guaranes, Chilean Pesos or Uruguayan Pesos into foreign currencies and transfer funds abroad; changes in interest rates; the impact of additional currency and exchange measures or restrictions on our ability to access the international capital markets and our ability to repay our dollar-denominated indebtedness; our ability to introduce new products and services that enable business growth; the creditworthiness of our actual or potential customers; nationalization, expropriation and/or increased government intervention in companies; technological changes; the impact of legal or regulatory matters, changes in the interpretation of current or future regulations or reform and changes in the legal or regulatory environment in which we operate, including regulatory developments such as sanctions regimes in other jurisdictions (e.g., the United States) which impact our suppliers; the effects of increased competition; reliance on content produced by third parties; increasing cost of our supplies; inability to finance on reasonable terms capital expenditures required to remain competitive; fluctuations, whether seasonal or in response to adverse macro-economic developments, in the demand for advertising; our capacity to compete and develop our business in the future; the impact of increased national or international restrictions on the transfer or use of telecommunications technology; the impact of political developments on demand for securities of Argentine companies; and the outbreak of military hostilities, including an escalation of Russia's invasion of Ukraine and the armed conflict between Israel and Hamas, and the potential destabilizing effect of such conflicts. Many of these factors are macroeconomic and regulatory in nature and therefore beyond the control of the Company's management. Should one or more of these r

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS TELECOM ARGENTINA S.A. 3 Table of Contents GLOSSARY OF TERMS The following explanations are not provided as or intended to be technical definitions, but only to assist the general reader to understand certain terms used in this Annual Report. 2G (second-generation mobile system): Second-generation protocols using digital encoding and includes GSM, D-AMPS (TDMA) and CDMA. These protocols support high bit rate voice and limited data communications. 3G (third-generation mobile system): Third-generation mobile service, designed to provide high speed data, always-on data access, and greater voice capacity. 3G networks allow the transfer of both voice data services (telephony, messaging) and non-voice data (such as downloading Internet information, exchanging email, and instant messaging). The high data speeds, measured in Mbps, are significantly higher than 2G, and 3G networks technology enable full motion video, high-speed Internet access and videoconferencing. 3G technology standards include UMTS, based on WCDMA technology (quite often the two terms are used interchangeably), and CDMA2000. 4G (fourth-generation mobile system): Fourth-generation mobile service using the LTE technology (Long Term Evolution technology). 5G (fifth-generation mobile system): The next major phase of mobile telecommunications standards. 5G is a complete redesign of network architecture with the flexibility and agility to support upcoming service opportunities. It delivers higher speeds, higher capacity, extremely low latency and greater reliability. Access (or Accesses): Connection provided by Telecom Argentina to Internet services. ADS: American Depositary Shares issued by JP Morgan, listed on the New York Stock Exchange, each representing rights to five (5) Class B Shares under a Deposit Agreement. ADSL (Asymmetric Digital Subscriber Line): A type of digital subscriber line technology (DSL); a data communications technology that enables fas

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View this 20-F filing on SEC EDGAR