Mariano Andrade's questions to Telecom Argentina SA (TEO) leadership • Q2 2024
Question
Mariano Andrade from BTG Pactual sought clarification on two points: first, the cash flow comparison between H1 2023 and H1 2024, particularly regarding access to foreign capital for imports; and second, the company's intentions for further liability management for its 2024-2026 debt maturities.
Answer
CFO Gabriel Blasi explained that the main variation in working capital was due to the normalization of payments for imports after previous government restrictions. He detailed the successful use of 'Bop Real' bonds to settle this commercial debt with no financial loss. Regarding liability management, Mr. Blasi confirmed the company is actively managing its debt to extend tenure and reduce costs, as evidenced by recent successful transactions. He noted these actions were proactive, not urgent, and that a new US shelf registration provides future flexibility.