Nortel Inversora S.A. Announces Consolidated First Half Results for Fiscal Year 2015

Aug 04, 2015, 17:29 ET from Nortel Inversora S.A.

BUENOS AIRES, Argentina, Aug. 4, 2015 /PRNewswire/ -- Nortel Inversora S.A. ("Nortel" or the "Company") (NYSE: NTL) whose sole material activity is holding 54.74% of the capital stock of Telecom Argentina S.A. ("Telecom") informs that Telecom has repurchased 15,221,373 of its own stock as of June 30, 2015. As a result, the political and economic rights of Nortel have increased to 55.60 % of Telecom's outstanding stock as of such date.

Nortel announces consolidated income of Ps. $ 1,978 million for the six-month period ending June 30 of fiscal year 2015, of which Ps.$ 1,087 million correspond to Nortel as controlling shareholder.

Relevant matters

Summary of the Resolutions approved by the Ordinary and Extraordinary General Meeting held on April 29, 2015

The Ordinary and Extraordinary General Meeting held on April 29, 2015 resolved, among other items:

  1. to approve the Annual Report and Financial Statements as of December 31, 2014;
  2. to allocate the non-appropriated profit amount as of December 31, 2014, of Ps. $ 2,039 million, to the already existing "Voluntary Reserve for the Future Distribution of Dividends", authorizing the Board of Directors to approve the timing and amounts to be deducted from the Voluntary Reserve for the Future Distribution of Dividends, taking into account the Company's future economic and financial conditions, and liquidity, and the subsequent distribution of such amounts as cash dividends.
  3. the appointment of the members of the Supervisory Committee for fiscal year 2015.      

Distribution of cash dividends

The Company´s Board of Directors, during its meeting held on May 18, 2015, decided to deduct an amount of Ps.$ 570 million from the "Voluntary Reserve for the Future Distribution of Dividends" and distributed such amount as cash dividends, of which Ps.$ 279 million correspond to Series "B" Preferred Shares and Ps.$ 291 million correspond to common stock. The above mentioned dividends were made available as from June 1, 2015.

(Financial Tables below)

Six Month Period of Fiscal Year ending December 31, 2015

(in millions of Argentine Pesos)

Consolidated Income Statement

June 2015

June 2014

Revenues and other income

18,507

15,615

Operating costs

(15,374)

(13,007)

Operating income

3,133

2,608

Financial results, net

(97)

162

Net income before income tax expenses

3,036

2,770

Income tax expense

(1,058)

(939)

Net income

1,978

1,831

Other comprehensive income, net of tax

(49)

233

Total comprehensive income for the period

1,929

2,064

Consolidated Balance Sheet

June 2015

December 2014

Current assets

8,049

6,581

Non-current assets

22,988

19,924

Total assets

31,037

26,505

Current liabilities

12,299

9,115

Non-current liabilities

2,821

2,454

Total liabilities

15,120

11,569

Equity attributable to Nortel

8,683

8,185

Equity attributable to non-controlling shareholders

7,234

6,751

Total equity

15,917

14,936

Total liabilities and equity

31,037

26,505

Ratios

Liquidity (a)

0.65

0.72

Indebtedness (b)

0.95

0.77

(a)   Current assets to current liabilities

(b)   Total liabilities to shareholders' equity.

 

 

SOURCE Nortel Inversora S.A.



RELATED LINKS

http://www.nortelsa.com.ar