Nortel Inversora S.A. Announces Consolidated First Quarter Results For Fiscal Year 2014

 

BUENOS AIRES, Argentina, May 8, 2014 /PRNewswire/-- Nortel Inversora S.A. (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 March 31, 2014. 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. 905 million for the first quarter of fiscal year 2014, of which Ps. $ 493 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, 2014

The Ordinary and Extraordinary General Meeting held on April 29, 2014 resolved, among other items:

  1. to approve the Annual Report and Financial Statements as of December 31, 2013;
  2. to allocate the non-appropriated profit amount as of December 31, 2013, of Ps. $ 1,720 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 Board of Directors to serve from the date of this Stockholders' Meeting and for three fiscal years;
  4. the appointment of the members of the Supervisory Committee for fiscal year 2014.

(Financial Tables below)

 


First Quarter, Fiscal Year 2014

(in millions of Argentine Pesos)





Consolidated Income Statement

March 2014


March 2013





Revenues and other income

7,476


6,073

Operating costs

(6,103)


(4,961)

Operating income

1,373


1,112

Financial results, net

(28)


135

Net income before income tax expenses

1,345


1,247

Income tax expense

(440)


(437)

Net income

905


810

Other comprehensive income, net of tax

206


63

Total comprehensive income for the period

1,111


873

 

Consolidated Balance Sheet

March 2014


December 2013





Current assets

9,474


9,836

Non-current assets

14,556


13,381

Total assets

24,030


23,217

Current liabilities

8,831


9,086

Non-current liabilities

2,038


2,029

Total liabilities

10,869


11,115

Equity attributable to Nortel

7,171


6,603

Equity attributable to non-controlling shareholders

5,990


5,499

Total equity

13,161


12,102

Total liabilities and equity

24,030


23,217

 

Ratios








Liquidity (a)

1.07


1.08

Indebtedness (b)

0.83


0.92





(a) Current assets to current liabilities




(b) Total liabilities to shareholders' equity




 

SOURCE Nortel Inversora S.A.




Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.