Nortel Inversora S.A. Announces Consolidated Nine Month Period and Third Quarter Results for Fiscal Year 2013

BUENOS AIRES, Argentina, Oct. 31, 2013 /PRNewswire/ -- Nortel Inversora S.A. (NYSE: NTL) whose sole material activity is holding 54.74% of the stock of Telecom Argentina S.A. ("Telecom") informs that Telecom has repurchased 10,784,154 of its own stock as of September 30, 2013. As a result, the political and economic rights of Nortel have increased to 55.35 % of Telecom's outstanding stock as of such date.

Nortel announces consolidated income of Ps. $ 2,344 million for the nine month period ending on September 30 of fiscal year 2013, of which Ps. 1,259 million correspond to Nortel as controlling shareholder. Please note that Nortel's only material source of cash income is dividends and other distributions received from Telecom.

Relevant matters

The Annual and Extraordinary General Stockholders' Meeting held on April 26, 2013 approved, among others matters:

  • The Annual Report and Financials Statements as of December 31, 2012
  • To create a Special Reserve resulting from the Adoption of the IFRS of AR$ 204 million and to allocate an amount of AR$1,466 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 –and their subsequent distribution- from the Voluntary Reserve for the Future Distribution of Dividends, taking into account Nortel's future liquidity.

 (Financial Tables below) 


NINE  MONTH PERIOD OF FISCAL YEAR ENDING DECEMBER 31, 2013


(in millions of Argentine pesos)



Consolidated Income Statement

September  2013

September 2012

Total revenues and other income

19,853

16,041

Operating costs

( 16,605)

( 13,248)

Operating Income

3,248

2,793

Financial results, net

375

117

Net income before income tax expenses

3,623

2,910

Income tax expense

( 1,279)

( 1,040)

Net income

2,344

1,870

Other comprehensive income

83

47

Total comprehensive income for the period

2,427

1,917

Consolidated Balance Sheet

September  2013

December  2012




Current assets

10,100

7,000

Non-current assets

11,848

10,826

Total assets

21,948

17,826

Current liabilities

7,649

5,895

Non-current liabilities

2,052

1,768

Total liabilities

9,701

7,663

Equity attributable to owners of the parent

6,645

5,457

Noncontrolling interest

5,602

4,706

Total equity

12,247

10,163

Total liabilities and equity

21,948

17,826

 

Ratios
























Liquidity (a)

1.32

1.19

Indebtedness (b)

0.79

0.75







(a)     Current assets to current liabilities



(b)     Total liabilities to shareholders´ equity.



SOURCE Nortel Inversora S.A.



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