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Nortel Inversora S.A. Announces Consolidated Nine-Month Period and Third Quarter Results for the Fiscal Year Ending December 31, 2009

 

BUENOS AIRES, Argentina, Nov. 10 /PRNewswire-FirstCall/ -- Nortel Inversora S.A. (NYSE: NTL), whose sole substantial activity is owning 54.741682% of the stock of Telecom Argentina S.A. ("Telecom") and whose sole substantial source of cash income is cash dividends and other distributions paid on such stock, today announced consolidated net income of Ps. 542 million for the nine-month period of fiscal year 2009.

Nortel's consolidated financial results for the third quarter of fiscal year 2009 are substantially identical to Telecom's results for the same period, after accounting for minority interest and financial income and expenses at the holding-company level.

Relevant matters

On August 5, 2009, the Board of Directors of Nortel Inversora S.A. resolved to call for the Annual General Meeting of Shareholders of Common Stock and Special Meeting of Shareholders of Class A Preferred Stock for September 11, 2009. The Court of Appeals in Commercial Matters No. 2 resolved to suspend the aforementioned shareholders meeting.



                            FINANCIAL TABLES BELOW


                            NORTEL INVERSORA S.A.
             THIRD QUARTER, FISCAL YEAR ENDING DECEMBER 31, 2009
     (In millions of Argentine pesos, except statistical and ratio data)


    Consolidated Balance Sheet (*)

                                                  2009                   2008

    Current assets                               3,701                  2,600
    Non-current assets                           7,314                  7,051
    Total assets                                11,015                  9,651
    Current liabilities                          4,267                  4,075
    Non-current liabilities                      1,665                  1,487
    Total liabilities                            5,932                  5,562
    Minority interests                           2,352                  1,900
    Total shareholders' equity                   2,731                  2,189
    Total liabilities and shareholders' equity  11,015                  9,651

(*) As a consequence of the application of the new rules, the comparative information for the intermediate periods of the Annual Financial Statements should be the one corresponding to the last complete fiscal year. The comparative information of the Income Statement, evolution of Shareholders' Equity and Cash Flow Statements should be the one corresponding to the equivalent period of the previous fiscal year.


    Consolidated Income Statement

                                                  2009                   2008

    Net revenues                                 8,861                  7,789
    Cost of services provided
     administrative and selling expenses        (6,829)                (6,251)
    Operating Profit                             2,032                  1,538
    Equity gain from related companies              13                   ----
    Financial results, net                        (319)                  (112)
    Other, net                                    (160)                  (143)
    Income tax                                    (560)                  (446)
    Minority interest                             (464)                  (386)

    Net Income                                     542                    451


    Ratios

                                                  2009                   2008

    Liquidity  (a)                                0.87                   0.64
    Indebtedness (b)                              1.17                   1.36

    (a) Current Assets to current liabilities
    (b) Total liabilities to shareholders'  equity plus third party interests.


    Contact:
    Jose Gustavo Pozzi
    Nortel Inversora S.A.
    (5411) 4 968-3630

SOURCE Nortel Inversora S.A.

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