Nortel Inversora S.A. Announces Consolidated First Quarter Results For The Fiscal Year Ending December 31, 2013
BUENOS AIRES, Argentina, April 30, 2013 /PRNewswire/ -- 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.810 million for the three month period ended March 31, 2013 of fiscal year 2013, of which Ps. 436 million correspond to Nortel as controlling shareholder.
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) |
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THREE MONTH PERIOD OF FISCAL YEAR ENDING DECEMBER 31, 2013 |
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(in millions of Argentine pesos) |
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Consolidated Income Statement |
March 2013 |
March 2012 |
Total revenues and other income |
6,073 |
5,130 |
Operating costs |
( 4,961) |
( 4,100) |
Operating Income |
1,112 |
1,030 |
Financial results , net |
135 |
47 |
Net income before income tax expenses |
1,247 |
1,077 |
Income tax expense |
(437) |
(386) |
Net income |
810 |
691 |
Other comprehensive income |
63 |
24 |
Total comprehensive income for the period |
873 |
715 |
Consolidated Balance Sheet |
March 2013 |
December 2012 |
Current assets |
7,496 |
7,000 |
Non-current assets |
11,129 |
10,826 |
Total assets |
18,625 |
17,826 |
Current liabilities |
5,841 |
5,895 |
Non-current liabilities |
1,781 |
1,768 |
Total liabilities |
7,622 |
7,663 |
Equity attributable to owners of the parent |
5,915 |
5,457 |
Noncontrolling interest |
5,088 |
4,706 |
Total equity |
11,003 |
10,163 |
Total liabilities and equity |
18,625 |
17,826 |
Ratios |
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Liquidity (a) |
1.28 |
1.19 |
Indebtedness (b) |
0.69 |
0.75 |
(a) Current assets to current liabilities |
Maria de los Angeles Blanco Salgado
Responsible in Market Relations
Contact:
Maria Blanco
Nortel Inversora S.A.
(5411) 4 968-3630
SOURCE Nortel Inversora S.A.
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