BUENOS AIRES, Argentina, July 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") informs that during the second quarter of 2013 Telecom have purchased 3,273,182 of its own stock. As a result, the political and economic rights of Nortel were increased to 54.9243% of the outstanding shares of Telecom as of June 30, 2013. Nortel announces consolidated income of AR$. 1.468 million for the six-month period ending on June 30 of fiscal year 2013, of which AR$. 789 million correspond to Nortel as controlling Company. Please note that the only source of cash resources of the Company are the 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)


SIX  MONTH PERIOD OF FISCAL YEAR ENDING DECEMBER 31, 2013


(in millions of Argentine pesos)







Consolidated Income Statement

June  2013

June 2012




Total revenues and other income

12,726

10,389

Operating costs

( 10,673)

(   8,514)

Operating Income

2,053

1,875

Financial results, net

214

69

Net income before income tax expenses

2,267

1,944

Income tax expense

(   799)

(    701)

Net income

1,468

1,243

Other comprehensive income

29

21

Total comprehensive income for the period

1,497

1,264
















Consolidated Balance Sheet

June  2013

December  2012




Current assets

8,989

7,000

Non-current assets

11,092

10,826

Total assets

20,081

17,826

Current liabilities

6,808

5,895

Non-current liabilities

1,729

1,768

Total liabilities

8,537

7,663

Equity attributable to owners of the parent

6,231

5,457

Noncontrolling interest

5,313

4,706

Total equity

11,544

10,163

Total liabilities and equity

20,081

17,826







Ratios









Liquidity (a)

1.32

1.19

Indebtedness (b)

0.74

0.75




(a)     Current assets to current liabilities



(b)     Total liabilities to shareholders' equity.



SOURCE Nortel Inversora S.A.

Copyright 2013 PR Newswire

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