BUENOS AIRES, Argentina,
Feb. 28, 2014 /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 15,221,373 of its
own stock as of December 31, 2013. 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 AR$ 3,209 million
for fiscal year ended December 31,
2013, of which AR$ 1,720 million correspond to Nortel
as controlling shareholder.
Relevant matters
Acceptance of an Offer to Acquire a Controlling
Shareholding
On November 14, 2013, Telecom
Italia S.p.A and Telecom Italia International N.V. (together, the
"Sellers") and Tierra Argentea S.A. ("Tierra Argentea", a company
controlled by the Sellers) announced their acceptance of an offer
made by Fintech Group to acquire the controlling shareholding of
Telecom Italia Group in Telecom Argentina, held by the Sellers
through their subsidiaries Sofora, Nortel, and Tierra Argentea.
On December 10, 2013, Tierra
Argentea entered into an agreement for the transfer to
Fintech Group of the Series B shares of Telecom Argentina,
representing 1.58% of the capital stock of such Company, and of
ADRs of Nortel representing 8% of the aggregate Series "B"
Preferred Shares of Nortel.
The closing of the transfer of shares held by the Telecom Italia
Group in Sofora is subject to the prior obtaining of certain
required regulatory authorizations.
Deduction from the "Voluntary Reserve for the Future
Distribution of Dividends" and distribution of cash dividends by
Nortel
The Company's Board of Directors, during its meeting held on
December 16, 2013, decided to deduct
an amount from the "Voluntary Reserve for the Future Distribution
of Dividends" –which was created by a resolution approved by the
Annual and Extraordinary General Stockholders' Meetings held on
April 27, 2012 and April 26, 2013–, and distribute as cash dividends
an amount of AR$465 million, of which AR$228 million correspond to
Series "B" Preferred Shares and AR$237 million correspond to common
stock. The above mentioned dividends were made available as from
December 27, 2013.
Summary of the Resolutions approved by the Annual and
Extraordinary General Stockholders' Meeting held on April 26, 2013
The Annual and Extraordinary General Stockholders' Meeting held
on April 26, 2013 resolved, among
other issues:
- to approve the Annual Report and the Financial Statements as of
December 31, 2012;
- to create a "Special Reserve resulting from the Adoption of the
IFRS" of AR$ 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 Company's 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 the
Company's future liquidity;
- the appointment of the members of the Supervisory Committee for
fiscal year 2013; and
- the appointment of Price Waterhouse & Co. S.R.L. as the
Company's external auditors for fiscal year 2013.
FINANCIAL TABLES BELOW
|
|
NORTEL INVERSORA S.A.
|
FISCAL YEAR ENDING
DECEMBER 31, 2013
|
(In millions of Argentine pesos,
except statistical and ratio data)
|
|
|
|
Consolidated
Balance Sheet
|
2013
|
2012
|
|
|
|
Total revenues and
other income
|
27,350
|
22,196
|
Operating
costs
|
( 22,850)
|
( 18,244)
|
Operating
Income
|
4,500
|
3,952
|
Financial results,
net
|
516
|
187
|
Net income before
income tax expenses
|
5,016
|
4,139
|
Income tax
expense
|
( 1,807)
|
( 1,464)
|
Net
income
|
3,209
|
2,675
|
Other comprehensive
income
|
133
|
90
|
Total
comprehensive income for the period
|
3,342
|
2,765
|
|
|
|
|
|
|
|
|
|
Consolidated
Balance Sheet
|
2013
|
2012
|
|
|
|
Current
assets
|
9,836
|
7,000
|
Non-current
assets
|
13,381
|
10,826
|
Total
assets
|
23,217
|
17,826
|
Current
liabilities
|
9,086
|
5,895
|
Non-current
liabilities
|
2,029
|
1,768
|
Total
liabilities
|
11,115
|
7,663
|
Equity attributable
to owners of the parent
|
6,603
|
5,457
|
Noncontrolling
interest
|
5,499
|
4,706
|
Total
equity
|
12,102
|
10,163
|
Total liabilities
and equity
|
23,217
|
17,826
|
|
|
|
|
|
|
|
|
|
Ratios
|
|
|
|
|
|
|
|
|
Liquidity
(a)
|
1.08
|
1.19
|
Indebtedness
(b)
|
0.92
|
0.75
|
|
|
|
|
|
|
(a) Current assets to current
liabilities
|
|
|
(b) Total liabilities to
shareholders' equity.
|
|
|
SOURCE Nortel Inversora S.A.