BUENOS AIRES, Argentina,
May 8, 2014 /PRNewswire/-- Nortel
Inversora S.A. (NYSE: NTL) whose sole material activity is
holding 54.74% of the capital stock of Telecom Argentina S.A.
("Telecom") informs that Telecom has repurchased 15,221,373 of its
own stock as of March 31, 2014. 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 Ps. 905 million for the
first quarter of fiscal year 2014, of which Ps. $ 493 million correspond to Nortel as controlling
shareholder.
Relevant matters
Summary of the Resolutions approved by the Ordinary and
Extraordinary General Meeting held on April
29, 2014
The Ordinary and Extraordinary General Meeting held on
April 29, 2014 resolved, among other
items:
- to approve the Annual Report and Financial Statements as of
December 31, 2013;
- to allocate the non-appropriated profit amount as of
December 31, 2013, of Ps.
$ 1,720 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 from the Voluntary Reserve for
the Future Distribution of Dividends, taking into account the
Company's future economic and financial conditions, and liquidity,
and the subsequent distribution of such amounts as cash
dividends.
- the appointment of the members of the Board of Directors to
serve from the date of this Stockholders' Meeting and for three
fiscal years;
- the appointment of the members of the Supervisory Committee for
fiscal year 2014.
(Financial Tables below)
|
First Quarter,
Fiscal Year 2014
(in millions of
Argentine Pesos)
|
|
|
|
|
Consolidated
Income Statement
|
March
2014
|
|
March
2013
|
|
|
|
|
Revenues and other
income
|
7,476
|
|
6,073
|
Operating
costs
|
(6,103)
|
|
(4,961)
|
Operating
income
|
1,373
|
|
1,112
|
Financial results,
net
|
(28)
|
|
135
|
Net income before
income tax expenses
|
1,345
|
|
1,247
|
Income tax
expense
|
(440)
|
|
(437)
|
Net
income
|
905
|
|
810
|
Other comprehensive
income, net of tax
|
206
|
|
63
|
Total
comprehensive income for the period
|
1,111
|
|
873
|
Consolidated
Balance Sheet
|
March
2014
|
|
December
2013
|
|
|
|
|
Current
assets
|
9,474
|
|
9,836
|
Non-current
assets
|
14,556
|
|
13,381
|
Total
assets
|
24,030
|
|
23,217
|
Current
liabilities
|
8,831
|
|
9,086
|
Non-current
liabilities
|
2,038
|
|
2,029
|
Total
liabilities
|
10,869
|
|
11,115
|
Equity attributable
to Nortel
|
7,171
|
|
6,603
|
Equity attributable
to non-controlling shareholders
|
5,990
|
|
5,499
|
Total
equity
|
13,161
|
|
12,102
|
Total liabilities
and equity
|
24,030
|
|
23,217
|
Ratios
|
|
|
|
|
|
|
|
Liquidity
(a)
|
1.07
|
|
1.08
|
Indebtedness
(b)
|
0.83
|
|
0.92
|
|
|
|
|
(a) Current assets to
current liabilities
|
|
|
|
(b) Total liabilities
to shareholders' equity
|
|
|
|
SOURCE Nortel Inversora S.A.