BUENOS AIRES, Argentina,
July 30, 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 June 30,
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.$ 1.831 million for the six-month period ending
June 30 of fiscal year 2014, of which
Ps.$ 999 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", 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.
Distribution of cash dividends
The Company's Board of Directors, during its meeting held on
May 28, 2014, decided to deduct an
amount of Ps.$ 332 million from the
"Voluntary Reserve for the Future Distribution of Dividends" and
distributed such amount as cash dividends, of which Ps.$ 163 million correspond to Series "B" Preferred
Shares and Ps.$ 169 million
correspond to common stock. The above mentioned dividends were made
available as from June 13, 2014.
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(Financial Tables
below)
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Six Month Period
of Fiscal Year ending December 31, 2014
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(in millions of
Argentine Pesos)
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Consolidated
Income Statement
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June 2014
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June 2013
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Revenues and other
income
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15,615
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12,726
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Operating
costs
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(13,007)
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(10,673)
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Operating
income
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2,608
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2,053
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Financial results,
net
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162
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214
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Net income before
income tax expenses
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2,770
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2,267
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Income tax
expense
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( 939)
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(799)
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Net
income
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1,831
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1,468
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Other comprehensive
income, net of tax
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233
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29
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Total
comprehensive income for the period
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2,064
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1,497
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Consolidated
Balance Sheet
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June 2014
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December 2013
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Current
assets
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8,405
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9,836
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Non-current
assets
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15,309
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13,381
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Total
assets
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23,714
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23,217
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Current
liabilities
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8,372
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9,086
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Non-current
liabilities
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2,094
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2,029
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Total
liabilities
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10,466
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11,115
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Equity attributable
to Nortel
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7,354
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6,603
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Equity attributable
to non-controlling shareholders
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5,894
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5,499
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Total
equity
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13,248
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12,102
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Total liabilities
and equity
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23,714
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23,217
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Ratios
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Liquidity
(a)
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1.00
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1.08
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Indebtedness
(b)
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0.79
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0.92
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(a) Current assets to
current liabilities
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(b) Total liabilities to
shareholders' equity.
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SOURCE Nortel Inversora S.A.