BUENOS AIRES, Argentina,
March 9, 2015 /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
December 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.$ 3,726 million for the fiscal year ended
December 31, 2014 of which
Ps.$ 2,039 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:
1) to approve the Annual Report and Financial Statements as
of December 31, 2013;
2) 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.
3) the appointment of the members of the Board of Directors
to serve from the date of this Stockholders' Meeting and for three
fiscal years;
4) 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.
The Company's Board of Directors, during its meeting held on
October 10, 2014, decided to deduct
an amount of Ps.$ 217 million from
the "Voluntary Reserve for the Future Distribution of Dividends"
and distributed such amount as cash dividends, of which
Ps.$ 106 million correspond to Series
"B" Preferred Shares and Ps.$ 111
million correspond to common stock. The above mentioned
dividends were made available as from October 23, 2014.
(Financial Tables
below)
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NORTEL INVERSORA
S.A.
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FISCAL YEAR ENDING
DECEMBER 31, 2014
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(In millions of
Argentine Pesos, except statistical and ratio
data)
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Consolidated
Income Statement
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2014
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2013
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Revenues and other
income
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33,388
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27,350
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Operating
costs
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(27,964)
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(22,850)
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Operating
income
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5,424
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4,500
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Financial results,
net
|
277
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516
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Net income before
income tax expenses
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5,701
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5,016
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Income tax
expense
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(1,975)
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(1,807)
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Net
income
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3,726
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3,209
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Other comprehensive
income, net of tax
|
243
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133
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Total
comprehensive income for the period
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3.969
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3,342
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Consolidated
Balance Sheet
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2014
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2013
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Current
assets
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6,581
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9,836
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Non-current
assets
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19,924
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13,381
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Total
assets
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26,505
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23,217
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Current
liabilities
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9,115
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9,086
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Non-current
liabilities
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2,454
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2,029
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Total
liabilities
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11,569
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11,115
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Equity attributable
to Nortel
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8,185
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6,603
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Equity attributable
to non-controlling shareholders
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6,751
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5,499
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Total
equity
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14,936
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12,102
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Total liabilities
and equity
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26,505
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23,217
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Ratios
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Liquidity
(a)
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0.72
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1.08
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Indebtedness
(b)
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0.77
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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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To view the original version on PR Newswire,
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SOURCE Nortel Inversora S.A.