BUENOS AIRES, Argentina,
Nov. 3, 2015 /PRNewswire/ --
Nortel Inversora S.A. ("Nortel" or the "Company")(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 September 30, 2015. 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.$ 2,775 million for the nine-month period ending
September 30 of fiscal year 2015, of
which Ps.$ 1,530 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, 2015
The Ordinary and Extraordinary General Meeting held on
April 29, 2015 resolved, among other
items:
- to approve the Annual Report and Financial Statements as of
December 31, 2014;
- to allocate the non-appropriated profit amount as of
December 31, 2014, of Ps.
$ 2,039 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 Supervisory Committee for
fiscal year 2015.
Resolution issued by AFTIC on the request for authorization
by Fintech Group to acquire the controlling stake in Sofora
Telecomunicaciones S.A.
On October 25, 2014 the Company
informed the CNV (Comisión Nacional de Valores) that Telecom Italia
SpA ("Telecom Italia"), an indirect parent company of Telecom
and Nortel, had accepted an offer from Fintech Group
("Fintech") to amend and restate the original agreement signed on
November 13, 2013, regarding the
acquisition of the entire interest in Telecom , that Telecom Italia
and its subsidiary Telecom Italia International NV had at that time
through Sofora Telecomunicaciones SA ("Sofora") and Nortel .
The Company also informed that the sale of the 51% controlling
interest in Sofora was conditional upon obtaining regulatory
approval by the Argentine Secretary of Communications and would not
occur until after such approval is obtained. In the interim, a 17%
minority interest in Sofora was sold to Fintech, as informed to CNV
through a relevant fact filed on October 29,
2014.
On October 15, 2015, it was
published on the website of AFTIC a statement in which the
Directors Board of AFTIC resolved to refuse authorization for the
transfer to Fintech of the controlling interest that Telecom Italia
owns in Sofora. This statement was published on the Official
Bulletin of October 16, 2015 under
AFTIC Resolution No. 491/2015.
(Financial Tables
below)
|
|
Nine Month Period
of Fiscal Year ending December 31, 2015
|
(in millions of
Argentine Pesos)
|
|
Consolidated
Income Statement
|
September 2015
|
September 2014
|
Revenues and other
income
|
28,605
|
24,223
|
Operating
costs
|
(24,166)
|
(20,394)
|
Operating
income
|
4,439
|
3,829
|
Financial results,
net
|
(167)
|
242
|
Net income before
income tax expenses
|
4,272
|
4,071
|
Income tax
expense
|
(1,497)
|
(1,393)
|
Net
income
|
2,775
|
2,678
|
Other comprehensive
income, net of tax
|
(86)
|
233
|
Total
comprehensive income for the period
|
2,689
|
2,911
|
Consolidated
Balance Sheet
|
September 2015
|
December
2014
|
|
|
|
Current
assets
|
9,734
|
6,581
|
Non-current
assets
|
24,360
|
19,924
|
Total
assets
|
34,094
|
26,505
|
Current
liabilities
|
14,528
|
9,115
|
Non-current
liabilities
|
2,889
|
2,454
|
Total
liabilities
|
17,417
|
11,569
|
Equity attributable
to Nortel
|
9,116
|
8,185
|
Equity attributable
to non-controlling shareholders
|
7,561
|
6,751
|
Total
equity
|
16,677
|
14,936
|
Total liabilities
and equity
|
34,094
|
26,505
|
Ratios
|
|
|
|
|
|
Liquidity
(a)
|
0.67
|
0.72
|
Indebtedness
(b)
|
1.04
|
0.77
|
|
|
|
(a) Current assets to
current liabilities
|
|
|
(b) Total liabilities to
shareholders' equity.
|
|
|
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SOURCE Nortel Inversora S.A.