Nortel Inversora S.A. Announces Consolidated Annual Results for the Fiscal Year Ending December 31, 2010
BUENOS AIRES, Argentina, Feb. 22, 2011 /PRNewswire/ -- Nortel Inversora S.A. (NYSE: NTL), whose sole substantial activity is owning 54.741682% of the stock of Telecom Argentina S.A. ("Telecom") and whose sole substantial source of cash income is cash dividends and other distributions paid on such stock, today announced consolidated net income of Ps. 1,004 million for the fiscal year ended December 31, 2010.
Nortel's consolidated financial results for the fiscal year ended December 31, 2010 are substantially similar to Telecom's results for the same period, after accounting for minority interest and financial income and expenses at the holding-company level.
Relevant matters
The Extraordinary General Stockholders' Meeting and the General and Special Class A Preferred Stockholders' Meeting, both of which were held on October 26, 2010, approved, among others:
- The amendment to Article 15 of Nortel's by-laws.
- The election of active and alternate members of the Board of Directors and the Supervisory Committee.
Other relevant matters
The Board of Directors of Nortel Inversora submits for consideration by the next Shareholders Meeting, a proposal of:
- Payment of dividend in cash to Class “A” shares, in an amount of AP$356 million, which has already been paid by means of the distribution of provisional dividends declared by the Board of Directors in its October 5, 2010, meeting.
- Scheduled redemption payment of AP$200 (*) million to Class “A” preferred shares.
- Payment of dividend in cash of AP$33 million (*) to Class “A” shares subject to scheduled redemption.
(*) Final amounts are subject to the evolution of “CER” (coeficiente de estabilizacion de referencia).
FINANCIAL TABLES BELOW
NORTEL INVERSORA S.A. FISCAL YEAR ENDING DECEMBER 31, 2010 (In millions of Argentine pesos, except statistical and ratio data) |
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Consolidated Balance Sheet |
2010 |
2009 |
|
Current assets |
3,827 |
2,927 |
|
Non-current assets |
8,353 |
7,690 |
|
Total assets |
12,180 |
10,617 |
|
Current liabilities |
4,691 |
4,176 |
|
Non-current liabilities |
1,121 |
936 |
|
Total liabilities |
5,812 |
5,112 |
|
Minority interests |
2,949 |
2,552 |
|
Total shareholders’ equity |
3,419 |
2,953 |
|
Total liabilities and shareholder’s equity |
12,180 |
10,617 |
|
Consolidated Income Statement |
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2010 |
2009 |
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Net revenues |
14,679 |
12,226 |
|
Cost of services provided administrative and selling expenses |
(11,490) |
(9,468) |
|
Operating Profit |
3,189 |
2,758 |
|
Equity gain from related companies |
--- |
13 |
|
Financial results, net |
(18) |
(331) |
|
Other, net |
(314) |
(234) |
|
Income tax |
(1,010) |
(797) |
|
Minority interest |
(843) |
(651) |
|
Net Income |
1,004 |
758 |
|
Ratios |
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2010 |
2009 |
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Liquidity (a) |
0.82 |
0.70 |
|
Indebtedness (b) |
0.91 |
0.93 |
|
(a) Current Assets to current liabilities (b) Total liabilities to shareholders´ equity plus third party interests. |
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SOURCE Nortel Inversora S.A.
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