Nortel Inversora S.A. Announces Consolidated First Quarter Results For Fiscal Year 2015
BUENOS AIRES, Argentina, May 5, 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 March 31, 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. $ 1,043 million for the first quarter of fiscal year 2015, of which Ps.$ 573 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.
| (Financial Tables below)
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| First Quarter, Fiscal Year 2015 |
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| (in millions of Argentine Pesos) |
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| Consolidated Income Statement |
March 2015 |
March 2014 |
| Revenues and other income |
8,879 |
7,476 |
| Operating costs |
(7,204) |
(6,103) |
| Operating income |
1,675 |
1,373 |
| Financial results, net |
(78) |
(28) |
| Net income before income tax expenses |
1,597 |
1,345 |
| Income tax expense |
(554) |
(440) |
| Net income |
1,043 |
905 |
| Other comprehensive income, net of tax |
--- |
206 |
| Total comprehensive income for the period |
1,043 |
1,111 |
| Consolidated Balance Sheet |
March 2015 |
December 2014 |
| Current assets |
7,292 |
6,581 |
| Non-current assets |
19,877 |
19,924 |
| Total assets |
27,169 |
26,505 |
| Current liabilities |
8,428 |
9,115 |
| Non-current liabilities |
2,783 |
2,454 |
| Total liabilities |
11,211 |
11,569 |
| Equity attributable to Nortel |
8,758 |
8,185 |
| Equity attributable to non-controlling shareholders |
7,200 |
6,751 |
| Total equity |
15,958 |
14,936 |
| Total liabilities and equity |
27,169 |
26,505 |
| Ratios |
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| Liquidity (a) |
0.87 |
0.72 |
| Indebtedness (b) |
0.70 |
0.77 |
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SOURCE Nortel Inversora S.A.
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