NORTEL INVERSORA SA BUENOS AIRES, Argentina, Aug. 4, 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 June 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. $ 1,978 million for the six-month period ending June 30 of fiscal year 2015, of which Ps.$ 1,087 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:
1. to approve the Annual Report and Financial Statements as of December 31,
2014;
2. 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.
3. the appointment of the members of the Supervisory Committee for fiscal
year 2015.
Distribution of cash dividends
The Company´s Board of Directors, during its meeting held on May 18, 2015, decided to deduct an amount of Ps.$ 570 million from the "Voluntary Reserve for the Future Distribution of Dividends" and distributed such amount as cash dividends, of which Ps.$ 279 million correspond to Series "B" Preferred Shares and Ps.$ 291 million correspond to common stock. The above mentioned dividends were made available as from June 1, 2015.
(Financial Tables below)
Six Month Period of Fiscal Year ending December 31, 2015
--------------------------------------------------------
(in millions of Argentine Pesos)
Consolidated Income Statement June 2015 June 2014
----------------------------- --------- ---------
Revenues and other income 18,507 15,615
Operating costs (15,374) (13,007)
------- -------
Operating income 3,133 2,608
Financial results, net (97) 162
--- ---
Net income before income tax expenses 3,036 2,770
Income tax expense (1,058) (939)
------ ----
Net income 1,978 1,831
===== =====
Other comprehensive income, net of
tax (49) 233
--- ---
Total comprehensive income for the
period 1,929 2,064
===== =====
Consolidated Balance Sheet June 2015 December 2014
-------------------------- --------- -------------
Current assets 8,049 6,581
Non-current assets 22,988 19,924
------ ------
Total assets 31,037 26,505
====== ======
Current liabilities 12,299 9,115
Non-current liabilities 2,821 2,454
----- -----
Total liabilities 15,120 11,569
------ ------
Equity attributable to Nortel 8,683 8,185
Equity attributable to non-
controlling shareholders 7,234 6,751
----- -----
Total equity 15,917 14,936
------ ------
Total liabilities and equity 31,037 26,505
====== ======
Ratios
------
Liquidity (a) 0.65 0.72
Indebtedness (b) 0.95 0.77
(a) Current assets to current
liabilities
(b) Total liabilities to
shareholders' equity.
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SOURCE Nortel Inversora S.A.
