NORTEL INVERSORA SA 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:
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.
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.
