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:
- 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.
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.
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/nortel-inversora-sa-announces-consolidated-first-half-results-for-fiscal-year-2015-300123692.html
SOURCE Nortel Inversora S.A.