BUENOS AIRES, Argentina,
Nov. 10, 2017 /PRNewswire/ -- Nortel
Inversora S.A. ("Nortel" or the "Company")(NYSE: NTL) announces
consolidated income of AR$ 5,675 million for the nine- month period
ending September 30 of fiscal year
2017, of which AR$ 3,117 million correspond to Nortel as parent
company of Telecom Argentina S.A. ("Telecom").
The sole material activity of Nortel is holding 54.74% of the
capital stock of Telecom, representing a holding of 55.60% of the
voting and economic rights of Telecom as a result of Telecom's
holding of 15,221,373 shares of treasury stock. The holding of such
shares of treasury stock has been extended for up to three
additional years pursuant to the resolution of the Ordinary and
Extraordinary Stockholders Meeting of Telecom held on April 29, 2016.
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(Financial
Tables below)
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Nine Month Period
of Fiscal Year ending December 31, 2017
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(in millions of
Argentine Pesos)
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Consolidated
Income Statement
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September
2017
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September
2016
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|
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Total sales and other
income
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47,324
|
38,852
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Operating
costs
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(38,330)
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(33,358)
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Operating
income
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8,994
|
5,494
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Financial results,
net
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(269)
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(1,654)
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Net income before
income tax expenses
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8,725
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3,840
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Income tax
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(3,050)
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(1,356)
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Net
income
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5,675
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2,484
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Other comprehensive
income, net of taxes
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152
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274
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Total
comprehensive income for the
period
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5,827
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2,758
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Consolidated
Balance Sheet
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September
2017
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December
2016
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Current
assets
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19,162
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15,620
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Non-current
assets
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38,912
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32,354
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Total
assets
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58,074
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47,974
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Current
liabilities
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20,524
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16,524
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Non-current
liabilities
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11,772
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11,527
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Total
liabilities
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32,296
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28,051
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Equity attributable
to Nortel
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13,964
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10,797
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Equity attributable
to non-controlling shareholders
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11,814
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9,126
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Total
equity
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25,778
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19,923
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Total liabilities
and equity
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58,074
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47,974
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Ratios
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Liquidity
(a)
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0.93
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0.95
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Indebtedness
(b)
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1.25
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1.41
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(a) Current assets to
current liabilities
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(b) Total liabilities
to shareholders' equity
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Relevant Matters
Call for the Ordinary General Stockholders' Meeting of
Telecom
Telecom's Board of Directors, in a meeting held on November 2, 2017, resolved to summon for an
Ordinary General Stockholders' Meeting to be held on November 30, 2017, for the purpose of considering
the delegation of powers to the Board of Directors to decided upon
the partial or total withdrawn of the "Reserve for Future Cash
Dividends" and the distribution of the withdrawn funds as cash
dividends, in the amounts and dates determined by the Board of
Directors.
Resolutions of the Company's Common Shares Special
Stockholders' Meeting
The Common Shares Special Stockholders' Meeting held on
November 10, 2017 resolved to approve
the exchange ratio offered to the common shares within the context
of the merger of Nortel with and into Telecom , and the subsequent
dilution of its voting rights as a result of such exchange
ratio.
Resolutions of the Class B Preferred Shares Stockholders'
Meeting
The Class B Preferred Shares Stockholders' Meeting held on
November 10, 2017, resolved as
follows:
a) To approve the Merger of
Nortel with and into Telecom as surviving company;
b) To approve the dissolution of
Nortel as a result of the merger;
c) To approve the exchanged ratio of
the Class B Preferred Shares of Nortel in exchange for
Class B Common
shares of Telecom with voting rights as established in the
Preliminary
Reorganization
Agreement dated March 31, 2017;
d) To approve the waiver and removal
of the provisions of Condition N° 9 , under the heading
"Commitments"
of the Conditions for the issuance of the Class B Preferred
Shares;
e) To approve the legal and accounting
documents related to the Merger, including the
Preliminary
Reorganization Agreement, the special and consolidated financial
statements of
the merger,
the Supervisory Committee's report, the amendment of the bylaws of
Telecom
Argentina
S.A., and the subscription of the Final Reorganization
Agreement.
María de los Angeles Blanco
Salgado
Officer in Charge of Market Relations
Maria Blanco Salgado
mblancosalgado@ta.telecom.com.ar
54-11-4968-3631
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SOURCE Nortel Inversora S.A.