TMCnet News

Nortel Inversora S.A. Announces Consolidated First Quarter Results For Fiscal Year 2015
[May 05, 2015]

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:

  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.      




(Financial Tables below)

 

First Quarter, Fiscal Year 2015

(in millions of Argentine Pesos)


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






Liquidity (a)                                 

0.87

0.72

Indebtedness (b)            

0.70

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-quarter-results-for-fiscal-year-2015-300077652.html

SOURCE Nortel Inversora S.A.


[ Back To TMCnet.com's Homepage ]