PR Newswire
BUENOS AIRES, Argentina, May 10, 2016
BUENOS AIRES, Argentina, May 10, 2016 /PRNewswire/ -- Nortel Inversora S.A. ("Nortel") (NYSE: NTL)announces consolidated income of AR$ 934 million for the first quarter of fiscal year 2016, of which AR$ 514 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.
Relevant facts
Telecom Italia - Fintech Telecom LLC Transaction
On March 7, 2016, the Ente Nacional de Comunicaciones (National Agency of Communications or "ENACOM") authorized the acquisition by Fintech Telecom LLC ("Fintech") of 51% of the common stock of Sofora Telecomunicaciones S.A. ("Sofora") pursuant to Resolution No 277/2016. As a result, the transfer of 51% of Sofora from the Telecom Italia Group to Fintech was closed on March 8, 2016.
Summary of the Resolutions approved by the Ordinary and Extraordinary General Stockholders Meeting held on April 29, 2016
The Ordinary and Extraordinary General Stockholders Meeting held on April 29, 2016 resolved, among other issues:
Dividends Payment
At its meeting held on April 29, 2016, pursuant to the authorization granted by the Stockholders Meeting, the Board resolved: to deduct an amount of Argentine Pesos three hundred eighty million (AR$ 380,000,000) from the "Voluntary Reserve for the Future Distribution of Dividends" and to distribute such amount as cash dividends. Dividends shall be made available to Nortel shareholders as from May 17, 2016.
(Financial Tables below) | ||
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First Quarter, Fiscal Year 2016 (in millions of Argentine Pesos) | ||
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Consolidated Income Statement | March 2016 | March 2015 |
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Total sales and other income | 12,466 | 8,879 |
Operating costs | (10,475) | ( 7,204) |
Operating income | 1,991 | 1,675 |
Financial results, net | ( 550) | ( 78) |
Net income before income tax expenses | 1,441 | 1,597 |
Income tax | ( 507) | ( 554) |
Net income | 934 | 1,043 |
Other comprehensive income, net of taxes | 189 | --- |
Total comprehensive income for the period | 1,123 | 1,043 |
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Consolidated Balance Sheet | March 2016 | December 2015 |
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Current assets | 12,682 | 11,569 |
Non-current assets | 28,244 | 26,973 |
Total assets | 40,926 | 38,542 |
Current liabilities | 18,200 | 16,945 |
Non-current liabilities | 3,950 | 3,944 |
Total liabilities | 22,150 | 20,889 |
Equity attributable to Nortel | 10,186 | 9,605 |
Equity attributable to non-controlling shareholders | 8,590 | 8,048 |
Total equity | 18,776 | 17,653 |
Total liabilities and equity | 40,926 | 38,542 |
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Ratios | | |
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Liquidity (a) | 0.70 | 0.68 |
Indebtedness (b) | 1.18 | 1.18 |
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(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-2016-300265892.html
SOURCE Nortel Inversora S.A.
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