NORTEL INVERSORA SA 
By BUENOS AIRES, Argentina, Oct. 31, 2013 /PRNewswire/ -- Nortel Inversora S.A. (NYSE: NTL) whose sole material activity is holding 54.74% of the stock of Telecom Argentina S.A. ("Telecom") informs that Telecom has repurchased 10,784,154 of its own stock as of September 30, 2013. As a result, the political and economic rights of Nortel have increased to 55.35 % of Telecom's outstanding stock as of such date.
Nortel announces consolidated income of Ps. $ 2,344 million for the nine month period ending on September 30 of fiscal year 2013, of which Ps. 1,259 million correspond to Nortel as controlling shareholder. Please note that Nortel's only material source of cash income is dividends and other distributions received from Telecom.
Relevant matters
The Annual and Extraordinary General Stockholders' Meeting held on April 26, 2013 approved, among others matters:
-- The Annual Report and Financials Statements as of December 31, 2012
-- To create a Special Reserve resulting from the Adoption of the IFRS of
AR$ 204 million and to allocate an amount of AR$1,466 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 -and their subsequent distribution- from the
Voluntary Reserve for the Future Distribution of Dividends, taking into
account Nortel's future liquidity.
(Financial Tables below)
NINE MONTH PERIOD OF FISCAL YEAR ENDING DECEMBER 31, 2013
----------------------------------------------------------
(in millions of Argentine pesos)
Consolidated
Income Statement September 2013 September 2012
----------------- --------------- --------------
Total revenues
and other income 19,853 16,041
Operating costs ( 16,605) ( 13,248)
-------- --------
Operating Income 3,248 2,793
Financial
results, net 375 117
--- ---
Net income before
income tax
expenses 3,623 2,910
Income tax
expense ( 1,279) ( 1,040)
------- -------
Net income 2,344 1,870
===== =====
Other
comprehensive
income 83 47
--- ---
Total
comprehensive
income for the
period 2,427 1,917
===== =====
Consolidated Balance
Sheet September 2013 December 2012
-------------------- --------------- --------------
Current assets 10,100 7,000
Non-current assets 11,848 10,826
------ ------
Total assets 21,948 17,826
====== ======
Current liabilities 7,649 5,895
Non-current liabilities 2,052 1,768
----- -----
Total liabilities 9,701 7,663
===== =====
Equity attributable to
owners of the parent 6,645 5,457
Noncontrolling interest 5,602 4,706
----- -----
Total equity 12,247 10,163
====== ======
Total liabilities and
equity 21,948 17,826
====== ======
Ratios
------
Liquidity (a) 1.32 1.19
Indebtedness (b) 0.79 0.75
(a) Current assets to current liabilities
(b) Total liabilities to shareholders´ equity.
SOURCE Nortel Inversora S.A.
