Welcome!

News Feed Item

Nortel Inversora S.A. Announces Consolidated First Half Results for Fiscal Year 2014

BUENOS AIRES, Argentina, July 30, 2014 /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 June 30, 2014. 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.$ 1.831 million for the six-month period ending June 30 of fiscal year 2014, of which Ps.$ 999 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, 2014

The Ordinary and Extraordinary General Meeting held on April 29, 2014 resolved, among other items:

  1. to approve the Annual Report and Financial Statements as of December 31, 2013;
  2. to allocate the non-appropriated profit amount as of December 31, 2013, of Ps. $ 1,720 million, to the already existing "Voluntary Reserve for the Future Distribution of Dividends", 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 Board of Directors to serve from the date of this Stockholders' Meeting and for three fiscal years;
  4. the appointment of the members of the Supervisory Committee for fiscal year 2014.      

Distribution of cash dividends

The Company's Board of Directors, during its meeting held on May 28, 2014, decided to deduct an amount of Ps.$ 332 million from the "Voluntary Reserve for the Future Distribution of Dividends" and distributed such amount as cash dividends, of which Ps.$ 163 million correspond to Series "B" Preferred Shares and Ps.$ 169 million correspond to common stock. The above mentioned dividends were made available as from June 13, 2014.

(Financial Tables below)


Six Month Period of Fiscal Year ending December 31, 2014

(in millions of Argentine Pesos)










Consolidated Income Statement

June 2014

June 2013










Revenues and other income            

15,615

12,726

Operating costs    

(13,007)

(10,673)

Operating income   

2,608

2,053

Financial results, net      

162

214

Net income before income tax expenses   

2,770

2,267

Income tax expense   

( 939)

(799)

Net income  

1,831

1,468

Other comprehensive income, net of tax

233

29

Total comprehensive income for the period

2,064

1,497










Consolidated Balance Sheet     

June 2014

December 2013




Current assets     

8,405

9,836

Non-current assets

15,309

13,381

Total assets   

23,714

23,217

Current liabilities   

8,372

9,086

Non-current liabilities  

2,094

2,029

Total liabilities  

10,466

11,115

Equity attributable to Nortel  

7,354

6,603

Equity attributable to non-controlling shareholders 

5,894

5,499

Total equity  

13,248

12,102

Total liabilities and equity   

23,714

23,217










Ratios












Liquidity (a)  

1.00

1.08

Indebtedness (b)

0.79

0.92







(a)      Current assets to current liabilities



(b)     Total liabilities to shareholders' equity.



SOURCE Nortel Inversora S.A.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
"We focus on SAP workloads because they are among the most powerful but somewhat challenging workloads out there to take into public cloud," explained Swen Conrad, CEO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"Peak 10 is a hybrid infrastructure provider across the nation. We are in the thick of things when it comes to hybrid IT," explained , Chief Technology Officer at Peak 10, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.