NORTEL INVERSORA SA 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.
(Financial Tables below)
Nine Month Period of Fiscal Year ending December 31, 2017
---------------------------------------------------------
(in millions of Argentine Pesos)
Consolidated Income Statement September 2017 September 2016
----------------------------- -------------- --------------
Total sales and other income 47,324 38,852
Operating costs (38,330) (33,358)
------- -------
Operating income 8,994 5,494
Financial results, net (269) (1,654)
---- ------
Net income before income tax expenses 8,725 3,840
Income tax (3,050) (1,356)
------ ------
Net income 5,675 2,484
----- -----
Other comprehensive income, net of taxes 152 274
--- ---
Total comprehensive income for the period 5,827 2,758
===== =====
Consolidated Balance Sheet September 2017 December 2016
-------------------------- --------------- --------------
Current assets 19,162 15,620
Non-current assets 38,912 32,354
------ ------
Total assets 58,074 47,974
====== ======
Current liabilities 20,524 16,524
Non-current liabilities 11,772 11,527
------ ------
Total liabilities 32,296 28,051
------ ------
Equity attributable to Nortel 13,964 10,797
Equity attributable to non-controlling shareholders 11,814 9,126
------ -----
Total equity 25,778 19,923
------ ------
Total liabilities and equity 58,074 47,974
====== ======
Ratios
------
Liquidity (a) 0.93 0.95
Indebtedness (b) 1.25 1.41
(a) Current assets to current liabilities
(b) Total liabilities to shareholders' equity
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
View original content:http://www.prnewswire.com/news-releases/nortel-inversora-sa-announces-consolidated-nine-month-period-and-third-quarter-results-for-fiscal-year-2017-300554122.html
SOURCE Nortel Inversora S.A.
