Nortel Inversora S.A. Announces Consolidated Nine-Month Period and Third
Quarter Results for the Fiscal Year Ending December 31, 2009
BUENOS AIRES, Argentina, Nov. 10 /PRNewswire-FirstCall/ -- Nortel
Inversora S.A. (NYSE: NTL), whose sole substantial activity is owning
54.741682% of the stock of Telecom Argentina S.A. ("Telecom") and whose sole
substantial source of cash income is cash dividends and other distributions
paid on such stock, today announced consolidated net income of Ps. 542 million
for the nine-month period of fiscal year 2009.
Nortel's consolidated financial results for the third quarter of fiscal
year 2009 are substantially identical to Telecom's results for the same
period, after accounting for minority interest and financial income and
expenses at the holding-company level.
Relevant matters
On August 5, 2009, the Board of Directors of Nortel Inversora S.A.
resolved to call for the Annual General Meeting of Shareholders of Common
Stock and Special Meeting of Shareholders of Class A Preferred Stock for
September 11, 2009. The Court of Appeals in Commercial Matters No. 2 resolved
to suspend the aforementioned shareholders meeting.
FINANCIAL TABLES BELOW
NORTEL INVERSORA S.A.
THIRD QUARTER, FISCAL YEAR ENDING DECEMBER 31, 2009
(In millions of Argentine pesos, except statistical and ratio data)
Consolidated Balance Sheet (*)
2009 2008
Current assets 3,701 2,600
Non-current assets 7,314 7,051
Total assets 11,015 9,651
Current liabilities 4,267 4,075
Non-current liabilities 1,665 1,487
Total liabilities 5,932 5,562
Minority interests 2,352 1,900
Total shareholders' equity 2,731 2,189
Total liabilities and shareholders' equity 11,015 9,651
(*) As a consequence of the application of the new rules, the comparative
information for the intermediate periods of the Annual Financial Statements
should be the one corresponding to the last complete fiscal year. The
comparative information of the Income Statement, evolution of Shareholders'
Equity and Cash Flow Statements should be the one corresponding to the
equivalent period of the previous fiscal year.
Consolidated Income Statement
2009 2008
Net revenues 8,861 7,789
Cost of services provided
administrative and selling expenses (6,829) (6,251)
Operating Profit 2,032 1,538
Equity gain from related companies 13 ----
Financial results, net (319) (112)
Other, net (160) (143)
Income tax (560) (446)
Minority interest (464) (386)
Net Income 542 451
Ratios
2009 2008
Liquidity (a) 0.87 0.64
Indebtedness (b) 1.17 1.36
(a) Current Assets to current liabilities
(b) Total liabilities to shareholders' equity plus third party interests.
Contact:
Jose Gustavo Pozzi
Nortel Inversora S.A.
(5411) 4 968-3630
SOURCE Nortel Inversora S.A.
Jose Gustavo Pozzi, Nortel Inversora, +011-5411-4-968-3630
