Nortel Inversora S.A. Announces Consolidated Annual Results for the Fiscal Year Ending December 31, 2012 PR Newswire BUENOS AIRES, Argentina, Feb. 28, 2013 BUENOS AIRES, Argentina, Feb. 28, 2013 /PRNewswire/ -- 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.2,675 million for the fiscal year ended December 31, 2012 of which Ps 1,413 million correspond to Nortel as controlling shareholder. Relevant matters Dividends On April 27, 2012, Telecom Argentina's Annual Stockholders Meeting approved, among other ítems, a cash dividend distribution in the amount of Ps. 807 million, payable as from May 10, 2012, of which Ps. 442 million will be received by Nortel. Summary of the Resolutions approved by the Ordinary and Extraordinary General and Special Class A Preferred Stockholders' Meeting and the Board Meeting held on June 13 and June 14, 2012, respectively The above referred Stockholders' Meeting and Board Meeting resolved: 1.)the scheduled redemption of 401,794 Class "A" Preferred Shares, i.e., 100% of theoutstanding Class "A" Preferred Shares, for an aggregate redemption price of Ps. 363 million; 2.)payment of Ps. 81.7 million to cancel 100% of the outstanding preferred basic dividend corresponding as of such date to the Class "A" Preferred Shares; 3.) payment of Ps. 22.8 million as additional dividend corresponding to the Class "A" Preferred Shares for fiscal year 2011; 4.) payment of Ps. 8.3 million as additional distribution, payable only and exclusively to those holders of Class "A" Preferred Shares who have entered into a settlement agreement with the Company, to the Company's satisfaction, before June 27, 2012, releasing and irrevocably, finally and definitively terminating any claim relating to the Class "A" Preferred Shares; 5.)payment of Ps.5.4 million to the holders of Class "B" Preferred Shares as dividend corresponding to fiscal year 2011; and 6.)payment ofPs.5.6 million to the holders of ordinary stock as dividend corresponding to fiscal year 2011. The scheduled redemption referred to in item 1) above was reflected in the Company's books as a reduction of the accounts Capital Stock, Inflation Adjustment of Capital Stock and Share Issue Premiums, while payments referred to in items 2) to 6) were reflected as a reduction of the Voluntary Reserve for the Future Distribution of Dividends.. FINANCIAL TABLES BELOW NORTEL INVERSORA S.A. FISCAL YEAR ENDING DECEMBER 31, 2012 (In millions of Argentine pesos, except statistical and ratio data) Consolidated Balance Sheet 2012 2011 Current assets 7,000 5,516 Non-current assets 10,826 9,874 Total assets 17,826 15,390 Current liabilities 5,895 5,958 Non-current liabilities 1,768 1,635 Total liabilities 7,663 7,593 Equity attributable to Nortel 5,457 4,022 Equity attributable non-controlling interest 4,706 3,775 Total equity 10,163 7,797 Total liabilities and equity 17,826 15,390 Consolidated Income Statement 2012 2011 Total sales and other income 22,196 18,528 Opeating costs ( 18,244) (14,695) Operating Income 3,952 3.833 Financial results, net 187 ---- Net income before income tax expense 4,139 3,833 Income tax expense (1,464) (1,394) Net Income 2,675 2,439 Other comprehensive income, net of tax 90 27 Total comprehensive income 2,765 2,466 Ratios 2012 2011 Liquidity (a) 1.19 0.93 Indebtedness (b) 0.75 0.97 (a) Current Assets to current liabilities (b) Total liabilities to shareholders´ equity plus third party interests. Contacts: Jorge Firpo General Manager Nortel Inversora S.A. (5411) 49683631 SOURCE Nortel Inversora S.A.
Nortel Inversora S.A. Announces Consolidated Annual Results for the Fiscal Year Ending December 31, 2012