Nortel Inversora S.A. Announces Consolidated First Quarter Results For The Fiscal Year Ending December 31, 2013 PR Newswire BUENOS AIRES, Argentina, April 30, 2013 BUENOS AIRES, Argentina, April30, 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.810 million for the three month period ended March 31, 2013 of fiscal year 2013, of which Ps. 436 million correspond to Nortel as controlling shareholder. Relevant matters The Annual and Extraordinary General Stockholders' Meeting held on April 26, 2013 approved, among others matters: oThe Annual Report and Financials Statements as of December 31, 2012 oTo 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) THREE MONTH PERIOD OF FISCAL YEAR ENDING DECEMBER 31, 2013 (in millions of Argentine pesos) Consolidated Income Statement March 2013 March 2012 Total revenues and other income 6,073 5,130 Operating costs ( 4,961) ( 4,100) Operating Income 1,112 1,030 Financial results , net 135 47 Net income before income tax expenses 1,247 1,077 Income tax expense (437) (386) Net income 810 691 Other comprehensive income 63 24 Total comprehensive income for the period 873 715 Consolidated Balance Sheet March 2013 December 2012 Current assets 7,496 7,000 Non-current assets 11,129 10,826 Total assets 18,625 17,826 Current liabilities 5,841 5,895 Non-current liabilities 1,781 1,768 Total liabilities 7,622 7,663 Equity attributable to owners of the parent 5,915 5,457 Noncontrolling interest 5,088 4,706 Total equity 11,003 10,163 Total liabilities and equity 18,625 17,826 Ratios Liquidity (a) 1.28 1.19 Indebtedness (b) 0.69 0.75 (a) Current assets to current liabilities (b) Total liabilities to shareholders´ equity. Maria de los Angeles Blanco Salgado Responsible in Market Relations Contact: Maria Blanco Nortel Inversora S.A. (5411) 4 968-3630 SOURCE Nortel Inversora S.A.
Nortel Inversora S.A. Announces Consolidated First Quarter Results For The Fiscal Year Ending December 31, 2013