Nortel Inversora S.A. Announces Consolidated First Quarter Results For The Fiscal Year Ending December 31, 2013

  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.
 
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