BUENOS AIRES, Argentina, March 7 /PRNewswire-FirstCall/ -- Nortel Inversora S.A. , 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. 478 million for the fiscal year ended December 31, 2007.
Nortel's consolidated financial results for the fiscal year ended December 31, 2007 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.
Summary of the resolutions passed by the General Ordinary Shareholders' Meeting, and the Class A Preferred Stockholders' Special Meeting held on April 27, 2007.
On April 27, 2007, Nortel held its General Ordinary Shareholders' Meeting and Class A Preferred Stockholders' Special Meeting. Among other points, the Shareholders' Meetings approved:
- Fiscal year 2006 Annual Report and Financial Statements.
- The Board's proposal that the negative Unappropriated Retained Earnings of Fiscal Year 2006 be allocated to Fiscal Year 2007.
- The election of regular and alternate Board members and the election of regular and alternate members of the Supervisory Committee (for the 19th fiscal year).
- The auditing Committee's budget for Fiscal Year 2007.
- The designation of Price Waterhouse & Co. as external auditors of the Company.
FINANCIAL TABLES BELOW NORTEL INVERSORA S.A. FISCAL YEAR ENDING DECEMBER 31, 2007 (In millions of Argentine pesos, except statistical and ratio data) Consolidated Balance Sheet 2007 2006 Current assets 2,384 1,771 Non-current assets 6,786 6,953 Total assets 9,170 8,724 Current liabilities 3,647 3,375 Non-current liabilities 2,419 3,146 Total liabilities 6,066 6,521 Minority interests 1,449 1,036 Total shareholders' equity 1,655 1,167 Total liabilities and shareholder's equity 9,170 8,724 Consolidated Income Statement 2007 2006 Net revenues 9,074 7,372 Cost of services provided administrative and selling expenses (7,441) (6,480) Operating Profit 1,633 892 Equity gain from related companies -- 5 Financial results, net (441) (484) Other, net (101) (186) Income tax (292) 22 Minority interest (377) (127) Net Income before discontinued operations 422 122 Results from discontinued operations 56 7 Net Income 478 129 Ratios 2007 2006 Liquidity (a) 0.65 0.52 Indebtedness (b) 1.95 2.96 (a) Current Assets to current liabilities (b) Total liabilities to shareholders' equity plus third party interests. Contact: Jose Gustavo Pozzi General Manager Nortel Inversora S.A. (5411) 4968-3630
