BUENOS AIRES, Argentina, May 8 /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. 178 million for the first quarter of fiscal year 2009.
Nortel's consolidated financial results for the first 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
The Court of Appeals in Commercial Matters No. 2 resolved to provisionally suspend the Ordinary and Special Preferred A Shareholders meeting scheduled to be held on April 29, 2009.
FINANCIAL TABLES BELOW NORTEL INVERSORA S.A. FIRST QUARTER, FISCAL YEAR ENDING DECEMBER 31, 2009 (In millions of Argentine pesos, except statistical and ratio data) Consolidated Balance Sheet (*) 2009 2008 Current assets 3,018 2,592 Non-current assets 7,000 7,051 Total assets 10,018 9,643 Current liabilities 4,105 4,067 Non-current liabilities 1,502 1,487 Total liabilities 5,607 5,554 Minority interests 2,041 1,900 Total shareholders' equity 2,370 2,189 Total liabilities and shareholders' equity 10,018 9,643
(*) 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 2,829 2,480 Cost of services provided administrative and selling expenses (2,204) (1,947) Operating Profit 625 533 Financial results, net (95) (60) Other, net (1) (47) Income tax (201) (149) Minority interest (150) (129) Net Income 178 148 Ratios 2009 2008 Liquidity (a) 0.74 0.64 Indebtedness (b) 1.27 1.36 (a) Current Assets to current liabilities (b) Total liabilities to shareholders' equity plus third party interests. Jose Gustavo Pozzi General Manager
Nortel Inversora S.A.
CONTACT: Jose Gustavo Pozzi, Nortel Inversora S.A., +011-5411-4968-3630
