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Nortel Inversora S.A. Announces Consolidated First Quarter Results for the Fiscal Year Ending December 31, 2009
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
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