[November 10, 2009] Nortel Inversora S.A. Announces Consolidated Nine-Month Period and Third Quarter Results for the Fiscal Year Ending December 31, 2009 Tweet BUENOS AIRES, Argentina, Nov. 10 /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. 542 million for the nine-month period of fiscal year 2009. Nortel's consolidated financial results for the third 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 On August 5, 2009, the Board of Directors of Nortel Inversora S.A. resolved to call for the Annual General Meeting of Shareholders of Common Stock and Special Meeting of Shareholders of Class A Preferred Stock for September 11, 2009. The Court of Appeals in Commercial Matters No. 2 resolved to suspend the aforementioned shareholders meeting. FINANCIAL TABLES BELOW NORTEL INVERSORA S.A. THIRD QUARTER, FISCAL YEAR ENDING DECEMBER 31, 2009 (In millions of Argentine pesos, except statistical and ratio data) Consolidated Balance Sheet (*) 2009 2008 Current assets 3,701 2,600 Non-current assets 7,314 7,051 Total assets 11,015 9,651 Current liabilities 4,267 4,075 Non-current liabilities 1,665 1,487 Total liabilities 5,932 5,562 Minority interests 2,352 1,900 Total shareholders' equity 2,731 2,189 Total liabilities and shareholders' equity 11,015 9,651 (*) 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 8,861 7,789 Cost of services provided administrative and selling expenses (6,829) (6,251) Operating Profit 2,032 1,538 Equity gain from related companies 13 ---- Financial results, net (319) (112) Other, net (160) (143) Income tax (560) (446) Minority interest (464) (386) Net Income 542 451 Ratios 2009 2008 Liquidity (a) 0.87 0.64 Indebtedness (b) 1.17 1.36 (a) Current Assets to current liabilities (b) Total liabilities to shareholders' equity plus third party interests. Contact: Jose Gustavo Pozzi Nortel Inversora S.A. (5411) 4 968-3630 Nortel Inversora S.A. CONTACT: Jose Gustavo Pozzi, Nortel Inversora, +011-5411-4-968-3630 [ Back To TMCnet.com's Homepage ]