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Nortel Inversora S.A. Announces Consolidated Nine-month Period and Third Quarter Results for Fiscal Year 200510 November 2005
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. 886 million for the nine-month period of fiscal year 2005. Nortel's consolidated financial results for the third quarter of fiscal year 2005 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 held on April 27, 2005, and the Class A and B Preferred Stockholders' Special Meeting held on May 24, 2005. On April 27, 2005, Nortel held its General Ordinary Shareholders' Meeting, and on May 24, 2005, Nortel held the Class A and B Preferred Stockholders' Special Meeting. Among other points, the Shareholders' Meetings approved: * Fiscal year 2004 Annual Report and Financial Statements. * The Board's proposal that the negative Unappropiated Retained Earnings of Fiscal Year 2004 be allocated to Fiscal Year 2005 and the adoption of a measure regarding Article 206 until the end of the restructuring process of Telecom, except that a legal Rule suspends or eliminates the applicability of said Section 206 (which happened after the General Ordinary Shareholders Meeting when Decree No. 540/2005 of the Executive Branch suspended the applicability of Section 206 of the LBA ("Law of Business Associations") until December 10, 2005). * The election of regular and alternate Board members, and the election of regular and alternate members of the Supervisory Committee (for the 17th fiscal year). * The auditing Committee's budget for Fiscal Year 2005. * The designation of Price Waterhouse & Co. as external auditors of the Company. Subsequently, as a consequence of the effects of the restructuring of Telecom's financial debt to September 30, 2005, the Company is no longer in the situation contemplated under Section 206 of the LBA. FINANCIAL TABLES BELOW NORTEL INVERSORA S.A. THIRD QUARTER, FISCAL YEAR ENDED DECEMBER 31, 2005 (In millions of Argentine pesos,except statistical and ratio data) Consolidated Balance Sheet (*) 20052004 Current assets 1,484 4,445 Non-current assets 7,138 7,898 Total assets8,622 12,343 Current liabilities 1,494 10,229 Non-current liabilities 4,931 1,549 Total liabilities6,425 11,778 Minority interests 998257 Temporary differences from conversion 29 24 Total shareholders' equity 1,170284 Total liabilities and shareholders' equity 8,622 12,343 (*) 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 ones corresponding to the equivalent period of the previous fiscal year. Consolidated Income Statement 2005 2004 Net revenues4,057 3,211 Cost of services provided administrative and selling expenses (3,711) (3,004) Operating Profit 346207 Equity gain from related companies 7(1) Financial results, net 91 (622) Other, net (109) (69) Gain on repurchase of debt 1,424 -- Income tax (134)(9) Minority interest(739)224 Net Income 886 (270) Ratios2005 2004 (a) Liquidity0.99 0.43 (b) Indebtedness 2.96 21.77 (a) Current Assets to current liabilities (b) Total liabilities to shareholders' equity plus third parties interest.
Source: PR Newswire
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