BUENOS AIRES, Argentina, Feb. 26, 2016 /PRNewswire/ -- Nortel Inversora S.A. (NYSE: NTL) whose sole material activity is holding 54.74% of the capital stock of Telecom Argentina S.A. ("Telecom") informs that Telecom has repurchased 15,221,373 of its own stock as of December 31, 2015. As a result, the political and economic rights of Nortel have increased to 55.60 % of Telecom's outstanding stock as of such date.

Nortel announces consolidated income of Ps.$ 3,434 million for the fiscal year ended December 31, 2015 of which Ps.$ 1,891 million correspond to Nortel as controlling shareholder.

Relevant matters

Summary of the Resolutions approved by the Ordinary and Extraordinary General Meeting held on April 29, 2015

The Ordinary and Extraordinary General Meeting held on April 29, 2015 resolved, among other items:


    1. to approve the Annual Report and Financial Statements as of December 31,
       2014;
    2. to allocate the non-appropriated profit amount as of December 31, 2014,
       of Ps. $ 2,039 million, to the already existing "Voluntary Reserve for
       the Future Distribution of Dividends", authorizing the Board of Directors
       to approve the timing and amounts to be deducted from the Voluntary
       Reserve for the Future Distribution of Dividends, taking into account the
       Company's future economic and financial conditions, and liquidity, and
       the subsequent distribution of such amounts as cash dividends.
    3. the appointment of the members of the Supervisory Committee for fiscal
       year 2015.

Distribution of cash dividends

The Company's Board of Directors, during its meeting held on May 18, 2015, decided to deduct an amount of Ps.$ 570 million from the "Voluntary Reserve for the Future Distribution of Dividends" and distributed such amount as cash dividends, of which Ps.$ 279 million correspond to Series "B" Preferred Shares and Ps.$ 291 million correspond to common stock. The above mentioned dividends were made available as from June 1, 2015.

(Financial Tables below)



                     NORTEL INVERSORA S.A.
                     ---------------------


             FISCAL YEAR ENDING DECEMBER  31, 2015
             -------------------------------------

    (In millions of Argentine Pesos, except statistical and ratio data)


    Consolidated Income Statement                      2015         2014
    -----------------------------                      ----         ----


    Revenues and other income                        40,539       33,388

    Operating costs                                (34,334)    (27,964)
                                                    -------      -------

    Operating income                                  6,205        5,424

    Financial results, net                          (1,067)         277
                                                     ------          ---

    Net income before income tax expenses             5,138        5,701

    Income tax expense                              (1,704)     (1,975)
                                                     ------       ------

    Net income                                        3,434        3,726
                                                      =====        =====

    Other comprehensive income, net of tax              257          243
                                                        ---          ---

    Total comprehensive income for the period         3,691        3,969
                                                      =====        =====



    Consolidated Balance Sheet                    2015         2014
    --------------------------                    ----         ----


    Current assets                              11,569        6,581

    Non-current assets                          26,973       19,924
                                                ------       ------

    Total assets                                38,542       26,505
                                                ======       ======

    Current liabilities                         16,945        9,115

    Non-current liabilities                      3,944        2,454
                                                 -----        -----

    Total liabilities                           20,889       11,569

    Equity attributable to Nortel                9,605        8,185

    Equity attributable to non-
     controlling shareholders                    8,048        6,751
                                                 -----        -----

    Total equity                                17,653       14,936
                                                ------       ------

    Total liabilities and equity                38,542       26,505
                                                ======       ======



    Ratios
    ------


    Liquidity (a)                                    0.68               0.72

    Indebtedness (b)                                 1.18               0.77


    (a)      Current assets to current
     liabilities

    (b)     Total liabilities to
     shareholders' equity.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nortel-inversora-sa-announces-consolidated-results-for-fiscal-year-ended-december-31-2015-300227212.html

SOURCE Nortel Inversora S.A.