Nortel Inversora S.A. Announces Consolidated Results for Fiscal Year Ended December 31, 2015

BUENOS AIRES, Argentina, Feb. 26, 2016 /PRNewswire/ -- Nortel Inversora S.A. 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:

to approve the Annual Report and Financial Statements as of December 31, 2014;
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.
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.

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SOURCE Nortel Inversora S.A.

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