Report of Foreign Issuer (6-k)
November 09 2016 - 12:17PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of November, 2016
Commission File Number: 001-14270
NORTEL INVERSORA S.A.
(Translation of registrant’s name into
English)
Alicia Moreau de Justo 50
Piso 13
C1107AAB-Buenos Aires
Argentina
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒Form
40-F
☐
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
☐
Yes No
☒
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐ No
☒
NORTEL
INVERSORA S.A.
TABLE OF CONTENTS
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Item
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1.
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Press Release: Nortel Inversora S.A. Announces Consolidated Nine Month Period and Third Quarter Results for Fiscal Year 2016
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Nortel Inversora S.A. Announces Consolidated
Nine Month Period and Third Quarter Results for Fiscal Year 2016
BUENOS AIRES, Argentina, Nov. 9, 2016 --
Nortel
Inversora S.A.
(NYSE: NTL)
Nortel Inversora S.A. ("Nortel" or the "Company")
announces consolidated income of AR$ 2,484 million for the nine-month period ending September 30 of fiscal year 2016, of which
AR$ 1,362 million correspond to Nortel as parent company of Telecom Argentina S.A. ("Telecom").
The sole material activity of Nortel is holding 54.74% of
the capital stock of Telecom, representing a holding of 55.60% of the voting and economic rights of Telecom as a result of Telecom's
holding of 15,221,373 shares of treasury stock. The holding of such shares of treasury stock has been extended for up to three
additional years pursuant to the resolution of the Ordinary and Extraordinary Stockholders Meeting of Telecom held on April 29,
2016.
Relevant Matters
Summary of the Resolutions approved by the Ordinary
and Extraordinary General Stockholders Meeting held on April 29, 2016
The Ordinary and Extraordinary General Stockholders Meeting
held on April 29, 2016 resolved, among other issues:
1.
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to approve the Annual Report and Financial Statements as of December 31, 2015;
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2.
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to allocate the non-appropriated profit amount as of December 31, 2015, of AR$ 1,891 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;
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3.
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the appointment of the members of the Supervisory Committee for fiscal year 2016.
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Dividends Payment
The Company's Board,
(i)
at its meeting held on August 9, 2016, pursuant to the powers granted by the Stockholders´ Meeting, decided to deduct an
amount of AR$ 172 million from the "Voluntary Reserve for the Future Distribution of Dividends" and distribute such
amount as cash dividends, which were made available to the shareholders as from August 30, 2016, of which AR$ 84 million were
cash dividends for the Class "B" Preferred Shares and AR$ 88 million were cash dividends for the shares of common stock;
and
(ii)
at its meeting held on October 24, 2016, approved the distribution of AR$540 million as cash dividends in advance, subject to
the ratification by the Ordinary General Stockholders' Meeting in which the annual Financial Statements shall be considered, of
which AR$ 264 million shall be paid as cash dividends in advance to the Class "B" Preferred Shares, and AR$ 276 million
shall be paid as cash dividends in advance to the shares of common stock. The dividends in advance were made available to the
shareholders as from November 7, 2016.
(Financial Tables below)
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Nine Month Period of Fiscal Year ending December 31, 2016
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(in millions of Argentine Pesos)
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Consolidated Income Statement
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September 2016
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September 2015
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Total sales and other income
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38,852
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28,605
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Operating costs
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(33,358)
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(24,166)
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Operating income
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5,494
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4,439
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Financial results, net
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(1,654)
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(167)
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Net income before income tax expenses
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3,840
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4,272
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Income tax
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(1,356)
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(1,497)
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Net income
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2,484
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2,775
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Other comprehensive income, net of taxes
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274
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(86)
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Total comprehensive income for the period
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2,758
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2,689
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Consolidated Balance Sheet
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September 2016
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December 2015
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Current assets
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13,014
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11,569
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Non-current assets
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30,597
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26,973
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Total assets
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43,611
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38,542
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Current liabilities
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21,584
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16,945
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Non-current liabilities
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3,056
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3,944
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Total liabilities
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24,640
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20,889
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Equity attributable to Nortel
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10,513
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9,605
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Equity attributable to non-controlling shareholders
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8,458
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8,048
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Total equity
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18,971
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17,653
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Total liabilities and equity
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43,611
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38,542
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Ratios
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Liquidity (a)
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0.60
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0.68
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Indebtedness (b)
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1.30
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1.18
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(a) Current assets to current liabilities
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(b) Total liabilities to shareholders' equity
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María de los Angeles Blanco Salgado
Officer in Charge of Market Relations
CONTACT: Maria Blanco Salgado, mblancosalgado@ta.telecom.com.ar,
54-11-4968-3631
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Nortel Inversora S.A.
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Date: November 9, 2016
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By:
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/s/ María Blanco
Salgado
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Name:
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Maria Blanco Salgado
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Title:
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Officer in Charge of Market Relations
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