Stable to growing revenue in Q1 across our FMC markets and strong Adjusted EBITDA growth at Virgin Media O21, Sunrise UPC and VodafoneZiggo
Executing well on commercial convergence strategies including price adjustments at Virgin Media O2, Telenet and VodafoneZiggo
Integration and synergy plans on track in the U.K. and Switzerland
Completed the sale of UPC Poland at 9x EV/EBITDA and announced the sale of Telenet’s towers at 25x EV/EBITDAaL2
Accelerated stock buyback, having completed 50% of our minimum annual commitment through May 6th including 35% in Q1
Confirming all 2022 guidance targets
DENVER, Colorado–(BUSINESS WIRE)–Liberty Global plc today announced its Q1 2022 financial results.
CEO Mike Fries stated, “First, our thoughts go out to all those impacted by the war in Ukraine. I’m very proud of our operations and employees across Liberty Global for their devoted efforts to support those in need. While we all hope for an end to the violence, we are prepared to manage through the continued impact the war is having on inflation. We are largely hedged on energy costs and have been able to manage our pricing strategies to minimize the net effect of higher costs.
At the same time, our first quarter financial results were stable. Revenue was flat to up in all markets versus last year, with strong Adjusted EBITDA growth in the U.K.1, Switzerland and the Netherlands. Operationally, we delivered 100,000 aggregate3 broadband and postpaid mobile subscribers during the quarter driven by our converged bundles, our market-leading broadband speeds and increasing 5G coverage. Demand for connectivity remains high across our European markets and, as noted above, we are seeing improved pricing power as inflation picks up, competition rationalizes and the regulatory environment eases.
Product innovation ramped up in the first quarter. In Switzerland, we recently launched the Sunrise Moments loyalty program, available to all customers, which provides reward packages and exclusive experiences. Moreover, Sunrise UPC won the Mobile Network Hotline Test 2022 demonstrating a consistent track record in delivering best-in-class customer service. In the U.K., Stream by Virgin Media was launched in April, offering customers an IP-based entertainment service to aggregate TV channels, video apps and streaming subscription services.
We remain committed to executing on our integration plans in Switzerland and the U.K. and are on track with the synergy delivery in both markets. We continue making progress with our network development strategies across all of our FMC operations. In the U.K., Project Lightning delivered 101,000 new premises taking our cumulative U.K. Lightning footprint to 2.8 million homes, and we expect to add over 500,000 new premises in 2022. Full fiber deployment across VMO2’s entire fixed network is underway with completion expected in 2028. Furthermore, 5G services are now available in over 400 U.K. towns and cities and we expect to reach 50% population coverage by 2023. In Ireland, we are reinforcing our focus on speed leadership with our full fiber upgrade program which delivered over 40,000 premises in Q1.
Continuing our track record of smart and timely M&A transactions, we completed the sale of UPC Poland on April 1st at 9x EV/EBITDA, generating ~$600 million of net proceeds. And in Belgium we announced the sale of our 3,300 mobile towers to Digital Bridge for €745 million, or 25x EV/EBITDAaL. We expect this transaction to close in Q2.
We are reaffirming all of our original, full-year guidance metrics, including $1.7 billion(i) of Full Company Distributable Cash Flow4, representing an increase of 22% over 2021. This will be supported through shareholder distributions from our joint ventures in the U.K. and the Netherlands, as well as an additional distribution from an expected recapitalization of Virgin Media O2 later this year. Liberty Global’s balance sheet remains strong with $3.8 billion(ii) of cash (pro forma for ~$600 million of net cash proceeds expected from the sale of UPC Poland) and $5.3 billion of total liquidity5. We continue to see compelling value in our stock at current price levels and completed 35% of our buyback commitment through Q1, and 50% through May 6th.”
|
(i) |
Quantitative reconciliations to cash flow from operating activities for our Distributable Cash Flow guidance cannot be provided without unreasonable efforts as we do not forecast specific changes in working capital that impact cash flows from operating activities. The items we do not forecast may vary significantly form period to period. |
|
(ii) |
Including amounts held under separately managed accounts (SMAs). |
Q1 Operating Company Highlights
Sunrise UPC (Consolidated)
Sunrise UPC achieves strong commercial performance in broadband and postpaid adds, reiterates 2022 guidance; synergies realization in line with plan
Operating highlights: Commercial momentum continued in Q1 despite a persisting, albeit softening, competitive environment. Strong sales combined with stable low churn resulted in over 11,000 broadband net additions in Q1. Demand for mobile postpaid remained solid, delivering 45,000 net adds in the quarter across all brands. FMC penetration grew nearly 2% and now reaches 57% of the broadband base. We continue to generate value for our customer base through the launch of Sunrise Moments loyalty program, which provides reward packages and exclusive experiences, as well as the full service offering by our budget brand Yallo.
Financial highlights: Revenue of $821.4 million in Q1 2022 decreased 2.4% YoY on a reported basis and increased 1.0% YoY on a rebased6 basis. The rebased increase was largely driven by (i) an increase in business wholesale voice revenue and (ii) volume driven growth in Yallo and SOHO, partially offset by a decrease in fixed subscription revenue, primarily driven by ARPU pressure on main brand offerings. Sunrise UPC’s Adjusted EBITDA was $301.2 million in Q1 2022, an increase of 7.0% on a reported basis and 9.6% on a rebased basis, including $5 million of costs to capture7. Adjusted EBITDA less P&E Additions of $157.7 million in Q1 increased 23.8% YoY on a reported basis. On a rebased basis, Adjusted EBITDA less P&E Additions increased 26.9%, including the adverse impact of $23 million of costs to capture.
Telenet (Consolidated)
Operational results in Q1 2022 in line with guidance. Reached binding agreement to sell the mobile tower business
Operating highlights: Continued growth of FMC customer base in Q1 2022, driven by continued uptake of Telenet’s “ONE(Up)” bundles, while lower market flux impacted net new subscriber growth, resulting in 3,000 broadband net adds and 9,000 postpaid mobile net additions. Telenet entered into a binding agreement with DigitalBridge Group, Inc. regarding the sale of its mobile tower business, which is expected to close in Q2. Telenet continues to progress on plans to develop “the data network of the future” with Fluvius through its joint fixed network infrastructure in Flanders.
Financial highlights: Reported and rebased revenue decreased 6.3% and increased 0.7%, respectively, to $724.4 million in Q1. The increase in rebased revenue was primarily driven by (i) higher mobile subscription revenue and (ii) an increase in business wholesale revenue, partially offset by lower interconnect revenue. Reported and rebased Adjusted EBITDA decreased 8.4% and 1.7%, respectively, to $340.4 million in Q1, reflecting a difficult comparison against the same period last year and the impact of higher inflation on staff-related expenses and network operating costs. Reported and rebased Adjusted EBITDA less P&E Additions decreased 13.4% and 7.2%, respectively, to $189.1 million in Q1.
VMO2 (Non-consolidated Joint Venture)
The VMO2 JV delivers a price rise while maintaining a flat customer base. Focus on product innovation, network investment and synergy realization
Operating highlights: The VMO2 JV remains focused on innovation. Fixed and mobile price increases were implemented to support revenue growth and continued investment in the future as the demand for premium connectivity continues to increase. The broadband base remained broadly flat with a 1,000 net reduction in Q1, while mobile postpaid continued to show net adds of 11,000 during the quarter. Average speed across the company’s broadband base has increased 24% YoY and now reaches 231Mbps, 4x the national average. Launch of Stream for Virgin Media, a new IP-based entertainment service offering customers a new way of aggregating TV channels, video apps and streaming subscriptions, delivered entirely through the company’s broadband service. Investment in the U.K.’s digital infrastructure continues through Project Lightning, completion of FTTP upgrade pilots and the extension of 5G services.
Financial highlights (in U.S. GAAP): Revenue of $3,398.0 million was broadly flat YoY on an FX neutral pro forma basis1. This performance was supported by increased growth in mobile revenue, including a YoY increase in handset revenue. Consumer fixed revenue remained broadly flat YoY on an FX neutral pro forma basis, primarily as a result of a YoY increase in fixed-line customers that was offset by a YoY decline in fixed-line customer ARPU due to a change in customer mix. Adjusted EBITDA increased 24.8%8 YoY on an FX neutral pro forma basis to $1,395.3 million, including $14 million of opex costs to capture and a one-off gain of approximately $233 million related to the Q1 restructuring of the legacy O2 securitization structure, representing the best full quarter since the formation of the VMO2 JV. This was due to cost savings following the migration of the Virgin Mobile MVNO base from EE to Vodafone, lower sales commissions and the flow through of cost synergies. Adjusted EBITDA less P&E Additions increased 42.5%8 YoY on an FX neutral pro forma basis to $736.0 million, including $59 million of opex and capex costs to capture and the aforementioned one-off gain related to the securitization restructuring. P&E Additions increased 9.6% YoY to $659.3 million, as the company continued to invest in its fixed and mobile infrastructure.
For more information regarding the VMO2 JV, including full IFRS disclosures, please visit their investor relations page to access the Q1 earnings release.
VodafoneZiggo (Non-consolidated Joint Venture)
Commercial strategy execution delivers 2% Adjusted EBITDA growth. Confirming 2022 guidance
Operating highlights: Successful execution of the commercial strategy despite increased promotional intensity in the market delivered 37,000 mobile postpaid additions, passing the 5 million SIMs milestone while stabilizing mobile postpaid ARPU. The market saw some increased levels of competition around the Formula 1 season as well as increased promotional activity by competitors impacting broadband RGUs, which declined by 17,000 in Q1. Continued progress in upgrading the network which now offers Gigabit speed in almost 80% of the country and targeting nationwide coverage by the end of the year. Price increase was communicated to customers to support further investments to ensure high quality connectivity through SmartWifi and 5G.
Financial highlights: Revenue declined 7.1% on a reported basis and 0.3% on a rebased basis to $1,130.0 million in Q1. The relatively flat rebased change was primarily driven by (i) mobile postpaid customer base growth and stable ARPU, (ii) fixed ARPU growth and (iii) B2B fixed customer base growth, offset by B2C fixed customer base decline. Adjusted EBITDA decreased 4.8% on a reported basis and increased 2.1% on a rebased basis, to $537.8 million in Q1. The rebased increase was primarily driven by disciplined cost control and lower programming costs related to the Formula 1 rights loss and reduced charges for other major sports rights. Adjusted EBITDA less P&E Additions decreased 4.0% on a reported basis and increased 3.0% on a rebased basis YoY to $317.4 million. The rebased increase was primarily driven by Adjusted EBITDA growth.
Q1 Ventures / ESG Highlights
Ventures
Our Ventures portfolio valuation remained broadly flat during the quarter and is currently valued at $3.4 billion9. The key driver for this modest valuation decrease versus last quarter was the fall in the value of our ITV stake. Overall relatively limited investment of ~$80 million in the quarter. Our Ventures portfolio remains an important part of our overall value creation strategy, and we will continue to invest in businesses with products or services adjacent to our core FMC businesses when opportunities arise. As we have highlighted previously, all of these investments are strategic, aligned to our overall business and have the potential to create significant incremental liquidity and value for us over the long run.
ESG
The first quarter continued to see significant emphasis on our ESG agenda. We are working to ensure that as our business grows, our environmental impact does not. As communicated with our recent commitment to be a net zero company across Scopes 1 and 2 by 2030, we are conducting analysis across our supply chain, network and product roadmap for readiness to add Scope 3 to our decarbonization plan. Within Scopes 1 and 2, our efforts to transition our vehicle fleet to electric or hybrid models, procure renewable energy sources for our operations and innovate through greener technologies and best practices is already underway.
In our markets, VodafoneZiggo recently published its Impact Report 2021, detailing performance across its People Planet Progress objectives. The report highlights record-breaking 15% data usage on the company’s networks, while simultaneously managing down electricity consumption by 9% for the year. As in many of our operations, VodafoneZiggo has employed various energy-saving measures, including low-energy equipment and smarter cooling systems, which is yielding sustainable results for our planet. Additionally, VodafoneZiggo sources 100% green energy. Toward its goal to help two million people progress digitally with technology by 2025, Vodafone reported to have already reached 20% of this target by the end of last year.
Diversity, Equity and Inclusion (DE&I) continues to be a focus for us, reinforcing an inclusive work environment, where our people know their voices are heard, valued, respected and everyone feels they belong. Our dedicated DE&I Council continues to work with colleagues across the Liberty Global footprint to ensure DE&I is embedded into everything we do, including the products we design, the decisions we make, the communities in which we operate and the relationships we have with our customers, suppliers and shareholders. We are accelerating across our priorities of inclusivity and representation in the workplace. Underpinning our strategic pillars of Gender, LGBTQIA+, Ability, Race and Ethnicity, and Multigenerational we have launched five Employee Resource Groups (ERG). We have introduced our anti-bullying, discrimination and harassment policy and with the clear insights we have gained from our first ever inclusion survey we kicked off our conscious inclusion educational and awareness program, in which next to training we are engaging in small-group, impactful conversations centering on inclusion in the workplace.
Liberty Global’s board of directors considers diversity in its decisions making, and we added two new directors, with our board now having three members with diverse backgrounds out of 11 members as of the 2022 AGM. Our consideration of diversity at board levels extends beyond our Liberty Global board as well. Our Belgian operations are conducted by Telenet, a publicly traded company, where we have a controlling interest of approximately 60% of the outstanding shares. Telenet has nominated 11 directors for election at its annual shareholder meeting in April 2022. Of these 11 directors, five have diverse backgrounds.
Liberty Global Consolidated Q1 Highlights
- Q1 revenue decreased 47.0% YoY on a reported basis and increased 1.5% on a rebased basis to $1,853.3 million
- Q1 earnings from continuing operations decreased 24.4% YoY on a reported basis to $1,075.7 million
- Q1 Adjusted EBITDA decreased 48.0% YoY on a reported basis and increased 2.6% on a rebased basis to $684.3 million
- Q1 property & equipment additions were 20.6% of revenue, as compared to 20.9% in Q1 2021
-
Balance sheet with $4.7 billion of total liquidity
- Comprised of $0.9 billion of cash, $2.3 billion of investments held under SMAs and $1.5 billion of unused borrowing capacity10
- Fully-swapped borrowing cost of 3.4% on a debt balance of $14.7 billion for the Full Company11
|
Liberty Global (continuing operations, unless otherwise noted) |
|
Q1 2022 |
|
Q1 2021 |
|
YoY |
|
YoY |
||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Customers |
|
|
|
|
|
|
|
|
||||||
|
Organic customer net additions (losses) |
|
|
(3,900 |
) |
|
|
33,100 |
|
|
(111.8 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Financial (in millions, except percentages) |
|
|
|
|
|
|
|
|
||||||
|
Revenue |
|
$ |
1,853.3 |
|
|
$ |
3,499.9 |
|
|
(47.0 |
%) |
|
1.5 |
% |
|
Earnings from continuing operations |
|
$ |
1,075.7 |
|
|
$ |
1,422.7 |
|
|
(24.4 |
%) |
|
|
|
|
Adjusted EBITDA |
|
$ |
684.3 |
|
|
$ |
1,316.2 |
|
|
(48.0 |
%) |
|
2.6 |
% |
|
P&E additions |
|
$ |
381.9 |
|
|
$ |
731.0 |
|
|
(47.8 |
%) |
|
|
|
|
Adjusted EBITDA less P&E Additions |
|
$ |
302.4 |
|
|
$ |
585.2 |
|
|
(48.3 |
%) |
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|
||||||
|
Cash provided by operating activities |
|
$ |
605.6 |
|
|
$ |
771.3 |
|
|
(21.5 |
%) |
|
|
|
|
Cash used by investing activities |
|
$ |
(39.4 |
) |
|
$ |
(496.2 |
) |
|
92.1 |
% |
|
|
|
|
Cash used by financing activities |
|
$ |
(655.7 |
) |
|
$ |
(691.5 |
) |
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Full Company Adjusted FCF |
|
$ |
137.2 |
|
|
$ |
76.1 |
|
|
80.3 |
% |
|
|
|
|
Full Company Distributable Cash Flow |
|
$ |
137.2 |
|
|
$ |
76.1 |
|
|
80.3 |
% |
|
|
|
Customer Growth
|
|
|
Three months ended |
||||
|
|
|
March 31, |
||||
|
|
|
2022 |
|
2021 |
||
|
|
|
|
|
|
||
|
Organic customer net additions (losses) by market |
|
|
|
|
||
|
Switzerland |
|
5,400 |
|
|
5,100 |
|
|
Belgium |
|
(5,500 |
) |
|
(4,500 |
) |
|
U.K.(i) |
|
— |
|
|
28,400 |
|
|
Ireland |
|
(1,400 |
) |
|
2,600 |
|
|
Slovakia |
|
(2,400 |
) |
|
1,500 |
|
|
Total |
|
(3,900 |
) |
|
33,100 |
|
______________________
| (i) |
The 2021 amount represents organic net additions of the U.K. JV Entities, which were contributed to the VMO2 JV on June 1, 2021. |
Earnings from Continuing Operations
- Earnings from continuing operations was $1,075.7 million and $1,422.7 million for the three months ended March 31, 2022 and 2021, respectively
Financial Highlights
The following tables present (i) revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions for each of our reportable segments, including the non-consolidated VMO2 JV and VodafoneZiggo JV, for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis. Consolidated Adjusted EBITDA and Consolidated Adjusted EBITDA less P&E Additions are non-GAAP measures. For additional information on how these measures are defined and why we believe they are meaningful, see the Glossary.
|
|
|
Three months ended |
|
Increase/(decrease) |
||||||||||
|
|
|
March 31, |
|
|||||||||||
|
Revenue |
|
|
2022 |
|
|
|
2021 |
|
|
Reported % |
|
|
Rebased % |
|
|
|
|
in millions, except % amounts |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Continuing operations: |
|
|
|
|
|
|
|
|
||||||
|
Switzerland |
|
$ |
821.4 |
|
|
$ |
841.8 |
|
|
(2.4 |
) |
|
1.0 |
|
|
Belgium |
|
|
724.4 |
|
|
|
772.7 |
|
|
(6.3 |
) |
|
0.7 |
|
|
Ireland |
|
|
127.8 |
|
|
|
136.1 |
|
|
(6.1 |
) |
|
0.9 |
|
|
U.K.(i) |
|
|
— |
|
|
|
1,635.0 |
|
|
(100.0 |
) |
|
— |
|
|
Central and Other |
|
|
181.4 |
|
|
|
120.3 |
|
|
50.8 |
|
|
8.9 |
|
|
Intersegment eliminations |
|
|
(1.7 |
) |
|
|
(6.0 |
) |
|
N.M. |
|
N.M. |
||
|
Total |
|
$ |
1,853.3 |
|
|
$ |
3,499.9 |
|
|
(47.0 |
) |
|
1.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VMO2 JV(ii) |
|
$ |
3,398.0 |
|
|
$ |
— |
|
|
N.M. |
|
N.M. |
||
|
VodafoneZiggo JV(ii) |
|
$ |
1,130.0 |
|
|
$ |
1,217.0 |
|
|
(7.1 |
) |
|
(0.3 |
) |
______________________
|
(i) |
The 2021 amount represents the revenue of the U.K. JV Entities, which were contributed to the VMO2 JV on June 1, 2021. |
|
(ii) |
Amounts reflect 100% of the 50:50 non-consolidated VMO2 JV and VodafoneZiggo JV’s revenue. |
|
N.M. – Not Meaningful |
|
|
|
|
Three months ended |
|
Increase/(decrease) |
||||||||||
|
|
|
March 31, |
|
|||||||||||
|
Adjusted EBITDA |
|
|
2022 |
|
|
|
2021 |
|
|
Reported % |
|
|
Rebased % |
|
|
|
|
in millions, except % amounts |
||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||
|
Continuing operations: |
|
|
|
|
|
|
|
|
||||||
|
Switzerland |
|
$ |
301.2 |
|
|
$ |
281.6 |
|
|
7.0 |
|
|
9.6 |
|
|
Belgium |
|
|
340.4 |
|
|
|
371.8 |
|
|
(8.4 |
) |
|
(1.7 |
) |
|
Ireland |
|
|
50.9 |
|
|
|
47.6 |
|
|
6.9 |
|
|
14.9 |
|
|
U.K.(i) |
|
|
— |
|
|
|
640.4 |
|
|
(100.0 |
) |
|
— |
|
|
Central and Other |
|
|
(7.4 |
) |
|
|
(26.3 |
) |
|
71.9 |
|
|
N.M. |
|
|
Intersegment eliminations |
|
|
(0.8 |
) |
|
|
1.1 |
|
|
N.M. |
|
N.M. |
||
|
Total |
|
$ |
684.3 |
|
|
$ |
1,316.2 |
|
|
(48.0 |
) |
|
2.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VMO2 JV(ii) |
|
$ |
1,395.3 |
|
|
$ |
— |
|
|
N.M. |
|
N.M. |
||
|
VodafoneZiggo JV(ii) |
|
$ |
537.8 |
|
|
$ |
565.2 |
|
|
(4.8 |
) |
|
2.1 |
|
______________________
| (i) |
The 2021 amount represents the Adjusted EBITDA of the U.K. JV Entities, which were contributed to the VMO2 JV on June 1, 2021. |
| (ii) |
Amounts reflect 100% of the 50:50 non-consolidated VMO2 JV and VodafoneZiggo JV’s Adjusted EBITDA. |
|
N.M. – Not Meaningful |
|
|
|
|
Three months ended |
|
Increase/(decrease) |
||||||||
|
|
|
March 31, |
|
|||||||||
|
Adjusted EBITDA less P&E Additions |
|
2022 |
|
|
2021 |
|
|
Reported % |
|
|
Rebased % |
|
|
|
|
in millions, except % amounts |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||
|
Continuing operations: |
|
|
|
|
|
|
|
|
||||
|
Switzerland |
|
$ 157.7 |
|
|
$ 127.4 |
|
|
23.8 |
|
|
26.9 |
|
|
Belgium |
|
189.1 |
|
|
218.4 |
|
|
(13.4 |
) |
|
(7.2 |
) |
|
Ireland |
|
24.4 |
|
|
28.5 |
|
|
(14.4 |
) |
|
(8.1 |
) |
|
U.K.(i) |
|
— |
|
|
308.2 |
|
|
(100.0 |
) |
|
— |
|
|
Central and Other |
|
(68.0 |
) |
|
(98.4 |
) |
|
30.9 |
|
|
(4.8 |
) |
|
Intersegment eliminations |
|
(0.8 |
) |
|
1.1 |
|
|
N.M. |
|
N.M. |
||
|
Total |
|
$ 302.4 |
|
|
$ 585.2 |
|
|
(48.3 |
) |
|
4.9 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
VMO2 JV (ii) |
|
$ 736.0 |
|
|
$ — |
|
|
N.M. |
|
N.M. |
||
|
VodafoneZiggo JV(ii) |
|
$ 317.4 |
|
|
$ 330.7 |
|
|
(4.0 |
) |
|
3.0 |
|
______________________
| (i) |
The 2021 amount represents the Adjusted EBITDA less P&E Additions of the U.K. JV Entities, which were contributed to the VMO2 JV on June 1, 2021. |
| (ii) |
Amounts reflect 100% of the 50:50 non-consolidated VMO2 JV and VodafoneZiggo JV’s Adjusted EBITDA less P&E Additions. |
|
N.M. – Not Meaningful |
|
Leverage and Liquidity
- Total principal amount of debt and finance leases: $14.7 billion for the Full Company
- Average debt tenor12: Approximately 7 years, with ~94% not due until 2028 or thereafter on a Full Company basis
- Borrowing costs: Blended, fully-swapped cost of debt was 3.4% for the Full Company
- Liquidity: $4.7 billion on a Full Company basis, including (i) $0.9 billion of cash at March 31, 2022, (ii) $2.3 billion of investments held under SMAs and (iii) $1.5 billion of aggregate unused borrowing capacity under our credit facilities
Forward-Looking Statements and Disclaimer
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our strategies, future growth prospects and opportunities; expectations regarding our and our businesses’ financial performance, including Rebased Revenue, Adjusted Free Cash Flow and Distributable Cash Flow at the consolidated level, as well as the 2022 financial guidance provided by our operating companies and joint ventures; expectations of price increases for our products or services; anticipated shareholder distributions from our joint ventures; expectations with respect to the integration and synergy plans at Virgin Media O2 and at Sunrise UPC, including the timing, costs and anticipated benefits thereof; any recapitalization of Virgin Media O2; expectations regarding network and product plans, including the potential sale of mobile towers by Telenet, the expected homes to be added by Project Lightning in the U.K., the full fiber overlays in the U.K. and Ireland, expected 5G coverage in the U.K. and making 1Gbps internet available to all VodafoneZiggo subscribers, the NetCo creation between Telenet and Fluvius in Belgium and increasing our investments in infrastructure through capital expenditures, as well as the expected timing, cost and anticipated benefits of each such endeavor; our Ventures strategy and anticipated opportunities; our commitments and aspirations with respect to ESG, including Net Zero and DE&I matters; our share buyback program, including our commitment to repurchase 10% of our outstanding shares in each of 2022 and 2023; the strength of our and our affiliates’ respective balance sheets (including cash and liquidity position), tenor of our third-party debt, anticipated borrowing capacity; and other information and statements that are not historical fact.
Contacts
Investor Relations
Michael Bishop +44 20 8483 6246
Amy Ocen +1 303 784 4528
Michael Khehra +44 78 9005 0979
Corporate Communications
Molly Bruce +1 303 220 4202
Matt Beake +44 20 8483 6428
Read full story here
