U.K. JV with Telefónica’s O2 closed in June, integration underway

Converged national champions now complete in our four key markets

FMC strategy added ~140k broadband & postpaid mobile subscribers in Q2

Announcing full fiber upgrade plan for existing U.K. footprint to extend speed leadership position

Received non-binding offer to acquire 100% of UPC Poland at 9.3x 2021E Adjusted EBITDA

Committed to repurchasing 10% of market capitalization annually for next three years, 2021 buyback authorization increased by $400m

DENVER, Colorado–(BUSINESS WIRE)–Liberty Global plc today announced its Q2 2021 financial results.

CEO Mike Fries stated, “With the closing of the Virgin Media O2 joint venture during the second quarter, the converged national champions in our four key markets are collectively positioned to deliver unparalleled scale, competitive strength and strategic optionality across the footprint. Virgin Media O2 is a powerful combination, bringing together two iconic brands, two world-class networks, and a combined customer base of 54 million1 subscribers, all of whom are just beginning to find out how committed we are to powering the U.K.’s recovery and creating unbeatable choice for data-hungry consumers.

Our advanced fiber and 5G networks connected 87 million1 subscribers across Europe at June 30, currently generating consolidated annual revenue of more than $7 billion2, while our joint-ventures in the U.K. and the Netherlands produce combined annual revenue of more than $17 billion3. As a result, we provide our shareholders unmatched exposure to the leading FMC platforms across Europe, with further upside potential from our global Ventures effort. This portfolio encompasses more than 50 investments across technology, content and infrastructure, including strategic stakes in such companies as Plume, ITV, Lionsgate, Univision and the Formula E racing series. Meanwhile our core operating assets are driving significant Adjusted Free Cash Flow growth, as we look to create additional value through adjacencies and by consistently applying our levered equity strategy to supercharge growth in free cash flow per share.

We saw a return to rebased4 revenue growth in all core markets in Q2 driven in large part by COVID recovery in sports and advertising but also encouragingly through underlying organic growth as we continue executing our convergence strategy. As a result, we added 139,000 consolidated broadband and postpaid mobile subscribers during the quarter, including 42,000 at Virgin Media (U.K.) during April and May. Meanwhile in Switzerland, we have identified an additional CHF 50 million of synergies at Sunrise UPC (along with an associated CHF 100 million increase in costs to capture5), which are now targeted at run-rate CHF 325 million with an NPV of CHF 3.7 billion versus our original expectation for run-rate synergies of CHF 275 million with an NPV of CHF 3.1 billion.

Today the Virgin Media O2 joint venture announced its intention to upgrade its fixed network to full fiber- to-the-premise (FTTP) with completion in 2028, building on its leadership position as the U.K.’s largest gigabit broadband provider. The investment will bolster the operator’s long-term network strategy, fuel future connectivity innovation for consumers and businesses and create options to potentially pursue the broadband wholesale market in the U.K. We, along with our partner Telefónica, are fully supportive of this value accretive project. The upgrade will be one of the U.K.’s most efficient fiber rollouts, costing marginally more than our previously planned Docsis 4 migration, and only a modest annual increase to our current capital expenditure budget. We continue to evaluate our future network strategies in our other operating markets and are encouraged by the technology options (wholesale, Docsis 4, FTTP) which are likely to vary by market as we position ourselves for free cash flow growth and long-term value creation.

At the consolidated level, we are reaffirming all of our original, full-year guidance metrics, including $1.35 billion of Adjusted Free Cash Flow(i) representing 26% YoY growth. With the liquidity enhancing completion of the VMED O2 JV, our balance sheet remains in great shape with $4.1 billion(ii) of cash and $5.7 billion of total liquidity6, and we continue to be aggressive buyers of our stock, having repurchased ~$765 million through July 26. Given the strength of our current cash position and our confidence in our core FMC operations, we have decided to commit to repurchasing a minimum of 10% of our equity market capitalization annually for the next three years. To the extent that 10% of our market cap exceeds our annual FCF, we will use our existing cash to fund the balance, providing certainty to our shareholders around a baseline capital return strategy over the medium term. In the meantime, we have increased our 2021 authorization by $400 million to align with our new buyback program, targeting a full-year repurchase commitment of $1.4 billion.”

(i)

Adjusted Free Cash Flow is a non-GAAP measure, see the Glossary for definitions. Quantitative reconciliations to cash flow from operating activities for our Adjusted FCF 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 from period to period. Absolute full-year U.S. dollar guidance figures are based on FX rates of EUR/USD 1.23, GBP/USD 1.36 and CHF/USD 1.12.

(ii)

Including amounts held under separately managed accounts (SMAs).

 

Q2 Operating Company Highlights

Virgin Media (U.K. only, Consolidated April/May)

Strong Q2 performance taking strong commercial momentum into the VMED O2 JV

Operating highlights: Operational execution drove broadband and postpaid mobile growth of ~42,000 subscribers through April and May. We also generated continued growth in new customers, adding 13,000 customer relationships through the two months. In addition, the new Virgin Media O2 JV is off to a strong start, adding 65,000 postpaid mobile subscribers and 36,000 broadband subscribers on a pro forma basis in Q2. For more information regarding Virgin Media O2, please visit their investor relations page to access the JV’s Q2 fixed income release.

Financial highlights: Reported revenue was $1,101.4 million in Q2 2021, reflecting the consolidated results of the U.K. for April and May prior to formation of the Virgin Media O2 joint venture. On a rebased basis, revenue grew 4.4% through April and May as compared to the same period of the prior year, providing top-line momentum into the formation of the JV. The rebased revenue increase was primarily due to (i) an increase in cable revenue driven by an increase in fixed-line customers, (ii) higher B2B revenue due to an increase in revenue related to long-term leases of a portion of our network and continued customer growth, (iii) an increase in handset sales and (iv) revenue recovery related to premium sports subscriptions. Reported Adjusted EBITDA was $444.9 million in Q2 2021, reflecting the consolidated result of the U.K. for April and May. Rebased Adjusted EBITDA remained flat through April and May as compared to the same period of the prior year, including the impact of $8 million costs to capture. Reported OFCF was $219.7 million in Q2 2021 also reflecting the consolidated result of the U.K. for April and May. Rebased OFCF decreased 0.8% through the two months as compared to the same period of the prior year, including the impact of $9 million costs to capture.

Sunrise UPC (Consolidated)

Integration activities fully on track and synergy plans upgraded; additional CHF 50 million of synergies identified increasing total run-rate synergies upon completion to CHF 325 million

Operating highlights: Commercial momentum continues with strong demand and stable churn leading to 6,100 broadband adds and 40,500 mobile postpaid adds in the quarter. FMC penetration continues to grow, reaching 56% of the broadband base. In Q2 we completed the MVNO migration to our mobile network, the single largest operating cost synergy, several quarters sooner than expected and we have further identified CHF 50 million of additional cost synergies, predominantly related to network migrations, which we expect to achieve by 2025.

Financial highlights: Reported revenue was $825.4 million in Q2 2021. On a rebased basis revenue increased 1.3% YoY, primarily due to the net effect of (i) higher mobile revenue driven by an increase in subscribers, (ii) lower revenue from handset sales, (iii) an increase in B2B revenue related to wholesale services and (iv) a decrease in cable subscription revenue due to lower voice usage and video revenue. Swiss Adjusted EBITDA was $298.5 million in Q2 2021 on a reported basis. On a rebased basis Adjusted EBITDA declined 3.1%, primarily due to (i) $9 million of costs to capture, (ii) higher growth related opex, primarily due to an increase in marketing spend and investments in B2B, and (iii) higher T&I costs. OFCF was $174.5 million in Q2 on a reported basis. On a rebased basis OFCF increased 0.6% YoY, including the adverse impact of $22 million of costs to capture.

Telenet (Consolidated)

Focus on customer relationships and convergence drives robust operational performance

Operating highlights: Added 24,000 new broadband and postpaid mobile subscribers with continued execution of our FMC strategy, which included the successful launch of our new “ONE” converged bundles, reaching a total of 685,900 converged customers at June 30, 2021. Broadband subscribers grew by 6,000 in the quarter and we continued to execute our digitized customer experience, notably making significant year on year progress in self-install and digital sales.

Financial highlights: Solid financial quarterly performance with reported and rebased revenue increasing 13.5% and 3.7%, respectively, YoY in Q2 driven by (i) higher broadcasting revenue, (ii) higher B2B subscription revenue due to an increase in customers and (iii) higher revenue from handset sales. Reported and rebased Adjusted EBITDA increased 10.0% and 0.6%, respectively, YoY in Q2. The increase in rebased Adjusted EBITDA was primarily due to the aforementioned revenue increase, which was partially offset by higher programming spend resulting from the impact of the acceleration of certain sports rights costs during the second quarter of 2020. Reported and rebased OFCF increased 3.3% and decreased 5.5%, respectively, for the same period.

VodafoneZiggo (Non-consolidated Joint Venture)

Strong revenue growth across both Consumer and B2B; reconfirming 2021 Guidance

Operating highlights: Added 56,000 mobile postpaid SIMs, bringing the YTD total to 117,000 net additions. Added 14,000 converged households and 50,000 converged mobile SIMS driving the converged penetration rate to 44% of broadband RGUs and 72% of consumer mobile postpaid SIMs. SmartWifi rollout and DocSis 3.1 upgrades continued in the quarter, with nearly 50% of our network now reaching 1 GB speeds. Internet RGUs saw a modest decline of 6,000, more than offset by 3% customer ARPU growth.

Financial highlights: Q2 saw growth across both Consumer and B2B, as revenue grew 12.4% on a reported basis and 3.0% on a rebased basis YoY to $1,215.3 million, marking nine consecutive quarters of top-line growth. Reported Adjusted EBITDA increased 7.3% and rebased Adjusted EBITDA decreased 2.1% YoY to $570.1 million, primarily driven by the positive impact of certain benefits incurred in the prior-year Q2 period, which more than offset the Adjusted EBITDA growth driven by a strong revenue performance and disciplined cost control. OFCF decreased 3.4% on a reported basis and 11.8% on a rebased basis YoY to $294.2 million in Q2.

Q2 Other Highlights

Non-binding offer for UPC Poland

We recently received a non-binding offer from Iliad S.A. to acquire 100% of our UPC Poland business at 9.3x its 2021E Adjusted EBITDA, reflecting an enterprise value of PLN 7.3 billion ($1.9 billion)(i). Discussions are in process and there can be no certainty that a transaction will ultimately be consummated. If any agreement were to be reached, customary terms and conditions would apply to any proposed transaction, including regulatory approvals. We will update the market in due course on the outcome of these discussions.

Ventures

Our Ventures portfolio is becoming an increasingly important part of our overall value creation strategy as we continue to invest in businesses that have products or services we can use as a customer or as we create opportunities in adjacencies that leverage our existing infrastructure. All of these investments are strategic, aligned to our business and have the potential to create incremental liquidity and value for us over the long run.

During the quarter, we announced the creation of our AtlasEdge joint venture with DigitalBridge, a leading global investment firm dedicated to digital infrastructure. AtlasEdge will deliver services through an extensive network of facilities located close to consumer and enterprise end users, the “edge” of the network. The company aims to serve the growing demand from cloud providers, streaming services and enterprises for high-performance, scalable and secure facilities through which they can distribute low-latency applications and services such as 5G, gaming, IOT and edge computing. We expect the transaction to close in Q3 2021.

(i)

Based on an estimated 2021 Adjusted EBITDA of PLN 782 million. Convenience translation based on USD/PLN spot rate of .2621.

 

Environmental, Social and Governance (ESG)

We continue to be stewards of the environment, reducing waste and carbon emissions, and ensuring a focus on sustainability in everything we do. In Q2, we were recognized once again as a sustainability leader, with our inclusion in the recent Financial Times list of Europe’s Climate Leaders for companies achieving the greatest reduction in greenhouse gas emissions between 2014 and 2019. We continue to launch Green Bonds through our subsidiaries in support of sustainability initiatives, and we have just released our 2020 Corporate Responsibility report outlining our ESG progress over the last year.

Our commitment to Diversity, Equity and Inclusion is creating positive change, educating and empowering our people, and strengthening a culture where everyone feels they belong. This past quarter, we advanced initiatives and practices to achieve an improved gender balance at each level of the organization and by offering equal development opportunities. With disability inclusion being one of our key focuses, we were also proud to join The Valuable 500, a collective of global businesses championing disability inclusion. And through our dedicated DE&I Council, we continue to accelerate our ambitions and priorities across Gender, LGBTQIA+, Ability, Race and Ethnicity, and Multigenerational inclusivity and representation.

Liberty Global Consolidated Q2 Highlights

  • Q2 revenue increased 14.1% YoY on a reported basis and 3.4% on a rebased basis to $3,105.5 million
  • Q2 net earnings increased 2,318.0% YoY on a reported basis to $11,174.5 million
  • Q2 Adjusted EBITDA increased 5.4% YoY on a reported basis and decreased 0.3% on a rebased basis to $1,252.7 million
  • Q2 property & equipment additions were 19.5% of revenue, as compared to 21.6% in Q2 2020
  • FMC penetration increased to 34% from 24% in Q2 2020
  • Built 70,000 new premises during Q2, including 38,000 in the U.K. during April and May
  • Solid balance sheet with $5.7 billion of liquidity

    • Comprised of $0.9 billion of cash, $3.2 billion of investments held under SMAs and $1.6 billion of unused borrowing capacity7
  • Gross and net leverage8 of 5.1x and 3.8x, respectively, on a Full Company9 basis
  • Fully-swapped borrowing cost of 3.6% on a debt balance of $15.4 billion for the Full Company
  • Repurchased ~$765 million worth of shares through July 26

Liberty Global

 

Q2 2021

 

Q2 2020

 

YoY

Change

(reported)

 

YoY

Change

(rebased)

 

YTD 2021

 

YoY

Change

(reported)

 

YoY

Change

(rebased)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Organic customer additions

 

2,400

 

 

 

7,700

 

 

 

(68.8

%)

 

 

 

40,400

 

 

 

460.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial (in millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

3,105.5

 

 

 

$

2,722.9

 

 

 

14.1

%

 

3.4

%

 

$

6,720.8

 

 

 

20.0

%

 

1.7

%

Net earnings (loss)

 

$

11,174.5

 

 

 

$

(503.8

)

 

 

2,318.0

%

 

 

 

$

12,614.8

 

 

 

2,354.7

%

 

 

Adjusted EBITDA

 

$

1,252.7

 

 

 

$

1,188.5

 

 

 

5.4

%

 

(0.3

%)

 

$

2,620.0

 

 

 

12.0

%

 

(1.0

%)

P&E additions

 

$

607.1

 

 

 

$

588.0

 

 

 

3.2

%

 

 

 

$

1,353.7

 

 

 

9.0

%

 

 

OFCF

 

$

645.6

 

 

 

$

600.5

 

 

 

7.5

%

 

(0.6

%)

 

$

1,266.3

 

 

 

15.5

%

 

2.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash provided by operating activities

 

$

1,123.9

 

 

 

$

1,142.1

 

 

 

(1.6

%)

 

 

 

$

1,945.1

 

 

 

22.2

%

 

 

Cash used by investing activities

 

$

(4,924.0

)

 

 

$

(1,285.2

)

 

 

(283.1

%)

 

 

 

$

(5,433.4

)

 

 

(49.5

%)

 

 

Cash provided (used) by financing activities

 

$

337.5

 

 

 

$

(938.1

)

 

 

136.0

%

 

 

 

$

(362.2

)

 

 

79.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted FCF

 

$

624.2

 

 

 

$

455.7

 

 

 

37.0

%

 

 

 

$

717.3

 

 

 

417.2

%

 

 

 

Customer Growth

 

 

Three months ended

 

Six months ended

 

 

June 30,

 

June 30,

 

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

 

Organic customer net additions (losses) by market

 

 

 

 

 

 

 

 

U.K.

 

13,300

 

 

 

22,900

 

 

 

41,700

 

 

 

21,300

 

 

Belgium

 

(6,300

)

 

 

(2,900

)

 

 

(10,800

)

 

 

(10,400

)

 

Switzerland

 

(3,900

)

 

 

(16,400

)

 

 

500

 

 

 

(32,800

)

 

Ireland

 

(3,300

)

 

 

1,000

 

 

 

(700

)

 

 

1,500

 

 

CEE (Poland and Slovakia)

 

2,600

 

 

 

3,100

 

 

 

9,700

 

 

 

9,200

 

 

Total

 

2,400

 

 

 

7,700

 

 

 

40,400

 

 

 

(11,200

)

 

 

Revenue Highlights

The following table presents (i) revenue of each of our reportable segments, including the non-consolidated VodafoneZiggo JV, for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis:

 

 

Three months ended

 

Increase/(decrease)

 

Six months ended

 

Increase/(decrease)

 

 

June 30,

 

 

June 30,

 

Revenue

 

2021

 

2020

 

Reported %

 

Rebased %

 

2021

 

2020

 

Reported %

 

Rebased %

 

 

in millions, except % amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.K.(i)

 

$

1,101.4

 

 

 

$

1,417.3

 

 

 

(22.3

)

 

 

4.4

 

 

$

2,736.4

 

 

 

$

2,913.7

 

 

 

(6.1

)

 

 

2.6

 

Belgium

 

774.8

 

 

 

682.5

 

 

 

13.5

 

 

 

3.7

 

 

1,547.5

 

 

 

1,400.6

 

 

 

10.5

 

 

 

1.1

 

Switzerland

 

825.4

 

 

 

299.1

 

 

 

176.0

 

 

 

1.3

 

 

1,667.2

 

 

 

615.9

 

 

 

170.7

 

 

 

0.5

 

Ireland

 

134.1

 

 

 

115.2

 

 

 

16.4

 

 

 

6.4

 

 

270.2

 

 

 

239.8

 

 

 

12.7

 

 

 

3.0

 

CEE

 

130.2

 

 

 

116.2

 

 

 

12.0

 

 

 

2.9

 

 

258.8

 

 

 

235.3

 

 

 

10.0

 

 

 

3.1

 

Central and Corporate

 

143.7

 

 

 

97.5

 

 

 

47.4

 

 

 

3.8

 

 

250.9

 

 

 

203.1

 

 

 

23.5

 

 

 

1.2

 

Intersegment eliminations

 

(4.1

)

 

 

(4.9

)

 

 

N.M.

 

N.M.

 

(10.2

)

 

 

(9.7

)

 

 

N.M.

 

N.M.

Total

 

$

3,105.5

 

 

 

$

2,722.9

 

 

 

14.1

 

 

 

3.4

 

 

$

6,720.8

 

 

 

$

5,598.7

 

 

 

20.0

 

 

 

1.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VodafoneZiggo JV(ii)

 

$

1,215.3

 

 

 

$

1,081.6

 

 

 

12.4

 

 

 

3.0

 

 

$

2,432.3

 

 

 

$

2,178.7

 

 

 

11.6

 

 

 

2.4

 

______________________

(i)

Represents the revenue of the U.K. JV Entities through the June 1, 2021 closing of the VMED O2 JV Transaction.

(ii)

Amounts reflect 100% of the 50:50 non-consolidated VodafoneZiggo JV’s revenue.

N.M. – Not Meaningful
 

Net Earnings (Loss)

  • Net earnings (loss) was $11,174.5 million and ($503.8 million) for the three months ended June 30, 2021 and 2020, respectively, and $12,614.8 million and $513.9 million for the six months ended June 30, 2021 and 2020, respectively

Adjusted EBITDA Highlights

The following table presents (i) Adjusted EBITDA(*) of each of our reportable segments, including the non-consolidated VodafoneZiggo JV, for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis:

 

 

Three months ended

 

Increase/(decrease)

 

Six months ended

 

Increase/(decrease)

 

 

June 30,

 

 

June 30,

 

Adjusted EBITDA

 

2021

 

2020

 

Reported %

 

Rebased %

 

2021

 

2020

 

Reported %

 

Rebased %

 

 

in millions, except % amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.K.(i)

 

$

444.9

 

 

$

601.7

 

 

 

(26.1

)

 

 

—

 

 

 

$

1,085.3

 

 

 

$

1,208.7

 

 

 

(10.2

)

 

 

(1.3

)

 

Belgium

 

389.6

 

 

354.1

 

 

 

10.0

 

 

 

0.6

 

 

 

761.4

 

 

 

685.7

 

 

 

11.0

 

 

 

1.8

 

 

Switzerland

 

298.5

 

 

150.9

 

 

 

97.8

 

 

 

(3.1

)

 

 

580.1

 

 

 

285.0

 

 

 

103.5

 

 

 

(5.2

)

 

Ireland

 

54.0

 

 

49.2

 

 

 

9.8

 

 

 

0.1

 

 

 

101.6

 

 

 

93.3

 

 

 

8.9

 

 

 

(0.4

)

 

CEE

 

59.5

 

 

52.7

 

 

 

12.9

 

 

 

3.4

 

 

 

116.5

 

 

 

107.0

 

 

 

8.9

 

 

 

1.9

 

 

Central and Corporate

 

6.2

 

 

(20.1

)

 

 

130.8

 

 

 

18.1

 

 

 

(24.9

)

 

 

(40.9

)

 

 

39.1

 

 

 

3.5

 

 

Total

 

$

1,252.7

 

 

$

1,188.5

 

 

 

5.4

 

 

 

(0.3

)

 

 

$

2,620.0

 

 

 

$

2,338.8

 

 

 

12.0

 

 

 

(1.0

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VodafoneZiggo JV(ii)

 

$

570.1

 

 

$

531.5

 

 

 

7.3

 

 

 

(2.1

)

 

 

$

1,135.3

 

 

 

$

1,034.3

 

 

 

9.8

 

 

 

0.3

 

 

______________________

(i)

Represents the Adjusted EBITDA of the U.K. JV Entities through the June 1, 2021 closing of the VMED O2 JV Transaction.

(ii)

Amounts reflect 100% of the 50:50 non-consolidated VodafoneZiggo JV’s Adjusted EBITDA.

(*)

Consolidated Adjusted EBITDA is a non-GAAP measure, which we believe is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to readily view operating trends from a consolidated view. Investors should view consolidated Adjusted EBITDA as a supplement to, and not a substitute for, net earnings or loss and other U.S. GAAP measures of performance. For additional information on our Adjusted EBITDA measure, including a reconciliation from net earnings (loss), see the Glossary.

 

OFCF Highlights

The following table presents (i) OFCF of each of our reportable segments, including the non-consolidated VodafoneZiggo JV, for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis:

 

 

Three months ended

 

Increase/(decrease)

 

Six months ended

 

Increase/(decrease)

 

 

June 30,

 

 

June 30,

 

OFCF

 

2021

 

2020

 

Reported %

 

Rebased %

 

2021

 

2020

 

Reported %

 

Rebased %

 

 

in millions, except % amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.K.(i)

 

$

219.7

 

 

 

$

295.0

 

 

 

(25.5

)

 

 

(0.8

)

 

 

$

527.9

 

 

 

$

574.4

 

 

 

(8.1

)

 

 

1.1

 

 

Belgium

 

251.8

 

 

 

243.8

 

 

 

3.3

 

 

 

(5.5

)

 

 

470.2

 

 

 

433.8

 

 

 

8.4

 

 

 

(0.8

)

 

Switzerland

 

174.5

 

 

 

96.3

 

 

 

81.2

 

 

 

0.6

 

 

 

301.9

 

 

 

161.2

 

 

 

87.3

 

 

 

(2.7

)

 

Ireland

 

29.9

 

 

 

33.1

 

 

 

(9.7

)

 

 

(17.8

)

 

 

58.3

 

 

 

58.2

 

 

 

0.2

 

 

 

(8.4

)

 

CEE

 

38.9

 

 

 

31.8

 

 

 

22.3

 

 

 

11.9

 

 

 

78.3

 

 

 

67.2

 

 

 

16.5

 

 

 

8.9

 

 

Central and Corporate

 

(69.2

)

 

 

(99.5

)

 

 

30.5

 

 

 

14.7

 

 

 

(170.3

)

 

 

(198.4

)

 

 

14.2

 

 

 

13.9

 

 

Total

 

$

645.6

 

 

 

$

600.5

 

 

 

7.5

 

 

 

(0.6

)

 

 

$

1,266.3

 

 

 

$

1,096.4

 

 

 

15.5

 

 

 

2.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

VodafoneZiggo JV(ii)

 

$

294.2

 

 

 

$

304.5

 

 

 

(3.4

)

 

 

(11.8

)

 

 

$

624.9

 

 

 

$

561.9

 

 

 

11.2

 

 

 

1.6

 

 

______________________

(i)

Represents the OFCF of the U.K. JV Entities through the June 1, 2021 closing of the VMED O2 JV Transaction.

(ii)

Amounts reflect 100% of the 50:50 non-consolidated VodafoneZiggo JV’s OFCF.

 

Leverage and Liquidity

  • Total principal amount of debt and finance leases: $15.4 billion for the Full Company
  • Leverage ratios: At June 30, 2021, our adjusted gross and net leverage ratios were 5.1x and 3.8x, respectively, on a Full Company basis
  • Average debt tenor10: Over 7 years, with ~92% not due until 2027 or thereafter on a Full Company basis
  • Borrowing costs: Blended, fully-swapped cost of debt was 3.6% for the Full Company
  • Liquidity: $5.7 billion on a Full Company basis, including (i) $0.9 billion of cash at June 30, 2021, (ii) $3.2 billion of investments held under SMAs and (iii) $1.6 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 with respect to the joint venture transaction in the U.

Contacts

Investor Relations
Max Adkins +44 78 1795 9705

Steve Carroll +1 303 784 4505

Amy Ocen +1 303 784 4528

Corporate Communications
Molly Bruce +1 303 220 4202

Matt Beake +44 20 8483 6428

Read full story here