Achieved all 2021 guidance targets including increased Adjusted Free Cash Flow1; Distributable Cash Flow2 growth expected to continue in 2022
Stable to growing revenue across the group with momentum into 2022 driven by strong aggregate3 broadband and postpaid mobile growth
FMC penetration continues to rise with clear churn and NPS benefits; cross-sell opportunities into 2022 with VOLT, Sunrise We, and Telenet One
Executing on key network value creation opportunities, with integration and synergy plans progressing well in the UK and Switzerland
Value of Ventures increased to $3.5 billion4 or ~$6.70 per share at year end
Exceeded buyback guidance with $1.6 billion of repurchases in 2021; reiterating commitment to purchase 10% of share count per annum in 2022/23
DENVER, Colorado–(BUSINESS WIRE)–Liberty Global plc today announced its Q4 2021 financial results. Effective with the release of our third quarter earnings we have stopped using the term Operating Free Cash Flow (“OFCF”) and now use the term “Adjusted EBITDA less P&E Additions”. As we define the term, Adjusted EBITDA less P&E Additions has the same meaning as OFCF had previously, and therefore does not impact any previously reported amounts.
CEO Mike Fries stated, “Our fourth quarter and full year results demonstrated continued commercial momentum across our FMC champions. Operationally, we delivered 306,000 aggregate broadband and postpaid mobile subscribers during Q4 and over 1.0 million for FY21 with our converged bundles leveraging our market-leading broadband speeds and increasing 5G coverage. As we look at the overall market in Europe, we see more tailwinds than headwinds, including huge demand for connectivity, improved pricing power, competition rationalizing and an improved regulatory environment.
Executing on our synergy plans in Switzerland and the UK remains a top priority and we are on track with the integrations in both markets. Our focus on network development strategies across our core operations continued throughout the quarter. In the UK, Virgin Media O2 increased its 1Gbps footprint to reach all of its 15.6 million homes passed, while progressing its FTTP upgrade plans to deploy a full fiber overlay across the entire HFC network by 2028. Meanwhile in Belgium, Telenet recently launched a strategic tower review with strong interest.
To extend Virgin Media O2’s broadband leadership, Liberty Global and Telefónica have initiated discussions with a number of potential financial partners regarding an opportunity to participate in a new network build joint venture. The focus of the entity will be on building a full fiber network of up to 7 million premises in new greenfield areas by the end of 2027. Virgin Media O2 will commit to being an anchor tenant of this new network, with its proven track record of achieving 30% penetration in new build areas with project Lightning. The network will also be available to other ISPs on a wholesale basis. As this will extend the company’s gigabit reach to ~23m premises once completed, it provides Virgin Media O2 with incremental growth opportunities by offering services to a wider pool of customers and higher cross and upsell due to the increased overlap of fixed and mobile services.
Our ventures portfolio is becoming an increasingly important piece of our value creation strategy as we continue to invest in technology, content and infrastructure businesses offering products and services directly adjacent to our core operations. The portfolio is now valued at $3.5 billion which represents a year-on-year increase of $1.1 billion4. Key drivers include Lacework, which closed one of the largest venture capital funding rounds of the year in the U.S. last November, raising $1.3 billion at a valuation of $8.3 billion, up substantially from its $1.1 billion valuation at the beginning of 2021, and Univision, which closed its merger with Televisa in January 2022. Looking ahead, we see a number of interesting infrastructure opportunities on the horizon and will look at strategic options for our content investments, while the technology portion of our Ventures portfolio is expected to be largely self-funding going forward.
At the consolidated level, we delivered on all 2021 guidance including Full Company5 Adjusted Free Cash Flow of $1.45 billion1, which represented 37% YoY growth. We expect to continue growing Distributable Cash Flow2 to $1.7 billion in 2022, an increase of 22% over 2021, supported by shareholder distributions from our joint ventures in the U.K and the Netherlands, as well as an expected recapitalization of Virgin Media O2 later in the year as management further executes on its synergy plan. This growth is expected despite our forecast for peak Costs to Capture6 spend in both the U.K and Switzerland this year, as well as elevated capital expenditures in Belgium and the Netherlands related to network capacity.
Liberty Global’s balance sheet remains in great shape with $4.3 billion(i) of cash (pro forma for ~$600 million of net cash proceeds expected from the sale of UPC Poland) and $5.9 billion of total liquidity8 (pro forma for UPC Poland). We continue to believe our shares offer very strong value at current prices and in our robust share buyback program we repurchased $1.6 billion of our shares in 2021, exceeding market expectations and buying back 10% of our shares by year end. We look forward to executing on the commitment to repurchase 10% of our shares outstanding in both 2022 and 2023.”
(i) Including amounts held under separately managed accounts (SMAs).
Q4 Operating Company Highlights
Sunrise UPC (Consolidated)
Sunrise UPC delivers record-high sales in competitive market, achieving 2021 guidance; synergies realization ahead of plan
Operating highlights: Strategic integration plan towards becoming a national converged champion remains on track with synergy realization ahead of plan. Despite the continuation of an aggressive competitive environment, record-high sales combined with stable low churn resulted in 8,000 broadband net additions in Q4, closing the year with great momentum. Sales uptake in mobile postpaid with 49,000 net adds across all brands. FMC share grew 3% in 2021 and has now reached 56%. Budget brand Yallo converged into a Full Telco operator. Sunrise UPC will carry on utilizing a combination of its own network, Swisscom’s network and some new build in selected areas to always provide the best products in the market.
Financial highlights: Reported revenue was $824.5 million in Q4 2021, an increase of 1.0% on a rebased8 basis YoY, primarily due to an increase in business wholesale revenue partially offset by decreases in (i) prepay business revenue and (ii) handset sales. Sunrise UPC’s reported Adjusted EBITDA was $297.8 million in Q4 2021. On a rebased basis, Adjusted EBITDA decreased 0.5%, including $6 million of costs to capture. Adjusted EBITDA less P&E Additions was $101.0 million in Q4 on a reported basis. On a rebased basis, Adjusted EBITDA less P&E Additions decreased 23.3% YoY, including the adverse impact of $42 million of costs to capture.
Telenet (Consolidated)
Solid operational results in Q4 2021 and full year in line with guidance
Operating highlights: Commercial momentum continued in Q4 2021, resulting in the ninth quarter of broadband growth with 6,000 net adds and 13,000 postpaid mobile adds driven by a strong uptake of net new FMC customers on Telenet’s “ONE(Up)” bundles. Telenet continues to engage with Fluvius to reach a formal agreement to create “the data network of the future” through their joint fixed network infrastructure in Flanders. Telenet also launched an external auction for the potential sale of their mobile tower portfolio to enhance shareholder value.
Financial highlights: Reported and rebased revenue decreased 3.9% and increased 0.3%, respectively, to $763.0 million in Q4. Revenue increased as a result of higher mobile subscription revenue and an increase in broadband revenue due to customer growth, partially offset by lower revenue from business services. Reported and rebased Adjusted EBITDA decreased 2.5% and increased 1.6%, respectively, to $351.3 million in Q4. The rebased Adjusted EBITDA growth was primarily due to the net effect of (i) the aforementioned revenue impacts, (ii) a decrease in labor costs and (iii) lower costs related to sales and marketing. Reported and rebased Adjusted EBITDA less P&E Additions decreased 8.8% and 5.1%, respectively, to $202.3 million in Q4.
VMO2 JV (Non-consolidated Joint Venture)
VMO2 JV continues to grow its customer base, discussions to initiate a 7 million premises fiber network to be built with the backing of a financial partner
Operating highlights: Strong demand for premium connectivity and broadband speed continues, resulting in 129,000 mobile postpaid net adds and 60,000 broadband net adds in Q4, leading to the seventh consecutive quarter of growth in both Project Lightning areas and VMO2’s existing BAU. Implemented a 6.5% average price increase in fixed starting in March. VOLT offer shows strong growth boosting FMC penetration. 15.6 million premises are now covered by 1Gbps speeds providing an average speed of 214Mbps, 4x the national average. Liberty Global and Telefonica have initiated discussions with potential financial partners to participate in a fiber network build joint venture of up to 7 million premises in new greenfield areas, to reach 80% of the country by the end of 2027. The VMO2 JV will commit as an anchor tenant for the project.
Financial highlights (in US GAAP): Revenue decreased 0.6% YoY on an FX neutral pro forma basis9 to $3,700.4 million, primarily driven by lower service revenue due to the continued impact of a change in the distribution channel mix, partially offset by an improvement in mobile revenue fueled by increased upgrade activity following flagship handset launches in late Q3. Adjusted EBITDA decreased 0.4% YoY on an FX neutral pro forma basis to $1,125.3 million, including $41 million of opex costs to capture, due to (i) the aforementioned decrease in revenue, (ii) a normalization of operating costs as COVID restrictions eased, (iii) increased investment in future growth drivers of digitalization, product development and increased sales and marketing expenses through the peak Q4 trading period and (iv) higher programming costs. Adjusted EBITDA less P&E Additions decreased 38.9% YoY on an FX neutral pro forma basis to $317.7 million, including $111 million of opex and capex costs to capture. P&E Additions increased 32.4% YoY, as the company continued to invest in its fixed and mobile infrastructure.
2022 guidance (in IFRS as guided by the VMO2 JV)(ii): Expect to deliver mid-single-digit growth in Adjusted EBITDA (as defined and reported by the VMO2 JV), supported by improved top-line growth and the delivery of synergies, which will ramp through the year. Expected opex and capex costs to capture of over £300 million and P&E additions of around £2.1 billion as the company accelerates network investments. Cash distribution to shareholders is anticipated to be £1.6 billion, including cash from recapitalizations to maintain leverage at the upper-end of the 4-5x range.
For more information regarding the VMO2 JV, including full IFRS disclosures, please visit their investor relations page to access the Q4 earnings release.
(ii) U.S. GAAP guidance for the VMO2 JV cannot be provided without unreasonable efforts as the VMO2 JV reports under IFRS and does not have US GAAP forecasts for all components of their IFRS guidance. Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) for VMO2 JV’s Adjusted EBITDA guidance cannot be provided without unreasonable efforts as they do not forecast
(i) certain non-cash charges including; the components of non-operating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net earnings/loss. The items they do not forecast may vary significantly form period to period.
VodafoneZiggo (Non-consolidated Joint Venture)
2021 guidance achieved and financial momentum sustained
Operating highlights: Mobile postpaid momentum continued, adding 45,000 subscribers in Q4. Added 1,600 converged households, driving improvements in churn. 1.2 million SmartWiFi Plume pods have been deployed across the customer base to optimize connectivity experience. Over 70% of connected households are now upgraded to 1Gbps internet speeds, on track to reach the full base in 2022.
Financial highlights: Revenue declined 2.8% on a reported basis and increased 1.1% on a rebased basis to $1,185.8 million in Q4, marking the eleventh consecutive quarter of rebased top-line growth. The increase in revenue was primarily driven by (i) mobile customer base growth, (ii) roaming and visitor revenue recovery and (iii) fixed ARPU growth, partially offset by (a) a modest decline in mobile postpaid ARPU and (b) a lower fixed customer base. Reported and rebased Adjusted EBITDA increased 0.7% and 5.1%, respectively, to $552.2 million in Q4, primarily driven by (1) the aforementioned strong revenue growth and (2) disciplined cost control, partially offset by the impact of certain benefits in the prior-year period. Adjusted EBITDA less P&E Additions decreased 15.4% on a reported basis and 11.0% on a rebased basis YoY to $266.7 million, driven by Adjusted EBITDA growth partially offset by an increase in P&E additions.
Q4 Ventures / ESG Highlights
Ventures
Our Ventures portfolio valuation has appreciated materially in the past few months reaching $3.5 billion in Q4, circa $1.1 billion increase year-on-year. Key drivers for this valuation increase include: higher valuation for Lacework and Plume following recent financing rounds, Univision through the completion of its merger with Televisa, and higher valuation of AtlasEdge following the Digital Realty Trust deal. As an increasingly important part of our overall value creation strategy, we continue to invest in businesses with products or services adjacent to our core FMC businesses. 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
Our ESG agenda and commitment to embedding an ethos of responsible, inclusive, and sustainable growth continues to advance. Our efforts have delivered a number of accomplishments across the business and here are some notable examples. In December, Virgin Media Ireland’s emissions reduction targets were recognized by the Science Based Targets initiative. In Holland, VodafoneZiggo successfully issued its first sustainability bonds worth €2.1 billion under the new Sustainable Finance Framework. The company’s financing strategy is linked to its ESG “People, Planet, Progress” objective of reducing CO2 emissions throughout the entire chain (Scope 1, 2 and 3 emissions) by 50% by 2025 (vs 2018). In Switzerland, Sunrise UPC launched its ESG strategy in Q4, including its commitment to reducing greenhouse gas emissions (Scopes 1 and 2) produced directly and indirectly by the company to zero by 2030, alongside plans to set a net zero target for Scope 3 by the end of this year. The strategy also highlights “YouBelong!”, the company’s framework supporting diversity, equity and inclusion. On the product development front, Liberty Global’s Mini TV Box increased its use of recycled plastics from 35% to 85%, demonstrating a continuous commitment to make our products more sustainable and energy efficient. Lastly, Liberty Global Ventures has recently launched a renewable energy brand, Egg, offering a range of clean technology solutions, including subscription-based electric vehicle charging for homes and businesses.
Liberty Global Consolidated Q4 Highlights
- Q4 revenue decreased 42.0% YoY on a reported basis and increased 1.9% on a rebased basis to $1,920.8 million
- Q4 earnings (loss) from continuing operations increased 162.4% YoY on a reported basis to $638.3 million
- Q4 Adjusted EBITDA decreased 46.8% YoY on a reported basis and 4.4% on a rebased basis to $689.9 million
- Q4 property & equipment additions were 25.3% of revenue, as compared to 23.1% in Q4 2020
-
Balance sheet with $5.3 billion of total liquidity
- Comprised of $0.9 billion of cash, $2.8 billion of investments held under SMAs and $1.6 billion of unused borrowing capacity10
- Fully-swapped borrowing cost of 3.4% on a debt balance of $14.9 billion for the Full Company
|
Liberty Global (continuing operations) |
|
Q4 2021 |
|
Q4 2020 |
|
YoY Change (reported) |
|
YoY Change (rebased) |
|
YTD 2021 |
|
YoY Change (reported) |
|
YoY Change (rebased) |
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|
Customers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Organic customer additions (losses) |
|
(5,200 |
) |
|
34,400 |
|
|
(115.1 |
%) |
|
|
|
19,400 |
|
|
(51.5 |
%) |
|
|
||
|
|
|
|
|
|
|
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Financial (in millions, except percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Revenue |
|
$ 1,920.8 |
|
|
$ 3,311.7 |
|
|
(42.0 |
%) |
|
1.9 |
% |
|
$ 10,311.3 |
|
|
(10.7 |
%) |
|
1.5 |
% |
|
Earnings (loss) from continuing operations |
|
$ 638.3 |
|
|
$ (1,022.9 |
) |
|
162.4 |
% |
|
|
|
$ 13,527.5 |
|
|
987.0 |
% |
|
|
||
|
Adjusted EBITDA |
|
$ 689.9 |
|
|
$ 1,297.4 |
|
|
(46.8 |
%) |
|
(4.4 |
%) |
|
$ 3,963.1 |
|
|
(15.7 |
%) |
|
(1.4 |
%) |
|
P&E additions |
|
$ 485.7 |
|
|
$ 763.8 |
|
|
(36.4 |
%) |
|
|
|
$ 2,169.5 |
|
|
(16.7 |
%) |
|
|
||
|
Adjusted EBITDA less P&E Additions |
|
$ 204.2 |
|
|
$ 533.6 |
|
|
(61.7 |
%) |
|
(30.9 |
%) |
|
$ 1,793.6 |
|
|
(14.6 |
%) |
|
(2.6 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Cash provided by operating activities |
|
$ 950.0 |
|
|
$ 1,448.4 |
|
|
(34.4 |
%) |
|
|
|
$ 3,364.0 |
|
|
(16.3 |
%) |
|
|
||
|
Cash used by investing activities |
|
$ (41.2 |
) |
|
$ (4,684.8 |
) |
|
99.1 |
% |
|
|
|
$ (5,745.5 |
) |
|
34.8 |
% |
|
|
||
|
Cash provided (used) by financing activities |
|
$ (778.3 |
) |
|
$ 741.3 |
|
|
(205.0 |
%) |
|
|
|
$ (1,512.6 |
) |
|
(236.9 |
%) |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Full Company Adjusted FCF |
|
$ 434.0 |
|
|
$ 503.7 |
|
|
(13.8 |
%) |
|
|
|
$ 1,389.4 |
|
|
37.2 |
% |
|
|
||
Customer Growth
|
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|
Three months ended |
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Year ended |
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|
December 31, |
|
December 31, |
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2021 |
|
2020 |
|
2021 |
|
2020 |
||||
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|
|
|
|
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|
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|
||||
|
Organic customer net additions (losses) by market |
|
|
|
|
|
|
|
|
||||
|
Switzerland |
|
(100 |
) |
|
(5,800 |
) |
|
(1,200 |
) |
|
(44,900 |
) |
|
Belgium |
|
(2,700 |
) |
|
(1,000 |
) |
|
(15,800 |
) |
|
(14,500 |
) |
|
UK(i) |
|
— |
|
|
43,100 |
|
|
41,700 |
|
|
102,000 |
|
|
Ireland |
|
(1,600 |
) |
|
(1,400 |
) |
|
(3,400 |
) |
|
(200 |
) |
|
Slovakia |
|
(800 |
) |
|
(500 |
) |
|
(1,900 |
) |
|
(2,400 |
) |
|
Total |
|
(5,200 |
) |
|
34,400 |
|
|
19,400 |
|
|
40,000 |
|
______________________
| (i) |
Represents the organic customer net additions of the UK JV Entities through the 1 Giugno 2021 closing of the UK JV Transaction. |
Earnings (Loss) from Continuing Operations
- Earnings (loss) from continuing operations was $638.3 million and ($1,022.9 million) for the three months ended 31 Dicembre 2021 and 2020, respectively, and $13,527.5 million and ($1,525.1 million) for the year ended 31 Dicembre 2021 and 2020, 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 |
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|
|
Year ended |
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||||||||||||||||
|
December 31, |
|
Increase/(decrease) |
|
December 31, |
|
Increase/(decrease) |
||||||||||||||||
|
Revenue |
|
2021 |
|
2020 |
|
Reported % |
|
|
Rebased % |
|
2021 |
|
2020 |
|
Reported % |
|
|
Rebased % |
||||
|
|
|
in millions, except % amounts |
||||||||||||||||||||
|
Continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Switzerland |
|
$ 824.5 |
|
|
$ 642.9 |
|
|
28.2 |
|
|
1.0 |
|
$ 3,321.9 |
|
|
$ 1,573.8 |
|
|
111.1 |
|
|
0.5 |
|
Belgium |
|
763.0 |
|
|
793.7 |
|
|
(3.9 |
) |
|
0.3 |
|
3,065.9 |
|
|
2,940.9 |
|
|
4.3 |
|
|
0.7 |
|
UK(i) |
|
— |
|
|
1,619.6 |
|
|
(100.0 |
) |
|
— |
|
2,736.4 |
|
|
6,076.9 |
|
|
(55.0 |
) |
|
2.6 |
|
Ireland |
|
143.8 |
|
|
147.5 |
|
|
(2.5 |
) |
|
1.6 |
|
550.0 |
|
|
513.7 |
|
|
7.1 |
|
|
3.5 |
|
Central and Other |
|
190.0 |
|
|
115.0 |
|
|
65.2 |
|
|
13.2 |
|
648.7 |
|
|
461.9 |
|
|
40.4 |
|
|
3.7 |
|
Intersegment eliminations |
|
(0.5 |
) |
|
(7.0 |
) |
|
N.M. |
|
N.M. |
|
(11.6 |
) |
|
(21.8 |
) |
|
N.M. |
|
N.M. |
||
|
Total |
|
$ 1,920.8 |
|
|
$ 3,311.7 |
|
|
(42.0 |
) |
|
1.9 |
|
$ 10,311.3 |
|
|
$ 11,545.4 |
|
|
(10.7 |
) |
|
1.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VMO2 JV(ii) |
|
$ 3,700.4 |
|
|
$ — |
|
|
N.M. |
|
N.M. |
|
$ 8,522.9 |
|
|
$ — |
|
|
N.M. |
|
N.M. |
||
|
VodafoneZiggo JV(ii) |
|
$ 1,185.8 |
|
|
$ 1,220.0 |
|
|
(2.8 |
) |
|
1.1 |
|
$ 4,824.2 |
|
|
$ 4,565.4 |
|
|
5.7 |
|
|
1.9 |
______________________
| (i) |
Represents the revenue of the UK JV Entities through the 1 Giugno 2021 closing of the UK JV Transaction. |
| (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) |
|
|
Year ended |
|
Increase/(decrease) |
||||||||||||||
|
|
|
December 31, |
|
|
December 31, |
|
|||||||||||||||||
|
Adjusted EBITDA |
|
2021 |
|
2020 |
|
Reported % |
|
|
Rebased % |
|
|
2021 |
|
2020 |
|
Reported % |
|
Rebased % |
|||||
|
|
|
in millions, except % amounts |
|||||||||||||||||||||
|
Continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Switzerland |
|
$ 297.8 |
|
|
$ 254.4 |
|
|
17.1 |
|
|
(0.5 |
) |
|
$ 1,208.7 |
|
|
$ 693.8 |
|
|
74.2 |
|
(1.8 |
) |
|
Belgium |
|
351.3 |
|
|
360.3 |
|
|
(2.5 |
) |
|
1.6 |
|
|
1,481.8 |
|
|
1,413.4 |
|
|
4.8 |
|
1.2 |
|
|
UK(i) |
|
— |
|
|
633.9 |
|
|
(100.0 |
) |
|
— |
|
|
1,085.3 |
|
|
2,453.5 |
|
|
(55.8 |
) |
(1.3 |
) |
|
Ireland |
|
57.9 |
|
|
58.8 |
|
|
(1.5 |
) |
|
2.6 |
|
|
218.6 |
|
|
202.0 |
|
|
8.2 |
|
4.8 |
|
|
Central and Other |
|
(17.3 |
) |
|
(10.8 |
) |
|
(60.2 |
) |
|
N.M. |
|
(33.1 |
) |
|
(61.4 |
) |
|
46.1 |
|
N.M. |
||
|
Intersegment eliminations |
|
0.2 |
|
|
0.8 |
|
|
N.M. |
|
N.M. |
|
1.8 |
|
|
2.2 |
|
|
N.M. |
N.M. |
||||
|
Total |
|
$ 689.9 |
|
|
$ 1,297.4 |
|
|
(46.8 |
) |
|
(4.4 |
) |
|
$ 3,963.1 |
|
|
$ 4,703.5 |
|
|
(15.7 |
) |
(1.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
VMO2 JV(ii) |
|
$ 1,125.3 |
|
|
$ — |
|
|
N.M. |
|
N.M. |
|
$ 2,716.6 |
|
|
$ — |
|
|
N.M. |
N.M. |
||||
|
VodafoneZiggo JV(ii) |
|
$ 552.2 |
|
|
$ 548.6 |
|
|
0.7 |
|
|
5.1 |
|
|
$ 2,265.6 |
|
|
$ 2,142.0 |
|
|
5.8 |
|
2.0 |
|
______________________
| (i) |
Represents the Adjusted EBITDA of the UK JV Entities through the 1 Giugno 2021 closing of the UK JV Transaction. |
| (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) |
|
|
Year ended |
|
Increase/(decrease) |
|||||||||||||||
|
Adjusted EBITDA less P&E Additions |
|
December 31, |
|
|
December 31, |
|
||||||||||||||||||
|
|
2021 |
|
2020 |
|
Reported % |
|
|
Rebased % |
|
|
2021 |
|
2020 |
|
Reported % |
|
|
Rebased % |
||||||
|
|
|
in millions, except % amounts |
||||||||||||||||||||||
|
Continuing operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Switzerland |
|
$ 101.0 |
|
|
$ 133.4 |
|
|
(24.3 |
) |
|
(23.3 |
) |
|
$ 598.8 |
|
|
$ 391.0 |
|
|
53.1 |
|
|
(2.7 |
) |
|
Belgium |
|
202.3 |
|
|
221.8 |
|
|
(8.8 |
) |
|
(5.1 |
) |
|
908.3 |
|
|
899.8 |
|
|
0.9 |
|
|
(2.7 |
) |
|
UK(i) |
|
— |
|
|
262.0 |
|
|
(100.0 |
) |
|
— |
|
|
527.9 |
|
|
1,106.3 |
|
|
(52.3 |
) |
|
1.1 |
|
|
Ireland |
|
25.4 |
|
|
27.6 |
|
|
(8.0 |
) |
|
(5.6 |
) |
|
124.2 |
|
|
116.4 |
|
|
6.7 |
|
|
2.4 |
|
|
Central and Other |
|
(124.7 |
) |
|
(112.0 |
) |
|
(11.3 |
) |
|
(62.3 |
) |
|
(367.4 |
) |
|
(415.8 |
) |
|
11.6 |
|
|
(4.1 |
) |
|
Intersegment eliminations |
|
0.2 |
|
|
0.8 |
|
|
N.M. |
|
N.M. |
|
1.8 |
|
|
2.2 |
|
|
N.M. |
|
N.M. |
||||
|
Total |
|
$ 204.2 |
|
|
$ 533.6 |
|
|
(61.7 |
) |
|
(30.9 |
) |
|
$ 1,793.6 |
|
|
$ 2,099.9 |
|
|
(14.6 |
) |
|
(2.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
VMO2 JV (ii) |
|
$ 317.7 |
|
|
$ — |
|
|
N.M. |
|
N.M. |
|
$ 1,010.2 |
|
|
$ — |
|
|
N.M. |
|
N.M. |
||||
|
VodafoneZiggo JV(ii) |
|
$ 266.7 |
|
|
$ 315.2 |
|
|
(15.4 |
) |
|
(11.0 |
) |
|
$ 1,275.1 |
|
|
$ 1,223.3 |
|
|
4.2 |
|
|
0.6 |
|
______________________
| (i) |
Represents the Adjusted EBITDA less P&E Additions of the UK JV Entities through the 1 Giugno 2021 closing of the UK JV Transaction. |
| (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: $14.9 billion for the Full Company
- Average debt tenor11: Over 7 years, with ~94% not due until 2027 or thereafter on a Full Company basis
- Borrowing costs: Blended, fully-swapped cost of debt was 3.4% for the Full Company
- Liquidity: $5.3 billion on a Full Company basis, including (i) $0.9 billion of cash at 31 Dicembre 2021, (ii) $2.8 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 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; 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 proposed new greenfield fiber network joint venture at Virgin Media O2, the potential sale of mobile towers by Telenet, the full fiber overlay in the U.
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
