Improved fixed revenue performance following price rises; return to positive U.K. broadband net adds and continued postpaid momentum
Successfully completed the acquisition of 100% of Telenet; shares fully delisted mid-October
Redomiciliation to Bermuda on track for completion in late November
Repurchased ~$1.3 billion of stock YTD1 representing 15% of shares outstanding; buyback plan increased by $300 million to a target of 18-19% by end of January
Updating full-year revenue guidance at VMO2 to ‘stable’ vs ‘growth’; on track for all remaining 2023 OpCo and Group guidance2 targets
DENVER, Colorado–(BUSINESS WIRE)–Liberty Global plc today announced its Q3 2023 financial results.
CEO Mike Fries stated, “Strategically, we achieved a number of recent milestones to drive future value creation. On our next results call we anticipate providing a longer update on these and other core initiatives that will reduce the significant value gap we perceive in our stock price.
- Earlier today we announced the sale of a minority stake in VMO2’s tower joint venture (Cornerstone Telecommunications Infrastructure Limited) for 18.7x Adjusted EBITDA which, upon closing, will deliver ~$435 million of cash proceeds to VMO2.
- In October, we successfully completed the Telenet tender offer and fully delisted the shares. Under full ownership, Telenet will be on a stronger footing by leveraging Liberty Global’s scale and expertise as well as our substantial balance sheet.
- We continue executing well on our U.K. fiber strategies and during the quarter we announced the acquisition of Upp, which will ultimately increase the nexfibre JV’s 500,000 home footprint by 175,000 premises following integration work by VMO2. Total fiber homes in the U.K., including VMO2’s upgrade plans, will approach ~1.5 million by year-end.
- In Ireland, the recent wholesale network access deal with Sky will enhance returns on our upgrade project to deliver over 1 million FTTH homes by the end of 2025.
- In Q3 we also expanded our strategic partnership with Infosys whereby they will assume responsibility for the operational delivery of Liberty Global’s entertainment and connectivity platforms, leading to over $100 million of annual run-rate savings in our technology spend.
- Following strong shareholder support for our redomiciliation to Bermuda, we remain on track to complete the move in late November which will enhance agile capital allocation and strategic value creation initiatives going forward.
- And finally, as of October 30 we had repurchased ~$1.3 billion worth of stock, completing our buyback target of 15%. We are announcing today an increase to our buyback program in an amount of ~$300 million to an aggregate of $1.6 billion. When completed, we anticipate that we will have retired 18-19% of our shares outstanding from the beginning of 2023 to the end of January 2024.
Operationally in Q3 we delivered an improved fixed revenue performance across all of our core FMC operations, supported by recent price rises and a return to broadband net adds at VMO2. Postpaid mobile momentum continued with positive or broadly stable net adds across the group and over 100,000 aggregate3 net additions in the quarter. We are confirming today all 2023 OpCo guidance metrics with the exception of VMO2 revenue which moves from ‘growth’ to ‘stable’. We are also confirming the $1.6 billion of Distributable Cash Flow(i) at Liberty Global. Our balance sheet remains robust, with over $5.0 billion of total liquidity4, including $3.5 billion in cash(ii), and no material debt maturities5 until 2028. During Q3, we proactively completed over $1.2 billion of refinancing at VMO2 which will extend the tenor of its long-term debt previously maturing in 2027 out to 2031.”
|
(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 from period to period. 2023 Distributable Cash Flow guidance reflects FX rates of EUR/USD 1.07, GBP/USD 1.21 and CHF/USD 1.08. |
|
(ii) |
Including amounts held under separately managed accounts (SMAs). |
Q3 Operating Company Highlights
Sunrise (Consolidated)
Sunrise continues to drive momentum in mobile despite continued headwinds in fixed as a result of the competitive landscape and UPC migration
Operating highlights: In Q3, Sunrise continued to drive commercial momentum in mobile, delivering 29,200 postpaid net adds. On the fixed side, the broadband base contracted by 7,400 net adds in Q3, due to reduced promotions and marketing activity following the price adjustment in July and broader lower market liquidity. FMC penetration remains high at 58% across the Sunrise broadband base.
Financial highlights: Revenue of $859.3 million in Q3 2023 increased 8.8% YoY on a reported basis and decreased 0.8% on a rebased6 basis. The rebased decrease was largely driven by lower handset and roaming revenue that was only partially offset by the July price rise benefit and strong trading momentum in flanker brands. Adjusted EBITDA increased 6.2% YoY on a reported basis and decreased 3.4% on a rebased basis to $311.0 million in Q3 2023, including $2 million of costs to capture7. The rebased decrease was mainly due to (i) the aforementioned decline in revenue and (ii) an increase in hardware costs, partially offset by lower costs to capture. Adjusted EBITDA less P&E Additions of $175.6 million in Q3 increased 19.6% YoY on a reported basis and 9.4% on a rebased basis, including $14 million of opex and capex costs to capture.
Telenet (Consolidated)
Telenet tender offer successfully completed and shares delisted October 13, intend to align capital structure with Liberty Global at ~4-5x Adjusted EBITDAaL going forward
Operating highlights: Telenet’s base contracted by 13,500 broadband net adds and 4,000 postpaid mobile net adds in Q3, largely driven by the implementation of the June price increase and a temporary halt to marketing campaigns following IT platform migration issues. FMC penetration remains high at 48% of the broadband base.
Financial highlights: Revenue of $775.2 million in Q3 2023 increased 16.6% YoY on a reported basis and decreased 0.3% on a rebased basis. The rebased decrease was primarily driven by lower production and advertising revenue due to the macro-economic backdrop, partially offset by (i) higher subscription revenue following the June price increase and (ii) an increase in B2B revenue. Adjusted EBITDA increased 7.3% on a reported basis and decreased 2.6% on a rebased basis to $339.8 million in Q3. The rebased decrease was primarily driven by (a) higher staff-related expenses following the mandatory 11% wage indexation and (b) higher costs for outsourced call centers linked to IT platform migration issues. Reported and rebased Adjusted EBITDA less P&E Additions decreased 3.0% and 12.3%, respectively, to $162.7 million in Q3.
VMO2 (Non-consolidated Joint Venture)
VMO2 delivers customer growth, advances network rollout and improves Adjusted EBITDA growth
Operating highlights: VMO2’s fixed customer base returned to positive growth, with 32,500 net adds in Q3, while continued demand for fast, high-quality connectivity drove 40,800 broadband net adds. Postpaid mobile also returned to growth, delivering 50,000 net adds in Q3. The average download speed across the company’s broadband base increased 34% YoY to 349Mbps, approximately 5x higher than the national average. During Q3, VMO2 built 250,800 premises, the majority of which were FTTH homes built for the nexfibre JV. Integration is underway following the acquisition of fiber altnet, Upp, in September and its ~175,000 premises will be transferred to the nexfibre JV within the next year. In mobile, VMO2’s 5G connectivity expanded to more than 3,200 towns and cities and remains on track to deliver 5G services to more than 50% of the entire U.K. population this year.
Financial highlights (in U.S. GAAP)8: Revenue13 of $3,503.8 million in Q3 2023 increased 15.2% YoY on a reported basis and 1.2% YoY on a rebased basis, primarily due to the net effect of (i) an overall increase in mobile revenue driven by higher service revenue that was partially offset by lower handset revenue, (ii) a decrease in consumer fixed revenue and (iii) a one-time increase of $48 million due to a change in the contract terms with a related-party supplier, with each revenue category as defined and reported by the VMO2 JV. Adjusted EBITDA13 increased 10.4% YoY on a reported basis and 2.4% YoY on a rebased basis to $1,170.9 million, including $27 million of opex costs to capture. The YoY increase in Adjusted EBITDA was primarily due to (a) the realization of synergies, (b) the implementation of price rises and (c) the aforementioned one-time revenue increase, partially offset by higher energy costs and the impact of a Q3 2022 benefit of $35 million related to the resolution of a legal matter. Adjusted EBITDA less P&E Additions13 increased 36.0% YoY on a reported basis and decreased 14.6% YoY on a rebased basis to $483.2 million, including $61 million of opex and capex costs to capture.
Financial highlights (in IFRS): Revenue of £2,769.1 million ($3,503.8 million) on a reported basis in Q3 2023 increased 7.2% YoY on an FX neutral basis and 1.2% YoY on a rebased basis. Q3 Adjusted EBITDA of £1,023.3 million ($1,294.4 million) on a reported basis, including costs to capture, increased 4.4% YoY on an FX neutral basis and 4.5% YoY on a rebased basis. Q3 Adjusted EBITDA less P&E Additions of £423.9 million ($536.4 million) on a reported basis increased 21.6% YoY on an FX neutral basis and decreased 11.7% YoY on a rebased basis. The drivers of these IFRS changes are largely consistent with those under U.S. GAAP detailed above.
For more information regarding the VMO2 JV, including full IFRS disclosures, please visit its investor relations page to access the Q3 earnings release.
VodafoneZiggo (Non-consolidated Joint Venture)
VodafoneZiggo drives financial improvement in Q3 supported by commercial actions and reiterates 2023 guidance
Operating highlights: VodafoneZiggo continues to drive momentum in mobile and convergence, as FMC households9 remained stable at 1.5 million and FMC net adds increased by 13,000 in Q3 to more than 2.6 million, delivering significant Net Promoter Scores along with customer loyalty benefits. Mobile postpaid net adds grew 28,600 to 5.3 million, while mobile postpaid ARPU declined 3.1% YoY, primarily driven by ARPU decline in B2B. The broadband base contracted by 33,900 net adds in the quarter, as a 39,200 decline in Consumer was only partially offset by a 5,300 increase in B2B. Consumer fixed ARPU increased 4.4% YoY as a result of the price increase implemented in July. VodafoneZiggo announced a mobile price indexation of 10% from October to support from Q4.
Financial highlights: Revenue increased 8.0% YoY on a reported basis and 0.1% YoY on a rebased basis to $1,125.2 million in Q3. The stable rebased result was primarily driven by the July price increase in consumer fixed and customer growth in mobile postpaid and B2B fixed, fully offsetting the decline in the consumer fixed base. Adjusted EBITDA increased 3.4% YoY on a reported basis and decreased 4.1% on a rebased basis to $518.3 million in Q3. The rebased decrease was primarily driven by higher energy and wage costs related to inflation. Reported and rebased Adjusted EBITDA less P&E Additions decreased 0.9% and 7.8%, respectively, to $287.5 million in Q3.
Q3 ESG Highlights
In Q3 we continued to advance the priorities underpinning our People Planet Progress strategy.
One such priority is to bring better transparency across our value chain, to mitigate indirect carbon emissions, as well as to ensure responsible business practices that align with those of our own. In September, we joined the Joint Alliance for Corporate Social Responsibility (JAC), the international association of telecom operators dedicated to developing and assessing Corporate Social Responsibility (CSR) standards across the industry’s supply chain. As part of JAC, we will collaborate alongside the world’s largest telecom providers, conducting and sharing CSR audit reports of our major suppliers. This membership will focus on driving improvements in the different layers of the supply chain through risk mitigation, issue identification, and promoting universal sustainability standards across the sector.
Our focus remains to champion diversity, equity, inclusion and a culture of Belonging. We are committed to enhancing digital equity and engaging with our communities to create positive change for the generations to come. In Q3 we have continued to work with our Employee Resource Groups, providing educational moments for our people to take meaningful action to create a world where everyone belongs. We have also launched our Youth Council, a new body harnessing youth insight and diversifying the perspectives of the business.
Our group companies have also been active throughout the quarter across various social and environmental initiatives contributing to our People Planet Progress agenda:
- VodafoneZiggo demonstrated commitment to inclusivity and our People priorities with its new trial program to tackle the digital divide alongside a number of local NGOs and municipalities in the Netherlands. The offer provides a Digital Participation Package, which will supply financially vulnerable households with internet, a device, and digital guidance
- VMO2 stepped up its support to communities by providing free connectivity to those in need. In partnership with technology charity Jangala, 5,000 WiFi-enabled boxes will be distributed to households, community centers, refuges and homeless shelters across the U.K. This is in addition to their existing commitment to donate 61 million gigabytes of O2 mobile data to the National Databank by the end of 2025
- Telenet and Virgin Media Ireland have progressed their Planet agenda, enhancing renewable energy and efficiency solutions. Both are increasing their number of installed solar panels, with Telenet set to increase fivefold to nearly 700 solar panels at its office headquarters. Virgin Media Ireland is also installing battery storage and moving all large-scale cooling to ‘free-cooling’ for its data centers
- Also on Planet, Sunrise launched a Flex Upgrade Option that promotes the circular economy. With clear benefits for customers, including affordable prices for new devices, the program will help extend the life cycle of a smartphone or tablet through its innovative repair, refurbishment and recycling approach
Liberty Global Consolidated Q3 Highlights
- Q3 revenue(i) increased 6.2% YoY on a reported basis and decreased 4.3% on a rebased basis to $1,854.5 million
- Q3 earnings (loss) from continuing operations decreased 66.2% YoY on a reported basis to $822.7 million
- Q3 Adjusted EBITDA(i) decreased 10.0% YoY on a reported basis and 16.9% on a rebased basis to $597.7 million
- Q3 property & equipment additions(i) were 19.7% of revenue, as compared to 21.3% in Q3 2022
-
Balance sheet with over $5.0 billion of total liquidity
- Comprised of $1.7 billion of cash, $1.8 billion of investments held under SMAs and $1.5 billion of unused borrowing capacity10
- Blended, fully-swapped borrowing cost of 3.5% on a debt balance of $15.3 billion
|
Liberty Global |
|
Q3 2023 |
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Q3 2022 |
|
YoY Change |
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YoY Change |
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YTD 2023 |
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YoY Change |
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YoY Change |
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Customers |
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||||||||||
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Organic customer net losses |
|
|
(39,100 |
) |
|
|
(14,000 |
) |
|
(179.3 |
%) |
|
|
|
|
(84,900 |
) |
|
(124.6 |
%) |
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Financial |
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(in millions, except percentages) |
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||||||||||
|
Revenue(i) |
|
$ |
1,854.5 |
|
|
$ |
1,746.3 |
|
|
6.2 |
% |
|
(4.3 |
%) |
|
$ |
5,570.9 |
|
|
4.1 |
% |
|
(1.3 |
%) |
|
Earnings (loss) from continuing operations(i) |
|
$ |
822.7 |
|
|
$ |
2,431.7 |
|
|
(66.2 |
%) |
|
|
|
$ |
(402.1 |
) |
|
(106.9 |
%) |
|
|
||
|
Adjusted EBITDA(i) |
|
$ |
597.7 |
|
|
$ |
664.0 |
|
|
(10.0 |
%) |
|
(16.9 |
%) |
|
$ |
1,823.6 |
|
|
(8.7 |
%) |
|
(10.4 |
%) |
|
P&E additions(i) |
|
$ |
365.1 |
|
|
$ |
371.7 |
|
|
(1.8 |
%) |
|
|
|
$ |
1,107.7 |
|
|
1.7 |
% |
|
|
||
|
Adjusted EBITDA less P&E Additions(i) |
|
$ |
232.6 |
|
|
$ |
292.3 |
|
|
(20.4 |
%) |
|
(25.3 |
%) |
|
$ |
715.9 |
|
|
(21.2 |
%) |
|
(20.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash provided by operating activities |
|
$ |
327.1 |
|
|
$ |
540.5 |
|
|
(39.5 |
%) |
|
|
|
$ |
1,326.7 |
|
|
(30.3 |
%) |
|
|
||
|
Cash provided (used) by investing activities |
|
$ |
519.9 |
|
|
$ |
(633.5 |
) |
|
182.1 |
% |
|
|
|
$ |
(966.4 |
) |
|
(149.6 |
%) |
|
|
||
|
Cash used by financing activities |
|
$ |
(638.1 |
) |
|
$ |
(628.0 |
) |
|
(1.6 |
%) |
|
|
|
$ |
(343.1 |
) |
|
88.8 |
% |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
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Full Company11 Adjusted FCF |
|
$ |
(102.3 |
) |
|
$ |
147.5 |
|
|
(169.4 |
%) |
|
|
|
$ |
48.0 |
|
|
(93.3 |
%) |
|
|
||
|
Full Company Distributable Cash Flow |
|
$ |
309.4 |
|
|
$ |
414.4 |
|
|
(25.3 |
%) |
|
|
|
$ |
863.2 |
|
|
(11.8 |
%) |
|
|
||
| ______________________ | |
|
(i) |
As further described in footnote (ii) to the revenue table in our in our P&L Discussion below, 2023 amounts are impacted by the strategic and operational changes to our T&I Function as a result of our determination to outsource a component of our T&I Function and market certain of our internally-developed software to third parties. Accordingly, during the three and nine months ended September 30, 2023, revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions exclude the benefit of $61.5 million and $92.2 million, respectively, that otherwise would have been reported in such metrics impacting both our consolidated and Central and Other results. As a result, Adjusted EBITDA and Adjusted EBITDA less P&E Additions are comparatively lower in the current periods, however, Adjusted FCF is unaffected. |
Customer Growth
|
|
Three months ended |
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Nine months ended |
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|
September 30, |
|
September 30, |
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|
2023 |
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|
2022 |
|
|
2023 |
|
|
2022 |
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|
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||||
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Organic customer net additions (losses) by market |
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|
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|
|
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||||
|
Switzerland |
(11,100 |
) |
|
(3,200 |
) |
|
(16,900 |
) |
|
(6,800 |
) |
|
Belgium |
(20,700 |
) |
|
(7,700 |
) |
|
(46,800 |
) |
|
(17,600 |
) |
|
Ireland |
(5,100 |
) |
|
(1,900 |
) |
|
(14,400 |
) |
|
(7,800 |
) |
|
Slovakia |
(1,800 |
) |
|
(1,200 |
) |
|
(4,300 |
) |
|
(5,600 |
) |
|
Luxembourg(i) |
(400 |
) |
|
— |
|
|
(2,500 |
) |
|
— |
|
|
Total |
(39,100 |
) |
|
(14,000 |
) |
|
(84,900 |
) |
|
(37,800 |
) |
|
|
|
|
|
|
|
|
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||||
|
VMO2 JV(ii) |
32,500 |
|
|
12,300 |
|
|
28,700 |
|
|
11,700 |
|
|
VodafoneZiggo JV(iii) |
(38,600 |
) |
|
(19,500 |
) |
|
(76,000 |
) |
|
(57,300 |
) |
| ________________________ | |
| (i) |
The 2023 amounts relate to our business in Luxembourg as a result of Telenet’s January 2023 acquisition of Eltrona. |
| (ii) |
Fixed-line customer counts for the VMO2 JV exclude Upp customers. |
| (iii) |
Fixed-line customer counts for the VodafoneZiggo JV include certain B2B customers. |
Earnings (Loss) from Continuing Operations
Earnings (loss) from continuing operations was $822.7 million and $2,431.7 million for the three months ended September 30, 2023 and 2022, respectively, and ($402.1 million) and $5,789.6 million for the nine months ended September 30, 2023 and 2022, 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. During the first quarter of 2023, we changed the terms related to, and approach to how we reflect the allocation of, charges for certain products and services that our centrally-managed technology and innovation function provides to our consolidated reportable segments (the Tech Framework). For additional information, see the Appendix. 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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Increase/(decrease) |
|
|
Nine months ended |
|
Increase/(decrease) |
|||||||||||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||||||||||||||
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Revenue |
|
2023 |
|
|
2022(i) |
|
Reported % |
|
Rebased % |
|
|
|
2023 |
|
|
2022(i) |
|
Reported % |
|
Rebased % |
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|
in millions, except % amounts |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Switzerland |
$ |
859.3 |
|
|
$ |
789.8 |
|
|
8.8 |
|
|
(0.8 |
) |
|
$ |
2,482.9 |
|
|
$ |
2,377.3 |
|
|
4.4 |
|
|
(1.2 |
) |
|
Belgium |
|
775.2 |
|
|
|
665.1 |
|
|
16.6 |
|
|
(0.3 |
) |
|
|
2,296.7 |
|
|
|
2,078.6 |
|
|
10.5 |
|
|
1.1 |
|
|
Ireland |
|
125.5 |
|
|
|
116.1 |
|
|
8.1 |
|
|
— |
|
|
|
372.4 |
|
|
|
365.4 |
|
|
1.9 |
|
|
0.1 |
|
|
Central and Other(ii) |
|
164.3 |
|
|
|
238.3 |
|
|
(31.1 |
) |
|
(30.4 |
) |
|
|
615.0 |
|
|
|
720.2 |
|
|
(14.6 |
) |
|
(10.0 |
) |
|
Intersegment eliminations(iii) |
|
(69.8 |
) |
|
|
(63.0 |
) |
|
10.8 |
|
|
N.M. |
|
|
(196.1 |
) |
|
|
(187.7 |
) |
|
4.5 |
|
|
N.M. |
||
|
Total |
$ |
1,854.5 |
|
|
$ |
1,746.3 |
|
|
6.2 |
|
|
(4.3 |
) |
|
$ |
5,570.9 |
|
|
$ |
5,353.8 |
|
|
4.1 |
|
|
(1.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
VMO2 JV(iv) |
$ |
3,503.8 |
|
|
$ |
3,042.1 |
|
|
15.2 |
|
|
1.2 |
|
|
$ |
10,058.0 |
|
|
$ |
9,642.7 |
|
|
4.3 |
|
|
0.7 |
|
|
VodafoneZiggo JV(iv) |
$ |
1,125.2 |
|
|
$ |
1,041.7 |
|
|
8.0 |
|
|
0.1 |
|
|
$ |
3,297.0 |
|
|
$ |
3,237.3 |
|
|
1.8 |
|
|
0.1 |
|
______________________
N.M. – Not Meaningful
|
(i) |
Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above and in the Appendix. |
|
(ii) |
As further described in note 16 to our 10-Q, as a result of our determination to market and sell certain of our internally-developed software to third parties, from May 2023, we recorded proceeds from the licensing and related sale of products from this internally-developed software (including proceeds generated from our arrangements with the VMO2 JV and the VodafoneZiggo JV) against the net book value of our existing internally-developed capitalized software and will continue to do so until that balance is reduced to zero. Accordingly, during the three and nine months ended September 30, 2023, revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions exclude the benefit of $61.5 million and $92.2 million, respectively, that otherwise would have been reported in such metrics impacting both our consolidated and Central and Other revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions. As a result, Adjusted EBITDA and Adjusted EBITDA less P&E Additions are comparatively lower in the current periods, however, Adjusted FCF is unaffected. We will resume recognizing revenue for such licensing and related sale of products once the balance of our internally-developed capitalized software has been reduced to zero. Further, we now expense the costs of development of such software due to the fact that it is now externally marketed to third parties. |
|
(iii) |
Amounts primarily relate to (i) the revenue recognized within our T&I Function related to the Tech Framework and (ii) for the 2022 YTD period, transactions between our continuing and discontinued operations. |
|
(iv) |
Amounts reflect 100% of the 50:50 non-consolidated VMO2 JV and VodafoneZiggo JV’s revenue. |
|
Three months ended |
|
Increase/(decrease) |
|
|
Nine months ended |
|
Increase/(decrease) |
||||||||||||||||||||
|
|
September 30, |
|
|
September 30, |
|
||||||||||||||||||||||
|
Adjusted EBITDA |
|
2023 |
|
|
2022(i) |
|
Reported % |
|
Rebased % |
|
|
|
2023 |
|
|
2022(i) |
|
Reported % |
|
Rebased % |
|||||||
|
|
in millions, except % amounts |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Switzerland |
$ |
311.0 |
|
|
$ |
292.8 |
|
|
6.2 |
|
|
(3.4 |
) |
|
$ |
861.1 |
|
|
$ |
850.3 |
|
|
1.3 |
|
|
(4.3 |
) |
|
Belgium |
|
339.8 |
|
|
|
316.6 |
|
|
7.3 |
|
|
(2.6 |
) |
|
|
988.7 |
|
|
|
982.9 |
|
|
0.6 |
|
|
(0.5 |
) |
|
Ireland |
|
45.9 |
|
|
|
46.3 |
|
|
(0.9 |
) |
|
(7.8 |
) |
|
|
134.7 |
|
|
|
141.9 |
|
|
(5.1 |
) |
|
(6.7 |
) |
|
Central and Other(ii) |
|
(83.6 |
) |
|
|
22.4 |
|
|
(473.2 |
) |
|
N.M. |
|
|
(115.3 |
) |
|
|
68.5 |
|
|
(268.3 |
) |
|
N.M. |
||
|
Intersegment eliminations(iii) |
|
(15.4 |
) |
|
|
(14.1 |
) |
|
9.2 |
|
|
N.M. |
|
|
(45.6 |
) |
|
|
(45.5 |
) |
|
0.2 |
|
|
N.M. |
||
|
Total |
$ |
597.7 |
|
|
$ |
664.0 |
|
|
(10.0 |
) |
|
(16.9 |
) |
|
$ |
1,823.6 |
|
|
$ |
1,998.1 |
|
|
(8.7 |
) |
|
(10.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
VMO2 JV(iv) |
$ |
1,170.9 |
|
|
$ |
1,060.5 |
|
|
10.4 |
|
|
2.4 |
|
|
$ |
3,335.6 |
|
|
$ |
3,515.2 |
|
|
(5.1 |
) |
|
2.3 |
|
|
VodafoneZiggo JV(iv) |
$ |
518.3 |
|
|
$ |
501.4 |
|
|
3.4 |
|
|
(4.1 |
) |
|
$ |
1,474.7 |
|
|
$ |
1,530.1 |
|
|
(3.6 |
) |
|
(5.3 |
) |
______________________
N.M. – Not Meaningful
|
(i) |
Amounts have been revised, as applicable, to reflect the retrospective impact of the Tech Framework, as described above and in the Appendix. |
|
(ii) |
2023 amounts are impacted by the strategic and operational changes to our Central T&I function as discussed in footnote (ii) to the revenue table above. |
|
(iii) |
Amounts relate to (i) the Adjusted EBITDA impact to Central and Other of the value attributed to centrally-held internally developed technology that is embedded within our various CPE, as well as any applicable markup, and (ii) for the YTD 2022 period, transactions between our continuing and discontinued operations. |
|
(iv) |
Amounts reflect 100% of the 50:50 non-consolidated VMO2 JV and VodafoneZiggo JV’s Adjusted EBITDA. |
Contacts
Investor Relations
Michael Bishop +44 20 8483 6246
Michael Khehra +44 78 9005 0979
Corporate Communications
Bill Myers +1 303 220 6686
Matt Beake +44 20 8483 6428
