Achieved full-year 2023 guidance (as updated) including operating company targets and Distributable Cash Flow (before unanticipated tax payment)
Delivered stable to growing revenue across our FMC operations for the full year despite continued headwinds from competition and cost of living challenges, and supported by pricing adjustments and momentum in mobile
Repurchased 18.5% of total shares outstanding from the beginning of 2023 through end of January 2024
Year-end investor call to include Strategy Update on value creation and capital allocation
DENVER, Colorado–(BUSINESS WIRE)–Liberty Global Ltd. today announced its Q4 2023 financial results.
CEO Mike Fries stated, “In 2023 we managed through a challenging environment, including cost of living and inflationary pressures and an increasingly competitive landscape for broadband, mobile and video services. Despite that, we delivered strong Q4 and full year results with continued postpaid momentum and an improved performance in broadband across most markets. We successfully executed price adjustments throughout the year, which supported stable to growing revenues across our FMC markets in 2023, and achieved our operating company guidance metrics for the full year as updated at Q3. Our Full Company1 Distributable Cash Flow result was impacted by a U.S. litigation-related cash tax payment of $315 million which was not anticipated in 2023, but excluding this item we exceeded our Distributable Cash Flow guidance of $1.6 billion for the year. After repurchasing 18.5% of our stock through January 2024, our share count has been reduced to 378 million shares outstanding and, with over $4 billion(i) in cash and liquid securities, our balance sheet remains in great shape.
“In Q4 we delivered postpaid growth across all of our core FMC operations and over 80,000 aggregate2 net adds. Our flanker brand strategies supported growth at VMO2 and Sunrise, and VodafoneZiggo delivered strong postpaid growth despite the price rise in October. At Telenet, overall results continued to be modestly impacted by the IT platform migration issues, but the return to postpaid growth in Q4 was driven by renewed FMC campaigns and targeted hardware offers. The sequential improvement in our broadband performance across most markets in the face of continued competition was positively impacted by our speed differentiation and commercial initiatives and, despite headwinds in fixed, the pricing actions taken during the year supported stable to growing ARPUs across the group in Q4. On the financial front, we reported quarterly revenue growth at VodafoneZiggo, Telenet and Sunrise, as well as stable or improved sequential Adjusted EBITDA performance across all of our core FMC operations.
“We made significant progress on our fixed network strategies in 2023. With almost 32 million aggregate3 homes capable of delivering gigabit speeds, including those on the nexfibre network, we’re investing heavily to further expand our reach to 38 million homes3 by 2026 through new build and wholebuy structures. At the end of 2023, VMO2 passed over 4 million FTTH homes, including those on the nexfibre network, and is targeting the addition of approximately 2 million FTTH homes in 2024, with nexfibre planning to invest £1 billion over the year. In Belgium, 2023 marked the launch of Telenet’s Wyre NetCo partnership with Fluvius, which will ramp up its fiber rollout in 2024, and we’re excited to launch our FMC offerings in Wallonia later this year.
“We look forward to providing a strategic update on how we plan to crystallize and deliver value over time as part of tomorrow’s extended fourth quarter and full-year results call.”
|
(i) |
Including amounts held under separately managed accounts (SMAs) and our investments in ITV, Lionsgate, Vodafone and All3Media. |
Q4 Operating Company Highlights
Sunrise (Consolidated)
Sunrise delivered strong mobile performance and continued momentum in flanker brands, with lower costs to capture spend further supporting Adjusted EBITDA growth in Q4; Achieved 2023 financial guidance
Operating highlights: In Q4, Sunrise continued to drive commercial momentum in mobile, delivering 25,100 postpaid net adds. The sequential improvement in broadband performance, which was flat in Q4, was supported by strong Q4 sales despite a delay in activations, as well as continued momentum in its secondary brand, yallo. FMC penetration remains high at 58% across the Sunrise broadband base.
Financial highlights: Revenue of $897.5 million in Q4 2023 increased 11.7% YoY on a reported basis and 2.5% on a rebased4 basis. The rebased increase was largely driven by (i) growth in mobile subscription revenue, (ii) a favorable phasing impact in mobile non-subscription revenue, (iii) continued trading momentum in flanker brands and B2B and (iv) the positive impact of the July price increase. Adjusted EBITDA increased 16.1% YoY on a reported basis and 5.6% on a rebased basis to $287.4 million in Q4 2023, including $5 million of costs to capture5. The rebased increase was mainly due to (i) the aforementioned increase in revenue and (ii) lower costs to capture. Adjusted EBITDA less P&E Additions of $107.8 million in Q4 increased 73.6% YoY on a reported basis and 55.4% on a rebased basis, including $18 million of opex and capex costs to capture.
Telenet (Consolidated)
2023 guidance achieved across all metrics despite macroeconomic and competitive backdrop
Operating highlights: Telenet delivered a sequential improvement in net adds performance in Q4, with a return to positive growth in the postpaid mobile base, with 1,900 net adds, and a net loss of 5,200 broadband customers. The improved performance during the quarter was largely driven by Telenet’s latest marketing campaigns, including the Unlimited ONE campaign and targeted hardware promotions, while churn remains elevated due to the competitive environment and the continued impact of the IT platform migration issues encountered throughout 2023. As of the end of 2023, Wyre, Telenet’s NetCo partnership with Fluvius, had started construction on over 100,000 fiber homes. Build will further accelerate in 2024 in order to reach a peak rollout of ~450,000 homes per annum as of 2025 as previously communicated. FMC penetration remains high at 49% of the broadband base.
Financial highlights: Revenue of $792.5 million in Q4 2023 increased 8.8% YoY on a reported basis and 1.8% on a rebased basis. The rebased increase was primarily driven by (i) an increase in B2B revenue and (ii) higher mobile subscription revenue due to the June price increase and growth in postpaid net adds. Adjusted EBITDA increased 3.1% on a reported basis and decreased 3.0% on a rebased basis to $326.5 million in Q4. The rebased decrease was primarily driven by (a) higher staff-related expenses following the mandatory 11% wage indexation, (b) higher energy costs and (c) higher costs for outsourced call centers linked to IT platform migration issues, partially offset by the aforementioned revenue increase. Reported and rebased Adjusted EBITDA less P&E Additions decreased 28.1% and 31.6%, respectively, to $92.0 million in Q4.
VMO2 (Non-consolidated Joint Venture)
VMO2 increases customers, fiber and 5G reach as strong integration execution drives Adjusted EBITDA growth
Operating highlights: VMO2’s fixed customer base grew by 2,600 in Q4, driven by 9,500 broadband net adds. Postpaid mobile also continued to grow, delivering 19,000 net adds in Q4. The average download speed across the company’s broadband base increased 19% YoY to 358Mbps, approximately 5x higher than the national average. VMO2’s gigabit fixed network reached the milestone of 17 million premises at the end of 2023, including those premises on VMO2’s network as well as those passed by nexfibre. Across 2023, through a mix of the continued upgrade of VMO2’s own network and expansion of the nexfibre network, VMO2 expanded its fiber footprint by 833,100, bringing its total fiber reach to over 4 million homes. In mobile, VMO2 reached the target of 50% U.K. outdoor 5G population coverage. 2023 absolute synergy delivery was approximately two thirds of the £540 million run-rate, significantly accelerating delivery timelines.
Financial highlights (in U.S. GAAP)6: Revenue11 of $3,516.1 million in Q4 2023 increased 9.4% YoY on a reported basis and decreased 2.0% YoY on a rebased basis. The rebased decrease was primarily due to the net effect of (i) a decrease in mobile revenue driven by lower handset revenue and (ii) an increase in B2B revenue, with each revenue category as defined and reported by the VMO2 JV. Q4 Adjusted EBITDA11 increased 14.2% YoY on a reported basis and 6.6% YoY on a rebased basis to $1,195.7 million, including $31 million of opex costs to capture. The YoY increase in Adjusted EBITDA was primarily due to (a) consumer price rises, (b) the realization of synergies and (c) a reduction in costs of $19 million in 2023 due to a change in the contract terms of services provided by a related-party. Q4 Adjusted EBITDA less P&E Additions11 increased 110.9% YoY on a reported basis and 23.3% YoY on a rebased basis to $665.9 million, including $55 million of opex and capex costs to capture.
Financial highlights (in IFRS): Revenue of £2,830.7 million ($3,516.1 million) on a reported basis in Q4 2023 increased 3.8% YoY on an FX neutral basis and decreased 2.0% YoY on a rebased basis. Q4 Adjusted EBITDA of £1,063.4 million ($1,320.9 million) on a reported basis, including costs to capture, increased 8.9% YoY on an FX neutral basis and 7.8% YoY on a rebased basis. Q4 Adjusted EBITDA less P&E Additions of £564.7 million ($701.6 million) on a reported basis increased 74.5% YoY on an FX neutral basis and 16.8% YoY on a rebased basis. The drivers of these IFRS changes are largely consistent with those under U.S. GAAP detailed above.
2024 Guidance (in IFRS, as guided by the VMO2 JV, with the exception of Adjusted FCF)(ii): Expect to deliver stable to declining revenue and low to mid-single-digit Adjusted EBITDA decline (each excluding nexfibre, as defined and reported by the VMO2 JV). Expect revenue pressure from B2B fixed and opex investment into future growth drivers including Off-net. Expect P&E additions of £2.0 to £2.2 billion (excluding ROU additions). Expect Adjusted FCF of around £500 million and cash distributions to shareholders of ~£850 million, supported by CTIL proceeds.
For more information regarding the VMO2 JV, including full IFRS disclosures, please visit its 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 U.S. GAAP forecasts for all components of their IFRS guidance. Quantitative reconciliations to net earnings/loss (including net earnings/loss growth rates) and cash flow from operating activities for the VMO2 JV’s Adjusted EBITDA and Adjusted FCF 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, nor (ii) specific changes in working capital that impact cash flows from operating activities. The items they do not forecast may vary significantly from period to period. |
VodafoneZiggo (Non-consolidated Joint Venture)
VodafoneZiggo achieves all 2023 guidance and delivers strong revenue growth in Q4
Operating highlights: VodafoneZiggo continues to drive momentum in mobile and convergence, as FMC households7 grew by 7,000 in Q4 and FMC net adds increased by 9,700 in Q4 to almost 2.7 million, delivering significant Net Promoter Scores along with customer loyalty benefits. FMC penetration increased from 46% to 48% YoY. Mobile postpaid net adds grew 40,300 alongside growth in mobile postpaid ARPU of 3.3% YoY, primarily driven by the price indexation implemented in October. The broadband base contracted by 26,500 net adds in the quarter, as a 31,200 decline in Consumer was only partially offset by a 4,700 increase in B2B. Consumer fixed ARPU increased 3.7% YoY as a result of the price increase implemented in July.
Financial highlights: Revenue increased 10.1% YoY on a reported basis and 4.5% YoY on a rebased basis to $1,153.5 million in Q4. The rebased increase was primarily due to (i) growth in mobile, driven by growth in the customer base and the October price increase, and (ii) growth in B2B fixed. Adjusted EBITDA increased 2.0% YoY on a reported basis and decreased 3.2% on a rebased basis to $497.8 million in Q4. The rebased decrease was primarily driven by higher energy and wage costs related to inflation, partially offset by growth in sales margins. Reported and rebased Adjusted EBITDA less P&E Additions increased 42.7% and 33.1%, respectively, to $245.8 million in Q4.
Q4 ESG Highlights
2023 has marked a transformational year for our ESG agenda. This year saw the launch of our new strategy, People Planet Progress, adding to the impactful Belonging agenda – where we are creating a culture that is inclusive, where everyone is valued and respected, and where we have a positive impact on each other and our communities.
Our People priorities mean that we strive to be an inclusive company for our employees through our Belonging agenda, creating positive connections every day so that we all Belong. In our communities our focus on Digital Inclusion and Tomorrow’s Workforce means we are working to enhance inclusive connectivity and the digital skills needed equitably in broader society. In Q4, several of our operations increased their offering and availability of services to financially vulnerable customers. VodafoneZiggo, in collaboration with the Alliantie Digitaal Samenleven, NLdigital, and other partners, launched a trial Digital Participation Package, while VMO2 enhanced their inclusive connectivity by leveraging company-owned stores to become National Digital Inclusion Hubs.
Our Planet agenda reflects our commitment to the environment and efforts to be a sustainable company. Here, we are working across our entire footprint to reduce our Scope 1, 2 and 3 emissions. Throughout our company we are striving to be more energy efficient, while ensuring the energy we do use comes from renewable energy sources. We are working to enhance network efficiency through AI and other technologies, we are working to electrify our fleet, and we are focused on the energy efficiency and circularity of the products we offer. Furthermore, we are actively working across our supply chain to encourage our partners to commit to decarbonization.
On Progress, our priorities underpin our commitment to transparency and responsibility, corporate responsibility and contributing to the advancement of wider social impact and sustainability goals. In Q4 we joined the UN Global Compact (UNGC), where we can assure our agenda helps to progress UN Sustainable Development Goals. We recently became members of the Joint Alliance for CSR (JAC) – the international association of telecom operators dedicated to developing and assessing Corporate Social Responsibility (CSR) standards across the industry’s supply chain. Additionally, VodafoneZiggo was awarded a gold medal from EcoVadis, an authority in business sustainability ratings. This achievement positions VodafoneZiggo among the top 5% of best-performing companies and underscores its ongoing commitment to a fair and sustainable supply chain, achieved through close collaboration with suppliers.
Liberty Global Consolidated Q4 Highlights
- Q4 revenue(i) increased 4.3% YoY on a reported basis and decreased 1.8% on a rebased basis to $1,920.5 million
- Q4 earnings (loss) from continuing operations increased 25.9% YoY on a reported basis to ($3,471.7 million)
- Q4 Adjusted EBITDA(i) decreased 8.6% YoY on a reported basis and decreased 12.0% on a rebased basis to $546.0 million
- Q4 property & equipment additions(i) were 24.5% of revenue, as compared to 27.1% in Q4 2022
-
Balance sheet with $5.3 billion of total liquidity8
- Comprised of $1.4 billion of cash, $2.3 billion of investments held under SMAs and $1.6 billion of unused borrowing capacity9
- Blended, fully-swapped borrowing cost of 3.4% on a debt balance of $15.9 billion
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Liberty Global |
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Q4 2023 |
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Q4 2022 |
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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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Organic customer net losses |
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(29,600 |
) |
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(6,700 |
) |
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(114,500 |
) |
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Financial |
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(in millions, except percentages) |
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Revenue(i) |
|
$ |
1,920.5 |
|
|
$ |
1,841.9 |
|
|
4.3 |
% |
|
(1.8 |
%) |
|
$ |
7,491.4 |
|
|
4.1 |
% |
|
(1.5 |
%) |
|
Earnings (loss) from continuing operations(i) |
|
$ |
(3,471.7 |
) |
|
$ |
(4,684.3 |
) |
|
25.9 |
% |
|
|
|
$ |
(3,873.8 |
) |
|
(450.5 |
%) |
|
|
||
|
Adjusted EBITDA(i) |
|
$ |
546.0 |
|
|
$ |
597.3 |
|
|
(8.6 |
%) |
|
(12.0 |
%) |
|
$ |
2,369.6 |
|
|
(8.7 |
%) |
|
(10.8 |
%) |
|
P&E additions(i) |
|
$ |
470.3 |
|
|
$ |
499.3 |
|
|
(5.8 |
%) |
|
|
|
$ |
1,578.0 |
|
|
(0.7 |
%) |
|
|
||
|
Adjusted EBITDA less P&E Additions(i) |
|
$ |
75.7 |
|
|
$ |
98.0 |
|
|
(22.8 |
%) |
|
(10.4 |
%) |
|
$ |
791.6 |
|
|
(21.4 |
%) |
|
(19.6 |
%) |
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|
|
|
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Cash provided by operating activities |
|
$ |
839.2 |
|
|
$ |
883.2 |
|
|
(5.0 |
%) |
|
|
|
$ |
2,165.9 |
|
|
(22.3 |
%) |
|
|
||
|
Cash used by investing activities |
|
$ |
(878.6 |
) |
|
$ |
(651.2 |
) |
|
(34.9 |
%) |
|
|
|
$ |
(1,845.0 |
) |
|
(242.3 |
%) |
|
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||
|
Cash used by financing activities |
|
$ |
(349.3 |
) |
|
$ |
(213.4 |
) |
|
(63.7 |
%) |
|
|
|
$ |
(692.4 |
) |
|
78.8 |
% |
|
|
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|
|
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Full Company Adjusted FCF |
|
$ |
527.6 |
|
|
$ |
439.1 |
|
|
20.2 |
% |
|
|
|
$ |
575.6 |
|
|
(50.0 |
%) |
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|
Full Company Distributable Cash Flow |
|
$ |
527.6 |
|
|
$ |
650.1 |
|
|
(18.8 |
%) |
|
|
|
$ |
1,390.8 |
|
|
(14.6 |
%) |
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______________________ |
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|
(i) |
As further described in footnote (ii) to the revenue table 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. As a result, from May 2023, proceeds from the licensing and related sale of products from our internally-developed software have been applied against the net book value of our existing internally-developed capitalized software until that balance is reduced to zero. Accordingly, during the three months and year ended December 31, 2023, revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions exclude the benefit of $35.5 million and $127.7 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. As of December 31, 2023, the net book value of our existing internally-developed software was reduced to zero. |
Customer Growth
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Three months ended |
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Year ended |
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December 31, |
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December 31, |
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2023 |
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2022 |
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2023 |
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2022 |
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Organic customer net additions (losses) by market |
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Sunrise |
(12,200 |
) |
|
2,800 |
|
|
(29,100 |
) |
|
(4,000 |
) |
|
Telenet(i) |
(12,600 |
) |
|
(5,900 |
) |
|
(61,900 |
) |
|
(23,500 |
) |
|
VM Ireland |
(3,900 |
) |
|
(2,900 |
) |
|
(18,300 |
) |
|
(10,700 |
) |
|
UPC Slovakia |
(900 |
) |
|
(700 |
) |
|
(5,200 |
) |
|
(6,300 |
) |
|
Total |
(29,600 |
) |
|
(6,700 |
) |
|
(114,500 |
) |
|
(44,500 |
) |
|
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VMO2 JV(ii) |
2,600 |
|
|
15,500 |
|
|
31,300 |
|
|
27,200 |
|
|
VodafoneZiggo JV(iii) |
(47,200 |
) |
|
(5,300 |
) |
|
(123,200 |
) |
|
(62,600 |
) |
|
______________________ |
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|
(i) |
The 2023 amounts include 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 ($3,471.7 million) and ($4,684.3 million) for the three months ended December 31, 2023 and 2022, respectively, and ($3,873.8 million) and $1,105.3 million for the years ended December 31, 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 (our T&I 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.
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Three months ended |
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Increase/(decrease) |
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Year ended |
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Increase/(decrease) |
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December 31, |
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|
December 31, |
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Revenue |
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2023 |
|
|
2022(i) |
|
Reported % |
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|
Rebased % |
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|
2023 |
|
|
2022(i) |
|
Reported % |
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|
Rebased % |
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|
in millions, except % amounts |
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|
|
|
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||||||||||||
|
Sunrise |
$ |
897.5 |
|
|
$ |
803.6 |
|
|
11.7 |
|
|
2.5 |
|
|
$ |
3,380.4 |
|
|
$ |
3,180.9 |
|
|
6.3 |
|
|
(0.2 |
) |
|
Telenet |
|
792.5 |
|
|
|
728.7 |
|
|
8.8 |
|
|
1.8 |
|
|
|
3,089.2 |
|
|
|
2,807.3 |
|
|
10.0 |
|
|
1.3 |
|
|
VM Ireland |
|
133.7 |
|
|
|
129.3 |
|
|
3.4 |
|
|
(1.8 |
) |
|
|
506.1 |
|
|
|
494.7 |
|
|
2.3 |
|
|
(0.4 |
) |
|
Central and Other(ii) |
|
160.7 |
|
|
|
239.7 |
|
|
(33.0 |
) |
|
(29.4 |
) |
|
|
775.7 |
|
|
|
959.9 |
|
|
(19.2 |
) |
|
(14.8 |
) |
|
Intersegment eliminations(iii) |
|
(63.9 |
) |
|
|
(59.4 |
) |
|
N.M. |
|
N.M. |
|
|
(260.0 |
) |
|
|
(247.1 |
) |
|
N.M. |
|
N.M. |
||||
|
Total |
$ |
1,920.5 |
|
|
$ |
1,841.9 |
|
|
4.3 |
|
|
(1.8 |
) |
|
$ |
7,491.4 |
|
|
$ |
7,195.7 |
|
|
4.1 |
|
|
(1.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
VMO2 JV(iv) |
$ |
3,516.1 |
|
|
$ |
3,214.5 |
|
|
9.4 |
|
|
(2.0 |
) |
|
$ |
13,574.1 |
|
|
$ |
12,857.2 |
|
|
5.6 |
|
|
— |
|
|
VodafoneZiggo JV(iv) |
$ |
1,153.5 |
|
|
$ |
1,047.3 |
|
|
10.1 |
|
|
4.5 |
|
|
$ |
4,450.5 |
|
|
$ |
4,284.6 |
|
|
3.9 |
|
|
1.2 |
|
|
______________________ |
|
|
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 19 to our 10-K, 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 until that balance was reduced to zero. Accordingly, during the three months and year ended December 31, 2023, revenue, Adjusted EBITDA and Adjusted EBITDA less P&E Additions exclude the benefit of $35.5 million and $127.7 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. As of December 31, 2023, the net book value of our existing internally-developed software was 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) |
|
|
Year ended |
|
Increase/(decrease) |
||||||||||||||||||||
|
|
December 31, |
|
|
December 31, |
|
||||||||||||||||||||||
|
Adjusted EBITDA |
|
2023 |
|
|
2022(i) |
|
Reported % |
|
|
Rebased % |
|
|
|
2023 |
|
|
2022(i) |
|
Reported % |
|
|
Rebased % |
|||||
|
|
in millions, except % amounts |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Sunrise |
$ |
287.4 |
|
|
$ |
247.5 |
|
|
16.1 |
|
|
5.6 |
|
|
$ |
1,148.5 |
|
|
$ |
1,097.8 |
|
|
4.6 |
|
|
(2.0 |
) |
|
Telenet |
|
326.5 |
|
|
|
316.7 |
|
|
3.1 |
|
|
(3.0 |
) |
|
|
1,315.2 |
|
|
|
1,299.6 |
|
|
1.2 |
|
|
(1.2 |
) |
|
VM Ireland |
|
46.7 |
|
|
|
41.7 |
|
|
12.0 |
|
|
6.1 |
|
|
|
181.4 |
|
|
|
183.6 |
|
|
(1.2 |
) |
|
(3.7 |
) |
|
Central and Other(ii) |
|
(99.4 |
) |
|
|
6.0 |
|
|
N.M. |
|
N.M. |
|
|
(214.7 |
) |
|
|
74.7 |
|
|
N.M. |
|
N.M. |
||||
|
Intersegment eliminations(iii) |
|
(15.2 |
) |
|
|
(14.6 |
) |
|
N.M. |
|
N.M. |
|
|
(60.8 |
) |
|
|
(60.3 |
) |
|
N.M. |
|
N.M. |
||||
|
Total |
$ |
546.0 |
|
|
$ |
597.3 |
|
|
(8.6 |
) |
|
(12.0 |
) |
|
$ |
2,369.6 |
|
|
$ |
2,595.4 |
|
|
(8.7 |
) |
|
(10.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
VMO2 JV(iv) |
$ |
1,195.7 |
|
|
$ |
1,047.0 |
|
|
14.2 |
|
|
6.6 |
|
|
$ |
4,531.3 |
|
|
$ |
4,562.2 |
|
|
(0.7 |
) |
|
3.4 |
|
|
VodafoneZiggo JV(iv) |
$ |
497.8 |
|
|
$ |
487.9 |
|
|
2.0 |
|
|
(3.2 |
) |
|
$ |
1,972.5 |
|
|
$ |
2,018.0 |
|
|
(2.3 |
) |
|
(4.8 |
) |
Contacts
Investor Relations
Michael Bishop +44 20 8483 6246
Corporate Communications
Bill Myers +1 303 220 6686
Matt Beake +44 20 8483 6428
