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UPC Holding Reports 2011 Results

UPC Holding B.V. (“UPC Holding”) is today providing selected , preliminary unaudited financial and operating results for the three months (“Q4”) and year ended December 31, 2011. UPC Holding is an indirectly owned subsidiary of Liberty Global, Inc. (“Liberty Global”) (NASDAQ: LBTYA, LBTYB and LBTYK). A copy of this press release will be posted to the Liberty Global website ( In addition, UPC Holding’s consolidated financial statements with the accompanying notes are expected to be posted prior to the end of March 2012.

Financial and operating highlights for the year ended December 31, 2011, as compared to the results for the same period last year (unless noted) include:
  • Organic RGU 1 additions increased 61% to 662,000 in 2011, including 240,000 in Q4
    • Highest annual and quarterly result since 2007
  • Revenue increased 7% to €4.01 billion, reflecting rebased 2 growth of 3%
  • Operating cash flow (“OCF”) 3 improved 9% to €1.93 billion, representing rebased growth of 4%
  • Operating income in 2011 increased by 22% year-over-year to €914 million
  • Capital expenditures as a percentage of revenue declined to 19.5% of revenue
  • Approximately 90% of consolidated third-party debt is due 2016 and beyond

Financial Results

For the three months and year ended December 31, 2011, our consolidated revenue increased 5% and 7% to €1.02 billion and €4.01 billion, respectively, as compared to the three months and year ended December 31, 2010. The revenue growth in both periods was largely due to a combination of organic growth and acquisitions, and for the year, revenue growth was also favorably impacted by foreign currency (“FX”) movements. Adjusting for FX movements and acquisitions, we realized 3% rebased revenue growth for both the three months and year ended December 31, 2011, respectively. Our 2011 rebased growth was predominantly driven by strong subscriber volumes in our advanced services of digital video, broadband internet and telephony, and was consistent with our reported 2010 rebased growth rate.

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