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UPC Holding Reports Second Quarter 2012 Results

UPC Holding B.V. (“UPC Holding”) is today providing selected, preliminary unaudited financial and operating information for the three months (“Q2”) ended June 30, 2012. UPC Holding is a wholly-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 ( www.lgi.com). In addition, UPC Holding’s unaudited condensed consolidated financial statements with the accompanying notes are expected to be posted prior to the end of August 2012.

Financial and operating highlights for the three months ended June 30, 2012, as compared to the results for the same period last year (unless noted), include:
  • Organic RGU 1 additions increased 47% to 168,000, the best second quarter since 2006
  • Revenue increased 6% to €1.05 billion, representing rebased 2 growth of 3%
  • Operating cash flow (“OCF”) 3 improved 6% to €503 million, reflecting rebased growth of 2%
  • Operating income increased by 5% year-over-year to €238 million
  • Capital expenditures as a percentage of revenue declined to 18% of revenue
  • Over 95% of consolidated third-party debt is due 2016 and beyond

Financial Results

We reported consolidated revenue of €1.05 billion and €2.10 billion for the three and six months ended June 30, 2012, respectively. These results reflect year-over-year increases of 6% and 7%, respectively, as compared to the corresponding prior year periods. Our revenue growth in each period reflects the positive contribution from acquisitions, principally Aster in Poland, which occurred in September of 2011, and continued organic growth, driven in part by the 1.5 million digital television, broadband internet and telephony services that we have added in the last twelve months. In addition, our reported results for both periods were helped by favorable foreign currency (“FX”) movements. When adjusting for both the impact of acquisitions and FX, we achieved rebased revenue growth of 3% for both the three- and six-month 2012 periods, as compared to the respective 2011 periods.

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