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Liberty Global Reports Fiscal 2012 Results

Stocks in this article: LBTYA LBTYB LBTYK

Net Earnings/Loss Attributable to LGI Stockholders

For the three months ended December 31, 2012, we reported a net loss attributable to LGI stockholders (“Net Loss”) of $331 million or $1.27 per basic and diluted share. This compares to a Net Loss of $435 million or $1.58 per basic and diluted share for the prior year period. The year-over-year improvement in our Net Loss resulted from, among other factors, better foreign currency transaction, operating income and income tax expense results that were only partially offset by adverse changes in the mark-to-market adjustments of our derivative instruments and higher interest expense.

For the year ended December 31, 2012, we reported net earnings attributable to LGI stockholders (“Net Earnings”) of $323 million or $1.21 per basic and diluted share, which includes the positive impact of a $924 million gain on the disposition of our Austar interest in the second quarter of 2012. For the corresponding 2011 period, we reported a Net Loss of $773 million or $2.93 per basic and diluted share.

Our basic and diluted per share calculations utilized weighted average common shares of 261 million and 267 million for the three months and year ended December 31, 2012. Furthermore, our 263 million shares outstanding at October 29, 2012 declined modestly to 257 million shares outstanding at February 8, 2013.

Capital Expenditures and Free Cash Flow

For the year ended December 31, 2012, we reported capital expenditures of $1.9 billion, reflecting a decline of $43 million from 2011. As a percentage of revenue, our capital expenditures decreased from 20.3% in 2011 to 18.3% in 2012. This annual decline was attributable in large part to our working capital efforts, as our non-cash vendor financing and capital lease arrangements were $170 million higher year-over-year. With respect to our additions to property and equipment, 14 we realized a 30 basis point decline to 22.1% of revenue in 2012 as compared to 2011, despite our stronger subscriber growth in 2012.

We generated $894 million of Free Cash Flow in 2012, reflecting an improvement of 33% compared to the prior year, due largely to the impact of the Kabel BW acquisition, improved working capital management, including the positive net impact of our vendor financing arrangements, and increased OCF generation. Our Adjusted FCF, which primarily excludes costs associated with our Chilean wireless project, was $1.0 billion for 2012, an increase of 31% year-over-year, well ahead of our guidance of mid-teens growth for the full year.

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