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Liberty Global Reports Fiscal 2012 Results

For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during 2012, we have adjusted our historical revenue and OCF for the three months and year ended December 31, 2011 to (i) include the pre-acquisition revenue and OCF of certain entities acquired during 2011 and 2012 in our rebased amounts for the three months and year ended December 31, 2011 to the same extent that the revenue and OCF of such entities are included in our results for the three months and year ended December 31, 2012, (ii) exclude the pre-disposition revenue and OCF of a small studio business that was disposed of at the beginning of 2012 from our rebased amounts for the three months and year ended December 31, 2011 and (iii) reflect the translation of our rebased amounts for the three months and year ended December 31, 2011 at the applicable average foreign currency exchange rates that were used to translate our results for the three months and year ended December 31, 2012. The acquired entities that have been included in whole or in part in the determination of our rebased revenue and OCF for the three months ended December 31, 2011 include Kabel BW, OneLink and five small entities in Europe. The acquired entities that have been included in whole or in part in the determination of our rebased revenue and OCF for the year ended December 31, 2011 include Kabel BW, Aster, OneLink and seven small entities in Europe. We have reflected the revenue and OCF of the acquired entities in our 2011 rebased amounts based on what we believe to be the most reliable information that is currently available to us (generally pre-acquisition financial statements), as adjusted for the estimated effects of (i) any significant differences between GAAP and local generally accepted accounting principles, (ii) any significant effects of acquisition accounting adjustments, (iii) any significant differences between our accounting policies and those of the acquired entities and (iv) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate non-recurring items or to give retroactive effect to any changes in estimates that might be implemented during post-acquisition periods. As we did not own or operate the acquired businesses during the pre-acquisition periods, no assurance can be given that we have identified all adjustments necessary to present the revenue and OCF of these entities on a basis that is comparable to the corresponding post-acquisition amounts that are included in our historical results or that the pre-acquisition financial statements we have relied upon do not contain undetected errors. The adjustments reflected in our rebased amounts have not been prepared with a view towards complying with Article 11 of Regulation S-X. In addition, the rebased growth percentages are not necessarily indicative of the revenue and OCF that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue and OCF that will occur in the future. The rebased growth percentages have been presented as a basis for assessing growth rates on a comparable basis, and are not presented as a measure of our pro forma financial performance. Therefore, we believe our rebased data is not a non-GAAP financial measure as contemplated by Regulation G or Item 10 of Regulation S-K.

In each case, the following tables present (i) the amounts reported by each of our reportable segments for the comparative periods, (ii) the U.S. dollar change and percentage change from period to period and (iii) the percentage change from period to period on a rebased basis:

Revenue  

Three months ended December 31,

 

Increase (decrease)

 

Increase (decrease)

2012   2011 $   % Rebased %
in millions, except % amounts
UPC/Unity Division:
Germany $ 615.4 $ 391.9 $ 223.5 57.0 13.0
The Netherlands 314.4 313.8 0.6 0.2 3.9
Switzerland 325.5 319.0 6.5 2.0 3.8
Other Western Europe   220.1     218.6     1.5   0.7   4.4  
Total Western Europe 1,475.4 1,243.3 232.1 18.7 7.6
Central and Eastern Europe 285.9 285.3 0.6 0.2 (0.9 )
Central and other   30.6     29.7     0.9   3.0    
Total UPC/Unity Division 1,791.9 1,558.3 233.6 15.0 6.1
Telenet (Belgium) 513.3 487.6 25.7 5.3 9.3
VTR Group (Chile) 248.3 214.6 33.7 15.7 7.6
Corporate and other 196.9 164.1 32.8 20.0
Intersegment eliminations   (20.2 )   (20.1 )   (0.1 ) (0.5 )  
Total $ 2,730.2   $ 2,404.5   $ 325.7   13.5   6.5  
 
 

Year ended December 31,

 

Increase (decrease)

 

Increase (decrease)

2012   2011 $   % Rebased %
in millions, except % amounts
UPC/Unity Division:
Germany $ 2,311.0 $ 1,450.0 $ 861.0 59.4 11.4
The Netherlands 1,229.1 1,273.4 (44.3 ) (3.5 ) 4.4
Switzerland 1,259.8 1,282.6 (22.8 ) (1.8 ) 3.8
Other Western Europe   848.4     893.3     (44.9 ) (5.0 ) 2.7  
Total Western Europe 5,648.3 4,899.3 749.0 15.3 6.7
Central and Eastern Europe 1,115.7 1,122.5 (6.8 ) (0.6 ) (0.6 )
Central and other   115.7     122.7     (7.0 ) (5.7 )  
Total UPC/Unity Division 6,879.7 6,144.5 735.2 12.0 5.4
Telenet (Belgium) 1,918.0 1,918.5 (0.5 ) 8.1
VTR Group (Chile) 940.6 889.0 51.6 5.8 6.4
Corporate and other 655.8 645.2 10.6 1.6
Intersegment eliminations   (83.3 )   (86.4 )   3.1   3.6    
Total $ 10,310.8   $ 9,510.8   $ 800.0   8.4   5.8  
 
Operating Cash Flow   Three months ended

December 31,

  Increase

(decrease)

  Increase

(decrease)

2012   2011 $   % Rebased %
in millions, except % amounts
UPC/Unity Division:
Germany $ 366.2 $ 227.0 $ 139.2 61.3 14.8
The Netherlands 191.9 185.3 6.6 3.6 7.5
Switzerland 185.2 178.9 6.3 3.5 5.5
Other Western Europe   110.0     100.7     9.3   9.2   13.1  
Total Western Europe 853.3 691.9 161.4 23.3 10.8
Central and Eastern Europe 144.9 134.9 10.0 7.4 6.2
Central and other   (46.5 )   (35.2 )   (11.3 ) (32.1 )  
Total UPC/Unity Division 951.7 791.6 160.1 20.2 9.0
Telenet (Belgium) 227.3 229.3 (2.0 ) (0.9 ) 3.0
VTR Group (Chile) 82.2 80.7 1.5 1.9 (4.9 )
Corporate and other   (6.8 )   (2.1 )   (4.7 ) N.M.  
Total $ 1,254.4   $ 1,099.5   $ 154.9   14.1   5.6  
 

Total (excluding VTR Wireless) 1

6.5  
 
  Year ended

December 31,

  Increase

(decrease)

  Increase

(decrease)

2012   2011 $   % Rebased %
in millions, except % amounts
UPC/Unity Division:
Germany $ 1,364.3 $ 863.7 $ 500.6 58.0 10.2
The Netherlands 737.1 755.3 (18.2 ) (2.4 ) 5.6
Switzerland 717.9 721.9 (4.0 ) (0.6 ) 5.2
Other Western Europe   407.7     418.7     (11.0 ) (2.6 ) 5.4  
Total Western Europe 3,227.0 2,759.6 467.4 16.9 7.4
Central and Eastern Europe 555.1 548.0 7.1 1.3 0.0
Central and other   (163.1 )   (140.5 )   (22.6 ) (16.1 )  
Total UPC/Unity Division 3,619.0 3,167.1 451.9 14.3 5.5
Telenet (Belgium) 940.7 967.0 (26.3 ) (2.7 ) 5.4
VTR Group (Chile) 314.2 341.2 (27.0 ) (7.9 ) (7.3 )
Corporate and other   (4.3 )   7.0     (11.3 ) N.M.  
Total $ 4,869.6   $ 4,482.3   $ 387.3   8.6   4.1  
 

Total (excluding VTR Wireless) 1

5.2  
 

N.M. - Not Meaningful.

Stock quotes in this article: LBTYA, LBTYB, LBTYK 

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