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UPC Holding Reports 2012 Results

Stocks in this article: LBTYA LBTYB LBTYK

UPC Holding B.V. (“UPC Holding”) is today providing selected, preliminary unaudited financial and operating information for the three months (“Q4”) and year ended December 31, 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 Liberty Global’s website ( www.lgi.com). In addition, UPC Holding’s consolidated financial statements with the accompanying notes are expected to be posted prior to the end of March 2013.

Financial and operating highlights for the year ended December 31, 2012, as compared to the results for the same period last year (unless noted), include:

  • Organic RGU 1 additions increased 7% to 711,000, including 222,000 in Q4
    • Highest annual RGU additions since 2007
  • Revenue increased 6% to €4.27 billion, representing rebased 2 growth of 3%
  • Operating cash flow (“OCF”) 3 improved 7% to €2.07 billion, reflecting rebased growth of 4%
    • Achieved Q4 rebased OCF growth of 6%
  • Operating income increased by 11% year-over-year to €1.0 billion
  • Capital expenditures as a percentage of revenue declined to 17%
  • Over 75% of consolidated third-party debt is due in 2017 and beyond

Financial Results

For the three months and year ended December 31, 2012, our consolidated revenue increased by 7% to €1.09 billion and 6% to €4.27 billion respectively, as compared to the corresponding prior year periods. Besides acquisitions, including Aster in Poland, and favorable foreign currency (“FX”) movements, our revenue growth for both periods primarily resulted from continued volume growth in RGUs. Neutralizing the impact of acquisitions and FX, we achieved year-over-year rebased revenue growth of 3% for both the three-month and full-year 2012 periods. For the last three years, our annual rebased revenue growth has consistently averaged 3%.

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