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Liberty Global Reports Second Quarter 2013 Results

Liberty Global plc (“Liberty Global,” or the “Company”) (NASDAQ: LBTYA, LBTYB and LBTYK), today announces financial and operating results for the three months (“Q2”) and six months (“YTD”) ended June 30, 2013. The results of operations of Virgin Media Inc. (“Virgin Media”) are included in our results for the 23 days following our acquisition of Virgin Media on June 7, 2013. Some of the information below concerning Virgin Media relates to periods prior to our ownership of the business. Highlights for Q2 2013 as compared to the same period for 2012 (unless noted) include:
  • Q2 RGU 2 additions of 229,000 (excluding Virgin Media)
  • Combined Q2 rebased 3 growth of 4% for revenue and Operating Cash Flow (“OCF”) 4
    • Liberty Global (excluding Virgin Media ) delivered Q2 rebased revenue and OCF growth of 5% and 4%, respectively
    • Virgin Media (standalone) realized Q2 rebased revenue growth of 1% and rebased OCF growth of 4%
  • Adjusted Free Cash Flow 5 increased 39% to $259 million
  • Share repurchases in excess of $300 million since mid-June 2013

Liberty Global’s President and CEO Mike Fries commented, “The highlight of our second quarter was the successful acquisition of Virgin Media. This transaction marks an important milestone in our efforts to consolidate what remains a very fragmented European cable market. Virgin Media significantly enhances both the scale of our business and our levered equity growth strategy.”

“Excluding the 23-day stub period for Virgin Media in Q2, we added roughly 600,000 RGUs on an organic basis in the first half of 2013, including 229,000 RGU additions in the seasonally slower second quarter. This volume growth helped propel YTD rebased revenue and OCF growth, excluding Virgin Media, of 6% and 4%, respectively. On a standalone basis for the full six months of 2013, Virgin Media generated rebased revenue and OCF growth of 2% and 6%, respectively, on the strength of its U.K. cable business.”

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