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UPC Holding Reports Second Quarter 2013 Results

UPC Holding B.V. (“UPC Holding”) is today providing selected, preliminary unaudited financial and operating information for the three months (“Q2”) and six months (“YTD”) ended June 30, 2013. UPC Holding is a wholly-owned subsidiary of Liberty Global plc (“Liberty Global”) (NASDAQ: LBTYA, LBTYB and LBTYK). A copy of this press release will be posted to Liberty Global’s website ( www.libertyglobal.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 2013.

Financial and operating highlights for the three and six months ended June 30, 2013, as compared to the results for the same periods last year (unless noted) include:

  • Organic RGU 1 additions of 232,000 YTD, including 69,000 for Q2
    • Ended Q2 with total RGUs of 18.8 million
    • Horizon TV subscribers in excess of 270,000 through July 2013
  • Generated Q2 and YTD revenue of €1.08 billion and €2.16 billion, respectively
    • Reflecting rebased 2 growth of 2% and 3%, respectively
  • Reported Operating Cash Flow (“OCF”) 3 of €501 million for Q2 and €1.01 billion YTD
    • Representing flat rebased growth for Q2 and 2% YTD
  • Operating income of €233 million and €504 million for Q2 and YTD, respectively
  • Strong and improved maturity profile with over 85% of consolidated third-party debt not due until 2019 or beyond

Financial Results

We reported consolidated revenue of €1.08 billion and €2.16 billion for the three and six months ended June 30, 2013, respectively. These results reflect year-over-year increases of 2% and 3%, respectively, as compared to the corresponding prior year periods. Growth for each period was supported by over 575,000 organic net RGU additions during the last twelve months, offset to a much lesser extent by negative foreign exchange (“FX”) movements. In terms of rebased revenue growth, which adjusts for both the impact of acquisitions and FX, we achieved year-over-year revenue growth of 2% and 3% for the three and six months ended June 30, 2013, respectively.

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