Liberty Global publie ses résultats pour l'année 2020 – Foot 2020

22

Nouvelles et recherches avant d'en entendre parler sur CNBC et autres. Réclamez votre essai gratuit d'une semaine pour StreetInsider Premium ici.


Acquisition de Sunrise clôturée mi-novembre1

La joint-venture britannique avec O2 de Telefonica est sur le point de se fermer mi-20212

Tous les objectifs d'orientation 2020 atteints ou dépassés

La pénétration de FMC atteint 28% alors que la stratégie de convergence continue de porter ses fruits

Racheté 9% des actions en circulation en 2020 à ~ 19 $ l'action

DENVER, Colorado – (BUSINESS WIRE) –
Liberty Global (NASDAQ: LBTYA, LBTYB et LBTYK):

Liberty Global (activités poursuivies)

cumul à ce jour

2020

YoY

Opérations
Ajouts de clients organiques

81 200

+155 100
Le réseau à large bande organique ajoute

241 500

+163 000
Ajout de réseaux postpayés mobiles organiques

512 900

+16 900
Convergence mobile fixe (a)

28,3%

2,7%

Financier (en millions, sauf pourcentages)
Revenu tel que rapporté

11 980,1 $

3,8%

Revenus de base3

11 980,1 $

(1,5%)

Impact du COVID sur les revenus4

~ 200,0 USD

(1,8%)

Perte liée aux activités poursuivies

(1 466,7 $)

(4,1%)

EBITDA ajusté recalculé3

4 895,6 $

(3,9%)

Ajouts P&E

2 695,3 $

(6,4%)

OFCF3 rebasé

2 200,3 USD

4,9%

Trésorerie provenant des activités opérationnelles (b)

4 185,8 $

12,7%

FCF ajusté (c)

1 069,8 USD

38,9%

NASDAQ: LBTYA | LBTYB | LBTYK

(a) Croissance annuelle FMC présentée sur une base rebasée.
(b) Comme indiqué, les flux de trésorerie liés aux activités d'investissement et de financement pour l'exercice clos le 31 décembre 2020 étaient de (8 874,0 millions de dollars) et 1 083,6 millions de dollars, respectivement.
(c) Le taux de croissance du FCF ajusté en glissement annuel est basé sur le FCF pro forma 2019, qui supposait que la vente de nos activités abandonnées en Allemagne, Hongrie, Roumanie, République tchèque et nos activités DTH avait été finalisée le 1er janvier 2019.

Liberty Global plc a annoncé aujourd'hui ses résultats financiers annuels. Nos anciennes activités en Allemagne, en Hongrie, en Roumanie et en République tchèque, ainsi que nos activités DTH (collectivement, les «activités abandonnées») sont présentées comme des activités abandonnées pour l'exercice clos le 31 décembre 2019. Sauf indication contraire, les informations contenues dans ce la libération ne concerne que nos activités poursuivies. À compter de nos résultats financiers du deuxième trimestre de 2020, nous avons cessé d'utiliser le terme «flux de trésorerie d'exploitation» («OCF») et l'avons remplacé par «EBITDA ajusté». Tel que nous définissons le terme, l'EBITDA ajusté a le même sens qu'OCF avait précédemment, et n'a donc pas d'incidence sur les montants précédemment déclarés.

Le PDG Mike Fries a déclaré: «2020 a été une année de transformation au cours de laquelle nous avons annoncé des transactions hautement rentables en Suisse et au Royaume-Uni, créant des champions du fixe-mobile sur deux de nos principaux marchés et débloquant près de 11 milliards de dollars de synergies en VAN. En Suisse, nous avons validé le plan de synergie Sunrise UPC, annoncé l'équipe de direction et l'intégration de l'entreprise est bien engagée.

Dans le même temps, nous faisons des progrès très positifs avec le régulateur britannique sur la joint-venture entre Virgin Media et O2 de Telefonica, et continuons d’anticiper une clôture mi-21.

Alors que nous continuons à naviguer dans la pandémie, nos réseaux riches en fibres ont plus que relevé le défi, offrant une connectivité haut débit qui s'est avérée de plus en plus essentielle dans la vie de nos clients et de nos communautés. La demande pour nos produits haut débit et convergés reste forte, et nous avons ajouté 56 000 nouvelles relations clients au quatrième trimestre et un total de 81 000 en 2020. Nous avons constaté une réduction substantielle du taux de désabonnement sur tous nos marchés et atteint un niveau record chez Virgin Media. En outre, nous avons continué d'étendre et d'améliorer la portée de notre réseau avec la construction de 561 000 nouveaux logements l'année dernière, et nous commercialisons désormais des services haut débit de 1 Go dans plus de 20 millions de locaux sur l'ensemble de notre empreinte paneuropéenne.

Notre stratégie de convergence continue de gagner du terrain sur tous nos marchés clés. En 2020, nous avons ajouté 242 000 abonnés haut débit, et au quatrième trimestre, Virgin Media et UPC Suisse ont réalisé leurs meilleures offres haut débit depuis 2017. En plus de nos solides tendances en matière de téléphonie fixe, nous avons ajouté 513 000 abonnés mobiles postpayés en 2020, avec Virgin Media voir des ajouts records pour toute l'année. Les taux de pénétration de FMC continuent de s'améliorer dans toutes les opérations, une situation gagnant-gagnant pour nous et nos clients alors que nous partageons les avantages de la convergence.

Malgré l'impact du virus COVID-19, nous avons pu atteindre ou dépasser toutes les mesures d'orientation en 2020. Les revenus de Rebased3 ont diminué de 1,5%, y compris des impacts COVID négatifs d'environ 2%, principalement en raison de la baisse des revenus B2B et de la perte de sports premium teneur. Comme prévu, l'EBITDA ajusté rebasé a baissé de 4% au cours de l'année, y compris l'impact des coûts de capture5 de 17 millions de dollars en Suisse et au Royaume-Uni, tandis que l'OFCF rebasé a augmenté de 5%, reflétant la croissance sous-jacente dans la plupart des marchés. Nos efforts continus pour réduire notre intensité de capital, qui reste inférieure à 20% hors Project Lighting, nous ont aidés à générer 1,1 milliard de dollars de flux de trésorerie disponibles ajustés en 2020, légèrement en avance sur les prévisions.

Tout au long de l'année, nous avons été des acheteurs actifs de nos actions, retirant 9% de nos actions en circulation à un prix moyen d'environ 19 $ l'action. Nous poursuivrons notre programme de rachat via l'autorisation actuelle de 1 milliard de dollars, réduisant simultanément notre nombre d'actions tout en générant un flux de trésorerie disponible ajusté nettement plus élevé en 2021. Notre bilan reste en cours avec 3,3 milliards (i) de trésorerie et 6,2 milliards de dollars de liquidités5 à fin d’année pour stimuler la création de valeur future.

À l'horizon 2021 (ii), nous prévoyons de modestes augmentations de revenus rebasés sur nos quatre plus grands marchés (Royaume-Uni, CH, NL, BE), la croissance de la clientèle, les augmentations de prix et les services B2B poursuivant la dynamique de 2020. Alors que nous clôturons la transaction au Royaume-Uni. et accélérer l'intégration de Sunrise UPC en Suisse, nous engagerons des coûts substantiels pour capter les synergies anticipées qui pèseront sur notre EBITDA ajusté rebasé et sur la performance de l'OFCF rebasée. Malgré ces investissements dans la croissance future, nous prévoyons toujours une augmentation de 25% du flux de trésorerie disponible ajusté consolidé à 1,35 milliard de dollars pour l'ensemble de l'année 2021 et une augmentation encore plus importante du flux de trésorerie disponible ajusté par action alors que nous mettons en œuvre notre programme de rachat de 1 milliard de dollars.

(je)

Y compris les montants détenus dans des comptes gérés séparément (SMA).

(ii)

Le revenu de base et le flux de trésorerie disponible ajusté sont des mesures non conformes aux PCGR, voir le glossaire pour les définitions. Les rapprochements quantitatifs avec les flux de trésorerie liés aux activités d'exploitation pour nos prévisions FCF ajustées ne peuvent être fournis sans des efforts déraisonnables, car nous ne prévoyons pas de changements spécifiques du fonds de roulement ayant un impact sur les flux de trésorerie liés aux activités d'exploitation. Les éléments que nous ne prévoyons pas peuvent varier considérablement d'une période à l'autre. Les chiffres indicatifs absolus en dollars américains pour l'année complète sont basés sur des taux de change de 1,23 EUR / USD, 1,36 GBP / USD et 1,12 CHF / USD.

Faits saillants de l'année et du quatrième trimestre

  • Les revenus de l'exercice ont augmenté de 3,8% sur une base publiée et ont diminué de 1,5% sur une base rebasée3 à 11980,1 millions de dollars

    • Le chiffre d'affaires du T4 a augmenté de 14,9% sur une base publiée et a diminué de 0,5% sur une base révisée à 3426,9 millions de dollars

  • La perte de l'exercice des activités poursuivies a augmenté de 4,1% en glissement annuel à 1466,7 millions de dollars

    • La perte du T4 liée aux activités poursuivies a diminué de 25,4% en glissement annuel à 1007,0 millions de dollars

  • Le BAIIA ajusté de l'exercice a augmenté de 0,7% sur une base publiée et a diminué de 3,9% sur une base révisée à 4895,6 millions de dollars

    • Le BAIIA ajusté du quatrième trimestre a augmenté de 5,8% sur une base publiée et a diminué de 6,2% sur une base révisée à 1347,6 millions de dollars

  • Les acquisitions d'immobilisations corporelles au T4 représentent 23,2% du chiffre d'affaires, contre 28,2% au T4 2019

  • La pénétration des FMC est passée de 23% à 28% au quatrième trimestre 2019, les ventes postpayées et haut débit ayant toutes deux enregistré des niveaux records au quatrième trimestre 2020

  • Construit 154000 nouveaux locaux au quatrième trimestre, dont 115000 au Royaume-Uni et en Irlande

  • Bilan solide avec 6,2 milliards de dollars de liquidités6 pour la société au complet7

    • Comprend 1,3 milliard de dollars de liquidités, 2,0 milliards de dollars d'investissements détenus dans le cadre de SMA et 2,9 milliards de dollars de capacité d'emprunt inutilisée8

  • Effet de levier brut et net8 de 5,8x et 5,1x, respectivement, sur la base de l'entreprise complète

  • Coût d'emprunt entièrement swap de 4,2% sur un solde de dette de 31,3 milliards de dollars pour l'ensemble de la société

  • Racheté 1,1 milliard de dollars d'actions en 2020

Liberty Global (activités poursuivies)

T4 2020

Changement annuel (signalé)

Changement annuel (rebasé)

YTD 2020

Changement annuel (signalé)

Changement annuel (rebasé)

Clients

Ajouts de clients organiques

55 900

319,2

%

81 200

209,9

%

Financier (en millions, sauf pourcentages)

Revenu

$

3 426,9

14,9

%

(0,5

%)

$

11 980,1

3,8

%

(1,5

%)

Perte liée aux activités poursuivies

$

(1 007,0)

25,4

%

$

(1 466,7)

(4,1

%)

EBITDA ajusté

$

1 347,6

5,8

%

(6,2

%)

$

4 895,6

0,7

%

(3,9

%)

Ajouts P&E

$

795,2

(5,4

%)

(16,3

%)

$

2 695,3

(6,4

%)

(9,7

%)

OFCF

$

552,4

27,5

%

14,6

%

$

2 200,3

11.2

%

4,9

%

Trésorerie provenant des activités d'exploitation

$

1 493,5

%

$

4 185,8

12,7

%

Trésorerie utilisée par les activités d'investissement

$

(4 701,5)

(1 652,3

%)

$

(8 874,0)

(193,0

%)

Trésorerie provenant des activités de financement

$

735,4

250,9

%

$

1 083,6

115,7

%

FCF ajusté

$

528,1

(31,8

%)

$

1 069,8

38,9

%(une)

(a) Le taux de croissance du FCF ajusté en glissement annuel est basé sur le FCF pro forma 2019, qui supposait que la vente de nos activités abandonnées en Allemagne, Hongrie, Roumanie, République tchèque et nos activités DTH avait été finalisée le 1er janvier 2019.

Croissance de la clientèle

Trois mois terminés

Année terminée

Le 31 décembre,

Le 31 décembre,

2020

2019

2020

2019

Ajouts (pertes) nets de clients organiques par marché

Royaume-Uni / Irlande

41 700

(9 400

)

101 800

7 100

Belgique

(1 000

)

(6 900

)

(14 500

)

(42 900

)

la Suisse

(5 800

)

(22 700

)

(44 900

)

(73 600

)

CEE (Pologne et Slovaquie).

21 000

13 500

38 800

35 500

Total

55 900

(25 500

)

81 200

(73 900

)

  • Relations clients: Au cours du quatrième trimestre, nous avons gagné 56000 relations clients, contre une perte de 26000 l'année précédente, ce qui représente notre meilleure performance d'un trimestre à l'autre pour nos opérations consolidées au cours des 5 dernières années, principalement grâce à notre stratégie de convergence
  • Royaume-Uni / Irlande: Virgin Media a gagné 42000 relations clients au quatrième trimestre, contre une perte de 9000 au quatrième trimestre 2019, alors que la demande pour nos forfaits haut débit supérieurs augmentait, tant sur notre empreinte historique que sur nos nouvelles constructions, et sur notre suite d'initiatives pour aider les clients à traverser la pandémie conduit à une amélioration du NPS et à un taux de désabonnement record en 2020
  • Belgique: Telenet a perdu 1000 relations clients au T4, ce qui représente une amélioration par rapport à une perte de 7000 au T4 2019, principalement en raison de la forte croissance de la base d'abonnés FMC
  • la Suisse: Attrition de 6 000 clients au T4, UPC Suisse ayant perdu 12 000 clients contre 23 000 au T4 2019, tandis que Sunrise a ajouté 6 000 clients dans la période suivant l'acquisition
  • CEE (Pologne et Slovaquie): CEE a ajouté 21000 relations clients au T4 2020 et 14000 au T4 2019, grâce à de fortes ventes en Pologne

Faits saillants des revenus

Le tableau suivant présente (i) les produits de chacun de nos secteurs isolables consolidés pour les périodes comparatives et (ii) la variation en pourcentage d'une période à l'autre, à la fois sur une base présentée et rebasée:

Trois mois terminés

Augmentation Diminution)

Année terminée

Augmentation Diminution)

Le 31 décembre,

Le 31 décembre,

Revenu

2020

2019

Signalé %

Rebasé%

2020

2019

Signalé %

Rebasé%

en millions, sauf pour les montants en%

Royaume-Uni / Irlande

$

1 766,5

$

1 715,1

3.0

$

6 588,4

$

6 600,3

(0,2

)

(0,9

)

Belgique

793,7

746,0

6,4

(0,9

)

2 940,9

2 893,0

1,7

(2,0

)

la Suisse

642,9

316,1

103,4

(2,6

)

1 573,8

1 258,8

25,0

(4,5

)

CEE

127,4

120,0

6.2

3.0

486,9

475,4

2,4

3,5

Central et Corporate

97,6

85,0

14,8

4.7

394,4

316,4

24,7

(3,0

)

Éliminations intersectorielles

(1,2

)

N.M.

N.M.

(4,3

)

(2,4

)

N.M.

N.M.

Total

$

3 426,9

$

2 982,2

14,9

(0,5

)

$

11 980,1

$

11 541,5

3,8

(1,5

)

______________________

N.M. – Sans signification

  • Le chiffre d'affaires publié pour les trois mois et l'exercice clos le 31 décembre 2020 a augmenté de 14,9% et 3,8% en glissement annuel, respectivement

    • Les augmentations sont principalement dues à l'impact (i) de l'acquisition de Sunrise, (ii) des mouvements de change positifs («FX»), principalement liés au renforcement de la livre sterling, de l'euro et du franc suisse par rapport au dollar américain et ( iii) contraction organique des revenus

  • Le chiffre d'affaires rebasé a diminué de 0,5% au T4 et de 1,5% depuis le début de l'année, notamment:

    • Pour la période YTD, une baisse défavorable de plus de 200 millions de dollars4 liée aux impacts du COVID-19, principalement due à (i) la baisse des revenus B2B, (ii) la perte de contenu sportif premium, (iii) la baisse des revenus de diffusion et (iv) la baisse revenus d'interconnexion et d'itinérance mobile, notamment:

      • Pour la période YTD, une baisse défavorable d'environ 28 millions de dollars au Royaume-Uni / Irlande associée à la perte de contenu de programmation exclusif en raison de la pandémie COVID-19, principalement aux deuxième et troisième trimestres de 2020, comprenant (i) les crédits accordés à certains clients et (ii) l'impact estimé de la résiliation par certains clients de leurs abonnements sportifs premium

  • Pour la période YTD, l'impact favorable de 20,3 millions de dollars au Royaume-Uni et en Irlande est lié à la libération des revenus reportés sur les combinés liés à la vente de créances sur les combinés. Des dépenses correspondantes ont été engagées, ce qui a eu un impact neutre sur l'EBITDA ajusté

  • Baisse des revenus liés aux notifications de contrats réglementés

  • Impacts défavorables de 2,2 millions de dollars et 7,5 millions de dollars respectivement pour le quatrième trimestre et l'exercice cumulatif, liés aux revenus comptabilisés par Virgin Media en 2019 dans le cadre de la vente de droits sur les paiements de commissions futurs sur les contrats d'assurance des combinés des clients

Croissance des revenus repensée T4 2020 – Faits saillants du segment

  • Royaume-Uni / Irlande: Le chiffre d'affaires recalé est resté stable en glissement annuel au T4 en raison d'une hausse des revenus B2B compensée par une baisse des revenus du câble résidentiel, comprenant l'effet net de (i) une augmentation des clients fixe compensée par une baisse de l'ARPU client fixe, (ii ) augmentation des revenus de gros et (iii) croissance continue des clients SOHO
  • Belgique: Les revenus de base ont baissé de 0,9% en glissement annuel au T4 en raison de l'effet net de (i) la baisse des revenus d'interconnexion et d'itinérance, (ii) la baisse des revenus liés aux combinés, (iii) la hausse des revenus d'abonnement B2B en raison d'une augmentation des clients SOHO et (iv) une baisse des revenus vidéo principalement due à une diminution des clients
  • la Suisse: Le chiffre d'affaires rebasé a baissé de 2,6% en glissement annuel au T4, principalement en raison de l'effet net (i) de la baisse des revenus d'abonnement des consommateurs en raison des pertes de clients et de la pression de l'ARPU et (ii) d'une augmentation des revenus mobiles tirée par une augmentation des abonnés
  • CEE (Pologne et Slovaquie): Les revenus de base ont augmenté de 3,0% en glissement annuel au T4, principalement en raison d'une augmentation des revenus d'abonnement au câble résidentiel grâce à un volume de clients plus élevé
  • Central et Corporate: Les revenus de base ont augmenté de 4,7% en glissement annuel au quatrième trimestre, principalement en raison de la hausse des ventes de CPE à VodafoneZiggo JV

Perte liée à la poursuite des activités

  • La perte liée aux activités poursuivies était de 1007,0 millions de dollars et de 1349,7 millions de dollars pour les trois mois terminés les 31 décembre 2020 et 2019, respectivement, et de 1466,7 millions de dollars et de 1409,0 millions de dollars pour les exercices clos les 31 décembre 2020 et 2019, respectivement

  • Les variations de notre perte liée aux activités poursuivies sont principalement attribuables à l'effet net de (i) la diminution des amortissements, (ii) de l'augmentation des pertes sur transactions en devises, nettes, (iii) de l'augmentation des pertes réalisées et non réalisées sur les instruments dérivés, net, (iv) variations des avantages (charges) d'impôt sur les bénéfices, (v) diminutions des intérêts débiteurs, (vi) augmentations de la part des résultats des sociétés affiliées, net, (vii) variations des gains (pertes) réalisés et non réalisés en raison des changements des justes valeurs de certains placements et de la dette, nette, et (viii) des augmentations du BAIIA ajusté, comme décrit plus en détail ci-dessous

Faits saillants du BAIIA ajusté

Le tableau suivant présente (i) le BAIIA ajusté (*) de chacun de nos secteurs à présenter consolidés pour les périodes comparatives et (ii) la variation en pourcentage d'une période à l'autre sur une base publiée et rebasée:

Trois mois terminés

Augmentation Diminution)

Année terminée

Augmentation Diminution)

Le 31 décembre,

Le 31 décembre,

EBITDA ajusté

2020

2019

Signalé %

Rebasé%

2020

2019

Signalé %

Rebasé%

en millions, sauf pour les montants en%

Royaume-Uni / Irlande

$

697,1

$

763,0

(8,6

)

(11,1

)

$

2 672,4

$

2 800,5

(4,6

)

(5,0

)

Belgique

360,3

339,1

6.3

(1,1

)

1 413,4

1 386,1

2.0

0,2

la Suisse

254,4

151,6

67,8

(7,9

)

693,8

627,9

10,5

(10,5

)

CEE

54,6

52,5

4.0

1.2

215,6

215,0

0,3

1,5

Central et Corporate

(18,8

)

(32,4

)

42,0

50,2

(99,6

)

(171,1

)

41,8

10,3

Éliminations intersectorielles

N.M.

N.M.

1.1

N.M.

N.M.

Total

$

1 347,6

$

1 273,8

5,8

(6,2

)

$

4 895,6

$

4 859,5

0,7

(3,9

)

______________________

N.M. – Sans signification

(*) L'EBITDA ajusté consolidé est une mesure non conforme aux PCGR, ce qui, à notre avis, est une mesure significative car elle représente une vue transparente de notre performance opérationnelle récurrente qui n'est pas affectée par notre structure du capital et permet à la direction de visualiser facilement les tendances opérationnelles d'une vue consolidée . Les investisseurs doivent considérer le BAIIA ajusté consolidé comme un supplément, et non un substitut, du bénéfice ou de la perte des activités poursuivies et des autres mesures du rendement selon les PCGR américains. Pour plus d'informations sur notre mesure du BAIIA ajusté, y compris un rapprochement avec le bénéfice (la perte) des activités poursuivies, voir le glossaire.

  • L'EBITDA ajusté publié pour les trois mois et l'exercice clos le 31 décembre 2020 a augmenté de 5,8% et 0,7% en glissement annuel, respectivement

  • L'EBITDA ajusté recalé a baissé de 6,2% et 3,9% pour les trois mois et l'exercice clos le 31 décembre 2020, respectivement, y compris:

    • Les impacts mentionnés ci-dessus de certains éléments de revenus, comme indiqué dans la section «Faits saillants des revenus» ci-dessus

    • L'année en cours suivante a un impact:

      • Pour la période YTD, un impact défavorable associé à des coûts de capture5 de 17 millions de dollars en Suisse et au Royaume-Uni.

      • Réduction des coûts de 5,9 millions de dollars et de 52,0 millions de dollars respectivement pour le quatrième trimestre et l'année en cours au Royaume-Uni et en Irlande liés aux crédits globaux ou aux remises reçues en 2020 en raison de la perte de contenu de programmation exclusif en raison de la pandémie COVID-19, qui compensent généralement les revenus négatifs impacts au Royaume-Uni / Irlande résultant de la pandémie COVID-19

      • Augmentation défavorable des taxes sur les réseaux de 3,5 millions de dollars et de 20,1 millions de dollars pour le quatrième trimestre et le cumul annuel, respectivement, à la suite d'une augmentation de la valeur imposable de nos réseaux britanniques, qui est mise en œuvre progressivement sur une période de six ans se terminant en 2022

      • Pour la période cumulative, des coûts plus élevés défavorables au Royaume-Uni et en Irlande associés à une charge de 15,9 millions de dollars enregistrée au T3 en lien avec la réévaluation de certains éléments liés aux années précédentes

      • Réduction des coûts des centres d'appels au Royaume-Uni et en Irlande, principalement en raison des verrouillages au cours des deuxième et troisième trimestres de 2020 associés à la pandémie COVID-19, qui ont empêché certains services contractuels externalisés d'être exécutés

    • Les impacts 2019 suivants:

      • Pour la période YTD, des coûts d'indemnités de départ inférieurs au Royaume-Uni et en Irlande de 6,3 millions de dollars associés aux révisions de notre modèle opérationnel et à une diminution des ETP en 2019

      • Pour la période YTD, une baisse favorable des frais de personnel dans le Centre et le Corporate liée à une prime en espèces de 5,0 millions de dollars au T2 2019 associée au renouvellement d'un contrat de travail de cadre existant à des conditions similaires

EBITDA ajusté retraité T4 2020 – Faits saillants du segment

  • Royaume-Uni / Irlande: L'EBITDA ajusté recalculé a diminué de 11,1% en glissement annuel au quatrième trimestre en raison d'une comparaison très solide de l'année précédente, des impacts susmentionnés sur les revenus des notifications de contrats réglementés, de nos investissements dans la transformation numérique et des coûts d'exploitation avant la fusion pour capturer 6,7 millions de dollars ainsi que le coût suivant augmente (i) une augmentation à court terme des dépenses liées à l'internalisation et à l'étalement plus de service à la clientèle, (ii) l'échelonnement des coûts de marketing tout au long de l'année, (iii) l'augmentation des coûts de programmation, (iv) des taxes de réseau plus élevées et (v) ) des coûts plus élevés associés aux règlements de notification de contrat susmentionnés
  • Belgique: L'EBITDA ajusté recalculé a diminué de 1,1% en glissement annuel au T4, principalement en raison (i) de la baisse des revenus susmentionnée, (ii) de la baisse des frais d'interconnexion et d'itinérance et (iii) de la baisse des coûts liés à la main-d'œuvre et aux services professionnels externalisés
  • la Suisse: L'EBITDA ajusté recalculé a diminué de 7,9% en glissement annuel au T4, principalement en raison (i) de la perte susmentionnée des revenus d'abonnement des consommateurs et (ii) des coûts avant la fusion pour capturer 10,4 millions de dollars, partiellement compensés par la baisse des coûts de programmation
  • CEE (Pologne et Slovaquie): L'EBITDA ajusté rebasé a augmenté de 1,2% sur un an au quatrième trimestre, en grande partie grâce à une augmentation des dépenses de programmation et commerciales

Faits saillants de l'OFCF

Le tableau suivant présente (i) l'OFCF de chacun de nos secteurs isolables consolidés pour les périodes comparatives et (ii) la variation en pourcentage d'une période à l'autre sur une base publiée et rebasée:

Trois mois terminés

Augmentation Diminution)

Année terminée

Augmentation Diminution)

Le 31 décembre,

Le 31 décembre,

OFCF

2020

2019

Signalé %

Rebasé%

2020

2019

Signalé %

Rebasé%

en millions, sauf pour les montants en%

Royaume-Uni / Irlande

$

294,1

$

313,5

(6,2

)

(8,5

)

$

1 239,7

$

1 222,5

1,4

1.1

Belgique

221,8

193,5

14,6

7,0

899,8

848,9

6,0

4.3

la Suisse

133,4

80,9

64,9

7,1

391,0

350,0

11,7

(4,0

)

CEE

18,4

11,7

57,3

53,8

110,1

108,0

1,9

4.3

Central et Corporate

(115,3

)

(166,2

)

30,6

35,9

(440,3

)

(551,5

)

20,2

10,8

Éliminations intersectorielles

N.M.

N.M.

1.1

N.M.

N.M.

Total

$

552,4

$

433,4

27,5

14,6

$

2 200,3

$

1 979,0

11.2

4,9

______________________

N.M. – Sans signification

Bénéfice net (perte) attribuable aux actionnaires de Liberty Global

  • Le bénéfice net attribuable aux actionnaires de Liberty Global était de (1030,5 millions de dollars) et (1386,5 millions de dollars) pour les trois mois clos les 31 décembre 2020 et 2019, respectivement, et de (1628,0 millions de dollars) et 11521,4 millions de dollars pour l'exercice clos le 31 décembre 2020 et 2019, respectivement

Effet de levier et liquidité

  • Montant total de la dette et des contrats de location-financement: 31,3 milliards de dollars pour la société au complet
  • Ratios de levier9: Au 31 décembre 2020, nos ratios de levier financier brut et net ajustés étaient de 5,8x et 5,1x, respectivement, sur la base de l'entreprise complète
  • Ténor moyen de la dette10: Plus de 7 ans, avec ~ 84% non échu avant 2026 ou par la suite sur la base de l'entreprise à part entière
  • Coûts d'emprunt: Le coût de la dette mixte, entièrement swap, était de 4,2% pour la société complète
  • Liquidité6: 6,2 milliards de dollars sur la base de la société à part entière, y compris (i) 1,3 milliard de dollars de trésorerie au 31 décembre 2020, (ii) 2,0 milliards de dollars d'investissements détenus en vertu de SMA et (iii) 2,9 milliards de dollars de capacité d'emprunt totale inutilisée6 au titre de nos facilités de crédit

Déclarations prospectives et avis de non-responsabilité

Ce communiqué de presse contient des déclarations prospectives au sens de la Private Securities Litigation Reform Act de 1995, y compris des déclarations concernant nos stratégies, nos perspectives de croissance et nos opportunités futures; les attentes à l'égard de la transaction annoncée au Royaume-Uni, y compris les questions réglementaires connexes et le calendrier prévu de son achèvement, ainsi que les avantages prévus, y compris les synergies; les attentes concernant l'acquisition de Sunrise en Suisse et les avantages attendus de celle-ci, y compris les synergies; les attentes concernant les coûts de capture; les attentes concernant notre performance financière, y compris le revenu rebasé, le BAIIA ajusté rebasé, l'OFCF rebasé et le FCF ajusté; les attentes concernant notre programme de rachat d'actions et ses impacts; la solidité de notre bilan (y compris la trésorerie et la position de liquidité), la teneur de notre dette envers les tiers, la capacité d'emprunt prévue; et d'autres informations et déclarations qui ne sont pas des faits historiques. Ces déclarations prospectives impliquent certains risques et incertitudes qui pourraient faire en sorte que les résultats réels diffèrent sensiblement de ceux exprimés ou sous-entendus par ces déclarations. Ces risques et incertitudes incluent des événements indépendants de notre volonté, tels que l'utilisation continue par les abonnés et les abonnés potentiels de nos services et de nos affiliés et leur volonté de passer à nos offres plus avancées; notre capacité et celle de nos affiliés à relever les défis de la concurrence, à gérer un changement technologique rapide ou à maintenir ou augmenter les tarifs des abonnés ou à répercuter les coûts accrus sur les abonnés; l'impact potentiel continu de l'épidémie de COVID-19 sur notre entreprise; les effets des changements de lois ou de règlements; les effets de la sortie du Royaume-Uni de l'UE; facteurs économiques généraux; notre capacité et celle de nos sociétés affiliées à obtenir l’approbation réglementaire et à satisfaire aux conditions réglementaires associées aux acquisitions et aux dispositions; notre capacité et celle de nos affiliés d'acquérir et d'intégrer avec succès de nouvelles entreprises et de réaliser les gains d'efficacité prévus des entreprises acquises; la disponibilité d'une programmation attrayante pour nos services vidéo et ceux de nos affiliés et les coûts associés à cette programmation; notre capacité et celle de nos affiliés à atteindre les objectifs financiers et opérationnels prévus; l'issue de tout litige en cours ou menacé; la capacité de nos sociétés d'exploitation et de nos sociétés affiliées à accéder aux liquidités de leurs filiales respectives; l'impact des performances financières futures de nos sociétés d'exploitation et de nos sociétés affiliées, ou des conditions du marché en général, sur la disponibilité, les conditions et le déploiement des capitaux; les fluctuations des taux de change et des taux d'intérêt; the ability of suppliers, vendors and contractors to timely deliver quality products, equipment, software, services and access; our and our affiliates’ ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-K. These forward-looking statements speak only as of the date of this release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

About Liberty Global

Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is one of the world’s leading converged video, broadband and communications companies, with operations in seven European countries under the consumer brands Virgin Media, Telenet, UPC, the combined Sunrise UPC, as well as VodafoneZiggo, which is owned through a 50/50 joint venture. Our substantial scale and commitment to innovation enable us to invest in the infrastructure and digital platforms that empower our customers to make the most of the digital revolution.

Liberty Global delivers market-leading products through next-generation networks that connect customers subscribing to 49 million broadband, video, fixed and mobile telephony services across our brands. We also have significant investments in ITV, All3Media, CANAL+ Polska, LionsGate, the Formula E racing series and several regional sports networks.

Balance Sheets, Statements of Operations and Statements of Cash Flows

The consolidated balance sheets, statements of operations and statements of cash flows of Liberty Global are in our 10-K.

Rebase Information

Rebase growth percentages, which are non-GAAP measures, are presented as a basis for assessing growth rates on a comparable basis. For purposes of calculating rebased growth rates on a comparable basis for all businesses that we owned during 2020, we have adjusted our historical revenue, Adjusted EBITDA and OFCF for the three months and year ended December 31, 2019 to (i) include the pre-acquisition revenue, Adjusted EBITDA and P&E additions of entities acquired during 2020 and 2019 in our rebased amounts for the three months and year ended December 31, 2019 to the same extent that the revenue, Adjusted EBITDA and P&E additions of these entities are included in our results for the three months and year ended December 31, 2020, (ii) exclude the revenue, Adjusted EBITDA and P&E additions in our rebased amounts for the three months and year ended December 31, 2019 for entities disposed of during 2020, (iii) include revenue and costs for the temporary elements of transitional and other services provided to the VodafoneZiggo JV, Vodafone, Deutsche Telekom (the buyer of UPC Austria), Liberty Latin America and M7 Group (the buyer of UPC DTH), to reflect amounts related to these services equal to those included in our results for the three months and year ended December 31, 2020 and (iv) reflect the translation of our rebased amounts for the three months and year ended December 31, 2019 at the applicable average foreign currency exchange rates that were used to translate our results for the three months and year ended December 31, 2020. We have reflected the revenue, Adjusted EBITDA and P&E additions of these acquired entities in our 2019 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 (a) any significant differences between U.S. GAAP and local generally accepted accounting principles, (b) any significant effects of acquisition accounting adjustments, (c) any significant differences between our accounting policies and those of the acquired entities and (d) other items we deem appropriate. We do not adjust pre-acquisition periods to eliminate nonrecurring 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, Adjusted EBITDA and OFCF 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. In addition, the rebased growth percentages are not necessarily indicative of the revenue, Adjusted EBITDA and OFCF that would have occurred if these transactions had occurred on the dates assumed for purposes of calculating our rebased amounts or the revenue, Adjusted EBITDA and OFCF that will occur in the future. Investors should view rebased growth as a supplement to, and not a substitute for, U.S. GAAP measures of performance included in our consolidated statements of operations.

The following table provides adjustments made to the 2019 amounts to derive our rebased growth rates:

Three months ended December 31, 2019

Year ended December 31, 2019

Revenue

Adjusted EBITDA

OFCF

Revenue

Adjusted EBITDA

OFCF

in millions

Acquisitions

$

285.3

$

99.9

$

32.7

$

340.5

$

100.8

$

33.6

Dispositions(i)

(0.5

)

(11.7

)

(11.2

)

77.9

53.8

55.4

Foreign Currency

175.7

74.7

27.3

197.2

82.6

30.5

Total increase

$

460.5

$

162.9

$

48.8

$

615.6

$

237.2

$

119.5

______________________

(i)

Relates primarily to rebase adjustments for agreements to provide transitional and other services to the VodafoneZiggo JV, Vodafone, Liberty Latin America, Deutsche Telekom and M7 Group. These adjustments result in an equal amount of fees in both the 2020 and 2019 periods for those services that are deemed to be temporary in nature.

Liquidity

The following table details the U.S. dollar equivalent balances of our liquidity position(i) at December 31, 2020, which includes our (i) cash and cash equivalents, (ii) investments held under SMAs and (iii) unused borrowing capacity at December 31, 2020:

Cash

Unused

and Cash

Emprunt

Total

Equivalents(ii)

SMAs (iii)

Capacity (iv)

Liquidity

in millions

Liberty Global and unrestricted subsidiaries

$

1,165.5

$

1,965.9

$

$

3,131.4

Virgin Media(v)

30.1

1,365.1

1,395.2

UPC Holding

31.4

876.0

907.4

Telenet

100.2

678.5

778.7

Total

$

1,327.2

$

1,965.9

$

2,919.6

$

6,212.7

______________________

(i)

Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.

(ii)

Excludes certain amounts held in restricted cash associated with the financing transactions completed by the U.K. JV Entities during 2020.

(iii)

Represents investments held under SMAs which are maintained by investment managers acting as agents on our behalf.

(iv)

Our aggregate unused borrowing capacity of $2.9 billion for the Full Company represents the maximum undrawn commitments under the applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing. Unused borrowing capacity excludes certain undrawn facilities entered into by the U.K. JV Entities as these facilities are deal contingent and cannot be used prior to the formation of the U.K. JV.

(v)

Cash and cash equivalents of Virgin Media includes (i) certain subsidiaries of Virgin Media, but excludes the parent entity, Virgin Media Inc., and (ii) the cash and cash equivalents of the U.K. JV Entities, (with the exception of those amounts held in restricted cash, as described above) as such cash and cash equivalents will be retained by Liberty Global upon the formation of the U.K. JV and is therefore not classified as held for sale at December 31, 2020. Unused borrowing capacity of Virgin Media represents unused capacity under a multi-currency revolving credit facility of the U.K. JV Entities. The outstanding third-party debt of the U.K. JV Entities is classified as held for sale on our December 31, 2020 consolidated balance sheet.

Summary of Debt & Finance Lease Obligations

The following table(i) details the December 31, 2020 U.S. dollar equivalent balances of the (i) outstanding principal amount of our debt and finance lease obligations, (ii) expected principal related derivative cash payments or receipts and (iii) swapped principal amount of our debt and finance lease obligations:

Finance

Debt & Finance

Principal Related

Swapped Debt

Lease

Lease

Derivative

& Finance Lease

Debt(ii)

Obligations

Obligations

Cash Payments

Obligations

in millions

Virgin Media(iii)

$

16,086.9

$

66.0

$

16,152.9

$

10.8

$

16,163.7

UPC Holding

7,802.5

25.6

7,828.1

136.4

7,964.5

Telenet

5,903.3

486.5

6,389.8

280.1

6,669.9

Other(iv)

853.8

44.4

898.2

898.2

Total

$

30,646.5

$

622.5

$

31,269.0

$

427.3

$

31,696.3

______________________

(i)

Except as otherwise indicated, the amounts reported in the table include the named entity and its subsidiaries.

(ii)

Debt amounts (i) for UPC Holding include notes issued by special purpose entities that are consolidated by UPC Holding, (ii) for Virgin Media exclude notes issued by certain of the U.K. JV Entities outside of the Virgin Media borrowing group and certain undrawn facilities entered into by the U.K. JV Entities as these are deal contingent and cannot be used prior to the formation of the U.K. JV.

(iii)

Virgin Media represents the debt and finance lease obligations of the U.K. JV Entities that are within the Virgin Media borrowing group, which are classified as held for sale on our December 31, 2020 consolidated balance sheet.

(iv)

Debt amount includes a loan backed by the shares we hold in ITV Plc of $415.9 million.

Property and Equipment Additions and Capital Expenditures

The table below highlights the categories of the property and equipment additions of our continuing operations for the indicated periods and reconciles those additions to the capital expenditures of our continuing operations that are presented in the consolidated statements of cash flows in our 10-K.

Three months ended

Year ended

December 31,

December 31,

2020

2019

2020

2019

in millions, except % amounts

Customer premises equipment

$

144.2

$

138.6

$

544.0

$

657.2

New build & upgrade

155.7

176.4

588.0

629.9

Capacity

67.8

92.3

262.1

319.9

Baseline

167.7

256.4

595.5

695.5

Product & enablers

185.8

176.7

631.7

578.0

Sunrise P&E additions

74.0

74.0

Total P&E additions

795.2

840.4

2,695.3

2,880.5

Reconciliation of P&E additions to capital expenditures:

Assets acquired under capital-related vendor financing arrangements(i)

(337.5

)

(423.8

)

(1,371.1

)

(1,727.0

)

Assets acquired under capital leases

(18.5

)

(19.7

)

(49.7

)

(66.9

)

Changes in current liabilities related to capital expenditures

(49.5

)

(53.9

)

75.7

156.5

Total capital expenditures, net(ii)

$

389.7

$

343.0

$

1,350.2

$

1,243.1

Capital expenditures, net:

Third-party payments

$

389.7

$

347.9

$

1,352.7

$

1,323.9

Proceeds received for transfers to related parties(iii)

(4.9

)

(2.5

)

(80.8

)

Total capital expenditures, net

$

389.7

$

343.0

$

1,350.2

$

1,243.1

P&E additions as % of revenue

23.2

%

28.2

%

22.5

%

25.0

%

______________________

(i)

Amounts exclude related VAT of $54.2 million and $72.0 million for the three months ended December 31, 2020 and 2019, respectively, and $226.7 million and $286.1 million for the year ended December 31, 2020 and 2019, respectively, that were also financed under these arrangements.

(ii)

The capital expenditures that we report in our consolidated statements of cash flows do not include amounts that are financed under vendor financing or finance lease arrangements. Instead, these expenditures are reflected as non-cash additions to our property and equipment when the underlying assets are delivered, and as repayments of debt when the related principal is repaid.

(iii)

Primarily relates to transfers of centrally-procured property and equipment to the VodafoneZiggo JV and, for the 2019 periods, our Discontinued Operations

ARPU per Cable Customer Relationship

The following table provides ARPU per cable customer relationship and percentage change from period to period on both a reported and rebased basis for the indicated periods:

ARPU per Cable Customer Relationship

Three months ended December 31,

Increase/(decrease)

2020

2019

Reported %

Rebased %

Liberty Global

$

61.74

$

60.22

2,5

%

(2.5

%)

U.K. & Ireland (Virgin Media)

£

50.64

£

52.44

(3.4

%)

(3.8

%)

Belgium (Telenet)

58.65

58.38

0.5

%

0,4

%

UPC

38.15

36.90

3.4

%

(2.3

%)

Mobile ARPU

The following tables provide ARPU per mobile subscriber and percentage change from period to period on both a reported and rebased basis for the indicated periods:

ARPU per Mobile Subscriber

Three months ended December 31,

Increase/(decrease)

2020

2019

Reported %

Rebased %

Liberty Global:

Including interconnect revenue

$

20.31

$

16.15

25.8

%

(4.5

%)

Excluding interconnect revenue

$

17.65

$

13.98

26.3

%

(3.1

%)

Operating Data — December 31, 2020

Vidéo

Homes

Passed

Fixed-Line Customer

Relationships

l'Internet

Subscribers(i)

Basic Video

Subscribers(ii)

Enhanced Video

Subscribers

Total

Vidéo

Telephony

Subscribers(iii)

Total

RGUs

Total Mobile

Subscribers(iv)

ROYAUME-UNI.

15,310,800

5,626,700

5,420,100

3,498,000

3,498,000

4,463,200

13,381,300

3,358,300

Belgique

3,373,000

2,048,100

1,697,100

123,700

1,688,000

1,811,700

1,171,800

4,680,600

2,815,700

Switzerland(v)

2,406,300

1,477,400

1,135,800

342,000

893,500

1,235,500

996,600

3,367,900

2,181,300

Ireland

946,500

435,200

383,000

309,500

309,500

300,000

992,500

119,600

Pologne

3,635,200

1,525,000

1,289,700

255,000

1,079,800

1,334,800

643,000

3,267,500

62,700

Slovakia

624,300

190,600

144,000

31,200

139,700

170,900

88,900

403,800

Total Liberty Global

26,296,100

11,303,000

10,069,700

751,900

7,608,500

8,360,400

7,663,500

26,093,600

8,537,600

VodafoneZiggo JV(vi)

7,298,700

3,836,300

3,363,500

504,900

3,326,400

3,831,300

2,272,800

9,467,600

5,189,800

Subscriber Variance Table — December 31, 2020 vs. September 30, 2020

Vidéo

Homes

Passed

Fixed-Line Customer

Relationships

l'Internet

Subscribers(ii)

Basic Video

Subscribers(i)

Enhanced Video

Subscribers

Total

Vidéo

Telephony

Subscribers(iii)

Total

RGUs

Total Mobile

Subscribers(iv)

Organic Change Summary:

U.K

119,100

43,100

54,700

(27,500

)

(27,500

)

(26,600

)

600

8,700

Belgique

9,400

(1,000

)

10,600

(7,700

)

(3,100

)

(10,800

)

(12,800

)

(13,000

)

(6,000

)

Switzerland(v)

7,200

(5,800

)

7,900

(14,200

)

8,100

(6,100

)

7,700

9,500

17,500

Ireland

2,500

(1,400

)

100

5,600

5,600

(10,000

)

(4,300

)

4,400

Pologne

29,200

21,500

26,300

20,600

8,400

29,000

(9,500

)

45,800

34,400

Slovakia

1,300

(500

)

1,100

700

(400

)

300

700

2,100

Total Liberty Global organic change

168,700

55,900

100,700

(600

)

(8,900

)

(9,500

)

(50,500

)

40,700

59,000

Q4 2020 Liberty Global Adjustments:

la Suisse

494,000

482,500

(19,500

)

296,600

277,100

489,300

1,248,900

1,928,200

VodafoneZiggo JV(vi)

10,600

(16,300

)

(7,800

)

4,600

(20,900

)

(16,300

)

(42,700

)

(66,800

)

35,000

Subscriber Variance Table — December 31, 2020 vs. December 31, 2019

Vidéo

Homes

Passed

Fixed-Line

Customer

Relationships

l'Internet

Subscribers(ii)

Basic Video

Subscribers(i)

Enhanced Video

Subscribers

Total

Vidéo

Telephony

Subscribers(iii)

Total

RGUs

Total Mobile

Subscribers(iv)

Organic Change Summary:

ROYAUME-UNI.

416,400

102,000

143,100

(189,400

)

(189,400

)

(144,000

)

(190,300

)

178,800

Belgique

35,500

(14,500

)

38,200

(41,000

)

(4,700

)

(45,700

)

(36,900

)

(44,400

)

7,300

Switzerland(v)

33,500

(44,900

)

(8,100

)

(46,700

)

3,700

(43,000

)

800

(50,300

)

52,400

Ireland

11,500

(200

)

4,800

29,100

29,100

(35,100

)

(1,200

)

22,000

Pologne

87,400

41,200

60,100

58,400

12,800

71,200

(31,400

)

99,900

53,700

Slovakia

5,300

(2,400

)

3,400

2,400

(2,800

)

(400

)

1,800

4,800

Total Liberty Global organic change

589,600

81,200

241,500

(26,900

)

(151,300

)

(178,200

)

(244,800

)

(181,500

)

314,200

2020 Liberty Global Adjustments:

ROYAUME-UNI.

6,600

6,000

1,700

7,700

Belgique

(47,700

)

(9,500

)

(5,500

)

(9,200

)

(9,200

)

(3,800

)

(18,500

)

la Suisse

483,500

482,500

(30,000

)

296,600

266,600

489,300

1,238,400

1,928,200

Ireland

(4,900

)

Total

(52,600

)

480,600

483,000

(30,000

)

287,400

257,400

487,200

1,227,600

1,928,200

VodafoneZiggo JV(vi)

47,900

(38,800

)

1,400

13,600

(52,400

)

(38,800

)

(136,700

)

(174,100

)

124,900

Footnotes for Operating Data and Subscriber Variance Tables

(i)

In Switzerland, we offer a 10 Mbps internet service to our Basic and Enhanced Video Subscribers without an incremental recurring fee. Our Internet Subscribers in Switzerland include 51,500 subscribers who have requested and received this service

(ii)

We have approximately 30,600 “lifeline” customers that are counted on a per connection basis, representing the least expensive regulated tier of video cable service, with only a few channels.

(iii)

In Switzerland, we offer a basic phone service to our Basic and Enhanced Video Subscribers without an incremental recurring fee. Our Telephony Subscribers in Switzerland include 202,800 subscribers who have requested and received this service.

(iv)

In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts. As of December 31, 2020, our mobile subscriber count included 475,900, 381,800 and 134,400 prepaid mobile subscribers in Switzerland, Belgium and the U.K., respectively.

(v)

Pursuant to service agreements, Switzerland offers broadband internet, video and telephony services over networks owned by third-party cable operators (“partner networks”). A partner network RGU is only recognized if there is a direct billing relationship with the customer. At December 31, 2020, Switzerland’s partner networks accounted for 118,100 Fixed-Line Customer Relationships, 300,800 RGUs, which include 110,000 Internet Subscribers, 105,100 Video Subscribers and 85,700 Telephony Subscribers. Subscribers to our enhanced video services provided over partner networks largely receive basic video services from the partner networks as opposed to our operations. Due to the fact that we do not own these partner networks, we do not include the 657,300 homes passed by Switzerland’s partner networks at December 31, 2020. In addition, with the completion of the acquisition of Sunrise, we now service homes through Sunrise's existing agreements with Swisscom, Swiss Fibre Net and local utilities, which are not included in Switzerland's homes passed count. Including these arrangements, our operations in Switzerland have the ability to offer fixed services to a national footprint.

(vi)

Amounts related to the VodafoneZiggo JV's fixed-line and mobile products include small business and multiple dwelling unit subscribers. In addition, the mobile amount shown for the VodafoneZiggo JV's includes medium and large enterprise subscribers. Prepaid mobile customers are excluded from the VodafoneZiggo JV's mobile telephony subscriber counts after a period of inactivity of nine months.

Additional General Notes to Tables:

Most of our broadband communications subsidiaries provide telephony, broadband internet, data, video or other B2B services. Certain of our B2B revenue is derived from SOHO subscribers that pay a premium price to receive enhanced service levels along with video, internet or telephony services that are the same or similar to the mass marketed products offered to our residential subscribers. All mass marketed products provided to SOHOs, whether or not accompanied by enhanced service levels and/or premium prices, are included in the respective RGU and customer counts of our broadband communications operations, with only those services provided at premium prices considered to be “SOHO RGUs” or “SOHO customers.” To the extent our existing customers upgrade from a residential product offering to a SOHO product offering, the number of SOHO RGUs or SOHO customers will increase, but there is no impact to our total RGU or customer counts. With the exception of our B2B SOHO subscribers, we generally do not count customers of B2B services as customers or RGUs for external reporting purposes.

In Belgium, Telenet leases a portion of its network under a long-term finance lease arrangement. These tables include operating statistics for Telenet's owned and leased networks.

While we take appropriate steps to ensure that subscriber statistics are presented on a consistent and accurate basis at any given balance sheet date, the variability from country to country in (i) the nature and pricing of products and services, (ii) the distribution platform, (iii) billing systems, (iv) bad debt collection experience and (v) other factors add complexity to the subscriber counting process. We periodically review our subscriber counting policies and underlying systems to improve the accuracy and consistency of the data reported on a prospective basis. Accordingly, we may from time to time make appropriate adjustments to our subscriber statistics based on those reviews.

Subscriber information for acquired entities is preliminary and subject to adjustment until we have completed our review of such information and determined that it is presented in accordance with our policies.

Footnotes

1

On November 11, 2020, we completed the acquisition of Sunrise Communications Group AG (Sunrise) through an all cash public tender offer of the outstanding shares of Sunrise.

2

On May 7, 2020, we entered into an agreement with, among others, Telefonica SA (Telefonica). Pursuant to which, Liberty Global and Telefonica agreed to form a 50:50 joint venture (the U.K. JV), which will combine Virgin Media’s operations in the U.K. along with certain other Liberty Global subsidiaries created as a result of the pending U.K. JV (together, the U.K. JV Entities) with Telefonica’s mobile business in the U.K. to create a nationwide integrated communications provider.

3

The indicated growth rates are rebased for acquisitions, dispositions, FX and other items that impact the comparability of our year-over-year results. Please see Rebase Information for information on rebased growth.

4 Excludes customer impact, including postponed U.K. price increases and related churn effects.
5

Costs to capture primarily include incremental, third-party operating and capital related costs that are directly associated with integration activities and certain restructuring activities necessary to combine the operations of a business being acquired with those of the acquiring business (including the formation of joint ventures), or are directly incidental to the acquisition. Costs to capture may also include certain integration related restructuring expenses that are not included within Adjusted EBITDA or OFCF. Generally, costs to capture are incurred over the same period we expect to derive synergies.

6

Liquidity refers to cash and cash equivalents and investments held under separately managed accounts plus the maximum undrawn commitments under subsidiary borrowing facilities for the Full Company, without regard to covenant compliance calculations or other conditions precedent to borrowing.

7

The term "Full Company" includes certain amounts related to the U.K. JV Entities, which are presented as held for sale on our December 31, 2020 consolidated balance sheet. For purposes of presenting certain debt and liquidity metrics consistent with how we calculate our leverage ratios under our debt agreements, we have included the debt and finance lease obligations of the U.K. JV Entities in our Full Company metrics.

8

Our aggregate unused borrowing capacity of $2.9 billion for the Full Company represents the maximum undrawn commitments under the applicable facilities without regard to covenant compliance calculations or other conditions precedent to borrowing. Upon completion of the relevant December 31, 2020 compliance reporting requirements for our credit facilities, and assuming no further changes from quarter-end borrowing levels, we anticipate that the full unused borrowing capacity will continue to be available, with the exception of the VM Credit Facilities, which will have borrowing capacity limited to £751.9 million ($1,026.5 million), with no additional restriction to loan or distribute. Our above expectations do not consider any actual or potential changes to our borrowing levels or any amounts loaned or distributed subsequent to December 31, 2020.

9

Our debt and net debt ratios, which are non-GAAP metrics, are defined as total debt and net debt, respectively, divided by Adjusted EBITDA for the last twelve months (LTM Adjusted EBITDA), which includes the pro forma pre-acquisition Adjusted EBITDA of Sunrise. Net debt is defined as total debt less cash and cash equivalents and investments under separately managed accounts. Consistent with how we calculate our leverage ratios under our debt agreements, these ratios are presented on a Full Company basis that includes the debt and Adjusted EBITDA of the U.K. JV Entities that are classified as held for sale on our December 31, 2020 consolidated balance sheet. For purposes of these calculations, debt is measured using swapped foreign currency rates, consistent with the covenant calculation requirements of our subsidiary debt agreements, and excludes the loan backed by the shares we hold in ITV plc. For additional information on our investments, see note 5 to the consolidated financial statements included in our 10-K. The following table details the calculation of our debt and net debt to LTM Adjusted EBITDA ratios as of and for the twelve months ended December 31, 2020 (in millions, except ratios):

Reconciliation of LTM loss from continuing operations to LTM Adjusted EBITDA:

LTM loss from continuing operations

$

(1,719.2

)

Income tax benefit

(304.5

)

Other income, net

(76.3

)

Share of results of affiliates, net

245.3

Losses on debt extinguishment, net

233.2

Realized and unrealized gains due to changes in fair values of certain investments and debt, net

(45.2

)

Foreign currency transaction losses, net

1,416.3

Realized and unrealized losses on derivative instruments, net

879.3

Interest expense

1,285.3

Operating income

1,914.2

Impairment, restructuring and other operating items, net

115.9

Depreciation and amortization

3,060.4

Share-based compensation expense

348.0

LTM Adjusted EBITDA

$

5,438.5

Debt to LTM Adjusted EBITDA:

Debt and finance lease obligations before deferred financing costs, discounts and premiums

31,269.0

Principal related projected derivative cash receipts

427.3

ITV Collar Loan

(415.9

)

Adjusted debt and finance lease obligations before deferred financing costs, discounts and premiums

$

31,280.4

LTM Adjusted EBITDA

$

5,438.5

Debt to LTM Adjusted EBITDA ratio

5.8

Net Debt to LTM Adjusted EBITDA:

Adjusted debt and finance lease obligations before deferred financing costs, discounts and premiums

$

31,280.4

Cash and cash equivalents and investments held under separately managed accounts

(3,293.1

)

Adjusted net debt and finance lease obligations before deferred financing costs, discounts and premiums

$

27,987.3

LTM Adjusted EBITDA

$

5,438.5

Net debt to LTM Adjusted EBITDA ratio

5.1

dix

For purposes of calculating our average tenor, total third-party debt excludes vendor financing.

Glossary

10-Q or 10-K: As used herein, the terms 10-Q and 10-K refer to our most recent quarterly or annual report as filed with the Securities and Exchange Commission on Form 10-Q or Form 10-K, as applicable.

Adjusted EBITDA: Adjusted EBITDA is the primary measure used by our chief operating decision maker to evaluate segment operating performance and is also a key factor that is used by our internal decision makers to (i) determine how to allocate resources to segments and (ii) evaluate the effectiveness of our management for purposes of annual and other incentive compensation plans. As we use the term, Adjusted EBITDA is defined as earnings (loss) from continuing operations before net income tax benefit (expense), other non-operating income or expenses, net share of results of affiliates, net gains (losses) on debt extinguishment, net realized and unrealized gains (losses) due to changes in fair value of certain investments and debt, net foreign currency transaction gains (losses), net gains (losses) on derivative instruments, net interest expense, depreciation and amortization, share-based compensation, provisions and provision releases related to significant litigation and impairment, restructuring and other operating items. Other operating items include (a) gains and losses on the disposition of long-lived assets, (b) third-party costs directly associated with successful and unsuccessful acquisitions and dispositions, including legal, advisory and due diligence fees, as applicable, and (c) other acquisition-related items, such as gains and losses on the settlement of contingent consideration. Our internal decision makers believe Adjusted EBITDA is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to (1) readily view operating trends, (2) perform analytical comparisons and benchmarking between segments and (3) identify strategies to improve operating performance in the different countries in which we operate. We believe our consolidated Adjusted EBITDA measure, which is a non-GAAP measure, is useful to investors because it is one of the bases for comparing our performance with the performance of other companies in the same or similar industries, although our measure may not be directly comparable to similar measures used by other public companies. Consolidated Adjusted EBITDA should be viewed as a measure of operating performance that is a supplement to, and not a substitute for U.S. GAAP measures of income included in our consolidated statements of operations.

A reconciliation of loss from continuing operations to Adjusted EBITDA is presented in the following table:

Three months ended

Year ended

December 31,

December 31,

2020

2019

2020

2019

in millions

Loss from continuing operations

$

(1,007.0

)

$

(1,349.7

)

$

(1,466.7

)

$

(1,409.0

)

Income tax expense (benefit)

(17.8

)

269.2

(256.9

)

253.0

Other income, net

(8.9

)

(39.1

)

(76.1

)

(114.4

)

Share of results of affiliates, net

146.2

25.5

245.3

198.5

Losses on debt extinguishment, net

12.8

119.4

233.2

216.7

Realized and unrealized gains due to changes in fair values of certain investments and debt, net

(444.2

)

(162.5

)

(45.2

)

(72.0

)

Foreign currency transaction losses, net

574.3

260.6

1,416.3

94.8

Realized and unrealized losses on derivative instruments, net

1,079.1

844.2

879.3

192.0

Interest expense

313.7

314.9

1,188.5

1,385.9

Operating income

648.2

282.5

2,117.7

745.5

Impairment, restructuring and other operating items, net

51.2

15.9

98.6

156.0

Depreciation and amortization

543.6

897.9

2,331.3

3,652.2

Share-based compensation expense

104.6

77.5

348.0

305.8

Adjusted EBITDA

$

1,347.6

$

1,273.8

$

4,895.6

$

4,859.5

Adjusted Free Cash Flow (FCF): Net cash provided by our operating activities, plus (i) cash payments or receipts for third-party costs directly associated with successful and unsuccessful acquisitions and dispositions and (ii) expenses financed by an intermediary, less (a) capital expenditures, as reported in our consolidated statements of cash flows, (b) principal payments on amounts financed by vendors and intermediaries and (c) principal payments on finance leases (exclusive of the portions of the network lease in Belgium that we assumed in connection with certain acquisitions), with each item excluding any cash provided or used by our Discontinued Operations, as applicable. We believe that our presentation of Adjusted Free Cash Flow, which is a non-GAAP measure, provides useful information to our investors because this measure can be used to gauge our ability to service debt and fund new investment opportunities. Adjusted Free Cash Flow should not be understood to represent our ability to fund discretionary amounts, as we have various mandatory and contractual obligations, including debt repayments, which are not deducted to arrive at this amount. Investors should view Adjusted Free Cash Flow as a supplement to, and not a substitute for, U.S. GAAP measures of liquidity included in our consolidated statements of cash flows.

The following table provides a reconciliation of our net cash provided by operating activities from continuing operations to Adjusted Free Cash Flow for the indicated periods. In addition, in order to provide information regarding our Adjusted Free Cash Flow that excludes the Discontinued Operations, we also present Adjusted Free Cash Flow on a pro forma basis for the year ended December 31, 2019 as if the sale of the Discontinued Operations had been completed on January 1, 2019.

Three months ended

Year ended

December 31,

December 31,

2020

2019

2020

2019

in millions

Continuing operations:

Net cash provided by operating activities

$

1,493.5

$

1,493.9

$

4,185.8

$

3,714.1

Cash payments (receipts) for direct acquisition and disposition costs(i)

18.8

(37.0

)

34.7

(13.5

)

Expenses financed by an intermediary(ii)

764.4

532.2

2,770.0

2,171.4

Capital expenditures, net

(389.7

)

(343.0

)

(1,350.2

)

(1,243.1

)

Principal payments on amounts financed by vendors and intermediaries

(1,343.3

)

(865.5

)

(4,506.0

)

(3,934.7

)

Principal payments on certain finance leases

(15.6

)

(5.9

)

(64.5

)

(62.9

)

Adjusted FCF

$

528.1

$

774.7

$

1,069.8

631.3

Pro forma adjustments related to the sale of the Discontinued Operations:

Interest and derivative payments(iii)

49.6

Transitional services agreements(iv)

89.2

Pro forma Adjusted FCF(v)

$

770.1

_______________

(i)

The 2019 amounts include an adjustment to exclude from adjusted free cash flow a $50.4 million cash receipt associated with a termination fee received from Sunrise Communications Group AG during the fourth quarter in connection with the termination of a share purchase agreement to sell our operations in Switzerland.

(ii)

For purposes of our consolidated statements of cash flows, expenses financed by an intermediary are treated as hypothetical operating cash outflows and hypothetical financing cash inflows when the expenses are incurred. When we pay the financing intermediary, we record financing cash outflows in our consolidated statements of cash flows. For purposes of our Adjusted Free Cash Flow definition, we add back the hypothetical operating cash outflow when these financed expenses are incurred and deduct the financing cash outflows when we pay the financing intermediary.

(iii)

Represents the estimated interest and related derivative payments made by UPC Holding associated with our discontinued UPC Holding operations in Hungary, Romania and the Czech Republic. These estimated payments are calculated based on Hungary, Romania and the Czech Republic’s pro rata share of UPC Holding's Adjusted EBITDA and UPC Holding's aggregate interest and derivative payments. Although we believe this adjustment to interest and related derivative payments results in a reasonable estimate of the annual ongoing interest and related derivative payments that will occur in relation to the continuing UPC Holding operations, no assurance can be given that the actual interest and derivative payments will be equivalent to the amounts presented. No pro forma adjustments were required with respect to Unitymedia's interest and derivative payments as substantially all of Unitymedia’s debt and related derivative instruments were direct obligations of the entities being disposed. As a result, the interest and related derivative payments associated with such debt and derivative instruments of Unitymedia are included in discontinued operations.

(iv)

Represents our preliminary estimate of the net cash flows that we would have received from transitional services agreements if the sale of the Discontinued Operations had occurred on January 1, 2019. The estimated net cash flows are based on the estimated revenue that we expect to recognize from our transitional services agreements during the first 12 months following the completion of the sale of the Discontinued Operations, less the estimated incremental costs that we expect to incur to provide such transitional services. As a result, the pro forma adjustment for the year ended December 31, 2019 includes $88.2 million related to our discontinued operations in Germany, Hungary, Romania and the Czech Republic and $1.0 million related to our discontinued DTH business.

(v)

Represents the Adjusted FCF that we estimate would have resulted if the sale of the Discontinued Operations had been completed on January 1, 2019. Actual amounts may differ from the amounts assumed for purposes of this pro forma calculation. For example, our Pro forma Adjusted FCF does not include any future benefits related to reductions in our corporate costs as a result of our operating model rationalization or any other potential future operating or capital cost reductions attributable to our continuing or discontinued operations.

ARPU: Average Revenue Per Unit is the average monthly subscription revenue per average cable customer relationship or mobile subscriber, as applicable. ARPU per average fixed-line customer relationship is calculated by dividing the average monthly subscription revenue from residential cable and SOHO services by the average number of fixed-line customer relationships for the period. ARPU per average mobile subscriber is calculated by dividing residential mobile and SOHO revenue for the indicated period by the average number of mobile subscribers for the period. Unless otherwise indicated, ARPU per cable customer relationship or mobile subscriber is not adjusted for currency impacts. ARPU per RGU refers to average monthly revenue per average RGU, which is calculated by dividing the average monthly subscription revenue from residential and SOHO services for the indicated period, by the average number of the applicable RGUs for the period. Unless otherwise noted, ARPU in this release is considered to be ARPU per average cable customer relationship or mobile subscriber, as applicable. Fixed-line customer relationships, mobile subscribers and RGUs of entities acquired during the period are normalized. In addition, for purposes of calculating the percentage change in ARPU on a rebased basis, which is a non-GAAP measure, we adjust the prior-year subscription revenue, fixed-line customer relationships, mobile subscribers and RGUs, as applicable, to reflect acquisitions, dispositions and FX on a comparable basis with the current year, consistent with how we calculate our rebased growth for revenue and Adjusted EBITDA, as further described in the body of this release.

ARPU per Mobile Subscriber: Our ARPU per mobile subscriber calculation that excludes interconnect revenue refers to the average monthly mobile subscription revenue per average mobile subscriber and is calculated by dividing the average monthly mobile subscription revenue (excluding handset sales and late fees) for the indicated period, by the average of the opening and closing balances of mobile subscribers in service for the period. Our ARPU per mobile subscriber calculation that includes interconnect revenue increases the numerator in the above-described calculation by the amount of mobile interconnect revenue during the period.

Basic Video Subscriber: A home, residential multiple dwelling unit or commercial unit that receives our video service over our broadband network or through a partner network either via an analog video signal or via a digital video signal without subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Encryption-enabling technology includes smart cards, or other integrated or virtual technologies that we use to provide our enhanced service offerings. We count RGUs on a unique premises basis. In other words, a subscriber with multiple outlets in one premises is counted as one RGU and a subscriber with two homes and a subscription to our video service at each home is counted as two RGUs.

Blended fully-swapped debt borrowing cost: The weighted average interest rate on our aggregate variable- and fixed-rate indebtedness (excluding finance leases and including vendor financing obligations), including the effects of derivative instruments, original issue premiums or discounts and commitment fees, but excluding the impact of financing costs.

B2B: Business-to-Business.

Customer Churn: The rate at which customers relinquish their subscriptions. The annual rolling average basis is calculated by dividing the number of disconnects during the preceding 12 months by the average number of customer relationships. For the purpose of computing churn, a disconnect is deemed to have occurred if the customer no longer receives any level of service from us and is required to return our equipment. A partial product downgrade, typically used to encourage customers to pay an outstanding bill and avoid complete service disconnection, is not considered to be disconnected for purposes of our churn calculations. Customers who move within our cable footprint and upgrades and downgrades between services are also excluded from the disconnect figures used in the churn calculation.

Enhanced Video Subscriber: A home, residential multiple dwelling unit or commercial unit that receives our video service over our broadband network or through a partner network via a digital video signal while subscribing to any recurring monthly service that requires the use of encryption-enabling technology. Enhanced Video Subscribers are counted on a unique premises basis. For example, a subscriber with one or more set-top boxes that receives our video service in one premises is generally counted as just one subscriber. An Enhanced Video Subscriber is not counted as a Basic Video Subscriber. As we migrate customers from basic to enhanced video services, we report a decrease in our Basic Video Subscribers equal to the increase in our Enhanced Video Subscribers.

Fixed-Line Customer Relationships: The number of customers who receive at least one of our internet, video or telephony services that we count as RGUs, without regard to which or to how many services they subscribe. Fixed-Line Customer Relationships generally are counted on a unique premises basis. Accordingly, if an individual receives our services in two premises (e.g., a primary home and a vacation home), that individual generally will count as two Fixed-Line Customer Relationships. We exclude mobile-only customers from Fixed-Line Customer Relationships.

Fixed-Mobile Convergence (FMC): Fixed-mobile convergence penetration represents the number of customers who subscribe to both a fixed broadband internet service and postpaid mobile telephony service, divided by the total number of customers who subscribe to our fixed broadband internet service.

Homes Passed: Homes, residential multiple dwelling units or commercial units that can be connected to our networks without materially extending the distribution plant. Certain of our Homes Passed counts are based on census data that can change based on either revisions to the data or from new census results.

Internet Subscriber: A home, residential multiple dwelling unit or commercial unit that receives internet services over our networks, or that we service through a partner network.

Lightning premises: Includes homes, residential multiple dwelling units and commercial premises that potentially could subscribe to our residential or SOHO services, which have been connected to our networks as a part of our Project Lightning network extension program in the U.K. and Ireland. Project Lightning infill build relates to construction in areas adjacent to our existing network.

Mobile Subscriber Count: The number of active SIM cards in service rather than services provided. For example, if a mobile subscriber has both a data and voice plan on a smartphone this would equate to one mobile subscriber. Alternatively, a subscriber who has a voice and data plan for a mobile handset and a data plan for a laptop would be counted as two mobile subscribers. Customers who do not pay a recurring monthly fee are excluded from our mobile telephony subscriber counts after periods of inactivity ranging from 30 to 90 days, based on industry standards within the respective country. In a number of countries, our mobile subscribers receive mobile services pursuant to prepaid contracts.

MVNO: Mobile Virtual Network Operator.

NPS: Net Promoter Score.

OFCF: As used herein, Operating Free Cash Flow or "OFCF", which is a non-GAAP measure, represents Adjusted EBITDA less property and equipment additions. OFCF is an additional metric that we use to measure the performance of our operations after considering the level of property and equipment additions incurred during the period.

A reconciliation of Adjusted EBITDA to OFCF for our continuing operations is presented in the following table:

Three months ended

Year ended

December 31,

December 31,

2020

2019

2020

2019

in millions

Adjusted EBITDA.

$

1,347.6

$

1,273.8

$

4,895.6

$

4,859.5

Property and equipment additions

(795.2)

(840.4)

(2,695.3)

(2,880.5)

OFCF

$

552.4

$

433.4

$

2,200.3

$

1,979.0

Property and equipment additions (P&E additions): Includes capital expenditures on an accrual basis, amounts financed under vendor financing or finance lease arrangements and other non-cash additions.

RGU: A Revenue Generating Unit is separately a Basic Video Subscriber, Enhanced Video Subscriber, Internet Subscriber or Telephony Subscriber. A home, residential multiple dwelling unit, or commercial unit may contain one or more RGUs. For example, if a residential customer in our U.K. market subscribed to our enhanced video service, fixed-line telephony service and broadband internet service, the customer would constitute three RGUs. Total RGUs is the sum of Basic Video, Enhanced Video, Internet and Telephony Subscribers. RGUs generally are counted on a unique premises basis such that a given premises does not count as more than one RGU for any given service. On the other hand, if an individual receives one of our services in two premises (e.g., a primary home and a vacation home), that individual will count as two RGUs for that service. Each bundled cable, internet or telephony service is counted as a separate RGU regardless of the nature of any bundling discount or promotion. Non-paying subscribers are counted as subscribers during their free promotional service period. Some of these subscribers may choose to disconnect after their free service period. Services offered without charge on a long-term basis (e.g., VIP subscribers or free service to employees) generally are not counted as RGUs. We do not include subscriptions to mobile services in our externally reported RGU counts. In this regard, our RGU counts exclude our separately reported postpaid and prepaid mobile subscribers.

SIM: Subscriber Identification Module.

SOHO: Small or Home Office Subscribers.

Telephony Subscriber: A home, residential multiple dwelling unit or commercial unit that receives voice services over our networks, or that we service through a partner network. Telephony Subscribers exclude mobile telephony subscribers.

U.S. GAAP: Accounting principles generally accepted in the United States.

YoY: Year-over-year.

Appendix – Supplemental Adjusted EBITDA, P&E and OFCF information

The following table presents (i) Adjusted EBITDA, (ii) property and equipment additions, (iii) OFCF and (iv) percentage change from period to period for Adjusted EBITDA and OFCF on both a reported and rebased basis for each of our consolidated reportable segments:

Three months ended December 31,

Increase/(decrease)

2020

2019

Reported %

Rebased %

in millions, except % amounts

Adjusted EBITDA(i):

U.K./Ireland

$

697.1

$

763.0

(8.6

)

(11.1

)

Belgique

360.3

339.1

6.3

(1.1

)

la Suisse

254.4

151.6

67.8

(7.9

)

CEE

54.6

52.5

4.0

1.2

Central and Corporate

(18.8

)

(32.4

)

42.0

50.2

Intersegment eliminations

N.M.

N.M.

Total Adjusted EBITDA

$

1,347.6

$

1,273.8

5.8

(6.2

)

Property and equipment additions(ii):

U.K./Ireland

$

403.0

$

449.5

Belgique

138.5

145.6

la Suisse

121.0

70.7

CEE

36.2

40.8

Central and Corporate

96.5

133.8

Total property and equipment additions

$

795.2

$

840.4

OFCF(i):

U.K./Ireland

$

294.1

$

313.5

(6.2

)

(8.5

)

Belgique

221.8

193.5

14.6

7.0

la Suisse

133.4

80.9

64.9

7.1

CEE

18.4

11.7

57.3

53.8

Central and Corporate

(115.3

)

(166.2

)

30.6

35.9

Intersegment eliminations

N.M.

N.M.

Total OFCF

$

552.4

$

433.4

27.5

14.6

Year ended December 31,

Increase/(decrease)

2020

2019

Reported %

Rebased %

in millions, except % amounts

Adjusted EBITDA(i):

U.K./Ireland

$

2,672.4

$

2,800.5

(4.6

)

(5.0

)

Belgique

1,413.4

1,386.1

2.0

0.2

la Suisse

693.8

627.9

10.5

(10.5

)

CEE

215.6

215.0

0.3

1.5

Central and Corporate

(99.6

)

(171.1

)

41.8

10.3

Intersegment eliminations

1.1

N.M.

N.M.

Adjusted EBITDA

$

4,895.6

$

4,859.5

0.7

(3.9

)

Property and equipment additions(ii):

U.K./Ireland

$

1,432.7

$

1,578.0

Belgique

513.6

537.2

la Suisse

302.8

277.9

CEE

105.5

107.0

Central and Corporate

340.7

380.4

Total property and equipment additions

$

2,695.3

$

2,880.5

OFCF(i):

U.K./Ireland

$

1,239.7

$

1,222.5

1.4

1.1

Belgique

899.8

848.9

6.0

4.3

la Suisse

391.0

350.0

11.7

(4.0

)

CEE

110.1

108.0

1.9

4.3

Central and Corporate

(440.3

)

(551.5

)

20,2

10.8

Intersegment eliminations

1.1

N.M.

N.M.

Total OFCF

$

2,200.3

$

1,979.0

11.2

4.9

(i)

Includes the Centrally-held Operating Cost Allocation, as defined and described below.

(ii)

Excludes the Centrally-held P&E Attributions, as defined and described below.

Centrally-held Operating Cost Allocations

During the fourth quarter of 2019, we changed the presentation of certain operating costs related to our centrally-managed technology and innovation function. These costs, which were previously included in Central and Corporate, are now allocated to our consolidated reportable segments. This change, which we refer to as the “Centrally-held Operating Cost Allocations”, was made as a result of internal changes with respect to the way in which our chief operating decision maker evaluates the Adjusted EBITDA of our operating segments and is reflected in our reported U.S. GAAP segment disclosures. The following table provides a summary of the impact on the Adjusted EBITDA of our consolidated reportable segments and Central and Corporate that resulted from the Centrally-held Operating Cost Allocations.

Year ended December 31,

2020

2019

in millions

Increase (decrease) to Adjusted EBITDA:

U.K./Ireland

$

(51.2

)

$

(66.6

)

la Suisse

(20.1

)

(33.0

)

CEE

(10.7

)

(14.7

)

Central and Corporate

82.0

114.3

Total Liberty Global

$

$

Centrally-held Property & Equipment Attributions

Property and equipment additions presented for Central and Corporate include certain capital costs incurred for the benefit of our operating segments. Generally, for purposes of the consolidated financial statements of our borrowing groups, the expense associated with these capital costs is allocated and/or charged to our operating segments as related-party fees and allocations in their respective statements of operations over the period in which the operating segment benefits from the use of the Central and Corporate asset. Related-party fees and allocations are excluded from the reported Adjusted EBITDA metric of these borrowing groups. These amounts are based on (i) our estimate of its share of underlying costs, (ii) our estimate of its share of the underlying costs plus a mark-up or (iii) commercially-negotiated rates. These charges and allocations differ from the attributed OFCF approach, as further described below.

For internal management reporting and capital allocation purposes, we evaluate the OFCF of our operating segments on an "attributed" basis, whereby we estimate and attribute certain capital costs incurred by Central and Corporate to our operating segments as if that operating segment directly incurred its estimated share of the capital costs in the same period the costs were incurred by Central and Corporate. These capital costs represent assets that are jointly used by our operating segments. In the context of evaluating our operating segments, we believe this non-GAAP approach, which we refer to as the "Centrally-held Property and Equipment Attributions", is a meaningful measure as it represents a transparent view of what the estimated capital spend for our operating segments might be if they were to operate as a stand-alone business (excluding, among other considerations, any impact from lost economies of scale) and allows us to more accurately (i) review capital trends by operating segment, (ii) perform benchmarking between operating segments and (iii) drive alignment and accountability between Central and Corporate and our operating segments with respect to our consolidated capital spend. The amounts attributed to each operating segment are estimated based on (a) actual costs incurred by Central and Corporate, without any mark-up, and (b) each respective operating segment's estimated use of the associated assets.

The below table summarizes the Centrally-held Property and Equipment Attributions, consistent with our internal management reporting approach. This presentation is for illustrative purposes only and is intended as a supplement to, and not a substitute for, our U.S. GAAP presentation of the property and equipment additions of our reportable segments.

Three months ended December 31,

Year ended December 31,

2020

2019

2020

2019

in millions

Increase (decrease) to property and equipment additions:

U.K./Ireland

$

32.1

$

40.7

$

133.0

$

136.5

Belgique

4.9

5.1

14.5

11.3

la Suisse

11.9

16.5

45.5

52.1

CEE

6.1

8.1

24.3

26.9

Central and Corporate

(55.0

)

(70.4

)

(217.3

)

(226.8

)

Total Liberty Global

$

$

$

$

Liberty Global publie ses résultats pour l'année 2020 - Foot 2020

Investor Relations

Max Adkins +44 78 1795 9705

Steve Carroll +1 303 784 4505

Stefan Halters +44 20 8483 6211

Corporate Communications

Molly Bruce +1 303 220 4202

Matt Beake +44 20 8483 6428

Source: Liberty Global