Liberty Global reports Q2 2021 results

DENVER, Colorado — Liberty Global plc today announced its Q2 2021 financial results.

CEO Mike Fries stated, “With the closing of the Virgin Media O2 joint venture during the second quarter, the converged national champions in our four key markets are collectively positioned to deliver unparalleled scale, competitive strength and strategic optionality across the footprint.”

Non-binding offer for UPC Poland

We recently received a non-binding offer from Iliad S.A. to acquire 100% of our UPC Poland business at 9.3x its 2021E Adjusted EBITDA, reflecting an enterprise value of PLN 7.3 billion ($1.9 billion). Discussions are in process and there can be no certainty that a transaction will ultimately be consummated. If any agreement were to be reached, customary terms and conditions would apply to any proposed transaction, including regulatory approvals. We will update the market in due course on the outcome of these discussions.

Video Subscribers

Operating Data – June 30, 2021

                      Basic Video  Enhanced Video        Total
                      Subscribers     Subscribers        Video
                      -----------  --------------  -----------
Belgium                    90,300       1,695,600    1,785,900
Switzerland*              326,600         913,700    1,240,300
Ireland                         -         318,700      318,700
Poland                    273,200       1,081,800    1,355,000
Slovakia                   32,200         137,000      169,200
Total Liberty Global      722,300       4,146,800    4,869,100

VodafoneZiggo JV          511,000       3,276,600    3,787,600

Subscriber Variance Table — June 30, 2021 vs. March 31, 2021

                      Basic Video  Enhanced Video        Total
                      Subscribers     Subscribers        Video
                      -----------  --------------  -----------
Organic Change Summary:
 U.K.                           -        (33,400)     (33,400)
 Belgium                 (20,200)           7,100     (13,100)
 Switzerland*             (9,600)           7,200      (2,400)
 Ireland                        -               -            - 
 Poland                     7,600             800        8,400
 Slovakia                     500         (1,900)      (1,400)
Total organic change     (21,700)        (20,200)     (41,900)

Q2 2021 Liberty Global Adjustments:
 U.K.                           -     (3,413,200)  (3,413,200)
Total adjustments               -     (3,413,200)  (3,413,200)

VodafoneZiggo JV            (300)        (23,200)     (23,500)

* 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 June 30, 2021, Switzerland’s partner networks accounted for 114,300 Fixed-Line Customer Relationships, 293,700 RGUs, which include 107,300 Internet Subscribers, 103,100 Video Subscribers and 83,300 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 475,000 homes passed by Switzerland’s partner networks at June 30, 2021. 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.

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.