VodafoneZiggo Group B.V.
Condensed Consolidated Financial Statements
March 31, 2019
VodafoneZiggo Group B.V.
Boven Vredenburgpassage 128,
Utrecht
The Netherlands
VODAFONEZIGGO GROUP B.V.
TABLE OF CONTENTS
Page | |
Number | |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |
Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018 (unaudited) | 2 |
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2019 and 2018 | |
(unaudited) | 4 |
Condensed Consolidated Statement of Owner's Equity for the Three Months Ended March 31, 2019 | |
(unaudited) | 5 |
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and 2018 | |
(unaudited) | 6 |
Notes to Condensed Consolidated Financial Statements (unaudited) | 8 |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF | |
OPERATIONS | 27 |
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VODAFONEZIGGO GROUP B.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
March 31, | December 31, | ||||
2019 | 2018 | ||||
in millions | |||||
ASSETS | |||||
Current assets: | |||||
Cash and cash equivalents | € | 288.2 | € | 239.4 | |
Trade receivables, net | 217.3 | 206.2 | |||
Related-party receivables (note 10) | 8.7 | 18.1 | |||
Prepaid expenses | 27.7 | 46.4 | |||
Inventory held for sale, net | 41.6 | 37.5 | |||
Derivative instruments (note 4) | 77.2 | 74.5 | |||
Contract assets (note 3) | 169.6 | 169.8 | |||
Other current assets, net | 91.1 | 93.3 | |||
Total current assets | 921.4 | 885.2 | |||
Property and equipment, net (note 6) | 5,260.1 | 5,320.9 | |||
Goodwill (note 6) | 7,375.5 | 7,375.5 | |||
Intangible assets subject to amortization, net (note 6) | 6,402.6 | 6,554.1 | |||
Long-term contract assets (note 3) | 55.4 | 55.0 | |||
Other assets, net (notes 2, 4 and 8) | 603.4 | 116.8 | |||
Total assets | € | 20,618.4 | € | 20,307.5 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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VODAFONEZIGGO GROUP B.V.
CONDENSED CONSOLIDATED BALANCE SHEETS - (Continued)
(unaudited)
March 31, | December 31, | ||||
2019 | 2018 | ||||
in millions | |||||
LIABILITIES AND OWNER'S EQUITY | |||||
Current liabilities: | |||||
Accounts payable (note 10) | € | 367.1 | € | 395.4 | |
Accrued and other current liabilities: | |||||
Third-party (notes 8 and 11) | 361.6 | 313.0 | |||
Related-party (note 10) | 1.2 | 2.4 | |||
Deferred revenue and advance payments from subscribers and others (note 3) | 200.8 | 203.6 | |||
VAT payable | 121.8 | 107.8 | |||
Derivative instruments (note 4) | 99.4 | 71.9 | |||
Accrued interest (notes 7 and 10) | 103.9 | 155.9 | |||
Current portion of debt and finance lease obligations (notes 7 and 8): | |||||
Third-party | 1,081.2 | 1,005.7 | |||
Related-party (note 10) | 200.0 | 200.2 | |||
Total current liabilities | 2,537.0 | 2,455.9 | |||
Long-term debt and finance lease obligations (notes 7 and 8): | |||||
Third-party | 9,971.3 | 9,946.2 | |||
Related-party (note 10) | 1,400.0 | 1,400.0 | |||
Deferred income taxes (note 9) | 1,036.3 | 1,070.2 | |||
Other long-term liabilities (notes 3, 4, 8 and 11) | 835.2 | 465.1 | |||
Total liabilities | 15,779.8 | 15,337.4 | |||
Commitments and contingencies (notes 4, 10 and 12) | |||||
Total owner's equity | 4,838.6 | 4,970.1 | |||
Total liabilities and owner's equity | € | 20,618.4 | € | 20,307.5 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
VODAFONEZIGGO GROUP B.V.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended | |||||
March 31, | |||||
2019 | 2018 | ||||
in millions | |||||
Revenue (notes 3, 10 and 13) | € | 963.4 | € | 973.4 | |
Operating costs and expenses (exclusive of depreciation and amortization, shown separately | |||||
below): | |||||
Programming and other direct costs of services (note 10) | 203.9 | 223.6 | |||
Other operating (note 10) | 121.7 | 119.4 | |||
Selling, general and administrative (SG&A) (notes 3 and 10) | 148.1 | 151.0 | |||
Charges for JV Services (note 10) | 55.3 | 59.6 | |||
Depreciation and amortization | 377.7 | 383.0 | |||
Impairment, restructuring and other operating items, net (note 11) | 11.0 | 5.3 | |||
917.7 | 941.9 | ||||
Operating income | 45.7 | 31.5 | |||
Non-operating income (expense): | |||||
Interest expense: | |||||
Third-party | (122.7) | (113.2) | |||
Related-party (note 10) | (22.2) | (24.6) | |||
Realized and unrealized gains (losses) on derivative instruments, net (note 4) | 32.1 | (81.2) | |||
Foreign currency transaction gains (losses), net | (99.6) | 101.8 | |||
Other income, net | 0.7 | 1.4 | |||
(211.7) | (115.8) | ||||
Loss before income taxes | (166.0) | (84.3) | |||
Income tax benefit (note 9) | 33.9 | 22.4 | |||
Net loss | € | (132.1) | € | (61.9) | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
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