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LIBERTY GLOBAL PLC

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Liberty Global : UPC Holding Group Condensed Combined Financial Statements – September 30, 2021

11/19/2021 | 04:14pm EST

The UPC Holding Group

Condensed Combined Financial Statements

September 30, 2021

The UPC Holding Group

TABLE OF CONTENTS

Page

Number

Condensed Combined Balance Sheets as of September 30, 2021 and December 31, 2020 (unaudited).....................

1

Condensed Combined Statements of Operations for the Three and Nine Months Ended September 30, 2021 and

2020 (unaudited).......................................................................................................................................................

3

Condensed Combined Statements of Comprehensive Earnings (Loss) for the Three and Nine Months Ended

September 30, 2021 and 2020 (unaudited)...............................................................................................................

4

Condensed Combined Statements of Equity for the Three and Nine Months Ended September 30, 2021 and 2020

(unaudited)................................................................................................................................................................

5

Condensed Combined Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020

(unaudited)................................................................................................................................................................

7

Notes to Condensed Combined Financial Statements (unaudited)...............................................................................

9

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS..........................................................................................................................................................

36

The UPC Holding Group

CONDENSED COMBINED BALANCE SHEETS

(unaudited)

September 30,

December 31,

2021

2020

in millions

ASSETS

Current assets:

Cash and cash equivalents ...........................................................................................................

35.3

25.7

Trade receivables, net (note 11)...................................................................................................

430.4

551.2

Related-partyreceivables (note 11) .............................................................................................

15.8

17.3

Derivative instruments (note 5) ...................................................................................................

65.4

74.7

Current assets of discontinued operations (note 4) ......................................................................

785.7

802.7

Other current assets (note 3) ........................................................................................................

169.5

134.6

Total current assets..................................................................................................................

1,502.1

1,606.2

Property and equipment, net (notes 7 and 9) ..................................................................................

2,470.4

2,439.3

Goodwill (note 7)............................................................................................................................

5,613.4

5,631.8

Intangible assets subject to amortization, net (note 7)....................................................................

1,821.4

2,070.2

Derivative instruments (note 5) ......................................................................................................

225.1

283.7

Operating lease right-of-use(ROU) assets (note 9).......................................................................

940.4

989.2

Other assets, net (notes 3, 7, 9 and 11) ...........................................................................................

264.4

282.9

Total assets ..............................................................................................................................

12,837.2

13,303.3

The accompanying notes are an integral part of these condensed combined financial statements.

1

The UPC Holding Group

CONDENSED COMBINED BALANCE SHEETS - (Continued)

(unaudited)

September 30,

December 31,

2021

2020

in millions

LIABILITIES AND COMBINED EQUITY

Current liabilities:

Accounts payable (note 11) .........................................................................................................

224.6

174.7

Deferred revenue (note 3) ............................................................................................................

111.6

195.3

Derivative instruments (note 5) ...................................................................................................

82.6

76.4

Current portion of debt and finance lease obligations (notes 8 and 9) ........................................

360.4

279.3

Current operating lease liabilities (note 9)...................................................................................

109.2

102.3

Current liabilities of discontinued operations (note 4) ................................................................

194.4

189.1

Other accrued and current liabilities:

Third-party ................................................................................................................................

398.8

462.4

Related-party(note 11)..............................................................................................................

8.9

69.8

Total current liabilities ..........................................................................................................

1,490.5

1,549.3

Long-term debt and finance lease obligations (notes 8 and 9):

Third-party ..................................................................................................................................

6,244.6

6,002.0

Related-party(note 11) ...............................................................................................................

1.7

67.6

Derivative instruments (note 5) ......................................................................................................

226.8

605.3

Long-termoperating lease liabilities (note 9).................................................................................

827.0

868.7

Other long-termliabilities (notes 3 and 11)....................................................................................

476.3

535.7

Total liabilities.......................................................................................................................

9,266.9

9,628.6

Commitments and contingencies (notes 5, 8, 10 and 12)

Combined equity:

Parent entities:

Contributions and accumulated earnings in excess of distributions .........................................

2,747.5

2,842.5

Accumulated other comprehensive earnings, net of taxes ........................................................

807.1

815.0

Total combined equity attributable to parent entities............................................................

3,554.6

3,657.5

Noncontrolling interests...............................................................................................................

15.7

17.2

Total combined equity .........................................................................................................

3,570.3

3,674.7

Total liabilities and combined equity ...............................................................................

12,837.2

13,303.3

The accompanying notes are an integral part of these condensed combined financial statements.

2

The UPC Holding Group

CONDENSED COMBINED STATEMENTS OF OPERATIONS

(unaudited)

Three months ended

Nine months ended

September 30,

September 30,

2021

2020

2021

2020

in millions

Revenue (notes 3, 11 and 13).......................................................................

715.2

280.1

2,120.2

861.9

Operating costs and expenses (exclusive of depreciation and

amortization, shown separately below):

Programming and other direct costs of services (note 11) .......................

218.1

56.5

675.6

188.0

Other operating (note 11) .........................................................................

88.7

41.5

269.5

130.2

Selling, general and administrative (SG&A) (note 11)............................

129.2

52.5

416.0

154.5

Related-party fees and allocations, net (note 11) .....................................

39.5

57.3

119.5

144.9

Depreciation and amortization..................................................................

223.7

65.9

633.5

199.2

Impairment, restructuring and other operating items, net ........................

(4.0)

(0.1)

31.8

11.1

695.2

273.6

2,145.9

827.9

Operating income (loss)........................................................................

20.0

6.5

(25.7)

34.0

Non-operating income (expense):

Interest expense (note 11)..........................................................................

(62.3)

(34.6)

(191.3)

(112.6)

Realized and unrealized gains (losses) on derivative instruments, net

69.8

(145.5)

333.7

(106.5)

(note 5)...................................................................................................

Foreign currency transaction gains (losses), net........................................

7.5

43.2

(188.4)

36.3

Losses on debt extinguishment, net (note 8) .............................................

-

-

(75.1)

(33.4)

Other income, net (note 11).......................................................................

8.2

7.5

16.3

16.2

23.2

(129.4)

(104.8)

(200.0)

Earnings (loss) from continuing operations before income taxes ..........

43.2

(122.9)

(130.5)

(166.0)

Income tax benefit (expense) (note 10)........................................................

25.1

8.9

43.9

(0.5)

Earnings (loss) from continuing operations .........................................

68.3

(114.0)

(86.6)

(166.5)

Earnings (loss) from discontinued operations, net of taxes (note 4)............

(9.3)

(2.0)

1.5

(7.7)

Net earnings (loss) ...............................................................................

59.0

(116.0)

(85.1)

(174.2)

Net earnings attributable to noncontrolling interests ...................................

(0.7)

(0.7)

(2.2)

(2.3)

Net earnings (loss) attributable to parent entities................................

58.3

(116.7)

(87.3)

(176.5)

The accompanying notes are an integral part of these condensed combined financial statements.

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Liberty Global plc published this content on 19 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2021 21:13:16 UTC.


© Publicnow 2021
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