Liberty Global : VodafoneZiggo Group B.V. Condensed Consolidated Financial Statements – September 30, 2022

VodafoneZiggo Group B.V.

Quarterly Report

September 30, 2022

VodafoneZiggo Group B.V.

Boven Vredenburgpassage 128,

3511 WR Utrecht

The Netherlands

VODAFONEZIGGO GROUP B.V.
TABLE OF CONTENTS
	Page
	Number
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021 (unaudited) .............	2
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2022
and 2021 (unaudited).............................................................................................................................................	4
Condensed Consolidated Statements of Owner's Equity for the Three and Nine Months Ended September 30,
2022 and 2021 (unaudited)....................................................................................................................................	5
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2022 and 2021
(unaudited).............................................................................................................................................................	6
Notes to Condensed Consolidated Financial Statements (unaudited) ......................................................................	8
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS...........................................................................................................................................................	29

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VODAFONEZIGGO GROUP B.V.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

	September 30,		December 31,
		2022			2021
		in millions
ASSETS
Current assets:
Cash and cash equivalents ........................................................................................................	€	85.4		€	244.9
Trade receivables, net ...............................................................................................................		165.9			164.3
Related-partyreceivables (note 10)..........................................................................................		74.7			47.1
Prepaid expenses.......................................................................................................................		50.5			28.2
Derivative instruments (note 4) ................................................................................................		148.6			56.7
Contract assets (note 3).............................................................................................................		151.3			152.4
Other current assets, net (note 3) ..............................................................................................		101.8			93.4
...............................................................................................................Total current assets		778.2			787.0
Property and equipment, net (notes 6 and 8)...............................................................................		4,726.0			4,754.4
Goodwill (note 6) ........................................................................................................................		7,375.5			7,375.5
Intangible assets subject to amortization, net (note 6) ................................................................		4,661.6			5,127.9
Long-termderivative instruments (note 4)..................................................................................		1,417.7			162.0
Long-termcontract assets (note 3) ..............................................................................................		57.7			58.8
Other assets, net (notes 3 and 8)..................................................................................................		414.4			429.8
...........................................................................................................................Total assets	€	19,431.1		€	18,695.4

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)

	September 30,		December 31,
		2022			2021
		in millions
LIABILITIES AND OWNER'S EQUITY
Current liabilities:
Accounts payable (note 10) ......................................................................................................	€	364.8		€	367.7
Accrued and other current liabilities (notes 8 and 10)..............................................................		441.4			414.4
Deferred revenue and advance payments from subscribers and others (note 3) ......................		211.2			210.3
VAT payable.............................................................................................................................		133.1			133.1
Derivative instruments (note 4) ................................................................................................		52.4			70.1
Accrued interest (note 7) ..........................................................................................................		100.1			136.3
Current portion of third-party debt and finance lease obligations (notes 7 and 8) ...................		1,073.0			1,078.1
Total current liabilities .........................................................................................................		2,376.0			2,410.0
Long-term debt and finance lease obligations (notes 7 and 8):
Third-party................................................................................................................................		10,790.9			9,857.4
Related-party(note 10).............................................................................................................		1,815.8			1,815.8
Deferred income taxes ..............................................................................................................		1,251.6			1,173.1
Other long-termliabilities (notes 3, 4 and 8) ..............................................................................		402.3			661.2
Total liabilities .....................................................................................................................		16,636.6			15,917.5
Commitments and contingencies (notes 4, 10 and 11)
Total owner's equity ...................................................................................................................		2,794.5			2,777.9
Total liabilities and owner's equity......................................................................................	€	19,431.1		€	18,695.4

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

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VODAFONEZIGGO GROUP B.V.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

		Three months ended			Nine months ended
		September 30,			September 30,
		2022			2021			2022			2021
					in millions
Revenue (notes 3, 10 and 12) ......................................................	€	1,033.1		€	1,023.1		€	3,040.5		€	3,040.8
Operating costs and expenses (exclusive of depreciation and
amortization, shown separately below):
Programming and other direct costs of services (note 10).......		219.2			216.1			629.0			639.0
Other operating (note 10).........................................................		110.5			113.0			349.1			353.7
Selling, general and administrative (SG&A) (note 10)...........		158.7			152.5			466.3			452.6
Charges for JV Services (note 10) ...........................................		48.0			51.4			159.0			164.1
Depreciation and amortization ................................................		381.1			406.8			1,141.8			1,177.9
Impairment, restructuring and other operating items, net........		4.0			11.8			9.0			27.1
		921.5			951.6			2,754.2			2,814.4
................................................................Operating income		111.6			71.5			286.3			226.4
Non-operating income (expense):
Interest expense:
Third-party ............................................................................		(121.7)			(103.6)			(333.5)			(311.5)
Related-party(note 10) .........................................................		(25.7)			(24.9)			(76.4)			(69.8)
Realized and unrealized gains on derivative instruments, net		683.9			157.1			1,636.5			392.4
(note 4) .................................................................................
Foreign currency transaction losses, net..................................		(421.2)			(127.9)			(892.7)			(291.7)
Losses on debt extinguishment, net (note 7) ...........................		-			-			(71.1)			(7.6)
Other income, net.....................................................................		0.2			-			0.5			-
		115.5			(99.3)			263.3			(288.2)
...................................Earnings (loss) before income taxes		227.1			(27.8)			549.6			(61.8)
Income tax benefit (expense) (note 9) ........................................		(60.5)			6.9			(182.8)			14.7
Net earnings (loss)...............................................................	€	166.6		€	(20.9)		€	366.8		€	(47.1)

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

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