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OFFON

LIBERTY LATIN AMERICA LTD.

(LILA)
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Liberty Latin America : Cable & Wireless Condensed Consolidated Financial Statements – March 31, 2021

05/26/2021 | 05:49pm EDT

Condensed Consolidated Financial Statements

March 31, 2021

CABLE & WIRELESS COMMUNICATIONS LIMITED

Griffin House

161 Hammersmith Road

London, W6 8BS

United Kingdom

CABLE & WIRELESS COMMUNICATIONS LIMITED

TABLE OF CONTENTS

Page

Number

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets as of March 31, 2021 and December 31, 2020 (unaudited)..........................

1

Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2021 and 2020

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

2

Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three Months Ended March 31,

2021 and 2020 (unaudited)..........................................................................................................................................

3

Condensed Consolidated Statements of Equity for the Three Months Ended March 31, 2021 and 2020 (unaudited)...

4

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020

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

5

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

6

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

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

21

GLOSSARY OF DEFINED TERMS

Unless the context requires otherwise, references to "C&W", "we," "our," "our company" and "us" in this report refers to Cable & Wireless Communications Limited or collectively to Cable & Wireless Communications Limited and its subsidiaries. We have used several other terms in this report, most of which are defined or explained below.

2020 Annual Report.............................

Annual Report for the year ended December 31, 2020

Adjusted OIBDA..................................

Operating income or loss before depreciation and amortization, share-based

compensation, related-party fees and allocations, provisions and provision releases

related to significant litigation and impairment, restructuring and other operating

items. Other operating items include (i) gains and losses on the disposition of long-

lived assets, (ii) third-party costs directly associated with successful and unsuccessful

acquisitions and dispositions, including legal, advisory and due diligence fees, as

applicable, and (iii) other acquisition-related items, such as gains and losses on the

ARPU....................................................

settlement of contingent consideration.

Average monthly subscription revenue per average fixed RGU or mobile subscriber,

ASU.......................................................

as applicable

Accounting Standards Update

B2B........................................................

Business-to-business

C&W Bahamas....................................

The Bahamas Telecommunications Company Limited, a 49%-owned subsidiary that

C&W Caribbean and Networks

owns all of our operations in the Bahamas

Includes all our subsidiaries, excluding CWP

C&W Credit Facilities.........................

Senior secured credit facilities of certain subsidiaries of ours comprised of: (i) C&W

Term Loan B-5 Facility; (ii) C&W Revolving Credit Facility; and (iii) C&W

Regional Facilities

C&W Jamaica......................................

Cable & Wireless Jamaica Limited, a 92%-owned subsidiary

C&W Notes..........................................

Senior and senior secured notes comprised of: (i) 2027 C&W Senior Secured Notes;

C&W Regional Facilities.....................

(ii) 2026 C&W Senior Notes; and (iii) 2027 C&W Senior Notes

Primarily comprised of credit facilities at CWP, C&W Jamaica and Columbus

C&W Revolving Credit Facility.........

Communications Trinidad Limited

$630 million LIBOR + 3.25% revolving credit facility, of which $50 million is due

C&W Term Loan B-4 Facility............

June 30, 2023 and $580 million is due January 30, 2026

$1,640 million principal amount term loan B-4 facility (repaid during 2020)

COP.......................................................

Colombian peso

CPE.......................................................

Customer premises equipment

CWP......................................................

Cable & Wireless Panama, S.A., a 49%-owned subsidiary that owns most of our

FASB.....................................................

operations in Panama

Financial Accounting Standards Board

FX..........................................................

Foreign currency translation effects

JMD.......................................................

Jamaican dollar

LGE Coral Holdco...............................

LGE Coral Holdco Limited, a wholly-owned subsidiary of Liberty Latin America

Liberty Latin America........................

Liberty Latin America Ltd.

LIBOR..................................................

London Inter-Bank Offered Rate

LiLAC Services....................................

LiLAC Services Ltd., a wholly-owned subsidiary of Liberty Latin America

Networks & LatAm.............................

Business operations within C&W Caribbean and Networks

RGU......................................................

Revenue generating unit

Sable......................................................

Sable International Finance Limited, a wholly-owned subsidiary

Sable Currency Swaps.........................

U.S. dollar to the Jamaican dollar cross-currency swaps held by Sable

U.K........................................................

United Kingdom

U.S.........................................................

United States

U.S. GAAP............................................

Generally accepted accounting principles in the United States

UTS.......................................................

United Telecommunication Services N.V.

UTS Acquisition...................................

Acquisition of UTS in 2019

VAT.......................................................

Value-added taxes

Weather Derivative..............................

Weather derivative contract that provides insurance coverage for certain weather-

related events

CABLE & WIRELESS COMMUNICATIONS LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

March 31,

December 31,

2021

2020

in millions

ASSETS

Current assets:

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

$

474.7

$

485.5

Trade receivables, net of allowances of $69.3 million and $71.5 million, respectively.............

379.5

381.1

Prepaid expenses.........................................................................................................................

37.1

33.8

Other current assets, net..............................................................................................................

204.9

186.7

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

1,096.2

1,087.1

Goodwill .......................................................................................................................................

3,695.6

3,729.1

Property and equipment, net .........................................................................................................

2,749.4

2,810.0

Intangible assets subject to amortization, net ...............................................................................

659.0

704.9

Other assets, net ............................................................................................................................

744.7

719.5

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

$

8,944.9

$

9,050.6

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable........................................................................................................................

$

118.2

$

124.4

Current portion of deferred revenue............................................................................................

87.0

92.1

Current portion of debt and finance lease obligations................................................................

164.5

161.5

Accrued interest..........................................................................................................................

49.6

69.5

Accrued payroll and employee benefits......................................................................................

35.3

47.7

Accrued capital expenditures......................................................................................................

21.5

23.7

Other accrued and current liabilities ..........................................................................................

454.8

469.9

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

930.9

988.8

Long-termdebt and finance lease obligations ..............................................................................

4,101.7

4,104.3

Deferred tax liabilities ..................................................................................................................

179.6

182.8

Deferred revenue...........................................................................................................................

169.6

182.2

Pension liabilities...........................................................................................................................

275.4

272.2

Other long-termliabilities .............................................................................................................

194.9

265.5

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

5,852.1

5,995.8

Commitments and contingencies

Equity:

Parent equity:

Share capital..............................................................................................................................

0.1

0.1

Accumulated net contributions..................................................................................................

4,074.7

4,074.7

Accumulated deficit..................................................................................................................

(1,448.3)

(1,515.6)

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

(241.6)

(211.2)

Total parent equity.................................................................................................................

2,384.9

2,348.0

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

707.9

706.8

Total equity..........................................................................................................................

3,092.8

3,054.8

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

$

8,944.9

$

9,050.6

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

1

CABLE & WIRELESS COMMUNICATIONS LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Three months ended

March 31,

2021

2020

in millions

Revenue ...............................................................................................................................................

$

549.9

$

588.6

Operating costs and expenses (exclusive of depreciation and amortization, shown separately

below):

Programming and other direct costs of services...............................................................................

108.1

122.1

Other operating costs and expenses..................................................................................................

223.4

241.1

Related-partyfees and allocations....................................................................................................

5.3

11.0

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

145.9

147.6

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

(0.8)

9.2

481.9

531.0

Operating income..........................................................................................................................

68.0

57.6

Non-operating income (expense):

Interest expense................................................................................................................................

(58.4)

(66.8)

Interest income..................................................................................................................................

0.5

4.1

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

85.0

(94.8)

Foreign currency transaction losses, net...........................................................................................

(18.9)

(31.5)

Losses on debt extinguishment.........................................................................................................

-

(3.4)

Other expense, net............................................................................................................................

(0.6)

(0.3)

7.6

(192.7)

Earnings (loss) before income taxes................................................................................................

75.6

(135.1)

Income tax expense..............................................................................................................................

(7.0)

(8.7)

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

68.6

(143.8)

Net loss (earnings) attributable to noncontrolling interests..................................................................

(1.3)

4.0

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

$

67.3

$

(139.8)

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

2

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Disclaimer

Liberty Latin America Ltd. published this content on 26 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 May 2021 21:48:03 UTC.


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