VTR FINANCE N.V.
Condensed Consolidated Financial Statements
June 30, 2022
VTR FINANCE N.V.
Boeing Avenue 53
1119 PE Schiphol-Rijk
The Netherlands
VTR FINANCE N.V. | |
TABLE OF CONTENTS | |
Page | |
Number | |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | |
Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (unaudited) ......................... | |
Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021 | |
(unaudited)............................................................................................................................................................... | 3 |
Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three and Six Months Ended | |
June 30, 2022 and 2021 (unaudited) ....................................................................................................................... | 4 |
Condensed Consolidated Statements of Owner's Equity (Deficit) for the Three and Six Months Ended June 30, | |
2022 and 2021 (unaudited)...................................................................................................................................... | 5 |
Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021 | |
(unaudited) .............................................................................................................................................................. | 6 |
Notes to Condensed Consolidated Financial Statements (unaudited)......................................................................... | 7 |
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF | |
OPERATIONS ...................................................................................................................................................... | 21 |
GLOSSARY OF DEFINED TERMS
Unless the context requires otherwise, references to VTR Finance, "we," "our," "our company" and "us" in this quarterly report may refer to VTR Finance N.V. or collectively to VTR Finance N.V. and its subsidiaries. We have used several other terms in this quarterly report most of which are defined or explained below.
2021 Annual Report............................ | Annual Report for the year ended December 31, 2021 |
2028 VTR Finance Senior Notes........ | $550 million principal amount of 6.375% senior notes due July 15, 2028 issued by |
VTR Finance N.V. | |
2028 VTR Senior Secured Notes........ | $480 million principal amount of 5.125% senior secured notes due January 15, 2028 |
issued by VTR Comunicaciones SpA | |
2029 VTR Senior Secured Notes........ | $410 million principal amount of 4.375% senior secured notes due April 15, 2029 |
issued by VTR Comunicaciones SpA | |
Adjusted OIBDA................................. | Operating income or loss before share-based compensation, depreciation, 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 settlement of | |
contingent consideration. | |
América Móvil..................................... | América Móvil S.A.B. de C.V. |
ARPU ................................................... | Average monthly subscription revenue per average fixed RGU or mobile subscriber, |
as applicable | |
ASU ...................................................... | Accounting Standards Update |
B2B ....................................................... | Business-to-business |
CLP....................................................... | Chilean peso |
Chile JV................................................ | Defined as the pending formation of a joint venture between Liberty Latin America |
and América Móvil that will be 50:50 owned by each investee | |
Chile JV Entities ................................. | Represents the entities that will be contributed to the Chile JV upon closing, |
consisting of Lila Chile Holding B.V., and its subsidiaries, which include VTR | |
Finance and combine each investee's Chilean operations (as further described in note | |
1 to the condensed consolidated financial statements) | |
CPE....................................................... | Customer premises equipment |
FASB .................................................... | Financial Accounting Standards Board |
FX ......................................................... | Foreign currency translation effects |
LCH Note Receivable ......................... | $122 million note receivable from Lila Chile Holding B.V., another subsidiary of |
Liberty Latin America, bearing interest at 2.6% per annum, which compounds into | |
the principal balance annually on January 1, due October 5, 2023 | |
LCRH Note Receivable....................... | $112 million note receivable from Liberty Costa Rica Holdings Ltd., another |
subsidiary of Liberty Latin America, bearing interest at 9.9% per annum, which | |
compounds into the principal balance annually on January 1 (settled during the | |
second quarter of 2021) | |
LIBOR.................................................. | London Inter-Bank Offered Rate |
Liberty Latin America........................ | Liberty Latin America Ltd. |
MVNO.................................................. | Mobile virtual network operator |
ODECU ................................................ | La Organización de Consumidores y Usuarios de Chile |
RGU...................................................... | Revenue generating unit |
SERNAC .............................................. | Servicio Nacional del Consumidor (the Chilean National Consumer Authority) |
TAB ...................................................... | Tasa Activa Bancaria interest rate |
U.K........................................................ | United Kingdom |
UK Holding Note Receivable ............. | CLP 63 billion note receivable from LLA UK Holding Ltd. (formerly known as |
Liberty Global CIHB Ltd), another subsidiary of Liberty Latin America, bearing | |
interest at 6.7% per annum, which compounds into the principal balance annually on | |
January 1, due December 26, 2029 | |
U.S. ....................................................... | United States |
U.S. GAAP ........................................... | Generally accepted accounting principles in the United States |
GLOSSARY OF DEFINED TERMS | |
VTR Credit Facilities.......................... | Senior secured credit facilities comprising: (i) VTR RCF - A; (ii) VTR RCF - B; and |
(iii) at December 31, 2020, the VTR TLB-1 and VTR TLB-2 facilities | |
VTR Finance........................................ | VTR Finance N.V., formerly known as VTR Finance B.V. |
VTR Notes............................................ | Comprises (i) 2028 VTR Finance Senior Notes, (ii) 2028 VTR Senior Secured Notes |
and (iii) 2029 VTR Senior Secured Notes | |
VTR Revolving Credit Facilities........ | Comprises (i) VTR RCF - A and (ii) VTR RCF - B |
VTR RCF - A....................................... | CLP 45 billion TAB + 3.35% revolving credit facility due June 15, 2026 |
VTR RCF - B....................................... | $200 million LIBOR + 2.75% revolving credit facility due June 15, 2026 |
VTR TLB-1Facility............................ | CLP 141 billion principal amount of ICP +3.8% term loan facility (repaid during |
2021) | |
VTR TLB-2Facility............................ | CLP 33 billion principal amount of 7% term loan facility (repaid during 2021) |
VTR FINANCE N.V.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
June 30, | December 31, | |||
2022 | 2021 | |||
CLP in billions | ||||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents .............................................................................................................. | 62.4 | 120.8 | ||
Trade receivables, net ..................................................................................................................... | 67.3 | 67.0 | ||
Derivative instruments .................................................................................................................... | 20.5 | 22.7 | ||
Other current assets, net.................................................................................................................. | 32.4 | 26.9 | ||
Total current assets..................................................................................................................... | 182.6 | 237.4 | ||
Property and equipment, net.............................................................................................................. | 551.1 | 552.9 | ||
Goodwill ............................................................................................................................................ | 266.7 | 266.7 | ||
Long-termnotes receivable - related-party........................................................................................ | 176.0 | 164.4 | ||
Derivative instruments....................................................................................................................... | 272.4 | 235.7 | ||
Other assets, net................................................................................................................................. | 44.3 | 41.6 | ||
.................................................................................................................................Total assets | 1,493.1 | 1,498.7 | ||
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Liberty Latin America Ltd. published this content on 23 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 August 2022 20:17:11 UTC.