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)............................................................................................................................................. | |
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.
3
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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