Liberty Global : UPC Holding Group Condensed Combined Financial Statements – September 30, 2020

11/17/2020 | 04:43pm EST

The UPC Holding Group

Condensed Combined Financial Statements

September 30, 2020

The UPC Holding Group
TABLE OF CONTENTS
	Page
	Number
Condensed Combined Balance Sheets as of September 30, 2020 and December 31, 2019 (unaudited).....................	1
Condensed Combined Statements of Operations for the Three and Nine Months Ended September 30, 2020 and
2019 (unaudited).......................................................................................................................................................	3
Condensed Combined Statements of Comprehensive Earnings (Loss) for the Three and Nine Months Ended
September, 2020 and 2019 (unaudited) ....................................................................................................................	4
Condensed Combined Statements of Equity (Deficit) for the Three and Nine Months Ended September 30, 2020
and 2019 (unaudited) ................................................................................................................................................	5
Condensed Combined Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019
(unaudited)................................................................................................................................................................	7
Notes to Condensed Combined Financial Statements (unaudited) ..............................................................................	9
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS..........................................................................................................................................................	37

The UPC Holding Group

CONDENSED COMBINED BALANCE SHEETS

(unaudited)

	September 30,		December 31,
		2020			2019
		in millions
ASSETS
Current assets:
Cash and cash equivalents ...........................................................................................................	€	19.0		€	22.1
Trade receivables, net ..................................................................................................................		112.0			195.0
Related-party receivables (note 11) .............................................................................................		301.5			411.8
Derivative instruments (note 5) ...................................................................................................		75.4			86.3
Other current assets (note 3) ........................................................................................................		48.2			49.2

Total current assets..................................................................................................................		556.1			764.4
Related-party receivables (note 11)................................................................................................		119.9			247.7
Property and equipment, net (notes 7 and 9)..................................................................................		1,519.7			1,574.2
Goodwill (note 7) ...........................................................................................................................		3,112.8			3,126.3
Derivative instruments (note 5)......................................................................................................		301.3			226.6
Other assets, net (notes 3, 7, 9 and 11)...........................................................................................		189.0			193.2

Total assets ..............................................................................................................................	€	5,798.8		€	6,132.4

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

The UPC Holding Group

CONDENSED COMBINED BALANCE SHEETS - (Continued)

(unaudited)

	September 30,		December 31,
		2020			2019
		in millions
LIABILITIES AND COMBINED EQUITY
Current liabilities:
Accounts payable (note 11)..........................................................................................................	€	147.4		€	159.5
Deferred revenue (note 3) ............................................................................................................		98.5			191.5
Derivative instruments (note 5) ...................................................................................................		105.7			120.3
Current portion of debt and finance lease obligations (notes 8 and 9) ........................................		526.3			563.4
Other accrued and current liabilities (notes 9 and 11) .................................................................		442.3			334.5

Total current liabilities........................................................................................................		1,320.2			1,369.2
Long-term debt and finance lease obligations (notes 8 and 9).......................................................		3,185.2			3,224.7
Derivative instruments (note 5)......................................................................................................		462.7			324.6
Other long-term liabilities (notes 3, 9 and 11) ...............................................................................		144.5			165.4

Total liabilities....................................................................................................................		5,112.6			5,083.9
Commitments and contingencies (notes 5, 8, 10 and 12)

Combined equity:
Parent entities:
Distributions and accumulated earnings (loss) in excess of contributions .............................		(172.4)			157.3
Accumulated other comprehensive earnings, net of taxes......................................................		842.1			872.9

Total combined equity attributable to parent entities .........................................................		669.7			1,030.2
Noncontrolling interests...............................................................................................................		16.5			18.3

Total combined equity........................................................................................................		686.2			1,048.5

Total liabilities and combined equity ..........................................................................	€	5,798.8		€	6,132.4

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

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Liberty Global plc published this content on 17 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2020 21:42:03 UTC

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Liberty Global : UPC Holding Group Condensed Combined Financial Statements – September 30, 2020

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