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Telewest Communications Is Building a National Brand. from Our History of Separate Franchises, We Are Developing a United Company Under One Name

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Annual report 1996 The 4.3 million households in Telewest Communications’ seven franchise areas and three affiliate groups represent 24% of the UK homes under cable licence. Telewest is steadily building out its advanced broadband cable network. Gathering No other telecommunications system matches cable’s capacity and flexibility in delivering television and telephone services today and digital multi-media services tomorrow. CONTENTS 2 The facts & figures 4 Cable into the future 6 Chairman’s statement 8 Chief Executive’s statement 10 Operational review 24 Financial review 32 Board of directors 34 Operating statistics 36 Financial statements under UK GAAP 67 Financial statements under US GAAP 87 Five year summary 88 Shareholder information 89 Advisers 89 Glossary of terms TELEWEST COMMUNICATIONS plc • 1 Telewest Communications is playing a leading role in the development of UK communications services. A major force within a dynamic, evolving industry, Telewest made significant progress in 1996 as a leading supplier of entertainment, telecommunications and information services to UK homes and businesses. momentum • Focus on customers is unlocking value in Telewest’s network • Uniform branding and new marketing strategies are raising market penetration and revenues • Increased network size and capability are enhancing Telewest’s operating efficiency, market influence and product strength 2•TELEWEST COMMUNICATIONS plc A year of expansion has strengthened Telewest Communications’ presence in key markets. Our network is 65% built out and we achieved positive operating cashflow. A third of the homes we pass subscribe to one or more of our services and both penetration and revenue are increasing. The facts TELEWEST OWNED AND OPERATED FRANCHISE AREAS AND HOMES SCOTLAND 631,461 NORTH EAST 354,098 AFFILIATED COMPANIES (Equity Interest) NORTH WEST 828,694 Birmingham Cable MIDLANDS 129,551 634,839 Cable Corporation 49,639 SOUTH WEST 511,215 Cable London 222,044 LONDON SOUTH 420,703 SOUTH EAST 493,140 TELEWEST COMMUNICATIONS plc • 3 65% OF NETWORK NOW COMPLETED 2.5m HOMES PASSED IN TOTAL 590,000 HOMES PASSED IN 1996 6,700km OF CABLE LAID IN PAST 12 MONTHS & figures 769,000 RESIDENTIAL CUSTOMERS 7.6 PERCENTAGE POINT REDUCTION IN TELEVISION CHURN 33.5%HOUSEHOLD PENETRATION 67,823 BUSINESS TELEPHONE LINES 4 INTERNET - DIGITAL fastest access COMPRESSION LOCAL TELEVISION NEAR VIDEO ON news, sports, politics DEMAND INTERACTIVE HOME GAMES BANKING Residential PAY-PER-VIEW HOME SHOPPING HIGH DAILY VIEWING, MULTIPLE TV AND VIDEO PENETRATION EARLY ACCEPTANCE OF PAY-PER-VIEW UK TELEPHONY USAGE INCREASING Cable into Telewest Communications’ broadband cable is able to carry multiple, simultaneous, two-way communications into the home or office, whether by voice, data or video; this contrasts with the current narrowband capability of traditional copper telephone lines. 5 INTRANETS E-MAIL EDUCATION TELECONFERENCING SWITCHED DATA INTERNET COMMUNICATIONS fastest access Business INTEGRATED CUSTOMISED PRICING FIXED/MOBILE VOICE AND BILLING AND DATA COMMUNICATIONS ANTICIPATED £6.3BN UK MARKET IN 1997 UK DATA SERVICES EXPANDING AT 30% PA UK VOICE SERVICES EXPANDING AT 3% PA the future Cable outstrips other delivery systems through one simple fact – it carries a sophisticated two-way, future-proof connection right into the home or office. Telewest has built this capability for over 2.5 million homes in the UK. Currently cable is proving its versatility with integrated telephony, television and internet supply. Soon, with the arrival of more advanced products such as high speed data and digital services, Telewest will be able to roll out further new services both swiftly and cost-effectively. Construction has already begun on an interfranchise backbone broadband network to enhance delivery of services across the network. 6 • TELEWEST COMMUNICATIONS plc Chairman’s Statement Telewest Communications has delivered a solid and consistent performance despite operating in a complex and competitive environment. This environment is seeing dramatic technological change in preparation for the launch of digital services. I am confident that Telewest is positioned to take full advantage of the opportunities created by this change and further consolidate its position in the UK. FRED VIERRA CHAIRMAN TELEWEST COMMUNICATIONS plc • 7 “We see digital services as a UK communications revolution which will dramatically broaden customer choice and enhance their lifestyles” Telewest ended the year with an increase of 45% in residential year we laid 6,700 km of cable so extending our network telephony lines, 32% more residential television customers and to reach 65% of our owned and operated franchise homes. a 69% increase in business telephony lines. Our total number Due to effective project management, scale and scope, Telewest of customers rose from 588,390 to 789,637, an increase remains one of the industry’s most cost-effective builders. of 34%. This led to a substantial increase in revenues from During 1996 we completed a £1.2 billion syndicated bank £144.8 million to £290.3 million. In particular, I am pleased that facility which should provide the financing requirements for our business telephony revenues rose by 98% to £34.6 million, substantially all of our existing build. indicating success in serving this valuable sector. Residential We see digital services as a UK communications revolution telephony penetration increased by 1.5% to 27.5%. These which will dramatically broaden customer choice and enhance results, which for the first time include the SBCC results for the their lifestyles as interactive products such as home banking full year, were achieved against a backdrop of the estimated come on line. We are planning the introduction of digital £550 million regulatory led price cuts and win-back advertising services and equipment in 1997 and the completion of our campaign by BT. broadband interfranchise network by mid-1998. In this context However, despite the impressive growth in telephony and on- we are evaluating the funding requirements and considering line services, our television penetration only increased by 0.7% debt financing opportunities. to 22.6%. Whilst the amount of this increase is disappointing, During the year Alan Michels left the Company to return the overall trend is improving across the industry. The decrease to the United States and we wish him well. Stephen Davidson, in television churn from 41.0% to 33.4% was encouraging formerly Finance Director, was recently confirmed as Chief although we recognise the need to continue to concentrate on Executive and we welcome the arrival of Charles Burdick, this area. In the light of these statistics Telewest has developed formerly of US WEST as our Finance Director. He has been and is implementing wide-ranging strategies to focus on the closely associated with Telewest for several years. issues of customer value and flexibility in television services. Having led industry consolidation through our 1995 merger Positive results were evident in the final quarter of the year, which with SBCC, our strategy now is to build on our existing were again achieved even though BSkyB conducted an aggressive customer base and continue to improve our operations. pre-Christmas national promotion offering free satellite dishes We believe continued improvement here will help stimulate and installation with the purchase of certain domestic goods. investor interest in our sector. As planned, we achieved positive operating cash flow in The announcement of the applicants for a digital terrestrial the year which is a very encouraging result. television licence received much publicity, however, there We are operating in a tough competitive environment is no doubt that cable is still the most flexible and powerful and therefore support the recent regulatory developments such distribution system for telecommunications, entertainment and as the inclusion of a fair trading clause in telecoms licences and on-line services. Digital terrestrial television aims to deliver in OFTEL’s contribution to the conditional access licensing regime. over a year’s time only a fraction of what cable delivers today. These developments are commented on in more detail in the We will be working hard to convey these messages to Operational Review. investors and customers alike in 1997 and are confident that We accelerated our build in line with budget. During the we will continue our momentum. 8 • TELEWEST COMMUNICATIONS plc Chief Executive’s Statement Telewest Communications’ success depends upon the expansion of our customer base and the quality of the relationships those customers have with Telewest. As independent research has confirmed, we must continue to focus on improving consumer awareness, value for money and customer service. These objectives are fundamental to our strategy and the operational plans we have developed. During the year, we took significant steps towards achieving these objectives. STEPHEN DAVIDSON CHIEF EXECUTIVE TELEWEST COMMUNICATIONS plc • 9 “We face major challenges and opportunities with confidence and a clear strategy” To increase customer value for money, we have introduced Digital will provide us with the much increased channel new products and services such as Centrex, Number capacity enabling us to offer exciting new services to Portability, Pay-Per-View, Internet access and Teleplus (our customers, including near video on demand, home shopping, integrated phone and television package). We have also home banking and pay-per-view. concentrated
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