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Vodafoneziggo Q1 2021 Report

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Vodafoneziggo Q1 2021 Report VodafoneZiggo Group B.V. Quarterly Report March 31, 2021 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 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)............................................................................................................................................................. 4 Condensed Consolidated Statement of Owner’s Equity for the Three Months Ended March 31, 2021 (unaudited)............................................................................................................................................................. 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020 (unaudited)............................................................................................................................................................. 6 Notes to Condensed Consolidated Financial Statements (unaudited)...................................................................... 8 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS........................................................................................................................................................... 28 1 VODAFONEZIGGO GROUP B.V. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) March 31, December 31, 2021 2020 in millions ASSETS Current assets: Cash and cash equivalents........................................................................................................ € 326.5 € 300.9 Trade receivables, net............................................................................................................... 172.5 167.2 Related-party receivables (note 10).......................................................................................... 45.0 33.6 Prepaid expenses....................................................................................................................... 36.8 41.2 Derivative instruments (note 4)................................................................................................ 50.0 51.1 Contract assets (note 3)............................................................................................................. 155.6 154.0 Other current assets, net (note 3).............................................................................................. 117.7 124.9 Total current assets............................................................................................................... 904.1 872.9 Property and equipment, net (note 6 and 8)................................................................................ 4,846.4 4,877.3 Goodwill (note 6)........................................................................................................................ 7,375.5 7,375.5 Intangible assets subject to amortization, net (note 6)................................................................ 5,594.8 5,586.4 Long-term contract assets (note 3).............................................................................................. 62.0 60.0 Other assets, net (notes 3, 4 and 8).............................................................................................. 525.8 556.2 Total assets........................................................................................................................... € 19,308.6 € 19,328.3 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 VODAFONEZIGGO GROUP B.V. CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued) (unaudited) March 31, December 31, 2021 2020 in millions LIABILITIES AND OWNER’S EQUITY Current liabilities: Accounts payable (note 10)...................................................................................................... € 256.3 € 312.5 Accrued and other current liabilities (note 6, 8 and 10) 626.9 389.8 Deferred revenue and advance payments from subscribers and others (note 3)...................... 208.9 208.0 VAT payable............................................................................................................................. 143.7 140.9 Derivative instruments (note 4)................................................................................................ 87.4 82.6 Accrued interest (notes 7)......................................................................................................... 91.2 136.8 Current portion of third-party debt and finance lease obligations (notes 7 and 8)................... 1,082.7 1,156.8 Total current liabilities......................................................................................................... 2,497.1 2,427.4 Long-term debt and finance lease obligations (notes 7 and 8): Third-party................................................................................................................................ 9,725.5 9,508.5 Related-party (note 10)............................................................................................................. 1,607.9 1,607.9 Deferred income taxes (note 9)................................................................................................... 1,165.8 1,173.9 Other long-term liabilities (notes 3, 4 and 8).............................................................................. 880.3 1,165.3 Total liabilities..................................................................................................................... 15,876.6 15,883.0 Commitments and contingencies (notes 4, 10 and 11) Total owner’s equity ................................................................................................................... 3,432.0 3,445.3 Total liabilities and owner’s equity...................................................................................... € 19,308.6 € 19,328.3 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 March 31, 2021 2020 in millions Revenue (notes 3, 10 and 12)..................................................................................................... € 1,009.5 € 991.9 Operating costs and expenses (exclusive of depreciation and amortization, shown separately below): Programming and other direct costs of services (notes 3 and 10).......................................... 212.6 209.2 Other operating (notes 3 and 10)............................................................................................ 121.8 123.1 Selling, general and administrative (SG&A) (note 10)......................................................... 145.9 144.0 Charges for JV Services (note 10).......................................................................................... 60.3 59.6 Depreciation and amortization .............................................................................................. 380.0 380.0 Impairment, restructuring and other operating items, net...................................................... 2.3 2.2 922.9 918.1 Operating income .............................................................................................................. 86.6 73.8 Non-operating income (expense): Interest expense: Third-party........................................................................................................................... (103.9) (118.1) Related-party (note 10)........................................................................................................ (22.3) (19.6) Realized and unrealized gains on derivative instruments, net (note 4).................................. 237.6 333.0 Foreign currency transaction losses, net................................................................................ (208.0) (126.2) Losses on debt extinguishment, net (note 7).......................................................................... (7.6) (29.6) (104.2) 39.5 Earnings (loss) before income taxes .................................................................................. (17.6) 113.3 Income tax benefit (expense) (note 9) ...................................................................................... 4.4 (22.9) Net earnings (loss)............................................................................................................. € (13.2) € 90.4 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 VODAFONEZIGGO GROUP B.V. CONDENSED CONSOLIDATED STATEMENT OF OWNER’S EQUITY (unaudited) in millions Total owner’s equity at January 1, 2021............................................................................................................. € 3,445.3 Net loss.............................................................................................................................................................. (13.2) Other................................................................................................................................................................. (0.1) Total owner’s equity at March 31, 2021............................................................................................................. € 3,432.0 The accompanying notes are an
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