Liberty Global said revenues from continuing operations slipped 0.6 percent from the year before to USD 2.868 billion in the first quarter, with gains at B2B, up 3.2 percent, not able to offset declines of 1.1 percent at residential cable and of 2.4 percent at residential mobile. By region, only Continuing CEE (Slovakia and Poland) booked gains. Revenues from the UK/Ireland were almost flat and they slipped 1.1 percent lower at Central and Corporate. At Belgium, they fell 0.6 percent while at Switzerland they declined 3.7 percent.
The operating profit fell 10.3 percent to USD 105.5 million, with the operating cash flow from continuing operations down 0.5 percent to USD 1.183 billion and the free cash flow from continuing operations at a negative USD 624.5. Excluding Switzerland, the operating cash flow would have risen 0.8 percent. The company said it bought back over USD 200 million worth of shares in the quarter and ended Q1 with USD 3.4 billion of liquidity.
Liberty Global CEO Mike Fries noted that the sale of UPC Switzerland to Sunrise is now under review by the Swiss Competition Authority and should complete in the fourth quarter. The sale of the Eastern European DTH business closed in early May.
In total, the company added 24,700 organic RGUs, including Switzerland and 67,600 excluding those operations. This compares to losses of 33,000 in the previous quarter and if 10,300 the year earlier. Video losses accelerated this year to 60,500 from losses of 45,200 year-on-year. Data and Voice meanwhile each added 42,400 and 42,800, compared to additions of 30,500 and 4,400 the year before. At Mobile, postaid additions slowed to 72,300 from 113,100 the year earlier, while prepaid losses slowed somewhat to 45,500 from 49,400 worth of losses year-on-year. By market, gains at the UK/Ireland and Continuing CEE (Poland and Slovakia) were able to offset losses at Belgium and Switzerland.
For full year 2019, Liberty Global gave a guidance excluding Switzerland, seeing operating cash flow flat to lower and the adjusted free cash flow at USD 550-600 million.
