Liberty Global reported fourth-quarter revenues up 71 percent from a year earlier to USD 4.5 billion, driven by its takeover of UK cable operator Virgin Media. Excluding acquisitions and currency effects, revenues rose 2 percent, with a 4 percent increase in Western Europe, 7 percent growth in Chile and flat sales in CEE. Among its largest markets, Germany grew 7 percent, Belgium was up 10 percent, Switzerland advanced 4 percent, and the UK expanded 1 percent, while the Netherlands contracted by 2 percent.
The number of revenue-generating units rose by 413,000 in the three months to 48.3 million at year-end. That included 270,000 new broadband customers and 192,000 new telephony subscribers, offset by a loss of 50,000 TV customers. Of the 24.5 million unique customers, 57 percent were on a double- or triple-play plan at year-end. Liberty also reported over 500,000 customers using its new Horizon set-top box, plus over 2 million customers with a Tivo box in the UK.
Operating cash flow rose 65 percent to USD 2.1 billion, or 2 percent on an organic basis, while the company's net loss narrowed to USD 121 million in Q4, from USD 331 million a year earlier. Liberty said it expects growth in organic OCF to accelerate in 2014. Adjusted free cash flow, which excludes the cost of its mobile operation in Chile, should also improve, to around USD 2.0 billion from USD 1.8 billion in 2013.
Capital expenditure rose to USD 2.5 billion in 2013 from USD 1.9 billion a year earlier, due mainly to the takeover of Virgin Media. Liberty ended the year with debt of USD 44.7 billion and cash of USD 2.7 billion, putting its net leverage at 4.9x.
