Liberty Global Results Presentation Deck
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2022 OUTLOOK (2)
GUIDANCE (IFRS basis)(³)
Improved revenue growth
Mid-single-digit Transaction Adjusted EBITDA growth
(before CTC)
Opex and Capex CTC of over £300m
P+E additions of around £2.1bn
Cash distributions to shareholders of £1.6bn (including
those from recapitalisations)
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GUIDANCE
Stable to modest rebased revenue growth
Stable rebased Adjusted EBITDA (inc CTC)
P+E additions to sales (inc CTC) 18-20% (Ex central
allocation)
>CHF150m costs to capture (one third opex related)
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GUIDANCE (4)
Revenue growth of around 1%
Adjusted EBITDA growth of around 1%
P+E additions to sales around 25%
Stable Adjusted FCF
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GUIDANCE
Stable to modest Adjusted EBITDA growth
P+E additions to sales 22%-24%
Cash distributions to shareholders €550m-€650m
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>
> Reiterating all guidance including $1.7bn Full
Company distributable FCF for 2022
(1,2)
>
$1.7B2
LG Distributable
Cash Flow
> Value accretive investments in UK (FTTH & Lightning),
BE (5G/FTTH), NL (capacity/customer) & IE (FTTH)
>
Underlying FCF impacted in 2022 by peak CTC spend in
UK/CH and investments
Peak year for CTC spend in UK & CH ($200m
incremental in 2022 vs. prior year)
> Maintaining VMO2 JV leverage at upper end of 4-5x
range given strong outlook
Committed to 10% buybacks p.a 2022/23
1) We define Distributable Cash Flow as Adjusted FCF plus any dividends received from our equity affiliates that are funded by
activities outside of their normal course of operations, including, for example, those funded by recapitalizations (referred to as
"Other Affiliate Dividends"). Distributable Cash Flow guidance reflects FX rates of EUR/USD 1.14, GBP/USD 1.35, CHF/USD 1.06
and includes $100 million of litigation settlement proceeds in Switzerland in Q1 2022.
2) Quantitative reconciliations to net earnings/loss from continuing operations (including net earnings/loss growth rates) and cash flow
from operating activities for our Adjusted EBITDA, Adjusted EBITDA less P&E Additions and Adjusted FCF guidance cannot be
provided without unreasonable efforts as we do not forecast (i) certain non-cash charges including; the components of non-
operating income/expense, depreciation and amortization, and impairment, restructuring and other operating items included in net
earnings/loss from continuing operations, nor (ii) specific changes in working capital that impact cash flows from operating activities.
The items we do not forecast may vary significantly form period to period.
3)
U.S. GAAP guidance for the VMED O2 JV is not provided as this cannot be provided without unreasonable efforts as this is not
forecast by the JV given they report under IFRS.
4) U.S. GAAP guidance for Telenet is broadly same as their separate IFRS guidance.
5) Non-consolidated 50% owned JVs. Reflects 100% of VodafoneZiggo and VMO2.
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