Liberty reports a net loss of USD2.8bn for 2017

15 Feb 2018

UK-based cable group Liberty Global has announced its financial results for Q4 2017 and full year 2017. The group’s revenue for the three-month and twelve-month periods totalled USD4.0 billion and USD15.0 billion, representing declines of 5.4% and 12.9% respectively, due to the deconsolidation of its Netherlands unit VodafoneZiggo – now a joint venture with Vodafone Group. Rebased to exclude the impact of the deconsolidation, revenue grew by 2.9% for Q4 and by 2.3% for the full year. Liberty’s operating cash flow (OCF) reached USD1.9 billion in the three months ended 31 December 2017, a 6.1% dip y-o-y, whilst annual OCF declined 13.2% to USD7.1 billion. Net earnings for the period swung to losses of USD992 million and USD2.8 billion for the quarter/year from profits of USD2.2 billion and USD1.7 billion. In operational terms, the group counted a total of 45.79 million RGUs across 22.01 million customer relationships, including 14.92 million broadband subscriptions and 6.45 million mobile accounts.

Liberty Latin America (LLA), which was spun off from Liberty Global in January this year, has reported its first results since the separation, booking revenue of USD850 million for the three months ended 31 December 2017 (-10% y-o-y) and USD3.59 billion for the full year (down 2% y-o-y). The group notes that its turnover was impacted by the introduction of a new rival into the Bahamas’ wireless market and lower revenue from the Caribbean markets impacted by hurricanes in 2017. Puerto Rico, in particular, was affected by the storms, leading to a 84% drop in revenue. LLLA notes that it is still assessing the impact of the hurricanes on its networks in Puerto Rico, the British Virgin Islands (BVI), Dominica and Anguilla. Roughly 340,000 of a total 738,500 RGUs in Puerto Rico had been restored to service, whilst most fixed line services in BVI, Dominica and Anguilla are still unavailable.

Anguilla, Dominica, Puerto Rico, United Kingdom, United States, Virgin Islands (U.K.), Liberty Global (incl. LGI), Liberty Latin America (LLA), VodafoneZiggo