10-Q 1 libertyglobaljune30201510q.htm 10-Q Liberty Global June 30, 2015 10Q

 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
þ
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2015
OR
 
¨
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the transition period from                     to                    
Commission file number 001-35961
Liberty Global plc
(Exact name of Registrant as specified in its charter)
England and Wales
 
98-1112770
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
38 Hans Crescent, London, England

 
SW1X 0LZ
(Address of principal executive offices)
 
(Zip Code)
Registrant’s telephone number, including area code:
+44.20.7190.6449 or 303.220.6600
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ         No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  þ        No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer  þ Accelerated Filer ¨  
Non-Accelerated Filer (Do not check if a smaller reporting company) ¨  Smaller Reporting Company  ¨
Indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.    Yes  ¨        No  þ
The number of outstanding ordinary shares of Liberty Global plc as of July 29, 2015 was:
 
Class A
 
Class B
 
Class C
Liberty Global ordinary shares
252,508,015

 
10,472,517

 
611,655,865

LiLAC ordinary shares
12,625,362

 
523,626

 
30,776,883

 



LIBERTY GLOBAL PLC
TABLE OF CONTENTS
 
 
 
Page
Number
 
PART I — FINANCIAL INFORMATION
 
ITEM 1.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
 
 
 
 
 
 
ITEM 2.
ITEM 3.
ITEM 4.
 
PART II — OTHER INFORMATION
 
ITEM 1A.
ITEM 2.
ITEM 6.




LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
 
 
June 30,
2015
 
December 31,
2014
 
in millions
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
819.5

 
$
1,158.5

Trade receivables, net
1,357.8

 
1,499.5

Deferred income taxes
307.7

 
290.3

Prepaid expenses
211.6

 
189.7

Derivative instruments (note 4)
248.3

 
446.6

Other current assets
306.8

 
335.9

Total current assets
3,251.7

 
3,920.5

Investments (including $1,928.8 million and $1,662.7 million, respectively, measured at fair value)
2,192.2

 
1,808.2

Property and equipment, net (note 6)
22,761.1

 
23,840.6

Goodwill (note 6)
28,159.0

 
29,001.6

Intangible assets subject to amortization, net (note 6)
7,999.5

 
9,189.8

Other assets, net (note 4)
5,630.2

 
5,081.2

Total assets
$
69,993.7

 
$
72,841.9

 




























The accompanying notes are an integral part of these condensed consolidated financial statements.

1


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued)
(unaudited)
 
 
June 30,
2015
 
December 31,
2014
 
in millions
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
1,062.2

 
$
1,039.0

Deferred revenue and advance payments from subscribers and others
1,449.8

 
1,452.2

Current portion of debt and capital lease obligations (note 7)
1,613.9

 
1,550.9

Accrued interest
705.1

 
690.6

Accrued capital expenditures
406.9

 
412.4

Derivative instruments (note 4)
385.2

 
1,043.7

Other accrued and current liabilities (note 11)
2,410.6

 
3,001.5

Total current liabilities
8,033.7

 
9,190.3

Long-term debt and capital lease obligations (note 7)
44,440.1

 
44,608.1

Other long-term liabilities (notes 4 and 11)
5,046.7

 
4,927.5

Total liabilities
57,520.5

 
58,725.9

Commitments and contingencies (notes 3, 4, 7, 8, 13 and 15)

 

Equity (note 9):
 
 
 
Liberty Global shareholders:
 
 
 
Old Liberty Global Ordinary Shares - Class A, $0.01 nominal value. Issued and outstanding 252,505,774 and 251,167,686 shares, respectively
2.5

 
2.5

Old Liberty Global Ordinary Shares - Class B, $0.01 nominal value. Issued and outstanding 10,472,517 and 10,139,184 shares, respectively
0.1

 
0.1

Old Liberty Global Ordinary Shares - Class C, $0.01 nominal value. Issued and outstanding 614,457,550 and 630,353,372 shares, respectively
6.1

 
6.3

Additional paid-in capital
16,103.0

 
17,070.8

Accumulated deficit
(5,009.8
)
 
(4,007.6
)
Accumulated other comprehensive earnings, net of taxes
1,885.1

 
1,646.6

Treasury shares, at cost
(0.8
)
 
(4.2
)
Total Liberty Global shareholders
12,986.2

 
14,714.5

Noncontrolling interests
(513.0
)
 
(598.5
)
Total equity
12,473.2

 
14,116.0

Total liabilities and equity
$
69,993.7

 
$
72,841.9









The accompanying notes are an integral part of these condensed consolidated financial statements.

2


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2015
 
2014
 
2015
 
2014
 
in millions, except share and per share amounts
 
 
 
 
 
 
 
 
Revenue (note 14)
$
4,566.5

 
$
4,602.2

 
$
9,083.4

 
$
9,135.9

Operating costs and expenses:
 
 
 
 
 
 
 
Operating (other than depreciation and amortization) (including share-based compensation) (note 10)
1,664.5

 
1,719.2

 
3,350.4

 
3,418.0

Selling, general and administrative (SG&A) (including share-based compensation) (note 10)
773.6

 
792.5

 
1,578.7

 
1,555.0

Depreciation and amortization
1,477.8

 
1,393.4

 
2,929.2

 
2,770.5

Impairment, restructuring and other operating items, net (note 11)
25.7

 
27.6

 
42.7

 
141.2

 
3,941.6

 
3,932.7

 
7,901.0

 
7,884.7

Operating income
624.9

 
669.5

 
1,182.4

 
1,251.2

Non-operating income (expense):
 
 
 
 
 
 
 
Interest expense
(600.8
)
 
(641.8
)
 
(1,216.7
)
 
(1,295.3
)
Realized and unrealized losses on derivative instruments, net (note 4)
(679.7
)
 
(328.6
)
 
(61.2
)
 
(705.2
)
Foreign currency transaction gains (losses), net
340.4

 
(36.4
)
 
(695.2
)
 
(57.2
)
Realized and unrealized gains due to changes in fair values of certain investments, net (note 5)
110.8

 
157.4

 
262.2

 
97.2

Losses on debt modification and extinguishment, net (note 7)
(73.8
)
 
(53.0
)
 
(348.3
)
 
(73.9
)
Other income (expense), net
(1.7
)
 
(1.7
)
 
(2.7
)
 
11.6

 
(904.8
)
 
(904.1
)
 
(2,061.9
)
 
(2,022.8
)
Loss from continuing operations before income taxes
(279.9
)
 
(234.6
)
 
(879.5
)
 
(771.6
)
Income tax benefit (expense) (note 8)
(130.0
)
 
0.6

 
(52.1
)
 
117.6

Loss from continuing operations
(409.9
)
 
(234.0
)
 
(931.6
)
 
(654.0
)
Discontinued operation (note 1):
 
 
 
 
 
 
 
Earnings from discontinued operation, net of taxes

 

 

 
0.8

Gain (adjustment to gain) on disposal of discontinued operation, net of taxes

 
(7.2
)
 

 
332.7

 

 
(7.2
)



333.5

Net loss
(409.9
)
 
(241.2
)
 
(931.6
)
 
(320.5
)
Net earnings attributable to noncontrolling interests
(54.8
)
 
(8.7
)
 
(70.6
)
 
(8.2
)
Net loss attributable to Liberty Global shareholders
$
(464.7
)
 
$
(249.9
)
 
$
(1,002.2
)
 
$
(328.7
)
 
 
 
 
 
 
 
 
Basic and diluted loss attributable to Liberty Global shareholders per share (note 12):
 
 
 
 
 
 
 
Continuing operations
$
(0.53
)
 
$
(0.31
)
 
$
(1.13
)
 
$
(0.84
)
Discontinued operation

 
(0.01
)
 

 
0.42

 
$
(0.53
)
 
$
(0.32
)
 
$
(1.13
)
 
$
(0.42
)
 
 
 
 
 
 
 
 
Weighted average ordinary shares outstanding – basic and diluted
880,850,801

 
784,980,724

 
884,040,481

 
786,351,696


The accompanying notes are an integral part of these condensed consolidated financial statements.

3


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)
(unaudited)
 
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2015
 
2014
 
2015
 
2014
 
in millions
 
 
 
 
 
 
 
 
Net loss
$
(409.9
)
 
$
(241.2
)
 
$
(931.6
)
 
$
(320.5
)
Other comprehensive earnings (loss), net of taxes:
 
 
 
 
 
 
 
Foreign currency translation adjustments
929.7

 
416.9

 
238.6

 
475.0

Reclassification adjustments included in net loss
0.9

 
0.1

 
1.0

 
64.2

Other
0.5

 

 
(1.0
)
 

Other comprehensive earnings
931.1

 
417.0

 
238.6

 
539.2

Comprehensive earnings (loss)
521.2

 
175.8

 
(693.0
)
 
218.7

Comprehensive earnings attributable to noncontrolling interests
(54.8
)
 
(8.9
)
 
(70.7
)
 
(8.4
)
Comprehensive earnings (loss) attributable to Liberty Global shareholders
$
466.4

 
$
166.9

 
$
(763.7
)
 
$
210.3


































The accompanying notes are an integral part of these condensed consolidated financial statements.

4


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENT OF EQUITY
(unaudited)
 
 
Liberty Global shareholders
 
Non-controlling
interests
 
Total
equity
 
Old Liberty Global
Ordinary Shares
 
Additional
paid-in
capital
 
Accumulated
deficit
 
Accumulated
other
comprehensive
earnings,
net of taxes
 
Treasury shares, at cost
 
Total Liberty Global
shareholders
 
 
Class A
 
Class B
 
Class C
 
 
in millions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at January 1, 2015
$
2.5

 
$
0.1

 
$
6.3

 
$
17,070.8

 
$
(4,007.6
)
 
$
1,646.6

 
$
(4.2
)
 
$
14,714.5

 
$
(598.5
)
 
$
14,116.0

Net loss

 

 

 

 
(1,002.2
)
 

 

 
(1,002.2
)
 
70.6

 
(931.6
)
Other comprehensive earnings, net of taxes

 

 

 

 

 
238.5

 

 
238.5

 
0.1

 
238.6

Repurchase and cancellation of Old Liberty Global Ordinary Shares (note 9)

 

 
(0.1
)
 
(935.7
)
 

 

 

 
(935.8
)
 

 
(935.8
)
Share-based compensation (note 10)

 

 

 
104.3

 

 

 

 
104.3

 

 
104.3

Liberty Global call option contracts

 

 
(0.1
)
 
(81.5
)
 

 

 


(81.6
)
 

 
(81.6
)
Adjustments due to changes in subsidiaries’ equity and other, net

 

 

 
(54.9
)
 

 

 
3.4

 
(51.5
)
 
14.8

 
(36.7
)
Balance at June 30, 2015
$
2.5

 
$
0.1

 
$
6.1

 
$
16,103.0

 
$
(5,009.8
)
 
$
1,885.1

 
$
(0.8
)
 
$
12,986.2

 
$
(513.0
)
 
$
12,473.2












The accompanying notes are an integral part of these condensed consolidated financial statements.

5


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 
 
Six months ended
 
June 30,
 
2015
 
2014
 
in millions
Cash flows from operating activities:
 
 
 
Net loss
$
(931.6
)
 
$
(320.5
)
Earnings from discontinued operation

 
(333.5
)
Loss from continuing operations
(931.6
)
 
(654.0
)
Adjustments to reconcile loss from continuing operations to net cash provided by operating activities:
 
 
 
Share-based compensation expense
128.0

 
109.5

Depreciation and amortization
2,929.2

 
2,770.5

Impairment, restructuring and other operating items, net
42.7

 
141.2

Amortization of deferred financing costs and non-cash interest accretion
34.2

 
41.8

Realized and unrealized losses on derivative instruments, net
61.2

 
705.2

Foreign currency transaction losses, net
695.2

 
57.2

Realized and unrealized gains due to changes in fair values of certain investments, including impact of dividends
(261.1
)
 
(97.2
)
Losses on debt modification and extinguishment, net
348.3

 
73.9

Deferred income tax benefit
(142.7
)
 
(248.4
)
Excess tax benefit from share-based compensation
(17.9
)
 

Changes in operating assets and liabilities, net of the effects of acquisitions and dispositions
(199.7
)
 
17.0

Net cash used by operating activities of discontinued operation

 
(9.6
)
Net cash provided by operating activities
2,685.8

 
2,907.1

Cash flows from investing activities:
 
 
 
Capital expenditures
(1,262.4
)
 
(1,402.0
)
Cash paid in connection with acquisitions, net of cash acquired
(279.3
)
 
(32.3
)
Investments in and loans to affiliates and others
(161.4
)
 
(18.6
)
Proceeds received upon disposition of discontinued operation, net of disposal costs

 
985.2

Other investing activities, net
11.0

 
11.1

Net cash used by investing activities of discontinued operation

 
(3.8
)
Net cash used by investing activities
$
(1,692.1
)
 
$
(460.4
)
 













The accompanying notes are an integral part of these condensed consolidated financial statements.

6


LIBERTY GLOBAL PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
(unaudited)
 
 
Six months ended
 
June 30,
 
2015
 
2014
 
in millions
Cash flows from financing activities:
 
 
 
Borrowings of debt
$
11,192.3

 
$
3,605.8

Repayments and repurchases of debt and capital lease obligations
(10,717.8
)
 
(6,328.9
)
Repurchase of Old Liberty Global Ordinary Shares
(908.1
)
 
(895.9
)
Payment of financing costs and debt premiums
(356.5
)
 
(172.2
)
Net cash paid related to derivative instruments
(303.3
)
 
(177.6
)
Purchase of additional shares of subsidiaries
(142.2
)
 

Net cash paid associated with call option contracts on Old Liberty Global Ordinary Shares
(121.2
)
 
(98.8
)
Other financing activities, net
24.3

 
7.7

Net cash used by financing activities of discontinued operation

 
(1.2
)
Net cash used by financing activities
(1,332.5
)
 
(4,061.1
)
 
 
 
 
Effect of exchange rate changes on cash – continuing operations
(0.2
)
 
22.7

 


 


Net decrease in cash and cash equivalents:
 
 
 
Continuing operations
(339.0
)
 
(1,577.1
)
Discontinued operation

 
(14.6
)
Net decrease in cash and cash equivalents
(339.0
)
 
(1,591.7
)
Cash and cash equivalents:
 
 
 
Beginning of period
1,158.5

 
2,701.9

End of period
$
819.5

 
$
1,110.2

 
 
 
 
Cash paid for interest – continuing operations
$
1,138.2

 
$
1,199.1

Net cash paid for taxes:
 
 
 
Continuing operations
$
167.3

 
$
54.5

Discontinued operation

 
2.2

Total
$
167.3

 
$
56.7





The accompanying notes are an integral part of these condensed consolidated financial statements.

7


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements
June 30, 2015
(unaudited)



(1)   Basis of Presentation

Liberty Global plc (Liberty Global) is a public limited company organized under the laws of England and Wales. In these notes, the terms “we,” “our,” “our company” and “us” may refer, as the context requires, to Liberty Global or collectively to Liberty Global and its subsidiaries.

We are an international provider of video, broadband internet, fixed-line telephony and mobile services, with consolidated operations at June 30, 2015 in 14 countries. Through our wholly-owned subsidiary Virgin Media Inc. (Virgin Media), we provide (i) video, broadband internet and fixed-line telephony services in the United Kingdom (U.K.) and Ireland and (ii) mobile services in the U.K. Through Ziggo Group Holding B.V. (Ziggo Group Holding), Unitymedia GmbH (Unitymedia), each a wholly-owned subsidiary, and Telenet Group Holding NV (Telenet), a 57.0%-owned subsidiary, we provide video, broadband internet, fixed-line telephony and mobile services in the Netherlands, Germany and Belgium, respectively. Through UPC Holding BV (UPC Holding), we also provide (a) video, broadband internet and fixed-line telephony services in seven other European countries and (b) mobile services in four other European countries. The operations of Virgin Media, Ziggo Group Holding, Unitymedia, Telenet and our other operations in Europe are collectively referred to herein as the “European Operations Division.” In Chile, we provide video, broadband internet, fixed-line telephony and mobile services through VTR GlobalCom SpA (VTR). In Puerto Rico, we provide video, broadband internet and fixed-line telephony services through Liberty Cablevision of Puerto Rico LLC (Liberty Puerto Rico), an entity in which we hold a 60.0% ownership interest. The operations of VTR and Liberty Puerto Rico are collectively referred to herein as the “LiLAC Division.”

On January 31, 2014, we completed the sale of substantially all of the assets (the Chellomedia Disposal Group) of Chellomedia B.V. (Chellomedia) (the Chellomedia Transaction). Chellomedia held certain of our programming interests in Europe and Latin America. We have accounted for the sale of the Chellomedia Disposal Group as a discontinued operation in our condensed consolidated financial statements.

On July 1, 2015, we completed the approved steps of the “LiLAC Transaction” whereby we (i) reclassified our then outstanding Class A, Class B and Class C Liberty Global ordinary shares (collectively, the Old Liberty Global Ordinary Shares) into corresponding classes of new Liberty Global ordinary shares (collectively, the Liberty Global Ordinary Shares) and (ii) capitalized a portion of our share premium account and distributed as a dividend (or a “bonus issue” under U.K. law) our LiLAC ordinary shares (collectively, LiLAC Ordinary Shares). Pursuant to the LiLAC Transaction, each holder of Class A, Class B and Class C Old Liberty Global Ordinary Shares remained a holder of the same amount and class of Liberty Global Ordinary Shares and received one share of the corresponding class of LiLAC Ordinary Shares for each 20 Old Liberty Global Ordinary Shares held as of the record date for such distribution. Accordingly, we issued 12,625,362 Class A, 523,626 Class B and 30,776,883 Class C LiLAC Ordinary Shares. Cash was issued in lieu of fractional LiLAC Ordinary Shares. The LiLAC Ordinary Shares have a nominal value of $0.01 per share. The impact of the July 1, 2015 LiLAC Transaction on our capitalization and earnings (loss) per share presentation, which will be reflected prospectively beginning with the third quarter of 2015, has not been reflected in these condensed consolidated financial statements.

The Liberty Global Ordinary Shares and the LiLAC Ordinary Shares are tracking shares. Tracking shares are intended by the issuing company to reflect or “track” the economic performance of a particular business or “group,” rather than the economic performance of the company as a whole. The Liberty Global Ordinary Shares and the LiLAC Ordinary Shares are intended to reflect or “track” the economic performance of the Liberty Global Group and the LiLAC Group, respectively (each as defined and described below). While the Liberty Global Group and the LiLAC Group have separate collections of businesses, assets and liabilities attributed to them, neither group is a separate legal entity and therefore cannot own assets, issue securities or enter into legally binding agreements. Holders of tracking shares have no direct claim to the group’s shares or assets and are not represented by separate boards of directors. Instead, holders of tracking shares are shareholders of the parent corporation, with a single board of directors and subject to all of the risks and liabilities of the parent corporation. We and our subsidiaries each continue to be responsible for our respective liabilities. Holders of Liberty Global Ordinary Shares, LiLAC Ordinary Shares and any other of our capital shares designated as ordinary shares from time to time will continue to be subject to risks associated with an investment in our company as a whole, even if a holder does not own both Liberty Global Ordinary Shares and LiLAC Ordinary Shares.
The “LiLAC Group” comprises our businesses, assets and liabilities in Latin America and the Caribbean and has attributed to it (i) VTR Finance B.V. (VTR Finance) and its subsidiaries, which include VTR, (ii) Lila Chile Holding BV (Lila Chile

8


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2015
(unaudited)



Holding), which is the parent entity of VTR Finance, (iii) LiLAC Holdings Inc. (LiLAC Holdings) and its subsidiaries, which include Liberty Puerto Rico, and (iv) the costs associated with certain corporate employees of Liberty Global that are exclusively focused on the management of the LiLAC Group (the LiLAC Corporate Costs). The “Liberty Global Group” comprises our businesses, assets and liabilities not attributed to the LiLAC Group, including Virgin Media, Ziggo Group Holding, Unitymedia, Telenet, UPC Holding, our corporate entities (excluding the LiLAC Corporate Costs) and certain other less significant entities. On June 30, 2015, in order to provide liquidity to fund, among other things, ongoing operating costs and acquisitions of the LiLAC Group, a subsidiary attributed to the Liberty Global Group made a $100.0 million cash capital contribution to LiLAC Holdings.

For additional information regarding our tracking share capital structure, including unaudited financial information of the Liberty Global Group and the LiLAC Group, see Exhibit 99.1 to this Quarterly Report on Form 10-Q.

Our unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all of the information required by GAAP or Securities and Exchange Commission rules and regulations for complete financial statements. In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with our 2014 consolidated financial statements and notes thereto included in our 2014 Annual Report on Form 10-K.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are used in accounting for, among other things, the valuation of acquisition-related assets and liabilities, allowances for uncollectible accounts, programming and copyright costs, deferred income taxes and related valuation allowances, loss contingencies, fair value measurements, impairment assessments, capitalization of internal costs associated with construction and installation activities, useful lives of long-lived assets, share-based compensation and actuarial liabilities associated with certain benefit plans. Actual results could differ from those estimates.

Unless otherwise indicated, ownership percentages and convenience translations into United States (U.S.) dollars are calculated as of June 30, 2015.

Certain prior period amounts have been reclassified to conform to the current period presentation.

(2)    Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (the FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace existing revenue recognition guidance in GAAP when it becomes effective January 1, 2018. Early application is permitted, but no sooner than January 1, 2017. This new standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method nor have we determined the effect of the standard on our ongoing financial reporting.

(3)    Acquisitions

Pending Acquisition

On April 18, 2015, Telenet entered into a definitive agreement (the BASE Agreement) to acquire BASE Company NV (BASE) for a purchase price of €1,324.4 million ($1,477.1 million). BASE is the third-largest mobile network operator in Belgium. We expect that this acquisition will provide Telenet with cost-effective long-term mobile access to effectively compete for future growth opportunities in the Belgium mobile market. Telenet intends to finance the acquisition of BASE through a combination of €1.0 billion ($1,115.3 million) of new debt facilities and existing liquidity. The acquisition of BASE is subject to customary closing conditions, including merger approval from the relevant competition authorities, and is expected to close by the end of March 2016. The BASE Agreement provides that in the event the relevant competition authorities fail to approve the transaction, Telenet would be required to pay the seller a termination fee of €100.0 million ($111.5 million).

9


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2015
(unaudited)



2015 Acquisition

On June 3, 2015, pursuant to a Stock Purchase Agreement (the Choice Purchase Agreement) with the parent of Puerto Rico Cable Acquisition Company Inc., dba Choice Cable TV (Choice) and following regulatory approval, one of our subsidiaries, together with investment funds affiliated with Searchlight Capital Partners, L.P. (collectively, Searchlight), acquired 100% of Choice (the Choice Acquisition). Choice is a cable and broadband services provider in Puerto Rico. We acquired Choice in order to achieve certain financial, operational, and strategic benefits through the integration of Choice with those of Liberty Puerto Rico, and the combined business will be 60%-owned by our company and 40%-owned by Searchlight.
The purchase price for Choice of $276.1 million was funded through (i) Liberty Puerto Rico’s incremental debt borrowings, net of discount and fees, of $259.1 million, (ii) cash of $10.2 million and (iii) an equity contribution from Searchlight of $6.8 million.
We have accounted for the Choice Acquisition using the acquisition method of accounting, whereby the total purchase price was allocated to the acquired identifiable net assets of Choice based on assessments of their respective fair values, and the excess of the purchase price over the fair values of these identifiable net assets was allocated to goodwill. A summary of the purchase price and the preliminary opening balance sheet for the Choice Acquisition at the June 3, 2015 acquisition date is presented in the following table. The preliminary opening balance sheet is subject to adjustment based on our final assessment of the fair values of the acquired identifiable assets and liabilities. Although most items in the valuation process remain open, the items with the highest likelihood of changing upon finalization of the valuation process include property and equipment, goodwill, intangible assets associated with franchise rights and customer relationships and income taxes (in millions):
Cash and cash equivalents
$
3.6

Other current assets
7.8

Property and equipment, net
80.4

Goodwill (a)
51.5

Intangible assets subject to amortization (b)
58.9

Franchise rights
147.6

Other assets, net
0.3

Other accrued and current liabilities
(13.2
)
Non-current deferred tax liabilities
(60.8
)
Total purchase price (c)
$
276.1

_______________

(a)
The goodwill recognized in connection with the Choice Acquisition is primarily attributable to (i) the ability to take advantage of Choice’s existing advanced broadband communications network to gain immediate access to potential customers and (ii) substantial synergies that are expected to be achieved through the integration of Choice with Liberty Puerto Rico. The entire amount of goodwill is expected to be deductible for U.S. tax purposes.

(b)
Amount primarily includes intangible assets related to customer relationships. As of June 3, 2015, the weighted average useful life of Choice’s intangible assets was approximately ten years.

(c)
Excludes direct acquisition costs of $8.3 million, which are included in impairment, restructuring and other operating items, net, in our condensed consolidated statements of operations.

2014 Acquisition

On November 11, 2014, pursuant to an Agreement and Plan of Merger with respect to an offer to acquire all of the shares of Ziggo Holding B.V. (Ziggo) that we did not already own, we gained control of Ziggo through the acquisition of 136,603,794 additional Ziggo shares, which increased our ownership interest in Ziggo to 88.9% (the Ziggo Acquisition). Ziggo is a provider of video, broadband internet, fixed-line telephony and mobile services in the Netherlands. From November 12, 2014 through November 19, 2014, we acquired 18,998,057 additional Ziggo shares, further increasing our ownership interest in Ziggo to 98.4% (the Ziggo NCI Acquisition). In December 2014, we initiated a statutory squeeze-out procedure in accordance with the Dutch

10


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2015
(unaudited)



Civil Code (the Statutory Squeeze-out) in order to acquire the remaining 3,162,605 Ziggo shares not tendered through November 19, 2014. Under the Statutory Squeeze-out, which was completed during the second quarter of 2015, Ziggo shareholders other than Liberty Global received cash consideration of €39.78 ($44.37) per share, plus interest, for an aggregate of €125.9 million ($142.2 million at the applicable rates). This amount was approved in April 2015 by the Enterprise Court in the Netherlands.

For accounting purposes, (i) the Ziggo Acquisition was treated as the acquisition of Ziggo by Liberty Global and (ii) the Ziggo NCI Acquisition and the Statutory Squeeze-out were treated as the acquisitions of noncontrolling interests.
We received regulatory clearance from the European Commission for the Ziggo Acquisition on October 10, 2014. The clearance was conditioned upon our commitment to divest our Film1 channel to a third party and to carry Film1 on our network in the Netherlands for a period of three years. On July 21, 2015, we sold our Film1 channel to Sony Pictures Television Networks. Under the terms of the agreement, all five Film1 channels will continue to be carried on our networks for a period of at least three years.
Pro Forma Information

The following unaudited pro forma condensed consolidated operating results for the three and six months ended June 30, 2015 and 2014 give effect to (i) the acquisition of 100% of Ziggo and (ii) the Choice Acquisition, as if they had been completed as of January 1, 2014. These pro forma amounts are not necessarily indicative of the operating results that would have occurred if these transactions had occurred on such date. The pro forma adjustments are based on certain assumptions that we believe are reasonable.
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2015
 
2014
 
2015
 
2014
 
in millions, except per share amounts
Revenue:
 
 
 
 
 
 
 
Liberty Global Group:
 
 
 
 
 
 
 
Continuing operations
$
4,255.1

 
$
4,847.7

 
$
8,484.2

 
$
9,617.1

Discontinued operation

 

 

 
26.6

Total - Liberty Global Group
4,255.1

 
4,847.7

 
8,484.2

 
9,643.7

LiLAC Group
326.4

 
328.1

 
636.3

 
649.7

Intergroup eliminations

 

 

 
(0.1
)
Total
$
4,581.5

 
$
5,175.8

 
$
9,120.5

 
$
10,293.3

 
 
 
 
 
 
 
 
Net loss attributable to Liberty Global shareholders:
 
 
 
 
 
 
 
Liberty Global Group
$
(457.3
)
 
$
(452.0
)
 
$
(1,025.4
)
 
$
(603.3
)
LiLAC Group
(7.5
)
 
7.6

 
25.0

 
(59.3
)
Total
$
(464.8
)
 
$
(444.4
)
 
$
(1,000.4
)
 
$
(662.6
)
 
 
 
 
 
 
 
 
Basic and diluted loss attributable to Liberty Global shareholders per share
$
(0.53
)
 
$
(0.49
)
 
$
(1.13
)
 
$
(0.73
)

Our condensed consolidated statements of operations for the three and six months ended June 30, 2015 include revenue of $7.4 million and net earnings of $0.1 million attributable to Choice.


11


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2015
(unaudited)



(4)    Derivative Instruments

In general, we seek to enter into derivative instruments to protect against (i) increases in the interest rates on our variable-rate debt and (ii) foreign currency movements, particularly with respect to borrowings that are denominated in a currency other than the functional currency of the borrowing entity. In this regard, through our subsidiaries, we have entered into various derivative instruments to manage interest rate exposure and foreign currency exposure with respect to the U.S. dollar ($), the euro (), the British pound sterling (£), the Swiss franc (CHF), the Chilean peso (CLP), the Czech koruna (CZK), the Hungarian forint (HUF), the Polish zloty (PLN) and the Romanian lei (RON). With the exception of a limited number of our foreign currency forward contracts, we do not apply hedge accounting to our derivative instruments. Accordingly, changes in the fair values of most of our derivative instruments are recorded in realized and unrealized gains or losses on derivative instruments, net, in our condensed consolidated statements of operations.

The following table provides details of the fair values of our derivative instrument assets and liabilities:
 
June 30, 2015
 
December 31, 2014
 
Current
 
Long-term (a)
 
Total
 
Current
 
Long-term (a)
 
Total
 
in millions
Assets:
 
 
 
 
 
 
 
 
 
 
 
Cross-currency and interest rate derivative contracts:
 
 
 
 
 
 
 
 
 
 
 
Liberty Global Group
$
187.8

 
$
1,239.5

 
$
1,427.3

 
$
443.6

 
$
812.5

 
$
1,256.1

LiLAC Group

 
189.4

 
189.4

 

 
101.2

 
101.2

Total cross-currency and interest rate derivative contracts (b)
187.8

 
1,428.9

 
1,616.7

 
443.6

 
913.7

 
1,357.3

Equity-related derivative instruments - Liberty Global Group (c)
54.1

 
280.6

 
334.7

 

 
400.2

 
400.2

Foreign currency forward contracts:
 
 
 
 


 
 
 
 
 
 
Liberty Global Group
1.6

 

 
1.6

 
1.4

 

 
1.4

LiLAC Group
3.3

 

 
3.3

 
1.1

 

 
1.1

Total foreign currency forward contracts
4.9

 

 
4.9

 
2.5

 

 
2.5

Other - Liberty Global Group
1.5

 
1.0

 
2.5

 
0.5

 
0.9

 
1.4

Total assets:
 
 
 
 
 
 
 
 
 
 
 
Liberty Global Group
245.0

 
1,521.1

 
1,766.1

 
445.5

 
1,213.6

 
1,659.1

LiLAC Group
3.3

 
189.4

 
192.7

 
1.1

 
101.2

 
102.3

Total
$
248.3


$
1,710.5


$
1,958.8


$
446.6


$
1,314.8


$
1,761.4

 
 
 
 
 
 
 
 
 
 
 
 

12


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2015
(unaudited)



 
June 30, 2015
 
December 31, 2014
 
Current
 
Long-term (a)
 
Total
 
Current
 
Long-term (a)
 
Total
 
in millions
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Cross-currency and interest rate derivative contracts:
 
 
 
 
 
 
 
 
 
 
 
Liberty Global Group
$
309.8

 
$
1,636.5

 
$
1,946.3

 
$
987.9

 
$
1,443.9

 
$
2,431.8

LiLAC Group
32.6

 
3.0

 
35.6

 
39.5

 

 
39.5

Total cross-currency and interest rate derivative contracts (b)
342.4

 
1,639.5

 
1,981.9

 
1,027.4

 
1,443.9

 
2,471.3

Equity-related derivative instruments - Liberty Global Group (c)
33.4

 
231.9

 
265.3

 
15.3

 
73.1

 
88.4

Foreign currency forward contracts:
 
 
 
 
 
 
 
 
 
 
 
Liberty Global Group
9.3

 

 
9.3

 
0.6

 

 
0.6

LiLAC Group

 

 

 
0.2

 

 
0.2

Total foreign currency forward contracts
9.3

 

 
9.3

 
0.8

 

 
0.8

Other - Liberty Global Group
0.1

 
0.1

 
0.2

 
0.2

 
0.1

 
0.3

Total liabilities:
 
 
 
 
 
 
 
 
 
 
 
Liberty Global Group
352.6

 
1,868.5

 
2,221.1

 
1,004.0

 
1,517.1

 
2,521.1

LiLAC Group
32.6

 
3.0

 
35.6

 
39.7

 

 
39.7

Total
$
385.2


$
1,871.5


$
2,256.7


$
1,043.7


$
1,517.1


$
2,560.8

_______________ 

(a)
Our long-term derivative assets and liabilities are included in other assets, net, and other long-term liabilities, respectively, in our condensed consolidated balance sheets.

(b)
We consider credit risk in our fair value assessments. As of June 30, 2015 and December 31, 2014, (i) the fair values of our cross-currency and interest rate derivative contracts that represented assets have been reduced by credit risk valuation adjustments aggregating $63.3 million and $30.9 million, respectively, and (ii) the fair values of our cross-currency and interest rate derivative contracts that represented liabilities have been reduced by credit risk valuation adjustments aggregating $155.4 million and $64.6 million, respectively. The adjustments to our derivative assets relate to the credit risk associated with counterparty nonperformance and the adjustments to our derivative liabilities relate to credit risk associated with our own nonperformance. In all cases, the adjustments take into account offsetting liability or asset positions within a given contract. Our determination of credit risk valuation adjustments generally is based on our and our counterparties’ credit risks, as observed in the credit default swap market and market quotations for certain of our subsidiaries’ debt instruments, as applicable. The changes in the credit risk valuation adjustments associated with our cross-currency and interest rate derivative contracts resulted in a net gain (loss) of $77.2 million and ($19.4 million) during the three months ended June 30, 2015 and 2014, respectively, and a net gain (loss) of $60.3 million and ($48.9 million) during the six months ended June 30, 2015 and 2014, respectively. These amounts are included in realized and unrealized losses on derivative instruments, net, in our condensed consolidated statements of operations. For further information regarding our fair value measurements, see note 5.

(c)
Our equity-related derivative instruments primarily include the fair value of (i) the share collar (the ITV Collar) with respect to the ITV plc (ITV) shares held by our company at June 30, 2015, (ii) the share collar (the Sumitomo Collar) with respect to the shares of Sumitomo Corporation held by our company and (iii) Virgin Media’s conversion hedges (the Virgin Media Capped Calls) with respect to Virgin Media’s 6.50% convertible senior notes. The fair values of our equity collars do not include credit risk valuation adjustments as we assume that any losses incurred by our company in the event of

13


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2015
(unaudited)



nonperformance by the respective counterparty would be, subject to relevant insolvency laws, fully offset against amounts we owe to such counterparty pursuant to the related secured borrowing arrangements.

The details of our realized and unrealized losses on derivative instruments, net, are as follows:
 
Three months ended
 
Six months ended
 
June 30,
 
June 30,
 
2015
 
2014
 
2015
 
2014
 
in millions
Cross-currency and interest rate derivative contracts:
 
 
 
 
 

 
Liberty Global Group
$
(547.7
)
 
$
(287.6
)
 
$
114.6

 
$
(580.3
)
LiLAC Group
(0.6
)
 
1.9

 
77.6

 
(125.6
)
Total cross-currency and interest rate derivative contracts
(548.3
)
 
(285.7
)
 
192.2

 
(705.9
)
Equity-related derivative instruments - Liberty Global Group:
 
 
 
 
 

 
ITV Collar
(53.5
)
 

 
(158.9
)
 

Sumitomo Collar
(61.8
)
 
(23.8
)
 
(71.9
)
 
(15.3
)
Ziggo Collar

 
(21.3
)
 

 
(5.9
)
Other
0.5

 
0.7

 
1.1

 
0.9

Total equity-related derivative instruments
(114.8
)
 
(44.4
)
 
(229.7
)

(20.3
)
Foreign currency forward contracts:
 
 
 
 
 

 
Liberty Global Group
(18.1
)
 
0.5

 
(27.4
)
 
19.6

LiLAC Group
1.8

 
(0.1
)
 
3.0

 
0.8

Total foreign currency forward contracts
(16.3
)
 
0.4

 
(24.4
)
 
20.4

Other - Liberty Global Group
(0.3
)
 
1.1

 
0.7

 
0.6

 
 
 
 
 
 
 
 
Total Liberty Global Group
(680.9
)
 
(330.4
)
 
(141.8
)
 
(580.4
)
Total LiLAC Group
1.2

 
1.8

 
80.6

 
(124.8
)
Total
$
(679.7
)

$
(328.6
)

$
(61.2
)

$
(705.2
)
 

14


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2015
(unaudited)



The net cash received or paid related to our derivative instruments is classified as an operating, investing or financing activity in our condensed consolidated statements of cash flows based on the objective of the derivative instrument and the classification of the applicable underlying cash flows. For foreign currency forward contracts that are used to hedge capital expenditures, the net cash received or paid is classified as an adjustment to capital expenditures in our condensed consolidated statements of cash flows. For derivative contracts that are terminated prior to maturity, the cash paid or received upon termination that relates to future periods is classified as a financing activity. The classification of these cash outflows is as follows:
 
Six months ended
 
June 30,
 
2015
 
2014
 
in millions
Operating activities:
 
 
 
Liberty Global Group
$
(161.3
)
 
$
(252.1
)
LiLAC Group
(17.7
)
 
3.6

Total operating activities
(179.0
)
 
(248.5
)
Investing activities - LiLAC Group
(0.4
)
 

Financing activities:
 
 
 
Liberty Global Group
(303.3
)
 
(140.2
)
LiLAC Group

 
(37.4
)
Total financing activities
(303.3
)
 
(177.6
)
Total cash outflows:
 
 
 
Liberty Global Group
(464.6
)
 
(392.3
)
LiLAC Group
(18.1
)
 
(33.8
)
Total
$
(482.7
)
 
$
(426.1
)

Counterparty Credit Risk

We are exposed to the risk that the counterparties to the derivative instruments of our subsidiary borrowing groups will default on their obligations to us. We manage these credit risks through the evaluation and monitoring of the creditworthiness of, and concentration of risk with, the respective counterparties. In this regard, credit risk associated with our derivative instruments is spread across a relatively broad counterparty base of banks and financial institutions. Collateral is generally not posted by either party under the derivative instruments of our subsidiary borrowing groups. At June 30, 2015, our exposure to counterparty credit risk included derivative assets with an aggregate fair value of $1,559.9 million.

Details of our Derivative Instruments

In the following tables, we present the details of the various categories of our subsidiaries’ derivative instruments. For each subsidiary, the notional amount of multiple derivative instruments that mature within the same calendar month are shown in the aggregate and interest rates are presented on a weighted average basis. In addition, for derivative instruments that were in effect as of June 30, 2015, we present a single date that represents the applicable final maturity date. For derivative instruments that become effective subsequent to June 30, 2015, we present a range of dates that represents the period covered by the applicable derivative instruments.
  

15


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2015
(unaudited)



Cross-currency and Interest Rate Derivative Contracts

Cross-currency Swaps:

The terms of our outstanding cross-currency swap contracts at June 30, 2015 are as follows:
Subsidiary /
Final maturity date
 
Notional
amount
due from
counterparty
 
Notional
amount
due to
counterparty
 
Interest rate
due from
counterparty
 
Interest rate
due to
counterparty
 
 
in millions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Virgin Media Investment Holdings Limited (VMIH), a subsidiary of Virgin Media:
 
 
 
 
 
 
 
 
 
January 2023
 
$
400.0

 
339.6

 
5.75%
 
4.33%
June 2023
 
$
1,855.0

 
£
1,198.3

 
6 mo. LIBOR + 2.75%
 
6 mo. GBP LIBOR + 3.18%
February 2022
 
$
1,400.0

 
£
873.6

 
5.01%
 
5.49%
January 2023
 
$
1,000.0

 
£
648.6

 
5.25%
 
5.32%
January 2021
 
$
500.0

 
£
308.9

 
5.25%
 
6 mo. GBP LIBOR + 2.06%
October 2022
 
$
450.0

 
£
272.0

 
6.00%
 
6.43%
January 2022
 
$
425.0

 
£
255.8

 
5.50%
 
5.82%
April 2019
 
$
191.5

 
£
122.3

 
5.38%
 
5.49%
November 2016 (a)
 
$
55.0

 
£
27.7

 
6.50%
 
7.03%
October 2019
 
$
50.0

 
£
30.3

 
8.38%
 
8.98%
October 2019 - October 2022
 
$
50.0

 
£
30.7

 
6.00%
 
5.75%
UPC Broadband Holding BV (UPC Broadband Holding), a subsidiary of UPC Holding:
 
 
 
 
 
 
 
 
 
January 2023
 
$
1,140.0

 
1,043.7

 
5.38%
 
3.71%
July 2021
 
$
440.0

 
337.2

 
6 mo. LIBOR + 2.50%
 
6 mo. EURIBOR + 2.87%
January 2017 - July 2021
 
$
262.1

 
194.1

 
6 mo. LIBOR + 2.50%
 
6 mo. EURIBOR + 2.51%
January 2020
 
$
252.5

 
192.5

 
6 mo. LIBOR + 4.93%
 
7.49%
November 2019
 
$
250.0

 
181.5

 
7.25%
 
7.74%
November 2021
 
$
250.0

 
181.4

 
7.25%
 
7.50%
October 2020
 
$
125.0

 
91.3

 
6 mo. LIBOR + 3.00%
 
6 mo. EURIBOR + 3.04%
January 2020
 
$
122.5

 
93.4

 
6 mo. LIBOR + 4.94%
 
6 mo. EURIBOR + 4.87%
December 2016
 
$
340.0

 
CHF
370.9

 
6 mo. LIBOR + 3.50%
 
6 mo. CHF LIBOR + 4.01%
July 2016 - January 2020
 
$
225.0

 
CHF
206.3

 
6 mo. LIBOR + 4.81%
 
5.44%
July 2016 (a)
 
$
225.0

 
CHF
206.3

 
6 mo. LIBOR + 4.81%
 
1.00%
July 2021
 
$
200.0

 
CHF
186.0

 
6 mo. LIBOR + 2.50%
 
6 mo. CHF LIBOR + 2.55%
January 2017 - July 2023
 
$
200.0

 
CHF
185.5

 
6 mo. LIBOR + 2.50%
 
6 mo. CHF LIBOR + 2.48%
November 2019
 
$
175.0

 
CHF
158.7

 
7.25%
 
6 mo. CHF LIBOR + 5.01%
January 2017 - July 2021
 
$
100.0

 
CHF
92.8

 
6 mo. LIBOR + 2.50%
 
6 mo. CHF LIBOR + 2.49%

16


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2015
(unaudited)



Subsidiary /
Final maturity date
 
Notional
amount
due from
counterparty
 
Notional
amount
due to
counterparty
 
Interest rate
due from
counterparty
 
Interest rate
due to
counterparty
 
 
in millions
 
 
 
 
 
 
 
 
 
 
 
 
 
 
July 2016 (a)
 
$
201.5

 
RON
489.3

 
6 mo. LIBOR + 3.50%
 
1.40%
July 2016 - July 2020
 
$
201.5

 
RON
489.3

 
6 mo. LIBOR + 3.50%
 
11.34%
January 2021
 
720.8

 
CHF
877.0

 
6 mo. EURIBOR + 2.50%
 
6 mo. CHF LIBOR + 2.62%
January 2017 - September 2022
 
383.8

 
CHF
477.0

 
6 mo. EURIBOR + 2.00%
 
6 mo. CHF LIBOR + 2.22%
January 2017
 
360.4

 
CHF
589.0

 
6 mo. EURIBOR + 3.75%
 
6 mo. CHF LIBOR + 3.94%
April 2018
 
285.1

 
CHF
346.7

 
10.51%
 
9.87%
January 2020
 
175.0

 
CHF
258.6

 
7.63%
 
6.76%
July 2020
 
107.4

 
CHF
129.0

 
6 mo. EURIBOR + 3.00%
 
6 mo. CHF LIBOR + 3.28%
July 2023
 
85.3

 
CHF
95.0

 
6 mo. EURIBOR + 2.21%
 
6 mo. CHF LIBOR + 2.65%
July 2021
 
76.1

 
CHF
92.1

 
6 mo. EURIBOR + 2.50%
 
6 mo. CHF LIBOR + 2.88%
January 2017
 
75.0

 
CHF
110.9

 
7.63%
 
6.98%
December 2015
 
69.1

 
CLP
53,000.0

 
3.50%
 
5.75%
January 2020
 
318.9

 
CZK
8,818.7

 
5.58%
 
5.44%
January 2017
 
60.0

 
CZK
1,703.1

 
5.50%
 
6.99%
July 2017
 
39.6

 
CZK
1,000.0

 
3.00%
 
3.75%
July 2016 (a)
 
260.0

 
HUF
75,570.0

 
5.50%
 
5.00%
July 2016 - January 2017
 
260.0

 
HUF
75,570.0

 
5.50%
 
10.56%
December 2016
 
150.0

 
HUF
43,367.5

 
5.50%
 
2.00%
July 2018
 
78.0

 
HUF
19,500.0

 
5.50%
 
9.15%
January 2017
 
245.0

 
PLN
1,000.6

 
5.50%
 
9.03%
September 2016
 
200.0

 
PLN
892.7

 
6.00%
 
3.91%
January 2020
 
144.6

 
PLN
605.0

 
5.50%
 
7.98%
July 2017
 
82.0

 
PLN
318.0

 
3.00%
 
5.60%
December 2015
 
CLP 53,000.0

 
69.1

 
5.75%
 
3.50%
Amsterdamse Beheer-en Consultingmaatschappij BV (ABC B.V.), a subsidiary of Ziggo Group Holding:
 
 
 
 
 
 
 
 
 
January 2022
 
$
2,350.0

 
1,727.0

 
6 mo. LIBOR + 2.75%
 
4.56%
January 2023
 
$
400.0

 
339.0

 
5.88%
 
4.58%
Unitymedia Hessen GmbH & Co. KG (Unitymedia Hessen), a subsidiary of Unitymedia:
 


 



 

 

January 2023
 
$
1,652.9

 
1,252.5

 
5.67%
 
4.50%
January 2021
 
$
797.1

 
546.5

 
5.50%
 
5.60%
VTR:
 
 
 
 
 
 
 
 
 
January 2022
 
$
1,400.0

 
CLP
760,340.0

 
6.88%
 
10.94%

17


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2015
(unaudited)



_______________ 

(a)
Unlike the other cross-currency swaps presented in this table, the identified cross-currency swaps do not involve the exchange of notional amounts at the inception and maturity of the instruments. Accordingly, the only cash flows associated with these instruments are interest payments and receipts.

Interest Rate Swaps:

The terms of our outstanding interest rate swap contracts at June 30, 2015 are as follows:
Subsidiary / Final maturity date
 
Notional amount
 
Interest rate due from
counterparty
 
Interest rate due to
counterparty
 
 
in millions
 
 
 
 
VMIH:
 
 
 
 
 
 
 
October 2018
 
£
2,155.0

 
6 mo. GBP LIBOR
 
1.52%
October 2018 - June 2023
 
£
1,200.0

 
6 mo. GBP LIBOR
 
2.49%
January 2021
 
£
650.0

 
5.50%
 
6 mo. GBP LIBOR + 1.84%
January 2021
 
£
650.0

 
6 mo. GBP LIBOR + 1.84%
 
3.87%
December 2015
 
£
600.0

 
6 mo. GBP LIBOR
 
2.90%
April 2018
 
£
300.0

 
6 mo. GBP LIBOR
 
1.37%
UPC Broadband Holding:
 
 
 
 
 
 
 
January 2022
 
$
675.0

 
6.88%
 
6 mo. LIBOR + 4.90%
July 2020
 
750.0

 
6.38%
 
6 mo. EURIBOR + 3.16%
July 2016
 
503.4

 
6 mo. EURIBOR
 
0.20%
July 2016 - January 2021
 
250.0

 
6 mo. EURIBOR
 
2.52%
July 2016 - January 2023
 
210.0

 
6 mo. EURIBOR
 
2.88%
November 2021
 
107.0

 
6 mo. EURIBOR
 
2.89%
July 2016 - July 2020
 
43.4

 
6 mo. EURIBOR
 
3.95%
July 2016
 
CHF
900.0

 
6 mo. CHF LIBOR
 
0.05%
January 2022
 
CHF
711.5

 
6 mo. CHF LIBOR
 
1.89%
July 2016 - January 2021
 
CHF
500.0

 
6 mo. CHF LIBOR
 
1.65%
July 2016 - January 2018
 
CHF
400.0

 
6 mo. CHF LIBOR
 
2.51%
December 2016
 
CHF
370.9

 
6 mo. CHF LIBOR
 
3.82%
November 2019
 
CHF
226.8

 
6 mo. CHF LIBOR + 5.01%
 
6.88%
ABC B.V.:
 
 
 
 
 
 
 
January 2022
 
1,566.0

 
6 mo. EURIBOR
 
1.66%
January 2016
 
689.0

 
1 mo. EURIBOR + 3.75%
 
6 mo. EURIBOR + 3.59%
January 2021
 
500.0

 
6 mo. EURIBOR
 
2.60%
July 2016
 
290.0

 
6 mo. EURIBOR
 
0.20%
July 2016 - January 2023
 
290.0

 
6 mo. EURIBOR
 
2.84%
March 2021
 
175.0

 
6 mo. EURIBOR
 
2.32%
July 2016
 
171.3

 
6 mo. EURIBOR
 
0.20%
July 2016 - January 2022
 
171.3

 
6 mo. EURIBOR
 
3.44%
Telenet International Finance S.a.r.l (Telenet International), a subsidiary of Telenet:
 
 
 
 
 
 
 
June 2023
 
500.0

 
3 mo. EURIBOR
 
1.45%

18


LIBERTY GLOBAL PLC
Notes to Condensed Consolidated Financial Statements — (Continued)
June 30, 2015
(unaudited)



Subsidiary / Final maturity date
 
Notional amount
 
Interest rate due from
counterparty
 
Interest rate due to
counterparty
 
 
in millions
 
 
 
 
July 2017 - June 2022
 
420.0

 
3 mo. EURIBOR
 
2.08%
June 2021
 
400.0

 
3 mo. EURIBOR
 
0.41%
July 2017 - June 2023
 
382.0

 
3 mo. EURIBOR
 
1.89%
July 2017
 
150.0

 
3 mo. EURIBOR
 
3.55%
August 2015 - June 2022
 
55.0

 
3 mo. EURIBOR
 
1.81%
Liberty Puerto Rico:
 
 
 
 
 
 
 
October 2016 - January 2022
 
$
506.3

 
3 mo. LIBOR
 
2.49%
October 2016 - January 2019
 
$
168.8

 
3 mo. LIBOR
 
1.96%

Interest Rate Caps

Our purchased and sold interest rate cap contracts with respect to EURIBOR at June 30, 2015 are detailed below:
Subsidiary / Final maturity date
 
Notional  amount
 
EURIBOR cap rate
 
 
in millions
 
 
Interest rate caps purchased (a):