UPC Reports Robust Second Quarter EBITDA

15 August 2002

Netherlands-headquartered European cable giant United Pan-European Communications – which only last month escaped bankruptcy by swapping its debt for equity – on Wednesday reported husky second quarter gains in EBITDA (earnings before interest, tax depreciation and amortization).

In the traditionally strong quarter to June 30, earnings rose to €67 million ($66.12m; £42.88m) versus an ebitda year-on-year loss of €54m and positive ebitda of €55m in the first quarter of this year. Total revenues increased by 36% against the same quarter last year rising to €359m, also up 3% on Q1 2002.

Commented chairman/ceo John F Riordan: “UPC has continued to demonstrate operational improvement and strong financial results, with all businesses benefiting from cost controls to improve their cash flow generation.”

The group currently claims seven million subscribing cable homes across Europe. It is a wholly-owned subsidiary of United GlobalCom of the US, itself controlled by John Malone’s investment vehicle Liberty Media.

Data sourced from: Financial Times; additional content by WARC staff