United Pan-Europe Communications (UPC) has today announced that the release of full-year results for 2001 will be delayed by a further two weeks in order to finalise “the appropriate accounting treatment of certain interest rate cross currency hedging agreements in the wake of UPCÂ’s default on its public debt on March 3rd 2002”
The Dutch cable group, which was originally due to release results last Wednesday, said that adjusted losses before interest, tax, depreciation, amortisation, stock-based compensation, restructuring and impairment charges had narrowed from E363 million in 2000 to E162 million in 2001.
Revenues increased 38% to E1.38 billion. Capital expenditure was E897 million, down from E1.8 billion in 2000. Average revenue per user increased 16% to E12.70, as it signed up 481,000 new users, taking its total to E8.38 million.
Commenting on the results, John F Riordan, president and CEO of UPC, said: “UPC performed strongly in 2001. Organic growth in demand for our services enabled us to achieve the financial targets we set at the beginning of last year. During 2001 our revenues grew by 38% compared to our performance in 2000 and our pan-European platform has given us the economies of scale necessary to generate a strong improvement in UPC consolidated Adjusted EBITDA during the fourth quarter.”
“…the cost savings now forecast for 2002 exceed our original estimates. In addition we continue to make good progress in developing our regulatory and government relations with a number of initiatives ongoing at both the national and European level. I would emphasise, however that our primary focus remains on business execution, targeting continued improvement in ARPU while driving growth in positive Adjusted EBITDA on a consolidated basis.”
