Telewest Comms PLC - 1st Quarter Rslts 2000 - Pt.2
18 Maggio 2000 - 9:03AM
UK Regulatory
RNS Number:7917K
Telewest Communications PLC
18 May 2000
Part Two
Telewest Communications plc
UK GAAP
SUMMARISED UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNTS
FOR THE THREE MONTHS ENDED 31 MARCH
------------------------------------------------------------------------------
3 months 3 months Year
ended ended ended
31 March 31 March 31 December
2000 1999 1999
#m #m #m
Audited
------------------------------------------------------------------------------
Turnover
Residential Services
Cable television 73.5 64.4 258.3
Telephony 105.9 78.9 333.7
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179.4 143.3 592.0
Business Services 56.3 39.7 183.5
Other (Internet, ad sales etc) 3.1 4.5 17.0
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Total 238.8 187.5 792.5
Operating expenses before charging
depreciation and amortisation (181.2) (137.1) (570.7)
------------------------------------------------------------------------------
EBITDA 57.6 50.4 221.8
Depreciation and amortisation (100.3) (83.3) (402.9)
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Group operating loss (42.7) (32.9) (181.1)
Share of operating profit/(loss) of - (0.4) 0.7
associated undertakings
Other interest receivable and similar income 1.2 9.0 11.1
(includes the group share of interest receivable in associated undertakings of
#Nil and #6.8m for 2000 and 1999 respectively)
Interest payable and similar charges (95.7) (110.8) (360.6)
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Loss on ordinary activities before tax (137.2) (135.1) (529.9)
Tax on loss on ordinary activities - 0.1 -
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Loss on ordinary activities after tax (137.2) (135.0) (529.9)
Minority interests (0.1) - (0.1)
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Loss for the period (137.3) (135.0) (530.0)
Basic and diluted loss per equity share (6.0) (6.2)* (24.1)
(pence)
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* restated for compliance with FRS 14
The consolidated financial statements as set out on pages 10 to 13,
which are unaudited, have been prepared on the basis of the accounting
policies set out in Telewest's 1999 Annual Report other than where
changes are necessary to implement new accounting standards. The
balance sheet, profit and loss account and cash flow information at 31
December 1999 is derived from the statutory accounts for 1999 which
will be delivered to the Registrar of Companies following the
Company's annual general meeting in June 2000. The auditors have
reported on those accounts their report was unqualified and did not
contain a statement under section 237(2) or (3) of the Companies Act
1985.
Telewest Communications plc
UK GAAP
NOTES TO THE SUMMARISED UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNTS
FOR THE THREE MONTHS ENDED 31 MARCH
------------------------------------------------------------------------------
3 months 3 months Year
ended ended ended
31 March 31 March 31 December
2000 1999 1999
#m #m #m
Audited
------------------------------------------------------------------------------
1 Operating costs
Operating expenses before charging
depreciation and amortisation:
Programming expenses 36.6 35.8 131.9
Telephony expenses 52.7 32.0 158.0
Selling, general, and
administrative expenses 91.9 69.3 280.8
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181.2 137.1 570.7
Depreciation and amortisation:
Depreciation of tangible fixed assets 83.2 71.6 354.3
Amortisation of goodwill 17.1 11.7 48.6
------------------------------------------------------------------------------
100.3 83.3 402.9
------------------------------------------------------------------------------
Total operating costs 281.5 220.4 973.6
------------------------------------------------------------------------------
2 Interest payable and similar charges
Share of interest of associated undertakings - 1.7 6.9
On bank loans
Wholly repayable within 5 years - 0.5 25.9
Wholly or partly repayable in
more than 5 years 22.2 29.4 55.9
Finance costs of Senior Discount
Debentures, 2007 25.2 23.5 93.6
Finance costs of Senior
Debentures, 2006 5.7 5.7 21.9
Finance costs of Senior Notes, 2008 6.3 6.2 24.9
Finance costs of Senior
Convertible Notes, 2007 4.4 2.0 15.1
Finance costs of Senior Discount
Notes, 2009 10.5 - 28.8
Finance costs of Senior Notes and
Senior Discount Notes, 2010 10.8 - -
Finance charges payable in respect of
finance leases and hire purchase contracts 2.0 4.1 9.4
Exchange loss on foreign currency
translation, net 7.1 27.6 44.0
Sale and leaseback termination - 7.1 8.9
Extinguishment of debt - - 15.7
Other 1.5 3.0 9.6
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Total interest payable and
similar charges 95.7 110.8 360.6
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Telewest Communications plc
UK GAAP
SUMMARISED UNAUDITED CONSOLIDATED BALANCE SHEETS
AS AT 31 MARCH
------------------------------------------------------------------------------
31 March 31 March 31 December
2000 1999 1999
#m #m #m
Audited
------------------------------------------------------------------------------
Fixed assets
Intangible assets 1,287.4 907.1 1,304.4
Tangible assets 2,847.1 2,467.6 2,775.1
Investment in associated undertakings 4.6 29.5 4.0
Other investments 4.3 2.4 2.1
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4,143.4 3,406.6 4,085.6
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Current assets
Stocks 0.1 0.2 0.2
Debtors 191.6 184.4 158.2
Secured cash deposit restricted for
more than one year 12.0 - 12.0
Cash at bank and in hand 76.9 60.2 65.2
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280.6 244.8 235.6
Creditors: amounts falling due
within one year (406.4) (363.6) (505.8)
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Net current (liabilities) (125.8) (118.8) (270.2)
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Total assets less current liabilities 4,017.6 3,287.8 3,815.4
Creditors: amounts falling due after
more than one year (3,399.9) (2,558.6) (3,061.0)
Minority interests (0.6) (0.4) (0.5)
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Capital and reserves 617.1 728.8 753.9
------------------------------------------------------------------------------
Telewest Communications plc
UK GAAP
SUMMARISED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED 31 MARCH
------------------------------------------------------------------------------
31 March 31 March 31 December
2000 1999 1999
#m #m #m
Audited
------------------------------------------------------------------------------
Net cash inflow from operating activities 48.4 42.9 197.6
Returns on investments and servicing of
finance
Interest received 1.0 4.5 7.5
Interest paid (17.9) (8.0) (123.8)
Interest element of finance lease payments (1.8) (4.1) (12.9)
------------------------------------------------------------------------------
Net cash outflow from returns on investments
and servicing of finance (18.7) (7.6) (129.2)
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Capital expenditure and financial investment
Purchase of tangible fixed assets (147.2) (76.6) (468.1)
Sale of tangible fixed assets 0.1 0.3 4.7
------------------------------------------------------------------------------
Net cash outflow from capital expenditure
and financial investment (147.1) (76.3) (463.4)
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Acquisitions and disposals
Purchase of subsidiary undertakings - - (395.3)
Cash acquired with subsidiaries - - 2.2
Investment in associated undertakings and
other participating interests (2.3) (0.6) (2.4)
------------------------------------------------------------------------------
Net cash outflow from acquisitions and
disposals (2.3) (0.6) (395.5)
------------------------------------------------------------------------------
Management of liquid resources
Decrease / (increase) in fixed deposits
(net) 27.2 (16.5) (33.6)
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Financing
Cash paid for credit facility
arrangement costs - - (16.3)
Net (repayment of)/proceeds from
borrowings under old credit facility - (187.0) (538.5)
Repayment of borrowings under old facilities - - (597.0)
Net proceeds from borrowings under new
facilities - - 951.0
Net repayments under existing facilities (275.0) - -
Release of restricted cash deposits - 187.4 175.4
Cash received from exercise of share
options 0.3 5.8 12.5
Cash received from rights issue - - 415.5
Share issue costs - - (2.5)
Repayment of Cable London facility (126.0) - -
Proceeds from issue of Senior Discount
Notes - - 399.2
Proceeds from issue of Senior Convertible
Notes - 300.0 300.0
Proceeds from issue of Senior Discount
Notes and Senior Notes 543.5 - -
Issue costs of Notes (9.1) (7.5) (17.8)
Proceeds from / (repayment of) borrowings 3.9 (0.7) (45.1)
Capital element of finance lease payments (6.2) (237.1) (221.8)
------------------------------------------------------------------------------
Net cash inflow from financing 131.4 60.9 814.6
------------------------------------------------------------------------------
Increase / (decrease) in cash 38.9 2.8 (9.5)
------------------------------------------------------------------------------
Telewest Communications plc
US GAAP
SUMMARISED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED 31 MARCH
------------------------------------------------------------------------------
3 months 3 months 3 months
ended ended ended
31 March 31 March 31 March
2000 2000 1999
$m #m #m
------------------------------------------------------------------------------
Revenue
Cable television 117.0 73.5 64.4
Residential telephony 168.6 105.9 78.9
Business services 84.7 53.2 39.7
Other 4.9 3.1 4.5
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Total 375.2 235.7 187.5
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Operating loss (121.3) (76.2) (49.6)
Interest income 1.7 1.1 8.8
Interest expense (139.6) (87.7) (80.6)
Foreign exchange gain/(loss), net (40.5) (25.4) (30.4)
Share of losses of affiliates - - (2.2)
Minority interest in losses / (profits) of
consolidated subsidiaries, net (0.2) (0.1) -
Other, net 0.2 0.1 0.2
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Loss before income taxes (299.7) (188.2) (153.8)
Income tax (expense) / benefit - - -
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Net loss (299.7) (188.2) (153.8)
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Basic and diluted loss per ordinary share $(0.13) #(0.08) #(0.07)*
* restated for the dilutive effect of the 1999 rights issue
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1 Earnings/(loss) before interest, taxes, depreciation and amortisation
("EBITDA")
Operating loss (121.3) (76.2) (49.6)
Add: depreciation and amortisation of
goodwill 174.8 109.8 86.5
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EBITDA (after non-cash share-based
compensation costs) 53.5 33.6 36.9
Add back: non-cash share-based
compensation costs 33.3 20.9 13.5
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EBITDA (before non-cash share-
based compensation costs) 86.8 54.5 50.4
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2 Operating costs and expenses
Programming (58.2) (36.6) (35.8)
Telephony (83.9) (52.7) (32.0)
Selling, general and administration (179.6) (112.8) (82.8)
Depreciation (142.3) (89.4) (71.6)
Amortisation of goodwill (32.5) (20.4) (14.9)
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Total (496.5) (311.9) (237.1)
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The consolidated financial statements as set out on pages 14 to 16,
which are unaudited, have been prepared on the basis of the accounting
policies set out in Telewest's 1999 Annual Report.
The economic environment in which the Company operates is the United
Kingdom ("UK") and hence its reporting currency is Pounds Sterling
("#"). Merely for convenience, the financial statements contain
translations of certain Pounds Sterling amounts into US Dollars at
$1.5922 per #1.00, the Noon Buying Rate of the Federal Reserve Bank of
New York on 31 March 2000. The presentation of the US Dollar amounts
should not be construed as a representation that the Pounds Sterling
amounts could be so converted into US Dollars at the rate indicated or
at any other rate.
Telewest Communications plc
US GAAP
SUMMARISED UNAUDITED CONSOLIDATED BALANCE SHEETS
AS AT 31 MARCH
------------------------------------------------------------------------------
31 March 31 March 31 December
2000 2000 1999
$m #m #m
Audited
------------------------------------------------------------------------------
Assets
Cash and cash equivalents 122.4 76.9 65.2
Secured cash deposit restricted
for more than one year 19.1 12.0 12.0
Receivables and prepaid expenses 306.0 192.2 151.7
Investments 10.7 6.7 4.0
Property and equipment 4,591.7 2,883.9 2,818.1
Goodwill 2,315.1 1,454.0 1,474.4
Other assets 72.9 45.8 42.1
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Total assets 7,437.9 4,671.5 4,567.5
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Liabilities
Debt 5,330.7 3,348.0 3,130.6
Other liabilities 855.2 537.1 483.6
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Total liabilities 6,185.9 3,885.1 3,614.2
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Minority interests 0.9 0.6 0.5
Shareholders' equity 1,251.1 785.8 952.8
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Total liabilities and shareholders' equity 7,437.9 4,671.5 4,567.5
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Telewest Communications plc
US GAAP
SUMMARISED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED 31 MARCH
------------------------------------------------------------------------------
3 months 3 months 3 months
ended ended ended
31 March 31 March 31 March
2000 2000 1999
$m #m #m
------------------------------------------------------------------------------
Cash flows from operating activities
Net loss (299.7) (188.2) (153.8)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation 142.3 89.4 71.6
Amortisation of goodwill 32.5 20.4 14.9
Amortisation of deferred financing
costs and issue discount on senior
discount debentures 67.0 42.1 24.7
Unrealised loss on foreign currency
translation 40.8 25.6 31.3
Non cash accrued share based
compensation cost 33.3 20.9 13.5
Termination of sale and leaseback - - 7.1
Share of net losses of affiliates - - 2.2
Loss/(gain) on disposals of assets - - (0.2)
Changes in operating assets and
liabilities, net of effect of
acquisition of subsidiaries:
Change in receivables (62.2) (39.1) (14.8)
Change in prepaid expenses (2.4) (1.5) (4.7)
Change in accounts payable 54.5 34.2 1.8
Change in other liabilities 41.2 25.9 41.7
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Net cash provided by operating activities 47.3 29.7 35.3
Net cash used in investing activities (237.9) (149.4) (76.9)
Net cash provided by financing activities 209.2 131.4 60.9
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Net increase in cash and cash equivalents 18.6 11.7 19.3
Cash and cash equivalents at beginning of
period 103.8 65.2 40.9
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Cash and cash equivalents at end of period 122.4 76.9 60.2
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Flextech plc
UK GAAP
SUMMARISED UNAUDITED FINANCIAL INFORMATION
FOR THE THREE MONTHS ENDED 31 MARCH
------------------------------------------------------------------------------
3 months 3 months
ended ended
31 March 2000 31 March 1999
#m #m
------------------------------------------------------------------------------
Turnover
Group and share of joint ventures 40.9 39.4
Less: share of joint ventures (11.9) (8.3)
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Group Turnover 29.0 31.1
Operating expenses before charging depreciation
and amortisation (30.5) (34.3)
EBITDA (1.5) (3.2)
Depreciation and amortisation (1.1) (1.2)
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Operating loss (2.6) (4.4)
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END
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