Financial Review(1)
Revenue Summary (in GBP millions)
Q1-2003 Q4-2002 Q3-2002
Q2-2002 Q1-2002
---------------------------------- -------- --------
-------- --------
HOME
On-Net
GBP328.9 GBP322.4 GBP314.6
GBP325.8 GBP332.0
Wholesale & Off-Net 33.2 33.4 35.8
32.8 30.0
-------- -------- -------- -------- --------
Total 362.1 355.8 350.4 358.6
362.0
BUSINESS
75.0 74.9 76.7
78.1 83.0
BROADCAST
Media
39.7 39.5 40.4
43.3 41.2
Wireless
11.0 11.2 11.1
10.3 10.4
Public Safety
13.6 12.5 11.9
12.7 12.8
-------- -------- -------- -------- --------
Total
64.3 63.2 63.4
66.3 64.4
CARRIERS
27.6 26.8
28.5 31.3 33.0
IRELAND
17.5 15.4 15.7
14.7 13.7
-------- -------- -------- -------- --------
Revenues
GBP546.5 GBP536.1 GBP534.7 GBP549.0 GBP556.1
Accounting Adjustments - (2.7) - - -
-------- -------- -------- -------- --------
TOTAL REVENUES
GBP546.5 GBP533.4 GBP34.7
GBP549.0 GBP556.1
======== ======== ======== ======== ========
(1) In Q1 2003,
NTL implemented a reorganization of certain of its
business
units. The associated changes included moving the
Company's
Wholesale Internet division from NTL Business to NTL
Home, its
Public Safety division from NTL Business to NTL
Broadcast and
creating NTL Carriers by merging its carriers
division with
its mobile division and removing both from NTL
Business. In
addition, the allocation of certain costs from
Shared
Services to the various business units and the
allocation of
costs between NTL Home and NTL Business have
changed.
Finally, Corporate Expenses are now included in
Central
Support. The Revenue and EBITDA analysis in the
Financial
Review is presented in the revised structure and
prior periods
have been restated accordingly.
EBITDA Summary (in GBP millions)(2)
Q1-2003 Q4-2002 Q3-2002
Q2-2002 Q1-2002
--------------------------------- -------- ---------
-------- --------
HOME
On-Net
GBP143.7 GBP147.8 GBP138.1
GBP139.0 GBP133.7
Wholesale & Off-Net 9.0 11.8 13.4
13.1 8.5
-------- -------- --------- --------
--------
Total
152.7 159.6 151.5
152.1 142.2
BUSINESS
21.1 21.6 18.0
21.1 19.9
BROADCAST
Media
20.6 18.1 20.2
23.5 22.3
Wireless
5.7 4.7 6.0 5.0 4.0
Public Safety
2.3 1.1 1.9 1.9 1.9
-------- -------- --------- -------- --------
Total
28.6 23.9 28.1
30.4 28.2
CARRIERS
22.2 22.4 24.5
25.0 27.0
SHARED SERVICES
Networks
(16.9) (13.0) (14.0)
(16.8) (15.3)
Central Support/IT
(56.1) (51.0) (48.9)
(48.6) (50.4)
-------- -------- --------- -------- --------
Total
(73.0) (64.0) (62.9)
(65.4) (65.7)
IRELAND
4.9 3.5 4.5 4.2 2.6
-------- -------- --------- -------- --------
EBITDA
GBP156.5 GBP167.0 GBP163.7
GBP167.4 GBP154.2
Accounting Adjustments - (4.0) - - -
-------- -------- --------- --------
--------
TOTAL EBITDA
GBP156.5 GBP163.0 GBP163.7
GBP167.4 GBP154.2
======== ======== ========= ======== ========
(2) Q4 2002
includes the net effect of the Q4 2002 Accounting
Adjustments
of GBP4.0 million. This amount includes an
adjustment
for the reallocation of certain expenditures from
capital to
expense of approximately GBP41.2 million and an
adjustment
for the release of certain provisions, and the
related
increase in EBITDA, in the amount of approximately
GBP43.4
million. These two adjustments relate principally to
prior
periods. Q1, Q2 and Q3 2002 EBITDA would be reduced by
approximately
GBP10 million per quarter if the reallocation of
the GBP41.2
million from capital to expense was reflected in
the
appropriate quarters. The GBP43.4 million increase in
EBITDA would
not be reallocated to Q1, Q2 and Q3 2002 because
these
provisions relate to periods prior to 2002.
Corporate
expenses are now included in Central Support. Prior
periods have been restated accordingly.
Financial
Results for the three months ended March 31, 2003
(in
$ millions except per share data)
Three Months
Ended
March 31,
2003
2002
------------------
Revenues $875.9 $792.9
Costs and expenses
Operating expenses 408.6 380.9
Selling, general and administrative expenses 216.5 192.0
------------------
625.1 572.9
------------------
EBITDA 250.8 220.0
Other charges 2.9 1.6
Depreciation and amortization 309.0 337.4
------------------
Operating (loss) (61.1) (119.0)
Other income (expense)
Interest income and other, net 2.7
9.4
Interest expense (176.5) (324.8)
Recapitalization expense - (32.1)
Share of income from equity investments 0.1 0.3
Foreign currency transaction (losses) (3.4) (5.0)
------------------
(Loss) before income taxes (238.2) (471.2)
Income tax (expense) benefit (16.2) 11.3
------------------
Net (loss) $(254.4) $(459.9)
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Basic and diluted net (loss) per common share $(5.04) $(9.11)
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Weighted average shares 50.5 50.5
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