BusinessWire

Liberty Global Reports Q2 2020 Results

U.K. joint venture with Telefonica proceeding on track1

Best result in over two years for customer and broadband additions

Repurchased over $750 million of stock through the end of July

Q2 loss from continuing operations increased 48% YoY to $504 million

Q2 Adjusted EBITDA of $1,189 million, effectively flat YoY

DENVER, Colorado--(BUSINESS WIRE)--Liberty Global plc today announced its Q2 2020 financial results. Our former operations in Austria, Germany, Hungary, Romania and the Czech Republic, along with our DTH business (collectively, the "Discontinued Operations") are presented as discontinued operations for the three and six months ended June 30, 2019. Unless otherwise indicated, the information in this release relates only to our continuing operations. Effective with the release of our second quarter earnings we have stopped using the term Operating Cash Flow ("OCF") and now use the term "Adjusted EBITDA" . As we define the term, Adjusted EBITDA has the same meaning as OCF had previously, and therefore does not impact any previously reported amounts.

CEO Mike Fries stated, "Against the backdrop of the COVID-19 pandemic, we continue to effectively navigate through these unprecedented times. Our core focus will always be on ensuring the health and safety of our employees, while delivering an unparalleled connectivity experience for our customers. On that front, our fiber-rich networks continue to perform extremely well despite the surge in usage over the last several months. We understand the importance of seamless connectivity and strive to deliver the best possible products and services to our customers.

Customer satisfaction, as measured by net promoter scores, has been at record highs across the majority of our footprint, which translated into our best net customer and broadband additions since Q3 2017. This result was led by a strong performance at Virgin Media, where we added 24,000 customers, our best Q2 result in four years. Fixed-mobile convergence ("FMC") continues to drive good mobile growth with over 100,000 post-paid additions, and FMC penetrations reaching 23%, 46% and 22% at Virgin Media, Telenet and UPC Switzerland, respectively.

We are making great progress with pre-merger planning for our announced combination of Virgin Media and O2 U.K., and are working closely with the European Commission and U.K. regulators to ensure a smooth review of the transaction.

With respect to our financials, Q2 revenue declined by 4% year-over-year and was impacted by approximately $110 million in generally low margin COVID-19 related impacts. As such, our Adjusted EBITDA performance was resilient, ending the quarter effectively flat compared to the prior-year period. And with a continued decline in our capital intensity, we delivered 14% rebased2 OFCF growth year-over-year.

Despite uncertainty regarding the medium-term impact from the COVID-19 crisis, we are reaffirming all of our original full-year guidance metrics. From a balance sheet perspective, we have refinanced over $10 billion of long-term debt YTD, extended our average tenor3 to over 7 years and lowered our fully-swapped borrowing cost to 4.0% for the Full Company4. As such, our balance sheet remains in great shape with $9.8 billion of total liquidity5 for the Full Company, including $7.4 billion in cash6. During Q2 we remained active on share buybacks, upping our total repurchases to over $750 million spent from mid-February through July."

Q2 Highlights

  • Q2 reported revenue declined 4.5%; rebased2 revenue decreased 4.3%
  • Q2 loss from continuing operations increased 48% YoY to $503.8 million
  • Q2 Adjusted EBITDA7 down 0.2% on a reported basis and 0.4% on a rebased basis to $1,188.5 million
  • Q2 property & equipment additions were 21.6% of revenue as compared to 24.0% in Q2 2019
  • Built 126,000 new premises during Q2, including 93,000 in the U.K. & Ireland
  • Solid balance sheet with $9.8 billion of liquidity5 for the Full Company4
    • Comprised of $4.4 billion of cash, $3.0 billion of investments held under separately managed accounts (SMAs) and $2.4 billion of unused borrowing capacity8
  • Gross and net leverage9 of 5.3x and 3.8x, respectively, on a Full Company basis
  • Fully-swapped borrowing cost of 4.0% on debt balance of $27.7 billion for the Full Company
  • Repurchased approximately $750 million of stock through July 31, 2020
  • Making excellent progress on our announced transaction to combine Virgin Media with O2, the U.K.'s largest mobile operator

Liberty Global (continuing operations)

 

Q2 2020

 

Q2 2019

 

YoY

Change

(reported)

 

YoY

Change (rebased)

 

YTD 2020

 

YoY

Change

(reported)

 

 

 

 

 

 

 

 

 

 

 

 

 

Customers

 

 

 

 

 

 

 

 

 

 

 

 

Organic Customer Additions (Losses)

 

7,700

 

 

(28,600

)

 

126.9

%

 

 

 

(11,200

)

 

63.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial (in millions, except percentages)

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

2,722.9

 

 

$

2,850.4

 

 

(4.5

%)

 

(4.3

%)

 

$

5,598.7

 

 

(2.1

%)

Earnings (loss) from continuing operations

 

$

(503.8

)

 

$

(339.6

)

 

(48.4

)%

 

 

 

$

513.9

 

 

179.5

%

Adjusted EBITDA

 

$

1,188.5

 

 

$

1,190.7

 

 

(0.2

%)

 

(0.4

%)

 

$

2,338.8

 

 

(1.5

%)

P&E additions

 

$

588.0

 

 

$

682.7

 

 

(13.9

%)

 

 

 

$

1,242.4

 

 

(10.1

%)

OFCF

 

$

600.5

 

 

$

508.0

 

 

18.2

%

 

14.2

%

 

$

1,096.4

 

 

10.4

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash provided by operating activities

 

$

1,142.1

 

 

$

1,322.2

 

 

(13.6

)%

 

 

 

$

1,591.9

 

 

 

Cash used by investing activities

 

$

(1,285.2

)

 

$

(315.0

)

 

(308.0

)%

 

 

 

$

(3,634.4

)

 

 

Cash used by financing activities

 

$

(938.1

)

 

$

(857.9

)

 

(9.3

)%

 

 

 

$

(1,721.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted FCF(i)

 

$

455.7

 

 

$

591.8

 

 

(23.0

)%

 

 

 

 

 

 

(i) Adjusted FCF for the three months ended June 30, 2019 is presented on a pro forma basis, which gives pro forma effect to certain adjustments to our recurring cash flows that we have or expect to realize following the disposition of the Discontinued Operations. For additional details, see the information and reconciliation included within the Glossary.

Customer Growth

 

 

Three months ended

 

Six months ended

 

 

June 30,

 

June 30,

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

Organic customer net additions (losses) by market

 

 

 

 

 

 

 

 

U.K./Ireland

 

23,900

 

 

(5,600

)

 

22,800

 

 

19,900

 

Belgium

 

(2,900

)

 

(8,200

)

 

(10,400

)

 

(23,400

)

Switzerland

 

(16,400

)

 

(18,100

)

 

(32,800

)

 

(41,700

)

CEE (Poland and Slovakia)

 

3,100

 

 

3,300

 

 

9,200

 

 

14,900

 

Total

 

7,700

 

 

(28,600

)

 

(11,200

)

 

(30,300

)

  • Customer Relationships: During Q2 we gained 8,000 customer relationships, as compared to a loss of 29,000 in the prior-year period
  • U.K./Ireland: Virgin Media gained 24,000 customer relationships in Q2 as compared to a loss of 6,000 in Q2 2019, as our market leading broadband speeds and FMC bundles led to increased customer satisfaction and contributed to our best Q2 customer net adds since 2016
  • Belgium: Telenet lost 3,000 customer relationships in Q2, which was an improvement compared to a loss of 8,000 in Q2 2019, primarily driven by successful quad-play bundles
  • Switzerland: Customer attrition of 16,000 in Q2 was a year-over-year improvement compared to a loss of 18,000 in Q2 2019, as commercial momentum improved but was still adversely impacted by competitive market conditions
  • CEE (Poland and Slovakia): CEE added 3,000 customer relationships in both Q2 2020 and Q2 2019, driven by growth in new build areas

Revenue Highlights

The following table presents (i) revenue of each of our consolidated reportable segments for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis:

 

 

Three months ended

 

Increase/(decrease)

 

 

Six months ended

 

Increase/(decrease)

 

 

June 30,

 

 

June 30,

 

Revenue

 

2020

 

2019

 

Reported %

 

 

Rebased %

 

 

2020

 

2019

 

Reported %

 

 

Rebased %

 

 

in millions, except % amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.K./Ireland

 

$

1,531.8

 

 

$

1,644.0

 

 

(6.8

)

 

(3.6

)

 

$

3,152.4

 

 

$

3,305.3

 

 

(4.6

)

 

(2.1

)

Belgium

 

682.5

 

 

713.2

 

 

(4.3

)

 

(5.2

)

 

1,400.6

 

 

1,425.1

 

 

(1.7

)

 

(2.8

)

Switzerland

 

299.1

 

 

315.0

 

 

(5.0

)

 

(8.6

)

 

615.9

 

 

631.0

 

 

(2.4

)

 

(5.7

)

CEE

 

116.2

 

 

119.1

 

 

(2.4

)

 

4.2

 

 

235.3

 

 

238.2

 

 

(1.2

)

 

3.8

 

Central and Corporate

 

93.7

 

 

60.2

 

 

55.6

 

 

(4.2

)

 

194.9

 

 

120.9

 

 

61.2

 

 

2.0

 

Intersegment eliminations

 

(0.4

)

 

(1.1

)

 

N.M.

 

N.M.

 

(0.4

)

 

(2.1

)

 

N.M.

 

N.M.

Total

 

$

2,722.9

 

 

$

2,850.4

 

 

(4.5

)

 

(4.3

)

 

$

5,598.7

 

 

$

5,718.4

 

 

(2.1

)

 

(2.3

)

______________________________

N.M. - Not Meaningful

  • Reported revenue for the three and six months ended June 30, 2020 decreased 4.5% and 2.1% YoY, respectively
    • The decreases were primarily driven by the impact of (i) organic revenue contraction and (ii) negative foreign exchange ("FX") movements, mainly related to the weakening of the British Pound and Euro against the U.S. dollar
  • Rebased revenue declined 4.3% in Q2 and 2.3% YTD, including:
    • An unfavorable decrease of approximately $28 million in Q2 in U.K./Ireland associated with the pausing or cancellation of certain sporting events due to the COVID-19 pandemic, including (i) credits that were given to certain customers and (ii) the estimated impact of certain customers canceling their premium sports subscriptions
    • An unfavorable impact of $5.3 million in Q2 related to revenue recognized by Virgin Media in the second quarter of 2019 in connection with the sale of rights to future commission payments on customer handset insurance arrangements
    • An unfavorable decrease of $2.1 million in Q2 due to the acceleration of revenue from our distribution partner in Switzerland for the broadcast of ice hockey. Switzerland's ice hockey league was cancelled as a result of the COVID-19 pandemic, accordingly, the related revenue for the associated sports rights that would have been recorded during the second quarter of 2020 was recognized during the first quarter of 2020

Q2 2020 Rebased Revenue Growth - Segment Highlights

  • U.K./Ireland: Rebased revenue decreased 3.6% YoY in Q2, with certain low-margin revenue streams being impacted by the COVID-19 pandemic, including (i) lower cable revenue associated with the aforementioned pausing or cancellation of certain sporting events, (ii) lower handset sales due to retail store closures, (iii) lower revenue from late fees due to the temporary suspension of late payment charges during the lock-down period and (iv) a reduction in revenue from business network services. These decreases were only partially offset by an increase in wholesale revenue related to long-term leases of a portion of our network
  • Belgium: Rebased revenue declined 5.2% YoY in Q2 driven by (i) lower interconnect revenue, (ii) lower revenue from handset sales and (iii) a decline in advertising and production revenue at De Vijver Media
  • Switzerland: Rebased revenue declined 8.6% YoY in Q2, primarily due to (i) lower consumer subscription revenue as a result of customer volume losses and ARPU pressure and (ii) lower mobile handset sales
  • CEE (Poland and Slovakia): Rebased revenue grew 4.2% YoY in Q2, primarily due to an increase in residential cable subscription revenue driven by new build areas and growth in B2B
  • Central and Corporate: Rebased revenue decreased 4.2% YoY in Q2, primarily due to a decrease in CPE sales to the VodafoneZiggo JV

Earnings (loss) from Continuing Operations

  • Earnings (loss) from continuing operations was ($503.8 million) and ($339.6 million) for the three months ended June 30, 2020 and 2019, respectively, and $513.9 million and ($646.5 million) for the six months ended June 30, 2020 and 2019, respectively
  • The changes in our earnings (loss) from continuing operations primarily resulted from the net effect of (i) changes in realized and unrealized gains (losses) on derivative instruments, net, (ii) decreases in depreciation and amortization, (iii) changes in realized and unrealized gains (losses) due to changes in fair values of certain investments and debt, net, (iv) changes in foreign currency transactions gains (losses), net and (v) decreases in Adjusted EBITDA, as further described below

Adjusted EBITDA Highlights

The following table presents (i) Adjusted EBITDA(*) of each of our consolidated reportable segments for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis:

 

 

Three months ended

 

Increase/(decrease)

 

Six months ended

 

Increase/(decrease)

 

 

June 30,

 

 

June 30,

 

Adjusted EBITDA

 

2020

 

2019

 

Reported %

 

Rebased %

 

2020

 

2019

 

Reported %

 

Rebased %

 

 

in millions, except % amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.K./Ireland

 

$

654.9

 

 

$

687.5

 

 

(4.7

)

 

(1.5

)

 

$

1,310.3

 

 

$

1,379.7

 

 

(5.0

)

 

(2.5

)

Belgium

 

354.1

 

 

349.4

 

 

1.3

 

 

3.7

 

 

685.7

 

 

688.4

 

 

(0.4

)

 

2.2

 

Switzerland

 

150.9

 

 

159.8

 

 

(5.6

)

 

(9.9

)

 

285.0

 

 

316.1

 

 

(9.8

)

 

(12.9

)

CEE

 

52.7

 

 

54.1

 

 

(2.6

)

 

4.2

 

 

107.0

 

 

107.8

 

 

(0.7

)

 

4.5

 

Central and Corporate

 

(24.1

)

 

(60.1

)

 

59.9

 

 

2.7

 

 

(49.2

)

 

(119.4

)

 

58.8

 

 

3.9

 

Intersegment eliminations

 

 

 

 

 

N.M.

 

N.M.

 

 

 

1.4

 

 

N.M.

 

N.M.

Total

 

$

1,188.5

 

 

$

1,190.7

 

 

(0.2

)

 

(0.4

)

 

$

2,338.8

 

 

$

2,374.0

 

 

(1.5

)

 

(2.0

)

______________________________

N.M. - Not Meaningful

(*) Consolidated Adjusted EBITDA is a non-GAAP measure, which we believe is a meaningful measure because it represents a transparent view of our recurring operating performance that is unaffected by our capital structure and allows management to readily view operating trends from a consolidated view. Investors should view consolidated Adjusted EBITDA as a supplement to, and not a substitute for, earnings or loss from continuing operations and other U.S. GAAP measures of performance. For additional information on our Adjusted EBITDA measure, including a reconciliation to earnings (loss) from continuing operations, see the Glossary.

  • Reported Adjusted EBITDA for the three and six months ended June 30, 2020 decreased 0.2% and 1.5% YoY, respectively
    • These decreases were primarily driven by (i) the aforementioned negative impact of FX movements and (ii) an organic Adjusted EBITDA decline
  • Rebased Adjusted EBITDA declined 0.4% and 2.0% for the three and six months ended June 30, 2020, respectively, including:
    • The aforementioned unfavorable impacts of certain revenue items, as discussed in the "Revenue Highlights" section above
    • The following current year impacts:
      • Lower costs of $28.9 million in U.K./Ireland related to credits received during the second quarter of 2020 in connection with the pausing or cancellation of certain sporting events due to the COVID-19 pandemic, which offset the aforementioned revenue declines
      • A $12.1 million net favorable impact in Q2 related to certain revenue and costs for sports rights that were accelerated as a result of the COVID-19 pandemic. In this respect, certain sports leagues in Belgium and Switzerland were cancelled and, accordingly, $14.2 million of aggregate prepaid amounts for the associated sports rights that were previously scheduled to be expensed during the second quarter of 2020 were recognized during the first quarter of 2020. This decrease in costs was only partially offset by the aforementioned associated $2.1 million decrease in revenue in Switzerland
      • Unfavorable network tax increases of $4.4 million and $14.4 million for Q2 and YTD, respectively, following an increase in the rateable value of our U.K. networks, which is being phased in over a six-year period ending in 2022
      • Lower call center costs in U.K./Ireland primarily due to lockdowns during the second quarter of 2020 associated with the COVID-19 pandemic, which prevented certain outsourced contract services from being performed
    • The following 2019 impacts:
      • Lower severance costs in U.K./Ireland of $6.3 million associated with revisions to our operating model and a decrease in FTEs
      • A favorable decrease in personnel costs in Central and Corporate related to a $5.0 million cash bonus in Q2 2019 associated with the renewal of an existing executive employment contract on similar terms

Q2 2020 Rebased Adjusted EBITDA - Segment Highlights

  • U.K./Ireland: Rebased Adjusted EBITDA declined 1.5% YoY in Q2 due to the aforementioned revenue performance offset by a decrease in our cost base due to various COVID-19 impacts, including (i) lower programming costs due to the aforementioned credits received during Q2 associated with the pausing or cancellation of certain sporting events, (ii) a reduction in customer care costs due to the temporary closure of offshore call centers, (iii) lower marketing costs and (iv) lower handset sales costs due to store closures. These cost reductions were only partially offset by a $4.4 million net increase in network taxes
  • Belgium: Rebased Adjusted EBITDA increased 3.7% YoY in Q2, primarily due to (i) lower programming, sales and marketing expenses as a result of the COVID-19 pandemic and (ii) lower costs related to outsourced labor and professional services, including staff-related expenses and other indirect costs as a result of the continued focus on tight control
  • Switzerland: Rebased Adjusted EBITDA declined 9.9% YoY in Q2, mainly due to the loss of residential cable subscription revenue, partially offset by lower programming and handset costs
  • CEE (Poland and Slovakia): Rebased Segment Adjusted EBITDA growth of 4.2% YoY in Q2, largely driven by the increase in residential cable subscription revenue

OFCF Highlights

The following table presents (i) OFCF of each of our consolidated reportable segments for the comparative periods and (ii) the percentage change from period to period on both a reported and rebased basis:

 

 

Three months ended

 

Increase/(decrease)

 

Six months ended

 

Increase/(decrease)

 

 

June 30,

 

 

June 30,

 

OFCF

 

2020

 

2019

 

Reported %

 

Rebased %

 

2020

 

2019

 

Reported %

 

Rebased %

 

 

in millions, except % amounts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.K./Ireland

 

$

332.1

 

 

$

316.1

 

 

5.1

 

 

8.7

 

 

$

640.9

 

 

$

613.0

 

 

4.6

 

 

7.3

 

Belgium

 

243.8

 

 

216.0

 

 

12.9

 

 

15.4

 

 

433.8

 

 

413.3

 

 

5.0

 

 

7.4

 

Switzerland

 

96.3

 

 

82.5

 

 

16.7

 

 

10.4

 

 

161.2

 

 

180.2

 

 

(10.5

)

 

(13.6

)

CEE

 

31.8

 

 

34.4

 

 

(7.6

)

 

(1.4

)

 

67.2

 

 

66.4

 

 

1.2

 

 

6.7

 

Central and Corporate

 

(103.5

)

 

(141.0

)

 

26.6

 

 

0.6

 

 

(206.7

)

 

(281.6

)

 

26.6

 

 

1.3

 

Intersegment eliminations

 

 

 

 

 

N.M.

 

N.M.

 

 

 

1.4

 

 

N.M.

 

N.M.

Total

 

$

600.5

 

 

$

508.0

 

 

18.2

 

 

14.2

 

 

$

1,096.4

 

 

$

992.7

 

 

10.4

 

 

6.0

 

______________________________

N.M. - Not Meaningful

Net Earnings (Loss) Attributable to Liberty Global Shareholders

  • Net earnings (loss) attributable to Liberty Global shareholders was ($524.2 million) and $53.0 million for the three months ended June 30, 2020 and 2019, respectively, and $425.6 million and $60.0 million for the six months ended June 30, 2020 and 2019, respectively

     

Leverage and Liquidity

  • Total principal amount of debt and finance leases: $27.7 billion for the Full Company
  • Leverage ratios9: At June 30, 2020, our adjusted gross and net leverage ratios were 5.3x and 3.8x, respectively, on a Full Company basis
  • Average debt tenor3: Over 7 years, with ~77% not due until 2026 or thereafter on a Full Company basis
  • Borrowing costs: Blended, fully-swapped cost of debt was 4.0% for the Full Company
  • Liquidity5: $9.8 billion on a Full Company basis, including (i) $4.4 billion of cash at June 30, 2020, (ii) $3.0 billion of investments held under SMAs and (iii) $2.4 billion of aggregate unused borrowing capacity8 under our credit facilities

     

Forward-Looking Statements and Disclaimer

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements with respect to our strategies, future growth prospects and opportunities; expectations with respect to progress on the announced U.K. joint venture with Telefonica to combine Virgin Media with O2, including related regulatory matters; expectations with respect to continued network resiliency amidst the COVID-19 usage surge; expectations regarding our financial performance and related full year guidance metrics; expectations with respect to our share repurchase plan; the strength of our balance sheet, tenor of our third-party debt and anticipated borrowing capacity; and other information and statements that are not historical fact. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these statements. These risks and uncertainties include events that are outside of our control, such as the continued use by subscribers and potential subscribers of our and our affiliates’ services and their willingness to upgrade to our more advanced offerings; our and our affiliates’ ability to meet challenges from competition, to manage rapid technological change or to maintain or increase rates to subscribers or to pass through increased costs to subscribers; the potential impact of the outbreak of COVID-19 on our company; the effects of changes in laws or regulation; the effects of the U.K.'s exit from the E.U.; general economic factors; our and our affiliates’ ability to obtain regulatory approval and satisfy regulatory conditions associated with acquisitions and dispositions; our and affiliates’ ability to successfully acquire and integrate new businesses and realize anticipated efficiencies from acquired businesses; the availability of attractive programming for our and our affiliates’ video services and the costs associated with such programming; our and our affiliates’ ability to achieve forecasted financial and operating targets; the outcome of any pending or threatened litigation; the ability of our operating companies and affiliates to access cash of their respective subsidiaries; the impact of our operating companies' and affiliates’ future financial performance, or market conditions generally, on the availability, terms and deployment of capital; fluctuations in currency exchange and interest rates; the ability of suppliers, vendors and contractors to timely deliver quality products, equipment, software, services and access; our and our affiliates’ ability to adequately forecast and plan future network requirements including the costs and benefits associated with network expansions; and other factors detailed from time to time in our filings with the Securities and Exchange Commission, including our most recently filed Form 10-Q and Form 10-K/A. These forward-looking statements speak only as of the date of this release. We expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

About Liberty Global

Liberty Global (NASDAQ: LBTYA, LBTYB and LBTYK) is one of the world’s leading converged video, broadband and communications companies, with operations in six European countries under the consumer brands Virgin Media, Telenet and UPC. We invest in the infrastructure and digital platforms that empower our customers to make the most of the digital revolution. Our substantial scale and commitment to innovation enable us to develop market-leading products delivered through next-generation networks that connect 11 million customers subscribing to 25 million TV, broadband internet and telephony services. We also serve 6 million mobile subscribers and offer WiFi service through millions of access points across our footprint.

In addition, Liberty Global owns 50% of VodafoneZiggo, a joint venture in the Netherlands with 4 million customers subscribing to 10 million fixed-line and 5 million mobile services, as well as significant investments in ITV, All3Media, ITI Neovision, Lionsgate, the Formula E racing series and several regional sports networks.


Contacts

Investor Relations
Max Adkins +44 78 1795 9705
John Rea +1 303 220 4238
Stefan Halters +44 20 8483 6211

Corporate Communications
Molly Bruce +1 303 220 4202
Matt Beake +44 20 8483 6428


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