First Half 2011 Results

  • Robust triple-play growth and B2B drove 5% top line growth in H1 2011;
  • Adjusted EBITDA up 7% yoy, underlying margin nearly reaching 53% in H1 2011;
  • Full year 2011 outlook adjusted to reflect football rights and spectrum acquisition.

The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007
regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market.

Telenet Group Holding NV ("Telenet" or the "Company") (Euronext Brussels: TNET) announces its unaudited consolidated results under International Financial Reporting Standards as adopted by the European Union ("EU GAAP") for the six months ended June 30, 2011.

HIGHLIGHTS

· Revenue of €669.9 million, up 5% yoy, driven by triple-play and business services growth notwithstanding the impact from the reporting change on certain premium voice and SMS content services;
· Adjusted EBITDA(1) up 7% yoy to €354.1 million, underlying margin expanded by 130bps to 52.9% despite investments in growth and mobile, driven by cost efficiencies and customer bundling;
· Net profit of €58.5 million, up 168% yoy, including non-cash gain on our derivatives of €20.4 million;
· Accrued capital expenditures(2) up 18% yoy to €127.1 million, reflecting higher success-based capital expenditures, including expenditures on broadband internet migrations to Fibernet, and network upgrades;
· Free Cash Flow(3) of €139.7 million, representing 21% of revenue, with lower Free Cash Flow in Q2 2011 because of higher cash capital expenditures and certain semi-annual cash interest payments;
· Increased intake of triple-play subscribers, representing 34% of our overall customer base at June 30, 2011;
· Uptake of high-end products remained solid with Fibernet high-speed products representing a significant proportion of gross sales in Q2 2011;
· Full year 2011 outlook adjusted to reflect the acquisition of the exclusive broadcasting rights for the top fixtures of the Belgian football championship and the acquisition of valuable mobile spectrum.

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About Telenet SA

As a provider of entertainment and telecommunication services in Belgium, Telenet group is always looking for the perfect experience in the digital world for its customers. Under the brand name Telenet, the company focuses on offering digital television, high-speed Internet and fixed and mobile telephony services to residential customers in Flanders and Brussels.

Under the brand name BASE, it supplies mobile telephony, internet and television in Belgium. The Telenet Business department serves the business market in Belgium and Luxembourg with connectivity, hosting and security solutions. More than 3,000 employees have one aim in mind: making living and working easier and more pleasant.

Telenet group is part of Telenet Group Holding NV and is a 100% owned subsidiary of Liberty Global. Liberty Global is one of the world’s leading converged video, broadband and communications companies, innovating and empowering people in six countries across Europe to make the most of the digital revolution. For more information, we refer to www.telenet.be

The Telenet newsroom can be found at press.telenet.be

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