Ziggo review H1 2010: working towards IPO
Ziggo, the leading cable operator in the Netherlands, reported its Q2 and H1 results on 28 July 2010. This was the second quarterly report after the refinancing deal, which obliged the company to produce full quarterly reports. With the expected IPO coming in 2011, we are closely following Ziggo's performance, both in terms of subscribers, revenues, profits and cash flow and in terms of the developing strength of its balance sheet. In this brief we analyse the results. We see solid operational performance and revenue growth, while cost control leads to margin expansion. Debt refinancing and repayments have brought the balance sheet in safe territory. Making a rough estimate, Ziggo could turn to positive net earnings this year, possibly allowing it to launch an IPO process.