Load of Knapp

31 March 2003

The restructured cable firm has not published a cash flow statement. It says "media speculation" about its finances will hurt its business. Of course clients wouldn’t want to do business with an inadequately capitalised company. Keeping the figures quiet won’t help.

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NTL has announced a 49% increase in ebitda, to £665m, on flat 2002 revenues. In its first annual results statement after emerging from a balance sheet restructuring, the cable company said lower costs, efficient capital spending, and higher cash flow would be its 2003 objectives as it sought to become "truly free cash flow positive as soon as possible". In the first quarter of 2003, NTL added 23,600 customers, leaving its total subscriber numbers 2% below their level of a year earlier.

In its balance sheet restructuring, NTL swapped bond debt worth $11bn (£7.3bn) for shares in the company, leaving it with $6.5bn (£4.3bn). It also separated its core UK and Ireland cable operations from its European subsidiaries, which are now a separate entity called NTL Europe.

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