Liberty Global plc (“Liberty Global”) (NASDAQ: LBTYA, LBTYB, LBTYK, LILA and LILAK), today provided an update on the impact of Hurricane Irma and Hurricane Maria on its operations in the Caribbean.
“In Cable & Wireless (“C&W”), over 50% of mobile sites across our impacted markets of Anguilla, Antigua & Barbuda, British Virgin Islands (“BVI”), Dominica, Montserrat, St Kitts & Nevis, and Turks & Caicos are now online and we continue to make progress with further repairs. Our fixed networks also suffered significant damage across these markets and we are working to re-establish connectivity as quickly as possible. The revenue contribution from the markets where we experienced the most significant impact from Hurricane Irma and Hurricane Maria (Anguilla, BVI, Turks & Caicos and Dominica) represent around 4% of C&W´s Q2 2017 revenue.
“Although we suffered some damage to our sub-sea systems due to Hurricanes Irma and Maria, the redundancy and resilience of our networks enabled us to maintain connectivity throughout all our countries served, with the exception of Dominica that went temporarily offline but was quickly restored once the storm passed.
“The impact of the hurricanes on our Liberty Cablevision Puerto Rico (“LCPR”) operation and C&W in Puerto Rico are still being assessed. Individuals and businesses across Puerto Rico are dealing with the challenges caused by water, fuel and food shortages and severe damage to essential infrastructure. As for most businesses, LCPR and C&W are dependent on, among other things, power supply to deliver our services. Puerto Rico´s power supply and transmission system was severely impacted by the hurricanes and power is still only available in a limited portion of the island. Accordingly, we cannot predict when and to what extent LCPR and C&W will be able to restore services across the island.
“We expect to receive insurance proceeds to cover the losses to our operations resulting from both Hurricanes Irma and Maria as part of our natural catastrophe risk management program. Because these hurricanes inflicted damage over a number of days and to a wide area, we are assessing the extent of damage and loss and the applicable terms of our insurance policy. At this stage no assurances can be given as to the total amount and timing of the insurance proceeds that our operations will ultimately recover due to a variety of factors such as length of business interruption, deductibles and cost of infrastructure repair.
“Given the uncertainty of the ultimate impacts that the recent hurricanes have had on our businesses, we are reviewing our previously issued 2017 financial guidance for LiLAC and we will provide an update at our upcoming third quarter 2017 investor call in November.”
Liberty Global is the world´s largest international TV and broadband company, with operations in more than 30 countries across Europe, Latin America and the Caribbean.