Company: LBTYK
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001570585-25-000021
Chunk: 109

Company: Liberty Global Ltd.
Filing Date: 2025-02-18
Form: 10-K
Item: Item 9C
Chunk 109
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801.6 Total assets$46,651.5 $48,039.4 Current liabilities$9,983.1 $9,465.8 Long-term liabilities23,610.0 24,075.9 Owners’ equity13,058.4 14,497.7 Total liabilities and owners’ equity$46,651.5 $48,039.4 VodafoneZiggo JVLiberty Global and Vodafone (each a “NL JV Shareholder”) each hold 50% of the issued share capital of the VodafoneZiggo JV. The NL JV Shareholders intend for the VodafoneZiggo JV to be funded primarily from its net cash flows from operations and third-party financing. We account for our 50% interest in the VodafoneZiggo JV as an equity method investment and consider the VodafoneZiggo JV to be a related party.In connection with the formation of the VodafoneZiggo JV, the NL JV Shareholders entered into an agreement (the NL Shareholders Agreement) that contains customary provisions for the governance of a 50:50 joint venture and provides Liberty Global and Vodafone with joint control over decision making with respect to the VodafoneZiggo JV.The NL Shareholders Agreement also provides (i) for a dividend distribution policy that requires the VodafoneZiggo JV to distribute all unrestricted cash to the NL JV Shareholders every two months (subject to the VodafoneZiggo JV maintaining a minimum amount of cash and complying with the terms of its financing arrangements) and (ii) that the VodafoneZiggo JV will be managed with a leverage ratio of between 4.5 and 5.0 times EBITDA (as calculated pursuant to its existing financing arrangements), with the VodafoneZiggo JV undertaking periodic recapitalizations and/or refinancings accordingly. During 2024, 2023 and 2022, we received dividend distributions from the VodafoneZiggo JV of $65.0 million, $110.2 million and $266.6 million, respectively, which were accounted for as returns on capital for purposes of our consolidated statements of cash flows.Each NL JV Shareholder has the right to initiate an IPO of the VodafoneZiggo JV, with the opportunity for the other NL JV Shareholder to sell shares in the IPO on a pro rata basis. As of January 1, 2021, each NL JV Shareholder has