Exhibit 99.2
Unaudited Proforma Condensed Consolidated Balance Sheets
as per September 30, 2002
(Amounts in thousands of euros,
except share and per share amounts)
Historical Pro Forma Pro Forma Pro Forma Intercompany Pro Forma
UPC N.V. Adjustments UPC N.V. New UPC Eliminations New UPC
ASSETS: Consolidated Consolidated Standalone Consolidated
Current assets
Cash and cash equivalents........ 301,094 39,754 340,848 - - 340,848
Restricted cash.................. 17,873 - 17,873 - - 17,873
Subscriber receivables, net of
allowance for doubtful accounts
of 54,366....................... 102,666 - 102,666 - - 102,666
Costs to be reimbursed by
affiliated companies............ 4,919 - 4,919 - - 4,919
Other receivables................ 33,105 33,105 - - 33,105
Deferred financing costs, net.... 126,210 (126,210) - - - -
Prepaid expenses and other
current assets.................. 71,685 - 71,685 - - 71,685
----------- ----------- --------- ----------- ----------- -----------
Total current assets......... 657,552 (86,456) 571,096 - - 571,096
Other investments..................... 9,277 - 9,277 - - 9,277
Investments in affiliates............. 126,205 - 126,205 2,434,311 (2,434,311) 126,205
Property, plant and equipment, net.... 3,331,134 - 3,331,134 - - 3,331,134
Goodwill and other intangible
assets, net*......................... 1,394,511 - 1,394,511 - - 1,394,511
Deferred financing costs, net......... - 62,822 62,822 - - 62,822
Other assets.......................... 4,210 - 4,210 - - 4,210
----------- ---------- --------- ----------- ------------ -----------
Total assets*................ 5,522,889 (23,634) 5,499,255 2,434,311 (2,434,311) 5,499,255
=========== ========== ========= =========== ============ ===========
LIABILITIES AND SHAREHOLDERS' DEFICIT:
Current liabilities
Accounts payable, including related
party payables of 5,689............ 124,600 - 124,600 - - 124,600
Accrued liabilities................ 612,406 (305,430) 306,976 - - 306,976
Subscriber prepayments and deposits 126,840 - 126,840 - - 126,840
Derivative liabilities............. 70,423 - 70,423 - - 70,423
Short-term debt.................... 6,093 - 6,093 - - 6,093
Current portion of long-term debt.. 8,458,338 (8,403,297) 55,041 55,041
----------- ----------- --------- ----------- ------------ -----------
Total current liabilities.... 9,398,700 (8,708,727) 689,973 - - 689,973
Long-term debt........................ 451,314 3,127,939 3,579,253 - - 3,579,253
Deferred gain on sale of assets....... 150,321 - 150,321 - - 150,321
Other long-term liabilities........... 130,545 - 130,545 - - 130,545
----------- ----------- --------- ----------- ------------ -----------
Total liabilities............ 10,130,880 (5,580,788) 4,550,092 - - 4,550,092
----------- ----------- --------- ----------- ------------ -----------
Minority interests in subsidiaries.... 13,723 - 13,723 - - 13,723
Hybrid loan - related party........... - 100,000 100,000 - (100,000) -
Convertible preferred stock........... 1,608,248 (1,608,248) - - - -
Shareholders' equity*................. (6,229,962) 7,065,402 835,440 2,434,311 (2,334,311) 935,440
----------- ----------- --------- ----------- ------------ ----------
Total liabilities and
shareholders' equity*........ 5,522,889 (23,634) 5,499,255 2,434,311 (2,434,311) 5,499,255
=========== =========== ========= ============ ============ ==========
* The goodwill impairment test as of January 1, 2002 resulted in a
reduction in the carrying value of net goodwill of 1,498,871 and in a non-cash
charge of 1,498,871.