Virgin Media 2007 Annual Report Download - page 110
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VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. Fixed Assets (Including Leases) (Continued)
Future minimum annual payments at December 31, 2007 are as follows (in millions). The table
reflects our contractual obligations.
Capital Operating
Year ending December 31: Leases Leases
2008 .......................................................... £ 34.7 £ 62.4
2009 .......................................................... 24.0 39.3
2010 .......................................................... 14.1 37.4
2011 .......................................................... 32.3 35.8
2012 .......................................................... 7.8 34.2
Thereafter ..................................................... 88.3 156.2
Total minimum lease payments ....................................... 201.2 £ 365.3
Less: amount representing interest .................................... (84.3)
Present value of net minimum obligations ............................... 116.9
Less: current portion .............................................. (27.3)
£ 89.6
Leases for buildings, office space and equipment extend through 2034. Total rental expense for the
years ended December 31, 2007, 2006, and 2005 under operating leases was £51.8 million, £58.0 million
and £34.3 million, respectively.
During 2007, the changes in the asset retirement obligations related to customer premises
equipment were as follows (in millions):
Asset retirement obligation at the beginning of the year ............................ £ 58.2
Increase in liability ...................................................... 14.7
Liabilities settled ....................................................... (10.7)
Accretion expense ...................................................... 5.1
Revision in cash flows ................................................... (8.4)
Asset retirement obligation at the end of the year ................................. £ 58.9
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