Virgin Media 2008 Annual Report Download - page 182
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VIRGIN MEDIA INVESTMENT HOLDINGS LIMITED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 5—Fixed Assets (Including Leases) (Continued)
Future minimum annual payments under capital and operating leases at December 31, 2008 are as
follows (in millions). The table reflects our contractual obligations.
Capital Operating
Leases Leases
Year ending December 31:
2009 ............................................. £ 48.8 £ 46.7
2010 ............................................. 42.1 43.8
2011 ............................................. 54.1 41.5
2012 ............................................. 27.0 38.9
2013 ............................................. 8.6 36.1
Thereafter ........................................ 84.2 113.8
Total minimum lease payments .......................... 264.8 £320.8
Less: amount representing interest ....................... (90.2)
Present value of net minimum obligations .................. 174.6
Less: current portion ................................. (37.6)
£137.0
Leases for buildings, office space and equipment extend through 2034. Total rental expense for the
years ended December 31, 2008, 2007 and 2006 under operating leases was £44.6 million, £51.7 million
and £57.9 million, respectively.
During 2008 and 2007, the changes in the asset retirement obligations related to customer
premises equipment were as follows (in millions):
2008 2007
Asset retirement obligation at the beginning of the year ......... £57.8 £ 56.6
Assets acquired ..................................... 14.8 14.1
Liabilities settled .................................... (7.7) (10.0)
Accretion expense ................................... 4.5 4.8
Revisions in cash flow estimates ......................... (12.8) (7.7)
Asset retirement obligation at the end of the year ............. £56.6 £ 57.8
F-88