Virgin Media 2009 Annual Report Download - page 167

VIRGIN MEDIA INVESTMENT HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Year ended December 31,
2009 2008 2007
Operating activities
Net loss ....................................................... £ (345.8) £ (972.7) £ (467.3)
Loss from discontinued operations ...................................... 22.8 66.6 10.7
Loss from continuing operations ....................................... (323.0) (906.1) (456.6)
Adjustments to reconcile net loss from continuing operations to net cash provided by
operating activities:
Depreciation and amortization ....................................... 1,152.8 1,165.8 1,193.6
Goodwill and intangible asset impairments ............................... 4.7 362.2 —
Non-cash interest ............................................... 20.0 (58.6) 4.1
Non-cash compensation ........................................... 15.4 13.2 14.0
Loss on extinguishment of debt ...................................... 53.6 9.7 3.2
(Income) loss from equity accounted investments, net of dividends received .......... (12.4) 10.7 (10.8)
Income taxes .................................................. 4.2 (2.2) 14.9
(Gain) loss on disposal of assets ...................................... (0.3) (0.3) 18.7
Amortization of original issue discount and deferred finance costs ................ 32.3 23.5 23.1
Unrealized foreign currency (gains) losses ................................ (163.2) 414.0 10.2
Unrealized losses (gains) on derivative instruments .......................... 133.3 (278.1) 2.5
Gain on disposal of investments ...................................... — — (8.1)
Other ....................................................... 1.6 0.7 —
Changes in operating assets and liabilities, net of effect from business acquisitions and
dispositions:
Accounts receivable .............................................. 26.4 (7.2) 3.0
Inventory .................................................... 6.0 (17.4) (11.5)
Prepaid expenses and other current assets ................................ (4.7) (12.1) 10.1
Other assets ................................................... (14.9) (11.0) 4.2
Accounts payable ............................................... (24.8) 5.1 (0.2)
Accrued expenses and other current liabilities ............................. (37.8) (35.4) (107.7)
Deferred revenue (current) ......................................... 17.3 19.2 (17.4)
Deferred revenue and other long term liabilities ............................ (4.9) 4.0 5.2
Net cash provided by operating activities ............................... 881.6 699.7 694.5
Investing activities
Purchase of fixed and intangible assets .................................. (556.7) (470.5) (527.8)
Investments and loans from parent and subsidiary companies .................... 974.4 522.1 26.6
Increase in restricted cash .......................................... — — (0.2)
Principal repayments on loans to equity investments ......................... 12.5 8.6 16.4
Proceeds from sale of fixed assets ..................................... 4.2 2.1 3.3
Proceeds from sale of investments ..................................... — — 9.8
Purchase of investments ........................................... (2.5) (1.5) (2.0)
Disposal of sit-up, net ............................................ (17.5)
Acquisitions, net of cash acquired ..................................... — — (1.0)
Net cash provided by (used in) investing activities ......................... 414.4 60.8 (474.9)
Financing activities
New borrowings, net of financing fees .................................. (52.6) (49.0) 874.5
Principal payments on long term debt, including redemption premiums, and capital leases . (1,078.6) (846.3) (1,170.8)
Realized gain on derivatives ......................................... 88.3 — —
Net cash (used in) financing activities ................................. (1,042.9) (895.3) (296.3)
Cash flow from discontinued operations
Net cash used in provided by operating activities ........................... (7.9) (3.0) 5.2
Net cash used in investing activities .................................... — (1.9) (2.5)
Net cash (used in) provided by discontinued operations ...................... (7.9) (4.9) 2.7
Effect of exchange rate changes on cash and cash equivalents ..................... — 0.4 —
Increase (decrease) in cash and cash equivalents ............................. 245.2 (139.3) (74.0)
Cash and cash equivalents, beginning of year ............................... 170.7 310.0 384.0
Cash and cash equivalents, end of year ................................... £ 415.9 £ 170.7 £ 310.0
Supplemental disclosure of cash flow information
Cash paid during the year for interest exclusive of amounts capitalized ............... £ 248.3 £ 391.8 £ 391.4
Income taxes paid ................................................ — — —
See accompanying notes.
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