Virgin Media 2011 Annual Report Download - page 110
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VIRGIN MEDIA INC. 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, 2011 are as follows
(in millions). The table reflects our contractual obligations.
Capital
Leases
Operating
Leases
Year ending December 31,
2012 .................................................... £ 91.8 £ 52.7
2013 .................................................... 67.5 41.4
2014 .................................................... 49.3 34.1
2015 .................................................... 23.4 21.9
2016 .................................................... 7.3 12.6
Thereafter ............................................... 240.8 48.4
Total minimum lease payments .............................. 480.1 £211.1
Less: amounts representing interest ........................... (222.1)
Present value of net minimum obligations ...................... 258.0
Less: current portion ....................................... (76.3)
£ 181.7
Total rental expense for the years ended December 31, 2011, 2010 and 2009 under operating leases was
£47.1 million, £52.7 million and £48.3 million, respectively.
The weighted average interest rate for capital lease obligations as of December 31, 2011 and 2010 was 6.8%
and 7.4%, respectively.
During 2011 and 2010, the changes in the asset retirement obligations were as follows (in millions):
2011 2010
Asset retirement obligation at the beginning of the year ............... £66.9 £46.3
Assets acquired .......................................... 14.3 17.3
Liabilities settled ......................................... (8.6) (6.7)
Accretion expense ........................................ 5.3 6.2
Revisions ............................................... (12.2) 3.8
Asset retirement obligation at the end of the year .................... £65.7 £66.9
F-21