Virgin Media 2011 Annual Report Download - page 85

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Our consolidated financial statements, the notes thereto and the report of the independent registered public
accounting firm begin on page F-1 of this document and are incorporated in this document by reference.
On June 4, 2010, we announced the sale to BSkyB of our television channel business known as Virgin
Media TV. Virgin Media TV’s operations comprised our former Content segment. We determined that as of
June 30, 2010 the planned sale met the requirements for Virgin Media TV to be reflected as assets and liabilities
held for sale and discontinued operations in both the current and prior periods, and accordingly, we adjusted the
consolidated balance sheet as of December 31, 2009 and consolidated statements of operations and cash flows for
the years ended December 31, 2009 and 2008. The results of operations of Virgin Media TV have been included
as discontinued operations in the consolidated statements of operations through July 12, 2010, which is the date
the sale was complete following approval from regulators in Ireland. The statement of operations for the three
months ended September 30, 2010 includes a gain on disposal of £14.4 million related to this sale.
During the three months ended June 30, 2011 we reached an agreement with the U.K. tax authorities
regarding our VAT treatment of certain of our revenue generating activities. The U.K. tax authorities provided us
with a refund of £81.5 million, which was collected during the three months ended June 30, 2011, £77.6 million
of which was included in the consolidated statement of operations for the quarter.
The following is a summary of the unaudited selected quarterly results of operations for the years ended
December 31, 2011 and 2010 (in millions, except per share data):
2011
Three months ended
March 31, June 30, September 30, December 31,
(unaudited)
Statement of Operations Data:
Revenue ............................................ £982.3 £985.8 £1,000.0 £1,023.7
Operating income .................................... 110.6 134.9 128.4 166.3
Net income (loss) ..................................... 3.3 98.2 (73.8) 48.2
Basic income (loss) per share ........................... £ 0.01 £ 0.31 £ (0.24) £ 0.16
2010
Three months ended
March 31, June 30, September 30, December 31,
(unaudited)
Statement of Operations Data:
Revenue ............................................ £929.4 £964.2 £ 978.4 £1,003.8
Operating income .................................... 69.6 79.6 101.7 71.0
Net (loss) income ..................................... (160.4) (59.9) 41.8 37.1
Basic (loss) income per share ........................... £ (0.49) £ (0.18) £ 0.13 £ 0.11
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