Virgin Media 2012 Annual Report Download - page 87
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F-16
common stock; or (v) if Virgin Media Inc. undergoes a fundamental change (as defined in the indenture governing the
convertible senior notes), such as a change in control, merger, consolidation, dissolution or delisting.
The initial conversion rate is equal to 52.0291 shares of Virgin Media Inc.'s common stock per $1,000 of convertible
notes, which represents an initial conversion price of approximately $19.22 per share of common stock. The conversion
rate is subject to adjustment for stock splits, stock dividends or distributions, stock repurchases where the price exceeds
market values, the issuance of certain rights or warrants or certain cash dividends or distributions.
Note 4—Fixed Assets (Including Leases)
Fixed assets consist of (in millions): December 31,
2012 2011
Useful Life Total Under Capital
Leases Total Under Capital
Leases
Operating equipment
Cable distribution plant 5-30 years £ 7,087.2 £ 4.9 £ 6,763.7 £ 28.8
Switches and headends 3-10 years 778.5 19.8 905.9 19.8
Customer premises equipment 5-10 years 1,355.1 312.8 1,231.8 254.4
Other operating equipment 4-20 years 23.2 — 8.8 —
Total operating equipment 9,244.0 337.5 8,910.2 303.0
Other equipment
Land 8.8 — 8.8 —
Buildings 20-50 years 151.8 35.8 100.9 35.8
Leasehold improvements 7 years or, if
less, the
lease term 98.7 — 115.1 —
Computer infrastructure 3-5 years 361.2 17.6 241.5 30.1
Other equipment 5-10 years 47.0 18.8 249.7 22.2
Total other equipment 667.5 72.2 716.0 88.1
9,911.5 409.7 9,626.2 391.1
Accumulated depreciation (5,481.0) (167.1) (5,145.6) (151.2)
4,430.5 242.6 4,480.6 239.9
Construction in progress 81.7 — 122.1 —
£ 4,512.2 £ 242.6 £ 4,602.7 £ 239.9
Certain prior year amounts in the table above have been reclassified to conform to current year presentation.
During the years ended December 31, 2012, 2011 and 2010, the assets acquired under capital leases totaled £88.9
million, £91.2 million and £132.2 million, respectively. Amortization expense on capital leases is included as a
component of depreciation expense in the consolidated statements of comprehensive income.
Future minimum annual payments under capital and operating leases at December 31, 2012 are as follows (in millions).
The table reflects our contractual obligations.
Table of Contents
VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 3—Earnings Per Share (continued)