Virgin Media 2012 Annual Report Download - page 88
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F-17
Capital
Leases Operating
Leases
Year ending December 31,
2013 £ 87.6 £ 40.3
2014 71.6 32.6
2015 43.7 27.0
2016 12.9 19.3
2017 3.8 13.3
Thereafter 152.5 59.8
Total minimum lease payments 372.1 £ 192.3
Less: amounts representing interest (143.1)
Present value of net minimum obligations 229.0
Less: current portion (77.1)
£ 151.9
Total rental expense for the years ended December 31, 2012, 2011 and 2010 under operating leases was £49.8 million,
£47.1 million and £52.7 million, respectively.
The weighted average interest rate for capital lease obligations as of December 31, 2012 and 2011 was 5.8% and
6.8%, respectively.
During 2012 and 2011, the changes in the asset retirement obligations were as follows (in millions):
2012 2011
Asset retirement obligation at the beginning of the year £ 65.7 £ 66.9
Assets acquired 13.1 14.3
Liabilities settled (7.4) (8.6)
Accretion expense 5.1 5.3
Revisions (14.2) (12.2)
Asset retirement obligation at the end of the year £ 62.3 £ 65.7
Note 5 - Goodwill and Intangible Assets
Goodwill and intangible assets consist of (in millions):
Estimated
Useful Life
December 31,
2012 2011
Goodwill and intangible assets not subject to amortization:
Goodwill indefinite £ 1,873.4 £ 1,873.4
Reorganization value in excess of amounts allocable to identifiable assets indefinite 144.1 144.1
£ 2,017.5 £ 2,017.5
As at December 31, 2012, the gross carrying amount of goodwill was £2,235.6 million and accumulated impairment
charges were £362.2 million.
As at December 31, 2012, goodwill and intangible assets not subject to amortization totaling £1,811.6 million and
£205.9 million are allocated to our Consumer and Business reporting units, respectively. We performed our annual
impairment reviews of our Consumer and Business reporting units as at October 1, 2012 and 2011. As a result of these
reviews we concluded that no impairment charge was required at either date. Based on the results of the review as at
October 1, 2012, neither our Business or Consumer reporting units were at risk of failing Step 1 of the goodwill
impairment test, under FASB ASC, which requires comparison of the carrying values and fair values of reporting units.
Table of Contents
VIRGIN MEDIA INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
Note 4—Fixed Assets (Including Leases) (continued)