Virgin Media 2013 Annual Report Download - page 114

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III - 4
Combined Results
In order to provide a more meaningful basis for comparing the results of operations for the year ended December 31, 2013
to the corresponding prior year period, we have presented financial information for the year ended December 31, 2013 that reflects
the combination of the results for the 2013 Predecessor and Successor periods. The combination of Predecessor and Successor
periods is not permitted by GAAP and has not been prepared with a view towards complying with Article 11 of Regulation S-X
(in millions):
Successor Predecessor Combined Predecessor Increase (decrease)
Consolidated Statements of Operations
Period from
June 8 to
December 31,
2013
Period from
January 1 to
June 7, 2013
Year ended
December 31,
2013
Year ended
December 31,
2012 £ %
Revenue.................................................. £ 2,310.2 £ 1,810.2 £ 4,120.4 £ 4,100.5 £ 19.9 0.5
Operating costs and expenses:
Operating (other than depreciation
and amortization)........................... 1,051.7 845.4 1,897.1 1,872.9 24.2 1.3
SG&A................................................ 380.1 256.1 636.2 574.2 62.0 10.8
Depreciation and amortization.......... 910.2 432.8 1,343.0 966.4 376.6 39.0
Impairment, restructuring and other
operating items, net ....................... 36.5 51.2 87.7 (11.8) 99.5 N.M.
2,378.5 1,585.5 3,964.0 3,401.7 562.3 16.5
Operating income (loss).................. (68.3) 224.7 156.4 698.8 (542.4)(77.6)
Non-operating income (expense):
Interest expense:
Third-party...................................... (263.6) (156.7)(420.3)(398.2)(22.1) 5.5
Related-party................................... (5.8) — (5.8) — (5.8) N.M.
Interest income – related-party.......... 107.0 — 107.0 — 107.0 N.M.
Gain (loss) on debt modification and
extinguishment, net........................ 0.6 (0.1) 0.5 (187.8) 188.3 N.M.
Realized and unrealized gains
(losses) on derivative instruments,
net .................................................. (203.4) 51.8 (151.6) 148.1 (299.7) N.M.
Foreign currency transaction gains
(losses), net.................................... 142.6 (2.1) 140.5 (6.3) 146.8 N.M.
Other income, net.............................. 0.4 0.4 0.8 6.8 (6.0) N.M.
(222.2) (106.7)(328.9)(437.4) 108.5 N.M.
Earnings (loss) before income
taxes .............................................. (290.5) 118.0 (172.5) 261.4 (433.9) N.M.
Income tax benefit (expense)................. (197.5) (18.1)(215.6) 2,652.0 (2,867.6) N.M.
Net earnings (loss).......................... £ (488.0) £ 99.9 £ (388.1) £ 2,913.4 £ (3,301.5) N.M.
_______________
N.M. — Not Meaningful.