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II - 10
VIRGIN MEDIA INC.
(See note 1)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Successor Predecessor
Period from
June 8 to
December 31,
2013
Period from
January 1 to
June 7, 2013
Year ended
December 31,
2012 (a)
Year ended
December 31,
2011
Cash flows from operating activities:
Net earnings (loss)..................................................................... £(488.0) £ 99.9 £ 2,913.4 £ 75.9
Loss from discontinued operation ............................................. — — — 1.2
Earnings (loss) from continuing operations .............................. (488.0) 99.9 2,913.4 77.1
Adjustments to reconcile earnings (loss) from continuing
operations to net cash provided by operating activities:
Share-based compensation expense...................................... 85.5 22.1 25.8 27.0
Depreciation and amortization.............................................. 910.2 432.8 966.4 1,046.4
Impairment, restructuring and other operating items, net..... 36.5 51.2 (11.8) 6.8
Amortization of deferred financing costs and non-cash
interest accretion ............................................................... 11.2 14.7 35.6 36.6
Losses (gains) on debt modification and extinguishment,
net...................................................................................... (0.6) 0.1 187.8 47.2
Realized and unrealized losses (gains) on derivative
instruments, net................................................................. 203.4 (51.8)(148.1) 50.7
Foreign currency transaction losses (gains), net................... (142.6) 2.1 6.3 2.4
Deferred income tax expense (benefit)................................. 197.2 17.2 (2,652.5) 20.1
Changes in operating assets and liabilities, net of the effect
of dispositions:
Receivables and other operating assets.............................. 307.7 (594.8)(32.7) 31.1
Payables and accruals......................................................... (558.0) 594.6 (91.3)(186.6)
Net cash used by operating activities of discontinued
operation................................................................................... — — — (10.4)
Net cash provided by operating activities .......................... 562.5 588.1 1,198.9 1,148.4
Cash flows from investing activities:
Loan to related-party ................................................................. (2,356.3) — — —
Capital expenditures.................................................................. (418.9)(313.4)(782.5)(656.7)
Sale of equity investments, net.................................................. — — — 243.4
Loan repayment from equity investee....................................... — — — 108.2
Other investing activities, net.................................................... 1.8 4.1 (0.5)(9.6)
Net cash used by investing activities .................................. £(2,773.4) £ (309.3) £ (783.0) £ (314.7)
The accompanying notes are an integral part of these consolidated financial statements.