Virgin Media 2014 Annual Report Download - page 5

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The accompanying notes are an integral part of these condensed consolidated financial statements.
3
VIRGIN MEDIA INC.
(See note 1)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in millions)
Three-month period Six-month period
Successor Predecessor Successor Predecessor
Three
months
ended
June 30,
2014
Period
from
June 8 to
June 30,
2013
Period from
April 1 to
June 7,
2013
Six months
ended
June 30,
2014
Period
from
June 8 to
June 30,
2013
Period from
January 1
to June 7,
2013
Revenue ............................................................ £ 1,054.4 £ 259.0 £ 767.7 £ 2,098.2 £ 259.0 £ 1,810.2
Operating costs and expenses:
Operating (other than depreciation and
amortization) ............................................ 453.4 112.6 355.6 917.8 112.6 845.4
Selling, general and administrative
(SG&A) (including share-based
compensation) (note 8)............................. 149.2 56.4 109.8 295.5 56.4 256.1
Depreciation and amortization..................... 405.2 92.7 183.5 814.1 92.7 432.8
Impairment, restructuring and other
operating items, net .................................. 7.2 5.4 44.0 12.7 5.4 51.2
1,015.0 267.1 692.9 2,040.1 267.1 1,585.5
Operating income (loss) ............................ 39.4 (8.1) 74.8 58.1 (8.1) 224.7
Non-operating income (expense):
Interest expense:
Third-party................................................. (115.7) (32.1)(67.1)(229.9)(32.1)(156.7)
Related-party (note 9)................................ —(3.6) — — (3.6) —
Interest income – related-party (note 9)....... 56.7 10.7 — 108.8 10.7 —
Realized and unrealized gains (losses) on
derivative instruments, net (note 3).......... (70.5) 120.2 (51.8)(146.6) 120.2 51.8
Foreign currency transaction gains (losses),
net............................................................. 49.6 (23.2) 0.2 69.6 (23.2)(2.1)
Other income, net......................................... 0.1 1.0 0.2 0.7 1.0 0.3
(79.8) 73.0 (118.5)(197.4) 73.0 (106.7)
Earnings (loss) before income taxes.......... (40.4) 64.9 (43.7)(139.3) 64.9 118.0
Income tax benefit (expense) (note 7) .............. (0.5) (6.5) 4.6 14.6 (6.5)(18.1)
Net earnings (loss)..................................... £ (40.9) £ 58.4 £ (39.1) £ (124.7) £ 58.4 £ 99.9