Liberty Global : Virgin Media Condensed Consolidated Financial Statements – September 30, 2020

11/17/2020 | 04:43pm EST

Condensed Consolidated Financial Statements

September 30, 2020

VIRGIN MEDIA INC.

1550 Wewatta Street, Suite 1000

Denver, Colorado 80202

United States

VIRGIN MEDIA INC.
TABLE OF CONTENTS
	Page
	Number
FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019 (unaudited)..................	1
Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2020 and
2019 (unaudited) ........................................................................................................................................................	3
Condensed Consolidated Statements of Comprehensive Earnings (Loss) for the Three and Nine Months Ended
September 30, 2020 and 2019 (unaudited).................................................................................................................	4
Condensed Consolidated Statements of Owners' Equity for the Three and Nine Months Ended September 30, 2020
and 2019 (unaudited)..................................................................................................................................................	5
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2020 and 2019
(unaudited) .................................................................................................................................................................	9
Notes to Condensed Consolidated Financial Statements (unaudited) ...........................................................................	11
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS ...............................................................................................................................................................	48

VIRGIN MEDIA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

	September 30,		December 31,
		2020			2019
		in millions
ASSETS
Current assets:
Cash and cash equivalents ........................................................................................................	£	217.2	£	34.5
Trade receivables, net ...............................................................................................................		495.4			639.6
Derivative instruments (notes 4, 5 and 10)...............................................................................		154.9			82.5
Prepaid expenses.......................................................................................................................		76.8			64.0
Other current assets (notes 3 and 10)........................................................................................		150.6			183.2

Total current assets .................................................................................................................		1,094.9			1,003.8
Property and equipment, net (notes 6 and 8) ..............................................................................		5,954.8			6,078.7
Goodwill (note 6)........................................................................................................................		6,020.7			6,005.8
Deferred income taxes (note 9)...................................................................................................		1,739.5			1,540.4
Related-party notes receivable (note 10).....................................................................................		5,051.0			4,963.6
Other assets, net (notes 3, 4, 5, 6 and 8) .....................................................................................		1,158.1			987.4

Total assets...........................................................................................................................	£	21,019.0	£	20,579.7

The accompanying notes are an integral part of these condensed consolidated financial statements.

VIRGIN MEDIA INC.

CONDENSED CONSOLIDATED BALANCE SHEETS - (Continued)

(unaudited)

	September 30,		December 31,
		2020			2019
		in millions
LIABILITIES AND OWNERS' EQUITY
Current liabilities:
Accounts payable (note 10) ......................................................................................................	£	307.2	£	361.5
Deferred revenue (note 3).........................................................................................................		352.0			357.8
Current portion of debt and finance lease obligations (notes 7 and 8) .....................................		1,872.9			1,868.9
Accrued interest........................................................................................................................		137.6			133.2
Accrued capital expenditures (note 10) ....................................................................................		126.4			143.9
Other current liabilities (notes 3, 4, 5, 8 and 10) ......................................................................		836.1			695.0

Total current liabilities.........................................................................................................		3,632.2			3,560.3
Long-term debt and finance lease obligations (notes 7, 8 and 10)..............................................		10,475.1			10,177.4
Other long-term liabilities (notes 3, 4, 5, 8 and 10) ....................................................................		756.4			612.2

Total liabilities .....................................................................................................................		14,863.7			14,349.9
Commitments and contingencies (notes 4, 5, 7, 8 and 11)

Owners' equity:
Parent's equity:
Additional paid-in capital.......................................................................................................		7,740.2			7,873.4
Accumulated deficit ...............................................................................................................		(1,646.3)			(1,709.4)
Accumulated other comprehensive earnings, net of taxes .....................................................		74.1			83.2

Total parent's equity.............................................................................................................		6,168.0			6,247.2

Noncontrolling interest .............................................................................................................		(12.7)			(17.4)

Total owners' equity ..........................................................................................................		6,155.3			6,229.8

Total liabilities and owners' equity .................................................................................	£	21,019.0	£	20,579.7

The accompanying notes are an integral part of these condensed consolidated financial statements.

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Liberty Global plc published this content on 17 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 November 2020 21:42:04 UTC

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Liberty Global : Virgin Media Condensed Consolidated Financial Statements – September 30, 2020

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