This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenues increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network upgrades and expand service offerings.
This presentation contains forward-looking statements, including our ability to drive sales productivity, our expectations for reduced churn, our expectations for revenue, adjusted EBITDA and capital expenditures in 2015 and our ability to accelerate profitable growth through the introduction and customer adoption of new performance-based product offerings and greatly improved execution
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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2. Forward-looking statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:
Various statements contained in this document constitute “forward-looking statements” as that term is defined under the Private Securities
Litigation Reform Act of 1995. Words like “believe,” “anticipate,” “should,” “intend,” “plan,” “will,” “expects,” “estimates,” “projects,” “positioned,”
“strategy,” and similar expressions identify these forward-looking statements, which involve known and unknown risks, uncertainties and other
factors that may cause our actual results, performance or achievements or industry results to be materially different from those contemplated,
projected, forecasted, estimated or budgeted, whether expressed or implied, by these forward-looking statements. These factors, among others,
include: (1) the ability to compete with a range of other communications and content providers; (2) the ability to manage customer churn; (3) the
continued right to use the Virgin name and logo; (4) the ability to maintain and upgrade our networks in a cost-effective and timely manner; (5)
possible losses in revenues due to systems failures; (6) the ability to provide attractive programming at a reasonable cost; (7) the ability to control
unauthorized access to our network; (8) the effect of technological changes on our businesses; (9) the reliance on single-source suppliers for
some equipment, software and services and third party distributors of our mobile services; (10) the ability to achieve our business plans; (11) the
ability to fund debt service obligations through operating cash flow; (12) the ability to obtain additional financing in the future and react to
competitive and technological changes; (13) the ability to comply with restrictive covenants in our indebtedness agreements; (14) the extent to
which our future cash flow will be sufficient to cover our fixed charges; and (15) general economic conditions.
These and other factors are discussed in more detail under “Risk Factors” and elsewhere in Virgin Media’s Form 10-K filed with the SEC on
February 29, 2008, as amended, and our Forms 10-Q filed with the SEC on May 8 and August 7, 2008. We assume no obligation to update our
forward-looking statements to reflect actual results, changes in assumptions or changes in factors affecting these statements.
Data Cleanse
As a result of the migration of our consumer on-net billing systems earlier this year, there was further data cleanse activity in our Residential Cable
Operations recognized in the quarter which resulted in a decrease in reported customer numbers of 9,100 and on-net RGUs of 6,800. There was
also a data cleanse recognized in our Mobile segment in the quarter which resulted in an increase in reported contract and prepay customer
numbers of 8,700 and 6,800 respectively. All net additions/disconnections figures in the following discussion exclude the impact of the data
cleanse so that we are showing the true organic growth or decline.
2
4. Further progress in Q3
Strategic Progress
4 to 10Mb upgrade completed;
Lead next generation broadband
On track for 50Mb launch in Q4-08
Strong growth in VOD usage
Lead on-demand TV revolution
driven by BBC iPlayer
Successful contract cross-sell
Leverage position in Mobile
Launched mobile broadband October 1st
Operational Progress
Targeting low churn Churn down 20 basis pts year-on-year
69k on-net broadband, 78k contract mobile,
Continued RGU growth
38k TV & 15k on-net telephony
Cross-sell and up-sell driving record triple-play
Improved revenue trends
ARPU growth
Rightsizing business to
Continuing to investigate further efficiencies
maximize long-term cashflow
4
5. Continued low churn
Average Monthly Churn (000s)1
1.7%
1.5%
1.4%
94 1.3%
1.2%
61
73 Voluntary
68
65 Non-pay
59
58 Movers
61 48
53
91 88
71
67 59
Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
• Churn down 20 bps year on year
– Voluntary disconnects down 35% - reduced faults, improved value for money and
quality of service
• Churn up 20 bps sequentially
– Seasonal increase in “movers” which includes student churn, and rental moves
5 1- Breakdown of churn is based on management estimates
6. On-net customer growth
On-net net additions (000s)
On-net gross additions (000s)
24
13
8
5
257
225 215
181 168
(20)
Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
• Gross adds up 28% sequentially - improved marketing effectiveness and seasonal impact
• Positive on-net customer growth
• Focus on quality and lifetime value has led to lower gross adds versus Q3-07
– Evidenced by improved broadband mix and growing triple play penetration
– combined with probable impact of softer macroeconomic environment
6
7. Focus on quality growth
RGU net adds (‘000s) Triple play %
54.7%
53.1%
272
51.3%
49.5%
204 47.0%
187 185
137
Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
• Uplift in RGU net adds
– Improved sales and marketing performance
– Strong performance in contract mobile
• Improving quality of customer base
• Triple-play penetration still showing strong growth
– Helps to drive customer quality and low churn
– 22% fewer single RGU customers than a year ago
Note: RGUs include on-net, off-net and contract mobile.
Triple play is % of on-net customers who take all three TV,
7 phone and broadband services
8. Cable ARPU strategy
Monthly cable ARPU
£42.24
£41.55 £41.94
£41.91 £41.63
Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
• ARPU up sequentially and year-on-year
– Price rises, cross-sell and up-sell offset “backbook” pressure and telephony
usage decline
– Cross-sell and up-sell benefit from improved quality of products
• e.g. broadband speed upgrades, VOD, V+, Setanta
8
9. Broadband tier mix improving
• 78% growth in XL tier year-on-year
On-net broadband tier mix (000s)
• Improving mix driven by speed increases
– 4 to 10Mb upgrade completed end Sept
3,626
3,563
3,502
3,414 360
3,308 331
281
232
202
• Significant improvement in acquisition mix
585 612
588 689
576
– 47% now take “L” or “XL” at point of sale
compared with 19% in Q1
• Marketing quality aspects of cable v DSL
2,636
2,606 2,620 2,577
2,518
• “Mother of All Broadband”
• Cable delivers higher % of headline speed
• 69k net adds in Q3 up 26% sequentially
Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
quot;Mquot; 2Mb quot;Lquot; 10Mb quot;XLquot; 20Mb
Note: Q3-08 data cleanse resulted in 6,400 decrease in broadband subs. Q2-08 data cleanse resulted in 6,500 increase in broadband subs. Net adds figure excludes data cleanse
impact to show true organic growth
9
10. Enriched TV content and capability
TV net adds Monthly VOD views (m) V+ base (000s)
61
45
469
38 425
36
33 364
38
37
262
23
25
190
20
Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
• Continued TV growth
• VOD usage growing; a differentiator and churn reducer
– Only TV platform to carry BBC iPlayer
– 11.7m iPlayer views in September
• DVR growth potential
– V+ penetration still only 14%
– increases loyalty and reduces churn
Sky basics returning on November 13th for annual license fee of £30m plus performance-
•
based adjustment
10
11. Continued success in contract mobile
Contract net adds (000s) Prepay net adds (000s) Mobile OCF (£m)
36
13
78 32
28
59 56 (14)
48
18 17
30
(98)
(117)
(190)
Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
• Contract growth driven by cross-sell to cable customers
– 579k contract customers, up 76% on Q3-07
• Contract customers have significantly higher lifetime value than prepay
• Limited engagement in lower end of prepay market (low handset price)
• OCF down sequentially partly due to non-recurrence of retroactive benefit in Q2 of T-Mobile
wholesale rates renegotiation and higher acquisition costs
• Launched mobile broadband on October 1st
– 2,000 subscribers as at Nov 5th
Note: Q3-08 data cleanse resulted in 8,700 and 6,800 increases in contract mobile and prepay mobile, respectively, net adds. Q1-08 data cleanse resulted in 29,700 decrease in
prepay mobile net adds. Net adds figures exclude data cleanse impact to show true organic growth.
11
12. Business Services
Business revenue (£m) Year-on-year change %
160 163 161 157 Total -4%
153
117 Other -11%
120 116 110 104
Retail data +14%
49
47
45
43 43
Q3-07 Q4-07 Q1-08 Q2-08 Q3-08
Retail Data Other Business
• Focused on Retail data growth
– Retail data greater than retail voice revenue for first time
• Other business revenue decline in Q3-08
– Continued voice and wholesale decline
– Low margin Terminal 5 contract down £3m sequentially and £4m year-on-year
12
13. Content assets
VMtv revenue of £31m1
•
– Up 14% on Q3-07 mainly due to £4.3m resolution of advertising revenues from earlier
periods
– New carriage agreement with Sky will increase payments from approx £6m pa to £30m pa,
plus a performance-based adjustment
• Sit-up revenue of £51m
– Down 3% on Q3-07 due to downturn in retail consumer spending
– Loss of Freeview slot from Jan 2009. Considering alternative options
• 50% share of UKTV (not consolidated)
– Q3-08 share of net income of £3m
– £26m cash received YTD for net loan repayments, dividends, interest and consortium tax
relief
– UKTV carried on balance sheet at £365m including £136m loan
• Content OCF was negative £5m
– Down £4m sequentially due to seasonal increase in VMtv programming costs
– Down £11m on Q3-07 due to non-recurrence of certain benefits relating to legal settlements,
employee incentive scheme payments, partially offset by ad revenue resolution
1 After intersegment eliminations of £6m in Q3-08
13
15. Revenue movements
Q3-07 Q2-08 Q3-08
Key Drivers
£m £m £m
• Consumer driven by ARPU increase
Consumer 608 610 610
• Business: voice, wholesale, other
Business 160 157 153 decline
• Mobile up v Q2 due to ARPU; down on
Mobile 159 144 146
Q3-07 due to prepay decline
VMtv 27 28 31
• VMtv up on ad revenue resolution
Sit-up 53 51 51
1,006 990 991
15
16. Summary Income Statement & Capex
Q3-07 Q2-08 Q3-08
£m £m £m
Revenue 1,006 990 991
Operating costs1 454 435 437
SG&A 211 223 229
OCF2 341 333 325
OCF Margin3 33.9% 33.6% 32.8%
Operating income (loss) 47 (333) 49
Cash capex4 138 108 107
Accrued capex5 128 156 147
1Exclusive of depreciation; 2 OCF is operating income before depreciation, amortization, goodwill impairment and restructuring and other charges
and is a non-GAAP financial measure; 3 OCF divided by revenue; Operating Income margin was 4.9% in Q3-08, negative in Q2-08 and 4.7% in
Q3-07; 4 Cash capex is purchase of fixed assets and purchase of intangible assets; 5 Accrued capex is fixed asset additions (accrual basis) and is
a non-GAAP financial measure; See Appendices for reconciliations of non-GAAP financial measures to their nearest GAAP equivalents;
16
17. OCF margin
Q3-07 Q2-08 Q3-08
OCF £m £m £m
Cable 304 298 302
Mobile 32 36 28
Content 7 (1) (5)
342 333 325
OCF Margin
Cable 39.5% 38.9% 39.5%
Mobile 19.8% 24.7% 19.3%
Content 8.1% (1.1%) (5.9%)
33.9% 33.6% 32.8%
• Cable OCF margin flat year-on-year, up sequentially due to lower operating costs
• Mobile OCF down year-on-year due to lower revenue; down sequentially due to higher
advertising and acquisition costs and only three months of T-mobile benefit
• Content OCF down year-on-year due to higher Virgin1 programming costs and Q3-07
containing certain benefits
17
18. Net debt
Q3-08
£m
Senior Credit Facility • Amendment passed: Over 70% of A holders
Tranche A-A1 2,076
and over 80% of B holders agreed to “roll” into
Tranche B1-B6 1,981
new tranches
Tranche C 300
High Yield Bonds – change of A amortization contingent on
due 2014 791
20% paydown condition
due 2016 309
• 1.375% margin increase on new A tranches
Convertible Note due 2016 562
Capital Leases / Other 141 upon satisfaction of 20% paydown condition
Long Term Debt1 6,160
• 1.5% margin increase on new B tranches,
effective immediately
Current portion of long-term debt 38
Cash (521) • Amendment fees of up to £70m, some of
Net Debt2 5,677
which payable only upon satisfaction of 20%
paydown condition
Net Debt / Annualized OCF3 4.4x
Notes: 1 Net of current portion; 2 Net debt is a non-GAAP financial measure. See above for reconciliation of net debt to long-term debt (net of current portion); 3 Annualized OCF
is quarterly OCF multiplied by four
18
19. Amendment defers amortization
Amortization profile after amendment (£m)(1)
Amortization profile before amendment (£m)
TLA TLB TLC TLA TLB TLC
1,948 1,904
1,162
966
579
526
300 300
290
174
34
4
Q3-09 Q1-10 Q3-10 Q1-11 Q3-12 Q1-13 Q3-09 Q1-10 Q3-10 Q1-11 Q2-12 Q3-12 Q1-13
(1) Assumes 20% paydown of A tranches and non-consenting B lenders, and 70% A roll and 80% B roll
21. Non-GAAP measures
Virgin Media uses non-GAAP financial measures with a view to providing investors with a better understanding of the
operating results and underlying trends to measure past and future performance and liquidity.
Virgin Media evaluates operating performance based on several non-GAAP measures, including (i) operating income before
depreciation, amortization, goodwill impairment, and restructuring and other charges (OCF), (ii) net debt, and (iii) fixed asset
additions (accrual basis). Since these measures are not calculated in accordance with GAAP, they should not be considered
as a substitute for operating income (loss), long-term debt (net of current portion), and purchase of fixed assets and
purchase of intangible assets, respectively.
21
22. Non-GAAP reconciliation
Reconciliation of operating income before depreciation, amortization,
goodwill impairment and restructuring and other charges (OCF) to GAAP
operating income (loss)
(in £ millions) (unaudited) Three months ended
Sep 30, Jun 30, Sep 30,
2007 2008 2008
Operating income before depreciation,
amortization, goodwill impairment
and restructuring and other charges (OCF) 341.5 332.9 325.0
Reconciling items
Depreciation and amortization (303.7) (301.5) (280.4)
Goodwill impairment - (366.2) 4.0
Restructuring and other income (charges) 8.9 1.7 -
Operating income (loss) 46.7 (333.1) 48.6
22
23. Non-GAAP reconciliation
Reconciliation of fixed asset additions (accrual basis) to GAAP purchase
of fixed assets and purchase of intangible assets
(in £ millions) (unaudited) Three months ended
Sep 30, Jun 30, Sep 30,
2007 2008 2008
Fixed Asset Additions (Accrual Basis) 128.2 155.7 146.6
Fixed assets acquired under capital
leases (12.7) (29.6) (34.2)
Changes in liabilities related to fixed asset
additions 22.3 (17.8) (5.1)
Total Purchase of Fixed Assets
and Intangible Assets 137.8 108.3 107.3
Comprising:
Purchase of fixed assets 137.7 105.4 107.2
Purchase of intangible assets 0.1 2.9 0.1
137.8 108.3 107.3