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Norwegian Air Shuttle ASA | TG:NWC | Tradegate | Ordinary Share |
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RNS Number:6329O News Corporation Ld 13 August 2003 NEWS CORPORATION REPORTS FOURTH QUARTER OPERATING INCOME GROWTH OF 8% TO A$882 MILLION FULL YEAR OPERATING INCOME INCREASES 23% TO A RECORD A$4.4 BILLION FOURTH QUARTER NET PROFIT BEFORE OTHER ITEMS INCREASES 154% TO A$518 MILLION; FULL YEAR NET PROFIT BEFORE OTHER ITEMS INCREASES 56% TO A$1.9 BILLION NET PROFIT WAS A$612 MILLION FOR THE FOURTH QUARTER AND A$1.8 BILLION FOR THE FULL YEAR QUARTER HIGHLIGHTS * Television segment operating income up 42% as ratings growth drives advertising revenues at the broadcast network, television stations and STAR. * Operating income at Cable Network Programming more than doubles on strong ratings and advertising growth at Fox News Channel and Regional Sports. * Continued success of theatrical releases and robust home entertainment sales of film and television titles drives Filmed Entertainment operating income. * Print businesses report higher earnings contributions in aggregate on strength of free-standing inserts and advertising demand in Australia. * BSkyB's operating profit more than doubles on double-digit revenue growth, primarily from a 12% increase in the DTH subscriber base, now exceeding 6.8 million. FULL YEAR HIGHLIGHTS * Record profits from Filmed Entertainment, Cable Network Programming and Book Publishing segments as well as STAR and Television Station businesses. * Stronger year-end balance sheet: Cash and Cash on Deposit increased A$1.1 billion to A$7.4 billion; Debt reduced A$3.0 billion to A$12.4 billion. * Completed several strategic acquisitions including the acquisition of Italian pay-TV operator Telepiu, which the Company combined with Stream to form the sole direct to home pay-TV platform in Italy; and the acquisition of television station WPWR-TV in Chicago, giving the Company duopolies in the top three television markets in the country. * Announced agreement to acquire 34% of Hughes Electronics, including its leading DTH provider DirecTV, for approximately US$6.6 billion in cash and stock. SYDNEY, 13 August, 2003 - The News Corporation Limited (ASX: NCP, NCPDP) today reported fourth quarter consolidated revenues of A$7.1 billion, a 3% increase over the A$6.9 billion reported in the prior year, and full year revenues of A$29.9 billion, an increase of 3% over the A$29.0 billion reported a year ago. Consolidated operating income for the fourth quarter was A$882 million, up 8% over the A$817 million reported a year ago. The year-on-year quarterly growth was driven primarily by double-digit increases in the Television and Cable Network Programming segments. For the full year, operating income was a record A$4.4 billion, an increase of 23% over the A$3.5 billion reported in fiscal 2002. The Company achieved this record high on the strength of double-digit increases reported in the Television, Cable Network Programming and Filmed Entertainment segments. Fourth quarter and full year gains were partially reduced by the inclusion of A$104 million of losses from the consolidation of SKY Italia beginning 1 May, 2003 and the unfavourable impact of the strong Australian dollar. Net profit for the fourth quarter was A$612 million, a A$3.8 billion increase over the A$3.2 billion net loss reported a year ago. For the full year net profit was A$1.8 billion, an increase of A$13.8 billion over the A$12.0 billion net loss in fiscal 2002. Prior-year results include a A$13.2 billion write-down of the Company's carrying value for certain investments, with A$3.4 billion in last year's fourth quarter. Commenting on the results, Chairman and Chief Executive Rupert Murdoch said: "The dramatic growth we achieved during our fourth quarter was a fitting conclusion to a record-breaking year: record profits at our film, television, cable and book publishing segments; record ratings and market share growth at our broadcast and cable properties; and, for the first time, full-year operating profits at our Asian television platform, STAR. It was a year in which we made enormous progress, not only financially but strategically - particularly with the completion of our deal to create a unique Italian pay-TV platform, SKY Italia, and with our pending acquisition of a 34-percent interest in Hughes Electronics and its leading pay-TV platform, DirecTV. "This past year was not without its challenges, including a cover price war in the UK newspaper market that, while now ended, lasted longer than expected as well as the costs associated with covering the war in Iraq. Our strong results in the face of such obstacles are clear testimony to both the fundamental strength of our Company and the resilience of our underlying businesses. At the same time, we took prompt steps to improve businesses we felt were not delivering on their full potential. We addressed head-on the ratings weakness at the FOX network during the first half of the year, and as a result FOX finished the broadcast season with two straight sweeps victories, vastly improved revenues and significantly higher earnings. "Overall, we are extremely pleased with the performance of all our businesses during the past year, and we are determined to build on our success in fiscal 2004. Certainly the indications are promising: the exceptionally strong broadcast and cable upfronts; the growing popularity of our television and print products; and the continued health of the advertising market. All of these factors, as well as the momentum we have achieved across our key businesses, give us confidence that fiscal 2004 will be another year of operational excellence and healthy profitability." MANagement Review of Performance The Statement of Financial Performance, Statement of Financial Position, Statement of Cash Flows and Supplemental Financial Data for the three and twelve months ended 30 June are attached. The following commentary is made in respect to those statements, including an analysis of certain information contained therein. Net Profit (Loss) Attributable to Members of the Parent Entity The reported net profit (loss) attributable to members of the parent entity consisted of the following items: 3 Months Ended 12 Months Ended 30 June, 30 June, 2003 2002 2003 2002 A$ Millions (except per share amounts) Revenue $ 7,130 $ 6,939 $ 29,913 $ 29,014 Operating income 882 817 4,352 3,542 Associated entities before other items 124 (181) (159) (314) Interest expense, net (171) (233) (791) (1,000) Dividends on exchangeable securities (27) (22) (94) (93) Profit before income tax expense, outside 808 381 3,308 2,135 equity interest and other items Income tax expense (202) (114) (989) (640) Outside equity interest (88) (63) (421) (278) Net profit before other items 518 204 1,898 1,217 Other items, net of tax and outside equity interest: Group (120) (3,373) (160) (12,059) Associated entities 214 (8) 70 (1,120) Total other items 94 (3,381) (90) (13,179) Net profit (loss) attributable to members $ 612 $ (3,177) $ 1,808 $ (11,962) of the parent entity Earnings per share (diluted) on net profit $ 0.098 $ 0.035 $ 0.360 $ 0.233 before other items, net Weighted average number of shares 5,167 5,148 5,145 4,980 outstanding in millions (diluted) The following commentary discusses the major components of these results. Consolidated Operating Income 3 Months Ended 12 Months Ended 30 June, 30 June, 2003 2002 2003 2002 A$ Millions A$ Millions Filmed Entertainment $ 116 $ 132 $ 1,099 $ 904 Television 468 330 1,459 873 Cable Network Programming 145 59 736 380 Direct Broadcast Satellite Television* (104) - (104) - Magazines & Inserts 110 116 438 448 Newspapers 201 214 686 822 Book Publishing (1) 21 227 224 Other (53) (55) (189) (109) Consolidated Operating Income $ 882 $ 817 $ 4,352 $ 3,542 * New segment reflecting the results of SKY Italia from 1 May, 2003 Fourth quarter net earnings from associated entities before other items was A$124 million versus losses of A$181 million in the same period a year ago. For the full year, losses from the associated entities before other items was A$159 million compared with losses of A$314 million in fiscal 2002. The year over year improvements in both the fourth quarter and full year were primarily due to increased contributions from BSkyB and National Geographic Channel (US) as well as the favourable impact of foreign currency fluctuations at the Latin America DTH platforms. The inclusion of Stream's losses from 1 April, 2002 through 30 April, 2003 also affected the fourth quarter and full year comparisons. A detailed discussion of the components of associated entities' losses is provided later in the release. Fourth quarter net profit before other items increased to A$518 million (A$0.098 per share) versus A$204 million (A$0.035 per share) in the prior year. Full year net profit before other items grew to A$1,898 million (A$0.360 per share) compared with A$1,217 million (A$0.233 per share) a year ago. Fourth quarter and full year increases were primarily due to higher consolidated income and improved associated entities results. The Company reported income from other items in the quarter of A$94 million versus a loss of A$3.38 billion a year ago which primarily included a write-down of the Company's carrying value of its Gemstar investment. Current year fourth quarter other items primarily reflect the Company's share of gains from asset sales by Independent Newspapers Limited partially offset by the write-down of certain investments and the Company's share of transponder obligation charges from Latin American businesses. For the full year, the Company reported a loss from other items of A$90 million compared with A$13.2 billion in fiscal 2002. Prior year losses primarily included write-downs of the Company's carrying value of its Gemstar, KirchMedia and Stream investments, as well as a write-down of the Company's national sports contracts, partially offset by a gain from the sale of a 49.5% interest in Fox Family Worldwide. The following commentary is discussed primarily in U.S. dollars. REVIEW OF OPERATING RESULTS FILMED ENTERTAINMENT The Filmed Entertainment segment reported fourth quarter operating income of US$85 million versus US$75 million in the same period a year ago. The 13% increase reflects the record-breaking worldwide theatrical release of X2: X-Men United and the continued worldwide home entertainment and pay-TV success of Ice Age and catalog titles. Additionally, several domestic home entertainment releases, including Drumline and Transporter, contributed to the quarter's growth. These contributions were partially offset by the marketing costs for several successful spring and summer theatrical releases, including Phone Booth, 28 Days Later, and League of Extraordinary Gentlemen. The fourth quarter a year ago included the worldwide theatrical performance of Ice Age and the domestic home entertainment release of Behind Enemy Lines. For the year, Filmed Entertainment reported record operating profit of US$641 million, which was US$168 million higher than a year ago. The 36% increase was primarily driven by the worldwide home entertainment performances of Ice Age, Shallow Hal and Behind Enemy Lines combined with a string of successful theatrical releases during the year, including X2: X-Men United, Daredevil, One Hour Photo, Brown Sugar, Drumline, Just Married and Phone Booth. Twentieth Century Fox Television (TCFTV) also contributed to the Filmed Entertainment fourth quarter and full year earnings increases, primarily reflecting higher syndication profits from King of the Hill, The Simpsons and X-Files as well as continued momentum in home entertainment sales, most notably from The Simpsons, Buffy the Vampire Slayer, 24 and Dark Angel. For the upcoming broadcast season TCFTV will once again be a leading supplier of prime-time series with 24 shows scheduled across five broadcast networks, including twelve new series. TELEVISION The Television segment reported fourth quarter operating income of US$291 million, an increase of US$112 million versus the same period a year ago, and full year operating income of US$851 million, a US$393 million improvement over fiscal 2002. These gains primarily reflect the sustained improvement at the FOX Broadcasting Company in addition to higher contributions from the Fox Television Stations and STAR. At the FOX Broadcasting Company (FBC), fourth quarter operating income improved by US$91 million compared to a year ago, largely the result of 25% ratings growth in primetime compared with the same period a year ago. The substantial ratings improvement was fueled by the success of American Idol as well as 24, The Simpsons, That 70's Show and Bernie Mac and resulted in FBC's second consecutive sweeps victory among Adults 18-49. On a full year basis, operating income improved by US$187 million over fiscal 2002 as the network posted a 16% increase in primetime ratings combined with higher pricing. Fox Television Stations (FTS) fourth quarter operating income grew 9% over the fourth quarter a year ago reflecting ratings strength at the FOX network-affiliated stations in conjunction with stable operating cost trends. Ratings growth was across most dayparts, including continued momentum in primetime from the ratings improvement at the FOX network. For the full year, strong advertising market growth in conjunction with a 1.4 percentage point increase in market share drove FTS revenue up 13% and operating income up 24% versus fiscal 2002. Current year earnings growth was also fueled by margin expansion primarily from cost reductions achieved through FTS' integration of its duopoly stations. STAR, bolstered by continued revenue growth and ongoing efficiency gains, improved its fourth quarter operating income and, for the first time in the Company's ownership of this business, achieved profitability for the full year. This was achieved despite absorbing start-up losses from the Xing Kong Wei Shi channel in mainland China and from regional advertising declines due to the SARS outbreak. STAR's revenue increase was the result of both subscription and advertising revenue growth. CABLE NETWORK PROGRAMMING Cable Network Programming, comprising the Fox News Channel, Fox Cable Networks (including the Regional Sports Networks (RSNs), the FX Channel (FX) and SPEED Channel), the Los Angeles Dodgers and other cable-related businesses, reported fourth quarter operating income of US$96 million, an improvement of US$62 million over last year's results, and record full year operating income of US$430 million, more than double fiscal 2002. This success reflects strong revenue growth across all of the Company's primary cable television channels, slightly offset by the impact of war coverage at Fox News and higher programming and marketing costs at FX. Year-ago results included a US$30 million charge related to the bankruptcy of Adelphia Communications. The Fox News Channel (FNC) reported operating income growth of 93% in the fourth quarter and 147% for the full year as strong revenue growth, primarily from increased ad sales, more than offset pre-emptions and higher costs associated with continuing war coverage. Viewership in the fourth quarter increased 92% in primetime and 108% on a 24-hour basis, while for the year primetime was up 47% and total day increased 53% compared to a year ago. Over the past year FNC achieved the highest ratings growth among all cable news channels, increasing its lead over the competition by a greater than two to one margin and solidifying its #1 position in cable news. Fox Cable Networks' operating profit increased 126% for the quarter and 71% for the full year, primarily driven by higher revenues at both the RSNs and FX. The revenue growth at the RSNs was largely due to an increase in DTH subscribers and affiliate rates and higher advertising sales versus a year ago. The growth at FX was the result of increases in both advertising and affiliate revenues fueled by higher advertising pricing and increased subscribers over the past year. During the quarter FX's revenue growth was offset by higher marketing costs for original programming, including several new series, most notably Nip/Tuck, which premiered to the highest ratings for any new basic cable series this season, and the FX original movie 44 Minutes, which premiered to the highest ratings in the network's history. DIRECT BROADCAST SATELLITE TELEVISION On 30 April, 2003 the Company, along with Telecom Italia, completed the previously announced acquisition of the Italian pay-TV business Telepiu from Vivendi Universal and combined it with Stream. News Corporation now owns 80.1% of the combined entity, SKY Italia, whose results comprise this new segment. For the two-month period ending 30 June, 2003 SKY Italia reported an operating loss of US$68 million on revenues of US$220 million, reflecting initial losses from the integration of the two platforms. The integration process is focusing on the subscriber management systems, broadcast operations and programming content to support the new unified platform launched on 31 July, 2003. MAGAZINES AND INSERTS The Magazines and Inserts segment reported fourth quarter operating income of US$70 million, a 9% increase versus a year ago, and full year operating income of US$256 million, a 9% increase over fiscal 2002. The improvement was primarily driven by higher contributions from the Free Standing Inserts division, principally from higher volume as a result of increased market share, partially offset by lower contributions from the InStore division. NEWSPAPERS The Newspaper segment reported fourth quarter operating income of US$126 million, an 8% increase versus the same period a year ago, driven primarily by display advertising growth in Australia. For the full year, operating income of US$400 million was US$30 million below prior year as advertising growth, particularly in Australia, was more than offset by the impact of the discounted pricing initiative in place for the majority of the year at The Sun in the U.K. The pricing war, during which The Sun expanded its circulation by 3% and its competitive lead by 7% compared to a year ago, was concluded during the fourth quarter. The U.K. newspaper group reported a 10% operating income decline in local currency terms for the fourth quarter versus a year ago. Circulation revenue grew across all titles, including The Sun, as the pricing war abated late in the quarter. On a full year basis, operating income in local currency terms declined 28%, as advertising revenue gains at The Sun and The News of the World from higher classified and display volumes were more than offset by circulation revenue declines, primarily from The Sun's discounted pricing to match its competition. The Australian newspaper group reported a 4% increase in fourth quarter operating income in local currency terms, driven by a 6% increase in advertising revenue over a year ago. Advertising growth was primarily fueled by strength in display advertising with continued growth in the retail and real estate categories. The revenue growth was partially offset during the quarter by circulation-driven marketing initiatives and the launch of new editorial sections in several mastheads. For the full year, the growth in display advertising led to advertising growth of 6%, which combined with a 2% increase in circulation revenue, resulted in a 10% increase in full year operating income in local currency terms. In the United States, The New York Post continued to grow its circulation at a pace unmatched by any other major American newspaper. Now the eighth-largest daily newspaper in the country, the Post is fast closing the gap with its New York competitor. BOOK PUBLISHING HarperCollins reported operating income of US$4 million during the quarter versus US$13 million in the same period a year ago. The prior year included strong sales of higher margin backlist titles as well as several highly successful books connected to major film releases, while the current year reflected higher provisions on certain frontlist titles and costs associated with the bankruptcy of a major wholesaler in the United States. During the quarter, HarperCollins had 47 books on The New York Times bestseller lists including 5 books that reached the number one spot. For the full year, the segment reported record operating profits of US$133 million versus US$118 million in fiscal 2002. These results were driven by solid performances across all divisions worldwide highlighted by blockbuster sales of Michael Crichton's Prey, the ongoing popularity of Lemony Snicket's A Series of Unfortunate Events and the breakout success of Zondervan's The Purpose Driven Life by Rick Warren. During the fiscal year, HarperCollins had 111 books on The New York Times bestseller lists including 13 books that reached the number one spot. OTHER MATTERS On 9 April, the Company and Fox Entertainment Group, Inc. (FEG), an 80.6%-owned News Corporation subsidiary, announced a definitive agreement to acquire 34% of Hughes Electronics for approximately US$6.6 billion in cash and stock. The closing of this transaction is subject to a number of conditions, including approval by General Motors shareholders, a favourable ruling from the Internal Revenue Service and regulatory clearance. At closing, News Corporation's ownership interest will be transferred to FEG, in exchange for US$4.5 billion in promissory notes and approximately 74.2 million shares in FEG, increasing News Corporation's ownership interest in FEG to approximately 82%. A final unfranked dividend of A$0.015 per Ordinary Share and an unfranked dividend of A$0.0375 per Preferred Limited Voting Ordinary Share has been declared and is payable on 15 October, 2003. The Company's Dividend Reinvestment Plan ("Plan") remains in operation and a discount of 10% will apply in determining the allotment price calculated in accordance with the Plan rules. The record date for determining dividend entitlements and Plan participation is 12 September, 2003. The ex-dividend date will be 8 September, 2003. ANNUAL GENERAL MEETING The annual general meeting will be held in Adelaide, Australia on 15 October, 2003 at the Hyatt Regency, Adelaide. Notices of meeting and annual reports will be mailed to shareholders on or around 12 September, 2003. REVIEW OF ASSOCIATED ENTITIES RESULTS Fourth quarter net earnings from associated entities before other items was A$124 million versus losses of A$181 million in the same period a year ago. For the full year, losses from the associated entities before other items was A$159 million compared with losses of A$314 million in fiscal 2002. The year over year improvements in both the fourth quarter and full year were primarily due to increased contributions from BSkyB and National Geographic Channel (US) as well as the favourable impact of foreign currency fluctuations at the Latin America DTH platforms. The inclusion of Stream's losses from 1 April, 2002 through 30 April, 2003 also affected the fourth quarter and full year comparisons. The Company's share of associated entities' earnings (losses) is as follows: 3 Months Ended 12 Months Ended 30 June, 30 June, % Owned 2003 2002* 2003 2002* US $ Millions US $ Millions Platforms: BSkyB 35.4% (a) $ 31 $ - $ 77 $ (27) FOXTEL - Australia 25.0% (3) (2) (9) (8) Sky Latin America: Sky Brasil 49.3% (b) 23 (42) (33) (63) Innova - Mexico 30.0% 5 (28) (22) (48) Other Various (5) (10) (24) (41) Stream 50.0% (c) (22) (35) (172) (35) Channels: Fox Sports Cable Networks Various 17 18 25 17 STAR Associates: ESPN STAR Sports 50.0% - (1) 2 (5) Other STAR Various (d) (5) (3) (12) (8) Other Associates Various (e) 27 6 75 53 Total associated entities' 68 $ (97) $ (93) $ (165) earnings (losses) before other items $ Other items 122 (13) 41 (586) Total associated entities' $ 190 $ (110) $ (52) $ (751) earnings (losses) Total associated entities' A$ 124 A$ (181) A$ (159) A$ (314) earnings (losses) before other items in A$ Further details on the associated entities follow. (a) The Company's investment basis in BSkyB was negative from 31 December, 2001 through 11 November, 2002. Accordingly, the Company's share of BSkyB's results was not recognised during this period. For the twelve months ended 30 June, 2002, the Company's share of BSkyB was 36.2%. (b) For the 12 months ended 30 June, 2002, the Company's share of Sky Brasil (formerly NetSat) was 36%. (c) The Company's share of Stream's losses was included as part of associated entities from 1 April, 2002 through 30 April, 2003, when it was merged with Telepiu to form the consolidated entity SKY Italia. The results of SKY Italia comprise the Direct Broadcast Satellite Television segment. (d) Primarily comprising Phoenix Satellite Television, Taiwan Cable Systems, Hathway Cable and Digiwave. (e) Primarily comprising Gemstar-TV Guide International, Independent Newspapers Limited, Queensland Press, The National Geographic Channels, Fox Family Worldwide (until it was sold in October 2001), and Fox Sports International (until the remaining interest was purchased and consolidated in December 2001). *Certain prior year amounts have been reclassified to conform to the current fiscal year presentation. 3 Months Ended 12 Months Ended BSkyB (in STG) - United Kingdom 30 June, 30 June, 2003 2002 2003 2002 Millions (except Millions (except subscribers) subscribers) Revenues # 856 # 748 # 3,186 # 2,776 Operating profit before exceptional items 88 33 249 73 Net income (loss) before exceptional items # 28 # (14) # 79 # (268) AGAAP adjustment (in US$) (1) 16 16 64 129 News' 35/36% share (in US$) $ 31 $ 9 $ 108 $ (11) Investment basis adjustment* - (9) (31) (16) News' reportable share (in US$) $ 31 $ - $ 77 $ (27) Net Debt (including capitalised leases) # 1,105 # 1,528 Ending Subscribers 10,716,000 10,192,000 DTH Subscribers 6,845,000 6,101,000 BSkyB's quarterly revenues increased 14% largely due to DTH subscriber growth, an increase in average revenue per subscriber and improved interactive and advertising revenues. Operating profit before exceptional items more than doubled due to increased revenues, partially offset by higher programming expenses from increased sports rights costs, mainly soccer and cricket, as well as higher costs due to growth in new product installations. *The Company's investment basis in BSkyB was negative from 31 December, 2001 through 11 November, 2002. Accordingly, the Company's share of BSkyB's results was not recognised during this period. 3 Months Ended 12 Months Ended FOXTEL (in A$) - Australia 30 June, 30 June, 2003 2002 2003 2002 Millions (except Millions (except subscribers) subscribers) Revenues A$ 181 A$ 140 A$ 649 A$ 527 Operating loss (26) (22) (92) (88) Net loss A$ (18) A$ (16) A$ (61) A$ (62) News' reportable 25% share (in US$) $ (3) $ (2) $ (9) $ (8) Ending Subscribers (including Optus) 1,058,000 798,000 FOXTEL's revenues for the quarter increased 29% principally due to the inclusion of Optus wholesale subscribers as of December 1, 2002, an increase of 14% in satellite subscribers compared to a year ago and higher average revenue per subscriber. Operating loss for the quarter increased A$4 million against the prior year as the increased subscriber revenues were more than offset by the inclusion of Optus license fee costs and increased and depreciation expense. Sky Brasil (in US$) 3 Months Ended 12 Months Ended 30 June, 30 June, 2003 2002 2003 2002 Millions (except Millions (except subscribers) subscribers) Revenues (in local currency) R$ 155 R$ 118 R$ 563 R$ 482 Revenues $ 52 $ 47 $ 171 $ 193 Operating income (loss) 2 (11) (11) (27) Net income (loss) $ 48 $ (116) $ (86) $ (175) News' reportable 49.3%/36% share $ 23 $ (42) $ (33) $ (63) (in US$) Net Debt (excluding capitalised leases) $ 211 $ 216 Ending Subscribers 759,000 706,000 Sky Brasil's revenues in the quarter grew 31% in local currency terms compared to the prior year quarter, principally due to a higher subscriber base and increased average revenue per subscriber. Operating income growth for the quarter also reflects the impact of lower set-top box subsidy and marketing costs, partly offset by increased programming costs, mainly relating to the Brazilian Soccer Championships. The increase in net income principally reflects the favourable impact of foreign currency fluctuations due to the strengthening of the Brazilian Real on U.S. dollar denominated liabilities during the quarter. Innova (in US$) - Mexico 3 Months Ended 12 Months Ended 30 June, 30 June, 2003 2002 2003 2002 Millions (except Millions (except subscribers) subscribers) Revenues (in local currency) Ps 926 Ps 835 Ps 3,423 Ps 3,192 Revenues $ 88 $ 88 $ 331 $ 344 Operating income (loss) 12 1 33 (27) Net income (loss) $ 17 $ (93) $ (73) $ (161) News' reportable 30% share (in US$) $ 5 $ (28) $ (22) $ (48) Net Debt (excluding capitalised leases) $ 334 $ 347 Ending Subscribers 809,000 723,000 Innova's revenues, which grew 11% in local currency terms in the quarter due to an increase in the subscriber base and higher revenue from pay-per-view events. Operating income growth reflects lower depreciation and SG&A expenses. The increase in net income principally reflects the favourable impact of foreign currency fluctuations due to the strengthening of the Mexican Peso on U.S. dollar denominated liabilities during the quarter. Fox Sports Cable 3 Months Ended 12 Months Ended Networks* (in US$) 30 June, 30 June, 2003 2002 2003 2002 Millions (except Millions (except subscribers) subscribers) Net income (loss) $ 17 $ 19 $ 25 $ (16) AGAAP Adjustments (1) - (1) - 33 News' reportable share $ 17 $ 18 $ 25 $ 17 Ending Subscribers 45,258,000 43,889,000 The decrease in net income for the quarter primarily reflects the decline in the results at Madison Square Garden, partly offset by the effect of cost savings at the Metro Channels and improved results at National Sports Partners. *Various associated interests ranging from 20 percent to 50 percent, primarily comprising Regional Programming Partners (including Madison Square Garden), Sunshine Network (until January 2002), Fox Sports Bay Area, Fox Sports Chicago, National Sports Partners and National Advertising Partners. ESPN STAR Sports (in US$) - Asia 3 Months Ended 12 Months Ended 30 June, 30 June, 2003 2002 2003 2002 Millions Millions Revenues $ 39 $ 43 $ 149 $ 135 Operating income (loss) 3 (2) 10 (7) Net income (loss) $ 1 $ (3) $ 4 $ (10) News' reportable 50% share $ - $ (1) $ 2 $ (5) Operating income improved US$5 million principally due to lower programming and production costs for the West Indies cricket events compared to the prior year, partially offset by lower advertising revenues. FOREIGN EXCHANGE RATES Average foreign exchange rates used in the year-to-date profit results are as follows: 12 Months Ended 30 June, 2003 2002 Australian Dollar/U.S Dollar 0.58 0.52 U.K. Pounds Sterling/U.S. Dollar 1.59 1.44 Euro/U.S. Dollar 1.16 0.89 1 Principally reflects adjustments for reporting under Australian Generally Accepted Accounting Principles ("AGAAP") relating to identifiable intangible amortisation. To receive a copy of this press release through the Internet, access News Corp's corporate Web site located at http://www.newscorp.com Audio from News Corp's conference call with analysts on the fourth quarter and full year results can be heard live on the Internet at 10:30 p.m. Eastern Standard (Australia) Time today. To listen to the call, visit http:// www.newscorp.com Cautionary Statement Concerning Forward-Looking Statements This document contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to changes in global economic, business, competitive market and regulatory factors. More detailed information about these and other factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The "forward-looking statements" included in this document are made only as of the date of this document and we do not have any obligation to publicly update any " forward-looking statements" to reflect subsequent events or circumstances, except as required by law. CONTACTS: Reed Nolte, Investor Relations Andrew Butcher, Press Inquiries 212-852-7092 212-852-7070 STATEMENT OF FINANCIAL PERFORMANCE 3 Months Ended 12 Months Ended Note 30 June, 30 June, 2003 2002 2003 2002 A$ Millions (except per share amounts) Sales revenue 1 $ 7,130 $ 6,939 $ 29,913 $ 29,014 Operating expenses 6,248 6,122 25,561 25,472 Operating income 1 882 817 4,352 3,542 Net profit (loss) from associated 338 (189) (89) (1,434) entities Borrowing costs (231) (333) (1,000) (1,291) Interest income 60 100 209 291 Net borrowing costs (171) (233) (791) (1,000) Dividend on exchangeable securities (27) (22) (94) (93) Other items before income tax, net (277) (3,470) (378) (11,974) Profit (loss) from ordinary activities 745 (3,097) 3,000 (10,959) before income tax Income tax expense on: Ordinary activities before other (202) (114) (989) (640) items Other items 155 86 215 (15) Net income tax expense (47) (28) (774) (655) Net profit (loss) from ordinary 698 (3,125) 2,226 (11,614) activities after tax Net profit attributable to outside (86) (52) (418) (348) equity interests Net Profit (Loss) Attributable to $ 612 $ (3,177) $ 1,808 $ (11,962) Members of the Parent Entity Net exchange losses recognized directly (2,331) (1,507) (4,064) (3,021) in equity Other items recognised directly in - - 152 (267) equity Total change in equity other than those $ (1,719) $ (4,684) $ (2,104) $ (15,250) resulting from transactions with owners as owners Diluted earnings per share on net profit (loss) attributable to members of the parent entity Ordinary shares $ 0.104 $ (0.572) $ 0.305 $ (2.170) Preferred limited voting ordinary $ 0.124 $ (0.687) $ 0.366 $ (2.604) shares Ordinary and preferred limited voting $ 0.116 $ (0.641) $ 0.342 $ (2.431) ordinary shares STATEMENT OF FINANCIAL POSITION 30 June, 30 June, 2003 2002 ASSETS A$ Millions Current Assets Cash $ 6,746 $ 6,337 Receivables 5,701 5,809 Inventories 1,931 1,935 Other 483 566 Total Current Assets 14,861 14,647 Non-Current Assets Cash on deposit 698 - Receivables 1,219 796 Investments in associated entities 5,526 6,875 Other investments 1,195 1,712 Inventories 4,103 4,232 Property, plant and equipment 6,299 6,671 Publishing rights, titles and television licenses 32,724 35,348 Goodwill 377 455 Other 745 705 Total Non-Current Assets 52,886 56,794 Total Assets $ 67,747 $ 71,441 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Interest bearing liabilities $ 33 $ 1,856 Payables 8,298 8,073 Tax liabilities 714 848 Provisions 258 228 Total Current Liabilities 9,303 11,005 Non-Current Liabilities Interest bearing liabilities 12,396 13,585 Payables 3,545 4,054 Tax liabilities 666 434 Provisions 1,032 1,205 Total Non-Current Liabilities Excluding Exchangeable Securities 17,639 19,278 Exchangeable securities 2,084 1,690 Total Liabilities 29,026 31,973 Shareholders' Equity Contributed equity 28,427 28,239 Reserves 2,760 6,351 Retained profits 1,137 1 Shareholders' equity attributable to members of the parent entity 32,324 34,591 Outside equity interests in controlled entities 6,397 4,877 Total Shareholders' Equity 38,721 39,468 Total Liabilities and Shareholders' Equity $ 67,747 $ 71,441 STATEMENT OF CASH FLOWS 12 Months Ended 30 June, 2003 2002 Operating activity A$ Millions Net profit (loss) attributable to members of the parent entity $ 1,808 $ (11,962) Adjustment for non-cash and non-operating activities: Equity earnings, net 194 388 Outside equity interest 421 278 Depreciation and amortisation 776 749 Other items, net 90 13,179 Change in assets and liabilities: Receivables (559) (51) Inventories (206) 515 Payables (657) (396) Tax liabilities and provisions 616 378 Cash provided by operating activity 2,483 3,078 Investing and other activity Property, plant and equipment (551) (505) Acquisitions, net of cash acquired (644) (1,770) Investments in associated entities (794) (942) Other investments (145) (667) Repayment of loan by associate 170 - Proceeds from sale of non-current assets 167 4,284 Cash (used in) provided by investing activity (1,797) 400 Financing activity Issuance of debt and exchangeable securities 3,172 - Repayment of debt and exchangeable securities (3,673) (2,181) Cash on deposit (698) - Issuance of shares 1,927 133 Dividends paid (272) (278) Leasing and other finance costs - (7) Cash provided by (used in) financing activity 456 (2,333) Net increase in cash 1,142 1,145 Opening cash balance 6,337 5,615 Exchange movement on opening balance (733) (423) Closing cash balance $ 6,746 $ 6,337 Note 1 - SEGMENT DATA 3 Months Ended 12 Months Ended 30 June, 30 June, BY GEOGRAPHIC AREAS 2003 2002 2003 2002 A$ Millions A$ Millions Revenues United States $ 5,128 $ 5,269 $ 22,689 $ 22,194 Europe 1,374 1,061 4,713 4,418 Australasia 628 609 2,511 2,402 $ 7,130 $ 6,939 $ 29,913 $ 29,014 Operating Income United States $ 725 $ 538 $ 3,538 $ 2,503 Europe 66 192 492 800 Australasia 91 87 322 239 $ 882 $ 817 $ 4,352 $ 3,542 BY INDUSTRY SEGMENT Revenues Filmed Entertainment $ 1,707 $ 1,668 $ 7,689 $ 7,714 Television 1,807 1,939 8,162 8,160 Cable Network Programming 1,059 1,034 3,891 3,569 Direct Broadcast Satellite Television* 340 - 340 - Magazines and Inserts 393 418 1,583 1,650 Newspapers 1,157 1,133 4,659 4,604 Book Publishing 365 420 1,992 2,059 Other 302 327 1,597 1,258 $ 7,130 $ 6,939 $ 29,913 $ 29,014 Operating Income Filmed Entertainment $ 116 $ 132 $ 1,099 $ 904 Television 468 330 1,459 873 Cable Network Programming 145 59 736 380 Direct Broadcast Satellite Television* (104) - (104) - Magazines and Inserts 110 116 438 448 Newspapers 201 214 686 822 Book Publishing (1) 21 227 224 Other (53) (55) (189) (109) $ 882 $ 817 $ 4,352 $ 3,542 * New segment reflecting the results of SKY Italia from 1 May, 2003. Note 2 - SUPPLEMENTAL FINANCIAL DATA The Company considers net profit before other items to be an important indicator of the Company's operating performance on a consolidated basis. Net profit before other items, defined as net profit (loss) attributable to members of the parent entity before other items related to the Company and associated entities, net of applicable income tax expenses and outside equity interests, eliminates the effect of transactions that are considered significant by reason of their size, nature or effect on the Company's financial performance for the year. Net profit before other items, which is the information reported to and used by the Company's chief decision maker for the purpose of making decisions about the allocation of resources to segments and assessing their performance, should be considered in addition to, not as a substitute for the Company's operating income, net profit (loss) attributable to members of the parent entity, cash flows and other measures of financial performance prepared in accordance with generally accepted accounting principles in Australia. Net profit before other items does not reflect cash available to fund requirements, and the items excluded from net profit before other items, such as other revenues and expenses, are significant components in assessing the Company's financial performance. The following table reconciles certain components of net profit (loss) attributable to members of the parent entity as presented on page 3 of this release to the presentation required under Australian GAAP as required by Australian Accounting Standard AASB 1018 "Statement of Financial Performance" on page 14 of this release. 3 Months Ended 12 Months Ended 30 June, 30 June, 2003 2002 2003 2002 A$ Millions A$ Millions Total other items (page 3) $ 94 $ (3,381) $ (90) $ (13,179) Reclassification of other items - (214) 8 (70) 1,120 associated entities Reclassification of income tax and (157) (97) (218) 85 net profit attributable to outside equity interest Other items before income tax, net $ (277) $ (3,470) $ (378) $ (11,974) (page 14) Associated entities before other $ 124 $ (181) $ (159) $ (314) items (page 3) Reclassification of other items - 214 (8) 70 (1,120) associated entities Net loss from associated entities $ 338 $ (189) $ (89) $ (1,434) (page 14) Income tax expense (page 3) $ (202) $ (114) $ (989) $ (640) Reclassification of income tax 155 86 215 (15) expense on other items Net income tax expense (page 14) $ (47) $ (28) $ (774) $ (655) SUPPLEMENTAL FINANCIAL DATA (continued) 3 Months Ended 12 Months Ended 30 June, 30 June, 2003 2002 2003 2002 A$ Millions A$ Millions Outside equity interest (page 3) $ (88) $ (63) $ (421) $ (278) Reclassification of outside equity 2 11 3 (70) interest on other items, net Net profit attributable to outside $ (86) $ (52) $ (418) $ (348) equity interest (page 14) Net profit before other items (page 3) $ 518 $ 204 $ 1,898 $ 1,217 Other items before income tax, net (277) (3,470) (378) (11,974) Reclassification of income tax and 157 97 218 (85) net profit attributable to outside equity interest Reclassification of other items - 214 (8) 70 (1,120) associated entities Net profit (loss) attributable to $ 612 $ (3,177) $ 1,808 $ (11,962) members of the parent entity (page 14) Earnings per share on net profit $ 0.098 $ 0.035 $ 0.360 $ 0.233 before other items, net (page 3) Earnings per share on other items (0.053) (0.693) (0.074) (2.422) before income tax, net Earnings per share on reclassification 0.030 0.019 0.042 (0.017) of income tax and net profit attributable to outside equity interest Earnings per share on reclassification 0.041 (0.002) 0.014 (0.225) of other items - associated entities Diluted earnings per share on net $ 0.116 $ (0.641) $ 0.342 $ (2.431) profit (loss) attributable to members of the parent entity (page 14) This information is provided by RNS The company news service from the London Stock Exchange END FR NKNKKNBKDKFD
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