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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
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