BRITISH SKY BROADCASTING PLC
Consolidated Profit and Loss Account for the three months ended 30 June 2004
Three Three months
months Before ended 30
Before ended 30 goodwill and June
goodwill and Goodwill and June exceptional Goodwill and 2003
exceptional exceptional 2004 items exceptional Total
items items Total as restated* items as restated*
£m £m £m £m £m £m
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Group and share of joint
ventures' turnover 979 - 979 875 - 875
Less: share of joint
ventures' turnover (20) - (20) (20) - (20)
Group turnover 959 - 959 855 - 855
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Operating expenses,
net (797) (32) (829) (740) (23) (763)
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EBITDA 184 - 184 141 5 146
Depreciation (22) - (22) (26) - (26)
Amortisation - (32) (32) - (28) (28)
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Operating profit 162 (32) 130 115 (23) 92
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Share of joint ventures'
and associates'
operating results (1) 10 9 2 - 2
Amounts written back to
fixed asset
investments - - - - 3 3
Profit on ordinary
activities before
interest and taxation 161 (22) 139 117 (20) 97
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Interest receivable and
similar income 5 - 5 1 - 1
Interest payable and
similar charges (23) - (23) (25) - (25)
Profit on ordinary
activities before
taxation 143 (22) 121 93 (20) 73
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Tax (charge) credit on
profit on ordinary
activities (42) - (42) (38) 121 83
Profit on ordinary
activities after
taxation 101 (22) 79 55 101 156
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Equity dividends (63) -
Retained profit for the
period 16 156
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Earnings per share -
basic 5.2p (1.1p) 4.1p 2.9p 5.2p 8.1p
Earnings per share -
diluted 5.2p (1.1p) 4.1p 2.8p 5.2p 8.0p
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*The results for the three months ended 30 June 2003 have been restated
following the adoption of UITF 38.
Consolidated Balance Sheet at 30 June 2004
2003
2004 as restated*
£m £m
Notes (audited) (audited)
Fixed assets
Intangible fixed assets 9 417 536
Tangible fixed assets 10 376 346
Investments:
Investments in
associates 1 -
Investments : Share of
in joint gross
ventures assets 72 87
: Share of
gross
liabilities (45) (59)
: Transfer to
creditors 5 2
Total investments in
joint ventures and
associates 11 33 30
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Other fixed asset
investments 11 2 44
Total investments 35 74
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828 956
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Current assets
Stocks 12 375 370
Debtors: Amounts falling
due within one year 13
- deferred tax asset 49 31
- other 321 363
370 394
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Debtors: Amounts falling
due after more than one
year 13
- deferred tax asset 102 159
- other 42 64
144 223
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Cash and liquid
resources:
- current asset
investments 173 -
- cash at bank and in
hand 474 47
647 47
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1,536 1,034
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Creditors: Amounts
falling due within one
year 14 (1,170) (967)
Net current assets 366 67
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Total assets less current
liabilities 1,194 1,023
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Creditors: Amounts
falling due after more
than one year
- long-term borrowings 15 (1,076) (1,152)
- accruals and deferred
income 15 (28) (20)
(1,104) (1,172)
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Provisions for
liabilities and charges - (3)
90 (152)
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Capital and reserves -
equity
Called-up share capital 16 971 969
Share premium 16 1,437 2,536
Shares to be issued 16 - 3
ESOP reserve 16 (30) (35)
Merger reserve 16 222 299
Special reserve 16 14 -
Profit and loss account 16 (2,524) (3,924)
Shareholders' funds 16 90 (152)
(deficit)
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*The balance sheet as at 30 June 2003 has been restated following the adoption
of UITF 38.
The accompanying notes are an integral part of this consolidated balance sheet.
Consolidated Cash Flow Statement for the year ended 30 June 2004
2004 2003
£m £m
Notes (audited) (audited)
Net cash inflow from operating activities 17a 882 664
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Dividends received from joint ventures 4 4
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Returns on investments and servicing of
finance
Interest received and similar income 7 3
Interest paid and similar charges (89) (127)
Interest element of finance lease payments - (1)
Net cash outflow from returns on investments
and servicing of finance (82) (125)
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Taxation
UK corporation tax paid (55) (18)
Consortium relief paid (3) -
Net cash outflow from taxation (58) (18)
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Capital expenditure and financial
investment
Payments to acquire tangible fixed assets (132) (98)
Receipts from sales of fixed asset
investments 116 1
Net cash outflow from capital expenditure and
financial investment (16) (97)
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Acquisitions and disposals
Funding to joint ventures and associates (5) (15)
Repayments of funding from joint ventures and
associates 6 5
Net cash inflow (outflow) from acquisitions
and disposals 1 (10)
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Equity dividends paid (53) -
Net cash inflow before management of liquid
resources and financing 678 418
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Management of liquid resources 17c (511) 1
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Financing
Proceeds from issue of Ordinary Shares 20 5
Purchase of own shares for ESOP (22) -
Capital element of finance lease payments 17b (1) (2)
Net decrease in debt due after more than one 17b (75) (425)
year
Net cash outflow from financing (78) (422)
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Increase (decrease) in cash 17c 89 (3)
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Decrease in net debt 17c 676 423
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