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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