FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of May (May 6, 2004)
THE NEWS CORPORATION LIMITED
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(Name of Registrant)
2 Holt Street, Sydney, New South Wales, 2010, Australia
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F:
Form 20-F X Form 40-F
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):
Yes No X
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
Yes No X
--- ---
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes No X
--- ---
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): Not Applicable
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This Report is incorporated by reference in the prospectus contained in
Registration Statement Nos. 33-43799, 33-71446, 33-86358, 33-89584, 333-4962,
333-6324, 333-6896, 333-7466, 333-10338, 333-10624, 333-12878, 333-8246,
333-13556, 333-106837, 333-112405, 333-112428 and 333-51434 filed by the
Registrant under the Securities Act of 1933.
Annexed hereto are excerpts from the announcements by The News Corporation
Limited ("News Corporation") of its financial results for the quarter ended
March 31, 2004 in Australian and U.S. dollars.
Such announcements were filed with the Australian Stock Exchange and released in
New York on May 6, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
THE NEWS CORPORATION LIMITED
Date: May 6, 2004 By: /s/ Arthur M. Siskind
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Arthur M. Siskind
Director
EXHIBIT INDEX
Exhibit Page No. in Sequential
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Numbering System
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A. Excerpt from the announcement made by
News Corporation of its financial results in
Australian dollars for the quarter ended
March 31, 2004. 6
B. Excerpt from the announcement made by
News Corporation of its financial results in
U.S. dollars for the quarter ended
March 31, 2004. 12
EXHIBIT A
EARNINGS RELEASE FOR THE QUARTER ENDED 31 MARCH, 2004
IN AUSTRALIAN DOLLARS
STATEMENT OF FINANCIAL PERFORMANCE 1 3 Months Ended 9 Months Ended
Note 31 March, 31 March,
2004 2003 2004 2003
-------------- -------------- -------------- --------------
A$ Millions (except per share amounts)
Sales revenue 1 $ 6,751 $ 7,432 $ 21,731 $ 22,783
Operating expenses (5,654) (6,271) (18,470) (19,313)
-------------- -------------- -------------- --------------
Operating income 1 1,097 1,161 3,261 3,470
Net profit (loss) from associated entities 76 (63) 206 (427)
Borrowing costs (197) (243) (625) (769)
Interest income 44 55 145 149
-------------- -------------- -------------- --------------
Net borrowing costs (153) (188) (480) (620)
Exchangeable securities expense (25) (21) (80) (67)
Other items before income tax, net (7) (54) (13) (101)
-------------- -------------- -------------- --------------
Profit from ordinary activities before income tax 988 835 2,894 2,255
-------------- -------------- -------------- --------------
Income tax expense on:
Ordinary activities before other items (319) (287) (928) (787)
Other items - 38 2 60
-------------- -------------- -------------- --------------
Net income tax expense (319) (249) (926) (727)
-------------- -------------- -------------- --------------
Net profit from ordinary activities after tax 669 586 1,968 1,528
Net profit attributable to outside equity interests (57) (115) (211) (332)
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Net Profit Attributable to Members of the Parent Entity $ 612 $ 471 $ 1,757 $ 1,196
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Net exchange gains (losses) recognised directly in equity 187 (2,104) (2,405) (1,733)
Other items recognised directly in equity - - - 152
-------------- -------------- -------------- --------------
Total change in equity other than those resulting from
transactions with owners as owners $ 799 $ (1,633) $ (648) $ (385)
============== ============== ============== ==============
Diluted earnings per share on net profit attributable to
members of the parent entity
Ordinary shares $ 0.092 $ 0.079 $ 0.282 $ 0.201
Preferred limited voting ordinary shares $ 0.110 $ 0.095 $ 0.338 $ 0.241
Ordinary and preferred limited voting ordinary shares $ 0.104 $ 0.089 $ 0.318 $ 0.226
STATEMENT OF FINANCIAL POSITION 31 March, 30 June,
2004 2003
------------------- -------------------
ASSETS A$ Millions
Current Assets
Cash $ 5,244 $ 6,746
Cash on deposit 389 -
Receivables 5,241 5,701
Inventories 2,266 1,931
Other 569 483
------------------- -------------------
Total Current Assets 13,709 14,861
------------------- -------------------
Non-Current Assets
Cash on deposit - 698
Receivables 1,123 1,219
Investments in associated entities 14,427 5,526
Other investments 868 1,195
Inventories 3,665 4,103
Property, plant and equipment 5,413 6,299
Publishing rights, titles and television licenses 29,846 32,724
Goodwill 318 377
Other 935 745
------------------- -------------------
Total Non-Current Assets 56,595 52,886
------------------- -------------------
Total Assets $ 70,304 $ 67,747
=================== ===================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Interest bearing liabilities $ 582 $ 33
Payables 7,671 8,298
Tax liabilities 611 714
Provisions 442 258
------------------- -------------------
Total Current Liabilities 9,306 9,303
------------------- -------------------
Non-Current Liabilities
Interest bearing liabilities 11,490 12,396
Payables 3,114 3,545
Tax liabilities 973 666
Provisions 1,045 1,032
------------------- -------------------
Total Non-Current Liabilities Excluding Exchangeable Securities 16,622 17,639
------------------- -------------------
Exchangeable securities 1,926 2,084
------------------- -------------------
Total Liabilities 27,854 29,026
Shareholders' Equity
Contributed equity 34,327 28,427
Reserves 753 2,760
Retained profits 2,176 1,137
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Shareholders' equity attributable to members of the parent entity 37,256 32,324
Outside equity interests in controlled entities 5,194 6,397
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Total Shareholders' Equity 42,450 38,721
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Total Liabilities and Shareholders' Equity $ 70,304 $ 67,747
=================== ===================
STATEMENT OF CASH FLOWS 9 Months Ended 31 March,
2004 2003
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Operating Activity A$ Millions
Net profit attributable to members of the parent entity $ 1,757 $ 1,196
Adjustment for non-cash and non-operating activities:
Equity earnings, net (184) 317
Outside equity interest 233 333
Depreciation and amortisation 646 553
Other items, net 12 184
Change in assets and liabilities:
Receivables (510) (726)
Inventories (567) (168)
Payables 754 218
Other liabilities 519 518
------------------- -------------------
Cash provided by operating activity 2,660 2,425
Investing and other activity
Property, plant and equipment (289) (421)
Acquisitions, net of cash acquired (205) (720)
Investments in associated entities (4,355) (756)
Other investments (87) (108)
Repayment of loans by associate - 170
Proceeds from sale of non-current assets 744 166
------------------- -------------------
Cash used in investing activity (4,192) (1,669)
Financing activity
Issuance of debt 596 3,456
Repayment of debt and exchangeable securities (835) (4,154)
Decrease in cash on deposit 221 -
Issuance of shares 781 2,045
Dividends paid (144) (152)
Leasing and other finance costs - (3)
------------------- -------------------
Cash provided by financing activity 619 1,192
------------------- -------------------
Net (decrease) increase in cash (913) 1,948
Opening cash balance 6,746 6,337
Exchange movement on opening balance (589) (189)
------------------- -------------------
Closing cash balance $ 5,244 $ 8,096
=================== ===================
Note 1 - SEGMENT DATA 3 Months Ended 9 Months Ended
31 March, 31 March,
BY GEOGRAPHIC AREAS 2004 2003 2004 2003
-------------- -------------- -------------- --------------
A$ Millions A$ Millions
Revenues
United States $ 4,432 $ 5,706 $ 15,039 $ 17,561
Europe 1,703 1,115 4,751 3,339
Australasia 616 611 1,941 1,883
-------------- -------------- -------------- --------------
$ 6,751 $ 7,432 $ 21,731 $ 22,783
============== ============== ============== ==============
Operating Income
United States $ 869 $ 911 $ 2,808 $ 2,813
Europe 132 175 122 426
Australasia 96 75 331 231
-------------- -------------- -------------- --------------
$ 1,097 $ 1,161 $ 3,261 $ 3,470
============== ============== ============== ==============
BY INDUSTRY SEGMENT
Revenues
Filmed Entertainment $ 1,521 $ 1,975 $ 5,362 $ 5,982
Television 1,521 1,897 5,276 6,355
Cable Network Programming 793 924 2,584 2,832
Direct Broadcast Satellite Television* 656 - 1,658 -
Magazines and Inserts 366 450 1,026 1,190
Newspapers 1,197 1,191 3,534 3,502
Book Publishing 413 410 1,420 1,627
Other 284 585 871 1,295
-------------- -------------- -------------- --------------
$ 6,751 $ 7,432 $ 21,731 $ 22,783
============== ============== ============== ==============
Operating Income
Filmed Entertainment $ 269 $ 342 $ 1,119 $ 983
Television 344 352 853 991
Cable Network Programming 184 159 652 591
Direct Broadcast Satellite Television* (23) - (350) -
Magazines and Inserts 112 129 289 328
Newspapers 233 198 631 485
Book Publishing 44 36 214 228
Other (66) (55) (147) (136)
-------------- -------------- -------------- --------------
$ 1,097 $ 1,161 $ 3,261 $ 3,470
============== ============== ============== ==============
* New segment reflecting the results of SKY Italia, consolidated as of 1 May,
2003.
EXHIBIT B
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EARNINGS RELEASE FOR THE QUARTER ENDED
MARCH 31, 2004 IN U.S. DOLLARS PREPARED FOR THE U.S. MARKET. AUSTRALIAN READERS
SHOULD REFER TO THE AUSTRALIAN DOLLAR EARNINGS RELEASE
STATEMENT OF FINANCIAL PERFORMANCE 2 3 Months Ended 9 Months Ended
Note March 31, March 31,
2004 2003 2004 2003
-------------- -------------- -------------- --------------
US $ Millions (except per ADR amounts)
Sales revenue 1 $ 5,201 $ 4,388 $ 15,438 $ 12,882
Operating expenses (4,363) (3,703) (13,121) (10,920)
-------------- -------------- -------------- --------------
Operating income 1 838 685 2,317 1,962
Net profit (loss) from associated entities 57 (40) 146 (242)
Borrowing costs (151) (143) (444) (434)
Interest income 34 32 103 84
-------------- -------------- -------------- --------------
Net borrowing costs (117) (111) (341) (350)
Exchangeable securities expense (20) (13) (57) (38)
Other items before income tax, net (5) (31) (9) (57)
-------------- -------------- -------------- --------------
Profit from ordinary activities before income tax 753 490 2,056 1,275
-------------- -------------- -------------- --------------
Income tax expense on:
Ordinary activities before other items (243) (169) (659) (445)
Other items - 22 1 34
-------------- -------------- -------------- --------------
Net income tax expense (243) (147) (658) (411)
-------------- -------------- -------------- --------------
Net profit from ordinary activities after tax 510 343 1,398 864
Net profit attributable to outside equity interests (45) (68) (150) (188)
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Net Profit Attributable to Members of the Parent Entity $ 465 $ 275 $ 1,248 $ 676
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Net exchange gains recognized directly in equity 55 74 682 252
Other items recognized directly in equity - - - 86
-------------- -------------- -------------- --------------
Total change in equity other than those resulting from
transactions with owners as owners $ 520 $ 349 $ 1,930 $ 1,014
============== ============== ============== ==============
Diluted earnings per ADR on net profit attributable to
members of the parent entity
Ordinary ADRs $ 0.28 $ 0.19 $ 0.80 $ 0.45
Preferred limited voting ordinary ADRs $ 0.34 $ 0.22 $ 0.96 $ 0.55
Ordinary and preferred limited voting ordinary ADRs $ 0.32 $ 0.21 $ 0.90 $ 0.51
a Following the issuance in June 2002 of the revised Australian Accounting
Standard AASB 1018 "Statement of Financial Performance" this statement has
been reformatted from previous presentations to be consistent with the
format prescribed in the revised Australian Accounting Standard.
STATEMENT OF FINANCIAL POSITION March 31, June 30,
2004 2003
------------------- -------------------
ASSETS US $ Millions
Current Assets
Cash $ 3,869 $ 4,477
Cash on deposit 287 -
Receivables 3,866 3,784
Inventories 1,672 1,282
Other 419 321
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Total Current Assets 10,113 9,864
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Non-Current Assets
Cash on deposit - 463
Receivables 828 809
Investments in associated entities 10,643 3,667
Other investments 641 793
Inventories 2,703 2,723
Property, plant and equipment 3,993 4,180
Publishing rights, titles and television licenses 22,017 21,719
Goodwill 235 250
Other 690 495
------------------- -------------------
Total Non-Current Assets 41,750 35,099
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Total Assets $ 51,863 $ 44,963
=================== ===================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Interest bearing liabilities $ 429 $ 22
Payables 5,659 5,507
Tax liabilities 451 474
Provisions 326 171
------------------- -------------------
Total Current Liabilities 6,865 6,174
------------------- -------------------
Non-Current Liabilities
Interest bearing liabilities 8,476 8,227
Payables 2,297 2,353
Tax liabilities 718 442
Provisions 771 685
------------------- -------------------
Total Non-Current Liabilities Excluding Exchangeable Securities 12,262 11,707
------------------- -------------------
Exchangeable securities 1,421 1,383
------------------- -------------------
Total Liabilities 20,548 19,264
Shareholders' Equity
Contributed equity 21,614 17,262
Reserves 2,624 1,685
Retained profits 3,244 2,506
------------------- -------------------
Shareholders' equity attributable to members of the parent entity 27,482 21,453
Outside equity interests in controlled entities 3,833 4,246
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Total Shareholders' Equity 31,315 25,699
------------------- -------------------
Total Liabilities and Shareholders' Equity $ 51,863 $ 44,963
=================== ===================
STATEMENT OF CASH FLOWS 9 Months Ended March 31,
2004 2003
------------------- -------------------
Operating Activity US $ Millions
Net profit attributable to members of the parent entity $ 1,248 $ 676
Adjustment for non-cash and non-operating activities:
Equity earnings, net (131) 179
Outside equity interest 166 188
Depreciation and amortization 459 313
Other items, net 8 104
Change in assets and liabilities:
Receivables (376) (436)
Inventories (418) (101)
Payables 660 298
Other liabilities 383 311
------------------- -------------------
Cash provided by operating activity 1,999 1,532
Investing and other activity
Property, plant and equipment (213) (253)
Acquisitions, net of cash acquired (151) (432)
Investments and acquisitions of interests in associated entities (3,213) (454)
Other investments (64) (65)
Repayment of loans by associate - 96
Proceeds from sale of non-current assets 549 100
------------------- -------------------
Cash used in investing activity (3,092) (1,008)
Financing activity
Issuance of debt 440 2,075
Repayment of debt and exchangeable securities (616) (2,494)
Decrease in cash on deposit 163 -
Issuance of shares 545 1,228
Dividends paid (106) (91)
Leasing and other finance costs - (2)
------------------- -------------------
Cash provided by financing activity 426 716
------------------- -------------------
Net (decrease) increase in cash (667) 1,240
Opening cash balance 4,477 3,574
Exchange movement on opening balance 59 47
------------------- -------------------
Closing cash balance $ 3,869 $ 4,861
=================== ===================
Note 1 - SEGMENT DATA 3 Months Ended 9 Months Ended
March 31, March 31,
BY GEOGRAPHIC AREAS 2004 2003 2004 2003
-------------- -------------- -------------- --------------
US $ Millions US $ Millions
Revenues
United States $ 3,436 $ 3,370 $ 10,684 $ 9,929
Europe 1,292 657 3,375 1,888
Australasia 473 361 1,379 1,065
-------------- -------------- -------------- --------------
$ 5,201 $ 4,388 $ 15,438 $ 12,882
============== ============== ============== ==============
Operating Income
United States $ 670 $ 538 $ 1,995 $ 1,590
Europe 94 102 87 241
Australasia 74 45 235 131
-------------- -------------- -------------- --------------
$ 838 $ 685 $ 2,317 $ 1,962
============== ============== ============== ==============
BY INDUSTRY SEGMENT
Revenues
Filmed Entertainment $ 1,184 $ 1,166 $ 3,809 $ 3,383
Television 1,182 1,126 3,748 3,593
Cable Network Programming 612 545 1,836 1,601
Direct Broadcast Satellite Television* 492 - 1,177 -
Magazines and Inserts 278 264 729 673
Newspapers 914 701 2,511 1,980
Book Publishing 321 247 1,009 920
Other 218 339 619 732
-------------- -------------- -------------- --------------
$ 5,201 $ 4,388 $ 15,438 $ 12,882
============== ============== ============== ==============
Operating Income
Filmed Entertainment $ 214 $ 201 $ 795 $ 556
Television 259 207 606 560
Cable Network Programming 143 95 463 334
Direct Broadcast Satellite Television* (25) - (248) -
Magazines and Inserts 84 76 205 186
Newspapers 176 115 448 274
Book Publishing 36 23 152 129
Other (49) (32) (104) (77)
-------------- -------------- -------------- --------------
$ 838 $ 685 $ 2,317 $ 1,962
============== ============== ============== ==============
* New segment reflecting the results of SKY Italia, consolidated as of May 1,
2003.