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 February (February 11, 2004)
THE NEWS CORPORATION LIMITED
--------------------------------------------------------------------------------
(Name of Registrant)
2 Holt Street, Sydney, New South Wales, 2010, Australia
--------------------------------------------------------------------------------
(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
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
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
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
December 31, 2003 in Australian and U.S. dollars.
Such announcements were filed with the Australian Stock Exchange and released in
New York on February 11, 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: February 11, 2004 By: /s/ Arthur M. Siskind
______________________
Arthur M. Siskind
Director
EXHIBIT INDEX
_____________
Exhibit Page No. in Sequential
_______ Numbering System
A. Excerpt from the announcement made by 5
News Corporation of its financial results in
Australian dollars for the quarter ended
December 31, 2003.
B. Excerpt from the announcement made by 9
News Corporation of its financial results in
U.S. dollars for the quarter ended
December 31, 2003.
EXHIBIT A
EARNINGS RELEASE FOR THE QUARTER ENDED 31 DECEMBER, 2003
IN AUSTRALIAN DOLLARS
STATEMENT OF FINANCIAL PERFORMANCE(a) 3 Months Ended 6 Months Ended
Note 31 December, 31 December,
2003 2002 2003 2002
-------------- -------------- -------------- --------------
A$ Millions (except per share amounts)
Sales revenue 1 $ 7,899 $ 8,420 $ 14,980 $ 15,351
Operating expenses (6,830) (7,107) (12,816) (13,042)
-------------- -------------- -------------- --------------
Operating income 1 1,069 1,313 2,164 2,309
Net profit (loss) from associated entities 43 (190) 130 (364)
Borrowing costs (203) (249) (428) (526)
Interest income 49 42 101 94
-------------- -------------- -------------- --------------
Net borrowing costs (154) (207) (327) (432)
Exchangeable securities expense (27) (23) (55) (46)
Other items before income tax, net (99) (47) (6) (47)
-------------- -------------- -------------- --------------
Profit from ordinary activities before income tax 832 846 1,906 1,420
-------------- -------------- -------------- --------------
Income tax expense on:
Ordinary activities before other items (306) (322) (609) (500)
Other items 35 22 2 22
-------------- -------------- -------------- --------------
Net income tax expense (271) (300) (607) (478)
-------------- -------------- -------------- --------------
Net profit from ordinary activities after tax 561 546 1,299 942
Net profit attributable to outside equity interests (60) (116) (154) (217)
---------------------------------------------------------------------------------------------------------------------------------
Net Profit Attributable to Members of the Parent Entity $ 501 $ 430 $ 1,145 $ 725
---------------------------------------------------------------------------------------------------------------------------------
Net exchange gains recognised directly in equity (2,016) (799) (2,592) 371
Other items recognised directly in equity - 152 - 152
-------------- -------------- -------------- --------------
Total change in equity other than those resulting from
transactions with owners as owners $ (1,515) $ (217) $ (1,447) $ 1,248
============== ============== ============== ==============
Diluted earnings per share on net profit attributable to
members of the parent entity
Ordinary shares $ 0.083 $ 0.072 $ 0.191 $ 0.121
Preferred limited voting ordinary shares $ 0.099 $ 0.087 $ 0.229 $ 0.146
Ordinary and preferred limited voting ordinary shares $ 0.093 $ 0.081 $ 0.215 $ 0.136
___________________________
(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 31 December, 30 June,
2003 2003
------------------- -------------------
ASSETS A$ Millions
Current Assets
Cash $ 3,377 $ 6,746
Cash on deposit 396 -
Receivables 6,188 5,701
Inventories 2,341 1,931
Other 659 483
------------------- -------------------
Total Current Assets 12,961 14,861
------------------- -------------------
Non-Current Assets
Cash on deposit - 698
Receivables 1,125 1,219
Investments in associated entities 14,318 5,526
Other investments 869 1,195
Inventories 3,772 4,103
Property, plant and equipment 5,666 6,299
Publishing rights, titles and television licenses 29,994 32,724
Goodwill 328 377
Other 737 745
------------------- -------------------
Total Non-Current Assets 56,809 52,886
------------------- -------------------
Total Assets $ 69,770 $ 67,747
=================== ===================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Interest bearing liabilities $ 414 $ 33
Payables 8,104 8,298
Tax liabilities 762 714
Provisions 252 258
------------------- -------------------
Total Current Liabilities 9,532 9,303
------------------- -------------------
Non-Current Liabilities
Interest bearing liabilities 11,702 12,396
Payables 3,093 3,545
Tax liabilities 711 666
Provisions 1,074 1,032
------------------- -------------------
Total Non-Current Liabilities Excluding Exchangeable Preferred Securities 16,580 17,639
------------------- -------------------
Exchangeable preferred securities 1,903 2,084
------------------- -------------------
Total Liabilities 28,015 29,026
Shareholders' Equity
Contributed equity 34,303 28,427
Reserves 528 2,760
Retained profits 1,768 1,137
------------------- -------------------
Shareholders' equity attributable to members of the parent entity 36,599 32,324
Outside equity interests in controlled entities 5,156 6,397
------------------- -------------------
Total Shareholders' Equity 41,755 38,721
------------------- -------------------
Total Liabilities and Shareholders' Equity $ 69,770 $ 67,747
=================== ===================
STATEMENT OF CASH FLOWS 6 Months Ended 31 December,
2003 2002
------------------- -------------------
Operating Activity A$ Millions
Net profit attributable to members of the parent entity $ 1,145 $ 725
Adjustment for non-cash and non-operating activities:
Equity earnings, net (140) 262
Outside equity interest 164 217
Depreciation and amortisation 437 368
Other items, net 19 146
Change in assets and liabilities:
Receivables (1,496) (2,195)
Inventories (570) (611)
Payables 789 1,293
Other liabilities 449 316
------------------- -------------------
Cash provided by operating activity 797 521
Investing and other activity
Property, plant and equipment (184) (327)
Acquisitions, net of cash acquired (199) (767)
Investments and acquisitions of interests in associated entities (4,297) (633)
Other investments (66) (86)
Repayment of loans by associate - 170
Proceeds from sale of non-current assets 523 95
------------------- -------------------
Cash used in investing activity (4,223) (1,548)
Financing activity
Issuance of debt 485 -
Repayment of debt and exchangeable securities (647) (1,953)
Decrease in cash on deposit 212 -
Issuance of shares 759 2,167
Dividends paid (131) (133)
Leasing and other finance costs - (2)
------------------- -------------------
Cash provided by financing activity 678 79
------------------- -------------------
Net decrease in cash (2,748) (948)
Opening cash balance 6,746 6,337
Exchange movement on opening balance (621) 74
------------------- -------------------
Closing cash balance $ 3,377 $ 5,463
=================== ===================
Note 1 - SEGMENT DATA 3 Months Ended 6 Months Ended
31 December, 31 December,
BY GEOGRAPHIC AREAS 2003 2002 2003 2002
-------------- -------------- -------------- --------------
A$ Millions A$ Millions
Revenues
United States $ 5,564 $ 6,605 $ 10,607 $ 11,855
Europe 1,635 1,151 3,048 2,224
Australasia 700 664 1,325 1,272
-------------- -------------- -------------- --------------
$ 7,899 $ 8,420 $ 14,980 $ 15,351
============== ============== ============== ==============
Operating Income
United States $ 888 $ 1,052 $ 1,939 $ 1,902
Europe 28 149 (10) 251
Australasia 153 112 235 156
-------------- -------------- -------------- --------------
$ 1,069 $ 1,313 $ 2,164 $ 2,309
============== ============== ============== ==============
BY INDUSTRY SEGMENT
Revenues
Filmed Entertainment $ 1,940 $ 2,403 $ 3,841 $ 4,007
Television 2,215 2,598 3,755 4,458
Cable Network Programming 836 901 1,791 1,908
Direct Broadcast Satellite Television* 600 - 1,002 -
Magazines and Inserts 321 387 660 740
Newspapers 1,212 1,208 2,337 2,311
Book Publishing 479 587 1,007 1,217
Other 296 336 587 710
-------------- -------------- -------------- --------------
$ 7,899 $ 8,420 $ 14,980 $ 15,351
============== ============== ============== ==============
Operating Income
Filmed Entertainment $ 351 $ 460 $ 850 $ 641
Television 236 296 509 639
Cable Network Programming 265 218 468 432
Direct Broadcast Satellite Television* (149) - (327) -
Magazines and Inserts 89 107 177 199
Newspapers 243 184 398 287
Book Publishing 80 86 170 192
Other (46) (38) (81) (81)
-------------- -------------- -------------- --------------
$ 1,069 $ 1,313 $ 2,164 $ 2,309
============== ============== ============== ==============
* New segment reflecting the results of SKY Italia, consolidated as of 1 May,
2003.
EXHIBIT B
EARNINGS RELEASE FOR THE QUARTER ENDED DECEMBER 31, 2003
PREPARED FOR THE U.S. MARKET.
AUSTRALIAN READERS SHOULD REFER TO THE
AUSTRALIAN DOLLAR EARNINGS RELEASE.
STATEMENT OF FINANCIAL PERFORMANCE(a) 3 Months Ended 6 Months Ended
Note December 31, December 31,
2003 2002 2003 2002
-------------- -------------- -------------- --------------
US $ Millions (except per ADR amounts)
Sales revenue 1 $ 5,588 $ 4,681 $ 10,237 $ 8,494
Operating expenses 4,828 3,952 8,758 7,217
-------------- -------------- -------------- --------------
Operating income 1 760 729 1,479 1,277
Net profit (loss) from associated entities 32 (106) 89 (202)
Borrowing costs (145) (139) (293) (291)
Interest income 35 24 69 52
-------------- -------------- -------------- --------------
Net borrowing costs (110) (115) (224) (239)
Exchangeable securities expense (19) (12) (37) (25)
Other items before income tax, net (65) (26) (4) (26)
-------------- -------------- -------------- --------------
Profit from ordinary activities before income tax 598 470 1,303 785
-------------- -------------- -------------- --------------
Income tax expense on:
Ordinary activities before other items (217) (178) (416) (276)
Other items 23 12 1 12
-------------- -------------- -------------- --------------
Net income tax expense (194) (166) (415) (264)
-------------- -------------- -------------- --------------
Net profit from ordinary activities after tax 404 304 888 521
Net profit attributable to outside equity interests (43) (65) (105) (120)
---------------------------------------------------------------------------------------------------------------------------------
Net Profit Attributable to Members of the Parent Entity $ 361 $ 239 $ 783 $ 401
---------------------------------------------------------------------------------------------------------------------------------
Net exchange gains recognized directly in equity 585 186 627 178
Other items recognized directly in equity - 86 - 86
-------------- -------------- -------------- --------------
Total change in equity other than those resulting from
transactions with owners as owners $ 946 $ 511 $ 1,410 $ 665
============== ============== ============== ==============
Diluted earnings per ADR on net profit attributable to
members of the parent entity
Ordinary ADRs $ 0.24 $ 0.16 $ 0.52 $ 0.27
Preferred limited voting ordinary ADRs $ 0.29 $ 0.19 $ 0.63 $ 0.32
Ordinary and preferred limited voting ordinary ADRs $ 0.27 $ 0.18 $ 0.59 $ 0.30
________________________
(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 December 31, June 30,
2003 2003
------------------- -------------------
ASSETS US $ Millions
Current Assets
Cash $ 2,498 $ 4,477
Cash on deposit 293 -
Receivables 4,578 3,784
Inventories 1,732 1,282
Other 488 321
------------------- -------------------
Total Current Assets 9,589 9,864
------------------- -------------------
Non-Current Assets
Cash on deposit - 463
Receivables 832 809
Investments in associated entities 10,592 3,667
Other investments 643 793
Inventories 2,791 2,723
Property, plant and equipment 4,192 4,180
Publishing rights, titles and television licenses 22,189 21,719
Goodwill 243 250
Other 545 495
------------------- -------------------
Total Non-Current Assets 42,027 35,099
------------------- -------------------
Total Assets $ 51,616 $ 44,963
=================== ===================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Interest bearing liabilities $ 306 $ 22
Payables 5,997 5,507
Tax liabilities 564 474
Provisions 186 171
------------------- -------------------
Total Current Liabilities 7,053 6,174
------------------- -------------------
Non-Current Liabilities
Interest bearing liabilities 8,657 8,227
Payables 2,288 2,353
Tax liabilities 526 442
Provisions 795 685
------------------- -------------------
Total Non-Current Liabilities Excluding Exchangeable Preferred Securities 12,266 11,707
------------------- -------------------
Exchangeable preferred securities 1,408 1,383
------------------- -------------------
Total Liabilities 20,727 19,264
Shareholders' Equity
Contributed equity 21,608 17,262
Reserves 2,530 1,685
Retained profits 2,937 2,506
------------------- -------------------
Shareholders' equity attributable to members of the parent entity 27,075 21,453
Outside equity interests in controlled entities 3,814 4,246
------------------- -------------------
Total Shareholders' Equity 30,889 25,699
------------------- -------------------
Total Liabilities and Shareholders' Equity $ 51,616 $ 44,963
=================== ===================
STATEMENT OF CASH FLOWS 6 Months Ended December 31,
2003 2002
------------------- -------------------
Operating Activity US $ Millions
Net profit attributable to members of the parent entity $ 783 $ 401
Adjustment for non-cash and non-operating activities:
Equity earnings, net (96) 145
Outside equity interest 112 120
Depreciation and amortization 299 204
Other items, net 13 81
Change in assets and liabilities:
Receivables (1,107) (1,236)
Inventories (422) (344)
Payables 711 748
Other liabilities 332 178
------------------- -------------------
Cash provided by operating activity 625 297
Investing and other activity
Property, plant and equipment (136) (184)
Acquisitions, net of cash acquired (147) (432)
Investments and acquisitions of interests in associated entities (3,179) (357)
Other investments (49) (48)
Repayment of loans by associate - 96
Proceeds from sale of non-current assets 387 54
------------------- -------------------
Cash used in investing activity (3,124) (871)
Financing activity
Issuance of debt 359 -
Repayment of debt and exchangeable securities (479) (1,100)
Decrease in cash on deposit 157 -
Issuance of shares 529 1,220
Dividends paid (97) (75)
Leasing and other finance costs - (1)
------------------- -------------------
Cash provided by financing activity 469 44
------------------- -------------------
Net decrease in cash (2,030) (530)
Opening cash balance 4,477 3,574
Exchange movement on opening balance 51 32
------------------- -------------------
Closing cash balance $ 2,498 $ 3,076
=================== ===================
Note 1 - SEGMENT DATA 3 Months Ended 6 Months Ended
December 31, December 31,
BY GEOGRAPHIC AREAS 2003 2002 2003 2002
-------------- -------------- -------------- --------------
US $ Millions US $ Millions
Revenues
United States $ 3,937 $ 3,670 $ 7,248 $ 6,559
Europe 1,155 641 2,083 1,231
Australasia 496 370 906 704
-------------- -------------- -------------- --------------
$ 5,588 $ 4,681 $ 10,237 $ 8,494
============== ============== ============== ==============
Operating Income
United States $ 635 $ 584 $ 1,325 $ 1,052
Europe 18 83 (7) 139
Australasia 107 62 161 86
-------------- -------------- -------------- --------------
$ 760 $ 729 $ 1,479 $ 1,277
============== ============== ============== ==============
BY INDUSTRY SEGMENT
Revenues
Filmed Entertainment $ 1,377 $ 1,335 $ 2,625 $ 2,217
Television 1,555 1,443 2,566 2,467
Cable Network Programming 597 502 1,224 1,056
Direct Broadcast Satellite Television* 421 - 685 -
Magazines and Inserts 229 215 451 409
Newspapers 858 672 1,597 1,279
Book Publishing 341 326 688 673
Other 210 188 401 393
-------------- -------------- -------------- --------------
$ 5,588 $ 4,681 $ 10,237 $ 8,494
============== ============== ============== ==============
Operating Income
Filmed Entertainment $ 253 $ 255 $ 581 $ 355
Television 168 165 347 353
Cable Network Programming 187 121 320 239
Direct Broadcast Satellite Television* (106) - (223) -
Magazines and Inserts 63 59 121 110
Newspapers 170 102 272 159
Book Publishing 57 48 116 106
Other (32) (21) (55) (45)
-------------- -------------- -------------- --------------
$ 760 $ 729 $ 1,479 $ 1,277
============== ============== ============== ==============
* New segment reflecting the results of SKY Italia, consolidated as of May 1,
2003.