FORM 6-K
UNITED STATES
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 November 2003 (November 5, 2003)
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
--- ---
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
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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, 333-105853, 333-105851 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
September 30, 2003 in U.S. and Australian dollars.
Such announcements were filed with the Australian Stock Exchange and released in
New York on November 5, 2003.
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: November 5, 2003 By: /s/ Arthur M. Siskind
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Arthur M. Siskind
Director
EXHIBIT INDEX
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Page No. in Sequential
Exhibit Numbering System
------- ----------------
A. Excerpt from the announcement made by News Corporation of
its financial results in Australian dollars for the quarter
ended September 30, 2003. 4
B. Excerpt from the announcement made by News Corporation
of its financial results in U.S. dollars for the
quarter ended September 30, 2003. 8
EXHIBIT A
EARNINGS RELEASE FOR THE QUARTER ENDED 30 SEPTEMBER, 2003
IN AUSTRALIAN DOLLARS
STATEMENT OF FINANCIAL PERFORMANCE 3 Months Ended
Note 30 September,
2003 2002
------------- ---------------
A$ Millions (except per share amounts)
Sales revenue 1 A$ 7,081 A$ 6,931
Operating expenses (5,986) (5,935)
------------- ---------------
Operating income 1 1,095 996
Net profit (loss) from associated entities 87 (174)
Borrowing costs (225) (277)
Interest income 52 52
------------- ---------------
Net borrowing costs (173) (225)
Exchangeable securities expense (28) (23)
Other items before income tax, net 93 -
------------- ---------------
Profit from ordinary activities before income tax 1,074 574
------------- ---------------
Income tax expense on:
Ordinary activities before other items (303) (178)
Other items (33) -
------------- ---------------
Net income tax expense (336) (178)
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Net profit from ordinary activities after tax 738 396
Net profit attributable to outside equity interests (94) (101)
---------------------------------------------------------------------------------------------------
Net Profit Attributable to Members of the Parent Entity A$ 644 A$ 295
---------------------------------------------------------------------------------------------------
Net exchange gains (losses) recognised directly in
equity (576) 1,170
------------- ---------------
Total change in equity other than those resulting from
transactions with owners as owners A$ 68 A$ 1,465
============= ===============
Diluted earnings per share on net profit attributable
to members of the parent entity
Ordinary shares A$ 0.109 A$ 0.049
Preferred limited voting ordinary shares A$ 0.130 A$ 0.059
Ordinary and preferred limited voting ordinary shares A$ 0.122 A$ 0.055
STATEMENT OF FINANCIAL POSITION 30 September, June 30,
2003 2003
-------------- -------------
ASSETS A$ Millions
Current Assets
Cash A$ 7,267 A$ 6,746
Cash on deposit 401 -
Receivables 6,015 5,701
Inventories 2,167 1,931
Other 589 483
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Total Current Assets 16,439 14,861
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Non-Current Assets
Cash on deposit - 698
Receivables 1,338 1,219
Investments in associated entities 5,568 5,526
Other investments 960 1,195
Inventories 4,105 4,103
Property, plant and equipment 6,112 6,299
Publishing rights, titles and television licenses 32,138 32,724
Goodwill 363 377
Other 714 745
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Total Non-Current Assets 51,298 52,886
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Total Assets A$ 67,737 A$ 67,747
============== =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Interest bearing liabilities A$ 415 A$ 33
Payables 8,439 8,298
Tax liabilities 771 714
Provisions 410 258
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Total Current Liabilities 10,035 9,303
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Non-Current Liabilities
Interest bearing liabilities 12,640 12,396
Payables 3,550 3,545
Tax liabilities 844 666
Provisions 1,072 1,032
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Total Non-Current Liabilities Excluding Exchangeable Securities 18,106 17,639
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Exchangeable securities 2,063 2,084
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Total Liabilities 30,204 29,026
Shareholders' Equity
Contributed equity 28,448 28,427
Reserves 2,573 2,760
Retained profits 1,239 1,137
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Shareholders' equity attributable to members of the parent
entity 32,260 32,324
Outside equity interests in controlled entities 5,273 6,397
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Total Shareholders' Equity 37,533 38,721
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Total Liabilities and Shareholders' Equity A$ 67,737 A$ 67,747
============== =============
STATEMENT OF CASH FLOWS 3 Months Ended 30 September,
2003 2002
------------ ------------
Operating activity A$ Millions
Net profit attributable to members of the parent entity A$ 644 A$ 295
Adjustment for non-cash and non-operating activities:
Equity earnings, net (85) 176
Outside equity interest 89 101
Depreciation and amortisation 219 185
Other items, net (55) -
Change in assets and liabilities:
Receivables (628) (213)
Inventories (279) (517)
Payables 394 143
Other liabilities 260 39
------------ ------------
Cash provided by operating activity 559 209
Investing and other activity
Property, plant and equipment (126) (160)
Acquisitions, net of cash acquired (63) (787)
Investments in associated entities (46) (376)
Other investments (45) (7)
Proceeds from sale of non-current assets 361 48
------------ ------------
Cash provided by (used in) investing activity 81 (1,282)
Financing activity
Repayment of debt and exchangeable securities (288) (1,874)
Decrease in cash on deposit 282 -
Issuance of shares 21 2
Dividends paid (13) (4)
Leasing and other finance costs - (2)
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Cash provided by (used in) financing activity 2 (1,878)
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Net increase (decrease) in cash 642 (2,951)
Opening cash balance 6,746 6,337
Exchange movement on opening balance (121) 212
------------ ------------
Closing cash balance A$ 7,267 A$ 3,598
============ ============
Note 1 - SEGMENT DATA 3 Months Ended
30 September,
BY GEOGRAPHIC AREAS 2003 2002
----------- ------------
A$ Millions
Revenues
United States A$ 5,043 A$ 5,250
Europe 1,413 1,073
Australasia 625 608
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A$ 7,081 A$ 6,931
=========== =============
Operating Income
United States A$ 1,051 A$ 850
Europe (38) 102
Australasia 82 44
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A$ 1,095 A$ 996
=========== =============
BY INDUSTRY SEGMENT
Revenues
Filmed Entertainment A$ 1,901 A$ 1,604
Television 1,540 1,860
Cable Network Programming 955 1,007
Direct Broadcast Satellite Television* 402 -
Magazines and Inserts 339 353
Newspapers 1,125 1,103
Book Publishing 528 630
Other 291 374
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A$ 7,081 A$ 6,931
=========== =============
Operating Income
Filmed Entertainment A$ 499 A$ 181
Television 273 343
Cable Network Programming 203 214
Direct Broadcast Satellite Television* (178) -
Magazines and Inserts 88 92
Newspapers 155 103
Book Publishing 90 106
Other (35) (43)
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A$ 1,095 A$ 996
=========== =============
* New segment reflecting the results of SKY Italia, consolidated as of 1 May,
2003.
EXHIBIT B
EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2003 IN U.S. DOLLARS
PREPARED FOR THE U.S. MARKET.
AUSTRALIAN READERS SHOULD REFER TO THE AUSTRALIAN DOLLAR EARNINGS RELEASE
STATEMENT OF FINANCIAL PERFORMANCE 3 Months Ended
Note September 30,
2003 2002
---------------- ----------------
US $ Millions (except per ADR amounts)
Sales revenue 1 $ 4,649 $ 3,813
Operating expenses (3,930) (3,265)
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Operating income 1 719 548
Net profit (loss) from associated entities 57 (96)
Borrowing costs (148) (152)
Interest income 34 28
---------------- ----------------
Net borrowing costs (114) (124)
Exchangeable securities expense (18) (13)
Other items before income tax, net 61 -
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Profit from ordinary activities before income tax 705 315
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Income tax expense on:
Ordinary activities before other items (199) (98)
Other items (22) -
---------------- ----------------
Net income tax expense (221) (98)
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Net profit from ordinary activities after tax 484 217
Net profit attributable to outside equity interests (62) (55)
-------------------------------------------------------------------------------------------------
Net Profit Attributable to Members of the Parent
Entity $ 422 $ 162
-------------------------------------------------------------------------------------------------
Net exchange gains (losses) recognized directly in
equity 42 (8)
---------------- ----------------
Total change in equity other than those resulting
from transactions with owners as owners $ 464 $ 154
================ ================
Diluted earnings per ADR on net profit attributable
to members of the parent entity
Ordinary ADRs $ 0.28 $ 0.11
Preferred limited voting ordinary ADRs $ 0.34 $ 0.13
Ordinary and preferred limited voting ordinary ADRs $ 0.32 $ 0.12
STATEMENT OF FINANCIAL POSITION September 30, June 30,
2003 2003
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ASSETS US $ Millions
Current Assets
Cash $ 4,916 $ 4,477
Cash on deposit 272 -
Receivables 4,069 3,784
Inventories 1,466 1,282
Other 398 321
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Total Current Assets 11,121 9,864
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Non-Current Assets
Cash on deposit - 463
Receivables 905 809
Investments in associated entities 3,767 3,667
Other investments 649 793
Inventories 2,777 2,723
Property, plant and equipment 4,135 4,180
Publishing rights, titles and television licenses 21,741 21,719
Goodwill 246 250
Other 483 495
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Total Non-Current Assets 34,703 35,099
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Total Assets $ 45,824 $ 44,963
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Interest bearing liabilities $ 281 $ 22
Payables 5,709 5,507
Tax liabilities 521 474
Provisions 277 171
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Total Current Liabilities 6,788 6,174
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Non-Current Liabilities
Interest bearing liabilities 8,551 8,227
Payables 2,402 2,353
Tax liabilities 571 442
Provisions 725 685
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Total Non-Current Liabilities Excluding Exchangeable Securities 12,249 11,707
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Exchangeable securities 1,396 1,383
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Total Liabilities 20,433 19,264
Shareholders' Equity
Contributed equity 17,276 17,262
Reserves 1,975 1,685
Retained profits 2,573 2,506
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Shareholders' equity attributable to members of the parent entity 21,824 21,453
Outside equity interests in controlled entities 3,567 4,246
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Total Shareholders' Equity 25,391 25,699
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Total Liabilities and Shareholders' Equity $ 45,824 $ 44,963
============= =============
STATEMENT OF CASH FLOWS 3 Months Ended September 30,
2003 2002
------------ ------------
Operating activity US $ Millions
Net profit attributable to members of the parent entity $ 422 $ 162
Adjustment for non-cash and non-operating activities:
Equity earnings, net (56) 97
Outside equity interest 59 55
Depreciation and amortization 144 102
Other items, net (36) -
Change in assets and liabilities:
Receivables (425) (116)
Inventories (189) (282)
Payables 285 74
Other liabilities 176 21
------------ ------------
Cash provided by operating activity 380 113
Investing and other activity
Property, plant and equipment (85) (87)
Acquisitions, net of cash acquired (42) (429)
Investments in associated entities (31) (205)
Other investments (31) (4)
Proceeds from sale of non-current assets 244 26
------------ ------------
Cash provided by (used in) investing activity 55 (699)
Financing activity
Repayment of debt and exchangeable securities (195) (1,022)
Decrease in cash on deposit 191 -
Issuance of shares 14 1
Dividends paid (9) (2)
Leasing and other finance costs - (1)
------------ ------------
Cash provided by (used in) financing activity 1 (1,024)
------------ ------------
Net increase (decrease) in cash 436 (1,610)
Opening cash balance 4,477 3,574
Exchange movement on opening balance 3 (2)
------------ ------------
Closing cash balance $ 4,916 $ 1,962
============ ============
Note 1 - SEGMENT DATA 3 Months Ended
September 30,
BY GEOGRAPHIC AREAS 2003 2002
------------- ------------
US $ Millions
Revenues
United States $ 3,311 $ 2,889
Europe 928 590
Australasia 410 334
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$ 4,649 $ 3,813
============= ============
Operating Income
United States $ 690 $ 468
Europe (25) 56
Australasia 54 24
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$ 719 $ 548
============= ============
BY INDUSTRY SEGMENT
Revenues
Filmed Entertainment $ 1,248 $ 882
Television 1,011 1,024
Cable Network Programming 627 554
Direct Broadcast Satellite Television* 264 -
Magazines and Inserts 222 194
Newspapers 739 607
Book Publishing 347 347
Other 191 205
------------- ------------
$ 4,649 $ 3,813
============= ============
Operating Income
Filmed Entertainment $ 328 $ 100
Television 179 188
Cable Network Programming 133 118
Direct Broadcast Satellite Television* (117) -
Magazines and Inserts 58 51
Newspapers 102 57
Book Publishing 59 58
Other (23) (24)
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$ 719 $ 548
============= ============
* New segment reflecting the results of SKY Italia, consolidated as of May 1, 2003.