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 2004
11 February 2004
BRITISH SKY BROADCASTING GROUP PLC
(Name of Registrant)
Grant Way, Isleworth, Middlesex, TW7 5QD England
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F
Form 20-F X Form 40-F
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 the
Registration Statements on Form F-3 (SEC File No. 333-08246) and Form F-3/S-3
(SEC File No.333-106837) filed by the Registrant under the Securities Act of
1933.
EXHIBIT INDEX
EXHIBIT NO. 1 Excerpt from the announcement made by British Sky Broadcasting
Group plc of its financial results for the periods ended
December 31,2003
British Sky Broadcasting Group plc
Consolidated Profit and Loss Account for the half year ended 31 December 2003
Before Goodwill 2003/2004 Before Goodwill 2002/2003 2002/2003
goodwill and Half year goodwill and Half year Full year
and exceptional Total and exceptional Total Total
exceptional items exceptional items as as
items items as restated* restated*
as restated*
restated*
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Notes (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (audited)
Turnover: 1,809 - 1,809 1,550 - 1,550 3,263
Group and
share of
joint
ventures'
turnover
Less: share (43) - (43) (39) - (39) (77)
of joint
ventures'
turnover
Group 2 1,766 - 1,766 1,511 - 1,511 3,186
turnover
Operating 3 (1,483) (58) (1,541) (1,357) (64) (1,421) (2,938)
expenses,
net
Operating 283 (58) 225 154 (64) 90 248
profit
(loss)
Share of (5) - (5) 2 - 2 3
joint
ventures'
operating
results
Profit on 4 - 2 2 - - - -
disposal of
fixed asset
investments
Amounts 4,9 - 24 24 - (19) (19) (15)
written
back to
(written
off) fixed
asset
investments,
net
Profit 278 (32) 246 156 (83) 73 236
(loss) on
ordinary
activities
before
interest
and
taxation
Interest 3 - 3 2 - 2 4
receivable
and similar
income
Interest (45) - (45) (62) - (62) (118)
payable and
similar
charges
Profit 236 (32) 204 96 (83) 13 122
(loss) on
ordinary
activities
before
taxation
Tax 5 (74) - (74) 1 (2) (1) 62
(charge)
credit on
profit
(loss) on
ordinary
activities
Profit 162 (32) 130 97 (85) 12 184
(loss) on
ordinary
activities
after
taxation
Equity 6 (53) - -
dividends
Retained 10 77 12 184
profit
Earnings 7 6.7p 0.6p 9.6p
(loss) per
share -
basic
Earnings 7 6.7p 0.6p 9.5p
(loss) per
share -
diluted
*The half year and full year results for 2002/03 have been restated following
the adoption of UITF abstract 38 "Accounting for ESOP trusts".
There were no recognised gains or losses in either period other than those
included within the profit and loss account, with the exception of a prior
period adjustment in respect of the adoption of UITF abstract 38. The cumulative
effect of this adjustment was a GBP12 million reduction to the brought forward
profit and loss reserve at 1 July 2003.
All results relate to continuing operations.
The accompanying notes are an integral part of this consolidated profit and loss
account.
British Sky Broadcasting Group plc
Consolidated Profit and Loss Account for the three months ended 31 December 2003
Before Goodwill and Three months Before Goodwill and Three months
goodwill and exceptional ended 31 goodwill and exceptional ended 31
exceptional items December 2003 exceptional items December 2002
items Total items Total
as restated* as restated* as restated*
GBPm GBPm GBPm GBPm GBPm GBPm
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Turnover: 938 - 938 806 - 806
Group and
share of joint
ventures'
turnover
Less: share of (22) - (22) (21) - (21)
joint
ventures'
turnover
Group turnover 916 - 916 785 - 785
Operating (784) (29) (813) (705) (34) (739)
expenses, net
Operating 132 (29) 103 80 (34) 46
profit (loss)
Share of (8) - (8) 3 - 3
operating
results of
joint ventures
Profit on - 2 2 - - -
disposal of
fixed asset
investments
Amounts - (1) (1) - (19) (19)
written off
fixed asset
investments,
net
Profit (loss) 124 (28) 96 83 (53) 30
on ordinary
activities
before
interest and
taxation
Interest 2 - 2 1 - 1
receivable and
similar income
Interest (21) - (21) (31) - (31)
payable and
similar
charges
Profit (loss) 105 (28) 77 53 (53) -
on ordinary
activities
before
taxation
Tax (charge) (37) - (37) 15 (2) 13
credit on
profit (loss)
on ordinary
activities
Profit (loss) 68 (28) 40 68 (55) 13
on ordinary
activities
after taxation
Equity (53) -
dividends
Retained (13) 13
(loss) profit
Earnings 2.1p 0.7p
(loss) per
share - basic
Earnings 2.1p 0.7p
(loss) per
share -
diluted
*The results for the three months ended 31 December 2002 have been restated
following the adoption of UITF abstract 38 "Accounting for ESOP trusts".
British Sky Broadcasting Group plc
Consolidated Balance Sheet at 31 December 2003
31 December 31 December 30 June
2003 2002 2003
as restated* as restated*
GBPm GBPm GBPm
Notes (unaudited) (unaudited) (audited)
Fixed assets
Intangible assets 8 478 594 536
Tangible assets 346 336 346
Investments 9 37 69 74
861 999 956
Current assets
Stocks 662 627 370
Debtors: Amounts falling due within one year
- deferred tax assets 50 - 31
- other 393 433 363
443 433 394
Debtors: Amounts falling due after more than one year
- deferred tax assets 128 68 159
- other 61 136 64
189 204 223
Cash at bank and in hand 318 51 47
1,612 1,315 1,034
Creditors: Amounts falling due within one year
- other creditors (1,399) (1,192) (967)
Net current assets 213 123 67
Total assets less current liabilities 1,074 1,122 1,023
Creditors: Amounts falling due after more than one year
- long-term borrowings (1,077) (1,437) (1,152)
- other creditors (24) (17) (20)
(1,101) (1,454) (1,172)
Provisions for liabilities and charges - (3) (3)
(27) (335) (152)
Capital and reserves - equity
Called-up share capital 10 970 968 969
Share premium 10 1,428 2,530 2,536
Shares to be issued 10 - 3 3
ESOP reserve 10 (9) (39) (35)
Merger reserve 10 262 336 299
Special reserve 10 14 - -
Profit and loss account 10 (2,692) (4,133) (3,924)
10 (27) (335) (152)
The accompanying notes are an integral part of this consolidated balance sheet.
*The balance sheets as at 31 December 2002 and 30 June 2003 have been restated
following the adoption of UITF abstract 38 "Accounting for ESOP trusts".
British Sky Broadcasting Group plc
Consolidated Cash Flow Statement for the half year ended 31 December 2003
2003/2004 2002/2003 2002/2003
Half year Half year Full year
GBPm GBPm GBPm
Notes (unaudited) (unaudited) (audited)
Net cash inflow from operating activities 11a 401 255 664
Dividends received from joint ventures 3 - 4
Returns on investments and servicing of finance
Interest received and similar income 3 2 3
Interest paid and similar charges on external financing (51) (68) (127)
Interest element of finance lease payments - - (1)
Net cash outflow from returns on investments and servicing of (48) (66) (125)
finance
Taxation
UK corporation tax paid (21) - (18)
Consortium relief paid (3) - -
Net cash outflow from taxation (24) - (18)
Capital expenditure and financial investment
Payments to acquire tangible fixed assets (65) (44) (98)
Receipts from sales of fixed asset investments 68 - 1
Net cash inflow (outflow) from capital expenditure and 3 (44) (97)
financial investment
Acquisitions and disposals
Funding to joint ventures (2) (5) (15)
Repayments of funding from joint ventures 3 2 5
Net cash inflow (outflow) from acquisitions and disposals 1 (3) (10)
Net cash inflow before management of liquid resources and 336 142 418
financing
Management of liquid resources
(Increase) decrease in short-term deposits (175) - 1
Financing
Proceeds from issue of Ordinary Shares 10 - 5
Capital element of finance lease payments 11b - (1) (2)
Net decrease in total debt 11b (75) (140) (425)
Net cash outflow from financing (65) (141) (422)
Increase (decrease) in cash 11b 96 1 (3)
Decrease in net debt 11b 346 142 423
The accompanying notes are an integral part of this consolidated cash flow
statement.
Notes to Financial Statements
1 Basis of preparation
The interim accounts for the half year ended 31 December 2003 have been prepared
in accordance with accounting policies consistent with those applied in the
accounts for the year ended 30 June 2003, which were approved by the Directors
on 11 August 2003, with the exception of the change in accounting policy
following the adoption of UITF abstract 38 "Accounting for ESOP trusts", for
which the half year and full year results for 2002/03 have been restated (see
note 10 (iv)). The interim accounts for the six months ended 31 December 2003 do
not constitute statutory accounts and are unaudited, but have been formally
reviewed by Deloitte & Touche LLP. Their report is not modified in any respect.
The interim accounts were approved by the board on 10 February 2004.
The financial information for the 2002/2003 full year is extracted from the
financial statements for that year, with the exception of the restatement
arising from the change in accounting policy described above, which have been
filed with the Registrar of Companies. The auditors' report on those financial
statements was unqualified and did not contain any statement under section
237(2) or (3) of the Companies Act 1985.
2 Turnover
The Group's turnover, whilst deriving from one class of business, has been
analysed as follows:
2003/2004 2002/2003 2002/2003
Half year Half year Full year
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
DTH subscribers 1,285 1,112 2,341
Cable subscribers 103 98 202
Advertising 147 133 284
Interactive 147 91 218
Other 84 77 141
1,766 1,511 3,186
3 Operating expenses, net
Before Before
goodwill Goodwill goodwill Goodwill
and and 2003/2004 and and 2002/2003 2002/2003
exceptional exceptional Half year exceptional exceptional Half year Full year
items items Total items items Total Total
as restated as restated as restated as restated
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (audited)
Programming (i) 783 - 783 744 - 744 1,604
Transmission 77 - 77 74 - 74 143
and related
functions (i)
Marketing 215 - 215 216 - 216 400
Subscriber 191 - 191 161 - 161 324
management
Administration (ii) 131 58 189 122 64 186 359
Betting 86 - 86 40 - 40 108
1,483 58 1,541 1,357 64 1,421 2,938
(i) The amounts shown are net of GBP8 million (2002/2003: half year GBP7
million; full year GBP12 million) receivable from the disposal of
programming rights not acquired for use by the Group, and GBP13 million
(2002/2003: half year GBP12 million; full year GBP26 million) in respect of
the provision to third party broadcasters of spare transponder capacity.
(ii) Administration costs for the 2002/03 full year include goodwill and
exceptional items of GBP117 million.
4 Exceptional items, net of tax
2003/2004 2002/2003 2002/2003
Half year Half year Full year
credit charge credit (charge)
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
Release of provision against ITV Digital programming debtors (iii) - - 3
Exceptional operating items - - 3
Profit on disposal of fixed asset investments (i) 2 - -
Amounts written back to (written off) fixed asset investments, net (ii) 24 (21) (15)
Recognition of deferred tax asset (iv) - - 123
Total exceptional items* 26 (21) 111
*Total exceptional items for the half year ended 31 December 2003 are net of a
tax charge of nil (2002/2003 half year: GBP2 million tax charge; 2002/2003 full
year: GBP121 million net tax credit).
(i) Profit on disposal of fixed asset investments
On 7 October 2003, the Group disposed of its listed investment in Manchester
United plc, realising a profit on disposal of GBP2 million (see note 9).
(ii) Amounts (written back to) written off fixed asset investments, net
2003
The Group reduced its provision against its minority equity investments in
football clubs by GBP33 million, following the disposal of its investment in
Manchester United plc in October 2003 for GBP62 million in cash. The Group also
increased its provision against its remaining minority equity investments in
football clubs by a further GBP9 million.
2002
At 31 December 2002, the Group made a provision against its minority investments
in football clubs, leading to a non-cash exceptional charge of GBP21 million.
At 31 December 2002, the Group reduced its deferred revenue balance relating to
minority investments in new media companies by GBP5 million, and reduced both
its investment and its provision against the investment in these companies
accordingly.
At 31 December 2002, the Group made a provision against its investment in Open
TV shares, leading to a non-cash exceptional charge of GBP3 million, bringing
the carrying value of the Group's investment in Open TV to nil.
In addition to the items noted above, the Group reduced its provision against
its investment in Chelsea Village plc at 30 June 2003 by GBP3 million, following
the agreement to sell its minority investment in July 2003.
(iii) Release of provision against ITV Digital programming debtors
The Group had provided in full against all unprovided balances owed by ITV
Digital, following the announcement by the administrators of ITV Digital on 30
April 2002 to close the pay television services on the ITV Digital platform and
close the administration. During 2003, the Group received GBP5 million from ITV
Digital's administrators and released GBP5 million of its exceptional operating
provision accordingly (GBP3 million net of tax charge).
(iv) Recognition of deferred tax asset
Following a review of the forecast utilisation of tax losses within the Group,
and as a consequence of a planned reorganisation of certain assets within the
Group, there was sufficient evidence at 30 June 2003 to support the recognition
of a deferred tax asset arising on losses incurred in the Company. Accordingly,
a deferred tax credit of GBP123 million was recognised as an exceptional item.
5 Tax on profit on ordinary activities
Analysis of charge (credit) in period:
2003/2004 2002/2003 2002/2003
Half year Half year Full year
charge (credit) charge (credit) charge (credit)
as restated as restated
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
Current tax (i)
UK corporation tax 69 29 87
Adjustment in respect of prior years (8) - -
61 29 87
Deferred tax:
Origination and reversal of timing differences (i) 8 (36) (149)
Increase (decrease) in estimate of recoverable deferred 5 7 (2)
tax asset in respect of prior years
Total deferred tax 13 (29) (151)
Share of joint ventures' tax charge - 1 2
74 1 (62)
(i) The current tax charge for the half year to 31 December 2003 includes an
exceptional charge of nil (2002/2003 half year: GBP2 million; 2002/2003
full year: GBP2 million). The deferred tax charge for the half year to 31
December 2003 includes an exceptional charge of nil (2002/2003 half year:
nil; 2002/2003 full year: credit of GBP123 million).
(ii) At 31 December 2003, a deferred tax asset of GBP18 million (2002/2003: half
year GBP134 million; full year GBP17 million) principally arising from UK
losses in the Group has not been recognised. These losses can be offset
only against taxable profits generated in the entities concerned. Although
the Directors ultimately expect sufficient profits to arise, there is
currently insufficient evidence to support recognition of a deferred tax
asset relating to these losses. The losses are available to be carried
forward indefinitely under current law.
6 Equity dividends
2003/2004 2002/2003 2002/2003
Half year Half year Full year
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
Equity dividends
- interim dividend of 2.75p (2002/2003 half year: nil; 2002/2003 full 53 - -
year: nil) per Ordinary Share
7 Earnings (loss) per share
Basic earnings (loss) per share represents the profit (loss) on ordinary
activities after taxation attributable to the equity shareholders, divided by
the weighted average number of Ordinary Shares in issue during the period, less
the weighted average number of shares held in the Group's employee Share
Ownership Plan ("ESOP") trust during the period.
Diluted earnings (loss) per share represents the profit (loss) on ordinary
activities after taxation attributable to the equity shareholders, divided by
the weighted average number of Ordinary Shares in issue during the period, less
the weighted average number of shares held in the Group's ESOP trust during the
period plus the weighted average number of dilutive shares resulting from share
options and other potential shares outstanding during the period (see below).
The weighted average number of shares in the period was:
2003/2004 2002/2003 2002/2003
Half year Half year Full year
millions millions millions
of shares of shares of shares
(unaudited) (unaudited) (audited)
Ordinary Shares 1,938 1,905 1,921
ESOP trust shares (2) (6) (6)
Basic shares 1,936 1,899 1,915
Dilutive Ordinary Shares from share options and other potential Ordinary 6 42 27
Shares outstanding
Diluted shares 1,942 1,941 1,942
8 Intangible assets
The movement in the period was as follows:
Goodwill
GBPm
(unaudited)
Net book value at 1 July 2003 536
Amortisation (58)
Net book value at 31 December 2003 478
Goodwill of GBP272 million, GBP542 million and GBP5 million, arising on the
acquisitions of Sports Internet Group ("SIG"), British Interactive Broadcasting
("BiB") and WAPTV Limited respectively, is being amortised over periods of seven
years on a straight-line basis.
In accordance with FRS 11, impairment reviews were performed on the carrying
values of BiB and SIG goodwill balances at the end of the first full financial
year after acquisition, at 30 June 2002. These reviews showed that no impairment
was identified in either case. Consistent with the Group strategy, the business
plans on which these reviews were based reflected significant projected
increases in betting and other interactive revenues over the subsequent five
years and the carrying value of the goodwill is therefore heavily dependent on
the forecast performance of and projections for these businesses.
9 Fixed asset investments
31 December 31 December 30 June
2003 2002 2003
as restated as restated
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
Investments in joint ventures 34 28 30
Other investments 3 41 44
Total investments 37 69 74
Other investments
2003
On 7 October 2003, the Group announced that it had sold its entire holding in
Manchester United plc for GBP62 million, recognising a profit on disposal of
GBP2 million following the release of GBP33 million provision previously held
against the investment, effective as at 30 September 2003.
The Group has increased its provision against its remaining minority equity
investments in football clubs by a further GBP9 million.
2002
At 31 December 2002, the Group made a further provision against its minority
equity investments in football clubs leading to a non-cash exceptional charge of
GBP21 million.
At 31 December 2002, the Group reduced its deferred revenue balance relating to
minority investments in new media companies by GBP5 million, and reduced both
its investment and provision against the investment in these companies
accordingly.
At 31 December 2002, the Group made a provision against its investment in Open
TV shares, leading to a non-cash exceptional charge of GBP3 million. This
reduced the carrying value of the Group's investment in Open TV to nil.
In addition to the items noted above, the Group reduced its provision against
its investment in Chelsea Village plc at 30 June 2003 by GBP3 million, following
the agreement to sell its minority investment in July 2003.
10 Reconciliation of movement in shareholders' deficit
Total equity
Share Share Shares to Merger Special ESOP Profit and shareholders'
capital premium be issued reserve reserve reserve loss account deficit
(i) (ii) (iii) (ii) (iii) (iv)
GBPm GBPm GBPm GBPm GBPm GBPm GBPm GBPm
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
At 1 969 2,536 3 299 - (35) (3,924) (152)
July
2003 -
as
restated
Issue of 1 12 (3) - - - - 10
share
capital
ESOP - - - - - 26 12 38
shares
utilised
Profit - - - - - - 77 77
for the
financial
period
Share - (1,120) - - 14 - 1,106 -
premium
reduction
Transfer - - - (37) - - 37 -
from
merger
reserve
At 31 970 1,428 - 262 14 (9) (2,692) (27)
December
2003
(i) During the period the Company issued shares with a market value of GBP14
million (2002/2003: half year GBP1 million; full year GBP6 million) in
respect of the exercise of options awarded under various share option
schemes, with GBP10 million (2002/2003: half year nil; full year GBP5
million) received from employees.
(ii) On 30 September 2003, the Company issued 338,755 Ordinary Shares to satisfy
the remaining contingent consideration in respect of the acquisition of the
remaining 5% interest in WAPTV Limited which occurred in May 2001.
(iii)On 10 December 2003, the High Court approved a reduction in the Company's
share premium account of GBP1,120 million, as approved by the Company's
shareholders at the Annual General Meeting held on 14 November 2003. The
reduction had the effect of eliminating the Company's deficit on its profit
and loss account at 30 September 2003 of GBP1,106 million, and creating a
non-distributable special reserve of GBP14 million, which represents the
excess of the share premium reduction over the deficit. The Company's
balance sheet and profit and loss account are not presented within this
interim statement.
(iv) At 31 December 2003, the Group's ESOP held 1,280,337 Ordinary Shares in the
Company at an average value of GBP6.72 per share. The 4,176,675 shares
utilised during the period relate to the exercise of Long Term Incentive
Plan ("LTIP") and Key Contributor Plan ("KCP") awards. As a result of the
adoption of UITF abstract 38, the Group's ESOP shares, which were
previously held within investments, are now presented as a deduction from
shareholders' funds. In addition the brought forward profit and loss
reserve at 1 July 2003 was reduced by GBP12 million. The impact of adopting
UITF abstract 38 was accordingly to reduce net assets at 1 July 2003 by
GBP47 million, and to reduce profit for the year to 30 June 2003 by GBP6
million (profit for the 6 months to 31 December 2002: GBP4 million
decrease).
11 Notes to consolidated cash flow statement
a) Reconciliation of operating profit to operating cash flows
2003/2004 2002/2003 2002/2003
Half year Half year Full year
as restated as restated
GBPm GBPm GBPm
(unaudited) (unaudited) (audited)
Operating profit 225 90 248
Depreciation 58 44 98
Amortisation of goodwill and other intangible assets 58 64 121
Loss on disposal of fixed assets 1 - -
Decrease in working capital 62 57 198
Provisions utilised, net (3) - (1)
Net cash inflow from operating activities 401 255 664
b) Analysis of changes in net debt
At 31
At 1 July December
2003 Cash flow 2003
GBPm GBPm GBPm
(audited) (unaudited) (unaudited)
Overnight deposits 33 68 101
Other cash 14 28 42
47 96 143
Short-term deposits - 175 175
Cash at bank and in hand 47 271 318
Debt due after more than one year (1,144) 75 (1,069)
Finance leases (8) - (8)
Total debt (1,152) 75 (1,077)
Total net debt (1,105) 346 (759)
12 Regulatory update
EC Investigation - FAPL
The European Commission has undertaken investigations into a number of
agreements, decisions or practices leading to the acquisition of broadcast
rights to football events within the EEA, including the sale of exclusive
broadcast rights to Premier League football by the Football Association Premier
League Limited ("FAPL"). On 21 June 2002, BSkyB Limited and the FAPL notified
BSkyB Limited's current agreements for the broadcast of FAPL football matches to
the European Commission seeking either a clearance or an exemption from Article
81 of the EC Treaty. The FAPL has also notified the rules of the FAPL to the
European Commission. On 20 December 2002, the European Commission issued a
Statement of Objections to the FAPL outlining certain concerns in respect of the
FAPL's joint selling of broadcast rights to Premier League football. Since June
2003, the Group has received several requests for information from the European
Commission concerning the bidding process undertaken by the FAPL in relation to
the sale of Premier League football rights in respect of the three year period
2004-2007. In August and October 2003, the FAPL announced that the Group has
been awarded (subject to contract) all four packages of exclusive live UK rights
to FAPL football and two "near live" packages of UK rights to FAPL football
(both on a delayed basis), four of the five packages of live rights in Ireland
and two "near live" packages of rights in Ireland from the beginning of the
2004/2005 season to the end of the 2006/07 season. On 16 December 2003 the
European Commission announced that a provisional agreement had been reached with
the FAPL regarding the joint selling of the media rights to Premier League
matches and that a provisional agreement had been reached with BSkyB regarding
its recent acquisition of TV rights to those matches. Under the provisional
agreement with BSkyB, BSkyB has agreed to offer to sublicense a set of up to
eight premier league matches each season to another broadcaster. These
provisional agreements will be submitted for third party comments as the
European Commission formalises its position.
EC Investigation - Movie Contracts
The European Commission is investigating the terms on which movies produced by
major US movie studios are supplied to distributors, including pay TV operators,
throughout the European Union. The Group is co-operating with this
investigation. At this stage, the Group is unable to determine whether it will
have a material effect on the Group and its financial results.
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.
BRITISH SKY BROADCASTING GROUP PLC
Date: 11 February 2004 By: /s/ Dave Gormley
Dave Gormley
Company Secretary