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 2004
12 May 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 period ended March 31, 2004
British Sky Broadcasting Group plc
Consolidated Profit and Loss Account for the nine months ended 31 March 2004
2003/2004 2002/2003
Before Goodwill and Before Goodwill and
goodwill and exceptional Nine goodwill and exceptional Nine
exceptional items months exceptional items months
items ended 31 items ended 31
March March
Total as as Total
restated* restated* as
restated*
GBPm GBPm GBPm GBPm GBPm GBPm
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
-------------------------------------------------------------------------------------------------------------------------------
Turnover: Group and share of joint ventures'
turnover 2,759 - 2,759 2,388 - 2,388
Less: share of joint ventures' turnover (62) - (62) (57) - (57)
Group turnover 1 2,697 - 2,697 2,331 - 2,331
-------------------------------------------------------------------------------------------------------------------------------
Operating expenses, net 2 (2,259) (87) (2,346) (2,082) (93) (2,175)
-------------------------------------------------------------------------------------------------------------------------------
Operating profit (loss) 438 (87) 351 249 (93) 156
-------------------------------------------------------------------------------------------------------------------------------
Share of joint ventures' operating results (4) (4) 1 - 1
Profit on disposal of fixed asset investments 3(i) - 51 51 - - -
Amounts written back to (written off) fixed asset
investments, net 3(ii) - 24 24 - (18) (18)
Profit (loss) on ordinary activities before
interest and taxation 434 (12) 422 250 (111) 139
-------------------------------------------------------------------------------------------------------------------------------
Interest receivable and similar income 5 - 5 3 - 3
Interest payable and similar charges (68) - (68) (93) - (93)
Profit (loss) on ordinary activities before taxation 371 (12) 359 160 (111) 49
-------------------------------------------------------------------------------------------------------------------------------
Tax on profit (loss) on ordinary activities (116) - (116) (21) - (21)
Profit (loss) on ordinary activities after taxation 255 (12) 243 139 (111) 28
-------------------------------------------------------------------------------------------------------------------------------
Equity dividends (53) -
Retained profit for the financial period 190 28
-------------------------------------------------------------------------------------------------------------------------------
Earnings per share - basic 12.5p 1.5p
Earnings per share - diluted 12.5p 1.5p
-------------------------------------------------------------------------------------------------------------------------------
* The results for the nine months ended 31 March 2003 have been restated
following the adoption of UITF abstract 38 "Accounting for ESOP trusts".
Consolidated Profit and Loss Account for the three months ended 31 March 2004
2003/2004 2002/2003
Before Goodwill and Before Goodwill and
goodwill and exceptional Three goodwill and exceptional Three
exceptional items months exceptional items months
items ended items ended 31
31 March March
Total as as Total
restated* restated* as restated*
GBPm GBPm GBPm GBPm GBPm GBPm
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
---------------------------------------------------------------------------------------------------------------------------------
Turnover: Group and share of joint ventures' turnover 950 - 950 838 - 838
Less: share of joint ventures' turnover (19) - (19) (19) - (19)
Group turnover 931 - 931 819 - 819
---------------------------------------------------------------------------------------------------------------------------------
Operating expenses, net (776) (29) (805) (724) (29) (753)
---------------------------------------------------------------------------------------------------------------------------------
Operating profit (loss) 155 (29) 126 95 (29) 66
---------------------------------------------------------------------------------------------------------------------------------
Share of joint ventures' operating results 1 - 1 (1) - (1)
Profit on disposal of fixed asset investments - 49 49 - - -
Amounts written back to fixed asset investments, net - - - - 1 1
Profit (loss) on ordinary activities before interest
and taxation 156 20 176 94 (28) 66
---------------------------------------------------------------------------------------------------------------------------------
Interest receivable and similar income 2 - 2 - - -
Interest payable and similar charges (23) - (23) (30) - (30)
Profit (loss) on ordinary activities before taxation 135 20 155 64 (28) 36
---------------------------------------------------------------------------------------------------------------------------------
Tax (charge) credit on profit (loss) on ordinary
activities (42) - (42) (22) 2 (20)
Profit (loss) on ordinary activities after taxation 93 20 113 42 (26) 16
---------------------------------------------------------------------------------------------------------------------------------
Equity dividends - -
Retained profit for the financial period 113 16
---------------------------------------------------------------------------------------------------------------------------------
Earnings per share - basic 5.8p 0.8p
Earnings per share - diluted 5.8p 0.8p
---------------------------------------------------------------------------------------------------------------------------------
*The results for the three months ended 31 March 2003 have been restated
following the adoption of UITF abstract 38 "Accounting for ESOP trusts".
Notes:
1. Turnover
2003/2004 2002/2003
Nine months Nine months
ended ended
31 March 31 March
GBPm GBPm
(unaudited) (unaudited)
DTH subscribers 1,973 1,726
Cable subscribers 160 146
Advertising 223 204
Interactive 219 146
Other 122 109
2,697 2,331
-----------------------------------------------------------------------------------------------------------------------
2. Operating expenses, net
2003/2004 2002/2003
Nine months Nine months
ended ended
Before 31 March Before 31 March
goodwill Goodwill Total goodwill Goodwill Total
GBPm GBPm GBPm GBPm GBPm GBPm
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Programming (i) 1,248 - 1,248 1,168 - 1,168
Transmission and related functions
(i) 115 - 115 108 - 108
Marketing 299 - 299 312 - 312
Subscriber management 279 - 279 242 - 242
Administration 195 87 282 185 93 278
Betting 123 - 123 67 - 67
2,259 87 2,346 2,082 93 2,175
-----------------------------------------------------------------------------------------------------------------------
(i) The amounts shown are net of GBP10 million (2002/2003 nine months ended 31
March: GBP9 million) receivable from the disposal of programming rights not
acquired for use by the Group, and GBP21 million (2002/2003 nine months ended 31
March: GBP19 million) in respect of the provision to third party broadcasters of
spare transponder capacity.
3. Exceptional items
(i) Profit on disposal of fixed asset investments
On 1 March 2004, the Group sold its 20% shareholding in QVC (UK), operator of
QVC - The Shopping Channel, for GBP49 million in cash, realising a profit on
disposal of GBP49 million. The profit on disposal is a non-operating exceptional
item as defined by FRS 3 "Reporting Financial Performance"and is therefore
recorded as an exceptional item below operating profit.
On 7 October 2003, the Group disposed of its listed investment in Manchester
United plc, realising a profit on disposal of GBP2 million. The profit on
disposal is a non-operating exceptional item as defined by FRS 3 "Reporting
Financial Performance"and is therefore recorded as an exceptional item below
operating profit.
(ii) Amounts written back to (written off) fixed asset investments, net
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. The reduction of GBP33 million in the
provision is recorded as an exceptional item below operating profit as it
relates directly to the disposal of the investment in Manchester United plc as
detailed above. The increase of GBP9 million in the remaining provision is
recorded as an exceptional item below operating profit due to the distortion
that its inclusion within operating expenses would have on the individual
operating expenses line item to which it was attributed.
4. Basis of preparation
The Consolidated Profit and Loss Account presentation includes the Group's
results before goodwill and exceptional items in addition to results after
goodwill and exceptional items as this presentation provides an alternative
basis that may be used to assess the ongoing operating performance of the Group.