FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of January 2009
28 January 2009
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 Registration Statements on Form F-3 (SEC File No. 333-08246), Form F-3/S-3 (SEC File No. 333-106837) and Form F-3/S-3 (SEC File No. 333-120775) filed by the Registrant under the Securities Act of 1933
EXHIBIT INDEX
Exhibit
EXHIBIT NO. 1 Press release of British Sky
Broadcasting Group plc announcing 6K Accounting Release released
on 28 January 2009
|
|
2008/09
|
2007/08
|
2007/08
|
|||||
|
|
Half year
|
Half year
|
Full year
|
|||||
|
Notes
|
£ million
|
£ million
|
£ million
|
|||||
|
|
|
|
|
|||||
Revenue
|
2
|
2,601
|
2,458
|
4,952
|
|||||
Operating expense
|
3
|
(2,216)
|
(2,163)
|
(4,228)
|
|||||
Operating profit
|
|
385
|
295
|
724
|
|||||
|
|
|
|
|
|||||
Share of results of joint ventures and
associates
|
|
10
|
8
|
15
|
|||||
Investment income
|
|
28
|
19
|
47
|
|||||
Finance costs
|
|
(88)
|
(82)
|
(177)
|
|||||
Profit on disposal of joint venture
|
4
|
-
|
67
|
67
|
|||||
Impairment of available-for-sale
investment
|
5
|
(59)
|
(343)
|
(616)
|
|||||
Profit (loss) before tax
|
|
276
|
(36)
|
60
|
|||||
|
|
|
|
|
|||||
Taxation
|
|
(110)
|
(76)
|
(187)
|
|||||
Profit (loss) for the
period
|
|
166
|
(112)
|
(127)
|
|||||
|
|
|
|
|
|||||
Earnings (loss) per share from profit
(loss) for the period (in pence)
|
|
|
|
|
|||||
Basic
|
6
|
9.5p
|
(6.4p)
|
(7.3p)
|
|||||
Diluted
|
6
|
9.5p
|
(6.4p)
|
(7.3p)
|
|||||
|
|
|
|
|
|
|
2008/09
|
2007/08
|
2007/08
|
|||||
|
|
Half year
|
Half year
|
Full year
|
|||||
|
|
£ million
|
£ million
|
£ million
|
|||||
|
|
|
|
|
|||||
Profit (loss) for the
period
|
|
166
|
(112)
|
(127)
|
|||||
|
|
|
|
|
|||||
Net profit (loss)
recognised directly in equity
|
|
|
|
|
|||||
Loss on available-for-sale
investment
|
|
-
|
(192)
|
(192)
|
|||||
Gains on cash flow hedges
taken to equity
|
|
601
|
11
|
43
|
|||||
Tax on cash flow hedges
|
|
(168)
|
(3)
|
(13)
|
|||||
Exchange differences on translation
of foreign operations
|
|
26
|
-
|
4
|
|||||
|
|
459
|
(184)
|
(158)
|
|||||
Amounts reclassified and
reported in the income statement
|
|
|
|
|
|||||
Cash flow hedges
|
|
(406)
|
(2)
|
2
|
|||||
Tax on cash flow hedges
|
|
113
|
-
|
-
|
|||||
Transfer to income statement on impairment of
available-for-sale
investment
|
|
-
|
343
|
343
|
|||||
|
|
(293)
|
341
|
345
|
|||||
Net profit recognised directly in
equity
|
|
166
|
157
|
187
|
|||||
Total recognised income and expense for
the period
|
|
332
|
45
|
60
|
|
|
2008/09
Three months
ended 31 December
£ million
|
2007/08
Three months
ended 31 December
£ million
|
|
|
|
|
|
|
|
|
Revenue
|
|
1,352
|
1,273
|
Operating expense
|
|
(1,146)
|
(1,121)
|
Operating profit
|
|
206
|
152
|
|
|
|
|
Share of results from joint ventures and
associates
|
|
6
|
5
|
Investment income
|
|
9
|
4
|
Finance costs
|
|
(39)
|
(42)
|
Profit on disposal of joint venture
|
|
-
|
67
|
Impairment of available-for-sale
investment
|
|
(35)
|
(343)
|
Profit (loss) before tax
|
|
147
|
(157)
|
|
|
|
|
Taxation
|
|
(54)
|
(39)
|
Profit (loss) for the
quarter
|
|
93
|
(196)
|
|
|
|
|
Earnings per share from profit (loss)
for the quarter (in pence)
|
|
|
|
Basic
|
|
5.3
|
(11.2)
|
Diluted
|
|
5.3
|
(11.2)
|
|
|
|
|
|
|
|
31 December
|
31 December
|
30 June
|
||||||
|
|
|
2008
|
2007
|
2008
|
||||||
|
|
Notes
|
£ million
|
£ million
|
£ million
|
||||||
|
|
|
|
|
|
||||||
Non-current assets
|
|
|
|
|
|
||||||
Goodwill
|
|
|
852
|
845
|
852
|
||||||
Intangible assets
|
|
|
325
|
283
|
303
|
||||||
Property, plant and equipment
|
|
|
751
|
682
|
722
|
||||||
Investments in joint ventures and
associates
|
|
|
145
|
106
|
114
|
||||||
Available-for-sale-investments
|
|
|
279
|
611
|
338
|
||||||
Deferred tax assets
|
|
|
-
|
47
|
23
|
||||||
Trade and other receivables
|
|
|
17
|
36
|
19
|
||||||
Derivative financial assets
|
|
|
582
|
8
|
13
|
||||||
|
|
|
2,951
|
2,618
|
2,384
|
||||||
|
|
|
|
|
|
||||||
Current assets
|
|
|
|
|
|
||||||
Inventories
|
|
|
630
|
664
|
310
|
||||||
Trade and other receivables
|
|
|
705
|
570
|
566
|
||||||
Short-term deposits
|
|
|
165
|
1
|
185
|
||||||
Cash and cash equivalents
|
|
|
1,088
|
389
|
632
|
||||||
Derivative financial assets
|
|
|
178
|
5
|
5
|
||||||
|
|
|
2,766
|
1,629
|
1,698
|
||||||
|
|
|
|
|
|
||||||
Total assets
|
|
|
5,717
|
4,247
|
4,082
|
||||||
|
|
|
|
|
|
||||||
Current liabilities
|
|
|
|
|
|
||||||
Borrowings
|
|
|
958
|
98
|
338
|
||||||
Trade and other payables
|
|
|
1,822
|
1,627
|
1,294
|
||||||
Current tax liabilities
|
|
|
203
|
138
|
151
|
||||||
Provisions
|
|
|
26
|
10
|
27
|
||||||
Derivative financial liabilities
|
|
|
62
|
21
|
83
|
||||||
|
|
|
3,071
|
1,894
|
1,893
|
||||||
|
|
|
|
|
|
||||||
Non-current liabilities
|
|
|
|
|
|
||||||
Borrowings
|
|
|
2,553
|
2,038
|
2,108
|
||||||
Trade and other payables
|
|
|
62
|
96
|
67
|
||||||
Provisions
|
|
|
14
|
37
|
22
|
||||||
Derivative financial liabilities
|
|
|
3
|
240
|
160
|
||||||
Deferred tax liability
|
|
|
35
|
-
|
-
|
||||||
|
|
|
2,667
|
2,411
|
2,357
|
||||||
|
|
|
|
|
|
||||||
Total liabilities
|
|
|
5,738
|
4,305
|
4,250
|
||||||
|
|
|
|
|
|
||||||
Shareholders' deficit
|
|
8
|
(21)
|
(58)
|
(168)
|
||||||
|
|
|
|
|
|
||||||
Total liabilities and shareholders'
deficit
|
|
|
5,717
|
4,247 |
4,082
|
|
|
|
2008/09
|
2007/08
|
2007/08
|
||||||
|
|
|
Half year
|
Half year
|
Full year
|
||||||
|
|
Notes
|
£ million
|
£ million
|
£ million
|
||||||
|
|
|
|
|
|
||||||
Cash flows from operating
activities
|
|
|
|
|
|
||||||
Cash generated from operations
|
|
9
|
588
|
429
|
997
|
||||||
Interest received
|
|
|
30
|
22
|
43
|
||||||
Taxation paid
|
|
|
(56)
|
(80)
|
(163)
|
||||||
Net cash from operating
activities
|
|
|
562
|
371
|
877
|
||||||
|
|
|
|
|
|
||||||
Cash flows from investing
activities
|
|
|
|
|
|
||||||
Dividends received from joint ventures and
associates
|
|
|
11
|
5
|
11
|
||||||
Net funding to joint ventures and
associates
|
|
|
(2)
|
(2)
|
(6)
|
||||||
Purchase of property, plant and equipment
|
|
|
(126)
|
(91)
|
(215)
|
||||||
Purchase of intangible assets
|
|
|
(68)
|
(62)
|
(124)
|
||||||
Purchase of available-for-sale
investments
|
|
|
-
|
(7)
|
(6)
|
||||||
Purchase of subsidiaries (net of cash and cash
equivalents purchased)
|
|
|
-
|
(71)
|
(72)
|
||||||
Proceeds from the sale of subsidiaries
|
|
|
-
|
-
|
3
|
||||||
Decrease (increase) in short-term
deposits
|
|
|
20
|
14
|
(170)
|
||||||
Net cash used in investing
activities
|
|
|
(165)
|
(214)
|
(579)
|
||||||
|
|
|
|
|
|
||||||
Cash flows from financing
activities
|
|
|
|
|
|
||||||
Proceeds from borrowings
|
|
|
398
|
54
|
383
|
||||||
Repayment of borrowings
|
|
|
(32)
|
(8)
|
(16)
|
||||||
Repayment of obligations under finance
leases
|
|
|
-
|
-
|
(1)
|
||||||
Proceeds from disposal of shares in Employee
Share Ownership Plan ("ESOP")
|
|
|
-
|
16
|
22
|
||||||
Purchase of own shares for ESOP
|
|
|
(40)
|
(23)
|
(45)
|
||||||
Interest paid
|
|
|
(101)
|
(86)
|
(165)
|
||||||
Dividends paid to shareholders
|
|
|
(167)
|
(156)
|
(280)
|
||||||
Net cash generated from (used in)
financing activities
|
|
|
58
|
(203)
|
(102)
|
||||||
|
|
|
|
|
|
||||||
Effect of foreign exchange rate movements
|
|
|
1
|
-
|
1
|
||||||
Net increase (decrease) in cash and cash
equivalents
|
|
|
456
|
(46)
|
197
|
||||||
|
|
|
|
|
|
||||||
Cash and cash equivalents at the beginning of
the period
|
|
|
632
|
435
|
435
|
||||||
|
|
|
|
|
|
||||||
Cash and cash equivalents at the end of
the period
|
|
|
1,088
|
389
|
632
|
|
|
2008/09
|
2007/08
|
2007/08
|
|||||
|
|
Half year
|
Half year
|
Full year
|
|||||
|
|
£ million
|
£ million
|
£ million
|
|||||
|
|
|
|
|
|||||
Retail subscription
|
|
1,987
|
1,853
|
3,769
|
|||||
Wholesale subscription
|
|
93
|
88
|
181
|
|||||
Advertising
|
|
165
|
167
|
328
|
|||||
Sky Bet
|
|
23
|
24
|
44
|
|||||
Installation, hardware and service
|
|
142
|
148
|
276
|
|||||
Other
|
|
191
|
178
|
354
|
|||||
|
|
2,601
|
2,458
|
4,952
|
|
|
2008/09
|
2007/08
|
2007/08
|
|||||
|
|
Half year
|
Half year
|
Full year
|
|||||
|
|
£ million
|
£ million
|
£ million
|
|||||
|
|
|
|
|
|||||
Programming
|
|
843
|
858
|
1,713
|
|||||
Transmission, technology and networks
|
|
339
|
254
|
542
|
|||||
Marketing
|
|
444
|
405
|
743
|
|||||
Subscriber management and supply chain
|
|
336
|
379
|
700
|
|||||
Administration
|
|
254
|
267
|
530
|
|||||
|
|
2,216
|
2,163
|
4,228
|
|
|
|
2008/09
|
2007/08
|
2007/08
|
|||||||||
|
|
|
Half year
|
Half year
|
Full year
|
|||||||||
|
|
|
Millions of shares
|
Millions of shares
|
Millions of shares
|
|||||||||
The weighted average number of shares
for the period was
|
|
|
|
|
|
|||||||||
Ordinary shares
|
|
|
1,753
|
1,753
|
1,753
|
|||||||||
ESOP trust ordinary shares
|
|
|
(13)
|
(5)
|
(5)
|
|||||||||
Basic shares
|
|
|
1,740
|
1,748
|
1,748
|
|||||||||
|
|
|
|
|
|
|||||||||
Dilutive ordinary shares from share
options
|
6
|
-
|
-
|
|
||||||||||
Diluted shares
|
|
|
1,746
|
1,748
|
1,748
|
|
2008/09
Half year
pence
|
2007/08
Half year
pence
|
2007/08
Full year
pence
|
|
|
|
|
Earnings (loss) per share from profit
(loss) for the period
|
|
|
|
Basic
|
9.5p
|
(6.4p)
|
(7.3p)
|
Diluted
|
9.5p
|
(6.4p)
|
(7.3p)
|
|
2008/09
Half year
£ million
|
2007/08
Half year
£ million
|
2007/08
Full year
£ million
|
|
|
|
|
Dividends declared and paid during the
period
|
|
|
|
2007 Final dividend paid: 8.90p per ordinary
share
|
-
|
156
|
156
|
2008 Interim dividend paid: 7.125p per ordinary
share
|
-
|
-
|
124
|
2008 Final dividend paid: 9.625p per ordinary
share
|
167
|
-
|
-
|
|
167
|
156
|
280
|
|
Share
|
Share
|
ESOP
|
Hedging
|
Available-for
|
Other
|
Retained
|
Total shareholders'
|
|||||||||
|
capital
|
premium
|
reserve
|
reserve
|
-sale reserve
|
reserves
|
earnings
|
(deficit) equity
|
|||||||||
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
£ million
|
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
At 1 July 2007
|
876
|
1,437
|
(54)
|
(25)
|
(151)
|
331
|
(2,367)
|
47
|
|||||||||
Recognition and transfer of cash flow
hedges
|
-
|
-
|
-
|
9
|
-
|
-
|
-
|
9
|
|||||||||
Tax on items taken directly to equity
|
-
|
-
|
-
|
(3)
|
-
|
-
|
(1)
|
(4)
|
|||||||||
Revaluation of available-for
sale-investment
|
-
|
-
|
-
|
-
|
(192)
|
-
|
-
|
(192)
|
|||||||||
Impairment of available-for-sale
investment
|
-
|
-
|
-
|
-
|
343
|
-
|
-
|
343
|
|||||||||
Share-based payment
|
-
|
-
|
25
|
-
|
-
|
-
|
(18)
|
7
|
|||||||||
Loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(112)
|
(112)
|
|||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
(156)
|
(156)
|
|||||||||
At 31 December 2007
|
876
|
1,437
|
(29)
|
(19)
|
-
|
331
|
(2,654)
|
(58)
|
|||||||||
Recognition and transfer of cash flow
hedges
|
-
|
-
|
-
|
36
|
-
|
-
|
-
|
36
|
|||||||||
Tax on items taken directly to equity
|
-
|
-
|
-
|
(10)
|
-
|
-
|
(2)
|
(12)
|
|||||||||
Exchange differences on translation of foreign
operations
|
-
|
-
|
-
|
-
|
-
|
4
|
-
|
4
|
|||||||||
Share-based payment
|
-
|
-
|
(8)
|
-
|
-
|
-
|
9
|
1
|
|||||||||
Loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(15)
|
(15)
|
|||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
(124)
|
(124)
|
|||||||||
At 30 June 2008
|
876
|
1,437
|
(37)
|
7
|
-
|
335
|
(2,786)
|
(168)
|
|||||||||
Recognition and transfer of cash flow
hedges
|
-
|
-
|
-
|
195
|
-
|
-
|
-
|
195
|
|||||||||
Tax on items taken directly to equity
|
-
|
-
|
-
|
(55)
|
-
|
-
|
(1)
|
(56)
|
|||||||||
Exchange differences on translation of foreign
operations
|
-
|
-
|
-
|
-
|
-
|
26
|
-
|
26
|
|||||||||
Share-based payment
|
-
|
-
|
(37)
|
-
|
-
|
-
|
20
|
(17)
|
|||||||||
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
166
|
166
|
|||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
(167)
|
(167)
|
|||||||||
At 31 December 2008
|
876
|
1,437
|
(74)
|
147
|
-
|
361
|
(2,768)
|
(21)
|
|
|
|
2008/09
|
2007/08
|
2007/08
|
||||||
|
|
|
Half year
|
Half year
|
Full year
|
||||||
|
|
|
£ million
|
£ million
|
£ million
|
||||||
|
|
|
|
|
|
||||||
Profit (loss) before tax
|
|
|
276
|
(36)
|
60
|
||||||
Depreciation of property, plant and
equipment
|
|
|
90
|
77
|
155
|
||||||
Amortisation of intangible assets
|
|
|
47
|
43
|
91
|
||||||
Profit on disposal of joint venture
|
|
|
-
|
(67)
|
(67)
|
||||||
Impairment of available-for-sale
investments
|
|
|
59
|
343
|
616
|
||||||
Share-based payment expense
|
|
|
23
|
17
|
36
|
||||||
Net finance costs
|
|
|
60
|
63
|
130
|
||||||
Share of results of joint ventures and
associates
|
|
|
(10)
|
(8)
|
(15)
|
||||||
|
|
|
545
|
432
|
1,006
|
||||||
Increase in trade and other receivables
|
|
|
(196)
|
(95)
|
(59)
|
||||||
(Increase) decrease in inventories
|
|
|
(320)
|
(264)
|
88
|
||||||
Increase (decrease) in trade and other
payables
|
|
|
583
|
349
|
(30)
|
||||||
(Decrease) increase in provisions
|
|
|
(9)
|
12
|
(2)
|
||||||
Increase in derivative financial
instruments
|
|
|
(15)
|
(5)
|
(6)
|
||||||
Cash generated from
operations
|
|
|
588
|
429
|
997
|
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: 28 January
2009 By:
/s/ Dave Gormley
Dave Gormley
Company Secretary