Twenty-First Century Fox 2004 Annual Report Download - page 63

Download and view the complete annual report

Please find page 63 of the 2004 Twenty-First Century Fox annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 87

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87

Statement of Financial Position
Total assets as at 30 June, 2004 increased $6.0 billion from the prior year to $73.7 billion. The major changes occurred in the
following:
• Investments in associated entities increased by $9.4 billion, primarily reflecting the acquisition of DIRECTV for $9.3
billion (being cash of $4.2 billion and shares issued of $5.1 billion).
• The reduction in other investments is primarily due to the sale of the shares in SKY PerfecTV! during the year and the
return of capital invested in the form of a special dividend from Monarchy Enterprises Holdings B.V.
• The reduction in publishing rights, titles and television licences primarily reflect the decline of the US dollar and the
sale of the Los Angeles Dodgers.
• The reduction in property, plant and equipment is due to depreciation exceeding capital expenditures, the sale of the
Los Angeles Dodgers and the decline of the US dollar.
• Total liabilities as at 30 June, 2004 declined $0.8 billion from the prior year to $28.2 billion. The major changes occurred
in the following:
• Interest bearing liabilities were consistent with the prior year with $1.0 billion in New Millennium debt reclassified
from outside equity interest being offset by net debt repayments of $0.5 billion and the decline of the US dollar.
• The reduction in total payables of $1.2 billion primarily reflects the decline of the US dollar, $0.4 billion reduction in
payables relating to sports and other television program rights and various other movements.
Statement of Cash Flows
Overall cash decreased by $0.9 billion due to the following:
• Cash provided by operating activities was $3.4 billion primarily due to operating profit before depreciation of $3.2
billion.
• Cash used in investing activities was $4.3 billion. Net investment spending was $5.1 billion, reflecting cash paid for
DIRECTV of $4.2 billion, businesses acquired of $0.3 billion as well as continued investments into various cable and pay
television channels and platforms worldwide. Capital expenditures amounted to $0.5 billion. These were offset by $1.2
billion in proceeds from disposal of non current assets, the most significant of which were the sale of the LA Dodgers,
the sale of the Staples Center investment and the sale of shares in SKY PerfecTV!.
• Cash provided by financing activities was $0.2 billion. Net long term debt repayments of $0.5 billion and dividend
payments of $0.3 billion were offset by a reduction in cash on deposit of $0.2 billion and proceeds from issuance of shares
of $0.8 billion, of which $0.7 billion related to exercise of Liberty Media’s share options in October 2003.
61
NEWS CORPORATION CONCISE REPORT 2004
Discussion and Analysis of the Financial Statements
(continued)
for the year ended 30 June, 2004