Twenty-First Century Fox 2007 Annual Report Download - page 56

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Management’s Discussion and Analysis of Financial Condition and Results of Operations
(continued)
repurchases of 125.3 million shares for approximately $2.0 billion in fiscal 2006. The decrease in net cash used in financing activities
was also due to an increase in net borrowings of $704 million during fiscal 2007.
The total dividends declared related to fiscal 2007 results were $0.12 per share of Class A Common Stock and $0.10 per share
of Class B Common Stock. In August 2007, the Company declared the final dividend on fiscal 2007 results of $0.06 per share for
Class A Common Stock and $0.05 per share for Class B Common Stock. This together with the interim dividend of $0.06 per share
of Class A Common Stock and a dividend of $0.05 per share of Class B Common Stock constitute the total dividend relating to fiscal
2007.
Based on the number of shares outstanding as of June 30, 2007 the total aggregate cash dividends expected to be paid to
stockholders in fiscal 2008 is approximately $365 million.
Sources and Uses of Cash–Fiscal 2006 vs. Fiscal 2005
Net cash provided by operating activities for the fiscal years ended June 30, 2006 and 2005 is as follows (in millions):
Years Ended June 30, 2006 2005
Net cash provided by operating activities $3,257 $3,371
The decrease in net cash provided by operating activities primarily reflects lower cash collections from worldwide home entertain-
ment product, which was primarily driven by the decrease in worldwide home entertainment revenues at the Filmed Entertainment
segment as compared to fiscal 2005. In addition, also contributing to the decrease was higher sports rights and higher tax pay-
ments during fiscal 2006 as compared to fiscal 2005.
Net cash used in investing activities for the fiscal years ended June 30, 2006 and 2005 is as follows (in millions):
Years Ended June 30, 2006 2005
Net cash used in investing activities $(2,060) $(303)
Cash used in investing activities during fiscal 2006 was higher than the cash used in investing activities during fiscal 2005. The
increase was primarily due to the acquisitions of Intermix, IGN and a RSN during fiscal 2006. The cash used in investing activities
during fiscal 2006 was partially offset by proceeds received from the disposition of discontinued operations as the Company sold its
TSL division for approximately $395 million in cash consideration in October 2005 and its Sky Radio division for approximately $215
million in cash consideration in April 2006. The cash received from the sale of Innova and China Netcom Group Corporation during
fiscal 2006 and cash received in advance on the sale of Sky Brasil to DIRECTV and the sale of other non-strategic investments during
fiscal 2005 also partially offset the cash used in investing activities.
Net cash used in financing activities for the fiscal years ended June 30, 2006 and 2005 is as follows (in millions):
Years Ended June 30, 2006 2005
Net cash used in financing activities $(1,932) $(681)
Net cash used in financing activities during fiscal 2006 increased from net cash used in financing activities in fiscal 2005, primarily
due to the stock repurchase program. The increase was partially offset by an increase in borrowings net of repayments during fiscal
2006 as compared to fiscal 2005.
The total dividends declared related to fiscal 2006 results were $0.12 per share of Class A Common Stock and $0.10 per share
of Class B Common Stock. In August 2006, the Company declared the final dividend on fiscal 2006 results of $0.06 per share for
Class A Common Stock and $0.05 per share for Class B Common Stock. This together with the interim dividend of $0.06 per share
of Class A Common Stock and a dividend of $0.05 per share of Class B Common Stock constitute the total dividend relating to fiscal
2006.
Issuances of Shares For Acquisitions
Approximate
amount of
issuance
Number of
Class A
shares
Number of
Class B
shares
Transaction (in millions)
Fiscal 2006
Queensland Press(a) $33 2 —
Fiscal 2005
Fox Entertainment Group(a) $14,293 1,988 —
Queensland Press(a) $ 6,359 61 308
(a) See Note 3 to the Consolidated Financial Statements of News Corporation.
NEWS CORPORATION 2007 Annual Report 55