Twenty-First Century Fox 2003 Annual Report Download - page 55

53The News Corporation Limited
Directors’ Report (continued)
FOR THE YEAR ENDED 30 JUNE, 2003
Principal Activities of the Group
The principal activities of the Group during the financial year were:
•filmed entertainment;
•television;
•direct broadcast satellite television;
•cable network programming;
•magazines and inserts;
•newspapers; and
•book publishing.
The principal activities of associated entities include:
•satellite, television, cable and direct broadcast satellite television;
•newspaper publishing; and
•print and electronic television guidance applications.
Group Results
The net profit attributable to members of the parent entity was $1,808 million (2002 $11,962 million loss). This result is after
absorbing the after tax Other revenues and Other expenses of $163 million net expense (2002 $11,989 million net expense) and
the profit from associated entities’ Other items of $70 million (2002 $1,120 million loss).
Dividends
The following dividends have been declared since the beginning of the financial year:
a) The Directors of The News Corporation Limited recommend the payment on 15 October, 2003 of a final unfranked dividend of
1.5 cents per ordinary share and 3.75 cents per preferred limited voting ordinary share on the issued shares at 12 September,
2003, the entitlement date for the final dividend. The final dividend has not been provided for in the attached financial
statements in accordance with the Group’s accounting policy, as the dividend was not declared and announced by the Directors
prior to 30 June, 2003. A discount of 10% will apply to the weighted average market price of the ordinary and preferred limited
voting ordinary shares used to determine the respective entitlements under the Dividend Reinvestment Plan.
b) On 30 April, 2003 an interim unfranked dividend, in respect of profits for the year ended 30 June, 2003 of 1.5 cents per
ordinary share and 3.75 cents per preferred limited voting ordinary share totalling $152 million was paid or distributed
according to the operation of the Group’s Dividend Reinvestment Plan.
c) On 9 October, 2002 a final unfranked dividend of 1.5 cents per ordinary share and 3.75 cents per preferred limited voting ordinary
share totalling $152 million was paid or distributed according to the operation of the Group’s Dividend Reinvestment Plan.
d) Unfranked dividends declared on the outstanding perpetual preference shares during the year amounted to $47 million.
Review of Operations
A review of the operations of the Group during the financial year and of the results of those operations is detailed in the front section
of this Annual Report.
State of Affairs of the Group during the Financial Year
The Directors are not aware of any significant change in the state of affairs of the Group that occurred during the financial year
which has not been covered elsewhere in this Annual Report.
Likely Developments
Other than matters referred to in this report and in the state of affairs of the Group in the review of operations, the Directors have no
reference to make to likely developments in the operations of the Group and the expected results of those operations in subsequent
financial years. In the opinion of the Directors, any further disclosure would prejudice the interests of the Group.