Twenty-First Century Fox 2008 Annual Report Download - page 69

Download and view the complete annual report

Please find page 69 of the 2008 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 152

  • 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
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

NEWSCORP
Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
Sources and Uses of Cash—Fiscal 2007 vs. Fiscal 2006
Net cash provided by operating activities for the fiscal years ended June 30, 2007 and 2006 is as follows (in millions):
Years Ended June 30, 2007 2006
Net cash provided by operating activities $4,110 $3,257
The increase in net cash provided by operating activities reflects higher operating results and cash collections resulting primarily from an
increased sale of home entertainment product at the Filmed Entertainment segment during the fiscal year ended June 30, 2007. These increases
were offset by higher tax payments and higher sports rights. The higher sports rights payments reflect the renewal of several sports teams’ local
rights agreements, the addition of the BCS sports rights and higher international sports rights.
Net cash used in investing activities for the fiscal years ended June 30, 2007 and 2006 is as follows (in millions):
Years Ended June 30, 2007 2006
Net cash used in investing activities $(2,076) $(2,060)
Cash used in investing activities during fiscal 2007 was slightly higher than fiscal 2006 due to higher capital expenditures and increased
investments. Partially offsetting this increase was a reduction in the total net cash used for acquisitions and dispositions.
The increase in capital expenditures was primarily due to the Company’s continued investment in new printing plants in the United Kingdom
and an increase in expenditures related to Internet initiatives. The decrease in cash used for acquisitions was primarily due to the acquisitions of
Intermix Media, Inc. (“Intermix”) and IGN Entertainment, Inc. (“IGN”) during fiscal 2006.
Net cash used in financing activities for the fiscal years ended June 30, 2007 and 2006 is as follows (in millions):
Years Ended June 30, 2007 2006
Net cash used in financing activities $(273) $(1,932)
The decrease in net cash used in financing activities was primarily due to a reduction in share repurchases of approximately $733
million. During fiscal 2007, the Company repurchased 57.5 million shares for approximately $1.3 billion, as compared to 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, constitutes the total dividend relating to fiscal 2007.
68 NEWSCORP 2008 Annual Report