Twenty-First Century Fox 2014 Annual Report Download - page 65

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59
Sources and Uses of Cash – Fiscal 2014 vs. Fiscal 2013
Net cash provided by operating activities for fiscal 2014 and 2013 was as follows (in millions):
For the years ended June 30, 2014 2013
N
et cash provided by operating activities ...................................................................... $ 2,964 $ 3,002
Net cash provided by operating activities for fiscal 2014 was relatively consistent with net cash provided by
operating activities in fiscal 2013. During fiscal 2014, higher receipts, primarily related to increases in affiliate fees
and subscription collections, were offset by higher programming spending, production spending and participation
payments.
Net cash (used in) provided by investing activities for fiscal 2014 and 2013 was as follows (in millions):
For the years ended June 30, 2014 2013
N
et cash (used in) provided by investing activities ...................................................... $ (935 ) $ 86
The change in net cash used in investing activities for fiscal 2014, as compared to fiscal 2013, was primarily
due to the absence of cash proceeds from the sale of NDS in fiscal 2013.
Net cash used in financing activities for fiscal 2014 and 2013 was as follows (in millions):
For the years ended June 30, 2014 2013
N
et cash used in financing activities ............................................................................. $ (3,776 ) $ (4,571)
The change in net cash used in financing activities for fiscal 2014, as compared to fiscal 2013, was primarily
due to the absence of the $2.6 billion cash contribution, in fiscal 2013, to News Corp as part of the Separation
partially offset by an increase in cash used for share repurchases of approximately $1.7 billion.
In August 2014, the Company announced that the Board approved an additional $6 billion authorization to the
Company’s stock repurchase program for the repurchase of Class A Common Stock. The Company intends to
complete this stock repurchase program by August 2015.
The program may be modified, extended, suspended or discontinued at any time.
The total dividends declared related to fiscal 2014 results were $0.25 per share of Class A Common Stock and
Class B Common Stock. In August 2014, the Company declared the final dividend on fiscal 2014 results of $0.125
per share for Class A Common Stock and Class B Common Stock. This together with the interim dividend of $0.125
per share of Class A Common Stock and Class B Common Stock, paid in April 2014, constitute the total dividend
relating to fiscal 2014.
Based on the number of shares outstanding as of June 30, 2014 and a similar dividend rate as in fiscal 2014,
the total aggregate cash dividends expected to be paid to stockholders in fiscal 2015 is approximately $550 million.
Sources and Uses of Cash – Fiscal 2013 vs. Fiscal 2012
Net cash provided by operating activities for fiscal 2013 and 2012 was as follows (in millions):
For the years ended June 30, 2013 2012
N
et cash provided by operating activities ..................................................................... $ 3,002 $ 2,834
The increase in net cash provided by operating activities during fiscal 2013, as compared to fiscal 2012, was
primarily due to higher receipts at the Cable Network Programming segment driven by higher Segment OIBDA of
$628 million, lower pension contributions of $112 million and higher cash distributions received from affiliates of
$43 million. This increase was partially offset by higher payments for film and television production costs in the
Filmed Entertainment segment, higher sports program rights payments in the Television segment, higher program