Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 6-K

 


 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of November 2004 (November 3, 2004)

 

Commission File Number: 1-9141

 


 

THE NEWS CORPORATION LIMITED

(Name of Registrant)

 


 

2 Holt Street, Sydney, New South Wales, 2010, Australia

(Address of principal executive offices)

 


 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

 

Form 20-F      X            Form 40-F             

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

 

Yes                      No      X    

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 

Yes                      No      X    

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

 

Yes                      No      X    

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not Applicable

 

This Report is incorporated by reference in the prospectus contained in Registration Statement Nos. 33-43799, 33-71446, 33-86358, 33-89584, 333-4962, 333-6324, 333-6896, 333-7466, 333-10338, 333-10624, 333-12878, 333-8246, 333-13556, 333-106837, 333-112405, 333-112428 and 333-51434 filed by the Registrant under the Securities Act of 1933.

 



Annexed hereto are excerpts from the announcements by The News Corporation Limited (“News Corporation”) of its financial results for the quarter ended September 30, 2004 in Australian and U.S. dollars.

 

Such announcements were filed with the Australian Stock Exchange and released in New York on November 3, 2004.


SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    THE NEWS CORPORATION LIMITED
Date: November 3, 2004   By:  

/s/ Arthur M. Siskind


        Arthur M. Siskind
        Director


EXHIBIT INDEX

 

Exhibit

   
A.   Excerpt from the announcement made by News Corporation of its financial results in Australian dollars for the quarter ended September 30, 2004.
B.   Excerpt from the announcement made by News Corporation of its financial results in U.S. dollars for the quarter ended September 30, 2004.

 


EXHIBIT A


LOGO   News Corporation

 

EXCERPTS FROM EARNINGS RELEASE FOR THE QUARTER ENDED 30 SEPTEMBER,

2004 IN AUSTRALIAN DOLLARS USING AUSTRALIAN GENERALLY ACCEPTED

ACCOUNTING PRINCIPLES

 

STATEMENT OF FINANCIAL PERFORMANCE

 

     Note

   3 Months Ended
30 September,


 
          2004

    2003

 
          A$ Millions (except
per share amounts)
 

Sales revenue

   1    $ 7,365     $ 7,081  

Operating expenses

          (6,223 )     (5,986 )
         


 


Operating income

   1      1,142       1,095  

Net profit from associated entities

          28       87  

Borrowing costs

          (211 )     (225 )

Interest income

          60       52  
         


 


Net borrowing costs

          (151 )     (173 )

Exchangeable securities expense

          (26 )     (28 )

Other items before income tax, net

          5       93  
         


 


Profit from ordinary activities before income tax

          998       1,074  
         


 


Income tax (expense) benefit on:

                     

Ordinary activities before other items

          (351 )     (303 )

Other items

          182       (33 )
         


 


Net income tax expense

          (169 )     (336 )
         


 


Net profit from ordinary activities after tax

          829       738  

Net profit attributable to outside equity interests

          (68 )     (94 )

Net Profit Attributable to Members of the Parent Entity

        $ 761     $ 644  
         


 


Net exchange losses recognised directly in equity

          (756 )     (576 )
         


 


Total change in equity other than those resulting from transactions with owners as owners

        $ 5     $ 68  
         


 


Diluted earnings per share on net profit attributable to members of the parent entity

                     

Ordinary shares

        $ 0.114     $ 0.109  

Preferred limited voting ordinary shares

        $ 0.136     $ 0.129  

Ordinary and preferred limited voting ordinary shares

        $ 0.129     $ 0.122  

 

The News Corporation Limited

Incorporated in Australia

 

A.C.N. 007-910-330

2 Holt Street Sydney; Correspondence: G.P.O. Box 4245 Sydney, Australia; Telephone: (02) 9288-3000

 


LOGO   News Corporation
 

 

EARNINGS RELEASE

 

FOR THE QUARTER ENDED 30 SEPTEMBER, 2004


 

STATEMENT OF FINANCIAL POSITION

 

     30 September,
2004


   30 June,
2004


     A$ Millions

ASSETS

      

Current Assets

             

Cash

   $ 5,827    $ 5,805

Cash on deposit

     —        412

Receivables

     6,733      6,039

Inventories

     2,239      2,193

Other

     584      563
    

  

Total Current Assets

     15,383      15,012
    

  

Non-Current Assets

             

Receivables

     1,025      1,076

Investments in associated entities

     14,750      14,971

Other investments

     734      811

Inventories

     3,766      3,824

Property, plant and equipment

     5,531      5,565

Publishing rights, titles and television licenses

     30,567      31,185

Goodwill

     329      318

Other

     953      976
    

  

Total Non-Current Assets

     57,655      58,726
    

  

Total Assets

   $ 73,038    $ 73,738
    

  

LIABILITIES AND SHAREHOLDERS’ EQUITY

             

Current Liabilities

             

Interest bearing liabilities

   $ 634    $ 1,553

Payables

     8,452      7,847

Tax liabilities

     511      705

Provisions

     516      332
    

  

Total Current Liabilities

     10,113      10,437
    

  

Non-Current Liabilities

             

Interest bearing liabilities

     10,686      10,917

Payables

     2,788      2,846

Tax liabilities

     1,168      974

Provisions

     919      982
    

  

Total Non-Current Liabilities Excluding Exchangeable Securities

     15,561      15,719
    

  

Exchangeable securities

     2,033      2,055
    

  

Total Liabilities

     27,707      28,211

Shareholders’ Equity

             

Contributed equity

     34,445      34,424

Reserves

     2,041      2,771

Retained profits

     3,240      2,682
    

  

Shareholders’ equity attributable to members of the parent entity

     39,726      39,877

Outside equity interests in controlled entities

     5,605      5,650
    

  

Total Shareholders’ Equity

     45,331      45,527
    

  

Total Liabilities and Shareholders’ Equity

   $ 73,038    $ 73,738
    

  

 

Page 2


LOGO   News Corporation
 

 

EARNINGS RELEASE

 

FOR THE QUARTER ENDED 30 SEPTEMBER, 2004


 

STATEMENT OF CASH FLOWS

 

     3 Months Ended
30 September,


 
     2004

    2003

 
     A$ Millions  

Operating activity

        

Net profit attributable to members of the parent entity

   $ 761     $ 644  

Adjustment for non-cash and non-operating activities:

                

Equity earnings, net

     (136 )     (87 )

Distributions from investees

     4       2  

Outside equity interest

     88       89  

Depreciation and amortisation

     196       219  

Other items, net

     (99 )     (55 )

Change in assets and liabilities:

                

Receivables

     (811 )     (628 )

Inventories

     (205 )     (279 )

Payables

     814       394  

Other liabilities

     204       260  
    


 


Cash provided by operating activity

     816       559  

Investing and other activity

                

Property, plant and equipment

     (190 )     (126 )

Acquisitions, net of cash acquired

     (48 )     (63 )

Investments in associated entities

     (62 )     (46 )

Other investments

     (37 )     (45 )

Proceeds from sale of non-current assets and other

     174       361  
    


 


Cash (used in) provided by investing activity

     (163 )     81  

Financing activity

                

Repayment of debt and exchangeable securities

     (920 )     (288 )

Decrease in cash on deposit

     386       282  

Issuance of shares

     20       21  

Dividends paid

     (10 )     (13 )
    


 


Cash (used in) provided by financing activity

     (524 )     2  
    


 


Net increase in cash

     129       642  

Opening cash balance

     5,805       6,746  

Exchange movement on opening balance

     (107 )     (121 )
    


 


Closing cash balance

   $ 5,827     $ 7,267  
    


 


 

Page 3


LOGO   News Corporation
 

 

EARNINGS RELEASE

 

FOR THE QUARTER ENDED 30 SEPTEMBER, 2004


 

Note 1 – SEGMENT DATA

 

     3 Months Ended
30 September,


 
     2004

    2003

 
     A$ Millions  

BY GEOGRAPHIC AREAS

                

Revenues

                

United States

   $ 4,959     $ 5,043  

Europe

     1,741       1,413  

Australasia

     665       625  
    


 


     $ 7,365     $ 7,081  
    


 


Operating Income

                

United States

   $ 1,045     $ 1,051  

Europe

     (32 )     (38 )

Australasia

     129       82  
    


 


     $ 1,142     $ 1,095  
    


 


BY INDUSTRY SEGMENT

                

Revenues

                

Filmed Entertainment

   $ 1,953     $ 1,901  

Television

     1,425       1,540  

Cable Network Programming

     894       955  

Direct Broadcast Satellite Television

     589       402  

Magazines and Inserts

     329       339  

Newspapers

     1,227       1,125  

Book Publishing

     517       528  

Other

     431       291  
    


 


     $ 7,365     $ 7,081  
    


 


Operating Income

                

Filmed Entertainment

   $ 405     $ 499  

Television

     331       273  

Cable Network Programming

     278       203  

Direct Broadcast Satellite Television*

     (172 )     (178 )

Magazines and Inserts

     91       88  

Newspapers

     170       155  

Book Publishing

     85       90  

Other

     (46 )     (35 )
    


 


     $ 1,142     $ 1,095  
    


 


 

Page 4


EXHIBIT B


LOGO   News Corporation

 

EXCERPTS FROM EARNINGS RELEASE FOR THE

QUARTER ENDED SEPTEMBER 30, 2004

IN U.S. DOLLARS USING AUSTRALIAN GENERALLY ACCEPTED ACCOUNTING

PRINCIPLES PREPARED FOR THE U.S. MARKET. AUSTRALIAN READERS SHOULD

REFER TO THE AUSTRALIAN DOLLAR EARNINGS RELEASE.

 

STATEMENT OF FINANCIAL PERFORMANCE

 

     Note

   3 Months Ended
September 30,


 
          2004

    2003

 
          US $ Millions (except
per ADR amounts)
 

Sales revenue

   1    $ 5,191     $ 4,649  

Operating expenses

          (4,386 )     (3,930 )
         


 


Operating income

   1      805       719  

Net profit from associated entities

          20       57  

Borrowing costs

          (149 )     (148 )

Interest income

          42       34  
         


 


Net borrowing costs

          (107 )     (114 )

Exchangeable securities expense

          (18 )     (18 )

Other items before income tax, net

          3       61  
         


 


Profit from ordinary activities before income tax

          703       705  
         


 


Income tax (expense) benefit on:

                     

Ordinary activities before other items

          (247 )     (199 )

Other items

          128       (22 )
         


 


Net income tax expense

          (119 )     (221 )
         


 


Net profit from ordinary activities after tax

          584       484  

Net profit attributable to outside equity interests

          (48 )     (62 )

Net Profit Attributable to Members of the Parent Entity

        $ 536     $ 422  
         


 


Net exchange gains recognized directly in equity

          38       42  
         


 


Total change in equity other than those resulting from transactions with owners as owners

        $ 574     $ 464  
         


 


Diluted earnings per ADR on net profit attributable to members of the parent entity

                     

Ordinary ADRs

        $ 0.32     $ 0.28  

Preferred limited voting ordinary ADRs

        $ 0.38     $ 0.34  

Ordinary and preferred limited voting ordinary ADRs

        $ 0.36     $ 0.32  

 

The News Corporation Limited

Incorporated in Australia

 

A.C.N. 007-910-330

2 Holt Street Sydney; Correspondence: G.P.O. Box 4245 Sydney, Australia; Telephone: (02) 9288-3000

 


LOGO   News Corporation
 

 

EARNINGS RELEASE

 

FOR THE QUARTER ENDED SEPTEMBER 30, 2004


 

STATEMENT OF FINANCIAL POSITION

 

     September 30,
2004


   June 30,
2004


     US $ Millions

ASSETS

             

Current Assets

             

Cash

   $ 4,148    $ 4,051

Cash on deposit

     —        287

Receivables

     4,792      4,214

Inventories

     1,594      1,530

Other

     416      393
    

  

Total Current Assets

     10,950      10,475
    

  

Non-Current Assets

             

Receivables

     730      751

Investments in associated entities

     10,498      10,447

Other investments

     522      566

Inventories

     2,681      2,669

Property, plant and equipment

     3,937      3,883

Publishing rights, titles and television licenses

     21,758      21,761

Goodwill

     234      222

Other

     678      681
    

  

Total Non-Current Assets

     41,038      40,980
    

  

Total Assets

   $ 51,988    $ 51,455
    

  

LIABILITIES AND SHAREHOLDERS’ EQUITY

             

Current Liabilities

             

Interest bearing liabilities

   $ 451    $ 1,084

Payables

     6,016      5,476

Tax liabilities

     364      492

Provisions

     367      232
    

  

Total Current Liabilities

     7,198      7,284
    

  

Non-Current Liabilities

             

Interest bearing liabilities

     7,606      7,618

Payables

     1,984      1,986

Tax liabilities

     832      680

Provisions

     654      685
    

  

Total Non-Current Liabilities Excluding Exchangeable Securities

     11,076      10,969
    

  

Exchangeable securities

     1,447      1,433
    

  

Total Liabilities

     19,721      19,686

Shareholders’ Equity

             

Contributed equity

     21,462      21,447

Reserves

     2,816      2,773

Retained profits

     3,999      3,606
    

  

Shareholders’ equity attributable to members of the parent entity

     28,277      27,826

Outside equity interests in controlled entities

     3,990      3,943
    

  

Total Shareholders’ Equity

     32,267      31,769
    

  

Total Liabilities and Shareholders’ Equity

   $ 51,988    $ 51,455
    

  

 

Page 2


LOGO   News Corporation
 

 

EARNINGS RELEASE

 

FOR THE QUARTER ENDED SEPTEMBER 30, 2004


 

STATEMENT OF CASH FLOWS

 

     3 Months Ended
September 30,


 
     2004

    2003

 
     US $ Millions  

Operating activity

        

Net profit attributable to members of the parent entity

   $ 536     $ 422  

Adjustment for non-cash and non-operating activities:

                

Equity earnings, net

     (96 )     (57 )

Distributions from investees

     3       1  

Outside equity interest

     62       59  

Depreciation and amortization

     138       144  

Other items, net

     (69 )     (36 )

Change in assets and liabilities:

                

Receivables

     (577 )     (425 )

Inventories

     (146 )     (189 )

Payables

     586       285  

Other liabilities

     145       176  
    


 


Cash provided by operating activity

     582       380  

Investing and other activity

                

Property, plant and equipment

     (135 )     (85 )

Acquisitions, net of cash acquired

     (34 )     (42 )

Investments in associated entities

     (44 )     (31 )

Other investments

     (26 )     (31 )

Proceeds from sale of non-current assets and other

     124       244  
    


 


Cash (used in) provided by investing activity

     (115 )     55  

Financing activity

                

Repayment of debt and exchangeable securities

     (655 )     (195 )

Decrease in cash on deposit

     275       191  

Issuance of shares

     14       14  

Dividends paid

     (7 )     (9 )
    


 


Cash (used in) provided by financing activity

     (373 )     1  
    


 


Net increase in cash

     94       436  

Opening cash balance

     4,051       4,477  

Exchange movement on opening balance

     3       3  
    


 


Closing cash balance

   $ 4,148     $ 4,916  
    


 


 

Page 3


LOGO   News Corporation
 

 

EARNINGS RELEASE

 

FOR THE QUARTER ENDED SEPTEMBER 30, 2004


 

Note 1 – SEGMENT DATA

 

     3 Months Ended
September 30,


 
     2004

    2003

 
     US $ Millions  

BY GEOGRAPHIC AREAS

                

Revenues

                

United States

   $ 3,495     $ 3,311  

Europe

     1,227       928  

Australasia

     469       410  
    


 


     $ 5,191     $ 4,649  
    


 


Operating Income

                

United States

   $ 737     $ 690  

Europe

     (23 )     (25 )

Australasia

     91       54  
    


 


     $ 805     $ 719  
    


 


BY INDUSTRY SEGMENT

                

Revenues

                

Filmed Entertainment

   $ 1,377     $ 1,248  

Television

     1,004       1,011  

Cable Network Programming

     630       627  

Direct Broadcast Satellite Television

     415       264  

Magazines and Inserts

     232       222  

Newspapers

     865       739  

Book Publishing

     364       347  

Other

     304       191  
    


 


     $ 5,191     $ 4,649  
    


 


Operating Income

                

Filmed Entertainment

   $ 285     $ 328  

Television

     233       179  

Cable Network Programming

     196       133  

Direct Broadcast Satellite Television*

     (121 )     (117 )

Magazines and Inserts

     64       58  

Newspapers

     120       102  

Book Publishing

     60       59  

Other

     (32 )     (23 )
    


 


     $ 805     $ 719  
    


 


 

Page 4