RNS Number:7437R
News Corporation Ld
05 November 2003
NEWS CORPORATION REPORTS FIRST QUARTER OPERATING INCOME OF $719 MILLION, A 31%
INCREASE, ON REVENUE GROWTH OF 22%
NET PROFIT BEFORE OTHER ITEMS MORE THAN DOUBLES TO $386 MILLION
NET PROFIT INCREASES $260 MILLION TO $422 MILLION
QUARTER HIGHLIGHTS
* Filmed Entertainment operating income more than triples on robust home
entertainment sales of film and television titles as well as strong
syndication contributions.
* Sustained ratings and advertising growth at Regional Sports Networks and Fox
News Channel drives 13% operating income growth at Cable Network Programming.
* Television Stations increase market share, grow operating income 7%; STAR
delivers another quarter of profits; overall Television segment down
slightly due to the inclusion of American Idol in the quarter a year ago.
* All print businesses report higher earnings contributions led by circulation
revenue gains in U.K. newspapers, advertising demand in Australian newspapers
and increased page volume at free-standing inserts.
NEW YORK, NY, November 5, 2003 - The News Corporation Limited (NYSE: NWS, NWS.A)
today reported first quarter consolidated revenues of $4.6 billion, a 22%
increase over the $3.8 billion reported in the prior year, and consolidated
operating income of $719 million. These results, representing a 31% increase
over the $548 million reported a year ago were achieved despite the inclusion of
$117 million in losses from SKY Italia in the current quarter. The year-on-year
operating income growth was driven primarily by a three-fold increase at Filmed
Entertainment as well as double-digit increases at the Cable Network
Programming, Newspapers and Magazines and Inserts segments. Net profit for the
first quarter was $422 million, a $260 million increase over the $162 million
reported in the first quarter a year ago.
Commenting on the results, Chairman and Chief Executive Rupert Murdoch said:
"The unparalleled growth we delivered during the first quarter - our seventh
consecutive quarter of double-digit earnings increases - is a clear
demonstration of the strength we are enjoying across our balanced collection of
businesses. Operating income growth of 31%, on revenue growth of 22%, was
generated by increases at nearly every operating segment: at our film and
television production businesses, which continue to capitalize on the expanding
home entertainment market; at our cable channels, which have benefited from
sustained viewership gains; at our television stations, which have expanded
market share; and at STAR, which achieved its first-ever first-quarter profit.
In the past quarter, we also exceeded our high expectations for our global
pay-TV platforms - including SKY Italia, where subscriber additions are well
ahead of plan, and BSkyB, which passed the 7 million digital subscriber mark
several months ahead of schedule. Overall, the first quarter has given us a
great start to the fiscal year, and we are well on our way to meeting our growth
forecast for 2004."
MANAGEMENT REVIEW OF PERFORMANCE
The Statement of Financial Performance, Statement of Financial Position,
Statement of Cash Flows and Supplemental Financial Data for the three months
ended September 30th are attached. The following commentary is made in respect
to those statements, including an analysis of certain information contained
therein.
Net Profit Attributable to Members of the Parent Entity
The reported net profit attributable to members of the parent entity consisted
of the following items:
3 Months Ended
September 30,
2003 2002
US $ Millions (except per ADR amounts)
Revenue $ 4,649 $ 3,813
Operating income 719 548
Associated entities 57 (96)
Interest expense, net (114) (124)
Exchangeable securities expense (18) (13)
Profit before income tax expense, outside equity 644 315
interest and other items
Income tax expense (199) (98)
Outside equity interest (59) (55)
Net profit before other items 386 162
Other group items, net of tax and outside equity 36 -
interest
Net profit attributable to members of the parent $ 422 $ 162
entity
Earnings per ADR (diluted) on net profit before $ 0.29 $ 0.12
other items, net
Weighted average number of ADRs outstanding in 1,298 1,282
millions (diluted)
The following commentary discusses the major components of these results.
Consolidated Operating Income 3 Months Ended
September 30,
2003 2002
US $ Millions
Filmed Entertainment $ 328 $ 100
Television 179 188
Cable Network Programming 133 118
Direct Broadcast Satellite Television* (117) -
Magazines & Inserts 58 51
Newspapers 102 57
Book Publishing 59 58
Other (23) (24)
Consolidated Operating Income $ 719 $ 548
* New segment reflecting the results of SKY Italia, consolidated as of May 1, 2003
First quarter net earnings from associated entities were $57 million versus
losses of $96 million in the same period a year ago. The year-over-year
improvements were primarily due to contributions from BSkyB, for which earnings
were not reflected in prior year's quarter, and a comparatively favorable impact
from foreign currency fluctuations at Sky Brasil. The inclusion of Stream's
losses also affected the first quarter results a year ago. A detailed
discussion of the components of associated entities' results is provided later
in the release.
First quarter net profit before other items increased to $386 million ($0.29 per
ADR) versus $162 million ($0.12 per ADR) in the prior year, primarily due to
higher consolidated operating income and improved associated entities results.
The Company reported income from other items in the quarter of $36 million
primarily reflecting a gain from the sale of SkyPerfecTV! shares.
REVIEW OF OPERATING RESULTS
FILMED ENTERTAINMENT
The Filmed Entertainment segment reported first quarter operating income of $328
million, a $228 million increase over the $100 million reported in the same
period a year ago. The substantial growth primarily reflects increased
contributions from the worldwide home entertainment release of film and
television titles and higher syndication profits from Twentieth Century Fox
Television (TCFTV).
Current quarter film results were largely driven by the worldwide home
entertainment performances of Daredevil and Phone Booth combined with strong
worldwide home entertainment, pay-TV and free-TV contributions from various
catalog titles. These contributions were partially offset by the worldwide
theatrical launch costs for the successful release of League of Extraordinary
Gentlemen, which has grossed over $170 million in worldwide box office to date.
The first quarter a year ago included the worldwide home entertainment
performances of Shallow Hal, Behind Enemy Lines and catalog titles.
At TCFTV, earnings grew year-on-year primarily reflecting higher syndication
profits from the initial releases of Angel and Judging Amy as well as increased
contributions from M*A*S*H. Increased DVD sales of television series, most
notably from The Simpsons, Buffy the Vampire Slayer and 24, also contributed to
the year-on-year growth.
TELEVISION
The Television segment reported first quarter operating income of $179 million
versus $188 million a year ago. Continued profit growth at the Fox Television
Stations and STAR was offset by ratings declines at the FOX Broadcasting Company
versus the first quarter last year, which included American Idol.
Fox Television Stations (FTS) first quarter operating income grew 7% over the
same period a year ago as market share gains more than offset a decline in
political spending and the non-recurrence of American Idol on the broadcast
network in the current quarter. Current year earnings growth was also fueled by
margin expansion primarily from lower local programming and promotional costs as
well as duopoly savings versus the first quarter of fiscal 2003.
At the FOX Broadcasting Company (FBC), first quarter operating losses increased
as improved advertising pricing was more than offset by cancellation costs for
several series and projects as well as a 20% decline in primetime ratings versus
the first quarter a year ago which included the record-breaking performance of
American Idol. During the quarter, FBC launched several new series, including
The O.C., which gained audience share every week following its August premiere
and was the highest-rated new scripted show of the summer among Adults 18-49.
Subsequent to quarter-end, primetime ratings have improved with the current
broadcast season's ratings up 15% compared to a year ago led by the strength of
post-season Major League Baseball and new season series premieres.
STAR, bolstered by a 20% increase in revenues, delivered positive operating
income for the first time in this traditionally soft quarter. Revenue gains
were primarily driven by advertising and subscription growth at STAR Plus, which
on average continues to deliver 48 of the top 50 programs in India, as well as
increased advertising revenue from STAR Mandarin Movies, the number one cable
channel in Taiwan.
CABLE NETWORK PROGRAMMING
Cable Network Programming reported first quarter operating income of $133
million, an improvement of $15 million over last year's results. The 13% growth
reflects strong revenue gains at the Fox News Channel and the Regional Sports
Networks, slightly offset by higher programming costs at the FX Channel.
Fox News Channel (FNC) reported operating income growth of 14% in the first
quarter as strong revenue growth, primarily from increased ad sales, more than
offset slightly higher costs associated with coverage of the war in Iraq and the
California recall election. FNC was the only cable news channel to increase its
viewership during the quarter, with growth of 14% in primetime and 16% on a
24-hour basis compared to the first quarter a year ago.
Fox Cable Networks' (including the Regional Sports Networks (RSNs), the FX
Channel (FX) and SPEED Channel) operating profit increased 4% for the quarter
driven by double-digit revenue growth at the RSNs reflecting DTH subscriber
additions, higher affiliate rates and increased advertising sales. At FX,
affiliate revenue growth from an expanded subscriber base was offset by
increased programming costs for original programming and charges related to the
cancellations of Lucky and Orlando Jones. Investment in original programming
continues to drive viewership gains with first quarter viewership among
households and Adults 18-49 up nearly 20% versus the same period a year ago, led
by Nip/Tuck, the highest rated new series on basic cable during calendar 2003.
DIRECT BROADCAST SATELLITE TELEVISION
On April 30th, 2003 the Company, along with Telecom Italia, completed the
previously announced acquisition of the Italian pay-TV business Telepiu from
Vivendi Universal and combined it with Stream. News Corporation now owns 80.1%
of the combined entity, SKY Italia, whose results comprise this new segment.
During the first quarter, SKY Italia reported an operating loss of $117 million
on revenues of $264 million while adding nearly 300,000 new subscribers. 75% of
the new subscribers during the quarter opted for a premium-programming tier
including movies and sports programming increasing monthly ARPU for residential
subscribers. At quarter end the digital subscribers totaled approximately 2.3
million.
MAGAZINES AND INSERTS
The Magazines and Inserts segment reported first quarter operating income of $58
million, a 14% increase versus the same period a year ago. The improvement was
primarily driven by higher contributions from the Free Standing Inserts
division, principally from increased demand for packaged goods pages, partially
offset by lower contributions from the InStore division.
NEWSPAPERS
The Newspaper segment reported first quarter operating income of $102 million,
up 79% versus the same period a year ago reflecting circulation revenue
increases in the U.K. combined with advertising strength in Australia.
The U.K. newspaper group's first quarter operating income more than doubled in
local currency terms compared to a year ago, primarily driven by circulation
revenue gains combined with a slight increase in advertising. Circulation
revenue growth was achieved across all titles, with the largest increase at The
Sun, where reduced cover price initiatives during the first quarter a year ago
adversely impacted results.
The Australian newspaper group reported a 6% increase in operating income in
local currency terms, driven by an 8% increase in advertising revenue over a
year ago and a slight increase in circulation revenue. Advertising growth was
primarily fueled by display advertising with strong growth in national display
and continued momentum in the retail and real estate categories. Classified
advertising also saw steady growth, with improvement across all categories. The
growth in advertising revenue for the quarter was partially offset by the timing
of various marketing and editorial initiatives.
In the United States, The New York Post continued to grow its circulation at a
pace unmatched by any other major American newspaper. Now the seventh-largest
daily newspaper in the country, the Post has achieved double-digit circulation
growth in each of the last six quarters.
BOOK PUBLISHING
HarperCollins reported operating income of $59 million during the quarter versus
$58 million in the same period a year ago. The increased quarterly results were
primarily driven by the continued success of Zondervan's blockbuster The Purpose
Driven Life as well as Lemony Snicket's The Slippery Slope, Dennis Lehane's
Mystic River, David Beckham's autobiography and Dr. Atkins' New Diet Revolution.
During the quarter, HarperCollins had 30 books on The New York Times
bestseller lists including three titles that reached the number one spot.
OTHER MATTERS
Subsequent to quarter end, the Company announced it had reached an agreement in
principle for the sale of the Los Angeles Dodgers. The agreement is subject to
Major League Baseball approval and has been forwarded to Major League Baseball's
ownership committee for review and recommendation to the other club owners, who
will then vote on the proposed sale.
REVIEW OF ASSOCIATED ENTITIES RESULTS
First quarter net earnings from associated entities were $57 million versus
losses of $96 million in the same period a year ago. The year over year
improvements were primarily due to contributions from BSkyB, for which earnings
were not reflected in prior year's quarter, and a comparatively favorable impact
from foreign currency fluctuations at Sky Brasil. The inclusion of Stream's
losses also affected the first quarter results a year ago.
The Company's share of associated entities' earnings (losses) is as follows:
3 Months Ended
September 30,
% Owned 2003 2002
US $ Millions
Sky Brasil 49.7% (a) (8) (67)
Innova - Mexico 30.0% (10) (8)
FOXTEL 25.0% (3) (2)
Stream 50.0% (b) - (39)
Fox Sports Cable Networks Various 9 12
ESPN STAR Sports 50.0% 1 1
Other Associates Various (c)(d) 68 7
Total associated entities' earnings $ 57 $ (96)
(losses)
Further details on the associated entities follow.
(a) Represents the Company's economic interest, which was 43.9% as of
September 30, 2002. The Company continues to hold a 36% equity interest in
Sky Brasil.
(b) The Company's share of Stream's losses was included as part of associated
entities from April 1, 2002 through April 30, 2003, when it was merged with
Telepiu to form the consolidated entity SKY Italia.
(c) Primarily comprising BSkyB, Gemstar-TV Guide International, Independent
Newspapers, and Queensland Press.
(d) The Company's investment basis in BSkyB was negative from December 31, 2001
through November 11, 2002. Accordingly, the Company's share of BSkyB's
results was not recognized during that period.
Sky Brasil (in US$) 3 Months Ended
September 30,
2003 2002
Millions (except subscribers)
Revenues (in local currency) R$ 162 R$ 130
Revenues $ 55 $ 42
Operating income (loss) 3 (4)
Net loss $ (17) $(157)
News' reportable 49.7%/43.9% share (in US$) $ (8) $ (67)
Net Debt (excluding capitalized leases) $ 199 $ 208
Ending Subscribers 772,000 704,000
Sky Brasil's revenues grew 25% in local currency terms compared to prior year
primarily driven by a higher subscriber base and increased average revenue per
subscriber. The revenue growth for the quarter was partly offset by higher
programming costs, mainly relating to higher subscribers, and increased
marketing costs due to new campaigns to grow the subscriber base. The decrease
in net loss principally reflects reduced foreign exchange losses as the decline
of the Brazilian Real decelerated during the quarter as compared to the same
period a year ago.
Innova (in US$) - Mexico 3 Months Ended
September 30,
2003 2002
Millions (except subscribers)
Revenues (in local currency) Ps. 909 Ps. 834
Revenues $ 85 $ 84
Operating income 12 7
Net loss $ (32) $ (28)
News' reportable 30% share (in US$) $ (10) $ (8)
Net Debt (excluding capitalized leases) $ 339 $ 358
Ending Subscribers 826,000 733,000
Innova's revenues grew 9% in local currency terms compared to prior year
primarily driven by a 13% increase in the subscriber base. Operating income
growth reflects lower depreciation and SG&A expenses. The increase in net loss
principally reflects the unfavorable impact of foreign currency fluctuations due
to the weakening of the Mexican Peso on U.S. dollar denominated liabilities
during the quarter as compared to the same period a year ago.
FOXTEL (in A$) 3 Months Ended
September 30,
2003 2002
Millions (except subscribers)
Revenues A$ 182 A$ 138
Operating loss (27) (24)
Net loss A$ (18) A$ (17)
News' reportable 25% share (in US$) $ (3) $ (2)
Ending Subscribers (including Optus) 1,068,000 805,000
FOXTEL's revenues for the quarter increased 32% principally due to the inclusion
of Optus wholesale subscribers as of December 1, 2002, an increase of 17% in
satellite subscribers compared to a year ago and higher average revenue per
subscriber. Net loss for the quarter increased A$1 million against the prior
year as the increased subscriber revenues were more than offset by the inclusion
of Optus license fee costs, an intensified subscriber acquisition plan, the
development of a future digital service and higher depreciation expense.
Fox Sports Cable Networks* (in US$) 3 Months Ended
September 30,
2003 2002
Millions (except subscribers)
News' reportable share $ 9 $ 12
Ending Subscribers 45,056,000 44,410,000
The decrease in net income for the quarter primarily reflects the decline in the
results at National Sports Partners resulting from increased programming costs,
partly offset by the effect of cost savings at the Metro Channels and Madison
Square Garden.
*Various associated interests ranging from 20 percent to 50 percent, primarily
comprising Regional Programming Partners (including Madison Square Garden), Fox
Sports Bay Area, Fox Sports Chicago, National Sports Partners and National
Advertising Partners.
ESPN STAR Sports (in US$) - Asia 3 Months Ended
September 30,
2003 2002
Millions
Revenues $ 34 $ 37
Operating income 2 5
Net income $ 1 $ 3
News' reportable 50% share $ 1 $ 1
Operating income decreased $3 million principally due to lower advertising
revenues from England Cricket partially offset by lower channel costs
associated with the event.
FOREIGN EXCHANGE RATES
Average foreign exchange rates used in the year-to-date profit results are as
follows:
3 Months Ended
September 30,
2003 2002
Australian Dollar/U.S Dollar 0.66 0.55
U.K. Pounds Sterling/U.S. Dollar 1.61 1.55
Euro/U.S. Dollar 1.13 0.98
To receive a copy of this press release through the Internet, access News Corp's
corporate Web site located at http://www.newscorp.com
Audio from News Corp's conference call with analysts on the first quarter
results can be heard live on the Internet at 5:00 p.m. Eastern Standard Time
today. To listen to the call, visit http://www.newscorp.com
Cautionary Statement Concerning Forward-Looking Statements
This document contains certain "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on management's views and assumptions regarding future events and business
performance as of the time the statements are made. Actual results may differ
materially from these expectations due to changes in global economic, business,
competitive market and regulatory factors. More detailed information about
these and other factors that could affect future results is contained in our
filings with the Securities and Exchange Commission. The "forward-looking
statements" included in this document are made only as of the date of this
document and we do not have any obligation to publicly update any "
forward-looking statements" to reflect subsequent events or circumstances,
except as required by law.
CONTACTS:
Reed Nolte, Investor Relations Andrew Butcher, Press Inquiries
212-852-7092 212-852-7070
STATEMENT OF FINANCIAL PERFORMANCE 3 Months Ended
Note September 30,
2003 2002
US $ Millions (except per ADR amounts)
Sales revenue 1 $ 4,649 $ 3,813
Operating expenses (3,930) (3,265)
Operating income 1 719 548
Net profit (loss) from associated entities 57 (96)
Borrowing costs (148) (152)
Interest income 34 28
Net borrowing costs (114) (124)
Exchangeable securities expense (18) (13)
Other items before income tax, net 61 -
Profit from ordinary activities before income 705 315
tax
Income tax expense on:
Ordinary activities before other items (199) (98)
Other items (22) -
Net income tax expense (221) (98)
Net profit from ordinary activities after tax 484 217
Net profit attributable to outside equity (62) (55)
interests
Net Profit Attributable to Members of the Parent $ 422 $ 162
Entity
Net exchange gains (losses) recognized directly 42
in equity
(8)
Total change in equity other than those $ 464 $ 154
resulting from transactions with owners as
owners
Diluted earnings per ADR on net profit
attributable to members of the parent entity
Ordinary ADRs $ 0.28 $ 0.11
Preferred limited voting ordinary ADRs $ 0.34 $ 0.13
Ordinary and preferred limited voting ordinary $ 0.32 $ 0.12
ADRs
STATEMENT OF FINANCIAL POSITION September 30, June 30,
2003 2003
ASSETS US $ Millions
Current Assets
Cash $ 4,916 $ 4,477
Cash on deposit 272 -
Receivables 4,069 3,784
Inventories 1,466 1,282
Other 398 321
Total Current Assets 11,121 9,864
Non-Current Assets
Cash on deposit - 463
Receivables 905 809
Investments in associated entities 3,767 3,667
Other investments 649 793
Inventories 2,777 2,723
Property, plant and equipment 4,135 4,180
Publishing rights, titles and television licenses 21,741 21,719
Goodwill 246 250
Other 483 495
Total Non-Current Assets 34,703 35,099
Total Assets $ 45,824 $ 44,963
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Interest bearing liabilities $ 281 $ 22
Payables 5,709 5,507
Tax liabilities 521 474
Provisions 277 171
Total Current Liabilities 6,788 6,174
Non-Current Liabilities
Interest bearing liabilities 8,551 8,227
Payables 2,402 2,353
Tax liabilities 571 442
Provisions 725 685
Total Non-Current Liabilities Excluding Exchangeable 12,249 11,707
Securities
Exchangeable securities 1,396 1,383
Total Liabilities 20,433 19,264
Shareholders' Equity
Contributed equity 17,276 17,262
Reserves 1,975 1,685
Retained profits 2,573 2,506
Shareholders' equity attributable to members of the 21,824 21,453
parent entity
Outside equity interests in controlled entities 3,567 4,246
Total Shareholders' Equity 25,391 25,699
Total Liabilities and Shareholders' Equity $ 45,824 $ 44,963
STATEMENT OF CASH FLOWS 3 Months Ended September 30,
2003 2002
Operating activity US $ Millions
Net profit attributable to members of the parent entity $ 422 $ 162
Adjustment for non-cash and non-operating activities:
Equity earnings, net (56) 97
Outside equity interest 59 55
Depreciation and amortization 144 102
Other items, net (36) -
Change in assets and liabilities:
Receivables (425) (116)
Inventories (189) (282)
Payables 285 74
Other liabilities 176 21
Cash provided by operating activity 380 113
Investing and other activity
Property, plant and equipment (85) (87)
Acquisitions, net of cash acquired (42) (429)
Investments in associated entities (31) (205)
Other investments (31) (4)
Proceeds from sale of non-current assets 244 26
Cash provided by (used in) investing activity 55 (699)
Financing activity
Repayment of debt and exchangeable securities (195) (1,022)
Decrease in cash on deposit 191 -
Issuance of shares 14 1
Dividends paid (9) (2)
Leasing and other finance costs - (1)
Cash provided by (used in) financing activity 1 (1,024)
Net increase (decrease) in cash 436 (1,610)
Opening cash balance 4,477 3,574
Exchange movement on opening balance 3 (2)
Closing cash balance $ 4,916 $ 1,962
Note 1 - SEGMENT DATA
3 Months Ended
September 30,
BY GEOGRAPHIC AREAS 2003 2002
US $ Millions
Revenues
United States $ 3,311 $ 2,889
Europe 928 590
Australasia 410 334
$ 4,649 $ 3,813
Operating Income
United States $ 690 $ 468
Europe (25) 56
Australasia 54 24
$ 719 $ 548
BY INDUSTRY SEGMENT
Revenues
Filmed Entertainment $ 1,248 $ 882
Television 1,011 1,024
Cable Network Programming 627 554
Direct Broadcast Satellite Television* 264 -
Magazines and Inserts 222 194
Newspapers 739 607
Book Publishing 347 347
Other 191 205
$ 4,649 $ 3,813
Operating Income
Filmed Entertainment $ 328 $ 100
Television 179 188
Cable Network Programming 133 118
Direct Broadcast Satellite Television* (117) -
Magazines and Inserts 58 51
Newspapers 102 57
Book Publishing 59 58
Other (23) (24)
$ 719 $ 548
* New segment reflecting the results of SKY Italia, consolidated as of May 1, 2003.
Note 2 - SUPPLEMENTAL FINANCIAL DATA
The Company considers net profit before other items to be an important indicator
of the Company's operating performance on a consolidated basis. Net profit
before other items, defined as net profit attributable to members of the parent
entity before other items related to the Company and associated entities, net of
applicable income tax expenses and outside equity interests, eliminates the
effect of transactions that are considered significant by reason of their size,
nature or effect on the Company's financial performance for the year. Net profit
before other items, which is the information reported to and used by the
Company's chief decision maker for the purpose of making decisions about the
allocation of resources to segments and assessing their performance, should be
considered in addition to, not as a substitute for the Company's operating
income, net profit attributable to members of the parent entity, cash flows and
other measures of financial performance prepared in accordance with generally
accepted accounting principles in Australia. Net profit before other items does
not reflect cash available to fund requirements, and the items excluded from net
profit before other items, such as other revenues and expenses, are significant
components in assessing the Company's financial performance.
The following table reconciles certain components of net profit attributable to
members of the parent entity as presented on page 2 of this release to the
presentation required under Australian GAAP as required by Australian Accounting
Standard AASB 1018 "Statement of Financial Performance" on page 11 of this
release.
3 Months Ended
September 30,
2003 2002
US $ Millions
Total other items (page 2) $ 36 $ -
Reclassification of other items - associated - -
Entities
Reclassification of income tax and net profit 25 -
attributable to outside equity interest
Other items before income tax, net (page 11) $ 61 $ -
Income tax expense (page 2) $ (199) $ (98)
Reclassification of income tax expense on (22) -
other items
Net income tax expense (page 11) $ (221) $ (98)
SUPPLEMENTAL FINANCIAL DATA (continued)
3 Months Ended
September 30,
2003 2002
US $ Millions
Outside equity interest (page 2) $ (59) $ (55)
Reclassification of outside equity interest on (3) -
other items, net
Net profit attributable to outside equity interest $ (62) $ (55)
(page 11)
Net profit before other items (page 2) $ 386 $ 162
Other items before income tax, net 61 -
Reclassification of income tax and net profit (25) -
attributable to outside equity interest
Net profit attributable to members of the parent $ 422 $ 162
entity (page 11)
Earnings per ADR on net profit before other items, net $ 0.29 $ 0.12
(page 2)
Earnings per ADR on other items before income tax, net 0.05 -
Earnings per ADR on reclassification of income tax and (0.02) -
net profit attributable to outside equity interest
Diluted earnings per ADR on net profit attributable to $ 0.32 $ 0.12
members of the parent entity (page 11)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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