FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of July 2008
31 July 2008
BRITISH SKY BROADCASTING GROUP PLC
(Name of Registrant)
Grant Way, Isleworth, Middlesex, TW7 5QD England
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file
annual reports
under cover of Form 20-F or Form 40-F
Form 20-F X Form 40-F
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
EXHIBIT INDEX
Exhibit
EXHIBIT NO. 1 | Press release of British Sky Broadcasting Group plc announcing BSkyB results for the 12 months ended 30 June 2008 released on 31 July 2008 | |
'000s
|
30-Jun-08
|
31-Mar-08
|
Net additions
|
Total customers
(1)(2)
|
8,980
|
8,888
|
92
|
Additional products:
|
|
|
|
Sky+
(3)
|
3,714
|
3,393
|
321
|
Multiroom
(4)
|
1,604
|
1,571
|
33
|
Sky+ HD
|
498
|
465
|
33
|
Broadband
|
1,628
|
1,428
|
200
|
Telephony
|
1,241
|
1,095
|
146
|
Other KPI's:
|
|
|
|
Churn
|
9.8%
|
10.5%
|
|
ARPU
|
£427
|
£424
|
|
|
|
||||
£'millions
|
12 months to Jun-08
|
12 months to Jun-07
|
% change
|
||
Income statement:
|
|
|
|
||
Revenue
|
4,952
|
4,551
|
9%
|
||
Gross Profit
(5)
|
3,239
|
3,012
|
8%
|
||
% Margin
|
65.4%
|
66.2%
|
|
||
Operating Profit
|
724
|
815
|
(11%)
|
||
% Margin
|
14.6%
|
17.9%
|
|
||
Exceptional operating items
(6)
|
(28)
|
49
|
n/m
|
||
Adjusted operating profit
|
752
|
766
|
(2%)
|
||
Impairment of available-for-sale
investment
(7)
|
(616)
|
-
|
n/m
|
||
(Loss) Profit for the period
|
(127)
|
499
|
n/m
|
||
Cash flow information:
|
|
|
|
||
EBITDA
|
970
|
1,007
|
(4%)
|
||
Cash generated from operations
(8)
|
997
|
1,007
|
(1%)
|
||
Net debt
(9)
|
1,843
|
1,838
|
-
|
||
|
|
|
|
||
Per share information (pence):
|
12 months to Jun-08
|
12 months to Jun-07
|
% change
|
||
(Loss) Earnings per share - basic
|
(7.3)
|
28.4
|
n/m
|
||
EPS - adjusted
(10)
|
25.1
|
26.3
|
(5%)
|
|
Fourth quarter as at 30 June 2008
|
Third quarter as at 31 March 2008
|
Fourth quarter as at 30 June 2007
|
|
|
|
|
DTH homes
1,2
|
8,980,000
|
8,888,000
|
8,582,000
|
|
|
|
|
Total TV homes in the
U.K.
and Ireland
3
|
27,220,000
|
27,156,000
|
26,922,000
|
|
|
|
|
DTH homes as a percentage of
total
U.K.
and Ireland TV homes
|
33%
|
33%
|
32%
|
|
|
|
|
Cable - U.K.
4
|
3,558,000
|
3,531,000
|
3,395,000
|
Cable -
Ireland
|
541,000
|
556,000
|
561,000
|
|
|
|
|
Sky
+
homes
5
|
3,714,000
|
3,393,000
|
2,374,000
|
|
|
|
|
Multiroom homes
6
|
1,604,000
|
1,571,000
|
1,343,000
|
|
|
|
|
Sky+ HD homes
|
498,000
|
465,000
|
292,000
|
|
|
|
|
Sky Broadband
|
1,628,000
|
1,428,000
|
716,000
|
|
|
|
|
Sky Talk
|
1,241,000
|
1,095,000
|
526,000
|
|
|
|
|
DTT (freeview only) - U.K.
7
|
-
|
9,200,000
|
9,139,000
|
|
|
|
|
Useful definitions
|
Description
|
Adjusted earnings per share
|
Adjusted profit divided by the weighted average
number of ordinary shares during the year.
|
Adjusted operating profit
|
Operating profit before taking account of
exceptional items.
|
ARPU
|
Average Revenue Per User: the amount spent by the
Group's residential subscribers in the quarter, divided by the average
number of residential subscribers in the quarter, annualised.
|
Churn
|
The number of DTH subscribers over a given period
that terminate their subscription in its entirety, net of former
subscribers who reinstate their subscription in that period (where such
reinstatement is within a twelve month period of the termination of
their original subscription), expressed as a percentage of total
average subscribers.
|
Consolidated Viewing
|
Viewing via Sky+, PVR or VCR watched within seven
days of broadcast
|
Customer
|
A subscriber to a DTH service.
|
DTH
|
Direct-to-home: the transmission of satellite
services with a reception through a mini-dish.
|
EBITDA
|
Earnings before interest, taxation, depreciation
and amortisation is calculated as operating profit before depreciation
and amortisation or impairment of goodwill and intangible
assets.
|
Effective tax rate
|
The total tax charge as percentage of profit
before exceptional items.
|
Free cash flow
|
The amount of cash generated by Sky after meeting
obligations for interest and tax, and after all capital investment and
net cash flows relating to our joint ventures and associates.
|
Gross margin
|
Revenue less programming expenses as a proportion
of revenue.
|
Gross profit
|
Revenue less programming expense.
|
Multiroom
|
Installation of one or more additional
set-top-boxes in the household of an existing DTH customer.
|
Net debt
|
Cash, cash-equivalents, short-term deposits, net
of borrowings and borrowings related derivative financial
instruments.
|
Product
|
Any service chosen by a Sky customer. These
include DTH, Sky+, Multiroom, Sky+ HD, Sky Broadband and Sky
Talk.
|
Sale
|
A sale is a gross addition of any product.
|
Sky+
|
Sky's fully-integrated Personal Video Recorder
(PVR) and satellite decoder.
|
Sky+ HD
|
High Definition box with PVR functionality,
formerly known as Sky HD
|
Underlying revenue
|
Revenue excluding acquisition of Amstrad and /or
365 Media as relevant
|
|
Notes
|
2008
£m
|
2007
£m
|
|
|
|
|
Revenue
|
1
|
4,952
|
4,551
|
Operating expense
|
2
|
(4,228)
|
(3,736)
|
Operating profit
|
|
724
|
815
|
|
|
|
|
Share of results of joint ventures and
associates
|
12
|
15
|
12
|
Investment income
|
3
|
47
|
46
|
Finance costs
|
3
|
(177)
|
(149)
|
Profit on disposal of joint venture
|
4
|
67
|
-
|
Impairment of available-for-sale
investment
|
5
|
(616)
|
-
|
Profit before tax
|
|
60
|
724
|
|
|
|
|
Taxation
|
6
|
(187)
|
(225)
|
(Loss) profit for the year
|
|
(127)
|
499
|
|
|
|
|
(Loss) earnings per share from (loss) profit
for the year (in pence)
|
|
|
|
Basic
|
7
|
(7.3p)
|
28.4p
|
Diluted
|
7
|
(7.3p)
|
28.2p
|
|
|
|
|
Adjusted earnings per share from adjusted
profit for the year (in pence)
|
|
|
|
Basic
|
7
|
25.1p
|
26.3p
|
Diluted
|
7
|
25.0p
|
26.1p
|
|
2008
£m
|
2007
£m
|
|
|
|
(Loss) profit for the year
|
(127)
|
499
|
|
|
|
Net (loss) profit recognised directly in
equity
|
|
|
Loss on available-for-sale investments
|
13
(192)
|
(151)
|
Cash flow hedges
|
43
|
(70)
|
Tax on cash flow hedges
|
(13)
|
21
|
Exchange differences on translation of foreign
operations
|
4
|
-
|
|
(158)
|
(200)
|
|
|
|
Amounts reclassified and reported in the
income statement
|
|
|
Cash flow hedges
|
2
|
109
|
Tax on cash flow hedges
|
-
|
(33)
|
Transfer to (loss) profit on impairment of
available-for-sale investment
|
343
|
-
|
|
|
|
|
345
|
76
|
|
|
|
Net profit (loss) recognised directly in
equity
|
187
|
(124)
|
|
|
|
Total recognised income and expense for the
year
|
60
|
375
|
|
2008
Three months
ended
30 June
£m
(unaudited)
|
2007
Three months
ended 30
June
£m
(unaudited)
|
|
|
|
Revenue
|
1,246
|
1,175
|
Operating expense
|
(1,026)
|
(973)
|
|
|
|
EBITDA
|
286
|
257
|
Depreciation and amortisation
|
(66)
|
(55)
|
|
|
|
Operating profit
|
220
|
202
|
|
|
|
Share of results of joint ventures and
associates
|
3
|
3
|
Investment income
|
9
|
4
|
Finance costs
|
(50)
|
(41)
|
Impairment of available-for-sale
investments
|
(142)
|
-
|
Profit before tax
|
40
|
168
|
|
|
|
Taxation
|
(49)
|
(57)
|
(Loss) profit for the quarter
|
(9)
|
111
|
|
|
|
(Loss) earnings per share from (loss) profit
for the quarter (in pence)
|
|
|
Basic
|
(0.5p)
|
6.4p
|
Diluted
|
(0.5p)
|
6.3p
|
|
Notes
|
2008
£m
|
2007
£m
|
|
|
|
|
Non-current assets
|
|
|
|
Goodwill
|
9
|
852
|
741
|
Intangible assets
|
10
|
303
|
261
|
Property, plant and equipment
|
11
|
722
|
670
|
Investments in joint ventures and
associates
|
12
|
114
|
34
|
Available-for-sale investments
|
13
|
338
|
797
|
Deferred tax assets
|
14
|
23
|
54
|
Trade and other receivables
|
16
|
19
|
-
|
Derivative financial assets
|
|
13
|
-
|
|
|
2,384
|
2,557
|
|
|
|
|
Current assets
|
|
|
|
Inventories
|
15
|
310
|
384
|
Trade and other receivables
|
16
|
566
|
524
|
Short-term deposits
|
|
185
|
15
|
Cash and cash equivalents
|
|
632
|
435
|
Derivative financial assets
|
|
5
|
5
|
|
|
1,698
|
1,363
|
|
|
|
|
Total assets
|
|
4,082
|
3,920
|
|
|
|
|
Current liabilities
|
|
|
|
Borrowings
|
19
|
338
|
16
|
Trade and other payables
|
17
|
1,294
|
1,295
|
Current tax liabilities
|
|
151
|
144
|
Provisions
|
18
|
27
|
8
|
Derivative financial liabilities
|
|
83
|
36
|
|
|
1,893
|
1,499
|
|
|
|
|
Non-current liabilities
|
|
|
|
Borrowings
|
19
|
2,108
|
2,014
|
Trade and other payables
|
19
|
67
|
84
|
Provisions
|
18
|
22
|
18
|
Derivative financial liabilities
|
|
160
|
258
|
|
|
2,357
|
2,374
|
|
|
|
|
Total liabilities
|
|
4,250
|
3,873
|
|
|
|
|
Shareholders' (deficit) equity
|
21
|
(168)
|
47
|
|
|
|
|
Total liabilities and shareholders' (deficit)
equity
|
|
4,082
|
3,920
|
|
2008
£m
|
2007
£m
|
|
|
|
Cash flows from operating
activities
|
|
|
Cash generated from operations
|
997
|
1,007
|
Interest received
|
43
|
46
|
Taxation paid
|
(163)
|
(128)
|
Net cash from operating activities
|
877
|
925
|
|
|
|
Cash flows from investing
activities
|
|
|
Dividends received from joint ventures and
associates
|
11
|
9
|
Net funding to joint ventures and
associates
|
(6)
|
(3)
|
Purchase of property, plant and equipment
|
(215)
|
(292)
|
Purchase of intangible assets
|
(124)
|
(64)
|
Purchase of available-for-sale investments
|
(6)
|
(947)
|
Purchase of subsidiaries (net of cash and cash
equivalents purchased)
|
(72)
|
(104)
|
Proceeds from the sale of subsidiaries
|
3
|
-
|
(Increase) decrease in short-term deposits
|
(170)
|
632
|
Net cash used in investing
activities
|
(579)
|
(769)
|
|
|
|
Cash flows from financing
activities
|
|
|
Proceeds from borrowings
|
383
|
295
|
Repayment of borrowings
|
(16)
|
(192)
|
Repayment of obligations under finance
leases
|
(1)
|
-
|
Proceeds from disposal of shares in Employee
Share Ownership Plan ("ESOP")
|
22
|
37
|
Purchase of own shares for ESOP
|
(45)
|
(76)
|
Purchase of own shares for cancellation
|
-
|
(214)
|
Interest paid
|
(165)
|
(154)
|
Dividends paid to shareholders
|
(280)
|
(233)
|
Net cash (used in) financing
activities
|
(102)
|
(537)
|
|
|
|
Effect of foreign exchange rate movements
|
1
|
-
|
|
|
|
Net increase (decrease) in cash and cash
equivalents
|
197
|
(381)
|
|
|
|
Cash and cash equivalents at the beginning of
the year
|
435
|
816
|
|
|
|
Cash and cash equivalents at the end of the
year
|
632
|
435
|
|
2008
£m
|
2007
£m
|
|
|
|
Retail subscription
|
3,769
|
3,406
|
Wholesale subscription
|
181
|
208
|
Advertising
|
328
|
352
|
Sky Bet
|
44
|
47
|
Installation, hardware and service
|
276
|
212
|
Other
|
354
|
326
|
|
4,952
|
4,551
|
|
2008
£m
|
2007
£m
|
|
|
|
Programming
(i)
|
1,713
|
1,539
|
Transmission and related functions
|
542
|
402
|
Marketing
|
743
|
734
|
Subscriber management
|
700
|
618
|
Administration
(ii) (iii)
|
530
|
443
|
|
4,228
|
3,736
|
|
2008
£m
|
2007
£m
|
|
|
|
Investment income
|
|
|
Cash, cash equivalents and short-term
deposits
|
25
|
33
|
Dividends receivable from available-for-sale
investments
|
22
|
13
|
|
47
|
46
|
|
2008
£m
|
2007
£m
|
|
|
|
Finance costs
|
|
|
- Interest payable and similar
charges
|
|
|
£1 billion Revolving Credit Facility
("RCF")
|
(6)
|
(12)
|
Guaranteed Notes
|
(167)
|
(135)
|
Finance lease interest
|
(7)
|
(8)
|
|
(180)
|
(155)
|
|
|
|
- Other finance income
(expense)
|
|
|
Remeasurement of borrowings and
borrowings-related derivative financial instruments
(i)
|
4
|
-
|
Remeasurement of programming-related derivative
financial instruments
(i)
|
(1)
|
6
|
Gain (loss) arising on derivatives in a
designated fair value hedge accounting relationship
|
14
|
(5)
|
(Loss) gain arising on adjustment for hedged item
in a designated fair value hedge accounting relationship
|
(14)
|
5
|
|
3
|
6
|
|
|
|
|
(177)
|
(149)
|
|
2008
£m
|
2007
£m
|
|
|
|
Current tax expense
|
|
|
Current year
|
172
|
204
|
Adjustment in respect of prior years
|
7
|
(15)
|
Total current tax charge
|
179
|
189
|
|
|
|
Deferred tax expense
|
|
|
Origination and reversal of temporary
differences
|
5
|
22
|
Adjustment in respect of prior years
|
3
|
14
|
Total deferred tax charge
|
8
|
36
|
|
|
|
Taxation
|
187
|
225
|
|
2008
Millions
of
shares
|
2007
Millions
of
shares
|
|
|
|
Ordinary shares
|
1,753
|
1,759
|
ESOP trust ordinary shares
|
(5)
|
(4)
|
Basic shares
|
1,748
|
1,755
|
|
|
|
Dilutive ordinary shares from share
options
|
-
|
12
|
Diluted shares
|
1,748
|
1,767
|
|
2008
£m
|
2007
£m
|
|
|
|
Reconciliation from (loss) profit for the year
to adjusted profit for the year
|
|
|
(Loss) profit for the year
|
(127)
|
499
|
Remeasurement of all derivative financial
instruments (not qualifying for hedge accounting)
|
(3)
|
(6)
|
Cost relating to restructuring exercise
|
7
|
-
|
Amount receivable from channel distribution
agreement (note 2)
|
-
|
(65)
|
Legal costs relating to claim against EDS (note
2)
|
21
|
16
|
Profit on disposal of joint venture (note
4)
|
(67)
|
-
|
Impairment of available-for-sale investment (note
5)
|
616
|
-
|
Tax effect of above items
|
(8)
|
17
|
Adjusted profit for the year
|
439
|
461
|
|
2008
pence
|
2007
pence
|
|
|
|
(Loss) earnings per share from (loss) profit
for the year
|
|
|
Basic
|
(7.3)
|
28.4
|
Diluted
|
(7.3)
|
28.2
|
|
|
|
Adjusted earnings per share from adjusted
profit for the year
|
|
|
Basic
|
25.1
|
26.3
|
Diluted
|
25.0
|
26.1
|
|
2008
£m
|
2007
£m
|
|
|
|
Dividends declared and paid during the
year
|
|
|
2006 Final dividend paid: 6.70p per ordinary
share
|
-
|
117
|
2007 Interim dividend paid: 6.60p per ordinary
share
|
-
|
116
|
2007 Final dividend paid: 8.90p per ordinary
share
|
156
|
-
|
2008 Interim dividend paid: 7.125p per ordinary
share
|
124
|
-
|
|
280
|
233
|
Total
£m
|
|
|
|
Carrying value
|
|
At 1 July 2006
|
637
|
Purchase of 365 Media Group Plc ("365
Media")
|
77
|
Other purchases
|
27
|
At 30 June 2007
|
741
|
Purchase of Amstrad Plc ("Amstrad")
|
104
|
Other purchases
|
7
|
At 30 June 2008
|
852
|
|
Internally
generated
intangible
assets
£m
|
Other
intangible
assets
£m
|
Internally
Generated
intangible assets
not yet available
for use
£m
|
Other
intangible
assets not yet
available for
use
£m
|
Total
£m
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
At 1 July 2007
|
62
|
341
|
-
|
52
|
455
|
Additions from business combinations
|
-
|
5
|
-
|
3
|
8
|
Foreign exchange movements
|
-
|
1
|
-
|
-
|
1
|
Other additions
|
33
|
34
|
4
|
58
|
129
|
Disposals
|
(4)
|
(25)
|
-
|
-
|
(29)
|
Transfers
|
-
|
11
|
-
|
(11)
|
-
|
At 30 June 2008
|
91
|
367
|
4
|
102
|
564
|
|
|
|
|
|
|
Amortisation
|
|
|
|
|
|
At 1 July 2007
|
25
|
169
|
-
|
-
|
194
|
Foreign exchange movements
|
-
|
1
|
-
|
-
|
1
|
Amortisation for the year
|
14
|
77
|
-
|
-
|
91
|
Disposals
|
(4)
|
(21)
|
-
|
-
|
(25)
|
At 30 June 2008
|
35
|
226
|
-
|
-
|
261
|
|
|
|
|
|
|
Carrying amounts
|
|
|
|
|
|
At 1 July 2007
|
37
|
172
|
-
|
52
|
261
|
At 30 June 2008
|
56
|
141
|
4
|
102
|
303
|
|
Land and
freehold
buildings
£m
|
Leasehold
improvements
£m
|
Equipment,
furniture and
fittings
£m
|
Assets not yet
available for
use
£m
|
Total
£m
|
|
|
|
|
|
|
Cost
|
|
|
|
|
|
At 1 July 2007
|
105
|
64
|
761
|
37
|
967
|
Additions from business combinations
|
-
|
-
|
1
|
-
|
1
|
Foreign exchange movements
|
-
|
1
|
9
|
-
|
10
|
Other additions
|
3
|
7
|
148
|
46
|
204
|
Disposals
|
-
|
-
|
(30)
|
-
|
(30)
|
Transfers
|
-
|
-
|
25
|
(25)
|
-
|
At 30 June 2008
|
108
|
72
|
914
|
58
|
1,152
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
At 1 July 2007
|
17
|
19
|
261
|
-
|
297
|
Foreign exchange movements
|
-
|
1
|
7
|
-
|
8
|
Depreciation
|
3
|
2
|
150
|
-
|
155
|
Disposals
|
-
|
-
|
(30)
|
-
|
(30)
|
At 30 June 2008
|
20
|
22
|
388
|
-
|
430
|
|
|
|
|
|
|
Carrying amounts
|
|
|
|
|
|
At 1 July 2007
|
88
|
45
|
500
|
37
|
670
|
At 30 June 2008
|
88
|
50
|
526
|
58
|
722
|
|
2008
£m
|
2007
£m
|
|
|
|
Share of net assets:
|
|
|
- At 1 July
|
34
|
28
|
Acquisition of joint ventures and
associates
|
|
|
- Disposal of joint venture
|
(15)
|
-
|
- Acquisition of associates
|
82
|
-
|
|
|
|
Movement in net assets
|
|
|
- Funding, net of repayments
|
6
|
3
|
- Dividends received
|
(11)
|
(9)
|
- Share of profits
|
15
|
12
|
- Exchange differences on translation of foreign
joint ventures and associates
|
3
|
-
|
|
|
|
|
|
|
At 30 June
|
114
|
34
|
|
2008
£m
|
2007
£m
|
|
|
|
Investment in ITV at cost
|
946
|
946
|
Unrealised loss on ITV investment
|
-
|
(151)
|
Impairment of ITV investment
|
(616)
|
-
|
Fair value of ITV investment
|
330
|
795
|
Other investments at cost
|
8
|
2
|
|
338
|
797
|
|
Fixed asset
temporary
differences
£m
|
Tax
losses
£m
|
Short-term
temporary
differences
£m
|
Share-based
Payments
Temporary
Differences
£m
|
Financial
Instruments
Temporary
differences
£m
|
Total
£m
|
|
|
|
|
|
|
|
At 1 July 2007
|