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
This report is incorporated by reference in the prospectus contained in the Registration Statements on Form F-3 (SEC File No.333-08246) and Form F-3/S-3 (SEC File No.333-106837) filed by the Registrant under the Securities Act of 1933.
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 | |
|
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
|
|
|
|
|
|
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 |
2007
Three
|
|
Revenue |
1,246 |
1,175 |
Operating expense |
(1,026) |
(973) |
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
pence
|
2007
pence
|
|
|
|
(Loss) earnings per share from (loss)
profit for the year
|
|
|
Basic
|
(7.3)
|
28.4
|
Diluted
|
(7.3)
|
28.2
|
|
|
|
|
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
|
(9)
|
15
|
9
|
28
|
11
|
54
|
Credit (charge) to income
|
3
|
(8)
|
(1)
|
(3)
|
1
|
(8)
|
Charge to equity
|
-
|
-
|
-
|
(7)
|
(13)
|
(20)
|
Business combinations
|
(3)
|
-
|
-
|
-
|
-
|
(3)
|
At 30 June 2008
|
(9)
|
7
|
8
|
18
|
(1)
|
23
|
|
2008
£m
|
2007
£m
|
|
|
|
Television programme rights
|
219
|
290
|
Set-top boxes and related equipment
|
81
|
84
|
Other inventories
|
10
|
10
|
|
310
|
384
|
|
2008
£m
|
2007
£m
|
|
|
|
Net trade receivables
|
195
|
204
|
Amounts receivable from joint ventures and
associates
|
10
|
8
|
Amounts receivable from other related
parties
|
6
|
1
|
Prepayments
|
149
|
175
|
Accrued income
|
105
|
91
|
VAT
|
51
|
4
|
Other
|
50
|
41
|
Current trade and other receivables
|
566
|
524
|
Non current prepayments
|
19
|
-
|
Total trade and other receivables
|
585
|
524
|
|
2008
£m
|
2007
£m
|
|
|
|
Trade payables
|
270
|
380
|
Amounts owed to joint ventures and
associates
|
3
|
3
|
Amounts owed to other related parties
|
32
|
36
|
VAT
|
105
|
97
|
Accruals
|
534
|
468
|
Deferred income
|
289
|
245
|
Other
|
61
|
66
|
|
1,294
|
1,295
|
|
At 1 July
2007
£m
|
Provided
during the
year
£m
|
On acquisition
of subsidiary
£m
|
Utilised
during
the year
£m
|
At 30
June
2008
£m
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Provision for termination benefits
|
3
|
-
|
-
|
(3)
|
-
|
Restructuring provision
|
-
|
6
|
-
|
-
|
6
|
Acquired and acquisition related
provisions
|
-
|
2
|
22
|
(10)
|
14
|
Other provisions
|
5
|
4
|
-
|
(2)
|
7
|
|
8
|
12
|
22
|
(15)
|
27
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
Acquired and acquisition related
provisions
|
-
|
-
|
8
|
-
|
8
|
Other provisions
|
18
|
-
|
-
|
(4)
|
14
|
|
18
|
-
|
8
|
(4)
|
22
|
|
2008
£m
|
2007
£m
|
|
|
|
Current borrowings
|
|
|
Guaranteed Notes
|
301
|
-
|
Loan Notes
|
37
|
16
|
|
338
|
16
|
|
|
|
Non-current borrowings
|
|
|
Guaranteed Notes
|
2,041
|
1,948
|
Obligations under finance leases
|
67
|
66
|
|
2,108
|
2,014
|
|
|
|
Non-current other
payables
|
|
|
Accruals
|
19
|
10
|
Deferred income
|
48
|
74
|
|
67
|
84
|
|
2008
£m
|
2007
£m
|
Authorised
ordinary shares of 50p
|
|
|
3,000,000,000 (2007: 3,000,000,000)
|
1,500
|
1,500
|
|
|
|
Allotted, called-up and fully
paid
|
|
|
1,752,842,599 (2007: 1,752,842,599)
|
876
|
876
|
|
2008
Number of
ordinary shares
|
2007
Number of
ordinary shares
|
|
|
|
Allotted and fully paid during the
year
|
|
|
Beginning of year
|
1,752,842,599
|
1,791,077,599
|
Shares repurchased and subsequently
cancelled
|
-
|
(38,235,000)
|
End of year
|
1,752,842,599
|
1,752,842,599
|
|
Share
capital
£m
|
Share
premium
£m
|
ESOP
reserve
£m
|
Hedging
reserve
£m
|
Available-
for-sale
reserve
£m
|
Other
reserves
£m
|
Retained
earnings
£m
|
Total
shareholders'
(deficit) equity
£m
|
|
|
|
|
|
|
|
|
|
At 1 July 2007
|