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 January 2009
28 January 2009
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 Results for the half year ended 31
December 2008 released on 28 January 2009
'000s
|
31-Dec-08
|
30-Sept-08
|
Change
|
Total customers
|
9,238
|
9,067
|
171
|
Additional products
|
|
|
|
Sky+
|
4,650
|
4,135
|
515
|
Multiroom
|
1,723
|
1,655
|
68
|
Sky+HD
|
779
|
591
|
188
|
Broadband
|
1,955
|
1,792
|
163
|
Telephony
|
1,500
|
1,361
|
139
|
Other KPIs
|
|
|
|
Churn for the quarter (annualised)
|
9.9%
|
10.9%
|
-1.0%
|
ARPU
|
£444
|
£430
|
+£14
|
£'millions
|
6 months to Dec-08
|
6 months to Dec-07
|
% movement
|
|||
Revenue
|
2,601
|
2,458
|
6%
|
|||
Reported operating profit
|
385
|
295
|
31%
|
|||
Adjusted operating profit
(1)
|
388
|
307
|
26%
|
|||
% Adjusted Operating Profit
Margin
|
14.9%
|
12.5%
|
|
|||
Profit/(loss) for the period
|
166
|
(112)
|
n/m
|
|||
Adjusted profit for the period
(2)
|
226
|
170
|
33%
|
|||
|
|
|
|
|||
EBITDA
|
522
|
415
|
26%
|
|||
Cash generated from operations
|
588
|
429
|
37%
|
|||
Net debt
(3)
|
1,642
|
1,973
|
-17%
|
|||
|
|
|
|
|
||
Per share information
(pence)
|
6 months to Dec-08
|
6 months to Dec-07
|
% movement
|
|||
Adjusted basic earnings per share
(2)
|
13.0
|
|
9.7
|
34%
|
||
Basic earnings/(loss) per share
|
9.5
|
|
(6.4)
|
n/m
|
|
|
Useful definitions
|
Description
|
Adjusted earnings per share (EPS)
|
Adjusted profit for the period divided by
the weighted average number of ordinary shares during the year.
|
Adjusted operating profit and
margin
|
Operating profit before taking account of
exceptional items. Adjusted operating margin is stated as a percentage
of Group sales
|
Adjusted profit for the period
|
Profit for the period adjusted to remove
mark-to-market movements in derivative financial instruments that do
not qualify for hedge accounting, exceptional items and related tax
effects
|
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 customers over a given
period that terminate their subscription in its entirety, net of former
customers who reinstated their subscription in that period (where such
reinstatement is within a 12 month period of the termination of their
original subscription), expressed as a percentage of total average
subscribers.
|
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 joint ventures, interest,
taxation, depreciation and amortisation is calculated as operating
profit before depreciation and amortisation or impairment of goodwill
and intangible assets.
|
Free cash flow
|
The amount of cash generated by Sky after
meeting obligations for interest and tax, after all capital expenditure
and net cash flows relating to joint ventures and associates
|
Gross margin
|
Revenue less programming expenses as a
proportion of revenue.
|
Gross profit
|
Revenue less programming expense.
|
HD
|
High Definition.
|
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, borrowings and borrowings related derivative financial
instruments.
|
On-net
|
Customers subscribing to our unbundled
broadband product.
|
Product
|
Any service chosen by a Sky customer.
These include DTH, Sky
+
, Multiroom, Sky+ HD, Sky Broadband and
Sky Talk.
|
Sky Broadband and Talk
|
Residential Sky Broadband and Sky Talk
customers. UK Online customers excluded from quoted subscriber
figures.
|
Sale
|
A sale is a gross addition of any
product.
|
Sky
+
|
Sky's fully-integrated Personal Video
Recorder (PVR) and satellite decoder.
|
Viewing share
|
Number of people viewing a channel as a
percentage of total viewing audience.
|
|
|
2008/09
|
2007/08
|
2007/08
|
|||||
|
|
Half year
|
Half year
|
Full year
|
|||||
|
Notes
|
£ million
|
£ million
|
£ million
|
|||||
|
|
|
|
|
|||||
Revenue
|
2
|
2,601
|
2,458
|
4,952
|
|||||
Operating expense
|
3
|
(2,216)
|
(2,163)
|
(4,228)
|
|||||
|
|
|
|
|
|||||
EBITDA
|
|
522
|
415
|
970
|
|||||
Depreciation and amortisation
|
|
(137)
|
(120)
|
(246)
|
|||||
Operating profit
|
|
385
|
295
|
724
|
|||||
|
|
|
|
|
|||||
Share of results of joint ventures and
associates
|
|
10
|
8
|
15
|
|||||
Investment income
|
|
28
|
19
|
47
|
|||||
Finance costs
|
|
(88)
|
(82)
|
(177)
|
|||||
Profit on disposal of joint
venture
|
4
|
-
|
67
|
67
|
|||||
Impairment of available-for-sale
investment
|
5
|
(59)
|
(343)
|
(616)
|
|||||
Profit (loss) before tax
|
|
276
|
(36)
|
60
|
|||||
|
|
|
|
|
|||||
Taxation
|
|
(110)
|
(76)
|
(187)
|
|||||
Profit (loss) for the
period
|
|
166
|
(112)
|
(127)
|
|||||
|
|
|
|
|
|||||
Earnings (loss) per share from profit
(loss) for the period (in pence)
|
|
|
|
|
|||||
Basic
|
6
|
9.5p
|
(6.4p)
|
(7.3p)
|
|||||
Diluted
|
6
|
9.5p
|
(6.4p)
|
(7.3p)
|
|||||
|
|
|
|
|
|||||
|
|
|
|
|
|||||
Adjusted earnings per share from
adjusted profit for the period (in pence)
|
|
|
|
|
|||||
Basic
|
6
|
13.0p
|
9.7p
|
25.1p
|
|||||
Diluted
|
6
|
12.9p
|
9.7p
|
25.0p
|
|
|
2008/09
|
2007/08
|
2007/08
|
|||||
|
|
Half year
|
Half year
|
Full year
|
|||||
|
|
£ million
|
£ million
|
£ million
|
|||||
|
|
|
|
|
|||||
Profit (loss) for the
period
|
|
166
|
(112)
|
(127)
|
|||||
|
|
|
|
|
|||||
Net profit (loss)
recognised directly in equity
|
|
|
|
|
|||||
Loss on available-for-sale
investment
|
|
-
|
(192)
|
(192)
|
|||||
Gains on cash flow hedges
taken to equity
|
|
601
|
11
|
43
|
|||||
Tax on cash flow
hedges
|
|
(168)
|
(3)
|
(13)
|
|||||
Exchange differences on
translation of foreign operations
|
|
26
|
-
|
4
|
|||||
|
|
459
|
(184)
|
(158)
|
|||||
Amounts reclassified and
reported in the income statement
|
|
|
|
|
|||||
Cash flow hedges
|
|
(406)
|
(2)
|
2
|
|||||
Tax on cash flow hedges
|
|
113
|
-
|
-
|
|||||
Transfer to income statement on
impairment of available-for-sale
investment
|
|
-
|
343
|
343
|
|||||
|
|
(293)
|
341
|
345
|
|||||
Net profit recognised directly in
equity
|
|
166
|
157
|
187
|
|||||
Total recognised income and expense
for the period
|
|
332
|
45
|
60
|
|
|
2008/09
Three months
ended 31 December
£ million
|
2007/08
Three months
ended 31 December
£ million
|
|
|
|
|
|
|
|
|
Revenue
|
|
1,352
|
1,273
|
Operating expense
|
|
(1,146)
|
(1,121)
|
|
|
|
|
EBITDA
|
|
276
|
214
|
Depreciation and amortisation
|
|
(70)
|
(62)
|
Operating profit
|
|
206
|
152
|
|
|
|
|
Share of results from joint ventures and
associates
|
|
6
|
5
|
Investment income
|
|
9
|
4
|
Finance costs
|
|
(39)
|
(42)
|
Profit on disposal of joint
venture
|
|
-
|
67
|
Impairment of available-for-sale
investment
|
|
(35)
|
(343)
|
Profit (loss) before tax
|
|
147
|
(157)
|
|
|
|
|
Taxation
|
|
(54)
|
(39)
|
Profit (loss) for the
quarter
|
|
93
|
(196)
|
|
|
|
|
Earnings per share from profit (loss)
for the quarter (in pence)
|
|
|
|
Basic
|
|
5.3
|
(11.2)
|
Diluted
|
|
5.3
|
(11.2)
|
Adjusted earnings per share from
adjusted profit for the period (in pence)
|
|
|
|
Basic
|
|
6.9
|
4.7
|
Diluted
|
|
6.8
|
4.7
|
|
|
|
31 December
|
31 December
|
30 June
|
||||||
|
|
|
2008
|
2007
|
2008
|
||||||
|
|
Notes
|
£ million
|
£ million
|
£ million
|
||||||
|
|
|
|
|
|
||||||
Non-current assets
|
|
|
|
|
|
||||||
Goodwill
|
|
|
852
|
845
|
852
|
||||||
Intangible assets
|
|
|
325
|
283
|
303
|
||||||
Property, plant and equipment
|
|
|
751
|
682
|
722
|
||||||
Investments in joint ventures and
associates
|
|
|
145
|
106
|
114
|
||||||
Available-for-sale-investments
|
|
|
279
|
611
|
338
|
||||||
Deferred tax assets
|
|
|
-
|
47
|
23
|
||||||
Trade and other receivables
|
|
|
17
|
36
|
19
|
||||||
Derivative financial assets
|
|
|
582
|
8
|
13
|
||||||
|
|
|
2,951
|
2,618
|
2,384
|
||||||
|
|
|
|
|
|
||||||
Current assets
|
|
|
|
|
|
||||||
Inventories
|
|
|
630
|
664
|
310
|
||||||
Trade and other receivables
|
|
|
705
|
570
|
566
|
||||||
Short-term deposits
|
|
|
165
|
1
|
185
|
||||||
Cash and cash equivalents
|
|
|
1,088
|
389
|
632
|
||||||
Derivative financial assets
|
|
|
178
|
5
|
5
|
||||||
|
|
|
2,766
|
1,629
|
1,698
|
||||||
|
|
|
|
|
|
||||||
Total assets
|
|
|
5,717
|
4,247
|
4,082
|
||||||
|
|
|
|
|
|
||||||
Current liabilities
|
|
|
|
|
|
||||||
Borrowings
|
|
|
958
|
98
|
338
|
||||||
Trade and other payables
|
|
|
1,822
|
1,627
|
1,294
|
||||||
Current tax liabilities
|
|
|
203
|
138
|
151
|
||||||
Provisions
|
|
|
26
|
10
|
27
|
||||||
Derivative financial liabilities
|
|
|
62
|
21
|
83
|
||||||
|
|
|
3,071
|
1,894
|
1,893
|
||||||
|
|
|
|
|
|
||||||
Non-current liabilities
|
|
|
|
|
|
||||||
Borrowings
|
|
|
2,553
|
2,038
|
2,108
|
||||||
Trade and other payables
|
|
|
62
|
96
|
67
|
||||||
Provisions
|
|
|
14
|
37
|
22
|
||||||
Derivative financial liabilities
|
|
|
3
|
240
|
160
|
||||||
Deferred tax liability
|
|
|
35
|
-
|
-
|
||||||
|
|
|
2,667
|
2,411
|
2,357
|
||||||
|
|
|
|
|
|
||||||
Total liabilities
|
|
|
5,738
|
4,305
|
4,250
|
||||||
|
|
|
|
|
|
||||||
Shareholders' deficit
|
|
8
|
(21)
|
(58)
|
(168)
|
||||||
|
|
|
|
|
|
||||||
Total liabilities and shareholders'
deficit
|
|
|
5,717
|
4,247
|
4,082
|
|
|
|
2008/09
|
2007/08
|
2007/08
|
||||||
|
|
|
Half year
|
Half year
|
Full year
|
||||||
|
|
Notes
|
£ million
|
£ million
|
£ million
|
||||||
|
|
|
|
|
|
||||||
Cash flows from operating
activities
|
|
|
|
|
|
||||||
Cash generated from operations
|
|
9
|
588
|
429
|
997
|
||||||
Interest received
|
|
|
30
|
22
|
43
|
||||||
Taxation paid
|
|
|
(56)
|
(80)
|
(163)
|
||||||
Net cash from operating
activities
|
|
|
562
|
371
|
877
|
||||||
|
|
|
|
|
|
||||||
Cash flows from investing
activities
|
|
|
|
|
|
||||||
Dividends received from joint ventures
and associates
|
|
|
11
|
5
|
11
|
||||||
Net funding to joint ventures and
associates
|
|
|
(2)
|
(2)
|
(6)
|
||||||
Purchase of property, plant and
equipment
|
|
|
(126)
|
(91)
|
(215)
|
||||||
Purchase of intangible assets
|
|
|
(68)
|
(62)
|
(124)
|
||||||
Purchase of available-for-sale
investments
|
|
|
-
|
(7)
|
(6)
|
||||||
Purchase of subsidiaries (net of cash and
cash equivalents purchased)
|
|
|
-
|
(71)
|
(72)
|
||||||
Proceeds from the sale of
subsidiaries
|
|
|
-
|
-
|
3
|
||||||
Decrease (increase) in short-term
deposits
|
|
|
20
|
14
|
(170)
|
||||||
Net cash used in investing
activities
|
|
|
(165)
|
(214)
|
(579)
|
||||||
|
|
|
|
|
|
||||||
Cash flows from financing
activities
|
|
|
|
|
|
||||||
Proceeds from borrowings
|
|
|
398
|
54
|
383
|
||||||
Repayment of borrowings
|
|
|
(32)
|
(8)
|
(16)
|
||||||
Repayment of obligations under finance
leases
|
|
|
-
|
-
|
(1)
|
||||||
Proceeds from disposal of shares in
Employee Share Ownership Plan ("ESOP")
|
|
|
-
|
16
|
22
|
||||||
Purchase of own shares for ESOP
|
|
|
(40)
|
(23)
|
(45)
|
||||||
Interest paid
|
|
|
(101)
|
(86)
|
(165)
|
||||||
Dividends paid to shareholders
|
|
|
(167)
|
(156)
|
(280)
|
||||||
Net cash generated from (used in)
financing activities
|
|
|
58
|
(203)
|
(102)
|
||||||
|
|
|
|
|
|
||||||
Effect of foreign exchange rate
movements
|
|
|
1
|
-
|
1
|
||||||
Net increase (decrease) in cash and
cash equivalents
|
|
|
456
|
(46)
|
197
|
||||||
|
|
|
|
|
|
||||||
Cash and cash equivalents at the
beginning of the period
|
|
|
632
|
435
|
435
|
||||||
|
|
|
|
|
|
||||||
Cash and cash equivalents at the end
of the period
|
|
|
1,088
|
389
|
632
|
|
|
2008/09
|
2007/08
|
2007/08
|
|||||
|
|
Half year
|
Half year
|
Full year
|
|||||
|
|
£ million
|
£ million
|
£ million
|
|||||
|
|
|
|
|
|||||
Retail subscription
|
|
1,987
|
1,853
|
3,769
|
|||||
Wholesale subscription
|
|
93
|
88
|
181
|
|||||
Advertising
|
|
165
|
167
|
328
|
|||||
Sky Bet
|
|
23
|
24
|
44
|
|||||
Installation, hardware and service
|
|
142
|
148
|
276
|
|||||
Other
|
|
191
|
178
|
354
|
|||||
|
|
2,601
|
2,458
|
4,952
|
|
|
2008/09
|
2007/08
|
2007/08
|
|||||
|
|
Half year
|
Half year
|
Full year
|
|||||
|
|
£ million
|
£ million
|
£ million
|
|||||
|
|
|
|
|
|||||
Programming
|
|
843
|
858
|
1,713
|
|||||
Transmission, technology and
networks
|
|
339
|
254
|
542
|
|||||
Marketing
|
|
444
|
405
|
743
|
|||||
Subscriber management and supply
chain
|
|
336
|
379
|
700
|
|||||
Administration
|
|
254
|
267
|
530
|
|||||
|
|
2,216
|
2,163
|
4,228
|
|
|
|
2008/09
Half year Millions of shares |
2007/08
Half year Millions of shares |
2007/08
Full year Millions of shares |
|||||||||
The weighted average number of shares
for the period was
|
|
|
|
|
|
|||||||||
Ordinary shares
|
|
|
1,753
|
1,753
|
1,753
|
|||||||||
ESOP trust ordinary shares
|
|
|
(13)
|
(5)
|
(5)
|
|||||||||
Basic shares
|
|
|
1,740
|
1,748
|
1,748
|
|||||||||
|
|
|
|
|
|
|||||||||
Dilutive ordinary shares from share
options
|
6
|
-
|
-
|
|
|
|||||||||
Diluted shares
|
|
|
1,746
|
1,748
|
1,748
|
|
2008/09
Half year
£ million
|
2007/08
Half year
£ million
|
2007/08
Full year
£ million
|
||||
Reconciliation from profit (loss) for
the period to adjusted profit for the period
|
|
|
|
||||
Profit (loss) for the period
|
166
|
(112)
|
(127)
|
||||
Remeasurement of all derivative financial
instruments (not qualifying for hedge accounting)
|
(11)
|
(4)
|
(3)
|
||||
Cost relating to restructuring
exercise
|
-
|
-
|
7
|
||||
Deferred tax write off following change
in legislation
|
6
|
-
|
-
|
||||
Legal costs relating to ongoing claim
against EDS (see note 3)
|
3
|
12
|
21
|
||||
Profit on disposal of joint venture (see
note 4)
|
-
|
(67)
|
(67)
|
||||
Impairment of available-for-sale
investment (see note 5)
|
59
|
343
|
616
|
||||
Tax effect of above items
|
3
|
(2)
|
(8)
|
||||
Adjusted profit for the
period
|
226
|
170
|
439
|
|
2008/09
Half year
pence
|
2007/08
Half year
pence
|
2007/08
Full year
pence
|
||||
|
|
|
|
||||
Earnings (loss) per share from profit
(loss) for the period
|
|
|
|
||||
Basic
|
9.5p
|
(6.4p)
|
(7.3p)
|
||||
Diluted
|
9.5p
|
(6.4p)
|
(7.3p)
|
||||
Adjusted earnings per share from
adjusted profit for the period
|
|
|
|
||||
Basic
|
13.0p
|
9.7p
|
25.1p
|
||||
Diluted
|
12.9p
|
9.7p
|
25.0p
|
|
2008/09
Half year
£ million
|
2007/08
Half year
£ million
|
2007/08
Full year
£ million
|
|
|
|
|
Dividends declared and paid during the
period
|
|
|
|
2007 Final dividend paid: 8.90p per
ordinary share
|
-
|
156
|
156
|
2008 Interim dividend paid: 7.125p per
ordinary share
|
-
|
-
|
124
|
2008 Final dividend paid: 9.625p per
ordinary share
|
167
|
-
|
-
|
|
167
|
156
|
280
|
|
Share
capital £million |
Share
premium £ million |
ESOP
reserve £ million |
Hedging
reserve £ million |
Available-for
-sale reserve £ million |
Other
reserves £ million |
Retained
earnings £ million |
Total shareholders'
(deficit) equity £ million |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
At 1 July 2007
|
876
|
1,437
|
(54)
|
(25)
|
(151)
|
331
|
(2,367)
|
47
|
|||||||||
Recognition and transfer of cash flow
hedges
|
-
|
-
|
-
|
9
|
-
|
-
|
-
|
9
|
|||||||||
Tax on items taken directly to
equity
|
-
|
-
|
-
|
(3)
|
-
|
-
|
(1)
|
(4)
|
|||||||||
Revaluation of available-for
sale-investment
|
-
|
-
|
-
|
-
|
(192)
|
-
|
-
|
(192)
|
|||||||||
Impairment of available-for-sale
investment
|
-
|
-
|
-
|
-
|
343
|
-
|
-
|
343
|
|||||||||
Share-based payment
|
-
|
-
|
25
|
-
|
-
|
-
|
(18)
|
7
|
|||||||||
Loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(112)
|
(112)
|
|||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
(156)
|
(156)
|
|||||||||
At 31 December 2007
|
876
|
1,437
|
(29)
|
(19)
|
-
|
331
|
(2,654)
|
(58)
|
|||||||||
Recognition and transfer of cash flow
hedges
|
-
|
-
|
-
|
36
|
-
|
-
|
-
|
36
|
|||||||||
Tax on items taken directly to
equity
|
-
|
-
|
-
|
(10)
|
-
|
-
|
(2)
|
(12)
|
|||||||||
Exchange differences on translation of
foreign operations
|
-
|
-
|
-
|
-
|
-
|
4
|
-
|
4
|
|||||||||
Share-based payment
|
-
|
-
|
(8)
|
-
|
-
|
-
|
9
|
1
|
|||||||||
Loss for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
(15)
|
(15)
|
|||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
(124)
|
(124)
|
|||||||||
At 30 June 2008
|
876
|
1,437
|
(37)
|
7
|
-
|
335
|
(2,786)
|
(168)
|
|||||||||
Recognition and transfer of cash flow
hedges
|
-
|
-
|
-
|
195
|
-
|
-
|
-
|
195
|
|||||||||
Tax on items taken directly to
equity
|
-
|
-
|
-
|
(55)
|
-
|
-
|
(1)
|
(56)
|
|||||||||
Exchange differences on translation of
foreign operations
|
-
|
-
|
-
|
-
|
-
|
26
|
-
|
26
|
|||||||||
Share-based payment
|
-
|
-
|
(37)
|
-
|
-
|
-
|
20
|
(17)
|
|||||||||
Profit for the period
|
-
|
-
|
-
|
-
|
-
|
-
|
166
|
166
|
|||||||||
Dividends
|
-
|
-
|
-
|
-
|
-
|
-
|
(167)
|
(167)
|
|||||||||
At 31 December 2008
|
876
|