2007 Half Year Consolidated Balance Sheet

Consolidated balance sheet

	28 February 2007 $'000	31 August 2006 $'000	28 February 2006 $'000
Current Assets
Cash and cash equivalents	26,196	21,995	20,581
Receivables^B	140,292	143,516	106,909
Program rights & inventories	171,685	150,414	176,456
Non-current assets held for sale	3,605	3,605	-
Current tax receivable	3,144	-	-
Other	9,450	6,721	7,612
Total Current Assets	354,372	326,251	311,558
Non-Current Assets
Receivables	686	686	1,646
Program rights & inventories	156	1,915	715
Investments accounted for using the equity method	-	12,927	10,571
Other financial assets	2,670	2,528	2,528
Property, plant and equipment ^C	107,332	88,607	84,442
Intangible assets ^D	1,214,617	1,178,355	1,166,021
Derivative financial instruments	3,474	3,248	-
Deferred tax assets	3,769	2,622	1,977
Other	1,313	1,526	1,768
Total Non-Current Assets	1,334,017	1,292,414	1,269,668
Total Assets	1,688,389	1,618,665	1,581,226
Current Liabilities
Payables	162,180	181,408	171,766
Interest-bearing liabilities	457	543	965
Current tax liabilities	-	3,468	20,593
Provisions ^E	28,109	19,798	18,656
Total Current Liabilities	190,746	205,217	211,980
Non-Current Liabilities
Payables	8,918	24,058	20,699
Interest-bearing liabilities ^F	615,193	524,308	455,648
Hedge liabilities	61,727	58,935	53,690
Deferred tax liabilities	238,442	232,988	238,603
Provisions	8,594	9,284	8,108
Total Non-Current Liabilities	932,874	849,573	776,748
Total Liabilities	1,123,620	1,054,790	988,728
Net Assets	564,769	563,875	592,498
Equity
Contributed equity	844,569	844,569	844,569
Reserves	(4,531)	(4,184)	(6,960)
Accumulated losses	(393,503)	(394,118)	(367,151)
Total parent entity interest	446,535	446,267	470,458
Outside equity interests in controlled entities	118,234	117,608	122,040
Total Equity	564,769	563,875	592,498

^{B – F}: Refer to following page for commentary.

The above consolidated balance sheet should be read in conjunction with the accompanying notes.

Consolidated balance sheet – Commentary

^B: Current Receivables include a balance of $15.8m representing sales proceeds to be received on the sale of Big Tree Outdoor Sdn Bhd in the Out Of Home (OOH) segment.

^C: Property, plant and equipment has increased by balances acquired through business combinations, capital expenditure for the expanded operations in the OOH segment and capital expenditure for High Definition in the Television segment.

^D: Intangible assets have increased with business combinations in the OOH segment. This was offset in part by a decrease in licences with the sale of Big Tree Outdoor Sdn Bhd.

^E: Current Provisions include deferred settlement amounts associated with OOH business combinations. There is also a $3.4m balance with respect to the timing in recognition of lease costs accounted for under AASB 117 Leases (also see Note 2).

^F: Non-Current Interest-bearing liabilities have increased to cover OOH business acquisitions, OOH expanded operational requirements, capital expenditure and special dividend and debenture interest distributions (made in July 2006). This balance also includes Subordinated Debentures of $45.5m (2006: $45.5m).

Consolidated balance sheet

	28 February 2007 $'000	31 August 2006 $'000	28 February 2006 $'000
Current Assets
Cash and cash equivalents	26,196	21,995	20,581
Receivables^B	140,292	143,516	106,909
Program rights & inventories	171,685	150,414	176,456
Non-current assets held for sale	3,605	3,605	-
Current tax receivable	3,144	-	-
Other	9,450	6,721	7,612
Total Current Assets	354,372	326,251	311,558
Non-Current Assets
Receivables	686	686	1,646
Program rights & inventories	156	1,915	715
Investments accounted for using the equity method	-	12,927	10,571
Other financial assets	2,670	2,528	2,528
Property, plant and equipment ^C	107,332	88,607	84,442
Intangible assets ^D	1,214,617	1,178,355	1,166,021
Derivative financial instruments	3,474	3,248	-
Deferred tax assets	3,769	2,622	1,977
Other	1,313	1,526	1,768
Total Non-Current Assets	1,334,017	1,292,414	1,269,668
Total Assets	1,688,389	1,618,665	1,581,226
Current Liabilities
Payables	162,180	181,408	171,766
Interest-bearing liabilities	457	543	965
Current tax liabilities	-	3,468	20,593
Provisions ^E	28,109	19,798	18,656
Total Current Liabilities	190,746	205,217	211,980
Non-Current Liabilities
Payables	8,918	24,058	20,699
Interest-bearing liabilities ^F	615,193	524,308	455,648
Hedge liabilities	61,727	58,935	53,690
Deferred tax liabilities	238,442	232,988	238,603
Provisions	8,594	9,284	8,108
Total Non-Current Liabilities	932,874	849,573	776,748
Total Liabilities	1,123,620	1,054,790	988,728
Net Assets	564,769	563,875	592,498
Equity
Contributed equity	844,569	844,569	844,569
Reserves	(4,531)	(4,184)	(6,960)
Accumulated losses	(393,503)	(394,118)	(367,151)
Total parent entity interest	446,535	446,267	470,458
Outside equity interests in controlled entities	118,234	117,608	122,040
Total Equity	564,769	563,875	592,498

^{B – F}: Refer to following page for commentary.

The above consolidated balance sheet should be read in conjunction with the accompanying notes.

Consolidated balance sheet – Commentary

^B: Current Receivables include a balance of $15.8m representing sales proceeds to be received on the sale of Big Tree Outdoor Sdn Bhd in the Out Of Home (OOH) segment.

^D: Intangible assets have increased with business combinations in the OOH segment. This was offset in part by a decrease in licences with the sale of Big Tree Outdoor Sdn Bhd.