2008 First Half Result Consolidated Balance Sheet

Consolidated balance sheet

	29 February 2008 $'000	31 August 2007 $'000	28 February 2007 $'000
Current Assets
Cash and cash equivalents	30,357	20,187	26,196
Receivables	149,849	186,227	140,292
Program rights & inventories	187,831	133,294	171,685
Non-current assets held for sale	-	-	3,605
Current tax receivable	1,546	5,545	3,144
Assets of disposal group classified as held for sale^D	-	10,446	-
Other	12,027	12,315	9,450
Total Current Assets	381,610	368,014	354,372
Non-Current Assets
Receivables	248	249	686
Program rights & inventories	7,012	2,693	156
Other financial assets	4,931	3,182	2,670
Property, plant and equipment	120,774	119,657	107,332
Intangible assets	1,205,043	1,210,602	1,214,617
Derivative financial instruments	11,229	5,389	3,474
Deferred tax assets	10,323	8,812	3,769
Other	840	967	1,313
Total Non-Current Assets	1,360,400	1,351,551	1,334,017
Total Assets	1,742,010	1,719,565	1,688,389
Current Liabilities
Payables	195,926	197,614	162,180
Interest-bearing liabilities^E	265,000	-	457
Provisions	27,776	21,042	28,109
Liabilities directly associated with assets of a disposal group classified as held for sale^D	-	5,878	-
Total Current Liabilities	488,702	224,534	190,746
Non-Current Liabilities
Payables	16,399	14,178	8,918
Interest-bearing liabilities^E	284,715	542,604	615,193
Hedge liabilities	77,214	68,029	61,727
Deferred tax liabilities ^F	63,221	226,860	238,442
Provisions	10,618	16,032	8,594
Total Non-Current Liabilities	452,167	867,703	932,874
Total Liabilities	940,869	1,092,237	1,123,620
Net Assets	801,141	627,328	564,769
Equity
Contributed equity	2,224,267	2,212,271	844,569
Reserves	(1,220,439)	(1,208,715)	(4,531)
Accumulated losses	(202,713)	(381,045)	(393,503)
Total parent entity interest	801,115	622,511	446,535
Outside equity interests in controlled entities	26	4,817	118,234
Total Equity	801,141	627,328	564,769

^{D - 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

^D: As at 31 August 2007, Eye Corp Pty Limited, a controlled entity, has classified the balances of their Indonesian operations and Adval Australia Pty Limited (a controlled entity) as held for sale. As at 29 February 2008, neither of these are considered as held for sale.

^E: Interest bearing liabilities (Current) include $265m of bank loans due in December 2008 and currently being refinanced.

Interest bearing liabilities (Non-Current) in February 2007 included CanWest debentures of $45.5m which were exchanged into equity in Ten Network Holdings Limited in August 2007.

^F: Deferred tax liabilities have significantly decreased due to an uplift in the tax cost base of television licences following the formation of the new Ten Network Holdings Limited tax consolidated group. See further discussion in Note 2.

Consolidated balance sheet

	29 February 2008 $'000	31 August 2007 $'000	28 February 2007 $'000
Current Assets
Cash and cash equivalents	30,357	20,187	26,196
Receivables	149,849	186,227	140,292
Program rights & inventories	187,831	133,294	171,685
Non-current assets held for sale	-	-	3,605
Current tax receivable	1,546	5,545	3,144
Assets of disposal group classified as held for sale^D	-	10,446	-
Other	12,027	12,315	9,450
Total Current Assets	381,610	368,014	354,372
Non-Current Assets
Receivables	248	249	686
Program rights & inventories	7,012	2,693	156
Other financial assets	4,931	3,182	2,670
Property, plant and equipment	120,774	119,657	107,332
Intangible assets	1,205,043	1,210,602	1,214,617
Derivative financial instruments	11,229	5,389	3,474
Deferred tax assets	10,323	8,812	3,769
Other	840	967	1,313
Total Non-Current Assets	1,360,400	1,351,551	1,334,017
Total Assets	1,742,010	1,719,565	1,688,389
Current Liabilities
Payables	195,926	197,614	162,180
Interest-bearing liabilities^E	265,000	-	457
Provisions	27,776	21,042	28,109
Liabilities directly associated with assets of a disposal group classified as held for sale^D	-	5,878	-
Total Current Liabilities	488,702	224,534	190,746
Non-Current Liabilities
Payables	16,399	14,178	8,918
Interest-bearing liabilities^E	284,715	542,604	615,193
Hedge liabilities	77,214	68,029	61,727
Deferred tax liabilities ^F	63,221	226,860	238,442
Provisions	10,618	16,032	8,594
Total Non-Current Liabilities	452,167	867,703	932,874
Total Liabilities	940,869	1,092,237	1,123,620
Net Assets	801,141	627,328	564,769
Equity
Contributed equity	2,224,267	2,212,271	844,569
Reserves	(1,220,439)	(1,208,715)	(4,531)
Accumulated losses	(202,713)	(381,045)	(393,503)
Total parent entity interest	801,115	622,511	446,535
Outside equity interests in controlled entities	26	4,817	118,234
Total Equity	801,141	627,328	564,769

^{D - 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

^E: Interest bearing liabilities (Current) include $265m of bank loans due in December 2008 and currently being refinanced.

Interest bearing liabilities (Non-Current) in February 2007 included CanWest debentures of $45.5m which were exchanged into equity in Ten Network Holdings Limited in August 2007.