Provided by NZX
  • SKT3.44

    $ 0.0000%

  • Open 3.44 High 3.5 Low 3.44 Bid Price 3.44

    Offer Price 3.45 Value 593836.61 Volume 172381

Current as of 24/05/17 01:20PM NZST

Sky TV says 2017 charges higher than forecast due to accounting error

By Tina Morrison

Photo / NZ Herald
Photo / NZ Herald

Sky Network Television increased its annual forecast for depreciation, amortisation and impairment charges, citing a timing error.

The Auckland-based pay-television broadcaster expects the costs will amount to $109.1 million in the year ending June 30, 2017, ahead of its earlier forecast of $101.3 million, owing to an error in the start date of depreciation for some assets transferred from work in progress to fixed assets, it said in a statement.

The error has no cash flow impact, it said.

The earlier forecast was prepared as part of documents outlining plans for the proposed merger of Sky TV and Vodafone New Zealand.

Sky TV said today that the figure could be revised further if the merger is given the go-ahead because it would have to reassess the fair value of its assets and liabilities.

Sky TV wants to merge with the New Zealand unit of Vodafone Group to create the country's largest telecommunications and media group, and the proposal is currently awaiting regulatory approval, with a decision due in November.

- BusinessDesk

Get the news delivered straight to your inbox

Receive the day’s news, sport and entertainment in our daily email newsletter


© Copyright 2017, NZME. Publishing Limited

Assembled by: (static) on production bpcf02 at 24 May 2017 13:25:34 Processing Time: 238ms