Sharechat Logo

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

Thursday 20th October 2016

Text too small?

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.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Broader review powers eyed for Climate Change Commission
MARKET CLOSE: NZ shares edge lower as global ructions weigh; Tourism Holdings sinks
NZ dollar rises as markets bet on US interest rate cut
Fonterra seeks further changes to dairy act
Tilt, Oji say transmission changes may discourage new generation
Tourism Holdings shares fall to 6-week low as US margins shrink
Venture capitalists split on govt picking winners
21st October 2019 Morning Report
Kiwi dollar steady as markets await Brexit developments
Domestic AGMs, multi-national earnings to provide economic insights

IRG See IRG research reports