Stuff gleefully reports… NZ Herald in trouble

asdads

APN News & Media, owner of the New Zealand Herald, has posted a significant annual loss amid declining revenues and written down its New Zealand and Australian publishing assets by A$510m.

The media company – which saw its chairman, chief executive and three other directors resign this week after a disagreement with major shareholders - reported a A$455.8 million ($559.2 million) statutory annual loss for 2012. The company experienced drops in revenue and earnings over the year.

An impairment charge of A$151m, relating to APN’s publishing assets in both New Zealand and Australia, followed the A$485m writedown announced in August.  

Within that, APN’s New Zealand Metro segment which mainly comprises the New Zealand Herald newspaper, took another A$39.6m impairment hit on intangible assets at year end on top of a A$372m writedown in August.

The Herald’s segment is now valued on the books at A$132.5m.

Setting aside the exceptional items and impairments, APN’s profit still dipped 30 per cent from A$78.2m in 2011 to A$54.4m in 2012.

As for the key issue of APN’s debt, over which the board members recently quit, the company reported it had decreased its debt level by A$180m in 2012 to A$449m, and planned to shave another A$40m to A$50m in the 2013 financial year.

“Reducing APN’s debt level is an ongoing objective,” the company said when announcing the results. It planned to do so by further cost-cutting in its publishing arm as well as some asset and property sales.

The Herald are in a world of hurt.  Their circulation figures continue to plummet and their on-line strategy is getting pummeled by Fairfax.

Further cost cutting has been announced.

Now where does the Herald have some dead wood, I wonder?

via Imgur

via Imgur

Source: William Mace at Stuff

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  • maninblack

    fisher is fucked.

  • blokeintakapuna

    Good bye shrilling union mouth piece, waste of valuable byte’s, Matt-Not gonna pay any taxes-McCarten.

  • Lion_ess

    Funny, I can’t see any mention of this Big Story in The Herald.

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