Stuff gleefully reports… NZ Herald in trouble

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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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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story. When he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet. Cam Slater doesn’t do quiet and, as a result, he is a polarising, controversial but highly effective journalist who takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him, you can’t ignore him.

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