Oh dear. MediaWorks’ annual report, audited by PricewaterhouseCoopers, is not rosy.
There had been concerns about delays in [MediaWorks] providing its financial results to the Companies Office, which it must do as an overseas company. It missed two deadlines and directors faced a fine.
The annual report shows that the MediaWorks group suffered a loss of $125.9 million in the year to December 31, 2022, compared to a $4.9m loss the year before.
Its assets fell from $264.7m to $140.6m. It had negative working capital of $19.4m, from negative $2.2m a year earlier and cash balances of $12.7m, from $13.7m in 2021.
Stuff
MediaWorks made a net loss of nearly $126 million last calendar year, with liabilities exceeding assets by $19.4m.
The auditor said there was “significant doubt” about whether MediaWorks can continue to operate beyond June 2025, given its bank financing arrangements.
RNZ
Cranmer has provided the full PwC report:
Discuss it on the BFD.
