Fletcher Building pursue its rights to recovery under the TPL policy

 Tuesday, August 8, 2023 


Fletcher Building has maintained its earnings guidance for the 2023 year but said it would make an additional provision of $105 million in its annual accounts for costs associated with the New Zealand International Convention Centre (NZICC) project in Auckland.

The company said its audit and risk committee today reviewed key accounting judgments on NZICC, which is being built for SkyCity. The site was damaged by a fire in 2019.

The company’s guidance issued in June, was for earnings before interest and tax (Ebit) of about $800m and Ebit margins before significant items to be greater than 9 percent.

On contract works insurance (CWI), the amounts available to the company have been reduced by about $20m due to additional claims paid to SkyCity.

Fletcher Building said that it had therefore determined that it will make an additional provision on the nzicc OF $105 million in the 2023 accounts.

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