Financial Information

We release interim (half year) results in February and full year results in August.

We are committed to sharing information with as many investors as possible so we webcast these meetings.

Financial results

Click on "Content" or "Next Section" to view financial results from 2013, 2012 and 2011.

Financial results 2014

We want to make our financial results announcements accessible to as many of our shareholders as possible. To help us achieve this we webcast these meetings and post videos here on our website.

Full year results FY14

25 August 2014

Solid financial performance overshadowed by regulatory uncertainty. 

  • $148m NPAT
  • Reduction in regulated prices from 1 December 2014 will cause significant funding gap
  • Fundamental review of the business completed and wide ranging actions underway to help secure a sustainable future
  • No final dividend
  • UFB and RBI rollouts ahead of schedule
  • Major IT projects delivered

Chorus Limited has today reported a net profit after tax (NPAT) of $148 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of $649 million for the year ended 30 June 2014.

View the video of the results announcement:

Full year results releases:

Interim results for the six months to 31 December 2013

Reshaping the business to be sustainable.

  • $78m NPAT; no dividend for the six months
  • Moving the business model to move towards full cost recovery and utility-style operation
  • UFB and RBI rollouts being delivered successfully

Chorus Limited has today reported a net profit after tax (NPAT) of $78 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of $329 million for the six months ended 31 December 2013.

View the video of the interim results presentation:

Mark Ratcliffe, Chorus CEO, and Andrew Carroll, Chorus CFO, discuss key performance and financial metrics. 

Questions and Answers

Dividends

Dividend information

Dividend guidance

As part of the 25 July 2014 bank amendments, Chorus has agreed that no dividends will be paid until 2015, consistent with February guidance.

In addition to this, Chorus has entered into a conditional agreement with CFH which gives Chorus the option to bring forward part of CFH's existing investment funding. If Chorus uses the facility, Chorus would be unable to pay a dividend before December 2019 with CFH approval, unless Chorus normalises the CFH funding profile.

Dividend history

FY14 No dividends paid
FY13 final dividend NZ15.5 cents per share, fully imputed.
Supplementary dividend paid to shareholders not resident in New Zealand NZ2.7353 cents per share
FY13 interim dividend paid 12 April 2013 NZ10.0 cents per share, fully imputed.
NZ1.7647 cents per share supplementary dividend paid to shareholders not resident in New Zealand
FY12 dividend paid 5 October 2012 (for seven months to 30 June 2012 following Chorus' demerger)
NZ14.6 cents per share, fully imputed.
NZ2.5765 cents per share supplementary dividend paid to shareholders not resident in New Zealand

Dividend Reinvestment Plan - Suspended 11 April 2014

Upcoming ASX Listing Rule changes would require Chorus to amend its current Dividend Reinvestment Plan (DRP) Offer Document.  The Chorus Board has decided to suspend the current DRP rather than incur the costs of amending the Offer Document at this time.

This decision follows the 24 February interim result announcement that Chorus has elected not to pay an interim dividend and that “capital management decisions will be communicated when there is sufficient certainty around the outcome of Chorus initiatives, CFH discussions, and regulatory reviews.”

Chorus does not at this point, have sufficient certainty in respect of those outcomes to announce any capital management decisions and deferring unnecessary DRP costs is therefore a logical step.

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Analysts

Chorus Analysts

Chorus Ltd is followed by a number of analysts, including those listed below. Please note that any opinions, estimates or forecasts made by analysts regarding Chorus' performance are theirs alone and do not represent opinions, forecasts or predictions of Chorus or its management.

By providing this list, Chorus does not imply its endorsement of or concurrence with analyst information, conclusions or recommendations.

Chorus analysts and contact details

Company
Analyst
Phone number
Craigs Investment 
Partners
Arie Dekker +64 9 358 7580
First NZ Capital Greg Main +64 4 474 4061
Forsyth Barr
Blair Galpin +64 9 368 0109
Goldman Sachs Raymond Tong +61 3 9679 1359
Macquarie Equities Ltd Andrew Levy +61 2 8232 5165
Merrill Lynch
Sameer Chopra
+61 2 9226 5936
J P Morgan Paul Brunker +61 2 9003 8641
CIMB Securities Ian Martin +61 3 9631 1018
UBS
Tristan Joll
+64 9 913 4863