Investor information

Invest in New Zealand's fibre future

Chorus provides updates through investor days and our half year and full year results announcements.

AGM

Click on "Content" or "Next Section" to view the 2013 and 2012 annual general meetings.

Chorus annual general meeting 2014

Chorus' 2014 AGM was held at the Amora Hotel in Wellington on Wednesday, 29 October 2014. The resolutions and presentations from the meeting are available.

Video of the AGM

Presentations from the AGM

Resolutions

Resolution
 
Results
Resolution 1 That Ms Anne Urlwin be elected as a director of Chorus.
For: 199,064,006 (99.65%)
Against: 704,092 (0.35%)
Abstain: 1,446,784
Resolution 2 That Dr Keith Turner be elected as a director of Chorus.
For: 199,448,743 (99.82%)
Against: 353,949 (0.18%)
Abstain: 1,412,090
Resolution 3 That the maximum aggregate remuneration able to be paid to all directors (in their capacity as directors) be increased by $120,000 from $980,000 per annum to $1,100,000 per annum. For: 192,793,601 (97.61%) Against: 4,720,008 (2.39%) Abstain: 3,701,173
Resolution 4 That the Chorus Board be authorised to fix the fees and expenses of KPMG as auditor. For: 199,521,910 (99.80%) Against: 406,373 (0.20%)
Abstain: 1,286,499

Presentations

Click on "Content" or "Next Section" to view investor presentations from previous years.

Investor presentations 2014

Investor update

7 October 2014

On 7 October 2014 we hosted an investor update in Auckland.

Mark Ratcliffe - overview including broadband connections and fibre update

Anna Moody - regulatory environment and UBA pricing

Andrew Carroll - financials and UFB installation costs

Mark Ratcliffe - summary and questions

Forsyth Barr presentation

Presentation by Rosalie Nelson, Manager Market Strategy & Insight, at Forsyth Barr ‘Future of TV’ seminar.

Chorus Investor Day

21 May 2014

Chorus held a briefing for institutional investors and analysts in Wellington, New Zealand, on Wednesday 21 May, which was also webcast live. 

Presentations

Videos

Mark Ratcliffe, Chorus CEO, sets the scene and outlines the programme for the day.

Anna Moodie, Assistant General Counsel, talks about the telecommunications regulatory environment.

Go to our regulatory submissions

Martin Sharrock, Head of Network Engineering, talks about telecommunications technology and trends.

Ed Beattie, General Manager Infrastructure, talks about the UFB rollout.

Rosalie Nelson, Market Insight and Strategy Manager, talks about the growing numbers of connectable devices and the Internet of things:

Questions on the session

Regulatory issues

Click on "Content" or "Next Section" to view 2013 and 2012 submissions.

Submissions on regulatory issues 2014

Chorus submission on regulated UBA and Boost proposals

19 September 2014

Chorus yesterday sent the Commerce Commission its submission in response to their consultation paper on issues relating to Chorus’ proposed changes to the UBA service. The submission included Chorus; external legal advice, from Minter Ellison Rudd Watts.

Read the media release "Chorus submission on regulated UBA and Boost proposals"

Submission to Commerce Commission

6 August 2014

In response to the Commerce Commission’s Consultation paper outlining its proposed view on the regulatory framework and modelling approach for UBA and UCLL services (9 July 2014)

This submission responds to the Commission’s preliminary views on the modelling choices and inputs for setting monthly and transactional TSLRIC prices for UCLL, SLU and UBA (with the UCLL price flowing through to the UCLFS service).

Chorus makes submission on UBA FPP process

24 February 2014

Chorus has made a submission on the Commerce Commission’s process and issues paper as part of the final pricing principle review of the Commission’s initial decision of the price Chorus can charge for the unbundled bitstream access service.

Chorus UCLL and UCLFS submissions

17 February 2014

Chorus has proposed a method by which the Commerce Commission’s two Final Pricing Principle (FPP) regulatory processes could both be completed by the end of 2014.

The proposal forms part of Chorus’ submissions to the Commerce Commission on the FPP review of the price Chorus can charge for the Unbundled Copper Local Loop (UCLL) service.

“It was pleasing to see the Commerce Commission aiming to complete the related FPP review of Unbundled Bitstream Access (UBA) by the end of the year,” said Chorus CEO Mark Ratcliffe.

“We acknowledge that the UCLL and UBA FPP processes have critical linkages, and the aggregate price will be the most relevant to the industry. To that end, we believe resolution of both processes by the end of the year would provide everyone with greater certainty.”

As requested by the Commission, and to support the timely resolution of the FPP processes, Chorus has proposed a process that would allow the Commission to model the full copper network in order to determine UCLL and UBA prices in parallel.
“We believe this will help the Commission meet its obligation to complete the FPP process as soon as practicable and do so in a way that takes appropriate account of all costs,” he said.

Chorus has also provided advice from Analysys Mason, world leading experts on economic cost modelling, on an appropriate approach to modelling.

“While the Commission and the industry are investing a significant amount of resource into these FPP processes, which will provide the pricing copper-based services during the transitional period through to 2020, it is worth noting that a new regulatory regime will come into existence in 2020. At this stage no-one knows what form it will take, so we also look forward to more clarity on this.”

Chorus has also made submissions on the Commission’s review of the standard terms determination price list for Chorus’ unbundled copper low frequency service (UCLFS).

Copies of the UCLL and UCLFS submissions:

FAQs

Investor FAQs

1. Does Chorus offer a programme to buy back small shareholdings?

Chorus does not have a programme in place for small shareholdings, but shareholders may wish to consider the Shares for Good programme which donates proceeds to a selected charity. This programme enables shareholders to donate NZX listed shares free of brokerage and potentially receive a tax credit. For more information please visit www.sharesforgood.co.nz.

2. When will Chorus pay a dividend?

Following the withdrawal of dividend guidance on 18 November 2013, the capital management update provided in February 2014 and the CFH financing and committed bank facility amendments announced in July 2014, Chorus will not pay a final dividend.

In February, Chorus indicated that a future dividend policy would be communicated when financially sustainable and there was sufficient certainty of outcomes from Chorus initiatives, CFH discussions and regulatory reviews.

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.

3. Where can I find more information on the regulatory issues facing Chorus?

For the latest information on regulatory developments, please refer to the Commerce Commission website. An overview of regulatory matters is also provided in Chorus’ recent half year and annual reports. For further background, refer to the letter sent to shareholders in December 2013 and the ‘Addressing the myths’ document in the Shareholder Information section.

4.What is an American Depositary Receipt (ADR)?

An ADR is a negotiable U.S. certificate issued by a depositary bank representing ownership of shares in a non-U.S. corporation. Chorus’ depositary is the Bank of New York Mellon. ADRs can be bought through a U.S. broker in the same manner as U.S. securities.

American Depositary Shares (ADSs), each representing five ordinary Chorus shares and evidenced by ADRs are not listed but are traded on the over-the-counter (OTC) market in the United States under the ticker symbol ‘CHRYY’.

For more information visit www.adrbnymellon.com and search for the Chorus ADR profile.

5. Why can’t I find Chorus on the Computershare Australia investor portal?

Australian shareholders currently need to access their Chorus holdings details via the Computershare New Zealand investor portal: www.investorcentre.com/nz.

A Faster Identification Number (FIN) and Shareholder Number is initially required to log-in to this portal. Please note: your Shareholder Number is not the same number as a Holder Identification Number (HIN).

New shareholders who are on the Australian and CHESS registers will receive their FIN by post. A FIN or Shareholder Number can also be obtained by contacting Computershare Investor Services Limited in New Zealand at enquiry@computershare.co.nz or by calling +64 9 488 8777.

6. How do I update my shareholder details for a change of address/email?

Please either contact the share registrar, Computershare Investor Services (phone: +64 9 488 8777 or email enquiry@computershare.co.nz), or you can update your details online by logging on at www.investorcenter.com/nz. Select ‘My profile’ and click on the ‘update’ button on the communication preferences tile.

Note: If you don’t already have a User ID and password you will need your CSN or Holder Number and FIN to register your account.

7. I need a dividend statement for tax purposes. How can I request one?

You can log on and view dividend details for your holding at www.investorcenter.com/nz. Select ‘Statements and Documents’ and click on ‘Chorus Limited’ to view all available payment statements.

Note: If you don’t already have a User ID and password you will need your CSN or Holder Number and FIN to register your account.

Alternatively, email enquiry@computershare.co.nz or call +64 9 488 8777.

8. Does Chorus have a dividend reinvestment plan?

Chorus has suspended its Dividend Reinvestment Plan (the Plan). The Plan was previously available to shareholders resident in New Zealand or Australia. Participation was not available to shareholders whose address is outside New Zealand or Australia because of the costs and requirements involved in ensuring the Plan’s compliance with laws of additional jurisdictions.

Annual Reports

Annual and half year reports

Download copies of Chorus Annual Reports

Chorus Annual Report 2014

Chorus Annual Report 2013

Chorus Annual report 2012

Half year reports

Crown Fibre Holdings securities

This document summarises the key terms of the securities issued by Chorus to CFH under the Subscription Agreement.

Scheme booklet

The Scheme Booklet sets out details of Chorus' demerger from Telecom (Spark).

Financial results

Click on "Content" or "Next Section" to view previous years' information

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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