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.

Click on "Page" or "Next Page" to view previous years' results.

Financial results 2015

FY Full Year Results 

Mark Ratcliffe (Chorus CEO) and Andrew Carroll (Chorus CFO) presented Chorus' FY15 full year results via a webcast on 24 August 2015.

FY15 impacted substantially by regulatory pricing decisions

  • Net profit after tax $91m (FY14: $148m), no dividend
  • EBITDA $602m (FY14: $649m)
  • Operating revenue of $1,006m (FY14: $1,058m)
  • Chorus’ UFB rollout now 44% complete (FY14: 31%)
  • Broadband uptake grew 4% to 1,207,000

Interim FY15 Results 

  • $64m NPAT; no interim dividend
  • Fixed lines increased to 1,782,000
  • Ultra-fast Broadband and Rural Broadband Initiative rollouts on schedule
  • UFB communal capital expenditure guidance range narrowed to $1.75 to $1.80 billion
  • Reduction in regulated prices from 1 December 2014 impacting revenues and cash
  • Discretionary spending limited in absence of regulatory clarity and further delay in review processes

Chorus Limited has today reported a net profit after tax (NPAT) of $64 million and earnings before interest, tax, depreciation and amortisation (EBITDA) of $321 million for the six months ended 31 December 2014. Operating revenue for the period was $527 million and operating expenses were $206 million. Depreciation and amortisation for the period was $159 million, delivering earnings before interest and tax (EBIT) of $162m.

Mark Ratcliffe and Andrew Carroll present the FY15 interim results

Dividend information

Dividend guidance

As part of the 25 July 2014 bank amendments, Chorus agreed that no dividends will be paid until the later of the conclusion of the Commerce Commission's final pricing principle review processes or 30 June 2015. The Commission has indicated December 2015 as the due date for its final determination.

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 without 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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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.

Phone number
Craigs Investment 
 Adrian Allbon +64 9 969 1070
First NZ Capital Arie Dekker +64 9 302 5555
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
Tristan Joll
+64 9 913 4863