Invest in New Zealand's fibre future
Chorus provides updates through investor days and our half year and full year results announcements.
Click on "Pages" or "Next Page" to view 2013 and 2012 presentations
Investor presentations 2014
Update of FPP modelling information from Analysys Mason
4 December 2014
At the Commerce Commission’s request, Analysys Mason provided a briefing at 10am on Thursday 4 December on its total service long run incremental cost (TSLRIC) UCLL and UBA models. The presentation and videos are now available:
- Analysys Mason Presentation [PDF, 421kB]
Introduction from Mark Ratcliffe, Chorus CEO
James Allen, Analysys Mason
Chorus releases update of its FPP modelling data
2 December 2014
Chorus provided an update on its work with world leading experts Analysys Mason to develop economic models that can be used to inform the Commerce Commission’s Final Pricing Principle (FPP) processes.
This information updates the market on the previous presentation given on 7 October 2014.
Analysys Mason is a global telecommunications consultancy, and has assisted regulators in undertaking similar work for networks in Australia, Norway, Denmark, France and the Netherlands. The modelling from Analysys Mason was submitted by Chorus to the Commerce Commission on 1 December 2014, in line with the Commission’s published timetable.
A presentation summarising Chorus’ models is attached as an update to the 7 October 2014 presentation:
- Modelling slide pack - 2 December 2014 [PDF, 1.3MB]
At the Commerce Commission’s request, Analysys Mason will provide a briefing at 10am on Thursday 4 December on its total service long run incremental cost (TSLRIC) UCLL and UBA models. The briefing will be webcast at www.chorus.co.nz/webcast.
7 October 2014
On 7 October 2014 we hosted an investor update in Auckland.
- Download a copy of the investor update presentation [PDF, 7.7MB]
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.
- Future of TV seminar - 26 June 2014 [PDF, 2.2MB]
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.
- Investor Day presentations - 21 May 2014 [PDF, 10.4MB]
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
Click on "Pages" or "Next Page" 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.
- Submission on Consultation Paper [PDF, 265kB]
- Letter to Commission [PDF, 85kB]
- Dr Ross Patterson MERW - Advice on regulated UBA [PDF, 393kB]
- Chapman Tripp advice - regulated UBA [PDF, 7.3MB]
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).
- Download a copy of Chorus' submission [PDF, 1.3MB]
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' UFB submission - 24 February 2014 [PDF, 181kB]
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:
Annual and half year reports
Download copies of Chorus Annual Reports
Chorus Annual Report 2014
- Download a copy of Chorus Annual Report 2014 [PDF, 2.1MB]
Chorus Annual Report 2013
- Chorus Annual Report 2013 [PDF, 990kB]
Chorus Annual report 2012
- Download a copy of the Chorus Annual Report 2012 [PDF, 1.3MB]
Half year reports
- Chorus half year report FY 2015 [PDF, 322kB]
- Chorus half year report FY 2014 [PDF, 823kB]
- Chorus half year report FY 2013 [PDF, 896kB]
Crown Fibre Holdings securities
This document summarises the key terms of the securities issued by Chorus to CFH under the Subscription Agreement.
- Download the summary of CFH securities document [PDF, 108kB]
The Scheme Booklet sets out details of Chorus' demerger from Telecom (Spark).
- Scheme Booklet [PDF, 9.4MB]
Click on "Pages" or "Next Page" 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
- Sue Sheldon's (Chairman) address [PDF, 75kB]
- Mark Ratcliffe's (CEO) address [PDF, 95kB]
- Presentation slides [PDF, 3.9MB]
|Resolution 1||That Ms Anne Urlwin be elected as a director of Chorus.
||For: 199,064,006 (99.65%)
Against: 704,092 (0.35%)
|Resolution 2||That Dr Keith Turner be elected as a director of Chorus.
||For: 199,448,743 (99.82%)
Against: 353,949 (0.18%)
|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%)
- 1. Does Chorus offer a programme to buy back small shareholdings?
- 2. When will Chorus pay a dividend?
- 3. Where can I find more information on the regulatory issues facing Chorus?
- 4.What is an American Depositary Receipt (ADR)?
- 5. Why can’t I find Chorus on the Computershare Australia investor portal?
- 6. How do I update my shareholder details for a change of address/email?
- 7. I need a dividend statement for tax purposes. How can I request one?
- 8. Does Chorus have a dividend reinvestment plan?
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 email@example.com 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 firstname.lastname@example.org), 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 email@example.com 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.