Chorus Limited (NZX: CNU) Annual Shareholders Meeting

Friday 6th November 2020

Chair’s Address at Annual Shareholders Meeting

Despite the operational restrictions and financial impact of COVID-19, we achieved our goal of modest EBITDA growth.

For the year ended 30 June, Chorus delivered EBITDA of $648m, delivering net profit of $52m. Operating revenue was down slightly, from $970m in the prior year to $959m. This reduction was more than offset by a reduction in operating expenses from $334m to $311m. We continue to place huge emphasis on cost management and efficiency, particularly as our major build programme starts to taper down. It is not easy, and invariably impacts people on a personal basis as numbers fall.

Credit is due to JB and his team for their relentless focus on this. This enabled payment of fully imputed dividends of 24cps over the course of the financial year. The board anticipates this increasing to 25cps in the current financial year, subject to no material worsening of the operating or regulatory environment.

See the links below for more details:

Chorus ASM cover note

Chorus ASM - Chair Speech

Chorus ASM - CEO Speech

Chorus ASM presentation

Source: Chorus Limited

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