Chorus Half Year Results

Chorus Limited
Level 10, 1 Willis Street
P O Box 632
Wellington 6140
New Zealand
Email: company.secretary@chorus.co.nz

STOCK EXCHANGE ANNOUNCEMENT
21 February 2022
Chorus 2022 half year result
The following are attached in relation to Chorus’ half year result for the period to
31 December 2021:
1.Media Release
2.Investor Presentation
3.Letter to investors
4.Management Commentary and Financial Statements (including auditor review
report)
5.NZX Results Announcement
6.NZX Distribution Notice
Chief Executive Officer JB Rousselot and Chief Financial Officer David Collins will
discuss the half year result by webcast at 10.00am New Zealand time today. The
webcast will be available at www.chorus.co.nz/webcast.
Authorised by:
David Collins
Chief Financial Officer
ENDS
For further information:
Steve Pettigrew
Head of External Communications
Mobile +64 (27) 258 6257
Email: steve.pettigrew@chorus.co.nz
Brett Jackson
Investor Relations Manager
Phone: +64 4 896 4039
Mobile: +64 (27) 488 7808
Email: brett.jackson@chorus.co.nz

---

21 February 2022

Solid result, regulatory clarity and credit rating changes lift dividend
Key results
• Fibre connections increased by 47,000 to 918,000
• Fibre uptake 67% in completed UFB areas (June 2021: 65%)
• 23% of mass-market fibre connections on gigabit plans
• Net profit after tax $42m (HY21: $27m)
• EBITDA $347m (HY21: $328m restated)
• Operating revenue $483m (HY21: $478m restated)
• Credit rating thresholds lifted by S&P and Moody’s
• FY22 EBITDA guidance increased to $665m to $685m
• FY22 dividend guidance increased to 35 cents, from 26 cents
• Interim dividend of 14 cents per share
• $150m share buyback announced
Chorus delivered a solid first-half financial performance for the six months ended 31
December 2021 despite COVID disruptions.
Net profit after tax (NPAT) was $42m, and earnings before interest, tax, depreciation and
amortisation (EBITDA) was $347m for the period. EBITDA for the half-year included $15m of
one-off benefits from a Holidays Act provision and other appropriations. The underlying
EBITDA was $332m for HY22 compared with $328m in the same six months in FY21
1
.
Operating revenues for the period were up slightly at $483m (HY21: $478m restated),
primarily due to gains from our ongoing network optimisation programme.
Fibre uptake passes the two-thirds mark
Chorus CEO JB Rousselot said he was pleased with the continued broadband growth in the
company’s fibre areas.
"The continued growth in fibre demand is a testament to the reliability fibre broadband is
delivering through the challenges of the ongoing COVID pandemic.
“We saw the lockdowns and other public restrictions in the first-half ramp up the average
data usage on fibre to new record highs of more than 600 gigabytes per month.

1
Previously reported HY21 EBITDA of $323 million has been increased to $328 million to reflect a prior period
restatement. This reflects an ongoing change in accounting treatment of field services revenue for roadworks
that increased HY21 revenue by $5 million. Refer to page 12 of the HY22 investor presentation for the detailed
accounting adjustments. Half year results are unaudited.

“Our fibre rollout is now close to completion with just 30,000 or so premises left to pass.
More than 1.3 million homes and businesses have fibre at their doorstep; of these 67 per
cent have now chosen to connect.
“During the first half of the year, we saw fibre connections grow by 47,000 to 918,000, and
we’re on track to achieve our target of one million fibre connections by the end of the year.”
Big fibre boost for fibre customers
Chorus upgraded more than 600,000 homes and businesses on fibre to even better speeds
in December.
“Our big fibre boost was the largest-ever performance upgrade for fibre customers. Working
closely with broadband retailers, residential customers on a 100 Mbps fibre plan can now
access 300 Mbps, while the upload speed increased five-fold from 20 Mbps to 100 Mbps”,
said Mr Rousselot.
“This upgrade builds on our purpose to ensure that New Zealanders have access to the best
of internet connectivity.”
When Chorus first started building the fibre network in 2011 across New Zealand, it was
ambitious in wanting New Zealand to be envied globally for its broadband. In December, as
retailers made the upgrade available to their customers, New Zealand catapulted up the
world’s fixed-line broadband rankings, from 22
nd
place to 11
th
, based on Ookla’s Global
Speed Test.
Dividend guidance increased, share buyback announced
With Chorus on the cusp of becoming free cash flow positive and beginning to earn more
than it is investing in the network, it has updated dividend guidance for the next three years.
“Throughout the decade-long fibre build, our shareholders have seen their returns
constrained. They endured two years of no dividend payments during the copper pricing
review and then the impact of the delayed implementation of the new regulatory
framework.
“In that same time, shareholders have also helped further fund the fibre rollout by providing
$279 million through the dividend reinvestment plan”, said Mr Rousselot.
The finalisation of crucial inputs for the new regulatory framework, together with the
subsequent increase in credit thresholds for Chorus by ratings agencies, means Chorus now
can increase returns to shareholders as network investment demands reduce.
Updated dividend guidance:
• FY22: 35 cents
• FY23: a minimum of 40 cents
• FY24: a minimum of 45 cents
In addition to the increased dividend, Chorus has also announced a share buyback of up to
$150m. The buyback follows the increase in the credit rating thresholds and is a tax-efficient

allocation of surplus capital that will help boost future earnings per share and imputation
credit reserves.
Chorus will pay an interim dividend of 14 cents per share, fully imputed, on 12 April 2022 to
all shareholders registered at 5.00 pm on 15 March 2022. A dividend reinvestment plan is
available, with no discount rate applied, for shareholders who prefer to increase their
shareholding rather than receive a cash dividend. Applications must be received by 5.00 pm
(NZ time) on 16 March 2022.
FY22 guidance
• EBITDA: Increased to $665m to $685m, previously $640m to $660m
• Capital expenditure: Decreased to $520m to $560m, previously $550m to $590m
• Dividend: Increased to 35 cents, with 14 cents to be paid in April
ENDS
Chorus Chief Executive JB Rousselot, and Chief Financial Officer, David Collins, will discuss
the half-year results at a briefing in Wellington from 10.00 am on Monday 21 February 2022
(NZDT). The webcast will be available at www.chorus.co.nz/webcast.

For further information:
Steve Pettigrew
External Communications Manager
p: +64 9 975 2951 | m: +64 (27) 258 6257 | e: steve.pettigrew@chorus.co.nz
Brett Jackson
Investor Relations Manager
p: +64 4 896 4039 | m: +64 (27) 488 7808 | e. brett.jackson@chorus.co.nz

---

HY22 RESULT
21 February 2022

21 February 2022
Disclaimer
This presentation:
• Is provided for general information purposes and does not constitute investment advice or an offer of or invitation to purchase Chorus
securities.
• Includes forward-looking statements. These statements are not guarantees or predictions of future performance. They involve known
and unknown risks, uncertainties and other factors, many of which are beyond Chorus’ control, and which may cause actual resultsto
differ materially from those contained in this presentation.
• Includes statements relating to past performance which should not be regarded as reliable indicators of future performance.
• Is current at the date of this presentation, unless otherwise stated. Except as required by law or the NZX Main Board and ASX listing
rules, Chorus is not under any obligation to update this presentation, whether as a result of new information, future events or otherwise.
• Should be read in conjunction with Chorus’ audited consolidated financial statements for the year to 30 June 2021 and NZX and ASX
market releases.
• Includes non-GAAP financial measures such as "EBITDA”. These measures do not have a standardised meaning prescribed by GAAP and
therefore may not be comparable to similar financial information presented by other entities. They should not be used in substitution for,
or isolation of, Chorus' audited consolidated financial statements. We monitor EBITDA as a key performance indicator and we believe it
assists investors in assessing the performance of the core operations of our business.
• Has been prepared with due care and attention. However, Chorus and its directors and employees accept no liability for any errors or
omissions.
• Contains information from third parties Chorus believes reliable. However, no representations or warranties (express or implied) are
made as to the accuracy or completeness of such information.
H1 FY22 RESULTS
2

Agenda
>HY22 overview4
>UFB rollout and connection trends5-9
>Financial results10-14
>Capex15-16
>FY22 guidance, capital management 17-20
>Regulatory outlook 21
>COVID and market trends22-24
>Strategic focus25-28
Appendices
▪A: Additional financial information30-33
▪B: Chorus connections data34
21 February 2022
JB Rousselot, CEO
David Collins, CFO
JB Rousselot, CEO
H1 FY22 RESULTS
3

21 February 2022
HY22 overview
H1 FY22 RESULTS
4

5
On track for 1 million fibre connections by end 2022
Fibre uptake keeps growing
>Reached 918,000 fibre connections (GPON + P2P)
▪fibre broadband connections up 47k in H1, despite COVID 19
constraints on installation activity
▪COVID lockdowns underlined the essential nature of reliable
broadband, helping drive consumer migration from copper to
fibre and upgrades to 1Gbps plans
>Fibre uptake increased from 65% to 67% within the
completed UFB rollout footprint
▪881,000 connections (including business premium) out of
1,308,000 customers able to connect
▪rollout 97% complete, ~30,000 premises left to pass by
December 2022
63
66
69
72
37
39
42
46
60
63
65
67
30
35
40
45
50
55
60
65
70
75
FY20HY21FY21HY22
Chorus fibre uptake
(% uptake vs available addresses)
UFB1UFB2Total (average)
21 February 2022
H1 FY22 RESULTS

21 February 2022
H1 FY22 RESULTS
Despite COVID slowing managed installation activity
0
5000
10000
15000
20000
25000
30000
35000
H2 FY18H1 FY19H2 FY19H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22
Managed migration: installations vs activations
Service activation: from copper
Service activation: from offnet
Fibre installations
▪~23k managed installations completed in H1
vs 30k in H2 FY21 as COVID restrictions
affected door knocking activity
▪activations continued to grow, reaching 16k
in H1
▪49% of programme generated activations
came from offnet addresses vs 45% in H2
FY21
Growing fibre activations from offnet
6

21 February 2022
Connection changes by Zone (indicative as at 31 December)
* Includes planned Chorus UFB1, 2 and 2+ coverage
**Excludes 10k partly subsidised education connections and 13k fibre premium and data services (copper) connections
9
7
5
6
-4
-2
-1
-1
-2
-3
-3
-5
-6
-6
-6
-8
-10
-8
-7
-2
-1
-2
-1
-1
-2
-3
-2
-2
-3
-15-5515
Q2 FY22
Q1 FY22
Q4 FY21
Q3 FY21
Q2 FY21
Q2 FY22
Q1 FY22
Q4 FY21
Q3 FY21
Q2 FY21
Q2 FY22
Q1 FY22
Q4 FY21
Q3 FY21
Q2 FY21
Broadband connections
Copper (no broadband) connections
Quarterly change (’000s) by zone**
H1 FY22 RESULTS
7
Other fibre
company (LFC)
zone
Broadband connections39,000Disconnections continue due to Local Fibre
Company and fixed wireless provider activity,
with some slowdown due to COVID-19 effects.
Copper line (no broadband)23,000
TOTAL62,000
Non-UFB zoneBroadband connections147,000Some expansion of wireless broadband footprint
through Government backed programme. New
housing outside of UFB zone driving fibre
premises growth.
Copper line (no broadband)32,000
TOTAL179,000
Chorus UFB zone*Broadband connections1,001,000Continued broadband growth driven by Chorus
incentives and migration campaigns. Copper
voice disconnections reflect migration to fibre
and targeted fixed wireless activities.
Copper line (no broadband)70,000
TOTAL1,071,000

21 February 2022
H1 FY22 RESULTS
8
Fibre upgrade propels NZ towards global Top 10
600,000 100Mbps plans flawlessly migrated to 300Mbps

21 February 2022
H1 FY22 RESULTS
9
1 Gigabit plans now 23% of mass market
More than half a million customers upgraded to 300Mbps plans in December
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
June 2021Sept 2021Dec 2021
Residential
1Gbps300Mbps200Mbps
100Mbps50MbpsVoice
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
June 2021Sept 2021Dec 2021
Business
1Gbps500Mbps300Mbps200Mbps
100Mbps<100MbpsVoice

H1 FY22 RESULTS
Financial performance
David Collins, Chief Financial Officer

Income statement
21 February 2022
>weighted average interest rate on debt reduced
from 4.0% to 3.7% vs H1 FY21
>prior periods restated for changed treatment of
roadworks revenue
H1 FY22 RESULTS
H1 FY22
unaudited
$m
H2
FY21
unaudited
restated
$m
H1
FY21
unaudited
restated
$m
Operating revenue483477478
Operating expenses(136)(148)(150)
Earnings before interest, tax,
depreciation and amortisation
(EBITDA)
347329328
Depreciation and amortisation(215)(217)(210)
Earnings before interest and income tax132112118
Net interest expense(71)(75)(77)
Net earnings before income tax613741
Income tax expense(19)(13)(14)
Net earnings422427
>cost base trending down and one-off benefits
11

21 February 2022
H1 FY22 RESULTS
12
Restatements and underlying EBITDA
H1 FY22
unaudited
reported
$m
H2 FY21
statutory
results
$m
Adjustment
$m
H2 FY21
unaudited
restated
$m
H1 FY21
statutory
results
$m
Adjustment
$m
H1 FY21
unaudited
restated
$m
Field services products3531+33431+536
Total operating revenue483474+3477473+5478
EBITDA347326+3329323+5328
Holidays Act provision
Lease change
Legal settlement
UNDERLYING EBITDA
(9)
(3)
(3)
332329328

H1
FY22
unaudited
$m
H2
FY21
unaudited
restated
$m
H1
FY21
unaudited
restated
$m
Fibre broadband (GPON)267249228
Fibre premium (P2P)333434
Copper based broadband8093110
Copper based voice273236
Data services copper345
Field services353436
Value added network
services
131515
Infrastructure151512
Other1012
Total483477478
21 February 2022
copper revenues declining as customers migrate to
Chorus fibre or competing fibre/wireless networks. CPI
increase of 4.93% applied to some services from mid
December.
>growing fibre uptake and ARPU: $50.65 end of HY22 vs
$49.87 end of FY21
Revenue
>changed accounting treatment for roadworks revenue
H1 FY22 RESULTS
13
>$3m property disposal; $3m legal settlement; $3m change in
lease contract
see p30 for regulated fibrerevenue by category

>release of $9m provision for holiday pay, partially offset by
$2m COVID impact on capitalisation of labour
>fault volumes reducing, assisted by COVID lockdowns
H1
FY22
unaudited
$m
H2
FY21
unaudited
$m
H1
FY21
unaudited
$m
Labour 283638
Network maintenance282934
IT232325
Other network costs151613
Rent, rates and property
maintenance
141212
Electricity8117
Provisioning111
Insurance222
Consultants352
Regulatory levies444
Other10912
Total136148150
21 February 2022
Expenses
H1 FY22 RESULTS
14

>previously included in Other fibre & growth
21 February 2022
HY22 gross capex: $263 million
Sustaining capex of $70m (see p32 for summary)
>West Coast fibre rollout $11m
>fibre incentive campaigns increased
>64,000 installations (UFB1:42,000; UFB2:22,000)
H1 FY22 RESULTS
FibrecapexH1 FY22
$m
H2 FY21
$m
H1 FY21
$m
UFB communal476186
Fibre installations & layer 2103129146
Fibre products & systems768
Other fibre& growth435041
Fibre sustain556
Customer retention costs191613
Subtotal224267300
▪Average cost per UFB1 premises connected: $1,043* vs $1,025 -$1,175 guidance
▪Average cost per UFB2 premises connected:$1,193*vs $1,200 -$1,350 guidance
* excludes layer 2 and includes standard installations, some non-standard single dwellings and service desk costs
15

21 February 2022
Capex: Copper and Common
H1 FY22 RESULTS
CoppercapexH1 FY22
$m
H2 FY21
$m
H1 FY21
$m
Network sustain131514
Copperconnections101
Copper layer2122
Customer retention costs356
Subtotal182223
CommoncapexH1 FY22
$m
H2 FY21
$m
H1 FY21
$m
Informationtechnology162422
Building& engineering services568
Subtotal213030
>continuing to trend down as connections reduce
>planned building projects delayed by COVID impacts
16

21 February 2022
FY22 guidance update
▪fibre installations & layer 2 capex reduced to $200m
to $220m (previously $230m to $250m)
obased on mass market 125,000–145,000 fibre
installations (unchanged –at lower end of range)
and 5,000 to 6,000 backbone builds (reduced),
including service desk costs
oaverage cost per UFB2 premises connected
guidance reduced to $1,150 -$1,300 (previously
$1,200 -$1,350)
H1 FY22 RESULTS
EBITDA: increased to $665m to $685m
(previously $640m to $660m)
▪guidance lifted to reflect accounting changes and
one-off benefits in H1
▪subject to no material changes in circumstances or
outlook
▪does not include specific allowance for additional
Omicron impact in H2
17
GROSS CAPEX: reduced to $520m to $560m
(previously $550m to $590m)

21 February 2022
Net debt/EBITDA
As at
31 Dec 2021
$m
Borrowings2,369
+ PV of CIP debt
securities (senior)
207
+ Net leases payable191
Sub total2,767
-Cash84
Total net debt2,683
Net debt/EBITDA*4.03x
>ND/EBITDA reduced from 4.24x (FY21) to 4.03x
▪leases reduced from $264m (FY21) due to change in third party lease
arrangements
▪ND/EBITDA calculation excludes release of $9m holiday pay provision
>ratings agency thresholds now reflect new regulatory
framework:
▪Moody’sincreased from 4.2x to 5.25x
▪S&Pincreased from 4.25x to 5.0x
>the Board considers that a ‘BBB’ credit rating or equivalent is
appropriate for a company such as Chorus
▪intention that in normal circumstances the ratio of net debt to EBITDA
will not materially exceed 4.75x
▪intention to increasefinancial covenants to align with new ratings
thresholds –currently require senior debt ratio to be no greater than
4.75x
*Based on S&P and bank covenant methodologies
H1 FY22 RESULTS
18

21 February 2022
Return of $150m capital via share buyback
>As per our capital allocation framework (February 2020), surplus
capital is allocated based on maximising shareholder value, with
discretionary capex only pursued where:
▪greater shareholder value is created compared to share
buybacks and/or additional dividends; and
▪regulatory incentives are appropriate (e.g. regulatory WACC vs
Chorus WACC)
>We consider it prudent to utilise our new credit thresholds to return
$150 million to shareholders via an on-market share buyback:
▪tax efficient and will boost future earnings per share and
imputation credit reserves
▪buyback will be via NZX and ASX
▪Board reserves option to suspend the buyback if more accretive
opportunities for shareholder value are identified
H1 FY22 RESULTS
*Examples include fibre footprint
expansion, greenfield connections &
customer retention spend
19

>FY22 dividend guidance increased from 26cps to 35cps*
▪interim dividend of14cps, fully imputed, with supplementary
dividend of2.47cpspayable to non-resident shareholders
•record date: 15 March2022
•payment date: 12 April2022
•Dividend Reinvestment Plan (no discount) open to
NZ/Australian resident shareholders
21 February 2022
>providing shareholders with dividend predictability,
stability and sustainable growth
▪credit ratings changes enable acceleration of transition period
▪intention to pay out 60% to 80% of free cash flow from FY24
▪free cash flow = net cash flows from operating activitiesminus
sustaining capex
▪dividend guidance for first regulatory period: a minimum of
40cps* in FY23 and a minimum of45cps* in FY24
▪dividends unimputed in short to medium term
Accelerated transition to FCF dividend policy
H1 FY22 RESULTS
20
0
5
10
15
20
25
30
35
40
45
50
FY22FY23FY24
cps
* subject to no material adverse changes in circumstances or outlook
Dividend guidance

21 February 2022
H1 FY22 RESULTS
Regulatory outlook
21
WACC parameterRP1
1
WACC
(1 July 2021)
ID
2
WACC
(1 Feb 2022)
Risk-free rate0.51%1.96%
Average debt
premium
1.70%1.62%
Cost of debt2.54%3.91%
Cost of equity5.62%6.66%
Mid-point vanilla
WACC
4.72%5.86%
Mid-point post-tax
WACC
4.52%5.54%
Source: Commerce Commission
1. RP1: Regulatory Period 1 from 2022-2024
2. ID: Information Disclosure. Latest calculated WACC is used for
reporting purposes only.
>Maximum allowable revenue (MAR) in first
regulatory period (RP1) not expected to constrain
business plan
>expect MAR for second period (RP2) to reflect:
▪future risk-free rate –currently 1.96%
▪inclusion of tax building block from ~FY27once tax
loss is used up
▪~$250m (current value) of existing shared assets
that should be eligible to enter the RAB over time
▪2025 repayment of Crown financing (regulator only
allows ~2% return on funded assets)
>we estimate 51% of HY22 opexwould qualify as
regulated fibreopexvs 64% of HY22 total
revenue –see p30
▪cost allocations will need to be addressed in RP2, or
reflected in policy framework for copper
Telecommunications Service Obligations

Boosting New Zealand broadband
JB Rousselot, Chief Executive Officer
21 February 2022
H1 FY22 RESULTS

COVID continues to reinforce value of fibre
21 February 2022
273
554
479
0
100
200
300
400
500
600
CopperFibreAverage
Monthly average data usage (gigabytes) per
connection on our network*
* includes upstream traffic from June 2020 onwards
H1 FY22 RESULTS
23
H1 lockdowns underlined value of unlimited
data, peak time speed, upload and latency
▪average data usage continues to grow
▪uptake of streaming services accelerated
▪working from home requires reliable broadband
How will Omicron shape H2?
▪working from home more embedded
▪continuing to see broadband growth and solid
demand for 1Gbps
▪Chorus continues to provide subsidised connections
for 9k student homes
▪expect door knocking activity to remain constrained
▪unclear what effect Omicron will have on field force
capacity and demand

21 February 2022
H1 FY22 RESULTS
24
Still room to grow fibre share
Market dynamics are positive for continued growth
▪new entrant energy and pay TV bundlers promoting fibre to
their large existing customer bases
▪incumbent retailers responding with enhanced offers
▪strong greenfieldsdemand adding to future fibre footprint
▪~145,000 inactive fibre sockets (ONTs) ready to switch on
▪steady growth in large UFB centres over last 12 months
•Auckland, Wellington and Dunedin cover >70% of UFB1
homes and businesses able to connect
•Dunedin typically sees seasonal drop in Dec quarter with
university holidays
•pleasing growth in Wellington given HFC network
competition
50.00%
55.00%
60.00%
65.00%
70.00%
75.00%
80.00%
AucklandDunedinWellington
UFB uptake by quarter
Mar-21Jun-21Sep-21Dec-21
student
holidays

21 February 2022
H1 FY22 RESULTS
25
>fibre proposition enhanced
▪300Mbps upgrade completed
▪launching new entry level plan: 50/10Mbps, $38 wholesale
with retail price cap of $60 inclGST
>continuing to refine campaign activity
▪campaign to promote 300Mbps awareness
▪upweighting direct marketing activity due to COVID
▪Chorus online channel for direct installation requests
>Commerce Commission driven marketing code should
ensure consumers are better informed and equipped to
choose what is right for them
▪some retailers already publishing clearer performance
information for alternative technologies
▪Commission proposed express consent required for change in
telco service and 4 months’ notice for copper service
withdrawal by retailers
FY22 STRATEGIC FOCUS: Win in core fibre business

21 February 2022
H1 FY22 RESULTS
>new sercocontracts a major milestone
▪consolidation from 3 to 2 companies to deliver
field force sustainability, ongoing simplification
and enhancement of customer experience
▪contract costs in line with business plan and
incorporate our worker welfare requirements
>building an adaptive organisation
▪cross-functional teams used to deliver priority
projects (e.g. fibre upgrades, regulatory readiness)
▪new Auckland premises
>research confirms fibre’s emissions benefits
▪fibre’s carbon emissions profile stays consistent
as broadband speeds increase, while emissions
increase for other broadband technologies
▪at 300Mbps, per-user emissions of 5G fixed
wireless are about four to five times higher than
those of fibre GPON
26
FY22 STRATEGIC FOCUS: Develop long term future of the business
Note: SapereResearch was commissioned by New Zealand fibre network companies
including Chorus. It examined the emissions during the access network use and includes
the shipping and disposal of equipment, such as optical network terminals and Wi-Fi
routers but not the activity in building copper, fibre, HFC or the mobile networks. Real-
world network data was used to assess the emissions impact of fibre and VDSL while a
mix of actual and theoretical data was used for other technologies.
Chart: Emissions in Fibre (GPON) and Fixed Wireless Access (FWA)
4G/5G networks for average access rates between 50 and 500Mbps

21 February 2022
H1 FY22 RESULTS
>copper withdrawal trials slowed by COVID lockdowns
▪first 28 cabinets on track for shut down in March with 1/3 already
vacant and only 30 customers remaining to switch services
▪withdrawal notices issued across 490 cabinets and targeting
~1,000 by end of 2022
>programme to reduce network footprint
▪9 property/lease sites exited (FY21: 36 sites)
▪13 properties moving to subdivision phase
▪ongoing reduction in third party exchanges
>reviewing non-UFB zone in light of regulatory outcomes on
fibre
▪TSO needs to be revised given Chorus’ inability to cross-subsidise
urban and rural
▪additional investment very challenging on current regulatory
settings
27
SOLD
FY22 STRATEGIC FOCUS: Optimise non-fibre assets

21 February 2022
H1 FY22 RESULTS
28
>business portfolio changes
▪new 500/500Mbps plans tailored to businesses focussed
on performance and enhanced service levels
▪small business fibre continues to grow
▪43% of entry level business plans taking 1Gbps
>lifting our focus on premium services
▪mobile and direct fibre access numbers growing, helping
offset legacy service reductions
▪new data centre backhaul service generating good
interest from established data centre operators
▪Edge Centreactivity slowed by COVID; plans in train for
another exchange site in Auckland
>renewed focus on growth opportunities outside the
regulatory framework
FY22 STRATEGIC FOCUS: Grow new revenues

Questions?

21 February 2022
H1 FY22 RESULTS
30
Appendix A: Additional financial information
Non-
regulated
FFLAS
$m
Regulated
FFLAS
$m
H1
FY22
$m
Fibre broadband
(GPON)
2265267
Fibre premium (P2P)62733
Copper based
broadband
80080
Copper based voice27027
Data services copper303
Field services26935
Value added network
services
10313
Infrastructure8715
Other10010
Total172311483
H1 FY21 revenues: FFLAS vs non-FFLAS
>indicative FFLAS revenue of $311m or 64%
of HY22 revenue
▪FFLAS total excludes estimated $16m allocation
of fibre-related capital contributions to be
netted off fibre RAB assets
>indicative FFLAS opexof $70m or 51% of
HY22 opex
▪FFLAS total includes pass through costs
Note
▪amounts are indicative only and subject to change as
transitional RAB values and cost allocations are
finalised

▪copper fault volumes continued to reduce as customers migrate
to fibre and COVID-19 restrictions limited community activity
during H1 FY22
▪long run annual saving from full copper to fibre migration in
Chorus UFB areas estimated at ~$10m p.afor fixed fault costs
21 February 2022
Reactive maintenance: Chorus network
Key drivers for $26m spend
0
5
10
15
FibreCopper - fixedCopper -
variable
Reactive spend by type
H1 FY20H2 FY20H1 FY21H2 FY21H1 FY22
0
5
10
15
Chorus UFB Rest of NZ (Non
UFB)
LFC UFB
Copper -reactive spend by area
Note:
▪reactive maintenance excludesspend on proactive maintenance and
customer networks (i.e. premises wiring, no fault found, cancellations)
▪‘fixed’ faults: occur in parts of the network that affect multiple customers
(e.g. cable between exchange and cabinet)
▪‘variable’ faults: only affect one customer (e.g. cable on customer property)
$m
$m
H1 FY22 RESULTS
31

21 February 2022
Sustaining vs non-sustaining capex
Fibrecapex: sustainingH1 FY22 $mH1 FY21 $m
Layer 21217
Fibre products & systems48
Fibre sustain56
Other fibre44
Customer retention costs*65
Subtotal3140
Coppercapex: sustaining
Network sustain1314
Copperconnections01
Copper layer212
Customer retention costs*46
Subtotal1823
Commoncapex: sustaining
Informationtechnology1623
Building& engineering services57
Subtotal2130
>$70m of H1 FY22 capex was sustaining vs $193m non-
sustaining
>Fibre sustaining capex is expected to increase over
time as the asset ages
H1 FY22 RESULTS
*Relates to provisioning, systems and service desk costs
32
Non-sustaining capexH1 FY22 $mH1 FY21 $m
UFB communal4786
Fibre installations91129
Greenfield growth3123
Footprint expansion (West Coast)1114
Customer retention (incentives)138
Subtotal193260

>up to $1.33 billion CIP financing
available by 2023 (57:43 equity/debt)
>$1,228m drawn at 31 Dec 2021
>At 31 Dec, debt of $2,369m comprised:
▪Long term bank facilities of $350m ($170m drawn)
▪NZ bonds: $400m and $500m
▪Euro Medium Term Notes $1,299m (NZ$ equivalent at hedged rates)
NZ
$M
21 February 2022
200
500
200
785
514
85
86
128
163
20
39
46
0
100
200
300
400
500
600
700
800
CIP debt securities available
Face value of CIP debt securities issued
EUR EMTN
NZ Bond
Crown financing and debt profile
462462
304
2
105
U F B 1
E Q U I T Y
U F B 1 D E B TU F B 2 / 2 +
E Q U I T Y
U F B 2 / 2 +
D E B T
drawnundrawn
NZ
$M
H1 FY22 RESULTS
33

0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
31-Dec-2031-Mar-2130-Jun-2130-Sep-2131-Dec-21
21 February 2022
31 Dec
2020
31 March
2021
30 June
2021
30 Sept
2021
31 Dec
2021
Unbundled copper
(no broadband)
13,00011,00010,0008,0006,000
Baseband copper
(no broadband)
159,000150,000137,000127,000119,000
Copper ADSL
(includes naked)
197,000180,000163,000152,000142,000
VDSL
(includes naked)
184,000170,000157,000148,000138,000
Fibre broadband
(GPON)
802,000831,000860,000883,000907,000
Data services
(copper)
3,0003,0002,0002,0002,000
Fibre premium
(P2P)
11,00011,00011,00011,00011,000
Total connections
1,369,0001,356,0001,340,0001,331,0001,325,000
Fibre (GPON)
VDSL
Copper ADSL
Unbundled copper
Baseband copper
Appendix B: Chorus connections data
>1,187,000 broadband connections comprises:
▪907,000 fibre (GPON) connections
▪280,000 VDSL/ADSL (copper) connections
Business premium
Note: 10,000 partly subsidisededucation connections are excluded from this data
H1 FY22 RESULTS
34

---

Solid financial result and regulatory clarity
provide platform for dividend growth
We reported EBITDA of $347 million for HY22. A strong
performance on operating costs underpinned an increase of
$19 million on restated EBITDA of $328 million
1
in the same
six months in FY21 (HY21).
Revenues of $483 million were up slightly on HY21 largely due
to gains from our ongoing network optimisation programme.
Network maintenance costs reduced significantly compared
to the prior period and a $9 million holiday pay provision was
released in December. Net profit after tax increased by $15 million
compared to HY21.
Given this solid financial result, we’ve increased EBITDA guidance
for the year to $665 million to $685 million from a prior range of
$640 million to $660 million.
FY22 dividend outlook lifted to 35 cents
per share
The Board recognises that investors have had constrained returns
through the decade long ultra-fast broadband (UFB) investment
cycle. This was extended by the delayed implementation of
the new regulatory framework, and included two years of
no dividends during the copper pricing review. In that time,
shareholders have also helped further fund the fibre rollout by
providing $279 million through the dividend reinvestment plan.
Consistent with our capital allocation framework, our focus is
on returning surplus capital to shareholders where that provides
greater shareholder value than further discretionary investment.
In August we announced initial dividend guidance of 26 cents per
share for the current financial year (FY22) and said we expected
to provide more detail once the Commerce Commission had
finalised key regulatory inputs for the new fibre framework.
The Commission’s decisions on 16th December were broadly
in line with our expectations and paved the way for our credit
ratings agencies to update their credit thresholds for Chorus in
early 2022. Moody’s Investors Service and S&P recognise that the
new regulatory regime now provides Chorus with some certainty
over the revenues that can be earned from the fibre network.
As such, they’ve lifted the amount of debt that Chorus can carry
without impacting our credit ratings.
With Chorus now on the cusp of becoming free cash flow
positive and beginning to earn more than it is investing in the
network, we’ve provided updated dividend guidance for the next
three years. The FY22 dividend guidance has been increased to
35 cents, with 14 cents to be paid in April. We expect the FY23
dividend to be a minimum of 40 cents per share and the FY24
dividend a minimum of 45 cents.
dear investors
FY22 half year results
HY22: The six months ending 31 December 2021
HY21: The six months ending 31 December 2020
FY21: The 12 months ending 30 June 2021
Dividend
HY22
14cps
HY21
10.5cps
Fibre connections
2
HY22
918,000
FY21
871,000
Broadband connections
2
HY22
1,187,000
FY21
1,180,000
Fixed line connections
2
HY22
1,325,000
FY21
1,340,000
Net profit after tax
HY22
$42m
HY21
$27m
EBITDA
3
HY22
$347m
HY21
1
$328m
Half year result overview
1 Previously reported HY21 EBITDA of $323 million has been increased
to $328 million to reflect a prior period restatement. This reflects an
ongoing change in accounting treatment of field services revenue
for roadworks that increased HY21 revenue by $5 million. Refer to
page 12 of the HY22 investor presentation for the detailed accounting
adjustments. Half year results are unaudited.
2 Excludes partly subsidised broadband connections provided to student
homes as part of Chorus’ COVID-19 response.
3 Earnings before interest, income tax, depreciation and amortisation
(EBITDA) is a non-GAAP profit measure without a standardised
meaning for comparison between companies. We monitor EBITDA
as a key performance indicator and we believe it assists investors in
assessing the performance of the core operations of our business.

Share buyback announced
In addition to the increased dividend, we’ve announced a share
buyback of up to $150 million. Following the increase in the
credit rating thresholds and consistent with our capital allocation
framework, we believe this is the most tax efficient allocation of
surplus capital.
The buyback will also help boost future earnings per share and
our imputation credit reserves. The buyback may be suspended
if we identify more accretive opportunities for shareholder value
to be realised.
A new year, a new regulatory framework
1 January 2022 was a watershed moment for Chorus because it
marked our transition from the contractual framework for fibre
agreed with government for the initial fibre rollout to the new
utility-style framework. This new framework was first approved by
Parliament back in late 2018 and it has taken a substantial amount
of work across Chorus to help develop and implement the new
framework in the years since.
Key elements of the Commerce Commission’s final decisions
included:
• a regulated asset base of $5.425 billion, with some final
transitional adjustments expected in mid-2022 to account for
actual values for 2021 and 2022 and further consideration of
the allocation of central office space between copper and fibre.
• maximum allowable revenue (MAR) of $690.2 million to
$789.5 million (nominal) for the first regulatory period for fibre
(2022– 2024) with total revenue of $2.227 billion.
While we’re pleased to finally have clarity on the regulatory
framework, our strong view remains that the regulated asset base
is too low. It doesn’t fully reflect the true investment and risks
over the course of the fibre public private partnership.
Some of the regulatory settings for the next three years, such as
a very low weighted average cost of capital and cost allocations
for fibre, raise significant questions over ongoing discretionary
investment. In particular, the implied allocation of greater costs
to our non-fibre business has highlighted that the nationwide
copper service obligations we inherited a decade ago need to be
revisited. Large urban areas have since been allocated to other
fibre companies and rural wireless networks are being subsidised
by government.
Together these regulatory and market developments mean we
can no longer cross-subsidise rural costs. Yet, unlike other rural
network providers, we’re still required to provide services at urban
prices. Clearly this is unsustainable and will only entrench a digital
divide. We’ll keep looking for ways to work with the Government
to help meet New Zealand’s increasing connectivity needs
beyond our fibre footprint.
Fibre uptake passes two-thirds mark
The fibre rollout is close to completion with just 30,000 or so
premises left to pass. Of the more than 1.3 million homes and
businesses that have fibre at their doorstep, 67% have now chosen
to connect. Combine that with the other fibre connections we
have around the country and we’re now at 918,000 total fibre
connections, up 47,000 connections in the six months to the end
of December.
The continued growth in fibre demand is testament to the
reliability fibre broadband is delivering through the challenges of
the ongoing COVID pandemic. We saw the lockdowns and other
public restrictions in HY22 ramp up average data usage on fibre
to new record highs of more than 600 gigabytes (GB) per month.
In the first six weeks of the last lockdown, Chorus’ fixed networks
carried more than an exabyte of data. That’s one billion gigabytes
and is more than all the data carried in 2015, the year Netflix
launched in New Zealand.
Consumer adoption of online streaming services has accelerated
and working from home is a change in behaviour that isn’t going
to return to pre-pandemic norms. This growing need for high
capacity and low latency connections to support bandwidth
intensive applications is reflected in the continued increase in
demand for our 1 gigabit per second product. It has grown from
19% to 23% of our mass market fibre connections in the last six
months with many consumers upgrading from lower speed plans.
These trends aren’t unique to New Zealand. A recent report from
Sandvine, an international application and network intelligence
company, says the number of “power users” consuming more
than 1 terabyte of data a month is growing. They expected the
average household to use as much as 650–750 GB per month
by the end of 2021. Over half of this bandwidth traffic is being
generated by streaming video.
4

4 The Global Internet Phenomena Report, Sandvine, January 2022
Dividend reinvestment plan
for shareholders
A dividend reinvestment plan is available to our Australian
and New Zealand resident shareholders who prefer to
increase their shareholding rather than receive a cash
dividend. There will be no discount rate applied for the
12 April 2022 dividend payment.
If you haven’t previously registered to participate and
wish to do so, you’ll need to have registered your
participation by 5:00pm (NZ time) on 16 March 2022.
You can register, or deregister, by logging into your
Computershare profile at www.investorcentre.com/nz
or downloading the Participation Notice at
company.chorus.co.nz/financials and returning it to
Computershare.
The full terms of the reinvestment plan can be read
in our Offer Document dated February 2016 at
company.chorus.co.nz/financials, or you can request a
copy free of charge. Our most recent audited financial
statements, and auditor’s report, are included in our 2021
annual report, which is available free of charge on request
and at company.chorus.co.nz/reports.

Monthly average data usage exceeded 600 GB in September.
The average Auckland home and small business increased their
data usage by 63 per cent, from 379 GB in October 2019 to
619 GB in October this year, a month that Aucklanders spent
entirely in lockdown.
Figure 1:
Monthly average data usage per connection on our network*
0
100
200
300
400
500
600
700
DEC 2018
DEC 2019
MAR 2020
SEP 2019
MAR 2019
JUN 2019
JUN 2020
MAR 2021
SEP 2020
JUN 2021
SEP 2021
DEC 2021
DEC 2020
CopperFibreAverage
Data usage (GB)
* includes upstream traffic from June 2020 onwards
Big fibre boost
In 2011, at the start of the Ultra-Fast Broadband build, 30 Mbps
was considered a great broadband speed. In 2015, as Kiwis took
streaming to heart, great broadband increased to 100 Mbps. With the
demand for data showing no signs of slowing, we’ve just completed
our largest-ever performance upgrade for fibre customers.
In December we worked closely with broadband retailers to upgrade
more than 600,000 homes and businesses to even better speeds:
• Residential customers on the 100 Mbps fibre plan can now
access 300Mbps from retailers while the upload speed
increased five-fold from 20 Mbps to 100 Mbps.
• Kiwi businesses have also benefited with ‘Business Evolve’
100/100 Mbps plans and ‘Small Business Fibre’ 100/100 Mbps
plans moving to download and upload speeds of
300/300 Mbps and 500/500 Mbps, respectively. 
Chorus provided these increased services with zero increase in
the wholesale charges. This performance upgrade builds on our
purpose to ensure that New Zealanders have access to the best
internet connectivity.
When we first started building the fibre network in New Zealand,
we had the ambition to be envied globally for our broadband.
As retailers have made the upgrade available to their customers,
New Zealand has catapulted up the world’s fixed line broadband
rankings, from 22nd place 11th based on the Ookla Global Speed
Test Index in December.
#CountryMbps
1–
Singapore
192.17
2–
Chile
1 87. 5 0
3–
Thailand
175.93
4–
Hong Kong (SAR)
168.66
5+2
Monaco
165.47
6-1
Denmark
156.04
7-1
China
153.33
8–
United States
136.53
9–
Spain
130.86
10+1
Macau
126.42
11+11
New Zealand
121.91
Fibre broadband’s low emissions benefit
In December we released research undertaken by Sapere
Research Group that confirmed fibre is the best broadband
option for consumers concerned about carbon emissions.
Sapere found fibre broadband has lower emissions than copper-
based VDSL, Hybrid Fibre Coaxial (HFC) and fixed wireless
networks. The research is consistent with findings from other
international studies and used local network data provided by
Chorus and the three other New Zealand local fibre companies.
The study is an important step in empowering consumers
to make buying decisions based on what’s best for the
planet. An entry-level fibre plan, operating at 50 Mbps, is up
to 41 per cent more efficient than copper VDSL and up to
56 per cent more efficient than 4G fixed wireless. For higher
speed plans, around 300 Mbps, fibre is up to 29 per cent more
efficient than HFC, and up to 77 per cent more efficient than
5G fixed wireless.
The research also clarifies that the emissions profile of fibre stays
consistent as speeds increase while the emissions for alternative
technologies increase with speed. This means fibre will likely
continue to be the best option in the future as consumers
increasingly demand high-capacity broadband services to do all
the things they want online.
Real-world network data was used to assess the emissions
impact of fibre and VDSL, while a mix of actual and theoretical
data was used for other technologies. The full report can
be found at the bottom of our sustainability webpage
company.chorus.co.nz/sustainability
Thank you for your support of Chorus.
Kind regards,
Chorus Chair, Patrick Strange

---

Half Year Results
For the six months ended 31 December 2021
01 Half year result overview
02 Management commentary
04 Financial statements

1
Half Year Result 2022
HY22: six months ended 31 December 2021
FY21: year ended 30 June 2021
HY21: six months ended 31 December 2020
1
Excludes partly subsidised broadband connections provided to student homes as part of
Chorus’ COVID-19 response.
2
Earnings before interest, income tax, depreciation and amortisation (EBITDA) is a non-GAAP profit
measure without a standardised meaning for comparison between companies. We monitor EBITDA
as a key performance indicator and we believe it assists investors in assessing the performance of
the core operations of our business.
3
Previously reported HY21 EBITDA of $323 million has been increased to $328 million to reflect a
prior period restatement. This reflects an ongoing change in accounting treatment of field services
revenue for roadworks that increased HY21 revenue by $5 million. Refer to page 12 of the HY22
investor presentation for the detailed accounting adjustments. Half year results are unaudited.
Half year result overview
Fibre connections
1
918,000
HY22
871,000
FY21
Dividend
14cps
HY22
10.5cps
HY21
Broadband connections
1
1,187,000
HY22
1,180,000
FY21
Fixed line connections
1
HY22
1,325,000
FY21
1,340,000
EBITDA
2
HY19HY18
$347m
HY22
$328m
HY21
3
Net profit after tax
HY19
$42m
HY22
HY18
$27m
HY21

Half Year Result 2022
2
HY22 Management commentary
We report earnings before interest, income tax, depreciation, and amortisation (EBITDA) of
$347 million for the six months ending 31 December 2021 (HY22). A strong performance on
operating costs underpinned an increase of $19 million on restated EBITDA of $328 million
1
in
the same six months in FY21 (HY21). A $9 million holiday pay provision was released in December
and network maintenance costs reduced significantly compared to the prior period. Revenues of
$483 million were up slightly on HY21 largely due to gains from our ongoing network optimisation
programme. Net earnings increased by $15 million compared to HY21. Depreciation and
amortisation expenses continued to increase as our network asset base grew, while interest costs
reduced due to the refinancing of debt at lower rates in HY21.
Guidance for FY22 EBITDA has been increased to $665 million to $685 million from a prior range of
$640 million to $660 million.
1 Previously reported HY21 EBITDA of $323 million has been increased to $328 million to reflect a prior period restatement. This reflects an ongoing
change in accounting treatment of field services revenue for roadworks that increased HY21 revenue by $5 million. Refer to page 12 of the HY22
investor presentation for the detailed accounting adjustments. Half year results are unaudited.
2 GPON: Gigagit Passive Optical Network.
3 P2P: where two parties or devices are connected point-to-point via fibre.
4 Excludes education connections partly subsidised as part of Chorus' COVID-19 response.
Operating Revenue
Revenues of $483 million were up $5 million from HY21 restated revenues..
1

Mass market broadband connections grew from 1,180,000
to 1,187,000 in HY22 with fibre connections increasing by
47,000. This reflected strong demand for fibre as the second
wave of COVID-19 lockdowns drove greater consumer
reliance on home broadband connections and affected
competitive activity from alternative networks.
Strong growth from new housing developments
also continued to provide a positive tailwind.
Average fibre monthly revenue per user grew from $49.87
to $50.65 between the end of FY21 and HY22. This was
driven by an inflation-related price increase to the popular
100Mbps fibre service and strong consumer demand for
upgrades to the higher value 1Gbps service.
Connection revenues across legacy fibre premium and
copper voice and data services continued to decline as
consumers migrate to alternative services. Total connections
on our network reduced by 15,000 in HY22 compared to
46,000 in HY21.
Other revenue included one-off benefits of a $3 million legal
settlement, a $3 million gain from the disposal of surplus
property and $3 million from a change in lease contract.
CONNECTIONS
31 DECEMBER 2021
CONNECTIONS
31 DECEMBER 2020
CONNECTIONS
30 JUNE 2021
Fibre broadband (GPON)
2
907,000 802,000 860,000
Fibre premium (P2P)
3
11,00011,00011,000
Copper VDSL138,000184,000157,000
Copper ADSL142,000197,000163,000
Data services over copper2,0003,0002,000
Unbundled copper6,00013,00010,000
Baseband copper119,000159,000137,000
Total fixed line connections
4
1,325,0001,369,0001,340,000
Expenses
Total operating expenses were $136 million in HY22, a $14 million reduction from HY21. In addition to our ongoing focus on
reducing discretionary costs, COVID-19 restrictions affected some expense lines, and we released a labour expense provision.
Labour
Labour costs of $28 million represent staff costs that are not
capitalised and includes a one-off benefit of $9 million after
a judicial ruling on interpretation of the Holidays Act. We had
797 permanent and fixed term employees at the end of HY22,
down from 871 at the end of HY21 and from 817 at the end
of FY21. These reductions reflect ongoing changes to our
organisational requirements as the fibre rollout comes to an
end and we transition to a more operational focus with a new
regulatory framework for fibre. COVID-19 restrictions on
activity meant some staff costs could not be capitalised and
this increased labour expenses by $2 million during HY22.

Half Year Result 2022
3
Network maintenance
Network maintenance costs were down $6m compared to
HY21. Fault volumes continued to decline as total customer
connections reduced and more customers connected to the
newer fibre network. COVID-19 restrictions also resulted in a
decrease in reported faults and third-party network damage.
The average cost per fault increased slightly.
Information Technology
Information technology costs were down $2 million because
HY21 included a significant project to decommission legacy
copper network equipment.
Other network costs
Other network costs are up $2 million compared to HY21,
largely reflecting increased network relocation activity and
COVID-19 related service company costs.
Consultants
Consultant costs increased by $1 million compared to
HY21. This reflects the timing of external advice required
to support both the implementation of the new regulatory
framework from January 2022 and our transition to an
adaptive organisation.
Depreciation and amortisation
Depreciation continues to increase as a consequence of our
ongoing investment in long-life network assets under our
contracted fibre rollout with the government. This is partially
offset by the increasing amortisation of Crown funding
against these assets.
Finance income and expenses
Interest expense decreased by $6 million from HY21 due
to the lower cost of NZD bonds issued in December 2020.
The weighted average effective interest rate reduced from
4.0% to 3.7% between HY21 and HY22. Notional interest on
Crown Infrastructure Partners (CIP) securities increased as
Crown funding continued to grow.
Capital expenditure
Gross capital expenditure for HY22 was $263 million,
down from $353 million in HY21. Fibre remained the
dominant category of spend at 85%, with the UFB rollout
now 97% complete. Copper related expenditure continues
to trend downwards.
Fibre connections and layer 2 spend was $103 million, driven
largely by the cost to install fibre into 64,000 homes and
businesses. This was down from 90,000 installations in
HY21, partly because our managed migration programme
was affected by COVID-19 restrictions. The average cost per
premises connected during HY22 was $1,043 for UFB1 and
$1,193 for UFB2.
Spend on other fibre and growth was $46 million with the
three-year West Coast fibre rollout costing $11 million.
Fibre customer retention costs increased by $6 million
reflecting a continued focus on fibre product incentives.
Copper capital expenditure reduced from $23 million in
HY21 to $18 million in the current period. Spend on copper
customer retention costs was $3 million, down from $6 million
in HY21, due to the declining uptake of copper broadband.
Common capital expenditure was lower in HY22 due to a
number of large lifecycle IT infrastructure upgrades in HY21
and delays to planned building projects due to COVID-19.
Dividends, equity and capital management
We will pay an interim dividend of 14 cents per share
on 12 April 2022 to all holders registered at 5:00pm
15 March 2022. The dividends paid will be fully imputed,
at a ratio of 28/72, in line with the corporate income tax
rate. A supplementary dividend of 2.47 cents per share
will be payable to shareholders who are not resident in
New Zealand.
The dividend reinvestment plan will be available for the
interim dividend, with no discount applied. Participation in
the dividend reinvestment plan will be based on election
notices received by the share registrar by 5:00pm (NZ time)
on 16 March 2022. Shareholders who previously elected to
participate in the dividend reinvestment plan, but no longer
wish to do so, will need to update their election by this time.
A final dividend of 21 cents per share is expected to be
declared in August 2022, subject to no material adverse
changes in circumstances or outlook.
The Board considers that a 'BBB' or equivalent credit rating
is appropriate for a company such as Chorus. It intends to
maintain capital management policies and financial policies
consistent with these credit ratings. At 31 December 2021,
Chorus had a long-term credit rating of BBB/stable outlook by
Standard & Poor’s and Baa2/stable by Moody’s Investors Service.
In early 2022, Moody’s Investors Service and S&P increased
their debt/EBITDA credit rating downgrade thresholds
to 5.25 times and 5.0 times respectively for Chorus.
Following this increase, it is Chorus’ intention that in normal
circumstances the ratio of net debt to EBITDA will not
materially exceed 4.75 times.

Half Year Result 2022
4
Condensed consolidated
income statement
For the six months ended 31 December 2021
Notes
SIX MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
$M
SIX MONTHS ENDED
31 DECEMBER 2020
UNAUDITED
RESTATED
$M
YEAR ENDED
30 JUNE 2021
AUDITED
RESTATED
$M
Fibre broadband (GPON)267 228 477
Copper based broadband80 110 203
Copper based voice27 36 68
Fibre premium (P2P)33 34 68
Field services products35 36 70
Value added network services13 15 30
Infrastructure15 12 27
Data services copper3 5 9
Other10 2 3
Total operating revenue483 478 955
Labour(28)(38)(74)
Network maintenance(28)(34)(63)
Information technology costs(23)(25)(48)
Other network costs(15)(13)(29)
Electricity(8)(7)(18)
Rent and rates(7)(6)(12)
Property maintenance(7)(6)(12)
Provisioning(1)(1)(2)
Insurance(2)(2)(4)
Consultants(3)(2)(7)
Regulatory levies(4)(4)(8)
Other(10)(12)(21)
Total operating expenses(136)(150)(298)
Earnings before interest, income tax, depreciation and amortisation347 328 657
Depreciation1, 6(167)(165)(333)
Amortisation2, 3(48)(45)(94)
Earnings before interest and income tax132 118 230
Finance income––1
Finance expense(71)(77)(153)
Net earnings before income tax61 41 78
Income tax expense(19)(14)(27)
Net earnings for the period42 27 51
Earnings per share
Basic earnings per share (dollars)0.090.060.11
Diluted earnings per share (dollars)0.070.050.09
The accompanying notes are an integral part of these financial statements.
Financial statements

Half Year Result 2022
5
Condensed consolidated statement
of comprehensive income
For the six months ended 31 December 2021
Notes
SIX MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
$M
SIX MONTHS ENDED
31 DECEMBER 2020
UNAUDITED
RESTATED
$M
YEAR ENDED
30 JUNE 2021
AUDITED
RESTATED
$M
Net earnings for the period422751
Other comprehensive income
Items that will be reclassified subsequently to the income statement
when specific conditions are met
Movements in effective cash flow hedges9421762
Amortisation of de-designated cash flow hedges transferred to Income
statement
93–5
Movement in cost of hedging reserve93(10)(7)
Other comprehensive income net of tax48760
Total comprehensive income for the period net of tax9034111
The accompanying notes are an integral part of these financial statements.

Half Year Result 2022
6
Patrick Strange
Chair
Mark Cross
Chair, Audit and Risk Management Committee
Condensed consolidated statement
of financial position
As at 31 December 2021
Notes
31 DECEMBER 2021
UNAUDITED
$M
31 DECEMBER 2020
UNAUDITED
RESTATED
$M
30 JUNE 2021
AUDITED
RESTATED
$M
Current assets
Cash and call deposits8426853
Income tax receivable212523
Trade and other receivables125139122
Derivative financial instruments9324
Total current assets233434202
Non-current assets
Derivative financial instruments9866671
Trade and other receivables122
Deferred tax receivable7111493
Customer retention assets3655559
Software and other intangibles2154166164
Network assets15,2475,1865,269
Total non-current assets5,6245,5895,658
Total assets5,8576,0235,860
Current liabilities
Trade and other payables254263278
Income tax payable121213
Lease payable141010
Derivative financial instruments9–31
Debt4170400140
Total current liabilities excluding Crown funding450688442
Current portion of Crown funding6272425
Total current liabilities477712467
Non-current liabilities
Trade and other payables14511
Deferred tax payable383359374
Derivative financial instruments99146106
Lease payable177261254
Debt42,1882,2562,233
Total non-current liabilities excluding CIP and Crown funding2,8613,0272,978
Crown Infrastructure Partners (CIP) securities5580495545
Crown funding6900830881
Total non-current liabilities4,3414,3524,404
Total liabilities4,8185,0644,871
Equity
Share capital714689689
Reserves(3)(104)(51)
Retained earnings328374351
Tot al e quit y1,039959989
Total liabilities and equity5,8576,0235,860
The accompanying notes are an integral part of these financial statements.
The financial statements are approved and signed on behalf of the Board.
Authorised for issue on 21 February 2022

Half Year Result 2022
7
Condensed consolidated statement
of changes in equity
For the six months ended 31 December 2021
Notes
Share capital
$M
Retained earnings
$M
Reserves
$M
Total
$M
Balance at 1 July 2020 (RESTATED)666409(111)964
Comprehensive income
Net earnings for the period–51–51
Other comprehensive income
Movement in cash flow hedge reserve––6262
Amortisation of de-designated cash flow hedges
transferred to income statement
––55
Movement in cost of hedging reserve––(7)(7)
Total comprehensive income–5160111
Contributions by and (distributions to) owners
Dividends8–(109)–(109)
Supplementary dividends–(12)–(12)
Tax credit on supplementary dividends–12–12
Dividend reinvestment plan23––23
Total transactions with owners23(109)–(86)
Balance at 30 June 2021 (AUDITED, RESTATED)689351(51)989
Comprehensive income
Net earnings for the period–42–42
Other comprehensive income
Movement in cash flow hedge reserve––4242
Amortisation of de-designated cash flow hedges
transferred to income statement
––33
Movement in cost of hedging reserve––33
Total comprehensive income–424890
Contributions by and (distributions to) owners
Dividends8–(65)–(65)
Supplementary dividends–(7)–(7)
Tax credit on supplementary dividends–7–7
Dividend reinvestment plan25––25
Total transactions with owners25(65)–(40)
Balance at 31 December 2021 (UNAUDITED)714328(3)1,039

Half Year Result 2022
8
Condensed consolidated statement
of changes in equity (continued)
For the six months ended 31 December 2021
Notes
Share capital
$M
Retained earnings
$M
Reserves
$M
Total
$M
Balance at 1 July 2020 (RESTATED)666409(111)964
Comprehensive income
Net earnings for the period–27–27
Other comprehensive income
Movement in cash flow hedge reserve––1717
Movement in cost of hedging reserve––(10)(10)
Total comprehensive income–27734
Contributions by and (distributions to) owners
Dividends8–(62)–(62)
Supplementary dividends–(7)–(7)
Tax credit on supplementary dividends–7–7
Dividend reinvestment plan23––23
Total transactions with owners23(62)–(39)
Balance at 31 December 2020 (UNAUDITED, RESTATED)689374(104)959
The accompanying notes are an integral part of these financial statements.

Half Year Result 2022
9
Condensed consolidated statement
of cash flows
For the six months ended 31 December 2021
SIX MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
$M
SIX MONTHS ENDED
31 DECEMBER 2020
UNAUDITED
RESTATED
$M
YEAR ENDED
30 JUNE 2021
AUDITED
RESTATED
$M
Cash flows from operating activities
Cash was provided from/(applied to):
Receipts from customers491493982
Interest received––1
Payments to suppliers and employees(146)(181)(322)
Taxation paid(4)(7)(1)
Interest paid(51)(57)(116)
Net cash flows from operating activities290248544
Cash flows applied to investing activities
Cash was applied to:
Purchase of network and intangible assets(278)(345)(647)
Disposal of network and intangible assets3––
Capitalised interest paid(1)(1)(2)
Net cash flows applied to investing activities(276)(346)(649)
Cash flows from financing activities
Cash was provided from/(applied to):
Payment of lease liabilities(7)(6)(8)
Crown funding (including CIP securities)4046147
Proceeds from debt30400510
Repayment of debt–(30)(400)
Dividends paid(46)(39)(86)
Net cash flows from financing activities17371163
Net cash flows3127358
Cash at the beginning of the period53(5)(5)
Cash at the end of the period8426853

Half Year Result 2022
10
Notes to the financial statements
Reporting entity and statutory base
Chorus includes Chorus Limited together with its subsidiaries
as at and for the six months ended 31 December 2021.
Chorus is New Zealand’s largest fixed line communications
infrastructure business. It maintains and builds a network
predominantly made up of fibre and copper cables, local
telephone exchanges and cabinets.
Chorus Limited is a profit-orientated company registered
in New Zealand under the Companies Act 1993 and a FMC
Reporting Entity for the purposes of the Financial Markets
Conduct Act 2013.
The condensed consolidated interim financial statements
(financial statements) have been prepared in accordance
with the New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting and Generally
Accepted Accounting Practice in New Zealand (NZ GAAP).
These financial statements do not include all of the
information required for the full annual financial statements
and should be read in conjunction with the consolidated
financial statements of Chorus as at and for the year ended
30 June 2021.
These financial statements are expressed in New Zealand
dollars. All financial information has been rounded to the
nearest million, unless otherwise stated.
The measurement basis adopted in the preparation of
these financial statements is historical cost, modified by the
revaluation of financial instruments as identified in the specific
accounting policies disclosed in the notes to the consolidated
financial statements for the year ended 30 June 2021 and
described in note 9 to these financial statements.
Accounting policies and standards
The accounting policies adopted and methods of computation
have been applied consistently throughout the periods
presented in these financial statements. No changes in
accounting policies have occurred during the period.
The financial statements for the six months ended 31 December
2021 and comparative information for the six months ended
31 December 2020 are unaudited. The comparative information
for the year ended 30 June 2021 is audited.
Reclassification and re-statement of comparatives
Where items have been reclassified in the financial statements,
the related comparative disclosures have been adjusted to
provide a like-for-like comparison.
Prior period restatement - Crown funding
Adjustments have been made to the financial statements
in relation to funding towards the cost of relocation of
communications equipment. This funding has historically
been recognised as a liability within Crown Funding and then
recognised in earnings as a reduction to depreciation expense
on a systematic basis over the useful life of the asset the funding
was used to construct, which is consistent with the treatment
of other Crown Funding such as RBI. Upon review of funding
streams and the accounting treatment of these streams during
the period, Chorus have identified that the purpose of the
funding is not for the construction of an asset, and therefore
should be recognised upon completion of relocation.
While there has not been a material error in net earnings
in any one year, the prior period has been restated to reflect
the appropriate accounting treatment.
Classification of interest paid on leases and
revenue in advance within the statement of
cash flows
During the period interest paid on leases and revenue in advance
charged were reclassified within the statement of cash flows.
The changes provide more reliable and relevant information and
better reflect the nature of the cash flows. There has been no
impact on net cash flows.

Half Year Result 2022
11
The impact of the restatement and reclassifications on the prior periods is as follows:
Six months ended 31 December 2020
SIX MONTHS ENDED
31 DECEMBER 2020
$M
RESTATEMENT
INCREASE/
(DECREASE)
$M
RECLASSIFICATION
INCREASE/
(DECREASE)
$M
SIX MONTHS ENDED
31 DECEMBER 2020
RESTATED
$M
Income statement
Field services products315–36
Depreciation(164)(1)–(165)
Income tax expense(13)(1)–(14)
Net earnings for the year243–27
Basic earnings per share0.050.06
Diluted earnings per share0.040.05
Statement of financial position
Crown funding903(49)–854
Income tax payable39–12
Retained earnings33440–374
Statement of cash flows
Cash received from customers478510493
Payments to suppliers and employees(171)–(10)(181)
Interest paid(49)–(8)(57)
Payment of lease liabilities(14)–8(6)
Crown funding (including CIP securities)51(5)–46
Year ended 30 June 2021
YEAR ENDED
30 JUNE 2021
$M
RESTATEMENT
INCREASE/
(DECREASE)
$M
RECLASSIFICATION
INCREASE/
(DECREASE)
$M
YEAR ENDED
30 JUNE 2021
RESTATED
$M
Income statement
Field services products628–70
Depreciation(331)(2)–(333)
Income tax expense(25)(2)–(27)
Net earnings for the year474–51
Basic earnings per share0.110.11
Diluted earnings per share0.080.09
Statement of financial position
Crown funding955(49)–906
Income tax payable58–13
Retained earnings31041–351
Statement of cash flows
Cash received from customers954820982
Payments to suppliers and employees(302)–(20)(322)
Interest paid(96)–(20)(116)
Payment of lease liabilities(28)–20(8)
Crown funding (including CIP securities)155(8)–147
Accounting estimates and judgements
In preparing the financial statements, estimates and assumptions
have been made about the future that affect the reported
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses
during the period. Actual results could differ from those estimates.
In preparing the financial statements, the significant judgements
made in applying Chorus’ accounting policies were the same as
those that applied to the consolidated financial statements as at
and for the year ended 30 June 2021.

Half Year Result 2022
12
Interest Rate Benchmark Reform
Interbank offered rates ("IBORs") play an important role in global
financial markets. Market developments relating to the reliability
and robustness of some interest rate benchmarks has resulted in
the global regulatory community initiating various programmes
to develop alternative benchmarks (risk free rates) within certain
jurisdictions. These reforms have led to uncertainty about the
long-term viability of some interest rate benchmarks beyond
1 January 2022.
Chorus' hedging activities expose it to EURIBOR. EURIBOR is not
subject to cessation following reform in 2019, however industry
guidance suggests it will remain appropriate only in the medium
term. Although there is no immediate impact of the reform to
Chorus, developments will continue to be monitored to ensure
any changes to EURIBOR are appropriately considered.
Note 1 – Network assets
31 DECEMBER 2021
UNAUDITED
$M
31 DECEMBER 2020
UNAUDITED
$M
30 JUNE 2021
AUDITED
$M
Cost
Opening balance11,40710,84110,841
Additions226314581
Disposals(77)(7)(15)
Closing balance11,55611,14811,407
Accumulated depreciation
Opening balance(6,138)(5,789)(5,789)
Depreciation(181)(178)(360)
Disposals10511
Closing balance(6,309)(5,962)(6,138)
Net carrying amount5,2475,1865,269
Crown funding
Chorus receives funding from the Crown to finance the capital
expenditures associated with the development of the UFB
network and other services. Where funding is used to construct
assets it is offset against depreciation over the life of the assets
constructed. Refer to note 6 for information on Crown funding.
Additions
Additions also includes the net movement within capital work in
progress during the period.
Disposals
Disposals includes movements in the right of use asset as a result
of any significant modifications to leases recognised during
the period. During the six months ended 31 December 2021
modifications were recognised in relation to Chorus' lease
arrangement with Spark for commercial co-location space.
Capital commitments
At 31 December 2021 the contractual commitment for acquisition
of network assets was $91 million (31 December 2020:
$172 million, 30 June 2021: $119 million), primarily relating to
Ultra-Fast Broadband (UFB) build activity.
There are no restrictions on Chorus network assets or any
network assets pledged as security for liabilities.

Half Year Result 2022
13
Note 2 – Software and other intangibles
31 DECEMBER 2021
UNAUDITED
$M
31 DECEMBER 2020
UNAUDITED
$M
30 JUNE 2021
AUDITED
$M
Cost
Opening balance901836836
Additions233565
Closing balance924871901
Accumulated amortisation
Opening balance(737)(677)(677)
Amortisation(33)(28)(60)
Closing balance(770)(705)(737)
Net carrying amount154166164
Capital commitments
At 31 December 2021, the contractual commitment for
acquisition of software and other intangible assets was $12 million
(31 December 2020: $8 million; 30 June 2021: $4 million).
There are no restrictions on Chorus software and other
intangible assets, or any pledged as security for liabilities.
Note 3 – Customer retention assets
31 DECEMBER 2021
UNAUDITED
$M
31 DECEMBER 2020
UNAUDITED
$M
30 JUNE 2021
AUDITED
$M
Opening balance (net carrying amount)595656
Additions231841
Amortisation to amortisation expense(15)(17)(34)
Amortisation to operating revenue(2)(2)(4)
Closing balance (net carrying amount)655559
Amortisation of customer retention assets
Customer retention assets are amortised to the income
statement, either as amortisation expense or operating revenue,
based on the nature of the specific costs capitalised.

Half Year Result 2022
14
Note 4 – Debt
Due Date
31 DECEMBER 2021
UNAUDITED
$M
31 DECEMBER 2020
UNAUDITED
$M
30 JUNE 2021
AUDITED
$M
Syndicated bank facilitiesJan 2022170–140
Euro medium term notes (EMTN) EUROct 2023838862858
Euro medium term notes (EMTN) EURDec 2026495518511
Fixed rate NZD BondsMay 2021–400–
Fixed rate NZD BondsDec 2027200200200
Fixed rate NZD BondsDec 2028500500500
Fixed rate NZD BondsDec 2030171196182
Less: facility fees(16)(20)(18)
Total debt2,3582,6562,373
Current170400140
Non-current2,1882,2562,233
Syndicated bank facility
As at 31 December 2021 Chorus had a $350 million committed
syndicated facility on standard market terms and conditions.
The facility is comprised of a single tranche that expires in April
2024, and is held with banks that are rated A to AA-, based on
Standard & Poor's ratings.
Euro Medium Term Note
The Euro Medium Term Note debt of EUR 500 million has been
swapped to a hedged amount of $785 million, and EUR 300 million
has been swapped to a hedged amount of $514 million, both using
cross currency interest rate swaps (see note 9).
Note 5 – Crown Infrastructure Partners (CIP) securities
31 DECEMBER 2021
UNAUDITED
$M
31 DECEMBER 2020
UNAUDITED
$M
30 JUNE 2021
AUDITED
$M
Fair value on initial recognition
Opening balance410360360
Additional securities recognised at fair value161750
Closing balance426377410
Accumulated notional interest
Opening balance135101101
Notional interest191734
Closing balance154118135
Total CIP securities580495545

Half Year Result 2022
15
Note 6 – Crown funding
Funding from the Crown is recognised at fair value where there is reasonable assurance that the funding is receivable and all
attached conditions will be complied with. Crown funding is then recognised in earnings as a reduction to depreciation expense on a
systematic basis over the useful life of the asset the funding was used to construct.
31 DECEMBER 2021
UNAUDITED
$M
31 DECEMBER 2020
UNAUDITED
RESTATED
$M
30 JUNE 2021
AUDITED
RESTATED
$M
Fair value on initial recognition
Opening balance1,062965965
Additional funding recognised at fair value353197
Closing balance1,0979961,062
Accumulated amortisation
Opening balance(156)(129)(129)
Amortisation(14)(13)(27)
Closing balance(170)(142)(156)
Total Crown funding927854906
Current272425
Non-current900830881
Ultra-Fast Broadband (UFB)
Chorus receives funding from the Crown to finance construction
costs associated with the development of the UFB network.
During the six months to 31 December 2021 Chorus recognised
funding for 17,100 premises where the premises were passed and
tested by CIP. This brings the total number of premises passed and
tested by CIP at 31 December 2021 to approximately 994,000.
Continued recognition of the full amount of the Crown funding
is contingent on certain material performance targets being met
by Chorus. The most significant of these material performance
targets relate to compliance with certain specifications under
user acceptance testing by CIP. Performance targets to date have
been met.
Note 7 – Segmental reporting
Chorus has determined that it operates in one segment providing nationwide fixed line communications infrastructure. The determination
is based on the reports reviewed by the CEO in assessing performance, allocating resources and making strategic decisions.
Note 8 – Equity
Dividends
On 12 October 2021 a fully imputed final dividend of 14.5 cents
per share, totalling $65 million, was paid to shareholders.
3,852,235 shares were issued to shareholders under the
Dividend Reinvestment Plan.
Long-term performance share scheme
Chorus operates a long-term performance share scheme for
selected key management personnel. Under the legacy option
plan, selected key management personnel were issued shares.
This was superseded by new long-term performance share
scheme in July 2019 under which key senior management are
issued share-rights instead of shares.
Legacy share scheme
The final grant issued under the legacy share scheme vested
on 27 August 2021, with the absolute performance hurdle of
actual total shareholder return equalling or being greater than
10.4% per annum compounding met.
New share scheme
In August 2021, Chorus issued a new tranche of share rights.
The shares have a vesting date of 27 August 2024 and an expiry
date of 27 August 2025. The grant has an absolute performance
hurdle (Chorus’ actual total shareholder return equalling or being
greater than 6.20% per annum compounding) ending on the
vesting date, with provision for monthly retesting in the following
twelve month period.
The combined option cost for the six months to 31 December 2021
of $272,000 has been recognised in the Income statement
(31 December 2020: $191,000; 30 June 2021: $399,000).

Half Year Result 2022
16
Note 9 – Derivative financial instruments
Ineffectiveness
Finance expense includes any unrealised ineffectiveness arising
from the hedge accounting relationships.
Cross-currency interest rate swaps
In conjunction with the two Euro Medium Term Notes (EMTNs)
issued in prior years, Chorus entered into cross-currency interest
rates swaps to hedge the foreign currency and foreign interest
rate risks associated with the EMTNs. Using the cross-currency
interest rate swaps, Chorus pay floating interest rates and
receive EUR nominated fixed interest with coupon payments
matching the underlying notes. Chorus designated the EMTN
and cross-currency interest rates swaps into three part hedging
relationships for issue: a fair value hedge of EUR benchmark
interest rates, a cash flow hedge of the margin and a cash flow
hedge of the principal exchange.
Due Date
Aggregate amount
(M)
Pay leg
(M)
Receive leg
(M)
Hedged item
Euro medium term notes EUROct 2023EUR 500NZD 785EUR 500
Euro medium term notes EURDec 2026EUR 300NZD 514EUR 300
Interest rate swaps
As at 31 December 2021 Chorus holds all interest rate swaps
in designated hedging relationships. All are held in effective
hedging relationships and for those which are designated as
cash flow hedges, unrealised gains or losses are recognised in
the cash flow hedge reserve.
Restructured interest rate swaps
Three interest rate swaps have been restructured. Two interest
rate swaps restructured in December 2018 were reset in
conjunction with the resettable NZD fixed rate bond issued
on 6 December 2018 to hedge interest rate exposure from
December 2023. The forward dated interest rate swap
restructured in February 2020 was reset in conjunction with the
EUR 300 million EMTN issued on 5 December 2019, to hedge
interest rate exposure from April 2020.
As part of these restructures, the original hedge relationships
were discontinued and on the dates of termination the net
present value of these swaps was recognised in the cash flow
hedge reserve. The initial fair values will flow to finance expense
as ineffectiveness over the life of the derivatives.
Note 10 – Related party transactions
The gross remuneration of directors and key management personnel during the six months to 31 December 2021 was $4.6 million
(31 December 2020: $5.8 million, 12 months to 30 June 2021: $8.8 million).
Note 11 – Post balance date events
Dividends and share buyback
On 21 February 2022 Chorus declared an interim dividend in
respect of the six month period ended 31 December 2021. The
total amount of the dividend is $63 million, which represents a
fully imputed dividend of 14 cents per ordinary share.
Additonally, Chorus has advised its intention to undertake an on-
market share buyback of up to $150 million, to commence in late
February 2022. The programme may run up to 12 months, with
Chorus acquiring shares through the NZX and ASX.
CIP securities and Crown funding
There was one call notice issued on 18 January 2022 to CIP in
respect to 3,824 premises (UFB2) with a total aggregate issue
price of $7.3 million. These premises had been passed and tested
by CIP before 31 December 2021 and were accrued for in these
financial statements.

Half Year Result 2022
17
Independent review report
To the shareholders of Chorus Limited
Report on the condensed consolidated interim financial statements
Basis for conclusion
A review of the condensed consolidated interim financial
statements in accordance with NZ SRE 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity
(“NZ SRE 2410”) is a limited assurance engagement. The auditor
performs procedures, consisting of making enquiries, primarily
of persons responsible for financial and accounting matters,
and applying analytical and other review procedures.
As the auditor of Chorus Limited, NZ SRE 2410 requires that
we comply with the ethical requirements relevant to the audit
of the annual financial statements.
Our firm has also provided other services to the group in
relation to regulatory assurance services. Subject to certain
restrictions, partners and employees of our firm may deal
with the Group on normal terms within the ordinary course of
trading activities of the business of the Group. These matters
have not impaired our independence as reviewer of the Group.
The firm has no other relationship with, or interest in, the Group.
Emphasis of Matter – prior period restatement
We draw attention to the prior period restatement note in
the condensed consolidated interim financial statements,
which describes the adjustments that have been made to
the condensed consolidated interim financial statements
in relation to funding towards the cost of relocation of
communications equipment.
Our conclusion on the condensed consolidated interim
financial statements is not modified in respect of this matter.
Use of this Independent review report
This report is made solely to the shareholders as a body.
Our review work has been undertaken so that we might state
to the shareholders those matters we are required to state
to them in the Independent Review Report and for no other
purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the
shareholders as a body for our review work, this report, or
any of the opinions we have formed.
Use of this Independent Review Report
This report is made solely to the shareholders as a body.
Our review work has been undertaken so that we might state
to the shareholders those matters we are required to state
to them in the Independent Review Report and for no other
purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the
shareholders as a body for our review work, this report, or
any of the opinions we have formed.
Responsibilities of the Directors for the condensed
consolidated interim financial statements
The Directors, on behalf of the Group, are responsible for:
—the preparation and fair presentation of the condensed
consolidated interim financial statements in accordance
with NZ IAS 34 Interim Financial Reporting;
—implementing necessary internal control to enable the
preparation of condensed consolidated interim financial
statements that are fairly presented and free from material
misstatement, whether due to fraud or error; and
—assessing the ability to continue as a going concern.
This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of
accounting unless they either intend to liquidate or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the review
of the condensed consolidated interim
financial statements
Our responsibility is to express a conclusion on the
condensed consolidated interim financial statements based
on our review. We conducted our review in accordance with
NZ SRE 2410. NZ SRE 2410 requires us to conclude whether
anything has come to our attention that causes us to believe
that the condensed consolidated interim financial statements
are not prepared, in all material respects, in accordance with
NZ IAS 34 Interim Financial Reporting.
The procedures performed in a review are substantially less
than those performed in an audit conducted in accordance
with International Standards on Auditing (New Zealand).
Accordingly, we do not express an audit opinion on these
interim consolidated financial statements.
This description forms part of our Independent Review Report.
KPMG
Wellington
21 February 2022
Conclusion
Based on our review, nothing has come to our attention
that causes us to believe that the condensed consolidated
interim financial statements of Chorus Limited and its
subsidiaries (“the Group”) on pages 4 to 16 do not:
i. present fairly in all material respects the Group’s financial
position as at 31 December 2021 and its financial
performance and cash flows for the 6 month period
ended on that date; and
ii. comply with NZ IAS 34 Interim Financial Reporting.
We have completed a review of the accompanying
condensed consolidated interim financial statements which
comprise:
—the condensed consolidated statement of financial
position as at 31 December 2021;
—the condensed consolidated income statement, statements
of other comprehensive income, changes in equity and
cash flows for the 6 month period then ended; and
—notes, including a summary of significant accounting
policies and other explanatory information.

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer Chorus Limited
Reporting Period 6 months to 31 December 2021
Previous Reporting Period 6 months to 31 December 2020
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$483,000 Up 1%
Total Revenue $483,000 Up 1%
Net profit/(loss) from
continuing operations
$42,000 Up 56%
Total net profit/(loss) $42,000 Up 56%
Interim Dividend
Amount per Quoted Equity
Security
NZ$0.14000000
Imputed amount per Quoted
Equity Security
NZ$0.05444444
Record Date 15 March 2022
Dividend Payment Date 12 April 2022
31 December 2021 31 December 2020
Net tangible assets per
Quoted Equity Security
$1.62 1.50
($1.41 reported Feb 2021)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This announcement should be read in conjunction with the
attached management commentary and financial statements for
the six months ended 31 December 2021, media release and
investor presentation.
Authority for this announcement
Name of person

authorised
to make this announcement
David Collins
Chief Financial Officer
Contact person for this
announcement
Brett Jackson
Investor Relations Manager
Contact phone number +64 4 896 4039
Contact email address Brett.Jackson@chorus.co.nz
Date of release through MAP

21/02/2022

Unaudited, but reviewed financial statements accompany this announcement. The auditors
have issued a clear review report.

---

Distribution Notice

Updated as at 18 December 2019



Please note: all cash amounts in this form should be provided to 8 decimal places

Section 1: Issuer information
Name of issuer Chorus Limited
Financial product name/description Ordinary shares
NZX ticker code CNU
ISIN (If unknown, check on NZX
website)
NZCNUE0001S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 15/03/2022
Ex-Date (one business day before the
Record Date)
14/03/2022
Payment date (and allotment date for
DRP)
12/04/2022
Total monies associated with the
distribution
1

$63,122,797
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.19444444
Gross taxable amount
3
$0.19444444
Total cash distribution
4
$0.14000000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.02470588
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed Fully imputed
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

100%
Imputation tax credits per financial
product
$0.05444444
Resident Withholding Tax per
financial product
$0.00972222
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
0%
Start date and end date for
determining market price for DRP
14/03/2022 18/03/2022
Date strike price to be announced (if
not available at this time)
22/03/2022
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New Issue
DRP strike price per financial product
$unknown
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
5pm (NZ time) 16/03/2022
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
David Collins
Chief Financial Officer
Contact person for this
announcement
Brett Jackson
Investor Relations Manager
Contact phone number
+64 27 488 7808
+64 4 896 4039
Contact email address Brett.Jackson@chorus.co.nz
Date of release through MAP

21/02/2022





6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.