Spark New Zealand (SPK) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed shareholders, confirmed quorum, introduced board and management, and outlined meeting procedures and agenda, including voting and Q&A opportunities.

• Meeting included Chair's address, CEO's review, resolutions, Q&A sessions, and conduct of polls.

Financial performance review

• FY24 reported revenue was $3,861 million, down 14.0%; adjusted revenue down 1.2% to NZD 3.8b.

• EBITDAI for FY24 was $1,163 million, a 32.5% decrease reported and 2.5% decrease adjusted to NZD 1.1b.

• Net profit after tax was $316 million reported (down 72.2%) and $342 million adjusted (down 21%).

• Free cash flow was $330 million, a 32.5% decrease; net debt to EBITDA increased to 2.1x, with a target to reduce to 1.7x.

• Challenging economic conditions, including recession, high inflation, and reduced demand, impacted IT revenues and device sales.

Dividend announcements

• FY24 dividend declared at 27.5 cps, a 0.5 cps increase from FY23.

• FY25 dividend guidance reduced to 25.0 cps, 75% imputed, reflecting updated earnings outlook.