Telus 2010 Annual Report Download

Download and view the complete annual report

Please find the complete 2010 Telus annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 182

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182

INNOVATE
the courage to
2010 annual report

Table of contents

  • Page 1
    INNOVATE the courage to 2010 annual report

  • Page 2
    ... network access lines, 1.2 million Internet subscribers and more than 300,000 TELUS TV ® customers. TELUS provides a wide range of communications products and services including data, Internet protocol (IP), voice, entertainment and video. In support of our philosophy to give where we live, TELUS...

  • Page 3
    ... and call management services Internet: Secure Optik High Speed Internet access service TM files and applications with critical applications stored in TELUS' intelligent Internet Data Centres Healthcare: TELUS Health Solutions provides claims management solutions, hospital-to-home technology...

  • Page 4
    ...issuance cost, current maturities of Long-term debt, net deferred hedging liability related to U.S. dollar Notes, and proceeds from securitized accounts receivable, less Cash and temporary investments. 5 Market value based on year-end closing share prices and shares outstanding. 6 EBITDA as reported...

  • Page 5
    ...home entertainment experience through Optik TV and High Speed Internet, .hile also enhancing TELUS' bundling capabilities . Generating increased free cash flo. by realizing a return on recent significant capital investments, increasing earnings and lo.ering interest costs and cash taxes . Increasing...

  • Page 6
    CEO letter to investors INNOVATE Dear inveutor, 2010 wau a year of bmilhing momentmm that pouitionu TELUS for even utronger performance in 2011. We are realizing the benefitu of omr major utrategic inveutmentu. Omr relentleuu pmrumit of innovation iu creating pouitive ...

  • Page 7
    ... to operational excellence were evidenced by the company's improved financial performance in 2010. This helped drive a 33 per cent increase in share price and allowed us to deliver two dividend increases to shareholders last year. In 2010, TELUS provided an excellent total shareholder return of...

  • Page 8
    ... of new 4G dual-cell technology, which, when complete in 2011, will approximately double data download speeds. Our innovative approach includes leveraging our network sharing agreement with Bell Canada, a strategy that enables us to deploy network enhancements faster and more cost effectively than...

  • Page 9
    ...services - Optik TV, powered by Microsoft Mediaroom, and Optik High Speed Internet, which can be accessed wirelessly from anywhere in the home. TELUS Optik TV, which includes PVR Anywhere and Remote Recording using a wireless smartphone, offers more choice, flexibility and control, greatly enhancing...

  • Page 10
    ...that is right for them. In 2010, we added a Clear and Simple Device Upgrade program to help customers obtain new phones before their contracts end. We also launched free TELUS Data Notifications to help customers manage their data usage and a service that identifies lower roaming rates for customers...

  • Page 11
    ... in 2008 to address competitive market developments and allow ms to bmild new wireless distribmtion for TELUS in a cost-effective way. This brand, which is clearly differentiated from the TELUS brand, earned recognition from Strategy Magazine as a 2010 Brand of the Year. Building a legacy for our...

  • Page 12
    2010 Introduced TELUS Health Space, Canada's first electronic health information platform, powered by Microsoft HealthVault 2009 Launched Canada's fastest* coast-to-coast HSPA+ network, offering customers higher wireless data download speeds, access to the newest mobile devices and international ...

  • Page 13
    .... 2011 corporate priorities Every year, we set corporate priorities to help omr team advance omr national growth strategy, which are to: . Deliver on TELUS' fmtmre friendly brand promise to clients . Optimize TELUS' leading wireless and wireline broadband networks . Drive market leadership position...

  • Page 14
    ...our future friendly brand promise with Clear & Simple rate plans, a new initiative to increase transparency regarding handset and hardware upgrades, and ongoing improvements to network speeds and reliability. TELUS wireless revenue growth accelerated in 2010 due to increased subscriber net additions...

  • Page 15
    ... new video content and cloud-based applications . Offering even faster data transfer speeds by rolling out 4G HSPA+ dual-cell technology, the next step on the path towards long-term evolution (LTE) technology . Increasing international roaming revenue as both global carriers and consumers upgrade...

  • Page 16
    ...-class Internet data hosting centres Introduced TELUS Future Friendly Home® strategy, offering new digital home solutions to consumers Began significant multiyear broadband expansion, with array of new technologies, as our platform for future growth Launched Optik brand for our IP-based TV and High...

  • Page 17
    ... Alberta and Eastern Quebec . Continued our network upgrade to VDSL2 technology, increasing broadband download speeds to up to 30 megabits per second (Mbps), and deployed fibre-to-the-home in certain areas . Launched Optik TV service featuring PVR Anywhere, and introduced wireless Remote Recording...

  • Page 18
    ...wireless performance and the realization of benefits from our strategic investments in broadband networks and operating efficiency in recent years. Revenues were lower than expected, reflecting a shortfall from wireline sales growth and ongoing erosion in legacy voice services. Consolidated Revenues...

  • Page 19
    ... expected growth in EBITDA as well as lower financing costs and lower tax rates Continue to enhance wireline and wireless broadband networks and increase Optik TV subscriber loading 1 As a result of TELUS' changeover to International Financial Reporting Standards (IFRS) accounting on January...

  • Page 20
    ..., education and sport, and health and well-being in our environment, in ways that support youth and showcase technology. 2010 TELUS DAY OF GIVING Giving locally to grassroots charities TELUS Community Boards bring together influential community leaders and TELUS team members to provide funding to...

  • Page 21
    ... marketing communications manager, and her mother, Christine Vale, sorted food at the Daily Bread Food Bank in Toronto. Internationally, the TELUS Day of Giving took place in Manila, Philippines and at TELUS International locations in Central America, with 4,200 team members, family and friends...

  • Page 22
    ... to use the Xbox 360 as a digital set-top box. As a result of these service enhancements, Optik experienced very strong demand in 2010 with a record 144,000 TV additions, an 85 per cent increase in TELUS' TV subscriber base. High-speed Internet growth has also resumed and network access line erosion...

  • Page 23
    ... and new wireless brands. What is TELUS' strategy regarding its broadband networks and what are the benefits for customers and investors? EROS SPADOTTO Executive Vice-President, Technology Strategy Hyper-connectivity has the potential to greatly increase network traffic and has emerged as the key...

  • Page 24
    ...(GPON) technology to connect new single-family residential developments and fibre-to-the-building to connect new condos and apartments. TELUS is converging voice, Optik TV and data services over our next-generation IP networks, which are expected to support the ever-increasing customer demand for TV...

  • Page 25
    ... growth in the multi-billion-dollar Canadian healthcare-related telecom and IT sector. Should TELUS buy a content provider to stay competitive with its peers? ROBERT MCFARLANE Executive Vice-President and Chief Financial Officer, Corporate and Regulatory Strategy With Shaw buying the television...

  • Page 26
    ... Financial Corporation; Member of Order of Canada; and Officer of Order of Belgium TELUS Committees: Corporate Governance, and Human Resources and Compensation TELUS shareholdings: 28,399 TELUS shareholdings represent the total common and non-voting shares and deferred stock units (restricted stock...

  • Page 27
    ...: Canada Post Corporation and Steam Whistle Brewing Inc. TELUS Committees: Corporate Governance; and Chair, Pension TELUS shareholdings: 36,351 TELUS options: 2,700 Darren Entwistle Residence: Vancouver, British Columbia Principal occupation: President and Chief Executive Officer, TELUS Corporation...

  • Page 28
    ... Entwistle President and Chief Executive Officer Biography can be found on page 23. For more information on our executive leadership team, visit telus.com/annualreport and click on Our message and team. TELUS shareholdings represent the total common and non-voting shares and restricted stock units...

  • Page 29
    ...Hillier - Atlantic Canada Our people 17% Alberta 22% Ontario 22% British Columbia 34,800 employees 14% Quebec 1% 24% International Other Canadian provinces The 34,800 members of the TELUS team serve our customers from locations across Canada and internationally. TELUS 2010 annual report . 25

  • Page 30
    ... 2. core business and strategy 3. key performance drivers 4. capabilities 5. discussion of operations 6. changes in financial position 7. liquidity and capital resources 8. critical accounting estimates and accounting policy developments 9. general outlook 10. risks and risk management 11...

  • Page 31
    ... by past investments and are being driven by increases in business volumes, including more wireless subscribers, record Optik TV additions and improved growth in high-speed Internet service. Particularly important was the trend in wireless average revenue per unit (ARPU), which, due to the growing...

  • Page 32
    ... Management's discussion and analysis (MD&A). Based on targeted EBITDA growth, as well as lower financing costs and much lower cash taxes, free cash flow is also expected to increase notably in 2011. successfully over the past decade as we executed our operational strategy while building financial...

  • Page 33
    ... fast-moving communications industry. Building on the momentum created in 2010, we are confident in our prospects for the future as we strive to create value for our investors. Sincerely, Other developments On January 1, 2011, TELUS, along with most other public companies in Canada, began reporting...

  • Page 34
    ... of initiatives across the company that further the effective management of TELUS and help increase investor confidence. Some of the new initiatives put in place in 2010 include: . Enhancing Board oversight of key enterprise risks and conducting an explicit and formal review of the implications of...

  • Page 35
    ... . Sharing publicly our policies on corporate disclosure and insider trading at telus.com/governance, as well as the entire Board policy manual including all Board committees' terms of reference. fraud by team members with a significant role in internal controls over financial reporting. Of...

  • Page 36
    ... and non-voting shares Share information 2 Average shares outstanding - basic (millions) Shares issued (millions) Shares repurchased (millions) Year-end shares outstanding (millions) Earnings per share - basic Dividends declared per share Financial position (millions) Capital assets, at cost 3 2010...

  • Page 37
    ...voting shares. 3 Includes Property, plant, equipment and Intangible assets. 4 The summation of Long-term debt excluding unamortized debt issuance cost, current maturities of Long-term debt, net deferred hedging liability related to U.S. dollar Notes, and proceeds from securitized accounts receivable...

  • Page 38
    ...Consolidated 2010 Cash flow statement information Cash provided by operating activities (millions) Cash used by investing activities (millions) Cash provided (used) by financing activities (millions) Profitability ratios Dividend payout1 Return on common equity 2 Return on assets 3 Debt and coverage...

  • Page 39
    ... for wireless spectrum, and before dividends. 7 Capital expenditures divided by Operating revenues. 8 The measure is a sum of wireless subscribers, network access lines, Internet access subscribers and TV subscribers (TELUS Optik TV and TELUS Satellite TV). Historical Network access lines updated...

  • Page 40
    ...Operating revenues (millions) Operations expense (millions)1 Restructuring costs (millions) EBITDA (millions) EBITDA margin 2 Capital expenditures (millions) Cash flow (millions) 2,3 Network access lines in service (000s)7 High-speed Internet subscribers (000s) Dial-up Internet subscribers (000s) TV...

  • Page 41
    ... Network access lines updated for prior periods commencing in 2007. 8 Opening balances for high-speed Internet subscribers and total Internet subscribers for the second quarter of 2009 were reduced by 5,000 to reflect prior period reporting adjustments. 9 TV subscribers consists of TELUS Optik TV...

  • Page 42
    ... (AWS) spectrum; industry growth rates including wireless penetration gain; actual network access line losses; subscriber additions experience for wireless, TELUS TV ® and Optik High SpeedTM Internet services; variability in wireless average revenue per subscriber unit per month (ARPU) as well as...

  • Page 43
    ... dollars unless otherwise specified. TELUS' Consolidated financial statements include the accounts of the Company and all of the Company's subsidiaries, of which the principal one is TELUS Communications Inc. (TCI). Currently, through the TELUS Communications Company partnership and the TELE-MOBILE...

  • Page 44
    ... Includes Common Shares and Non-Voting Shares. (2) The sum of wireless subscribers, network access lines (NALs), Internet access subscribers and TELUS TV subscribers (Optik TV TM and TELUS Satellite TV® subscribers), measured at the end of the respective periods based on information in billing and...

  • Page 45
    ... and new entrants. For the full year, monthly subscriber churn was 1.57% as compared to 1.58% in 2009. Newly branded Optik TV service and Optik High Speed Internet service were launched in June 2010, which, combined with improved bundle offers, contributed to the record 144,000 TELUS TV subscriber...

  • Page 46
    ... growth and ongoing erosion in legacy voice services. Achievement of the consolidated EBITDA and earnings targets reflects strong wireless performance and the realization of benefits from strategic investments in broadband networks and operating efficiency initiatives. TELUS provided revised public...

  • Page 47
    ... stable residential network access line losses and continued competitive pressure in small and medium business market from cable-TV and voice over IP (VoIP) companies Residential access line losses moderated in the second half of 2010 when compared to the same period in 2009, due to improved bundle...

  • Page 48
    ...news release and accompanying investor conference call. For 2011, TELUS is targeting a consolidated revenue increase over 2010 of 1 to 4% and an EBITDA increase of 1 to 6%. Revenue and EBITDA are expected to benefit from TELUS' continued execution in its data and wireless operations. The growth rate...

  • Page 49
    ... base Continued wireline broadband expansion and upgrades supporting Optik TV and Optik High Speed Internet subscriber revenue growth that offsets the continued erosion in network access line-related revenues A preliminary pension accounting discount rate was estimated at 5.35% and subsequently set...

  • Page 50
    ..., customer characteristics, the distribution channels used and regulatory treatment. Intersegment sales are recorded at the exchange value. Segmented information in Note 6 of the Consolidated financial statements is regularly reported to the Company's Chief Executive Officer (the chief operating...

  • Page 51
    ... single personal video recorder (PVR) and play them back on any of up to six TVs with a digital set-top box. Optik TV also offers video on demand with DVD-style controls, an on-screen guide with picture-inpicture browsing, instant channel changing and call display on the TV. TELUS 2010 annual report...

  • Page 52
    ... certain locations . Decommissioning uneconomic products and services . Leveraging both business process outsourcing, and off-shoring to TELUS' own international call centres. Going to the market as one team under a common brand, executing a single strategy The creation of TELUS Customer Solutions...

  • Page 53
    ... market . TELUS increased sales of its integrated small business bundle, TELUS Business One®, which includes connectivity (voice, Internet and email services), security, hosting, audio and video conferencing, and other IP-based tools . In support of Push To TalkTM services on the Mike® network...

  • Page 54
    ...services, including TELUS Push To Talk ® . Data - Web browsing, social networking, text, picture, video and instant messaging, images, ringtones, TELUS mobile TV®, video on demand, TELUS mobile radio®, downloadable music, and the latest wireless mobile applications . Internet - wireless broadband...

  • Page 55
    ...set-top box . IP networks and applications - IP networks that offer converged voice, video, data or Internet services on a secure, high-performing network . Conferencing and collaboration - full range of equipment and application solutions to support meetings using phone, video and the web . Contact...

  • Page 56
    ... operations support business process outsourcing services for external customers. The Company also uses offshore services for certain internal operations to improve efficiency and to allow onshore operations to focus on value-added services. Employee compensation programs support a high-performance...

  • Page 57
    ... for varying terms. TELUS International provides contact centre and business process and IT outsourcing by utilizing sophisticated on-site facilities including call centre solutions, and by utilizing international data networks and reliable data centres with rigorous privacy and security standards...

  • Page 58
    ... of financial statements in accordance with Canadian GAAP and the requirements of the Securities and Exchange Commission in the United States, as applicable. TELUS' CEO and CFO have assessed the effectiveness of the Company's internal control over financial reporting as at December 31, 2010, in...

  • Page 59
    ...and CFO have determined that the Company's internal control over financial reporting is effective as at December 31, 2010, and expect to certify TELUS' annual filings with the U.S. Securities and Exchange Commission on Form 40-F, as required by the United States Sarbanev-Oxley Act, and with Canadian...

  • Page 60
    ... voice revenues is due to substitution to wireless and Internet services, as well as competition from VoIP service providers (including cable-TV competitors), resellers and facilities-based competitors. See risk discussion in Section 10. 1 Competition. Residential network access line (NAL) net...

  • Page 61
    ... revenue increased year-over-year by $37 million due to growth in TELUS TV, enhanced data and Internet services and managed workplace revenues. However, wireline data revenue growth was more than offset by year-over-year declines in legacy voice and other revenues totalling $42 million. Operating...

  • Page 62
    ... revenue increased year-overyear by $122 million due to growth in TELUS TV, enhanced data and Internet services and managed workplace revenues. However, wireline data revenue growth was more than offset by year-over-year declines in legacy voice and other revenues totalling $256 million. Operations...

  • Page 63
    ... of a future income tax asset due to the enactment of new legislation in December 2010 that changes the tax treatment of certain share-based compensation. Where stock option rights are acquired by the Company in exchange for a cash payment, either the employee must forgo his or her personal income...

  • Page 64
    ..., increased adoption of data plans, higher-speed smartphones as well as mobile Internet key and tablet growth, and higher inbound data roaming volumes, partly offset by lower roaming rates. Data revenue represented 25% of network revenue in 2010, as compared to 20% in 2009. The decline in voice...

  • Page 65
    ... - wireless segment Years ended December 31 ($ millions) 2010 2009 Change Equipment sales expenses Network operating expenses Marketing expenses General and administration (G&A) expenses Salaries, benefits and employee-related costs Other G&A expenses Operations expense Restructuring costs Total...

  • Page 66
    ... of 2010; and to a lesser extent, (iv) increased data equipment sales. These increases were partly offset by declining legacy basic data services. Wireline operating indicators As at December 31 (000s) 2010 2009 Change Internet subscribers High-speed Dial-up Total TELUS TV subscribers Years ended...

  • Page 67
    ... costs and operating savings realized from efficiency initiatives to mitigate declining voice revenues, supplemented by a high margin software application sale in the first quarter of 2010, partially offset by increased costs associated with the growth in TELUS TV services. TELUS 2010 annual report...

  • Page 68
    ... the year Payments exceeded new obligations from restructuring initiatives Primarily reflects the 10.5% increase in the dividend rate for the fourth quarter 2010 dividend, as compared to the fourth quarter of 2009 Includes reclassification of $81 million of the price cap deferral account to Non...

  • Page 69
    MANAGEMENT'S DISCUSSION & ANALYSIS: 6 Financial position as at December 31 ($ millions) 2010 2009 Change ($ millions) Change (%) Explanation of the change Working capital (1) (2,559) (1,837) (722) (39) Primarily due to the remaining balance of U.S. dollar Notes maturing in June 2011 and...

  • Page 70
    ...'s capital structure financial policies, financing plan and results are described in Section 4.3. In the normal course, the Company has generated annual cash flow from operations exceeding annual capital investment needed to support business growth and re-invest in technology. In both 2010 and 2009...

  • Page 71
    ...increased capacity as well as the HSPA+ dual-cell technology project begun in the second half of 2010 that is expected to approximately double the data download speed of the network. (See Section 2 - Building national capabilitiev.) Wireless capital intensity decreased to 9% in 2010 from 16% in 2009...

  • Page 72
    ... total capitalization resulted from increased retained earnings and Non-Voting Share capital, partly offset by lower net debt. The proportion of debt on a fixed-rate basis was 93% at December 31, 2010, up from 87% one year earlier primarily due to lower outstanding commercial paper. The average term...

  • Page 73
    ... Available liquidity Five-year revolving facility (1) Other bank facilities Total (1) Canadian dollars or U.S. dollar equivalent. May 1, 2012 - - 2,000 61 2,061 - (2) (2) (117) (3) (120) (104) - (104) 1,779 56 1,835 7.6 Accounts receivable sale TELUS Communications Inc. (TCI), a wholly...

  • Page 74
    ... rate Other price Measured at cost or amortized cost Cash and temporary investments Accounts receivable Accounts payable Restructuring accounts payable Short-term obligations Long-term debt Measured at fair value Short-term investments Long-term investments Foreign exchange derivatives(1) Share...

  • Page 75
    ...estimates of the related cash-settled equity forward agreements provided by the counterparty to the transactions (such fair value estimates being largely based upon the Company's Common Share and Non-Voting Share prices as at the statement of financial position dates). TELUS 2010 annual report . 71

  • Page 76
    ... Note 20(a) of the Consolidated financial statements for further details on operating leases. (3) Where applicable, purchase obligations reflect foreign exchange rates as at the current year-end, December 31, 2010. Purchase obligations include future operating and capital expenditures that have been...

  • Page 77
    ... pension plans X X (1) X X X X X X X(2) X(2) (1) Accounting estimate, as applicable to intangible assets with indefinite lives and goodwill, primarily affects the Company's wireless segment. (2) Accounting estimate impact due to internal labour capitalization rates. TELUS 2010 annual report...

  • Page 78
    ... as well as the effective annual discount rate. . These accounting estimates are in respect of the Accounts receivable line item on the Company's Consolidated statements of financial position comprising approximately 5% of Total assets as at December 31, 2010 (4% as at December 31, 2009). Based on...

  • Page 79
    ...plant and equipment, net, line item on the Company's Consolidated statements of financial position represents approximately 39% of Total assets, as at December 31, 2010 (40% as at December 31, 2009). Based on unaudited pro forma IFRS-IASB financial information, Property, plant and equipment, net, is...

  • Page 80
    ... review process for communities proposed by the ILECs for broadband expansion contributed to the delay in the CRTC's decision on the disposition of the deferral account balance. The CRTC directed TELUS to rebate approximately $54 million to residential customers in non-high cost serving areas...

  • Page 81
    ... defined benefit pension costs, accrued pension benefit obligations and pension plan assets include: discount rates, long-term rates of return for plan assets, market estimates and rates of future compensation increases. Material changes in overall financial performance and financial statement line...

  • Page 82
    ... was to be amortized over the expected average remaining service periods of active employees of the plan, as were past service costs and transitional assets and liabilities. Year ended December 31, 2010 Employee benefits expense Income taxes Net income (39) 10 29 29 78 . TELUS 2010 annual report

  • Page 83
    ... recorded in predecessor companies results in a minor increase in depreciation expense. Volatility in Net income could result from periodic impairment tests, should the facts support a future impairment. Year ended December 31, 2010 Depreciation Income taxes Net income Sale of accounts receivable...

  • Page 84
    ... was included in Operations expenses. Ongoing impact: The result is a $4 million decrease in Operating expenses offset by a $4 million increase in Financing costs, as well as a $1 million increase in Depreciation expense for the year ended December 31, 2010. (1) 80 . TELUS 2010 annual report

  • Page 85
    ... and Non-current liabilities increasing by $22 million. As at January 1, 2010 Accounts payable and accrued liabilities Restructuring accounts payable and accrued liabilities Advance billings and customer deposits Provisions - Current liabilities Other long-term liabilities Provisions - Non-current...

  • Page 86
    ... a new model for lessees and lessors. The Company continues to evaluate the possible effects of new standards and exposure drafts, and will monitor the near-term projects that the IASB initiates for income taxes. The ultimate impacts cannot be determined at this time. 82 . TELUS 2010 annual report

  • Page 87
    ... statement of financial position, subtotals and totals Recognition, measurement, presentation and disclosure effects Topics (see Section 8.2.1) Employee benefits (defined benefit plans) As at December 31, 2010 ($ millions) As currently reported Impairment of assets Sale of accounts receivable...

  • Page 88
    ... on key line items (Increase (decrease)) Recognition, measurement, presentation and disclosure effects (see topics in Section 8.2. 1) Employee benefits - defined benefit plans Presentation effects Year ended December 31, 2010 ($ millions except per share amounts) As currently reported Revenue...

  • Page 89
    ... Operating revenues, Net income, Total comprehensive income and earnings per share. Quarterly differences in key line items ($ millions except per share amounts) 2010 Q4 2010 Q3 2010 Q2 2010 Q1 Operating revenues As currently reported IFRS-IASB (unaudited pro forma) Increase under IFRS-IASB Net...

  • Page 90
    ... restructuring costs interest coverage Free cash flow Net debt to total capitalization Not materially affected (see table below). The Company's policy for Net debt to EBITDA - excluding restructuring costs continues to be in the range of 1.5 to 2.0 times, and the policy for dividend payout...

  • Page 91
    ... and select accounting policies necessary for the Company to change over to IFRS This phase includes other operational elements, such as information technology, internal control over financial reporting, and training Initial choices completed and approved in 2009. Ongoing review of IFRS exposure...

  • Page 92
    ... industry revenue. TELUS' revenue growth resumed in 2010, increasing by 1.8%, with wireless revenues and wireline data revenue representing approximately 74% of total revenues (71% in 2009). The Company has targeted consolidated revenue growth between 1 and 4% in 2011. 88 . TELUS 2010 annual report

  • Page 93
    ... with cloud-based computing, a web-based way to cost-effectively process, manage and store data. It is expected that major mobile platforms will make the transition to supporting cloud-based services to allow customers to access both corporate and personal data (i.e. photos, streaming video, music...

  • Page 94
    ...share with consumers, while enhancing retention and loyalty through multiple service offerings. In June 2010, the Company launched new TELUS brands Optik TV (IP TV based on the Microsoft Mediaroom platform) and Optik High Speed Internet in urban Alberta and British Columbia markets. TELUS now offers...

  • Page 95
    ... email to web applications. In the small business market, TELUS has countered increased cable-TV competition by offering an integrated small business bundle called TELUS Business One, which includes connectivity (voice, Internet and email services), security, hosting, audio and video conferencing...

  • Page 96
    ..., operational risk management and performance management processes, and are shared with the Board. Level two Quarterly risk assessment review TELUS conducts a quarterly risk assessment review with key internal stakeholders across all business units to capture and communicate the dynamically changing...

  • Page 97
    ... TV services. In addition, cable-TV companies continue to increase the speed of their HSIA offerings. To a lesser extent, other non-facilities-based competitors offer local and long distance VoIP services over the Internet and resell HSIA solutions. Erosion of TELUS' residential network access lines...

  • Page 98
    ...subscriber base. 10.2 Technology Technology is a key enabler for TELUS and its customers, however, technology evolution brings risks, uncertainties and opportunities. TELUS is vigorous in maintaining its short-term and long-term technology strategy to optimize the Company's selection and timely use...

  • Page 99
    ...public switched telephone network access base in certain areas, resulting in some investment in line adaptation in non-broadband central offices. Additionally, even if TELUS were to decide to migrate towards a fully IP voice solution, the level of effort required to migrate customers could be costly...

  • Page 100
    ...increased data speeds required for many new wireless, IP and data services. TELUS' evolution to next generation wireless technologies involves services and devices that meet the requirements of the Company's current and future subscriber base. TELUS continues to support CDMA2000 3G wireless services...

  • Page 101
    ...by increases in: broadband penetration; the need for personal connectivity and networking; affordability of smartphones and high-usage data devices (such as the iPhone, mobile Internet keys and tablets), and machine-to-machine data applications; increasingly rich multimedia services and applications...

  • Page 102
    ...account funds by TELUS to expand broadband services to 159 communities in B.C., Alberta and Quebec. The CRTC also directed TELUS to rebate $54.5 million to residential customers in non-high cost service areas and allowed the Company flexibility in the method of rebate to such residential subscribers...

  • Page 103
    ... in regard to the terms upon which large incumbent telephone and cable-TV carriers provide their services to wholesalers, who, in turn, provide high-speed Internet access to retail residential customers. The CRTC's stated approach in reviewing this matter will be based on two fundamental principles...

  • Page 104
    ... would operate in the upper part of the band. In Canada, the TELUS Mike (iDEN) network also uses this same frequency spectrum. Because each site for the Mike network is analyzed and licensed individually, TELUS and Industry Canada have been able to minimize the number of public safety interference...

  • Page 105
    ...stock units (PSUs) for eligible employees . TELUS Employee Share Purchase plan available to all domestic full-time and part-time employees. Medium-term and long-term performance incentives (RSUs, PSUs and share options) for key personnel generally have three-year vesting periods. The increased value...

  • Page 106
    ... operations, customers and conduct of business process outsourcing activities. TELUS has in recent years expanded its Philippines operations to locations in India, Central America, the Caribbean region and the U.S. state of Nevada. The continued expansion of international operations provides TELUS...

  • Page 107
    ...constrain TELUS' ability to invest in its operations for future growth. As described in Section 1.5, payment of net cash income taxes and funding of defined benefit pension plans in the future will reduce the after-tax cash flow otherwise available to return capital to the Company's shareholders. If...

  • Page 108
    ... review its existing international structure, systems and processes and to develop a future mode of operation that will mitigate its regulatory, legal and tax risks as it continues international expansion. Additional adjustments will continue into 2011 to take into account business changes. In 2010...

  • Page 109
    ... on subscriber growth rates, usage levels or wireless revenues. Rivk mitigation: TELUS promotes responsible driving and recommends that driving safely should be every wireless customer's first responsibility. The Company provides and sells hands-free devices in its retail channels. Concerns related...

  • Page 110
    ... designated senior management, provides a protocol for dealing with analysts and oral presentations, outlines the communication approach to issues, and has a disclosure committee to review and determine disclosure of material information. TELUS monitors legal developments and annually re-evaluates...

  • Page 111
    ... its Canadian and international business operations TELUS is a key provider of critical communications infrastructure in Canada and has certain supporting business functions located in six other countries. The Company's network, information technology, physical assets, team members, supply chain and...

  • Page 112
    ... in a charge to earnings and a reduction in owners' equity, but would not affect cash flow. Rivk mitigation: The Company cannot completely mitigate economic risks. TELUS continues to focus on five key diversified vertical business markets: the public sector, healthcare, financial services, energy...

  • Page 113
    ...) 2010 EBITDA (as currently reported) IFRS recognition, measurement, presentation and disclosure effects Other operating income (in revenues rather than Other expense, net) Charitable donations expense (in Operating expenses rather than Other expense, net) Employee benefits - defined benefit plans...

  • Page 114
    ... reported 2010 2009 11.3 Definitions of wireless operating indicators These measures are industry metrics and are useful in assessing the operating performance of a wireless company. Average revenue per subscriber unit per month (ARPU) is calculated as Network revenue divided by the average number...

  • Page 115
    ... of dividend payout ratios Unaudited pro forma IFRS-IASB 2010 Years ended December 31 ($ millions, except ratio) As currently reported 2010 2009 Net income attributable to Common Shares and Non-Voting Shares Net income Income taxes Gross interest expense Interest on long-term debt Interest...

  • Page 116
    ... portion Debt issuance costs netted against long-term debt Derivative liability Accumulated other comprehensive income amounts arising from financial instruments used to manage interest rate and currency risks associated with U.S. dollar denominated debt (excluding tax effects) Cash and temporary...

  • Page 117
    ...the Chair of Board of Directors, Chief Executive Officer and Executive Leadership Team expenses and their use of corporate assets; and regularly reviews material capital expenditure initiatives. The committee pre-approves all audit, audit-related and non-audit services provided to the Company by the...

  • Page 118
    ...Treadway Commission (COSO). Internal control over financial reporting is a process designed by, or under the supervision of, the President and Chief Executive Officer (CEO) and the Executive Vice-President and Chief Financial Officer (CFO) and effected by the Board of Directors, management and other...

  • Page 119
    FINANCIAL STATEMENTS & NOTES RE5ORT OF INDE5ENDENT REGISTERED CHARTERED ACCOUNTANTS To the Board of Directors and Shareholders of TELUS Corporation We have audited the internal control over financial reporting of TELUS Corporation and subsidiaries (the Company) as of December 31, 2010, based on the...

  • Page 120
    ... financial statements of self-sustaining foreign operations Change in unrealized fair value of available-for-sale financial assets 19(b) 9 8 1,908 32 510 1,366 328 1,038 54 - - 54 69 (12) 1 58 $ß1,060 Comprehensive Income Net Income Attributable to: Common Shares and Non-Voting Shares Non...

  • Page 121
    ... billings and customer deposits Current maturities of long-term debt Current portion of derivative liabilities Current portion of future income taxes Non-current liabilities Long-term debt Other long-term liabilities Future income taxes Total liabilities Owners' equity Common Share and Non-Voting...

  • Page 122
    ... CHANGES IN OWNERS' EQUITY Common Shares ($ in millions) Note Number of shares Share capital Number of shares Non-Voting Shares Share capital Balance as at January 1, 2009 Net income Other comprehensive income Dividends Dividend Reinvestment and Share Purchase Plan - optional cash payments Share...

  • Page 123
    FINANCIAL STATEMENTS & NOTES Common Share and Non-Voting Share equity Equity contributed Share capital Contributed surplus Retained earnings Accumulated other comprehensive income Total Total Non-controlling interests Total... (18) - $ß8,179 - $ß22 - $ß8,201 TELUS 2010 annual report . 119

  • Page 124
    ... and amortization Future income taxes Share-based compensation Net employee defined benefit plans expense Employer contributions to employee defined benefit plans Restructuring costs, net of cash payments Other Net change in non-cash working capital Cash provided by operating activities Investing...

  • Page 125
    ...stock units and employee share purchase plan Summary schedules and review of employee future benefits and related disclosures CONSOLIDATED FINANCIAL 5OSITION FOCUSED 14. Accounts receivable 15. Property, plant and equipment 16. Intangible assets and goodwill 17. Short-term obligations 18. Long-term...

  • Page 126
    ... are reviewed as a group to ensure that, similar to multiple element arrangements, relative fair values are appropriate. The Company's revenues are recorded net of any value-added, sales and/or use taxes billed to the customer concurrent with a revenueproducing transaction. When the Company receives...

  • Page 127
    ... accrual basis by applying the subsidy rate to the number of residential network access lines it has in high cost serving areas, as further discussed in Note 4(c). Differences, if any, between interim and final subsidy rates set by the CRTC are accounted for as a change in estimate in the period in...

  • Page 128
    ...market comparable approach and analytical review of industry and Company-specific facts is used in determining the fair value of the Company's reporting units. (g) Translation of foreign currencies Trade transactions completed in foreign currencies are translated into Canadian dollars at the rates...

  • Page 129
    ... of long-term debt and as Operations expense if in respect of U.S. dollar denominated future purchase commitments or share-based compensation. Hedging assets and liabilities: In the application of hedge accounting, an amount (the hedge value) is recorded on the Consolidated Statements of Financial...

  • Page 130
    ..., direct labour and applicable overhead costs. With respect to internally developed, internal-use software, recorded historical costs include materials, direct labour and direct labour-related costs. Where property, plant and equipment and intangible asset construction projects exceed $50 million...

  • Page 131
    ... as used by publicly accountable enterprises, being fully converged with International Financial Reporting 3 CA5ITAL STRUCTURE FINANCIAL 5OLICIES Summary review of the Company's objectives, policies and processes for managing its capital structure Net debt to EBITDA - excluding restructuring costs...

  • Page 132
    ... the coverage ratio covenant in the Company's credit facilities. (6) Adjusted net earnings per Common Share and Non-Voting Share is calculated as follows: 2010 2009 Net income attributable to Common Shares and Non-Voting Shares Income tax-related adjustments Loss on redemption of long-term debt, net...

  • Page 133
    ... . Non-incumbent local exchange carrier services . Long distance services . Internet and television services . International telecommunications services . Interexchange private line services(3) . Certain data services . Cellular, enhanced specialized mobile radio digital (ESMR digital) and personal...

  • Page 134
    ... voice, data and wireless service providers) that are then disbursed as portable subsidy payments to subsidize the costs of providing residential telephone services in high cost serving areas. The portable subsidy payments are paid based upon a total subsidy requirement calculated on a per line...

  • Page 135
    ... set out in the following table: Risks Market risks Credit Liquidity Currency Interest rate Other price Measured at cost or amortized cost Cash and temporary investments Accounts receivable Accounts payable Restructuring accounts payable Short-term obligations Long-term debt Measured at fair value...

  • Page 136
    ..., in effect until October 2011, pursuant to which it can offer $2 billion (2009 - $3 billion) of debt or equity securities. The Company believes that its investment grade credit ratings provide reasonable access to capital markets. The Company closely matches the derivative financial liability...

  • Page 137
    ...2010 and 2009, could have varied if the Canadian dollar: U.S. dollar foreign exchange rates, market interest rates and the Company's Common Share and Non-Voting Share prices varied by reasonably possible amounts from their actual statement of financial position date values. TELUS 2010 annual report...

  • Page 138
    ... of the related cash-settled equity forward agreements provided by the counterparty to the transactions (such fair value estimates being largely based upon the Company's Common Share and Non-Voting Share prices as at the statement of financial position dates). 134 . TELUS 2010 annual report

  • Page 139
    ...Carrying amount 2009 Fair value Current Assets Derivatives designated as held for trading upon initial recognition and used to manage currency risks arising from U.S. dollar revenues to which hedge accounting is not applied Derivatives(1) used to manage changes in share-based compensation costs and...

  • Page 140
    ... - - 2012 2010 $ $ 60 - 13 - 13 - $ $ 130 26 51 9 51 9 2011 $ß1,133 404 419 407 $ - - 62 - 3 $ß422 $ß422 - $ß 62 $ß 62 Other Long-Term Liabilities Derivatives(1) used to manage changes in share-based compensation costs and classified as held for hedging(2) (Note 12(c)) Non...

  • Page 141
    ... income on derivatives Years ended December 31 (millions) Location 2010 2009 Derivatives used to manage currency risks Derivatives used to manage changes in share-based compensation costs (Note 12(b)) Financing costs Operations $ - 24 $ß (13) (4) $ß (17) $ 24 TELUS 2010 annual report . 137

  • Page 142
    ...local, voice long distance, data (which includes TELUS TV) and other telecommunications services excluding wireless. Segmentation is based on similarities in technology, The following segmented information is regularly reported to the Company's Chief Executive Officer (the Company's chief operating...

  • Page 143
    ... use of real estate space, which includes vacating premises; . decommissioning uneconomic products and services; and . leveraging business process outsourcing and off-shoring to the Company's own international call centres. These initiatives were aimed to improve the Company's long-term operating...

  • Page 144
    ...returns. Of the net capital losses carriedforward as at December 31, 2009, $604 million has been denied on audit by the Canada Revenue Agency and the Company will no longer pursue such net capital losses. During the year ended December 31, 2010, the Company recognized the benefit of $1 million (2009...

  • Page 145
    ... market price of the Common Shares and Non-Voting Shares during the reported periods. 11 Years ended December 31 DIVIDENDS 5ER SHARE Summary schedule of dividends declared (a) Dividends declared 2010 Declared effective 5aid to shareholders Total Declared effective Paid to shareholders 2009 Total...

  • Page 146
    ...the fair value estimation at the time of grant, using the Black-Scholes model (a closed-form option pricing model), are as follows: Years ended December 31 2010 2009 Share option award fair value (per share option) Risk free interest rate Expected lives(1) (years) Expected volatility Dividend yield...

  • Page 147
    ... presents a summary of the activity related to the Company's restricted stock units. Years ended December 31 Number of restricted stock units Non-vested Vested 2010 Weighted average grantdate fair value Number of restricted stock units Non-vested Vested 2009 Weighted average grantdate fair value...

  • Page 148
    ... has the option of offering shares from Treasury or having the trustee acquire shares in the stock market. For the years ended December 31, 2010 and 2009, all Common Shares issued to employees under the plan were purchased in the stock market at normal trading prices. 144 . TELUS 2010 annual report

  • Page 149
    FINANCIAL STATEMENTS & NOTES: 13 13 EM5LOYEE FUTURE BENEFITS Summary schedules and review of employee future benefits and related disclosures The Company has a number of defined benefit and defined contribution plans providing pension, other retirement and post-employment benefits to most of its ...

  • Page 150
    ...charges (Note 21(b)) Other long-term liabilities (Note 21(b)) $ß1,683 (223) $ß1,460 $ß1,565 (214) $ß1,351 The measurement date used to determine the plan assets and accrued benefit obligation was December 31. (b) Defined benefit plans - cost The Company's total net defined benefit plan costs...

  • Page 151
    ... the long-term nature of employee future benefits. (c) Benefit payments Estimated future benefit payments from the Company's defined benefit plans, calculated as at December 31, 2010, are as follows: Years ending December 31 (millions) Pension benefit plans Other benefit plans 2011 2012 2013 2014...

  • Page 152
    ...strategies and policies The Company's primary goal for the defined benefit plans is to ensure the security of the retirement income and other benefits of the plan members and their beneficiaries. A secondary goal of the Company is to maximize the long-term rate of return of the defined benefit plans...

  • Page 153
    ..., shares of TELUS Corporation accounted for less than 1% of the assets held in the pension and other benefit trusts administered by the Company. The changes in the years ended December 31, 2010 and 2009, of the fair value measurements of the Company's defined benefit pension plans' assets which use...

  • Page 154
    ... as at December 31 Expected long-term rate of return(1) on plan assets used to determine: Net benefit costs for the year ended December 31 Accrued benefit obligation as at December 31 Rate of future increases in compensation used to determine: Net benefit costs for the year ended December 31 Accrued...

  • Page 155
    ...: Years ended December 31 (millions) 2010 2009 Union pension plan and public service pension plan contributions Other defined contribution pension plans $ß27 34 $ß61 $ß30 31 $ß61 14 ACCOUNTS RECEIVABLE Summary schedule and review of arm's-length securitization trust transactions and related...

  • Page 156
    ... of items comprising property, plant and equipment Network assets Buildings and leasehold improvements Assets under capital lease Other Land Assets under construction Total At cost As at January 1, 2009 Additions Additions arising from business acquisitions Dispositions and retirements...

  • Page 157
    ...years following a review by Industry Canada of the Company's compliance with licence terms and suitability for continued operation of the licences at terms to be established by Industry Canada. In addition to current usage, the Company's spectrum licensed can be used for planned and new technologies...

  • Page 158
    ... wireline reporting unit; these growth rates do not exceed the observed long-term average growth rates for the markets in which the Company operates. The Company validates its fair value results through the use of the market-comparable approach and analytical review of industry and Company-specific...

  • Page 159
    ...to enhancing the Company's distribution of wireless products and services across Canada. The primary factors that contributed to a purchase price that resulted in the recognition of goodwill are: the existing Black's Photo Corporation business; the acquired workforce; and the time-to-market benefits...

  • Page 160
    .... The counterparties of the swap agreements are highly rated financial institutions and the Company does not anticipate any non-performance. TELUS has not required collateral or other security from the counterparties due to its assessment of their creditworthiness. 156 . TELUS 2010 annual report

  • Page 161
    ... the next year. TELUS Corporation's credit facility expiring on May 1, 2012, is unsecured and bears interest at prime rate, U.S. Dollar Base Rate, a bankers' acceptance rate or London interbank offered rate (LIBOR) (all such terms as used or defined in the credit facility), plus applicable margins...

  • Page 162
    ...2010, for each of the next five fiscal years are as follows: Long-term debt denominated in Canadian dollars All except capital leases U.S. dollars Derivative liability Capital leases Debt(1) (Receive)(1) Pay Total Total Years ending December 31 (millions) 2011 2012 2013 2014 2015 Thereafter Future...

  • Page 163
    ... twelve months, excluding tax effects, is $3 million. (c) Share option plans The Company has a number of share option plans under which officers and other employees may receive options to purchase Non-Voting Years ended December 31 Shares at a price equal to the fair market value at the time of...

  • Page 164
    ...Common Shares and Non-Voting Shares issued. Years ended December 31 Common Shares Non-Voting Shares 2010 Total Common Shares Non-Voting Shares 2009 Total Shares issued or issuable pursuant to exercise of share options Impact of optionee choosing to settle share option award exercises using net-cash...

  • Page 165
    ...2001 disposition of TELUS' directory business, the Company agreed to bear a proportionate share of the new owner's increased directory publication costs if the increased costs were to arise from a change in the applicable CRTC regulatory requirements. The Company's proportionate share is 40% through...

  • Page 166
    ... primary financial statement line items (a) Statement of income and other comprehensive income Years ended December 31 (millions) 2010 2009 Years ended December 31 (millions) 2010 2009 Operating revenues Service(1) Equipment $ß9,168 611 $ß9,779 $ß9,077 529 $ß9,606 Employee benefits...

  • Page 167
    ... information Years ended December 31 (millions) 2010 2009 Accounts receivable Customer accounts receivable Accrued receivables - customer Allowance for doubtful accounts Accrued receivables - other Other $ 741 102 (41) 802 113 2 $ 556 103 (59) 600 93 1 Net change in non-cash working capital...

  • Page 168
    ... three years' annual cash bonus). In the event of a change in control (as defined), the Executive Leadership Team members are not entitled to any different treatment than other Company employees with respect to unvested share-based compensation, other than for the Chief Executive Officer, whose...

  • Page 169
    ... have the following effect on reported net income of the Company: Years ended December 31 (millions except per share amounts) 2010 2009 The following is an analysis of retained earnings reflecting the application of U.S. GAAP: Years ended December 31 (millions) 2010 2009 Net income in accordance...

  • Page 170
    ...merger related costs of $52 million) effective January 31, 1999. (b) Operating expenses - Operations Future employee benefits: Under U.S. GAAP, TELUS' future employee benefit assets and obligations have been recorded at their fair values on acquisition. Accounting for future employee benefits under...

  • Page 171
    ... required in the Company's financial statements as a result of that adoption. The total amount of unrecognized tax benefits, excluding net capital losses, that, if recognized, would affect the effective tax rate at December 31, 2010, is $230 million (2009 - $258 million). Unrecognized tax benefits...

  • Page 172
    ...above. The gross reserves are adjusted for tax rate changes applicable to current and future taxation years based on the expected timing of loss utilization. In the application of both Canadian GAAP and U.S. GAAP, the Company accrues for interest charges on current tax liabilities that have not been...

  • Page 173
    ... plans Unamortized net actuarial loss (gain) 4 $ß1,338 (g) Accounting policy developments Accounting for transfers of financial assets and consolidation of variable interest entities: Under U.S. GAAP, for interim and annual reporting effective with its 2010 fiscal year, the Company is required...

  • Page 174
    ... applications. 170 . TELUS 2010 annual report fastest: Canada's fastest coast-to-coast HSPA+ wireless network is based on TELUS' tests of data throughput speeds in large Canadian urban centres available from national HSPA+ service providers. Internet access speed provided by the network operator...

  • Page 175
    ... is provided by TELUS through its Mike service using iDEN technology. eoaming: A service offered by wireless network operators that allows subscribers to use their mobile phones while in the service area of another operator. set-top box: A device that connects to a television and converts a signal...

  • Page 176
    ... the average market price. Under the share purchase feature, eligible shareholders can, on a monthly basis, buy TELUS non-voting shares (maximum $20,000 per calendar year and minimum $100 per transaction) at market price without brokerage commissions or service charges. Non-voting shares acquired...

  • Page 177
    ...99 27.41 30.00 31.7 0.475 35.15 29.18 33.01 23.9 0.475 New Yoek Stock Exchange Non-voting shares (TU) (US$ except volume) Yeae 2010 Q4 Q3 Q2 2010 Q1 Year 2009 Q4 Q3 Q2 2009 Q1 High Low Close Volume (millions) Dividend declared (per share) 45.72 28.86 43.56 33.2 1.943 45.72 41.22 43.56 6.9 0.519...

  • Page 178
    TELUS SHARES - FIVE-YEAR DAILY CLOSING PRICES 75 ($) Toronto Stock Exchange Common (T) Non-voting (T.A) 60 TSX (C$) 45 NYSE (US$) 30 New York Stock Exchange Non-voting (TU) 15 0 Q1 Q2 2006 Q3 Q4 Q1 Q2 2007 Q3 Q4 Q1 Q2 2008 Q3 Q4 Q1 Q2 2009 Q3 Q4 Q1 Q2 2010 Q3 Q4 TELUS SHARE...

  • Page 179
    ... the United States - two were webcast for easy access for shareholders . Meetings with 204 investors - 151 in Canada, including calls using Cisco Telepresence, a high-definition video-conferencing service, and 14 Optik TV demonstrations. 2010 key investment events . In June, TELUS launched the Optik...

  • Page 180
    ... financial or statistical information . Industry and company developments . Latest news releases and investor presentations contact TELUS Investoe Relations John Wheeler Vice-President, Investor Relations phone 1-800-667 -4871 (toll-free within North America) or +1 (604) 643-4113 (outside North...

  • Page 181
    ... materials TELUS annual report TELUS executive team and board of directors' biographies community investment funding TELUS corporate social responsibility report Dividend Reinvestment and Share Purchase Plan details sign up for e-delivery of shareholder documents corporate governance site latest...

  • Page 182
    ... Corporation 555 Robson Street, Vancouver, British Columbia, Canada V6B 3K9 phowe (604) 697-8044 fax (604) 432-9681 telus.com To view this report online, scan this mobile barcode with your smartphone or visit tevus.com/awwuavreport. New to mobile barcodes? See the inside back cover for information...