Telus 2011 Annual Report Download - page 43
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TELUS 2011 ANNUAL REPORT . 39
MANAGEMENT’S DISCUSSION & ANALYSIS
February 23, 2012
The following sections are a discussion of the consolidated financial position and financial performance
of TELUS Corporation for the year ended December 31, 2011, and should be read together with TELUS’
Audited consoli dated financial statements dated December 31, 2011. This discussion contains forward-
looking information qualified by reference to, and should be read together with, the Caution regarding
forward-looking statements.
The generally accepted accounting principles (GAAP) used by TELUS
are International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB) in compliance with
Canadian GAAP. The terms IFRS-IASB and IFRS used subsequently
in this document refer to these standards. All amounts are in Canadian
dollars unless otherwise specified.
Management’s discussion and analysis contents
Section Page Section Page
1Introduction
A summary of TELUS’ consolidated results
for 2011, performance against 2011 targets,
and presentation of targets for 2012
40 7Liquidity and capital resources
A discussion of operating cash flows,
investments and financing activities,
as well as liquidity, credit facilities and
other disclosures
68
2Core business and strategy
A discussion of TELUS’ core business
and strategy, including examples of TELUS’
activities in support of its six strategic
imperatives
48 8Critical accounting estimates and
accounting policy developments
Accounting estimates that are critical
to determining financial results, and
changes to accounting policies
75
3Key performance drivers
A report on 2011 corporate priorities and
an outline of 2012 priorities
50 9General outlook
Expectations for the telecommunications
industry in 2012
79
4Capabilities
Factors that affect the capability to execute
strategies, manage key performance drivers
and deliver results
52 10 Risks and risk management
Risks and uncertainties facing TELUS and
how the Company manages these risks
82
5Discussion of operations
A discussion of operating performance for 2011
57 11 Definitions and reconciliations
Definitions of operating, liquidity and
capital resource measures, including
calculation and reconciliation of
certain non-GAAP measures used
by management
100
6Changes in financial position
A discussion of changes in the Consolidated
statements of financial position for the year
ended December 31, 2011
66