Telus 2011 Annual Report Download - page 61

TELUS 2011 ANNUAL REPORT . 57
MANAGEMENT’S DISCUSSION & ANALYSIS: 5
and the Audited consolidated financial statements contained in this
report were being prepared.
Internal control over financial reporting
Internal control over financial reporting is designed to provide reason-
able assurance regarding the reliability of financial reporting and the
preparation of financial statements in accordance with IFRS-IASB 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
at December 31, 2011, in accordance with Internal Control – Integrated
Framework, issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO). Based on this assessment, TELUS’
CEO and CFO have concluded that the Company’s internal control
over financial reporting is effective at December 31, 2011, 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 Sarbanes-
Oxley Act, and with Canadian securities regulatory authorities.
Deloitte & Touche LLP, the Company’s auditor, has audited internal con-
trols over financial reporting of TELUS Corporation at December 31, 2011.
Changes in internal control over financial reporting
There were no changes in internal control over financial reporting that
have materially affected, or are reasonably likely to materially affect,
the Company’s internal control over financial reporting.
The discussion in this section is qualified in its entirety by the Caution
regarding forward-looking statements at the beginning of the MD&A.
5.1 Selected annual information
The selected information presented below has been derived from, and
should be read in conjunction with, the Audited consolidated financial
statements of TELUS dated December 31, 2011. See Note 25, Explanation
of transition to IFRS-IASB, of the Audited consolidated financial statements
for information on the Company’s changeover to IFRS on January 1,
2011, and the transition effects in 2010. The transition effects were also
described in detail in Section 8.2 of TELUS’ 2010 Annual MD&A. The
selected information presented below under previous Canadian GAAP has
been derived from, and should be read in conjunction with, the Audited
consolidated financial statements of TELUS dated December 31, 2010.
5DISCUSSION OF OPERATIONS
A discussion of operating performance for 2011
Selected annual information
Years ended December 31 IFRS-IASB Previous Canadian GAAP
($ in millions, except per share amounts) 2 0 11 2010 2010 2009
Operating revenues 10,397 9,792 9,779 9,606
Net income 1,215 1,052 1,038 1,002
Net income attributable to Common Shares and Non-Voting Shares 1,219 1,048 1,034 998
Income per Common Share and Non-Voting Share
– Basic 3.76 3.27 3.23 3.14
– Diluted 3.74 3.27 3.22 3.14
Cash dividends declared per Common Share and Non-Voting Share 2.205 2.00 2.00 1.90
IFRS-IASB Previous Canadian GAAP
At December 31 ($ millions) 2 0 11 2010 2010 2009
Total assets 19,931 19,624 19,599 19,219
Current maturities of long-term debt 1,066 847 743 82
Current portion of derivative liabilities – 419 419 62
Current portion of deferred income taxes n/a n/a 348 294
Non-current financial liabilities
Provisions 122 204 n/a n/a
Long-term debt 5,508 5,209 5,313 6,090
Other non-current financial liabilities(1) 1,281 575 546 1,153
6,911 5,988 5,859 7,243
Deferred income taxes 1,600 1,683 1,498 1,319
Owners’ equity
Common Share and Non-Voting Share equity 7,513 7,759 8,179 7,554
Non-controlling interests – 22 22 21
(1) Other long-term liabilities as reported on the Consolidated statements of financial position, excluding items that do not involve a future outlay of economic resources: deferred
customer activation and connection fees, and deferred gain on sale-leaseback of buildings. Amounts calculated for 2010 and 2009 under previous Canadian GAAP have been
adjusted from those reported in the 2010 MD&A.