Telus 2011 Annual Report Download - page 71

TELUS 2011 ANNUAL REPORT . 67
MANAGEMENT’S DISCUSSION & ANALYSIS: 6
Financial position at December 31 Changes Changes
($ millions) 2 0 11 2010 ($ millions) (%) Explanation of changes
Working capital(1) (1,794) (2,301) 507 22 Repayment of matured U.S. dollar Notes and settlement
of related derivative liabilities were funded in part by a
$600 million long-term Note issue
Non-current assets
Property, plant and equipment, net 7,964 7,831 133 2 See Capital expenditures in Section 7.2 Cash used
by investing activities and Depreciation in Section 5.3
Intangible assets, net 6,153 6,152 1 – See Capital expenditures in Section 7.2 Cash used
by investing activities and Amortization in Section 5.3.
Acquisitions in 2011 added $61 million. Included in
the balances for both periods are wireless spectrum
licences of $4,867 million
Goodwill, net 3,661 3,572 89 2 Includes increases from the acquisition of Transactel
(Barbados) Inc. ($72 million) and wireless dealership
businesses ($38 million), partly offset by a $19 million
goodwill write-down for a foreign operation’s assets
held for sale
Other long-term assets 81 235 (154) (66) The decrease was principally due to the employee
defined benefit plans actuarial loss (in Other compre-
hensive income), partly offset by funding including the
January 2011, $200 million discretionary contribution
Investments 21 37 (16) (43) The decrease reflects a reduction due to acquisition
of control and subsequent consolidation of Transactel
(Barbados) Inc., slightly offset by changes in minor
investments
Non-current liabilities
Provisions 122 204 (82) (40) Includes reclassification of $23 million to Advance billings
and $77 million to other long-term liabilities, net of
an increase in asset retirement obligations and a written
put option on the remaining 5% ownership interest
in Transactel
Long-term debt 5,508 5,209 299 6 Includes the May 2011 issue of $600 million Series CI
3.65% five-year Notes, net of the reclassification of
$300 million, 4.5% Series CC TELUS Corporation Bond
to Current liabilities
Other long-term liabilities 1,343 649 694 107 Primarily an increase in pension and post-retirement
liabilities (see changes in Other long-term assets, above).
Also includes a $77 million reclassification from long-term
provisions
Deferred income taxes 1,600 1,683 (83) (5) Includes deferred income taxes relating to unrealized
gains and losses on derivatives and pension plan liabilities
Owners’ equity
Common Share and Non-Voting 7,513 7,759 (246) (3) Principally dividends declared of $715 million and an
Share equity Other comprehensive loss of $841 million due to actuarial
losses in defined benefit plans, partly offset by Net income
of $1,219 million and an increase in share capital
Non-controlling interests – 22 (22) (100) Reflects transactions in respect of Transactel (see
Partnering, acquiring in Section 2.2) and reclassification
of certain assets of a foreign operation to assets held
for sale
(1) Current assets subtracting Current liabilities.