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101

Telstra Corporation Limited and controlled entities

Australian Business Number (ABN): 33 051 775 556

Financial Report

as at 30 June 2008

Page

Number

Financial Statements

Income Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102

Statement of Comprehensive Income. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104

Statement of Cash Flows. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105

Statement of Changes in Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106

Notes to the Financial Statements

Note 1 - Basis of preparation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

Note 2 - Summary of accounting policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109

Note 3 - Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123

Note 4 - Dividends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124

Note 5 - Segment information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126

Note 6 - Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130

Note 7 - Profit from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131

Note 8 - Remuneration of auditors . . . . . . . . . . . . . . . . . . ........................................ 134

Note9 - Incometaxes .................................................................. 135

Note10 - Tradeandotherreceivables......................................................... 138

Note11 - Inventories.................................................................... 141

Note12 - Investments................................................................... 142

Note13 - Property,plantandequipment....................................................... 143

Note14 - Intangibleassets................................................................ 147

Note 15 - Trade and other payables . . . . . ..................................................... 152

Note16 - Provisions .................................................................... 153

Note17 - Sharecapital .................................................................. 156

Note18 - Capitalmanagement,financialassetsandfinancialliabilities ................................... 157

Note19 - Financialriskmanagement ......................................................... 166

Note20 - Notestothestatementofcashflows ................................................... 186

Note21 - Impairment ................................................................... 190

Note 22 - Expenditure commitments . ......................................................... 192

Note23 - Contingentliabilitiesandcontingentassets............................................... 195

Note24 - Postemploymentbenefits.......................................................... 197

Note25 - Investmentsincontrolledentities ..................................................... 203

Note26 - Investmentsinjointlycontrolledandassociatedentities....................................... 212

Note 27 - Employee share plans ............................................................. 217

Note28 - Keymanagementpersonnelcompensation............................................... 231

Note29 - Relatedpartydisclosures........................................................... 237

Note30 - Eventsafterbalancedate........................................................... 241

Directors’ Declaration ........................................................................ 242

Independent Audit Report............................................................. 243