Telstra 2012 Annual Report Download

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IT’S HOW WE CONNECT
TELSTRA 2012 ANNUAL REPORT
TELSTRA 2012 ANNUAL REPORT

Table of contents

  • Page 1
    TELSTRA 2012 ANNUAL REPORT IT'S HOW WE CONNECT TELSTRA 2012 ANNUAL REPORT

  • Page 2
    ... accept the terms and conditions. Use the following sections to help you locate information about your Telstra holding(s): Holdings - here you can access your transaction history, holding balance, holding value and see the last closing share price. Payment & Tax - here you can access your dividend...

  • Page 3
    2012 KEY HIGHLIGHTS 1.6M 36% AGREEMENTS FINALISED NEW MOBILE CUSTOMERS IN AUSTRALIA REDUCTION IN CARBON EMISSIONS INTENSITY NBN 28 $240M OVER FULLY-FRANKED DIVIDEND PER SHARE SOCIAL AND COMMUNITY INVESTMENT CALLS HANDLED GROWTH IN OUT OF HOURS BUNDLED 7M 30% CUSTOMERS i

  • Page 4
    FINANCIAL RESULTS FIVE YEAR SUMMARY 2012 $m 6DOHVUHYHQXH EBITDA(1) EBIT (2) 2011 $m 24...SALES REVENUE $24.8b $25.0b $25.2b PROFIT FOR THE YEAR $3.9b $3.3b $3.4b 2010 2011 2012 2010 2011 2012 FREE CASHFLOW $6.2b $5.5b $5.2b MOBILE REVENUE $8.7b $7.3b $7.9b 2010 2011 2012 2010 2011 2012...

  • Page 5
    NON-FINANCIAL RESULTS KEY PERFORMANCE INDICATORS OUR CUSTOMERS &XVWRPHUVDWLVIDFWLRQ Score 2EMHFWLYH 7.2 1RPRUHWKDQ 66% 2012 7.3 1.9 75% 2011 6.9 3.1  2010 6.8   7,2FRPSODLQWV Level 1 Complaints per month per 10,000 SIOs 'LVDELOLW\$FWLRQ3ODQ Percentage of commitments ...

  • Page 6
    ...CEO MESSAGE WE CONTINUE TO FOCUS ON THE STRATEGIC PRIORITIES OF IMPROVING CUSTOMER SATISFACTION; RETAINING AND GROWING CUSTOMER NUMBERS; SIMPLIFYING THE BUSINESS AND DEVELOPING NEW GROWTH BUSINESSES. THESE PRIORITIES ARE DELIVERING POSITIVE RESULTS...DSSOLFDWLRQV and services. 7KLV\...BROADBAND NETWORK...

  • Page 7
    ... SUSTAINABILITY 7HOVWUDH[SHFWVFDSLWDOH[SHQGLWXUH to be around 15% of sales over the next two years as we plan to invest LQ...equipping our employees to build VXVWDLQDELOLW\WKLQNLQJEHKDYLRXU DQGSUDFWLFHVLQWRWKHLUHYHU\GD\ ZRUNDQGGHYHORSLQJDQHQWHUSULVH wide environmental strategy...

  • Page 8
    BOARD OF DIRECTORS CATHERINE B LIVINGSTONE $2%$ +RQV +RQ'6F 0XUGRFK  +RQ'%XV 0DFTXDULH )&$)76()$,&' GEOFFREY A COUSINS 0U&RXVLQVMRLQHG7HOVWUDDVD QRQH[HFXWLYH'LUHFWRULQ1RYHPEHU 0V/LYLQJVWRQHMRLQHG...

  • Page 9
    NORA L SCHEINKESTEL //% +RQV 3K')$,&' JOHN W STOCKER $20%%6%0HG6F3K')5$&3)76( STEVEN M VAMOS BEng (Hons) 'U6FKHLQNHVWHOMRLQHG7HOVWUDDV DQRQH[HFXWLYH'LUHFWRULQ$XJXVW 6KHLV&KDLUPDQRIWKH$XGLW &RPPLWWHHDQGZDV&KDLUPDQRI WKH1%1'XH'LOLJHQFH&RPPLWWHH ...

  • Page 10
    OUR BUSINESS WHO WE ARE TELSTRA IS A COMPANY OF CONNECTIONS. EVERY DAY WE HELP MILLIONS OF AUSTRALIANS CONNECT TO THE PEOPLE AND THINGS...WKH\OLYHDQG ZRUNWKURXJKFRQQHFWLRQ INDUSTRY CONTEXT CONNECTIVITY IS DRIVING AN EXPLOSION IN DEMAND ON OUR NETWORKS. 7UHQGVVXFKDVWKHJURZWKLQWKH LQWHUQHW...

  • Page 11
    ...DQG GHYHORSLQJQHZJURZWKEXVLQHVVHV IMPROVE CUSTOMER SATISFACTION RETAIN AND GROW CUSTOMER NUMBERS SIMPLIFY THE BUSINESS DEVELOP NEW GROWTH BUSINESSES SUSTAINABILITY SUSTAINABILITY IS EMBEDDED IN OUR APPROACH TO OUR CUSTOMERS, OUR PEOPLE, OUR COMMUNITIES, AND OUR ENVIRONMENT. $W7HOVWUD...

  • Page 12
    OUR PERFORMANCE IMPROVE CUSTOMER SATISFACTION OUR GOAL: TO DELIVER OUR CUSTOMERS A GREAT SERVICE EXPERIENCE. TO CONTINUE TO WORK HARD TO MAKE SURE THAT OUR CUSTOMERS ARE AT THE CENTRE OF EVERYTHING WE DO WE WANT OUR CUSTOMERS TO BECOME OUR GREATEST ADVOCATES. TO ACHIEVE THAT, WE HAVE TO WIN AND ...

  • Page 13
    TELSTRA HAS RECENTLY CROWDSUPPORT INTRODUCED THE NET PROMOTER SYSTEM (NPS) WHICH IS THE NEXT STAGE IN IMPROVING CUSTOMER SATISFACTION. 136ZLOOKHOSGULYHLQQRYDWLRQ continuous improvement...DQGXSFRPLQJUHOHDVHV ONLINE SERVICES ARE NOW AVAILABLE TO OUR CUSTOMERS 24 HOURS A DAY, SEVEN DAYS A WEEK. ...

  • Page 14
    OUR PERFORMANCE RETAIN AND GROW CUSTOMER NUMBERS OUR GOAL: RETAIN AND GROW OUR CUSTOMER NUMBERS TO DRIVE REVENUE GROWTH AND LONG TERM VALUE FOR OUR SHAREHOLDERS WE ARE GRATEFUL FOR THE MANY CUSTOMERS WHO CHOSE TELSTRA THIS YEAR. THE QUALITY OF OUR NETWORKS AND SERVICE IS A KEY DIFFERENTIATOR AND ...

  • Page 15
    TELSTRA HAS ALSO STARTED TO PROVIDE SERVICES TO OUR CUSTOMERS ON THE NATIONAL BROADBAND NETWORK (NBN). 7RZQVYLOOHPXP-XOLH%R[...DWDOO´VKHVDLG -XOLHLVDOVRVROGRQ7HOVWUD¶VFXVWRPHU service and customer support. ³,¶YHWULHGHOVHZKHUHEXW,KDYHDOZD\V FRPHEDFNWR7HOVWUD,FDQWUXVW...

  • Page 16
    OUR PERFORMANCE SIMPLIFY THE BUSINESS OUR GOAL: SIMPLIFY THE BUSINESS, IMPROVE CUSTOMER SERVICE AND SAVE UNNECESSARY COSTS SIMPLIFYING THE BUSINESS IS A COMPANY-WIDE PROJECT THAT HAS HELPED CHANGE TELSTRA'S CULTURE. :HDUHFUHDWLQJDQHZ7HOVWUD±D 7HOVWUDWKDWLVDERXWVLPSOLFLW\DQG ...

  • Page 17
    ONLINE 7KLV\HDUZHUHYDPSHGRXU ZHEVLWHHQKDQFLQJQDYLJDWLRQ DQGVHDUFKIXQFWLRQVWRGHOLYHU DQRYHUDOOLPSURYHPHQWLQWKH customer...VDIHDQGVHFXUHH[SHULHQFH T-ANALYST )RURXUEXVLQHVVDQG...WRPDNH organising and managing 7HOVWUDLQYRLFHVHDVLHU ... VDWLVIDFWLRQ DIGITAL BILL :HQRZKDYHRYHU...

  • Page 18
    OUR PERFORMANCE DEVELOP NEW GROWTH BUSINESSES OUR GOAL: TO DEVELOP GROWTH BUSINESSES IN THE AREAS OF NETWORK APPLICATIONS AND SERVICES, MEDIA AND INTERNATIONAL WE ARE LOOKING TO GROW THE TELSTRA BUSINESS, NOT JUST PROTECT OUR CURRENT MARKET SHARE. 'HYHORSLQJWKHJURZWKEXVLQHVVHV RI1HWZRUN$...

  • Page 19
    COCA-COLA AMATIL AND NAS COCA-COLA AMATIL (CCA), ONE OF THE WORLD'S TOP FIVE COCA-COLA BOTTLERS, IS A TRUE NAS CUSTOMER. 6LQFHVLJQLQJDWHQ\HDUDJUHHPHQW ZLWK7HOVWUDLQ&&$KDVJRQHRQ WRGHSOR\VXFKLQQRYDWLRQVDV&DVKOHVV 3D\PHQWVYLD7HOVWUD¶V0DFKLQHWR 0DFKLQHVROXWLRQ...

  • Page 20
    ... VALUE FOR TELSTRA, SUSTAINABILITY IS A BUSINESS APPROACH THAT CREATES LONG-TERM VALUE BY EMBRACING THE OPPORTUNITIES AND MANAGING THE RISKS DERIVED FROM ECONOMIC, ENVIRONMENTAL, SOCIAL AND TECHNOLOGICAL DEVELOPMENTS. SUSTAINABILITY IS AN IMPORTANT PART OF HOW WE WILL ACHIEVE OUR VISION TO IMPROVE...

  • Page 21
    TELSTRA SUSTAINABILITY FRAMEWORK TELSTRA'S SUSTAINABILITY FRAMEWORK IS BUILT AROUND FIVE KEY PILLARS AND INDICATES OUR BROAD GOALS AND KEY SUSTAINABILITY ISSUES. xix

  • Page 22
    OUR PERFORMANCE SUSTAINABILITY - PUTTING CUSTOMERS AT THE CENTRE OUR GOAL: TO ENSURE THAT ALL AUSTRALIANS ENJOY THE EVERYDAY BENEFITS OF BEING CONNECTED TO MODERN COMMUNICATION TECHNOLOGIES AS AUSTRALIA'S LARGEST TELCO, WE ARE COMMITED TO KEEPING THE CUSTOMER AT THE CENTRE OF EVERYTHING WE DO. ...

  • Page 23
    ...SAFETY...FKDQQHOVDQG RQRXUZHEVLWH PRIVACY PROTECTION 3URWHFWLQJRXUFXVWRPHUV¶SULYDF\ LV...CONNECTED - CUSTOMER PROGRAMMES % OF TOTAL INVESTMENT CHARITY AND NON-PROFIT DISCOUNT 16.78 DISABILITY SUPPORT 83 ACCESS...YEARS OF ACCESS FOR EVERYONE 7KLV\HDUPDUNVWKHWHQWKDQQLYHUVDU\RI our Access...

  • Page 24
    ... A GOOD EMPLOYER OUR GOAL: TO ATTRACT AND BUILD A WORLD-CLASS TALENT BASE AND CREATE A HIGH-PERFORMING, CUSTOMER-CENTRIC CULTURE OUR AIM IS TO CREATE A WORKPLACE CULTURE THAT SUPPORTS OUR TRANSFORMATION TO A MORE EFFICIENT, INNOVATIVE AND CUSTOMER-CENTRIC BUSINESS. CULTURE & EMPLOYEE ENGAGEMENT...

  • Page 25
    ... 30 25 27 33 31 1.30 1.32 2010 2011 2012 2010 NOTES: 2011 2012 NOTES: An LTIFR is the reported number of occurrences of lost time arising from work-related injury or disease for each million hours worked. 1 - Non-Executive Directors TELSTRA VOLUNTEERS LEND A HAND TO THE RED CROSS /DVLO...

  • Page 26
    ...PERFORMANCE SUSTAINABILITY - BUILDING MORE INCLUSIVE COMMUNITIES OUR GOAL: TO ENSURE THAT EVERYONE IN OUR COMMUNITIES ENJOYS THE BENEFITS OF COMMUNICATION TECHNOLOGIES AND THE SOCIAL AND ECONOMIC BENEFITS THEY BRING WE ARE TARGETING PROJECTS THAT CONNECT PEOPLE TO THE INTERNET, BUILD THEIR ONLINE...

  • Page 27
    ...GLVDVWHUV DFURVVWKHFRXQWU\ SOCIAL AND COMMUNITY INVESTMENT BY FOCUS DOLLAR INVESTMENT (MILLIONS) AND PERCENTAGE OF TOTAL Issue Amount invested % of total investment Digital inclusion Employee community involvement Sponsorship Environment Disaster relief Management costs TOTAL $221.16 $2.35...

  • Page 28
    ...PERFORMANCE SUSTAINABILITY - REDUCING OUR ENVIRONMENTAL IMPACT OUR GOAL: TO DO MORE FOR OUR CUSTOMERS WHILE ACTIVELY MANAGING AND MINIMISING OUR ENVIRONMENTAL IMPACTS AND RESOURCE INTENSITY WE ACTIVELY MINIMISE THE ENVIRONMENTAL IMPACTS OF OUR OPERATIONS AND SUPPORT OUR CUSTOMERS... improvements ...

  • Page 29
    PAPER USE - SENSIS PRINT DIRECTORIES 6HQVLVKDVEHHQDPHPEHURI WKH)RUHVW6WHZDUGVKLS&RXQFLO )6& VLQFH... TERABYTE (tCO2e/TB) 1.93 -36% 1,687,777 1,659,714 2010 2011 2012 1,676,925 1.24 2011 2012 TELSTRA GETS QANTAS PILOTS OFF THE GROUND WITH IPADS^ 7HOVWUDLVKHOSLQJRXUFXVWRPHUV...

  • Page 30
    UNLOCK AMAZING NATIONAL BROADBAND NETWORK ON FEBRUARY 28 WE LAUNCHED TELSTRA'S POPULAR NATIONAL BUNDLES FOR CONSUMER CUSTOMERS ON THE NBN IN THE FIVE FIRST RELEASE SITES IN ARMIDALE AND KIAMA IN NSW, WILLUNGA IN SA, TOWNSVILLE AND MELBOURNE'S INNER CITY SUBURB OF BRUNSWICK. IN JUNE, WE WELCOMED OUR ...

  • Page 31
    Telstra Corporation Limited and controlled entities Contents 1. Full year results and operations review June 2012 ...2. Corporate Governance and Board Practices ...3. Shareholder Information ...4. Directors' Report ...5. Remuneration Report ...6. Financial Report ... 3 23 38 40 51 71 1

  • Page 32
    Telstra Corporation Limited and controlled entities Registered trade mark of Telstra Corporation Limited â„¢ Trade mark of Telstra Corporation Limited ^ Trade mark of Apple Inc FOXTEL marks are used under licence by FOXTEL Management Pty Ltd. All amounts are expressed in Australian dollars ($A) ...

  • Page 33
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 SUMMARY FINANCIAL RESULTS FY 2012 ($m) Sales Revenue Total Revenue Operating Expenses EBITDA Depreciation & Amortisation EBIT 1HW¿QDQFHFRVWV Tax Attributable NPAT Accrued capex )UHHFDVKÀRZ ...

  • Page 34
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 HALF YEARLY REPORTED RESULTS H2 2012 YoY change Sales revenue Total revenue Operating expenses EBITDA 3UR¿WIRUWKHSHULRG 0.8% 1.1% 2.6% -1.6% -4.8% H1 2012 YoY change 1.2% 1.1% -1.0% 3.7% 22...

  • Page 35
    ... EBITDA Capex/sales )UHHFDVKÀRZ Dividend Fiscal 2013 Guidance ORZVLQJOHGLJLWJURZWK ORZVLQJOHGLJLWJURZWK Around 15% $4.75-$5.25 billion FIXOO\IUDQNHG PRODUCT PERFORMANCE KEY PRODUCT REVENUE FY 2012 ($m) Fixed Mobile Data and IP 7,488 8,668 3,122 1,263 1,496 2,377 FY 2011 ($m) 7,972 7,989...

  • Page 36
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 FY12 PRODUCT SALES REVENUE BREAKDOWN FI XE FIXED BROADBAND REVENUE GROWTH 10.5% D Other 4% International 6% PSTN 19% Fixed Broadband 8% 3% Other Fixed GROWTH Media 2.9% 1.8% 9% 5% NAS ...

  • Page 37
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 MOBILE CUSTOMER ADDS ('000) 1,668 1,567 +RZHYHUWKHLQFUHDVHLQUHYHQXHRIRUPLOOLRQZDV not enough to offset the decline in ISDN and traditional data product revenues. 'DWDDQG...

  • Page 38
    ... FY 2012 ($m) Labour Goods and services purchased Other expenses Total operating expenses 4,061 6,179 5,029 15,269 FY 2011 ($m) 3,924 6,183 5,047 15,154 YoY change 3.5% -0.1% -0.4% 0.8% PRODUCT PROFITABILITY - EBITDA MARGINS FY 2012 Mobile Fixed Broadband PSTN Data and IP Sensis Telstra Group 36...

  • Page 39
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 2IIVHWWLQJWKLVZDVDQLPSURYHPHQWLQEDGDQGGRXEWIXOGHEWV H[SHQVHZKLFKGHFOLQHGE\RUPLOOLRQGXHWRORZHU levels of consumer debt defaults and an improved remediation of long ...

  • Page 40
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 SEGMENT PERFORMANCE SEGMENT REVENUE FY 2012 ($m) Telstra Consumer and &RXQWU\:LGH Telstra Business Telstra Enterprise and Government Telstra Wholesale Telstra Media Group Telstra International ...

  • Page 41
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 TELSTRA ENTERPRISE AND GOVERNMENT Telstra Enterprise and Government (TE&G) is a leading SURYLGHURIQHWZRUNEDVHGVROXWLRQVDQGVHUYLFHVWRHQWHUSULVH DQGJRYHUQPHQWRUJDQLVDWLRQVLQ$XVWUDOLD...

  • Page 42
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 Results of operations Year ended 30 June 2011 Change $m $m 24,983 110 25,093 211 25,304 3,924 6,183 5,047 15,154 (1) 10,151 4,459 5,692 1,135 4,557 1,307 3,250 249 26 275 (76) ...

  • Page 43
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 Statement of financial position 2012 $m Current assets Cash and cash equivalents...Trade and other receivables ...Inventories ...Derivative financial assets ...Current tax receivables......

  • Page 44
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 Statement of cash flows 2012 $m Cash flows from operating activities Receipts from customers (inclusive of goods and services tax (GST)) Payments to suppliers and to employees (inclusive of GST)...

  • Page 45
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 Revenue 2012 $m Fixed products PSTN products ...Fixed broadband ...Other fixed revenue (i) ...Total fixed revenue ...Mobiles Postpaid handheld ...Prepaid handheld...Mobile broadband ...Machine ...

  • Page 46
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 Expenses 2012 $m Salary and associated costs ...Redundancy ...Other labour expenses ...Total labour ...Cost of goods sold ...Network payments ...Other ...Total goods and services purchased ...

  • Page 47
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 Segment Information Total external income Year ended 30 June 2012 2011 Change $m $m % Telstra Consumer and Country Wide. Telstra Business ...Telstra Enterprise and Government . Telstra Wholesale ...

  • Page 48
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 Sensis financial summary 2012 $m Sales revenue ...Total income ...Operating expenses (excl. depreciation & amortisation) . EBITDA contribution ...Depreciation and amortisation ...EBIT ...

  • Page 49
    Telstra Corporation Limited and controlled entities Full year results and operations review - June 2012 CSL New World financial summary Year ended 30 June 2012 2011 Change A$m A$m % Sales revenue ...Total income ...Operating expenses (excl. depreciation & amortisation) ...EBITDA contribution ......

  • Page 50
    ...device sales through our retail stores not previously recognised in our reported results. Units sold are life to date. (iii) Excluded from wholesale broadband SIOs. (iv) Prepaid unique users defined as the three month rolling average of monthly active prepaid users. Note: Statistical data represents...

  • Page 51
    ... recognised in our reported results including 108 Domestic Full Time staff. Note: Statistical data represents management's best estimates. Product profitability - EBITDA margins Year ended 30 June 2012 2011 Change Mobile ...Fixed Broadband . PSTN ...Data and IP...Sensis ...Telstra Group ...36% 37...

  • Page 52
    ... to the reported results for the current year to reflect the performance of the business on the basis which we provided guidance to the market. (Assumes wholesale product price stability, no fiscal 2012 impairments to investments and excludes any proceeds on the sale of businesses) REPORTED LMobile...

  • Page 53
    ...disclosures set out in this statement reflect the current content of the Board and Board Committee Charters and key company policies. Further information regarding Telstra's corporate governance and Board practices, including copies of Telstra's Charters and key policies, can be found on its website...

  • Page 54
    ...Telstra's overall remuneration framework, including any employee equity plans; • overseeing Telstra's financial position and approving decisions concerning the capital management policy of Telstra, including capital restructures, capital returns and share buy backs, dividend policy and the payment...

  • Page 55
    ... the Board determines a Director is no longer independent an announcement will be made to the market. Board Meetings The Board meets regularly to discuss matters relating to, among other things, strategy and performance, financial position, risk management, people, sustainability and governance. It...

  • Page 56
    ... relating to Telstra. Board access to management and independent professional advice Directors have complete access to Telstra's senior management through the Chairman, CEO or Company Secretary at any time. In addition to regular presentations by senior management to Board meetings, Directors...

  • Page 57
    ...matters relating to financial reporting, risk management, internal control, internal and external audit, corporate governance, compliance and matters that may significantly impact the financial condition or affairs of the business; • provides a forum for communication between the Board, management...

  • Page 58
    ...; remuneration strategies, practices and disclosures generally; work health and safety; diversity (excluding Board diversity); employee equity plans; and management succession, capability and talent development. Remuneration Committee meetings are held on a regular basis as determined annually in...

  • Page 59
    Telstra Corporation Limited and controlled entities Corporate Governance Statement Telstra does not provide retirement benefits for non-executive Directors other than statutory superannuation contributions. Each year, the Board reviews the CEO's performance against agreed measures, broader ...

  • Page 60
    ...Values, the Telstra Group Code of Conduct & Business Principles (TGCoC&BPs) and Telstra's company policies promote and provide guidance on ethical and responsible decision making and behaviour. The TGCoC&BPs underpins the Telstra Values and sets out Telstra's commitments to good corporate governance...

  • Page 61
    ... to shareholders, brokers and analysts. The aim of this policy is to ensure that Telstra provides investors and the financial community with appropriate and timely information whilst at the same time ensuring that the Company fulfils its statutory reporting obligations under the Corporations Act...

  • Page 62
    ... strategy and performance is provided by the Telstra Sustainability Council, which is chaired by the CEO and comprises the Company's Executive Leadership team. Reports on progress are provided regularly to the CEO and the Telstra Board. Telstra's Chief Sustainability Officer provides strategic...

  • Page 63
    ... in China and the United States. Mr Chen's career experience aligns well with Telstra's strategic growth areas, particularly in the Asian and Network Applications and Services business. • Ms Margaret Seale was appointed to the Board as a nonexecutive Director effective 7 May 2012. Ms Seale has...

  • Page 64
    ... by male executives in relation to gender equality in some of Australia's largest corporate and government organisations; • ongoing implementation of a specific employment brand and website to increase the attraction of women into roles at Telstra; • further closure of the gender pay equity gap...

  • Page 65
    ... seen increased employee engagement, which is a key driver for productivity and providing great customer service. It also helps Telstra remain innovative in the ever-changing markets in which it operates. In addition, improving the diversity of its workforce and being an inclusive place to work has...

  • Page 66
    ...in each annual report the proportion of women employees in the whole organisation, women in senior executive positions and women on the board. Recommendation 4.1: The board should establish an audit committee. Please refer to the following sections of the Corporate Governance Statement 3 See "Role...

  • Page 67
    ... which is available on Telstra's website. See the "Market Disclosure" section in "Telstra Values, the Telstra Group Code of Conduct & Business Principles, and other Company Policies". 3 3 See "Shareholder Communications". See also the Telstra Group Code of Conduct & Business Principles which are...

  • Page 68
    Telstra Corporation Limited and controlled entities Shareholder Information Listing Information Markets in which our shares are traded We are listed, and all our issued shares are quoted on the Australian Securities Exchange (ASX) and the New Zealand Stock Exchange (NZX). Markets on which our debt ...

  • Page 69
    ... AU NOMINEES PTY LIMITED TELSTRA GROWTHSHARE PTY LTD ARGO INVESTMENTS LIMITED QUESTOR FINANCIAL SERVICES LIMITED QUEENSLAND INVESTMENT CORPORATION NAVIGATOR AUSTRALIA LTD SHARE DIRECT NOMINEES PTY LTD NULIS NOMINEES (AUSTRALIA) LIMITED Total for Top 20 Voting Rights Shareholders (whether residents...

  • Page 70
    ... exchange rack spaces) to NBN Co. The company continues to work collaboratively with NBN Co on the building of its access network. Telstra has also launched retail and wholesale services over the NBN following successful trials in the early release sites. Review and results of operations Information...

  • Page 71
    ... value less costs to sell. Details of Directors and executives Changes to the Directors of Telstra Corporation Limited during the financial year and up to the date of this report were: • John V Stanhope retired as an executive Director, Chief Financial Officer and Group Managing Director, Finance...

  • Page 72
    Telstra Corporation Limited and controlled entities Directors' Report • details of Director shareholdings in Telstra are shown on page 49; and • details of Director and senior executive remuneration is detailed in the Remuneration Report on pages 51 to 70. Company Secretary The qualifications ...

  • Page 73
    ... fiscal 2012,Telstra's auditor Ernst & Young has been employed on assignments additional to its statutory audit duties. Details of the amounts paid or payable to Ernst & Young for audit and non-audit services provided during the year are detailed in note 8 to the financial statements. The Directors...

  • Page 74
    ... of Telstra Mobiles. He was appointed to the position of Group Managing Director Telstra Enterprise and Government in December 2002 and was responsible for the company's corporate, government and large business customers in Australia, TelstraClear in New Zealand and Telstra's International sales...

  • Page 75
    Telstra Corporation Limited and controlled entities Directors' Report Directorships of listed companies - past three years: Nil Other: Current: Nil Former: Chairman, TelstraClear New Zealand (2003 - 2009) and Chairman, Basketball Australia (2008 - 2010). Timothy Y Chen - BSc (Applied Mathematics), ...

  • Page 76
    ... of listed companies - past three years: Director, PaperlinX Ltd (2000 - 2009). Other: Current: Director, AMP Capital Holdings Limited (2005 - ). Former: Chairman, South East Water Limited (2002 - 2005) and Energy21 and Stratus Networks Gas Group (1997 - 1999); Director, IOOF Funds Management (1998...

  • Page 77
    ...2005 - ); Director, eGeneration Investments Pty Limited (1999 - ), Medibank Private Limited (2011 - ), Australian Health Management Group Pty Limited (2011 - ) and BDB Soti Pty Ltd (2012 - ). Former: Chief Executive Officer, ninemsn (1998 - 2002); Vice President, Australia and New Zealand, Microsoft...

  • Page 78
    ... as executive Director, Chief Financial Officer and Group Managing Director, Finance on 30 December 2011. John M Stewart Mr Stewart joined Telstra as a non-executive Director in April 2008. He was a member of the Audit Committee. Mr Stewart ceased as director on 18 October 2011. Company Secretary...

  • Page 79
    Telstra Corporation Limited and controlled entities Directors' Report Directors' meetings Each Director attended the following Board and committee meetings during the year as a member of the Board or relevant committee: Board Audit a C B Livingstone...D I Thodey ...J V Stanhope(5) ...T Y Chen(7) ...

  • Page 80
    ... of the financial report of Telstra Corporation Limited for the financial year ended 30 June 2012, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct. Ernst...

  • Page 81
    ... creating sustainable value for the company and for its shareholders. Telstra executed its strategy with consistency in FY 2012 and delivered strong results in line with its guidance to the market. These positive outcomes for shareholders are reflected - as they should be - in improved remuneration...

  • Page 82
    ...to the previous year. Details the LTI outcomes for Plans with the final test point at 30 June 2012. Lists the key contract terms governing the employment of Senior Executives (including termination entitlements where relevant). Provides a detailed summary of the fee structure for Board and Committee...

  • Page 83
    Telstra Corporation Limited and controlled entities Remuneration Report 1. Remuneration Snapshot 1.1 Key Points Total Shareholder Return of 37.4% Over FY 2012, Telstra's share price increased and the company paid a 28c dividend for a total shareholder return of 37.4% Chief Executive Officer (CEO) ...

  • Page 84
    ... of fixed remuneration remains unchanged. In response to feedback from shareholders and common market practice for CEO LTI equity allocations, shareholder approval will be sought for Mr Thodey's FY 2013 LTI allocation at the AGM. Details will be set out in the 2012 AGM Notice of Meeting. We are...

  • Page 85
    ... of our strategic and financial objectives; and link a significant component of at-risk remuneration to annual performance results and the creation of long term shareholder value. The Committee reviews CEO and Senior Executive remuneration packages to ensure there is a balance between fixed...

  • Page 86
    ...of the business strategy and increasing shareholder value. The performance measures of the STI plan operate independently of each other: • • Financial measures for FY 2012 were set in accordance with Telstra's financial plan and strategy. The inclusion of a Customer Satisfaction measure supports...

  • Page 87
    ... performance measures of the relevant Plans are met. Chief Executive Officer: 33.3% 33.3% Fixed Remuneration Short Term Incentive Long Term Incentive Other Senior Executives: (Chief Financial Officer and GMD Finance and Strategy, GMD Telstra Innovation, Products and Marketing, GMD Telstra Media...

  • Page 88
    ... information. 2.3.4 Executive Share Ownership Policy Telstra's Executive Share Ownership Policy requires Senior Executives to hold Telstra shares to the value of 100 per cent of their fixed remuneration by 30 June 2015 or within five years of first appointment to Senior Executive level. In FY 2012...

  • Page 89
    ... Income EBITDA Net profit Shareholder value Share price ($) (1)(2) Total dividends paid/ declared per share (cents) (1) (2) Wholesale Customer Satisfaction is based on a survey of Wholesale customers only, undertaken by a 3rd party research company during February to April each year. This result is...

  • Page 90
    Telstra Corporation Limited and controlled entities Remuneration Report 3.2.3 STI Payment results for FY 2012 STI payments for FY 2012, compared to FY 2011, as a percentage of the maximum STI opportunity were as follows: Name David Thodey Gordon Ballantyne Rick Ellis Stuart Lee Kate McKenzie Andrew...

  • Page 91
    Telstra Corporation Limited and controlled entities Remuneration Report For the RTSR measure, Telstra ranked at the 69th percentile of the global peer group, which resulted in 41% of the plan vesting due to the RTSR performance measure. The FCF ROI was calculated and adjusted for the costs and ...

  • Page 92
    ... Board approved an arms-length consulting agreement between Telstra and eGeneration Investments Pty Limited, of which Steven Vamos, a non-executive Director, is a director and shareholder. Services were provided under this agreement in FY 2012 in relation to aspects of the Company's media strategy...

  • Page 93
    ... 410,001 3,807,860 1,639,919 Termination Other Long Equity Settled Share-based Term Benefits Payments Benefits Total Remuneration Report Name and Period of FY 2012 as a KMP Year Salary and Fees (1) Short Term Incentives (cash) (2) Nonmonetary Benefits (3) ($) ($) 600,000 1,000,000 1,000,000 15...

  • Page 94
    ... under AASB 1 "First-time Adoption of Australian Equivalents to International Financial Reporting Standards"), the value of personal home security services provided by Telstra and the value of the personal use of products and services related to Telstra employment and the value of personal travel...

  • Page 95
    Telstra Corporation Limited and controlled entities Remuneration Report 5.2 STI payments (cash and shares) Name Year Maximum Potential STI (1) ($) 4,876,000 4,600,000 2,500,000 2,200,000 798,497 1,432,080 1,900,000 1,338,750 1,193,443 2,500,000 741,370 2,670,000 2,856,600 Current Year Grant % of ...

  • Page 96
    Telstra Corporation Limited and controlled entities Remuneration Report 5.3 Summary of LTI Plans and Other Equity Plans as at 30 June 2012: Name Plan Type of Instrument Granted Performance Period Future % of Grant % of Total Financial Forfeited/ Plan Tested Years in at 30/06/2012 Expired in Current...

  • Page 97
    Telstra Corporation Limited and controlled entities Remuneration Report 5.4 Accounting value of all LTI instruments Name Year Accounting Value of LTI Equity Allocations (1) (2) (3) Options ($) 35,253 49,113 7,280 13,459 6,510 20,647 52,909 8,972 38,951 Restricted shares Performance shares ($) ($) ...

  • Page 98
    Telstra Corporation Limited and controlled entities Remuneration Report 5.5 Number of equity instruments granted, vested and exercised during FY 2012 Name Restricted Shares Options Deferred Incentive Shares Granted (4) 181,004 86,568 51,416 49,988 27,682 94,330 112,404 70,762 129,036 Incentive ...

  • Page 99
    Telstra Corporation Limited and controlled entities Remuneration Report 5.7 Non-executive Director Remuneration Short Term Employee Benefits Post-employment Benefits Name Year Salary and Fees (1) ($) 664,025 662,323 61,120 242,825 242,066 265,400 249,692 272,911 281,690 301,400 218,048 ...

  • Page 100
    ... year performance period by Telstra's average investment over the same period. Group Managing Director A wholly owned entity of Telstra that administers employee equity plans Key Management Personnel Long Term Incentive National Broadband Network Agreements with NBN Co and the Government in relation...

  • Page 101
    ... assets ...Note 24 - Post employment benefits ...Note 25 - Investments in controlled entities ...Note 26 - Investments in jointly controlled and associated entities ...Note 27 - Employee share plans ...Note 28 - Key management personnel compensation ...Note 29 - Related party disclosures ...Note...

  • Page 102
    Telstra Corporation Limited and controlled entities Income Statement for the year ended 30 June 2012 Telstra Group Year ended 30 June 2012 2011 $m $m Note Income Revenue (excluding finance income)...6 Other income ...6 Expenses Labour ...Goods and services purchased ...Other expenses ...7 25,368...

  • Page 103
    ... Group Year ended 30 June 2012 2011 $m $m Note Profit for the year Attributable to equity holders of Telstra Entity ...Attributable to non-controlling interests ...Items that will not be reclassified subsequently to profit or loss Retained profits: - actuarial (loss)/gain on defined benefit plans...

  • Page 104
    ...Non current assets Trade and other receivables ...Inventories ...Investments - accounted for using the equity method Investments - other ...Property, plant and equipment ...Intangible assets ...Derivative financial assets ...Non current tax receivables ...Deferred tax assets...Defined benefit assets...

  • Page 105
    ...Corporation Limited and controlled entities Statement of Cash Flows for the year ended 30 June 2012 Telstra Group Year ended 30 June 2012 2011 $m $m Note Cash flows from operating activities Receipts from customers (inclusive of goods and services tax (GST)) Payments to suppliers and to employees...

  • Page 106
    ... the conversion of the nonAustralian controlled entities' financial statements into Australian dollars. This reserve is also used to record our percentage share of exchange differences arising from equity accounting our nonAustralian investments in jointly controlled and associated entities. (b) The...

  • Page 107
    ... Telstra Corporation Limited. Telstra Entity is a company limited by shares incorporated in Australia whose shares are publicly traded on the Australian Stock Exchange. Our financial or fiscal year ends on 30 June. Unless we state differently the following applies: • year, fiscal year or financial...

  • Page 108
    ...Limited and controlled entities Notes to the Financial Statements (continued) 2. Summary of significant accounting policies, estimates, assumptions and judgements 2.1 Changes in accounting policies The following accounting policy changes occurred during the year ended 30 June 2012. (a) Presentation...

  • Page 109
    ... dollars. The financial statements of these entities are translated to Australian dollars (our presentation currency) using the following method: • assets and liabilities are translated into Australian dollars using market exchange rates at reporting date; • equity at the date of investment...

  • Page 110
    ...below zero, we reduce the value of these long term assets in proportion with our cumulative losses. Our investments in listed securities and in other corporations are classified as 'available-for-sale' financial assets and are measured at fair value at each reporting date. Fair values are calculated...

  • Page 111
    ... any value without the other assets to which it is connected in order to achieve the delivery of products and services. As a result, we have determined that the ubiquitous telecommunications network is a single CGU. We have referred to this CGU as the Telstra Entity CGU in our financial report. The...

  • Page 112
    ... the improvements or the term of the lease. Property, plant and equipment Buildings Buildings ...Fitouts ...Leasehold improvements...Communication assets Network land and buildings...Network support infrastructure . Access fixed ...Access mobile ...Content/IP products - core ...Core network - data...

  • Page 113
    ... accounting policies, estimates, assumptions and judgements (continued) 2.11 Leased plant and equipment (continued) (b) Telstra as a lessor Where we lease non current assets via a finance lease, a lease receivable equal to the present value of the minimum lease payments receivable plus the present...

  • Page 114
    ...year Australian government bond rate to determine the discount rate. This change resulted in a $35 million decrease of our long service leave expenses and long service leave liabilities. Refer to note 16 for further details on the key management judgements used in the calculation of our long service...

  • Page 115
    ...significant accounting policies, estimates, assumptions and judgements (continued) 2.14 Provisions (continued) (b) Workers' compensation (continued) As at 30 June 2012 we have used a State and Commonwealth blended (2011: Commonwealth) 10-year Australian government bond rate to determine the discount...

  • Page 116
    ...reduction in share capital. Refer to note 2.21 for further details regarding our accounting for employee share plans. 2.17 Revenue recognition Our categories of sales revenue are recorded after deducting sales returns, trade allowances, discounts, sales incentives, duties and taxes. (a) Rendering of...

  • Page 117
    ... received. The benefit is accounted for in accordance with our accounting policy for government grants described above. During the year, we received a government grant under the Retraining Funding Deed with the Commonwealth Government as part of the NBN agreements. The grant will be used to retrain...

  • Page 118
    ... key assumptions used in the calculation of our defined benefit liabilities and assets at reporting date: • discount rates; • salary inflation rate; and • expected return on plan assets. (b) Defined benefit plans We currently sponsor a number of post employment benefit plans. As these plans...

  • Page 119
    ...defined benefit liability. Refer to note 24 for details on the key estimates used in the calculation of our defined benefit liabilities and assets. 2.21 Employee Share Plans We own 100% of the equity of Telstra ESOP Trustee Pty Ltd, the corporate trustee for the Telstra Employee Share Ownership Plan...

  • Page 120
    ... accounting policies, estimates, assumptions and judgements (continued) 2.22 Derivative financial instruments (continued) Purchases and sales of derivative instruments are recognised on the date on which we commit to purchase or sell an asset. (a) Fair value hedges We use fair value hedges...

  • Page 121
    ... be no changes in the accounting treatment for these investments. Therefore, Telstra will continue to equity account for them. (c) Joint Arrangements AASB 11: "Joint Arrangements" was also released by the AASB in August 2011 and replaces the existing AASB 131: "Interests in Joint Ventures". This new...

  • Page 122
    ... suite of consolidation and related standards are adopted at the same time. We have assessed that there will be no impact to Telstra's financial statements as a result of this standard. (g) Fair Value Measurement AASB 13: "Fair Value Measurement" was released by the AASB in August 2011 and is a new...

  • Page 123
    ...'s financial statements, specifically in the following areas: • the defined benefit expense will no longer contain the component of expected returns on planned assets, instead this will be replaced by a net interest income or expense calculated using a discount rate (based on government bonds...

  • Page 124
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 3. Earnings per share Telstra Group Year ended 30 June 2012 2011 cents cents Basic earnings per share ...Diluted earnings per share ...27.5 27.4 $m Earnings used in the calculation of basic and diluted...

  • Page 125
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 4. Dividends Telstra Entity Year ended 30 June 2012 2011 $m $m Dividends paid Previous year final dividend paid ...Interim dividend paid ...Total dividends paid ...Dividends paid per ordinary share ...

  • Page 126
    ... company is organised and managed. During the year ended 30 June 2012, the following changes were made to our operating segments: • a new business unit "Telstra Customer Sales and Service" (TCS&S) was created, headed by the Chief Customer Officer. It consolidates the results of all domestic retail...

  • Page 127
    ... Services - provides operational and strategic legal support and advice across the Company; • Corporate Affairs - manages Telstra's public policy and communications. This includes responsibility for government relations at every level, regulatory positioning and negotiation, and corporate social...

  • Page 128
    ... from our mobile usage is recorded in TC&CW, TB and TE&G depending on the type of customer serviced; • TOps recognise certain expenses in relation to the installation and running of the hybrid fibre coaxial (HFC) cable network; • domestic promotion and advertising expense for the Telstra Entity...

  • Page 129
    ... Limited and controlled entities Notes to the Financial Statements (continued) 5. Segment information (continued) Segment results (continued) The following tables detail the underlying results of our business segments, based on the reporting structure as at 30 June 2012: Telstra Group Year...

  • Page 130
    ...2011, our controlled entity Octave Investments Holdings Limited sold its ChinaM business for a total consideration of $5 million resulting in a loss on disposal of $1 million. Refer to note 20 for further details. On 22 September 2010, our controlled entity Telstra Limited sold its UK voice customer...

  • Page 131
    ... derivative assets, defined benefit assets and deferred tax assets. Note Telstra Group Year ended 30 June 2012 2011 $m $m Information about our products and services Fixed products ...Mobile services ...Mobile hardware ...Data and IP access...Network applications and services ...Digital media...

  • Page 132
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 6. Income Telstra Group Year ended 30 June 2012 2011 $m $m Note Sales revenue Rendering of services ...Sale of goods...Rent of network facilities and access. Construction contracts ...Advertising and...

  • Page 133
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 7. Expenses Telstra Group Year ended 30 June 2012 2011 $m $m Note Labour Included in our labour expenses are the following: Employee redundancy ...Share based payments...Defined benefit plan expense ...

  • Page 134
    ...(2011: 7.2%). We applied the revised accounting standard AASB 123: "Borrowing Costs" prospectively for any new capital expenditure on qualifying assets incurred from 1 July 2009. The $24 million net increase from prior year (reduction in finance costs) is due to the progressive increase in the value...

  • Page 135
    ... Corporation Limited and controlled entities Notes to the Financial Statements (continued) 8. Remuneration of auditors Telstra Group Year ended 30 June 2012 2011 $m $m Audit fees Ernst & Young has charged the following amounts for auditing and reviewing the financial reports ...Other services...

  • Page 136
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 9. Income taxes Telstra Group As at 30 June 2012 2011 $m $m Major components of income tax expense Current tax expense ...Deferred tax resulting from the origination and reversal of temporary ...

  • Page 137
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 9. Income taxes (continued) Telstra Group As at 30 June 2012 2011 $m $m Deferred tax assets not recognised (d) Income tax losses ...Capital tax losses...Deductible temporary differences ... 46 161 307 ...

  • Page 138
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 10. Trade and other receivables Telstra Group As at 30 June 2012 2011 $m $m Note Current Trade receivables (a)...Allowance for doubtful debts (a) ... 3,377 (210) 3,167 33 51 1,001 94 1,146 4,346 280 ...

  • Page 139
    ... policy requires customers to pay us in accordance with agreed payment terms. Depending on the customer segment, our settlement terms are generally 14 to 30 days from date of invoice. All credit and recovery risk associated with trade receivables has been provided for in the statement of financial...

  • Page 140
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 11. Inventories Telstra Group As at 30 June 2012 2011 $m $m Current Finished goods recorded at cost ...Finished goods recorded at net realisable value ...Total finished goods ...Raw materials and ...

  • Page 141
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 12. Non current assets held for sale On 12 July 2012, we signed an agreement to dispose of our 100% shareholding in TelstraClear Limited and its controlled entity (TelstraClear). In accordance with ...

  • Page 142
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 13. Property, plant and equipment Telstra Group As at 30 June 2012 2011 $m $m Land and site improvements At cost ...Buildings (including leasehold improvements) At cost ...Accumulated depreciation and ...

  • Page 143
    ...through sale of businesses...- impairment losses...- depreciation expense ...- transfer to assets held for sale ...- net foreign currency exchange differences . - other ...Written down value at 30 June 2012 ...(a) Includes leasehold improvements. (b) Includes certain network land and buildings which...

  • Page 144
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 14. Intangible assets Telstra Group As at 30 June 2012 2011 $m $m Goodwill ...Internally generated intangible assets Software assets developed for internal use (a) ...Accumulated amortisation and ...

  • Page 145
    ... - disposals through sale of business ...- impairment losses (e) ...- amortisation expense ...- net foreign currency exchange differences . . - transfers to non current assets held for sale (f) - other ...Written down value at 30 June 2012 ... Telstra Corporation Limited and controlled entities 115

  • Page 146
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 14. Intangible assets (continued) (a) As at June 2012, we had software assets under development amounting to $509 million (2011: $593 million). As these assets were not installed and ready for use, ...

  • Page 147
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 15. Trade and other payables Telstra Group As at 30 June 2012 2011 $m $m Current Trade creditors (a) ...Accrued expenses ...Accrued capital expenditure ...Accrued interest ...Deferred consideration for...

  • Page 148
    ... service leave accrued by employees. Employee benefits for long service leave are measured at their present value. The following assumptions were adopted in measuring this amount (refer to note 2.14 for further information): Telstra Group As at 30 June 2012 2011 Weighted average projected increase...

  • Page 149
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 16. Provisions (continued) (b) Movement in provisions, other than employee benefits Telstra Group Year ended 30 June 2012 2011 $m $m Workers' compensation (i) Opening balance ...- additional provisions...

  • Page 150
    ... Corporation Limited and controlled entities Notes to the Financial Statements (continued) 16. Provisions (continued) (c) Comparative information Current and non current provision balances reported as at 30 June 2011 have been restated to reflect that for some of our long service leave balances...

  • Page 151
    ... percent (2011: 50 to 70 percent). The gearing ratios and carrying value of our net debt are shown in Table A below: Table A Telstra Group As at 30 June 2012 2011 $m $m Note Current Short term debt Promissory notes ...Long term debt-current portion Offshore loans (i) ...Telstra bonds and domestic...

  • Page 152
    ... Corporation Limited and controlled entities Notes to the Financial Statements (continued) 17. Capital management and financial instruments (continued) (a) Capital management (continued) Gearing and net debt (continued) Net debt included in Table A is based on the carrying values of our financial...

  • Page 153
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 17. Capital management and financial instruments (continued) (b) Financial instruments The carrying amounts, fair values and face values of each category of our financial instruments are shown in Table...

  • Page 154
    ... Corporation Limited and controlled entities Notes to the Financial Statements (continued) 17. Capital management and financial instruments (continued) (b) Financial instruments (continued) As shown in Table C, the carrying amount of net debt is lower than that based on contractual face values...

  • Page 155
    ...offshore investments. Our short term unsecured promissory notes will continue to be supported by liquid financial assets and ongoing credit standby lines. The following long term debt was repaid during the year: (9) (18) 52 217 990 21 153 72 458 201 • $5 million Telstra bonds, matured 15 July 2011...

  • Page 156
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 17. Capital management and financial instruments (continued) d) Movements in net debt (continued) The amount of $2,970 million is different to the carrying amount of $2,698 million which is included in...

  • Page 157
    ... Corporation Limited and controlled entities Notes to the Financial Statements (continued) 17. Capital management and financial instruments (continued) (f) Derivative financial instruments All our derivatives are in designated hedge relationships which satisfy the requirements for hedge accounting...

  • Page 158
    ...with a long term Euro bond issue not in a designated hedge relationship and with a number of offshore borrowings denominated in United States dollars, Euros and British pounds sterling which were in fair value hedges and were de-designated from the hedge relationship for hedge accounting purposes as...

  • Page 159
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 17. Capital management and financial instruments (continued) (g) Fair value hierarchy (continued) Available for sale investments - unlisted securities These shares are not listed on any stock exchange,...

  • Page 160
    ... using a range of financial instruments including cash assets; receivables; payables; deposits; bills of exchange and promissory notes; listed investments and investments in other corporations; various forms of borrowings, including medium term notes, promissory notes, bank loans and private...

  • Page 161
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 18. Financial risk management (continued) (a) Risk and mitigation (continued) Market risk (continued) (i) Interest rate risk (continued) We hedge interest rate and currency risk on most of our foreign ...

  • Page 162
    .../notional value) effective interest rate, as at reporting date. (#) Predominantly relate to financial instruments used to hedge our net foreign investments. (^) Rates on cash and cash equivalents represent average rates earned on net positive cash balances after taking into account bank set-off...

  • Page 163
    ... given the current level of both short term and long term Australian dollar interest rates. For example, a 10 percent increase would move short term interest rates (cash) at 30 June 2012 from 3.50% (2011: 4.75%) to 3.85% (2011: 5.23%) representing a 35 (2011: 48) basis point shift. This basis...

  • Page 164
    ... and payments settled in foreign currencies or with prices dependent on foreign currencies; and • net investments in foreign operations. We are exposed to foreign exchange risk from various currency exposures, including Euros; United States dollars; British pounds sterling; New Zealand dollars...

  • Page 165
    ... hedge our net investments in TelstraClear Limited and Hong Kong CSL Limited in New Zealand dollars and Hong Kong dollars respectively. The amount hedged during fiscal 2012 was in the range of 40% to 50% (2011: 40% to 50%). In relation to the proposed sale of TelstraClear Limited (refer note 31). In...

  • Page 166
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 18. Financial risk management (continued) a) Risk and mitigation (continued) Market risk (continued) (iv) Sensitivity analysis - foreign currency risk (continued) We are exposed to equity impacts from ...

  • Page 167
    ..., available-for-sale financial assets, finance lease receivables and derivative financial instruments. To help manage this risk: • we have a policy for performing credit risk assessments on new and existing customers and where required, establishing credit limits and payment terms for entities we...

  • Page 168
    ... to be invested within various bands of liquid instruments ranging from ultra liquid, highly liquid to liquid instruments. During the prior year new policy settings were implemented to raise the minimum level of liquidity and to pre-fund major payments. This has resulted in the holding of higher...

  • Page 169
    ... which net cash flows are exchanged. Classification into net receive and net pay positions is based on the total net cash flows over the life of the contract. (ii) Contractual amounts to be exchanged representing gross cash flows to be exchanged. Telstra Corporation Limited and controlled entities...

  • Page 170
    ... place in the United States, Europe, Australia and New Zealand under which we may nominally issue up to $9,183 million (2011: $9,198 million). As at 30 June 2012, we had on issue $563 million (2011: $508 million) under these facilities. As at 30 June 2012, our subsidiary CSL Limited had a bank bill...

  • Page 171
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 18. Financial risk management (continued) (b) Hedging strategies (continued) Fair value hedges We hold cross currency principal and interest rate swaps to mitigate our exposure to changes in the fair ...

  • Page 172
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 18. Financial risk management (continued) (b) Hedging strategies (continued) Cash flow hedges (continued) The following table shows the maturities of the payments in our cash flow hedges (i.e when the ...

  • Page 173
    ... yen ...United States dollar ...Domestic loans - floating Australian dollar ...Net foreign investments Hong Kong dollar ...Loans from wholly owned controlled entities New Zealand dollar ...300 (228) (12,303) (163) (5,678) 8,332 (300) (50) (228) (6,950) (5,841) Telstra Corporation Limited and...

  • Page 174
    144 18. Financial risk management (continued) (c) Hedge relationships (continued) Telstra Group - 30 June 2011 Table I Face value Telstra Corporation Limited and controlled entities Pre hedge underlying exposure Local currency $m (Pay)/receive float (Pay) fixed $m Local currency $m $m $m Final...

  • Page 175
    ...New Zealand dollars - contractual maturity 0-12 months (2011: nil) ...Trade and other liabilities - non interest bearing United states dollars - contractual maturity 0-12 months (2011: 0-21 months) ... Telstra Group Derivative hedging instruments - forward foreign currency contracts Average exchange...

  • Page 176
    ... position as described in note 17 Table D. Table K Hedged amount (i) New Zealand dollars 2012 2011 $m $m Net foreign investments TelstraClear Ltd (New Zealand dollars). . 609 609 Non-derivative hedging instruments Face value Offshore loans and promissory notes (ii) New Zealand dollars (payable...

  • Page 177
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 19. Share capital Telstra Group As at 30 June 2012 2011 $m $m Contributed equity ...Share loan to employees ...Shares held by employee share plans ...Net services received under employee share plans ...

  • Page 178
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 20. Notes to the statement of cash flows Telstra Group Year ended 30 June 2012 2011 $m $m Note (a) Reconciliation of profit to net cash provided by operating activities Profit for the year ...Add/(...

  • Page 179
    ...Loss on disposal ...Total disposals Year ended 30 June 2012 $m (d) Disposals L Mobile (formerly Dotad Group) On 27 March 2012, our controlled entity Telstra Robin Holdings Limited sold its 67% shareholding in Dotad Media Holdings Limited (L Mobile) for a net consideration of ($3) million. The effect...

  • Page 180
    ... million. Payment of the consideration has been deferred for a period of up to two years. As at 30 June 2011, Adstream's net assets were transferred to non current assets held for sale. ChinaM On 21 October 2011, our controlled entity Octave Investments Holdings Limited sold its ChinaM business for...

  • Page 181
    ... and Government (TE&G) cash generating unit level, which is aligned with the TE&G operating segment. (e) During fiscal 2012, the carrying value of our assets in the LMobile Group CGU (included in the Telstra International Group reportable segment) was tested for impairment based on value in use...

  • Page 182
    ... No one item of telecommunications equipment is of any value without the other assets to which it is connected in order to achieve delivery of our products and services. The ubiquitous telecommunications network and the HFC cable network are only reviewed for impairment whenever events or changes in...

  • Page 183
    ... Corporation Limited and controlled entities Notes to the Financial Statements (continued) 22. Expenditure commitments Telstra Group As at 30 June 2012 2011 $m $m Capital expenditure commitments Total capital expenditure commitments contracted for at balance date but not recorded in the financial...

  • Page 184
    ... Corporation Limited and controlled entities Notes to the Financial Statements (continued) 22. Expenditure commitments (continued) Telstra Group As at 30 June 2012 2011 $m $m Note Finance lease commitments Within 1 year ...Within 1 to 5 years ...After 5 years ...Total minimum lease payments...

  • Page 185
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 23. Contingent liabilities and contingent assets We have no significant contingent assets as at 30 June 2012. The details and maximum amounts (where reasonable estimates can be made) are set out below ...

  • Page 186
    ...of membership data, contributions, benefit payments and other cash flows as at 30 June were also provided in relation to the HK CSL Retirement Scheme. The fair value of the defined benefit plan assets and the present value of the defined benefit obligations as at the reporting date are determined by...

  • Page 187
    ... Corporation Limited and controlled entities Notes to the Financial Statements (continued) 24. Post employment benefits (continued) (a) Net defined benefit plan (liability)/asset - historical summary Our net defined benefit plan (liability)/asset recognised in the statement of financial position...

  • Page 188
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 24. Post employment benefits (continued) (c) Reconciliation of changes in the present value of the wholly funded defined benefit obligation Telstra Group As at 30 June 2012 2011 $m $m Present value of ...

  • Page 189
    ...We used the following major assumptions to determine our defined benefit obligations at 30 June: Telstra Super Year ended 30 June 2012 2011 % % Discount rate (ii) ...Expected rate of increase in future salaries (iii) ...(i) The expected rate of return on plan assets has been based on historical and...

  • Page 190
    ... of employees' benefits assuming that employees will continue to work and be part of the fund until their exit. The PBO takes into account future increases in an employee's salary and provides a longer term financial position of the plan. We will continue to monitor the performance of Telstra Super...

  • Page 191
    ...Limited (a) ...Telstra International (Aus) Limited (a) ...Telstra Pay TV Pty Ltd (a) ...Chief Entertainment Pty Ltd ...Telstra 3G Spectrum Holdings Pty Ltd ...Telstra OnAir Holdings Pty Ltd ...Telstra Business Systems Pty Ltd (a) ...Telstra Plus Pty Ltd ...Applications and Ventures Group Pty Limited...

  • Page 192
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 25. Investments in controlled entities (continued) Country of incorporation Telstra Entity's recorded amount of investment (#) As at 30 June 2012 2011 $m $m % of equity held by immediate parent As at ...

  • Page 193
    ... NZ Limited ...• Telstra New Zealand Holdings Limited ...• Telstra Network Services NZ Limited ...• TelstraClear Limited (i) ...• CLEAR Communications Limited (i) ...• Telstra Telecommunications Private Ltd (c) ...Network Design and Construction Limited (a) ...• NDC Global Holdings Pty...

  • Page 194
    ...Aus) Limited; Telstra Pay TV Pty Ltd; Telstra Business Systems Pty Ltd; Telstra iVision Pty Limited; Telstra Communications Limited; Telstra Holdings Pty Ltd; Network Design and Construction Limited; Telstra Services Solutions Holdings Limited; Applications and Ventures Group Pty Limited; Sensis Pty...

  • Page 195
    ... ...Investments - accounted for using the equity method Investments - other ...Property, plant and equipment ...Intangible assets ...Derivative financial assets ...Non current tax receivables ...Total non current assets ...Total assets ...Current liabilities Trade and other payables . . Provisions...

  • Page 196
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 25. Investments in controlled entities (continued) (a) ASIC deed of cross guarantee financial information (continued) Closed group income statement and retained profits reconciliation Closed group Year...

  • Page 197
    ... Philippines Holdings Limited and its controlled entities 31 December; Telstra Global Holdings Limited - 31 December; Reach Holdings Limited - 31 December; Reach Network India Private Limited - 31 March; Reach Data Services India Private Limited - 31 March; Beijing Australia Telecommunications...

  • Page 198
    ... $24 million. On 21 October 2011, our controlled entity Octave Investments Holdings Limited sold its ChinaM business for a total consideration of $5 million. On 27 March 2012, our controlled entity Telstra Robin Holdings Ltd sold its 67% shareholding in Dotad Media Holdings Ltd (LMobile) for a total...

  • Page 199
    ... are listed below: Name of Entity Principal activities Ownership interest As at 30 June 2012 2011 % % Jointly controlled entities FOXTEL Partnership (f)(g) FOXTEL Television Partnership (f)(g) Customer Services Pty Limited (f)(g) FOXTEL Management Pty Ltd (f)(g) FOXTEL Cable Television Pty Ltd...

  • Page 200
    ... 31 December; Bridge Mobile Pte Ltd - 31 March; and Australia-Japan Cable Holdings Limited - 31 December. Financial reports prepared as at 30 June are used for equity accounting purposes. Our ownership interest in jointly controlled and associated entities with different reporting dates is the same...

  • Page 201
    ... controlled entities Telstra Group Year ended/As at 30 June 2012 2011 $m $m Carrying amount of investments at beginning of year ...Additional investments made during the year ...Share of net profits for the year ...Dividends received ...Sale, transfers and reductions of investments during the year...

  • Page 202
    ... controlled and associated entities where equity accounting has been suspended): Jointly controlled entities Telstra Group (#) Year ended/As at 30 June 2012 2011 $m $m Current assets ...Non current assets ...Total assets ...Current liabilities ...Non current liabilities . Total liabilities ...Net...

  • Page 203
    ... reductions in the equity accounted carrying amount, is shown below: Telstra Group Year ended 30 June Cumulative Period 2012 2011 $m $m Period 2012 $m Jointly controlled entities FOXTEL (*) ...Reach Ltd ...Associated entities Australia-Japan Cable Holdings Limited ... Cumulative 2011 $m 28 1 160...

  • Page 204
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 27. Employee share plans The Company has a number of employee share plans that are available for Directors, executives and employees. These include those conducted through the: • Telstra Growthshare ...

  • Page 205
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 27. Employee share plans (continued) Telstra Growthshare Trust (continued) (a) Short term incentive (STI) plans (continued) Vested incentive shares are released from trust on the earliest of: • five ...

  • Page 206
    ... 27. Employee share plans (continued) Telstra Growthshare Trust (continued) (b) Long term incentive (LTI) plans The purpose of LTI plans is to align key executives' rewards with shareholders' interests, and reward performance improvement whilst supporting business plans and corporate strategies. The...

  • Page 207
    ... Corporation Limited and controlled entities Notes to the Financial Statements (continued) 27. Employee share plans (continued) Telstra Growthshare Trust (continued) (b) Long term incentive (LTI) plans (continued) (i) Outstanding equity based instruments (continued) In relation to these executive...

  • Page 208
    ... Corporation Limited and controlled entities Notes to the Financial Statements (continued) 27. Employee share plans (continued) Telstra Growthshare Trust (continued) (b) Long term incentive (LTI) plans (continued) (ii) Description of equity instruments (continued) • total shareholder return...

  • Page 209
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 27. Employee share plans (continued) Telstra Growthshare Trust (continued) (b) Long term incentive (LTI) plans (continued) (iii) Performance hurdles (continued) Return on Investment (ROI) restricted ...

  • Page 210
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 27. Employee share plans (continued) Telstra Growthshare Trust (continued) (b) Long term incentive (LTI) plans (continued) (iii) Performance hurdles (continued) Return on Investment (ROI) options (...

  • Page 211
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 27. Employee share plans (continued) Telstra Growthshare Trust (continued) (b) Long term incentive (LTI) plans (continued) (iv) Summary of movements and other information Number of equity instruments ...

  • Page 212
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 27. Employee share plans (continued) Telstra Growthshare Trust (continued) (b) Long term incentive (LTI) plans (continued) (iv) Summary of movements and other information (continued) Number of equity ...

  • Page 213
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 27. Employee share plans (continued) (b) Long term incentive (LTI) plans (continued) (iv) Summary of movements and other information (continued) Options (*) Number Outstanding as at 30 June 2010 ...

  • Page 214
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 27. Employee share plans (continued) Telstra Growthshare Trust (continued) (b) Long term incentive (LTI) plans (continued) (v) Fair value of equity instruments granted The fair value of LTI instruments...

  • Page 215
    ... policy to encourage non-executive directors to hold a total value equivalent to at least 50% of their total remuneration as Telstra shares. The Directshare Plan, previously operated by the Company, has been cancelled with effect from August 2012 as it is no longer in use. Under the Directshare Plan...

  • Page 216
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 27. Employee share plans (continued) Telstra Growthshare Trust (continued) (c) Telstra Directshare and Ownshare (continued) (iii) Summary of movements The table below provides information about our ...

  • Page 217
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 27. Employee share plans (continued) (d) Other equity plans In exceptional circumstances, Telstra has put in place structured retention incentive plans. These are designed to protect Telstra from the ...

  • Page 218
    ... fair value of these shares is based on the market value of Telstra shares at reporting date and exercise date. (#) The amount exercised relates to the shares released from trust as a result of the interest free loan to employees being fully repaid during the year. The employee share loan balance as...

  • Page 219
    ... Director, Telstra Applications and Ventures. Executive Director and Chief Executive Officer Chief Customer Officer and Group Managing Director, Telstra Customer Sales and Service Group Managing Director, Telstra Media (KMP effective from 16 January 2012) Group Managing Director, Telstra Wholesale...

  • Page 220
    ... aggregate compensation During fiscal 2012 and fiscal 2011, the aggregate compensation provided to our KMP was: Telstra Group As at 30 June 2012 2011 $ $ Short term employee benefits Post employment benefits . . Other long term benefits ...Termination benefits ...Share-based payments...20,104,442 20...

  • Page 221
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 28. Key management personnel compensation (continued) KMP interests in shares of the Telstra Entity During fiscal 2012, our KMP and their related entities held share capital of the Telstra Entity ...

  • Page 222
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 28. Key management personnel compensation (continued) KMP interests in shares of the Telstra Entity (continued) During fiscal 2011 our KMP and their related entities held share capital of the Telstra ...

  • Page 223
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 28. Key management personnel compensation (continued) KMP interests in rights, options and restricted shares of the Telstra Entity The following details the balances and changes in instruments issued ...

  • Page 224
    Telstra Corporation Limited and controlled entities Notes to the Financial Statements (continued) 28. Key management personnel compensation (continued) KMP interests in rights, options and restricted shares of the Telstra Entity (continued) The following details the balances and changes in ...

  • Page 225
    ... into one ordinary share. (a) For those senior executives who qualified as KMP during the year, represents equity instruments held as at the date they became KMP. (b) During fiscal 2011, other changes for our performance rights, options and restricted shares are a result of instruments expiring...

  • Page 226
    ... are set out in note 25. Our transactions with our controlled entities recorded in the income statement and statement of financial position are as follows: Telstra Entity Year ended/As at 30 June 2012 2011 $m $m Income from controlled entities: Sale of goods and services (a) ...Dividend revenue...

  • Page 227
    ... recorded in the income statement and statement of financial position are as follows: Telstra Group Year ended/As at 30 June 2012 2011 $m $m Income from jointly controlled and associated entities: Sale of goods and services (a) ...Distribution from FOXTEL Partnership (b) ...Interest on loans to...

  • Page 228
    ... issued by Telstra Corporation Limited. These bonds had a cost of $11 million (2011: $4 million) and a market value of $11 million (2011: $10 million) at 30 June 2012. All purchases and sales of Telstra shares and bonds by Telstra Super are determined by the trustee and/or its investment managers on...

  • Page 229
    ..., are accounted for using the cost method of accounting and are included within non current assets in the table above. Property, plant and equipment commitments Telstra Entity As at 30 June 2012 2011 $m $m Total property, plant and equipment expenditure commitments contracted for at balance date but...

  • Page 230
    ... Corporation Limited and controlled entities Notes to the Financial Statements (continued) 30. Parent entity information (continued) Contingent liabilities and guarantees (continued) Indemnities, performance guarantees and financial support We have provided the following indemnities, performance...

  • Page 231
    ... in future years: • our operations; • the results of those operations; or • the state of our affairs; other than: Final Dividend On 9 August 2012, the directors of Telstra Corporation Limited resolved to pay a fully franked final dividend of 14 cents per ordinary share. The record date for the...

  • Page 232
    ...that Telstra Corporation Limited will be able to pay its debts as and when they become due and payable in Australia; and at the date of this declaration there are reasonable grounds to believe that the members of the extended closed group identified in note 25(a) to the full financial statements, as...

  • Page 233
    ... of changes in equity and the consolidated statement of cash flows for the year then ended, notes comprising a summary of significant accounting policies and other explanatory information, and the directors' declaration of the consolidated entity comprising the company and the entities it controlled...

  • Page 234
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  • Page 239
    CONTACT DETAILS REGISTERED OFFICE LEVEL 41, 242 EXHIBITION STREET MELBOURNE VICTORIA 3000 AUSTRALIA Damien Coleman Company Secretary email: [email protected] INDICATIVE FINANCIAL CALENDAR* Final dividend paid Annual General Meeting Half Year Results announcement Friday 21 September ...

  • Page 240
    telstra.com.au/investor