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TELUS 
annual report
our message
letter to shareholders
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page number: 1 2 3 4 5 6 |
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Dear Shareholder 2001 marked a year of tremendous achievements for TELUS and excellent progress against our growth strategy. Whilst we are proud of our successes, we are disappointed that they remain to be reflected in the performance of our share price. Unfortunately, our progress has been masked by exogenous impacts such as significant adverse contribution and rebanding decisions by the regulator, a soft economy, tight capital markets and a rationalization in the telecommunications sector. Moreover, TELUS is sensitive to investor concerns with respect to earnings dilution and the impact on cash flow owing to significant investments from expanding our wireless and wireline businesses nationally. TELUS responds to these concerns by reinforcing the efficacy of our strategy, the considerable progress we have made in its execution and that we have more than sufficient liquidity to see it through to conclusion. We anticipated and planned for the financial implications to our balance sheet of expanding into Ontario and Quebec. So what do I see as the catalysts for share price growth? For starters: an improving economy and increased confidence in the capital markets; a conclusion to the shakeout in the telecommunications sector that sees strong companies like TELUS prosper whilst weaker entities fall by the wayside; and finally, continued traction from TELUS in driving top line revenue growth from data, IP and wireless solutions, and of course, translating this revenue growth into increased operating profits and free cash flow. I am confident we have the right strategy, a talented team that delivers and with continued excellence in execution, our achievements and operating results will be reflected in our share price in due course. I thought it would be helpful if I set out below our major achievements for 2001 and the challenges for TELUS going forward. Delivering a winning strategy and track record against targets Despite the turbulent year for financial markets and the telecommunications industry, TELUS continued to exploit its strong market position to execute our focused growth strategy. Our achievements are transforming TELUS into the high performance, value-creating organization we envisage. 
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