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AR 08
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2008 Highlights

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Financial and Operating Highlights
2008 2007 % change
(2008 to 2007)
2006 % change
(2008 to 2006)

Operations

         

Operating revenues

$ 9,653 $ 9,074 6.4 $ 8,681 11

EBITDA1

$ 3,779 $ 3,589 5.3 $ 3,615 4.5

EBITDA as adjusted2

$ 3,779 $ 3,758 0.6 $ 3,615 4.5

Operating income

$ 2,066 $ 1,974 4.7 $ 2,039 1.3

Net income

$ 1,128 $ 1,258 (10) $ 1,145 (1.5)

Basic earnings per share (EPS)

$ 3.52 $ 3.79 (7.1) $ 3.33 5.7

Basic EPS as adjusted2

$ 3.52 $ 4.11 (14) $ 3.33 5.7

Basic EPS as adjusted2, excluding
income tax-related adjustments

$ 3.37 $ 3.33 1.2 $ 2.83 19

Dividends declared per share

$ 1.825 $ 1.575 16 $ 1.20 52

Dividend payout ratio (%)3

54 47 45

Return on common equity (%)

15.8 18.1 16.4

Cash from operations

$ 2,819 $ 3,172 (11) $ 2,804 0.5

Capital expenditures

$ 1,859 $ 1,770 5.0 $ 1,618 15

Payment for wireless spectrum

$ 882 $ – $ –

Financial position

         

Total assets

$19,160 $16,988 13 $16,661 15

Net debt4

$ 7,286 $ 6,141 19 $ 6,278 16

Net debt to EBITDA ratio5

1.9 1.7 1.7

Free cash flow6

$ 361 $ 1,388 (74) $ 1,443 (75)

Shareholders’ equity

$ 7,182 $ 6,926 3.7 $ 7,048 1.9

Market capitalization of equity7

$11,483 $15,823 (27) $17,848 (36)

Other information (as at December 31)

         

Wireless subscribers (000s)

6,129 5,568 10 5,056 21

Network access lines (000s)

4,246 4,404 (3.6) 4,548 (6.6)

Internet subscribers (000s)

1,220 1,175 3.8 1,111 9.8

Total customer connections8

11,595 11,147 4.0 10,715 8.2
  • 1 Earnings before interest, taxes, depreciation and amortization, calculated as Operating revenues less Operations expense, net-cash settlement feature expense and Restructuring costs.
  • 2 Excludes a $169 million incremental charge in 2007, which did not result in an immediate cash outflow, relating to the introduction of a net-cash settlement feature for share option awards granted prior to 2005.
  • 3 Last quarterly dividend declared per share, in the respective reporting period, annualized, divided by the sum of Basic earnings per share reported in the most recent four quarters.
  • 4 The summation of Long-term debt, current maturities of Long-term debt, net deferred hedging liability related to U.S. dollar Notes and proceeds from securitized accounts receivable, less Cash and temporary investments.
  • 5 Net debt to EBITDA, where EBITDA excludes Restructuring costs.
  • 6 EBITDA, adding Restructuring costs, net employee defined benefit plans expense, the excess of share compensation expense over share compensation payments and interest received; and deducting restructuring payments, employer contributions to employee defined benefit plans, interest paid, cash income taxes, capital expenditures (including spectrum payments), donations and securitization fees. Note: the definition was refined in 2008 to incorporate defined benefit plans cash contributions instead of accrued net expense (recovery) for accounting purposes.
  • 7 Market value based on year-end closing share prices and shares outstanding.
  • 8 Total customer connections excludes TELUS TV subscribers.
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2008 Scorecard

At TELUS, we believe in setting annual financial targets to provide clarity for investors. This scorecard summarizes TELUS’ 2008 performance against our original consolidated targets.

2008 Scorecard Birds
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2008 results 2008 original targets Result
Consolidated      
Revenues $9.653 billion $9.6 to $9.8 billion Yes
EBITDA $3.779 billion $3.8 to $3.95 billion No
Basic earnings per share (EPS) $3.52 - N/A
Basic EPS, excluding income tax-related adjustments $3.37 $3.50 to $3.80 No
Capital expenditures $1.859 billion $1.9 billion approximately Yes
Yes Met target
No Did not meet target
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