2011 scorecard

Growing Accountability

At TELUS, we believe in setting annual financial targets to provide clarity for investors and help drive organizational performance. This scorecard shows TELUS' 2011 performance against our original consolidated targets.

Consolidated 2011 results
and growth
2011 original targets
and estimated growth
Result
Revenues $10.397 billion
6.2%
$9.925 to $10.225 billion
1 to 4%
Exceeded
EBITDA $3.778 billion
3.5%
$3.675 to $3.875 billion
1 to 6%
Met Target
Earnings per share (EPS) - basic $3.76
15%
$3.50 to $3.90
7 to 19%
Met Target
Capital expenditures $1.847 billion
7.3%
$1.7 billion approximately Did Not Meet Target
Exceeded Exceeded target
Met Target Met target
Did Not Meet Target Did not meet target

The achievement of three of the four targets reflects stronger than expected customer loading and average revenue per wireless customer. Capital expenditures exceeded the target due to an accelerated timeline to commence building our urban 4G LTE wireless network, as well as success-based capital spending resulting from strong growth of Optik TV.

TELUS continues to adhere to its financial objectives, policies and guidelines, which include generally maintaining a minimum of $1 billion of unutilized liquidity, a Net debt to EBITDA (excluding restructuring costs) ratio in the range of 1.5 to 2.0 times, and a dividend payout ratio guideline of 55 to 65% of sustainable earnings on a prospective basis.

For further information, including performance against our segmented targets, see Section 1.4 of Management's discussion and analysis in this report.