2008 annual and special meeting of shareholders -...
TRANSCRIPT
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2008 annual and special meeting of shareholders
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Darren Entwistlemember of the TELUS team
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Alberta is key to TELUS’ strong and sustainable future
TELUS in Alberta: A rich history and a great future
Focal point for technology initiatives
Eight year $16 billion investment in infrastructure and operations
Home to 8,000 team members
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Agenda
Review of strategyReport on operational and financial performanceProgress on ‘we give where we live’Outline 2008 corporate priorities and targets
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A proven strategy, for today and tomorrow
Strategic imperatives:Focused on growth markets of data and wirelessBuilding national capabilitiesProviding integrated solutionsInvesting in internal capabilitiesPartnering, acquiring and divesting as necessaryGoing to market as one team
Winning strategy and successful execution 2000 2008
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$119
$59
World Telco Index
19%
MSCI WorldTelecom IndexTELUS
Since 2000 1 (41)%
TELUS share price outperforms
TELUS outperforms global peers by factor of 2 to 1
$0
$25
$50
$75
$100
$125
$150
$175
Jun-00 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 May-08
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Our track record remains undiminished
2.
1 Singapore Tel 55%
2 TELUS 19%3 BCE 7%4 Telefonica 3%5 AT&T -9%6 Portugal Telecom -19%7 Verizon -19%8 Hellenic Telecom -23%9 TeliaSonera -26%
10 Swisscom -32%11 Telstra -32%12 New Zealand Telecom -47%
Achieved by team members’ commitment to strategy
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2007 consolidated performance
2007 Change
Revenue $9.1B 4.5%Operating profit 3 $3.8B 4.0%Net income $1.3B 10%EPS 4 $4.11 23%Free cash flow $1.6B (1.4)%
All-time high return on equity of 18%
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TELUS total customer connections
88% increase in connections since 2000 from wireless and Internet
Wireless
Dial-up Internet
Res NALs
Bus NALs
(millions)
High-speed Internet
11.210.8
Q1-08Q1-07
10.3
Q1-062000
6.0
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Strategic focus on data and wireless
25%
Eight years ago wireless and data small part of revenue
Wireless18%
Wireline Local49%
Wireline LD23%
Data10%
28%
2000 5
$6.0B Revenue
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Strategic focus on data and wireless
Revenue
Wireline Local 25%
8%LD
Wireline Data20%
$9.2B$6.0B
67%Wireless
47%
2007-08 62000 5
TELUS revenues increased 54% since 2000
28%Wireless
18%
Wireline Local49%
Wireline LD23%
Data10%
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Growing exposure to wireless growth
2007 - 082000
Operating Profit(EBITDA)
Wireless
Wireline78%
$3.8B$2.4B
Wireless17%Wireline83% 48%
Wireline Wireless52%
5 6
Wireless now represents more than 50% of operating profit
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Excellence in customer loyalty and retention key focus in 2008
2007 Wireless growth, for today and tomorrow
Wireless revenue $4.3 billion 10.5%
Operating profit 3 $1.9 billion 10%
Cash flow 7 $1.4 billion 4%
Change from 2006
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Global leader in wireless cash flow yield in 2007
8.
32% 32% 31% 29% 28%26%
24% 22%19%
14%
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Canadian wireless industry sustaining growth
4.9%Population penetration
42%47%
52%56%
61%
4.1%4.4%
5.1%4.6%
2003 2004 2005 2006 2007
Population penetration gain
Expect 6 million new clients over next 4 years
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Growing high-speed wireless data services
Canada’s fastest coast-to-coast networkTrading multimedia messagesSocial networking applications e.g. FacebookMusic, video, and gaming downloadsWatch 31 channels on mobile TVPolice access to critical data
TELUS’ leading solutions for consumers and businesses
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Best selection of smartphones in Canada
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Driving significant high-speed internet growth
26,000
1 Million Customers
Fuelling growth and supporting exciting TELUS services
2000 Q1 2008
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TELUS TV – digital entertainment your way
HDTV introduced in 2008Customized channel packagingVideo on demand Time shiftingCall display
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CloseIncoming call from Lanny McDonald (403) 555-1234
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TELUS TV – digital entertainment your way
HDTV introduced in 2008Customized channel packagingVideo on demand Time shiftingCall display
Uniquely positioned to capture growing TV market opportunity
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Building success through thought leadership
Partner of choice for public and private sector organisations
NationalDefence
Royal CanadianMounted Police
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Wireline growth, for today and tomorrow
Investing in four industry verticals and driving thought leadershipPublic sectorFinancial services EnergyHealth care
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Leader in energy sectorEnsuring worker safetyCreating quality of life for remote workersAddressing labour shortage challenge
Building success through thought leadership
Big Country Pipeline
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26Improving quality of life in Fort McMurray
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Leader in energy sectorEnsuring worker safetyCreating quality of life for remote workersAddressing productivity and easing labour constraints
Building success through thought leadership
Big Country Pipeline
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Addressing Canada’s healthcare challenges
Assisting healthcare affordability and quality through innovation
Delivering critical health information to point of care
Bringing clinical technologies to rural communities
Shifting focus from remediation to prevention
TELUS has established an electronic platform across Canada
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Supporting lives of Canadians
Building success through thought leadership
Health care: driving efficiencies and improving care
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Addressing Canada’s healthcare challenges
Creating an affordable and high quality healthcare system
Public sector resources not enough
Corporations and citizens share responsibility
Technology is a key enabler
Together we can drive benefits for all Canadians
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Branham top 10 Healthcare Solution Companies
1. TELUS2. Xwave3. Emergis4. SXC Health Solutions 5. MediSolution6. TECSYS7. Klick Communications8. Nightingale Informatix9. CLINICARE10.QHR Technologies
1. TELUS
3. Emergis
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1. TELUS2. Xwave3. Emergis4. SXC Health Solutions5. MediSolution6. TECSYS7. Klick Communications 8. Nightingale Informatix9. CLINICARE10.QHR TechnologiesNumber one provider of technology solutions to healthcare
1. TELUS
Branham top 10 Healthcare Solution Companies
3. Emergis
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Building high speed data infrastructureBuilding national platformsBuilding a lower cost structure
Investing for today and tomorrow
$(1.1)BInvestment phase
$6.8BReturn phase
2000 - 20022003 - 2007
Free cash flowconsolidated
Strategy generating significant cash including $1.6 billion in 2007
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2007
Excellent record of returning capital to shareholders
Dividend growth modelFour sizeable increases20% increase in 2008
Shares repurchased since Dec. 200456 million shares for $2.6 billion
$1.80
2008E
annual dividends$1.50
2006
$1.10
2005
$0.80
Returned $4.2 billion in dividends and share buybacks
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Leading the way in social responsibility
Building economic, environmental and social sustainability
Demonstrating our community philosophy since 2000
Volunteering more than 2.1 million hours of service
Contributing $113 million to charities
We give where we live
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More than $40 million gifted in Alberta since 2000
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Rethink breast cancer
Purchase exclusive Pink BlackBerry(R) Pearl™ Smartphone
$25 will go to Rethink Breast Cancer campaign
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TELUS Tour for the Cure
Encouraging regular mammograms to save lives
Reaching one million Albertans across 16 communities
Ravi Bakshi and Trish Bronsch
Working to prevent breast cancer deaths by 30%
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review of operations – wireless
TELUS Community Boards
Established eight community boards across Canada
Fostering community investment for grassroots charities
Dedicating $5.3 million in 2008
$1.4 million in Alberta
Giving to the community is owned and executed locally
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TELUS Edmonton Community Board
Dr. Bob WestburyChair TELUS Edmonton
Community Board
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TELUS Calgary Community Board
Co-Chairs TELUS Calgary Community Board
Marilyn Milavsky Harold Milavsky
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review of operations – wireless
Moving decision-making closer to communities
TELUS Community Boards
health & well-beingin our environment
education & sport
arts & culture
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TELUS Calgary Community Board
$1.6 million donated to 105 charitable organizations since 2005
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review of operations – wireless
Monty CarterVice Chair
TELUS Calgary Community Board
Kerrin Lee-GartnerOlympic Gold Medalist and
Olympic Hall of Fame Inductee
TELUS Calgary Community Board
Kim KadatzDirector of DevelopmentFaculty of KinesiologyUniversity of Calgary
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review of operations – wireless
Tom McCabePresident & CEOTheatre Calgary
Zaheed DamaniYouth representative and student
University of Calgary
TELUS Calgary Community Board
Michelle MadleyDirector, Communications
Alberta College of Art & Design
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Recognised for social responsibility
Dow Jones Sustainability Index for seven yearsOnly North American telco or cable TV company in global indexSector Mover and Gold Status in 2008
Twice Canada’s Best Environmental Corporate Citizen Award of excellence in Sustainable Development Reporting by CICA
Social Responsibility report available at telus.com/csr
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We give where we liveTELUS Day of Service
6,000+ alumni, team members, family and friends participated in 20072008 theme is Healthy Communities 175 activities to care for environment and well-being of citizens
Saturday May 31, 2008
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We give where we liveTELUS Walk to Cure Diabetes
45,000 Canadians participate, raising almost $7 million annuallyTaking place on June 1st in Calgary and Edmonton
Please join us at www.jdrf.ca/walk
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Delivering on our investor commitments
Consistent track record for delivering on what we promise
86% of consolidated targets achieved since 2001
Achieved 3 of 4 consolidated targets in 2007
TELUS team members 8th largest shareholder
Team member embrace TELUS’ winning strategy
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TELUS corporate priorities for 2008Drive profit from strategic services with a focus on dataBuild scale in vertical markets and leverage Emergis acquisitionExact productivity gains from efficiency improvement initiativesElevate the client experience and build enhanced loyaltyExecute technology initiatives, including broadband and IT platforms
Focusing on core businesses to advance winning strategy
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TELUS 2008 targets - consolidated
Billions except EPS 2008 targets YoY growthRevenue $9.6 to $9.8 6 to 8%
1 to 5%
EPS $3.50 to $3.80 4 to 13%
Capital expenditures approx. $1.9 7%
Operating profit $3.8 to $3.95
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Reflects continued revenue and earnings growth
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103%$21.3B$10.5BEnterprise value
3949%1.0M26KHigh-speed Internet subscribers
415%5.7M1.1MWireless subscribers
88%11.2M6.0MTotal connections
44%
34%
98%
55%
54%
% change20081020009
$9.2B$6.0BRevenue
$4.13$2.86Earnings per share
$39K$29KNet Income / employee
$1.4B$681MNet Income
$3.8B$2.4BEBITDA
TELUS transformation since 2000
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Footnotes1 - Simple share price appreciation from June 30, 2000 to May 2, 2008 2 - From June 30, 2000 to May 2, 2008 vs. MSCI Incumbents3 - Earnings before interest, taxes, depreciation and amortization. EBITDA excludes $168.7M of non-cash expense
associated with net-cash settlement feature for share option awards granted prior to 20054 - In 2007 EPS was adjusted to exclude approximately $0.32 for non-cash expense (recovery) associated with a net
cash settlement feature for share option awards granted prior to 2005.5 - 12 months ending June 20006 - 12 months ending March 20077 - Simple cash flow - Operating profit (EBITDA) less capital expenditures8 - Source: Merrill Lynch Global Wireless Matrix - simple cash flow divided by revenue9 - Revenue, EBITDA, net income and EPS are 12-months trailing from June 30, 2000. Subscribers and enterprise
value as at January 1, 2000 10 - Revenue, EBITDA, net income and EPS are 12-months trailing from March 31, 2008. Subscribers as at March 31
and enterprise value as at April 30, 2008
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