Annual report - About TELUS

2.14
Cash EPS, normalized to exclude amortization of
goodwill and acquired intangible assets, revaluation of
future tax assets, and the 1999 restructuring charge,
decreased by 30 cents. The decrease was primarily due
to increased financing costs.
LIQUIDITY AND CAPITAL RESOURCES
CASH AND TEMPORARY INVESTMENTS
(BANK INDEBTEDNESS)
($ millions) 2000 1999 Change %
100.2 (32.3) 132.5 –
Cash balances available at the end of 2000 were used
to reduce debt in January 2001.
OPERATING ACTIVITIES
2.54 2.61
CASH EPS
($)
2.42
2.31
96 97 98 99 00
($ millions) 2000 1999 Change %
Cash provided by operating
activities adjusted for
restructuring costs
Net change in non-cash
1,804.6 1,735.5 69.1 4.0
working capital (169.5) (90.4) (79.1) –87.5
Cash provided by
operating activities 1,635.1 1,645.1 (10.0) –0.6
Cash provided by operating activities, adjusted to
exclude the impact of restructuring charges, improved in
2000. This was due to higher EBITDA partially offset by
higher financing costs and current income taxes. The
change in non-cash working capital in 2000 was largely
a result of increases in accounts receivable, accounts
payable, inventories and prepaid expenses and other
caused by the acquisitions of Clearnet and QuébecTel.
CASH FLOW PER
COMMON SHARE
($)
6.35
6.88
INVESTING ACTIVITIES
6.89
7.34
7.31
96 97 98 99 00
($ millions) 2000 1999 Change %
Cash used by investing
activities 3,831.1 1,198.3 2,632.8 219.7
Cash used by investing activities increased substantially
in 2000 due to the acquisition of Clearnet ($1.86 billion net
of cash acquired), QuébecTel ($584 million net of cash acquired)
and capital expenditures increases of $242 million.
CAPITAL EXPENDITURES BY SEGMENT
($ millions) 2000 1999 Change %
TELUS Communications 627.3 660.0 (32.7) –5.0
TELUS Mobility 222.9 165.2 57.7 34.9
Advanced Communications 236.1 146.8 89.3 60.8
Other 355.0 227.2 127.8 56.3
Capital Expenditures 1,441.3 1,199.2 242.1 20.2
TELUS Communications capital expenditures decreased
from 1999 due to lower license fees for certain third-party
services and the completion of several projects in 1999
including billing systems integration, readiness for local
number portability and local competition. This was partly
offset by the purchase of billing integration software assets
and building renovations in 2000.
TELUS Mobility capital expenditures were higher due
to $55.4 million of capital expenditures by Clearnet from
October 20, and $4.2 million at QuébecTel Mobilité
since June 1. Slightly offsetting this was lower spending
in western operations due to harmonization of capital
investment plans with Clearnet. On a pro forma basis
including 12 months results from Clearnet and
> 47