Annual report - About TELUS

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chairman’s letter In the last several years, the Chairman has written to you about the challenges and opportunities of the unprecedented pace of change in the telecommunications industry. As a Board, we have worked hard to have a consistent set of strategic priorities focused on building on our leading position in Western Canada and creating revenue growth in the rest of Canada. We are pleased with the progress we made in 2000 toward the achievement of these priorities, beginning with the successful mid-year conclusion of our extensive international search for a new Chief Executive Officer. We chose Darren Entwistle to lead TELUS in executing our growth ambitions. Darren has instilled in our Company the more sharply defined growth focus and full-speedahead approach we had promised you. This was evident in his 100-day plan and the bold acquisition of Clearnet, both of which the Board unanimously supported, given their strong strategic fit. While the executive search was underway, the Company concluded the $584-million acquisition of QuébecTel. This jumpstarted our entry into Québec by about two years and gave us a home team advantage in this critical market. With the purchases of Clearnet and QuébecTel, TELUS has truly become a leading national service company. Today, TELUS is Canada’s 19th largest company in terms of market value, trading on the TSE and the NYSE with a market value of more than $11 billion, revenues of $6.4 billion and EBITDA of $2.5 billion. Also, in last year’s report to shareholders, I declared our intention to achieve a total annualized return of 15 per cent over five years. Last year, we surpassed our goal – achieving a 22 per cent total return on investment. The Company is focusing on the growth markets of data, the Internet and wireless. The Board of Directors stands firmly behind this vision. We will focus our energies on areas of growth and opportunities available to support the Company in its evolution to a New Economy company. We will create more value for our shareholders by ensuring this strong growth, while at the same time maintaining TELUS’ financial strength. The Board remains committed to the highest levels of corporate governance. We have aligned the interests of the Board with those of our shareholders by committing Board members to an equity ownership position with a minimum market value of $100,000. We also report to you on our performance against the 14 Toronto Stock Exchange Corporate Governance Guidelines in the annual meeting information circular. I extend my heartfelt thanks to the Board members who have either retired or stepped down. David Emerson, Norm Kimball, Richard LeLacheur, Harold Milavsky and Walter O’Donoghue contributed tremendous insight and value to our Company during their tenures. Going forward, the makeup of our Board will reflect our growth strategy, with an emphasis on greater geographic representation as well as having skills and knowledge suited for a New Economy company. In closing, I want to thank each of you for your ongoing support and confidence in Team TELUS. one team > one brand > one strategy > 4 Brian A. Canfield Chairman of the Board February 14, 2001
Darren Entwistle President & CEO Since joining Team TELUS less than a year ago, I have had the honour of working with a tremendously talented group of people and being part of a dynamic, future-focused organization. This has been a year of tremendous change. We have repositioned the Company to capitalize on the growth markets of data, IP and wireless. To do that, we completed the largest telecommunications acquisition in Canadian history; we restructured the Company in three months; and we listed on the New York Stock Exchange. While working hard on all of these initiatives, we exceeded our financial targets for 2000. > 5 < president & ceo’s letter
Page 1 and 2: “TELUS is on track to lead the Ca
Page 3 and 4: We have a track record of achieving
Page 5: CASH FLOW 4 ($ millions) 1,487 96 1
Page 9 and 10: We have restructured the Company to
Page 11 and 12: ° We began running our first telev
Page 13 and 14: fresh experience and perspective; a
Page 15 and 16: 11 1 6 12 7 2 3 13 14 15 8 9 10 4 5
Page 17 and 18: Starting January 2001, we changed o
Page 19 and 20: 25% > targets 12% 33% > targets 75%
Page 21 and 22: Creating the New TELUS Mobility Bui
Page 23 and 24: subscriber base compared to 1999. T
Page 25 and 26: Developing an Unbeatable Integrated
Page 27 and 28: Internet, we bridge the gap and hel
Page 29 and 30: Building Sustainable Relationships
Page 31 and 32: TELUS Québec is continuing to targ
Page 33 and 34: We’re developing and marketing wh
Page 35 and 36: The acquisition of Clearnet allowed
Page 37 and 38: TELUS Mobility is following a three
Page 39 and 40: Some examples include: ° The TELUS
Page 41 and 42: Three Months Ended (millions) 2000
Page 43 and 44: segmented statistics TELUS Consolid
Page 45 and 46: ° Acquired 70% of QuébecTel for $
Page 47 and 48: TELUS Mobility Expenses TELUS Mobil
Page 49 and 50: 2.14 Cash EPS, normalized to exclud
Page 51 and 52: LIQUIDITY AND CAPITAL RESOURCE RATI
Page 53 and 54: 400 communities over the next 10 ye
Page 55 and 56: OUTLOOK 2001 Telecommunications Ind
Page 57 and 58:
RISKS AND UNCERTAINTIES The followi
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prices. Accordingly, there can be n
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In 2002, the calculation of the con
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management’s report Management is
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consolidated balance sheet As At De
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notes to consolidated financial sta
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(g) Income Taxes The Company and it
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° On August 17, 2000, the Company
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10. CAPITAL ASSETS, NET Accumulated
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(millions) Series Rate Maturity 200
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Upon a change of control as defined
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(d) Stock Option Plans The Company
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15. COMMITMENTS AND CONTINGENT LIAB
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The Company’s net benefit plan ex
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The following is a reconciliation o
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(c) Depreciation Under the purchase
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Recently Issued Accounting Standard
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Daniel Delaloye > Executive Vice-Pr
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usiness enablement Patricia Bowles
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3G: Third Generation, describes nex
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Stock Exchanges and Trading Symbols
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Registered Shareholders 2000 1999 T
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Annual report - About TELUS

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