Annual report - About TELUS

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notes to consolidated financial statements 20. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES The consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) in Canada. The principles adopted in these financial statements conform in all material respects to those generally accepted in the United States except as summarized below. Significant differences between Canadian GAAP and U.S. GAAP would have the following effect on reported net income of the Company: (millions) 2000 1999 Net income in accordance with Canadian GAAP Adjustments, net of tax: $ 461.0 $ 349.7 Net income of acquired company prior to acquisition (a) – (15.3) TELUS portion of the restructuring charge (b) – 144.6 Decrease in depreciation expense (c) 19.3 17.7 Decrease in interest expense (d) 23.3 14.2 Amortization of intangible assets (e) (64.6) (59.2) Goodwill amortization (f) (20.2) (11.6) Change in accounting policy (g) – (30.8) Asset impairment – decrease in depreciation (h) 40.0 40.0 Change in future employee benefits (i) (9.1) – Amortization of additional goodwill – Clearnet purchase (j) (1.4) – Interest on convertible debentures (k) (1.5) – Foreign exchange (0.9) – > 82 Revaluation of future income tax assets (n) 66.3 – Net income in accordance with U.S. GAAP $ 512.2 $ 449.3 Earnings per share under U.S. GAAP (basic and diluted): Before extraordinary items $ 2.07 $ 1.88 Extraordinary items – – After extraordinary items $ 2.07 $ 1.88 The following is a restatement of major balance sheet categories to reflect the application of U.S. GAAP: (millions) 2000 1999 Current assets $ 1,654.5 $ 1,246.3 Capital assets 15,019.4 9,373.4 Goodwill 2,239.8 400.2 Deferred income taxes 1,212.7 603.5 Other assets 660.8 332.4 $ 20,787.2 $ 11,955.8 Current liabilities $ 6,669.5 $ 1,794.5 Long-term debt 3,262.9 1,664.7 Other long-term liabilities 346.9 141.0 Deferred income taxes 1,749.9 1,804.9 Non-controlling interest 74.3 12.4 Shareholders’ equity 8,683.7 6,538.3 $ 20,787.2 $ 11,955.8
The following is a reconciliation of shareholders’ equity incorporating the differences between Canadian and U.S. GAAP: (millions) 2000 1999 Shareholders’ Equity under Canadian GAAP Adjustments: $ 6,418.4 $ 4,307.7 Purchase versus Pooling Accounting (a) – (f) 2,331.6 2,382.8 Revaluation of future income tax assets (n) 66.3 – Reclassification of convertible debt from equity to debt (k) (149.6) – Clearnet related U.S. GAAP adjustments (l) (0.9) – Additional goodwill on Clearnet purchase (j) 130.1 – Asset Impairment (h) (112.2) (152.2) Shareholders’ Equity under U.S. GAAP $ 8,683.7 $ 6,538.3 The following is a restatement of cash flows to reflect the application of U.S. GAAP: (millions) Operating Activities 2000 1999 Net income $ 512.2 $ 449.3 Depreciation and amortization 1,245.3 1,036.0 Deferred income taxes 91.4 94.6 Non-cash restructuring related write-offs – 7.4 Gain on disposal of property and investments – (36.9) Sinking fund earnings (4.1) (11.6) Other, net (40.2) (21.6) Operating cash flow 1,804.6 1,517.2 Provision for future cash restructuring costs – 147.8 Changes in working capital (75.2) (44.4) Cash from operations 1,729.4 1,620.6 Less: dividends to shareholders (353.0) (334.9) Investing Activities 1,376.4 1,285.7 Purchase of TELUS – (110.7) Capital expenditures, net (1,441.3) (1,161.7) Purchase of Clearnet Communications Inc., net of cash acquired (1,857.4) – Other acquisitions, net of cash acquired (606.6) – Proceeds from the sale of property and investments 96.9 40.2 Change in investments and other assets (22.7) 12.6 Financing Activities (3,831.1) (1,219.6) Common shares issued 14.4 3.5 Long-term debt issued 234.9 39.8 Sinking fund withdrawal 109.5 32.7 Increase (decrease) in short-term notes payable 4,112.4 (43.3) Redemptions of long-term debt (1,764.8) (258.4) Other (119.2) 1.4 2,587.2 (224.3) Increase (decrease) in cash 132.5 (158.2) Cash and temporary investments (bank indebtedness), beginning of year (32.3) 125.9 Cash and temporary investments (bank indebtedness), end of year $ 100.2 $ (32.3) > 83
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“TELUS is on track to lead the Ca
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We have a track record of achieving
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CASH FLOW 4 ($ millions) 1,487 96 1
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Darren Entwistle President & CEO Si
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We have restructured the Company to
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° We began running our first telev
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fresh experience and perspective; a
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11 1 6 12 7 2 3 13 14 15 8 9 10 4 5
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Starting January 2001, we changed o
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25% > targets 12% 33% > targets 75%
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Creating the New TELUS Mobility Bui
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subscriber base compared to 1999. T
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Developing an Unbeatable Integrated
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Internet, we bridge the gap and hel
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Building Sustainable Relationships
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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
Page 59 and 60: prices. Accordingly, there can be n
Page 61 and 62: In 2002, the calculation of the con
Page 63 and 64: management’s report Management is
Page 65 and 66: consolidated balance sheet As At De
Page 67 and 68: notes to consolidated financial sta
Page 69 and 70: (g) Income Taxes The Company and it
Page 71 and 72: ° On August 17, 2000, the Company
Page 73 and 74: 10. CAPITAL ASSETS, NET Accumulated
Page 75 and 76: (millions) Series Rate Maturity 200
Page 77 and 78: Upon a change of control as defined
Page 79 and 80: (d) Stock Option Plans The Company
Page 81 and 82: 15. COMMITMENTS AND CONTINGENT LIAB
Page 83: The Company’s net benefit plan ex
Page 87 and 88: (c) Depreciation Under the purchase
Page 89 and 90: Recently Issued Accounting Standard
Page 91 and 92: Daniel Delaloye > Executive Vice-Pr
Page 93 and 94: usiness enablement Patricia Bowles
Page 95 and 96: 3G: Third Generation, describes nex
Page 97 and 98: Stock Exchanges and Trading Symbols
Page 99 and 100: Registered Shareholders 2000 1999 T
Page 101 and 102: www.telus.com > about TELUS > Inves
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Annual report - About TELUS

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