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Telstra Annual Report 2018 Telstra Corporation Limited Our 2018 Reporting Suite ABN 33 051 775 556

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Telstra Annual Report 2018 Telstra Corporation Limited Our 2018 Reporting Suite ABN 33 051 775 556 Telstra Annual Report 2018 Telstra Telstra Annual Report 2018 WorldReginfo - b5437683-0a8d-4838-806b-5e3d0ef27200 Telstra Corporation Limited Our 2018 reporting suite ABN 33 051 775 556 We appreciate that our Our 2018 Annual Report Our 2018 Corporate Our Annual Report describes in a Governance Statement shareholders and other concise manner our strategy, our Our 2018 Corporate Governance stakeholders are looking financial performance and our Statement (CGS) provides detailed for concise and up to date remuneration practices. information about governance at Telstra. Our CGS, together with our ASX information about their The sections of our Annual Report Appendix 4G which cross references the titled Chairman and CEO message, company and that they have ASX Corporate Governance Principles Strategy and performance, Our material & Recommendations to information in many and varied options and risks, Outlook and Full year results our CGS and on our website, is available digital platforms to enable and operations review comprise our online at telstra.com/governance. them to access information. operating and financial review (OFR) and form part of the Directors’ Report. In 2018 our reporting suite Our 2018 Bigger Picture Our OFR, Directors’ Report and Financial Sustainability Report includes our Annual Report, Report were released to the ASX on Our 2018 Bigger Picture Sustainability our Corporate Governance 16 August 2018 in the document titled Report provides an in-depth look at Statement and our Bigger ‘Financial results for the year ended Telstra’s approach and performance in 30 June 2018’ which is available on relation to our most material social and Picture Sustainability Report. our website at telstra.com/investor. environmental topics, is available online at telstra.com/sustainability/report. Our business 2 FY18 highlights 2 Governance at Telstra 3 Sustainability 3 Chairman and CEO message 4 Strategy and performance 8 Our material risks 12 Outlook 14 Full year results and operations review 16 Board of Directors 26 Senior management team 28 Directors’ report 30 • Remuneration report 34 Financial report 58 • Financial statements 59 • Notes to the financial statements 64 • Directors’ declaration 140 Shareholder information 146 Reference tables 149 Glossary 152 Contact details and Indicative financial calendar 156 WorldReginfo - b5437683-0a8d-4838-806b-5e3d0ef27200 Our business Governance at Telstra We are committed to excellence in corporate governance, transparency and accountability. Our purpose To create a brilliant connected future for everyone. This is essential for the long term performance and sustainability of our company, and to protect and enhance the interests of our shareholders and other stakeholders. Our vision To be a world class technology company that empowers people to connect. Our brand To create better ways to empower everyone to thrive in a connected world. Our governance framework plays an integral role in supporting our business Our governance and helping us deliver on our strategy. framework includes: It provides the structure through which • open, clear and timely our strategy and business objectives Shareholders communications with are set, our performance is monitored, our shareholders and the risks we face are managed. • a skilled, experienced, diverse It includes a clear framework for and independent Board, with a decision making and accountability Telstra Board Board Committee structure across our business and provides Audit & Risk Remuneration Nomination suited to our needs guidance on the standards of Committee Committee Committee FY18 highlights behaviour we expect of each other. • clear delegation, decision making and accountability We comply with the third edition frameworks of the ASX Corporate Governance Financial Council’s Corporate Governance • robust systems of risk performance Total income Net profit after tax Principles and Recommendations. management and assurance up by 3% to $29.0 billion down by 8.9% to $3.5 billion • Telstra Values, Code of Conduct Our 2018 Corporate Governance Chief Executive Officer and policy framework which explain what we stand for as Statement, which provides Reported EBITDA FY18 total dividend of an organisation and how we will detailed information about down by 5.2% to $10.1 billion 22 cents per share conduct ourselves as we work governance at Telstra, is together to deliver our strategy. available on our website at telstra.com/governance Our Our People customers 2.3 million Launched second generation Added 67,000 Belong Sports Live Pass users of Telstra TV, bringing together mobile customers in – up by 73% free-to-air, pay TV and the price-conscious year on year on-demand streaming market segment Thriving in a digital world Sustainability Almost 4 million Added 342,000 retail mobile Reduced truck rolls in active 24/7 App users customers, 88,000 retail fixed 2H18 by 7,000 with – up by 22% broadband customers and Our goal is to embed social and NBN Get Help platform and Ethic year on year 135,000 retail bundles environmental considerations into our nt cy s an e ien d nm f c go ro e ve business in ways that create value for vi ce rn n r a E u n so c the company and our stakeholders. e re s Re n sp tio o lu n o s World class ib s l le Our Sustainability Strategy responds to the topics a technology First Australian carrier to t b n u that are most material for our business, the areas e s offer both Narrowband and e i n g m y n e in which we have the expertise to make a meaningful n g o s Cat M1 IoT technologies a r r s i 307 new mobile base stations h e impact, and where we see opportunities to use v c n n e e E under the Federal Government’s innovative, tech-based solutions to help address t d a n m Mobile Black Spot Program, major societal challenges and opportunities. a i l bringing our total to more than 450 Opened 5G Innovation Centre C and launched world first precinct of 5G-enabled Wi-Fi hotspots Our 2018 Bigger Picture Sustainability E c v d Report, available online at telstra.com/ o e o n r Di o n yo gital futures g sustainability/report, provides a e n or ct e f ed ch transparent overview of our progress Te Sustainability and performance in relation to our Networks Helped around 24% reduction Sustainability Strategy over FY18. Sustainable engagement 1 million vulnerable in greenhouse gas The report also details the work we are score of 74 in Employee customers emissions intensity undertaking in support of the United Engagement Survey stay connected from FY17 Nations’ Sustainable Development Goals (SDGs). 2 3 WorldReginfo - b5437683-0a8d-4838-806b-5e3d0ef27200 Chairman and CEO message Chairman and CEO message | Telstra Annual Report 2018 Dear Shareholders, Progressing our strategic As well as the improvements delivered Network disruptions investments through the Digitisation program, Companies are defined we introduced a number of customer Our network investment has seen a The new strategy builds on the foundation marked improvement in resiliency, with by how they respond in experience improvements and made a provided by our up to $3 billion strategic number of enterprise acquisitions to boost a reduction in mobile customer outage challenging times and there investment in creating the Networks for our NAS and IoT solutions during FY18. hours of more than 80 per cent since June is no doubt Telstra, and the the Future and digitising the business. 2016. Despite every effort, networks are This included significantly improving complex and not immune to disruption. We remain on track to realise the benefits telecommunications industry consumer customers’ experience when Disappointingly, we did experience a of the investment program, with $1.8 globally, is operating in times they connect to the nbn. The NPS score for number of network disruptions during billion invested to date, including $1.5 nbn Consumer orders has seen a 13-point May 2018 which impacted on our of enormous challenge billion in Networks for the Future as we improvement year-on-year at a time when customers and the broader community prepare for the launch of 5G, and $300 and change. more customers are connecting to the nbn for which we sincerely apologise. million on digitisation. This had enabled On one hand demand for than ever before. Almost four million us to grow the competitive differentiation customers are now active users of our The most significant of these was a our core products and provided by our network superiority 24x7 App, which is a 22 per cent year-on- disruption to the 000 emergency service services continues to grow. and reliability. year increase. This app enables consumer – a critical public service that receives our highest network prioritisation. During this Our ongoing strategic investment in the customers to self-manage their account Telecommunications networks incident, the network redundancy built performance of our mobile and fixed and services from their smartphone or to reduce the risk of isolated incidents have become some of the networks for our customers has been tablet and has recently been redesigned causing widespread impacts did not most important pieces of recognised by a number of key industry to make it even easier and more intuitive function as designed. We have conducted awards. We were ranked number one on for customers to use. infrastructure in the world today. a detailed investigation to understand the Netflix Speed Index in July and this On the other hand, competition We also introduced robotics across why this happened, are putting in place year also became the first Australian six processes which has significantly additional network monitoring and has never been more intense, provider to win both the fixed and mobile improved the speed of customer service. protections, and are leading the Ookla fastest networks for Q1–Q2 2018.
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