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17 August 2017 the Manager Market Announcements Office Australian 17 August 2017 Office of the Company Secretary Level 41 The Manager 242 Exhibition Street MELBOURNE VIC 3000 AUSTRALIA Market Announcements Office Australian Securities Exchange General Enquiries 08 8308 1721 th 4 Floor, 20 Bridge Street Facsimile 03 8600 9800 SYDNEY NSW 2000 Dear Sir or Madam ELECTRONIC LODGEMENT Telstra Corporation Limited - Financial results for the full year ended 30 June 2017 In accordance with the Listing Rules, I enclose the following for immediate release to the market: 1. Appendix 4E – Full Year Report 2. Operating and Financial Review for the full year ended 30 June 2017, which accompanies the Directors Report 3. Directors Report (including the Remuneration Report) 4. Financial Report Telstra will conduct an analyst briefing on the full year results from 9.15am AEST and a media briefing from 11.00am AEST. The briefings will be broadcast live by webcast at https://www.telstra.com.au/aboutus/investors/financial-information/financial-results A transcript of the analyst briefing will be lodged with the ASX when available. This announcement has been released simultaneously to the New Zealand Stock Exchange. Yours faithfully Damien Coleman Company Secretary Telstra Corporation Limited ACN 051 775 556 ABN 33 051 775 556 Telstra Corporation Limited Financial results for the year ended 30 June 2017 Telstra Corporation Limited ABN 33 051 775 556 Table of contents Financial results for the year ended 30 June 2017 Section A Appendix 4E Operating and Financial Review (OFR) comprising: Section B Chairman and CEO Message Section C Strategy and Performance, Our Material Risks and Outlook Section D Full Year Results and Operations Review (FYROR) Section E Directors Report (including Remuneration Report) Section F Financial Report ® Registered trademarks of Telstra Corporation Limited. ™ Trademarks of Telstra Corporation Limited. nbn™, nbn co and other nbn™ logos and brands are trademarks of nbn co limited and used under licence. ^ Nighthawk is a trademark of NETGEAR, Inc. ^^ Microsoft and Office 365 are trademarks of Microsoft Corporation. * Crowdstrike is a trademark of Crowdstrike, Inc. ** Foxtel is a registered trademark of Twentieth Century Fox Film Corporation. All amounts are expressed in Australian dollars ($A) unless otherwise stated. The spectrum device and ™ are trademarks and ® are registered trademarks of Telstra Corporation Ltd, ABN 33 051 775 556 telstra.com.au/investor SECTION 1. APPENDIX 4E (ASX LISTING RULE 4.3A) FINAL REPORT 30 June 2017 Telstra Corporation Limited ABN 33 051 775 556 1. Results for announcement to the market Telstra Group Year ended 30 June 2017 2016 Movement $m $m $m % Revenue (excluding finance income) Continuing operations 26,013 25,911 102 0.4 Discontinued operations ¹ - 827 (827) n/m Revenue (excluding finance income) from ordinary activities 26,013 26,738 (725) (2.7) Other income Continuing operations 2,192 1,139 1,053 92.4 Discontinued operations ¹ - 1,794 (1,794) n/m Other income 2,192 2,933 (741) (25.3) Total income from continuing and discontinued operations ² 28,205 29,671 (1,466) (4.9) Finance income from continuing and discontinued operations 138 101 37 36.6 Profit for the year from continuing operations 3,874 3,832 42 1.1 Profit for the year from discontinued operations - 2,017 (2,017) n/m Profit for the year from continuing and discontinued operations 3,874 5,849 (1,975) (33.8) Profit after tax for the year attributable to equity holders of Telstra Entity 3,891 5,780 (1,889) (32.7) Profit from ordinary activities after tax attributable to equity holders of Telstra 3,891 5,780 (1,889) (32.7) Entity 1 No operations have been discontinued during the financial year ended 30 June 2017. 2 On a guidance basis, total income (excluding finance income) growth on the prior period was 4.3 per cent and EBITDA growth on the prior period was 4.5 per cent. 2. Dividend information Telstra Group Amount per Franked share amount per share cents cents Interim dividend per share 15.5 15.5 Final dividend per share 15.5 15.5 Total dividends per share for the year 31.0 31.0 Final dividend dates Record date 31 August 2017 Payment date 28 September 2017 The above information is based on the consolidated financial statements and notes which have been audited by Ernst & Young (EY). 3. Net Tangible Assets per security information Telstra Group Year ended 30 June 2017 2016 cents cents Net tangible assets per security 41.9 54.3 Net tangible assets are defined as the net assets of the Telstra Group less intangible assets and non-controlling interests. The number of Telstra shares on issue as at 30 June 2017 was 11,893 million (2016: 12,226 million). The 12.4 cents decrease in net tangible assets per security was mainly driven by the impact of the share buy-backs completed during the financial year 2017 as part of our capital management program. The off-market share buy-back of 282,167,516 ordinary shares and the on- market share buy-back of 50,190,465 ordinary shares for a total amount of $1,502 million were completed on 3 October 2016 and 13 December 2016, respectively. The shares bought back were subsequently cancelled. 4. Dividend Reinvestment Plan The Board has determined that the Dividend Reinvestment Plan (DRP) will not operate for the final dividend for financial year 2017. Additional Appendix 4E disclosure requirements and “Guidance versus Reported Results” reconciliation can be found in the 2017 Financial Report and Directors’ Report (including the Operating and Financial Review (OFR) and the Remuneration Report) lodged with this document. Telstra Corporation Limited and controlled entities | A1 Operating and financial review Chairman and CEO message Dear Shareholders, In 2017 technology and innovation continued to transform industries, businesses and the way in which we live our daily lives. This transformation is particularly significant for Telstra as the traditional worlds of telecommunications and computing are converging, as are many other technologies. During a time of change, we continue to put the customer at the heart of everything we do and we have seen continued strong customer growth across all key segments of our business. Our financial performance Our strong performance in the context of a highly competitive and dynamic market enabled us to increase Total Income, EBITDA and NPAT. On a reported basis from continuing operations, Total Income1 increased by 4.3 per cent to $28.2 billion and EBITDA increased 2.0 per cent to $10.7 billion. On a guidance 2 basis we increased Total Income1 by 4.3 per cent and EBITDA by 4.5 per cent. Excluding the proceeds from the FY16 sale of Autohome, NPAT increased 1.1 per cent on a reported basis from continuing operations. The Board announced a fully franked final dividend of 15.5 cents per share, bringing the total dividend for the financial year to 31.0 cents per share.3 Combined with the $1.5 billion on and off market share buy-backs completed during the year, we returned $5.2 billion to shareholders in FY17. We also announced the outcome of the capital allocation review that commenced in November 2016. This included a change to our dividend policy4 to reduce the payout ratio to 70-90 per cent of our underlying earnings5, to return in the order of 75 per cent of net one off nbn™ receipts6 to shareholders over time via fully-franked special dividends, a new capital management framework and plans to monetise a portion of locked-in recurring nbn receipts (see breakout box for further details). An evolving market We believe we have the right vision and strategy for the dynamic environment in which we operate. Our vision is to become a world class technology company that empowers people to connect. During the year we refined our strategy with our three pillars now being: to deliver brilliant customer experiences, drive value and growth from our core, and build new growth businesses close to the core. The changes to our strategy were not major, however they send an important signal that we will be very focused on delivering customer experience improvements and disciplined in how we invest in our networks, services and growth businesses. Our highest priority remains improving customer experience and we are pleased that our key customer measure, our Net Promoter Score, recovered strongly in the second half of the year. While we have made progress on improving customer experience, we recognise there is more to be achieved. We saw continued customer growth across key segments, with retail mobile net adds of 218,000, including 169,000 postpaid handheld net adds, and 132,000 domestic retail fixed broadband customers. nbn connections grew by 676,000 to 1,176,000 bringing total market share to 52 per cent (ex-satellite). Almost 90 per cent of our retail fixed broadband customers are now on a bundle, with 224,000 adds on the back of the popular ‘Best Bundle Ever’ and ‘Hottest Entertainment Bundle’. Access to the best content is critically important to us as demand for media continues to grow. At the same time the media market is changing with new participants and increased competition. We remain committed to Foxtel and we continue discussions with our partner News Corp regarding the best arrangements and structure to support Foxtel's success into the future. 1 Excluding finance income. 2 This guidance assumed wholesale product price stability and no impairments to investments, and excluded any proceeds on the sale of businesses, mergers and acquisitions and purchase of spectrum. The guidance also assumed the nbn rollout was in accordance with the nbn Corporate Plan 2016. Capex to sales guidance excluded externally funded capex.
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