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THE SOCIAL CAPITALISM COMPANY 2018 ANNUAL REPORT 1– 7 Corporate overview What we offer, results and highlights from 2018, and our 2019 targets Who we are 8 –15 CEO letter TELUS is committed to leveraging our world-leading to investors technology to enable remarkable human outcomes in our How our leadership in social capitalism all-connected world. We have $14.4 billion of annual revenue underpins our leadership and 13.4 million customer connections, including 9.2 million in business wireless subscribers, 1.9 million high-speed Internet clients, 1.2 million residential network access lines and 1.1 million 16 –19 TELUS TV® customers. With the support of our talented team, Operations we provide a wide range of communications solutions to at a glance consumers and businesses, including wireless, data, IP, A brief review of our voice, television, entertainment, video, and home security wireless and wireline operations and automation. Through TELUS Health, we are enabling improved 20 – 21 health outcomes for Canadians, advancing our position Our social purpose as the leading provider of healthcare technology solutions. How we are leveraging TELUS International provides innovative customer technology to create experience, digital transformation and business process positive outcomes service solutions for clients around the globe. 22– 29 In support of our heartfelt philosophy to give where we live, TELUS has contributed $1.2 billion in value – through Leadership philanthropy and volunteerism – since 2000. Our Executive Leadership Team, questions and answers, Board of Directors and corporate governance 30 –192 Financial review Detailed financial disclosure, including a All financial information is reported in Canadian dollars unless otherwise specified. Copyright © 2019 TELUS Corporation. All rights reserved. Certain products and services letter from our CFO, and named in this report are trademarks. The symbols TM and ® indicate those owned other investor resources by TELUS Corporation or its subsidiaries. All other trademarks are the property of their respective owners. CREATING AN AMAZING FUTURE At TELUS, we believe that doing well in business involves doing good in our communities. We are committed to improving the lives of our customers and our communities by unleashing the power of the Internet to deliver the best solutions for Canadians at home, in the workplace and on the move. As a leader in social capitalism, we invest in remarkable human, social and business capital every step of the way. Together, we are connecting people to what matters most to them, enabling better health outcomes, caring for the planet our children will inherit, advancing educational opportunities for our future leaders and keeping people safe in our digital world. WHAT WE OFFER PUTTING CUSTOMERS FIRST We are delivering exceptional experiences and providing our customers with a wide range of innovative products and services powered by leading technologies to keep them connected to what matters most. Mobile services Business solutions Keeping our customers happy Helping businesses succeed We are meeting our customers’ growing mobile needs with We offer a full suite of data solutions for businesses and the increasing speeds, capacity and coverage of our award- governments, providing a mix of traditional and cloud winning 4G LTE wireless network and our leading device lineup. technologies, fibre network connectivity, and collaboration, Over the past several years, we have introduced hundreds of security, managed IT and advisory services to accelerate customer-centric programs and services to improve our our clients’ digital transformation. Businesses are transforming customers’ experiences and continue to earn their business, their operations with our mobile, Network as a Service and wherever they go. With our customers first focus, TELUS Internet of Things solutions to increase their productivity has consistently led the Canadian industry in wireless loyalty and efficiency. and network performance, and has one of the best wireless churn rates in the world. Healthcare technology solutions Improving the delivery of healthcare Future friendly home services At TELUS Health, we are working with healthcare providers Offering innovative broadband solutions and patients to improve information-sharing and harness TELUS offers a wide range of telecommunications, connectivity the power of technology to improve healthcare for Canadians. and entertainment services to consumers in British Columbia, Our digital innovations are helping patients get a better care Alberta and Eastern Quebec. Our multi-year, multi-billion-dollar experience while easing the burden on the healthcare system. investment has expanded our gigabit-capable TELUS PureFibreTM We provide digital health solutions for physicians, pharmacies, network directly to a majority of homes across these provinces. extended healthcare providers, patients, insurers and health With TELUS PureFibre, customers can reliably connect to the authorities. We also offer employee health and wellness services. digital technologies that matter most to them, such as streaming video, smart home services and security solutions. Business process and IT solutions Extending our caring culture around the globe TELUS International is a contact centre and customer experience innovator that designs, builds and delivers next-gen digital solutions. Our services cover digital transformation, IT life cycle, advisory and digital consulting, risk management and back- office support, and are delivered by more than 32,000 team members in over 40 languages at locations across North and Central America, Asia, and Europe. 2 • TELUS 2018 ANNUAL REPORT TELUS IN 2018 WORKING RELENTLESSLY TO MAKE A DIFFERENCE Q1 Q2 • Earned the top spot in four major wireless network • Became the first TV provider in Canada to launch awards for quality, speed and/or reliability 4K HDR TV content • Passed the halfway point in our program to • Expanded Mobility for GoodTM to Quebec and Ontario, expand our TELUS PureFibre network providing smartphones and data plans to youth directly to homes and businesses aging out of foster care across our footprint • Held our 13th annual TELUS Days • Launched the TELUS Baby Health of Giving® with more than 36,000 app to help parents keep track of people volunteering around their baby’s health information. the world. Q3 Q4 • Introduced TELUS SmartHome Security and TELUS • Introduced our fastest-ever Internet service options Secure Business solutions in B.C., Alberta and boasting download speeds of 1 GB and 750 Mbps Saskatchewan • Received the fewest customer complaints of any • Launched the TELUS Friendly Future national provider in the annual Commission for FoundationTM to provide youth better Complaints for Telecom-television access to health and educationa l Services report opportunities • Engaged close to 1.7 million • Expanded Health for GoodTM people in our #EndBullying to Victoria, delivering healthcare campaign to take our TELUS to vulnerable citizens. Wise® Digital Pledge in 2018. TELUS 2018 ANNUAL REPORT • 3 2018 PERFORMANCE AT A GLANCE DELIVERING SOLID RESULTS +7.2% +4.9% +1.9% +6.6% OPERATIONS Operating Adjusted Basic EPS Dividends declared revenues EBITDA1 2018: $2.68 per share 2018: $14.4 billion 2018: $5.3 billion 2017: $2.63 2018: $2.10 2017: $13.4 billion 2017: $5.0 billion 2017: $1.97 +24% -$180 +6.5% -0.13 million times FINANCIAL RESOURCES Free cash flow1 Capital expenditures Total Net debt to 2018: $1,197 million (excluding spectrum assets EBITDA ratio1,2 2017: $966 million licences) 2018: $33.1 billion 2018: 2.54 2018: $2.91 billion 2017: $31.1 billion 2017: 2.67 2017: $3.09 billion +17% +42% +80% 33% improvement CUSTOMER CONNECTIONS3 Wireless subscriber Internet subscriber TV subscriber Residential network net additions net additions net additions access line net losses 2018: 347,000 2018: 115,000 2018: 63,000 2018: (51,000) 2017: 296,000 2017: 81,000 2017: 35,000 2017: (76,000) OPERAT ING REVENUES ADJUSTED EBITDA1 ($ billions) ($ billions) 2018 14.4 2018 5.3 2017 13.4 2017 5.0 DIVIDENDS DECLARED PER SHARE TOTA L CUSTOMER CONNECTIONS3 ($) (millions) 2018 2.10 2018 13.4 2017 1. 97 2017 13.1 4 • TELUS 2018 ANNUAL REPORT 2018 FINANCIAL AND OPERATING HIGHLIGHTS Applying IFRS 9 and IFRS 15 ($ in millions except per share amounts) 2018 2017 % change OPERATIONS Operating revenues $ 14,368 $ 13,408 7.2 Earnings before interest, taxes, depreciation and amortization (EBITDA)1 $ 5,104 $ 4,910 3.9 EBITDA margin (%) 35.5 36.6 n/m EBITDA – excluding restructuring and other costs1 $ 5,421 $ 5,027 7.8 Adjusted EBITDA1 $ 5,250 $ 5,005 4.9 Operating income $ 2,837 $ 2,741 3.5 Net income attributable to common shares $ 1,600 $ 1,559 2.6 Basic earnings per share (EPS) $ 2.68 $ 2.63 1.9 Adjusted basic EPS1 $ 2.85 $ 2.77 2.9 Dividends declared per share $ 2.10 $ 1.97 6.6 Dividend payout ratio (%)1 78 80 n/m WIRELESS SEGMENT External revenue $ 8,135 $ 7,671 6.0 Adjusted EBITDA1 $ 3,461 $ 3,286 5.3 Adjusted EBITDA margin1 (%) 42.7 42.7 n/m WIRELINE SEGMENT External revenue $ 6,233 $ 5,737 8.6 Adjusted EBITDA1 $ 1,789 $ 1,719 4.1 Adjusted EBITDA margin1 (%) 28.2 28.9 n/m FINANCIAL POSITION Total assets $ 33,065 $ 31,053 6.5 Net debt1 $ 13,770 $ 13,422 2.6 Return on common equity (%)4 16.4 17.1 n/m LIQUIDITY AND CAPITAL RESOURCES Cash from operations $ 4,058 $ 3,947 2.8 Capital expenditures (excluding spectrum licences) $ 2,914 $ 3,094 (5.8) Free cash flow (before dividends)1 $ 1,197 $ 966 23.9 Net debt to EBITDA ratio1,2 2.54 2.67 n/m CUSTOMER CONNECTIONS3 (in thousands at December 31) Wireless subscribers 9,235 8,911 3.6 Internet subscribers 1,858 1,743 6.6 Residential network access lines (NALs) 1,248 1,298 (3.9) Total TV subscribers 1,093 1,098 (0.5) Total customer connections 13,434 13,050 2.9 n/m – not meaningful 1 These are non-GAAP measures and do not have standardized meanings under IFRS-IASB.
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