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2020 Telstra Annual Report

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2020 Telstra Annual Report Telstra Annual Report 2020 Telstra Corporation Limited ABN 33 051 775 556 We believe it’s people who give purpose to our technology Our 2020 reporting suite Our 2020 Annual Report Our 2020 Corporate Governance We take our reporting Statement So we’re committed to staying close Our Annual Report describes our obligations seriously strategy, financial performance and Our 2020 Corporate Governance and we provide remuneration practices. Statement (CGS) provides detailed to our customers and providing information about governance at The sections of our Annual Report concise and up to date Telstra and together with our titled Chairman and CEO message, The 2020 ASX Appendix 4G (which them the best experience information about your importance of connection: responding cross references the ASX to the bushfire and COVID-19 crises, company online. Corporate Governance Principles Strategy and performance, Our material & Recommendations to information risks, Outlook, and Full year results and in our CGS and on our website), is And delivering the best tech In 2020 this information operations review comprise our available at telstra.com/governance. includes our Annual operating and financial review (OFR) and form part of the Directors’ report. Report, our Corporate Our Bigger Picture 2020 On the best network Our OFR, Directors’ report and Financial Sustainability Report Governance Statement report were released to the ASX on Our Bigger Picture 2020 Sustainability 13 August 2020 in the document titled and our Bigger Picture Report, which provides an in-depth look ‘Financial results for the year ended at Telstra’s approach and performance Sustainability Report. 30 June 2020’ which is available at in relation to our most material social Because our purpose is to build telstra.com/investor. and environmental topics, is available a connected future so everyone at telstra.com/sustainability/report. can thrive FY20 Financial performance 2 FY20 highlights 3 Chairman and CEO message 4 The importance of connection: responding to the bushfire and COVID-19 crises 8 Strategy and performance 10 Our material risks 16 Outlook 20 Full year results and operations review 22 Board of Directors 32 Senior management team 34 Sustainability 36 Governance at Telstra 36 Directors’ report 38 • Message from the People and Remuneration Committee Chairman 42 Our values • Remuneration report 44 Financial report 80 • Financial statements 81 • Notes to the financial statements 87 • Directors’ declaration 172 Shareholder information 178 Trust each other Better Find your Make the Show to deliver together courage complex simple you care Reference tables 180 Glossary 183 Indicative financial calendar 184 B FY20 Financial performance FY20 highlights Our customers Total Income on a reported basis1 $26.2 billion Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) $8.9 billion Helped around More than More than Over 2 million on a reported basis 2.6 million customers 4 million customers 4.3 million active Telstra Plus members stay connected on our new plans My Telstra app users and over 4.3 billion during COVID-19 points redeemed Underlying EBITDA on a guidance basis2 $7.4 billion Our people Net Profit After Tax (NPAT) on a reported basis $1.8 billion FY20 performance in line with guidance All-time-high New paid Australian-first 10,000 people employee parental pandemic leave now working engagement leave policy policy in Agile teams Total FY20 dividends 16 cents per share fully franked Our community $1.9B returned to shareholders 2.5 million free calls Certified 10-year extension Partnered with Maintained A-band credit ratings made from Telstra carbon neutral of CareerTrackers 5 major universities payphones during in our operations program supporting to build skills for the bushfire crisis in July 2020 Indigenous graduates the future €500 million (approximately AUD $860 million) bond issue further strengthened balance sheet $1.8B reduction Our network in underlying fixed costs3 since FY16 1. Excluding financial income 2. FY20 guidance assumed wholesale product price stability and no impairments in and to investments or property, plant and equipment and intangible assets, and excluded any proceeds on the sale of businesses, mergers and acquisitions and purchase of spectrum. The guidance also Australia’s best 5G $500 million Switched on more Continued assumed the nbn rollout and migration in FY20 was broadly in accordance with the nbn Corporate Plan 2020. Guidance was provided on the basis – Telstra’s 5G footprint investment brought than 700 black spot investment of AASB16 Leases and assumed impacts consistent with management estimates. Capex was measured on an accrued basis and excluded expenditure on spectrum and externally funded capex and capitalised leases under AASB16 Leases. Underlying EBITDA excludes net one-off covers approximately forward to increase sites, most under the in our 400,000km nbn Definitive Agreement (DA) receipts less nbn net cost to connect (C2C), one-off restructuring costs and guidance adjustments but includes one third of the network capacity Federal Government’s subsea cable depreciation of mobile lease right-of-use assets. In-year nbn headwind is defined as the net negative recurring EBITDA impact on our business based on management best estimates including key input of the nbn Corporate Plan 2020. Australian population and accelerate our Mobile Black Spot network 3. Underlying fixed costs excludes one-off nbn DA and nbn net C2C, one-off restructuring costs and guidance adjustments. 5G roll out Program 2 Chairman and CEO message Chairman and CEO message | Telstra Annual Report 2020 Financial results distancing measures during the teams in the Philippines and India pandemic drove a huge acceleration to continue to support the digital Our results showed that through a in digitisation including in activities experiences we offer. challenging period Telstra continued like telehealth, online learning, remote to deliver for our customers, support working and e-commerce. our people and our community, while Meeting our responsibilities generating long-term shareholder value. This experience once again underlined the critical importance of We continued to think deeply about our FY20 proved to be an enormously telecommunications networks. As well role and responsibility in the community. challenging year for everyone – for as being the connective tissue during the We believe the obligations we have to our governments, businesses, communities, lockdown period, telecommunications customers are not defined only by the and for all of us as individuals. The and digitisation will be crucial to our small print of our contracts but by our emotional, mental and economic future prosperity. organisational purpose, values and code stresses as a result of the COVID-19 of conduct. pandemic and necessary restrictions Through this extraordinary disruption, have been profound. Telstra was challenged to adapt, to find There is also a growing community new ways of supporting our customers, expectation for businesses to take a It says a lot about the strength of our our people and the country in a time of stand on important social issues and a business and strategy that through all need. We are very proud of the way our broader acceptance that companies will this we were able to meet guidance, team responded. The COVID-19 period only be successful for their shareholders maintain the dividend and provide showed the value of our investments if their customers, employees and guidance for the year ahead. Importantly, through our T22 strategy to transform communities enjoy success too. we have also retained our strong balance Telstra. The reasons we introduced T22 Dear Shareholders For Telstra, during the COVID-19 sheet and A-band credit ratings. two years ago – a need to rapidly simplify pandemic, that sense of responsibility 2 and digitise, to remove customer pain Companies seldom get to choose the moments that define them. On a reported basis Total Income for included many things that we did in the points, to remove legacy systems and the year decreased 5.9 per cent to interests of our people, customers and The choices they do have are how they act, and react, and the 2020 processes – have never been more $26.2 billion and NPAT decreased the economy. We introduced a new global Financial Year has been a defining period for Telstra. Through the relevant and necessary. 14.4 per cent to $1.8 billion. epidemic and pandemic leave policy for COVID-19 global pandemic, the bushfire crisis, ongoing market Reported EBITDA was $8.9 billion. While the progress we made on our people – with paid leave for our disruption and our transformation initiatives, we continued to execute After adjusting for lease accounting on T22 meant we could fast-track our casual employees, brought forward capex on our T22 strategy and deliver for our customers and shareholders. a like-for-like basis3, EBITDA decreased digitisation and automation efforts investments, created relief programs for 0.3 per cent to $8.4 billion. during the pandemic and move more small business and consumer customers Your company ended the year with good momentum and growing 4 customer interactions online, one of the (something we also did during the On a guidance basis , underlying EBITDA negative impacts was the reduction in bushfires), provided temporary unlimited confidence in our ability to deliver our strategic ambitions. As we declined 9.7 per cent to $7.4 billion. 5 our workforce capacity, particularly in data allowances
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