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2013 Annual Reportopens in New Window Telecom Corporation of New Zealand Limited New Zealand Corporation of Limited Telecom ANNU A L REPO CHANGING R T For the year ended the year For AS FAST AS LIFE ITSELF. 30 June 2013 Telecom Corporation of New Zealand Limited ANNUAL REPORT For the year ended 30 June 2013 CONTENTS KEY DATES FOR FY14 INTRODUCTION Annual Meeting Overview 2 Chairman & CEO’s report 12 8 November 2013 OUR COMPANY Half-year result announced Board of Directors 16 21 February 2014 Leadership Team 18 Business operations 22 Company review 34 Financial year end 30 June 2014 PERFORMANCE Key performance indicators 45 This report is dated 23 August 2013 and is signed on behalf Business review 46 of the Board of Telecom Corporation of New Zealand Auditor’s reports 69 Limited by Mark Verbiest, Chairman, and Simon Moutter, Financial statements 71 Chief Executive. Notes to the financial statements 79 GOVERNANCE Governance at Telecom 133 Mark Verbiest Remuneration at Telecom 144 Chairman DISCLOSURES Interests disclosures 155 Shareholder and exchange disclosures 156 Simon Moutter Additional shareholder information 161 Chief Executive Forward-looking statements 167 Glossary 169 Shareholder inquiries/contact details 172 ARBN 050 611 277 PLAYING TO WIN IN THE NEW WORLD All around us, the pace of change has accelerated. And so has the way people choose to live and connect with one another. Dynamic change is now business as usual. Telecom’s ambition is to be a growing New Zealand company, winning by customers choosing us to connect them at the ‘speed of life’. To do that, Telecom needs to change as fast as life itself. That’s why we are reshaping our business to focus more on what customers need and want. It is going to take time, but getting this right is important for our customers, our shareholders and for New Zealand. We’re building the Telecom people want us to be, one day at a time. THAT’s our TICKET TO TOMORROW. | 1 2013 SNAPSHot Mobile connections Gen-i business customers 1.8M 2,800 Broadband connections Retail and Gen-i access lines 649K 1M 70 105K Wholesale customers Business Hub customers in New Zealand PERFORMANCE SNAPSHOT 4,189NZ$ M Operating revenue EBITDA NZ$ Adjusted EBITDA NZ$ Major adjusting items include: – severance costs – surplus lease costs 922M 1,043M – asset impairments Net Earnings NZ$ Adjusted Net Earnings NZ$ 238M 342M Earnings per share NZ$ Dividends per share NZ$ Capital expenditure NZ$ 13c 16c 465M Breakdown of EBITDA Year on Year EBITDA results BY BUSINESS UNITS (FY12 V FY13) NZ$M NZ$M 718 1,079 1,048 1,043 922 370 74 224 (287) Retail NZ$718M Gen-i NZ$370M FY12 FY13 FY12 FY13 EBITDA Adjusted EBITDA T&SS NZ$(287M) Wholesale & International NZ$224M AAPT NZ$74M EBITDA, adjusted EBITDA, and adjusted net earnings are non-Generally Accepted Accounting Principles (GAAP) measures and are not comparable to the International Financial Reporting Standards (IFRS) measure of performance. See the Performance section for detail of non-GAAP measures and reconciliations. | 3 THE WORLD IS CHANGING RAPIDLY 4 | Around the world, there is an explosive growth in demand for data, anywhere, anytime. Consider the following estimates: 90% More than 90% of the world’s data ever in existence has been created in just the past two years 1 TRillion By 2015 there are likely to be more than 1 trillion connected devices in the world 500 Million Every day, more than 500 million photos are uploaded and shared online 30 Billion More than 30 billion pieces of data are added to Facebook every month 32 million New Zealand mobile data traffic is expected to grow eight-fold by 2017 to over 11,000 terabytes per month – or the equivalent of 32 million texts each second 2.5 Million More than 2.5 million New Zealanders now have smartphones 80% Nearly 80% of New Zealand homes are connected to the internet 24GB Over the last year, the average Telecom customer household has doubled its monthly broadband data use from around 12GB to 24GB 150 timES PER Day The average smartphone user reaches for their phone 150 times a day | 5 THE TECHnology inDUSTRY in NZ IS ALSO RESHaping There has been unprecedented change in the New Zealand industry structure. CHORUS Telecom demerger completed – separation of Chorus was a world first in terms of industry structure NEXT GENERation Emergence of 4G LTE as a next generation mobile technology NEW mobilE SPEctRUM Government auction of 700MHz spectrum planned UFB & RBI Government-sponsored new technology network rollouts well under way – Ultra Fast Broadband and Rural Broadband Initiative will help drive and define New Zealand’s future use of technology MARKET conSoliDation Vodafone/TelstraClear merger creating a full-service competitor under the ownership of a large global telco CompEtition intENSifying Increase in competition in IT managed services, broadband and mobile OT T PlayERS Growing number of global ‘over-the-top’ (OTT) players in the New Zealand market MARgin PRESSURE Continued competitive pressure on margins in the fixed line, broadband and voice markets | 7 TELECOM FACED A STRATEGIC CHOICE Meanwhile, within Telecom a combination of complex platforms, legacy products, high operating costs and a lack of agility has been holding us back. We faced a strategic choice. We could settle for being the ‘dumb pipe’ that other technology companies could use to deliver profitable services – or become a growing New Zealand company, delivering communication, entertainment and IT services over our networks and the Cloud to meet the current and future needs of our customers. We’ve chosen the latter. It won’t be easy and it will take time to get ourselves fit for growth, but we believe this is the right strategic path to build a more valuable company for our shareholders, and contribute to a better future for New Zealand. It’s about helping people discover and create great things in a world where being connected anywhere, anytime matters more than ever. | 9 OUR FOUR STRATEGIC PRIORITIES Revolutionise Simplify Customer Experiences the Business WE AIM TO: WE AIM TO: ► Deliver simple, effortless experiences that are ► Radically simplify current platforms, products, offers, demonstrably and consistently better than our channels and supporting processes to reduce cost and competitors’ and that generate extraordinary complexity and improve speed to market customer advocacy ► Design and build new platforms, products, offers, ► Deeply understand New Zealanders’ increasing drive channels and end-to-end process capabilities to be connected and act quickly on these insights to ► Create a best practice, performance-driven, lean and create distinctive solutions for customers agile organisation supported with the right skills, ► Satisfy customer demand for greater simplicity and processes, risk appetite and incentives more digital self-service options IN FY13 WE: IN FY13 WE: ► Reshaped sales and delivery ► Raised data caps on 50GB ► Undertook a significant cost- ► Changed Gen-i and Retail teams around a better broadband plans to 80GB reduction programme service channels to improve understanding of customers’ service delivery for business needs and wants ► Significantly improved ► Streamlined our performance customers resourcing of our management and HR systems ► Implemented a world-leading Government customer ► Initiated major portfolio shifts solution to the problem of service model ► Commenced a major and partnerships in the Gen-i high data roaming costs re-engineering of our business to focus more on internal IT systems mobility, data and Cloud ► Commenced a programme to 80GB services re-engineer customer service ► Made progress rationalising experiences our customer products and ► Adjusted New Zealand platforms business structure with ► Expanded our digital self- customer-facing business service options: Tech in a ► Commenced a centrally led programme to achieve units underpinned by a Sec, Telecommunity, Live RAISED DATA CAPS ON network business Chat, My Telecom 50GB BROADBAnd PLAns ongoing cost-saving and TO 80GB simplification benefits SHIFTS IN THE GEN-i BUSINEss TO FOCUS MORE ON MOBILITY, DATA And CLOUD SERVICES REVOLUTIONISE SIMPLIFY IN FY14 WE WILL: IN FY14 WE WILL: ► Further expand and enhance ► Complete an entirely new ► Maintain a disciplined ► Progress the re-engineering digital self-service options mobile product infrastructure approach to capital programme of internal IT management infrastructure ► Step up leadership efforts ► Re-engineer more key to inform and educate customer service experiences ► Advance the centrally ► Further streamline and customers on new led programme driving simplify our product offers technologies cost-saving and business simplification 10 | Win Win Key Markets the Future WE AIM TO: WE AIM TO: ► Maximise opportunities from the major shifts in ► Earn new revenues and margins by investing industry structure resulting from Government fibre in and winning key future markets in Cloud, investment, industry mergers and acquisitions and network delivered services, digital services continued evolution of IP applications and services & mobile commerce ► Deliver a granular and focused market strategy ► Build market leadership, brand preference and by creating a competitive multi-brand capability revenues through demonstrating the benefits of to win key future markets while optimising value of our technology and services to distinct customer existing markets segments ► Realign resources, sales and marketing approach to ► Ensure success through committed substantive step-shift performance in key markets resourcing and an open approach to
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