TELUS results helped by tax adjustments

18 Feb 2008

TELUS Corporation, Canada’s second largest full-service telco, has reported fourth quarter 2007 revenue of CAD2.33 billion (USD2.32 billion), a year-on-year increase of 3.4%, driven by 9% growth in wireless turnover and a 7% rise in wireline data/internet services revenue. The increases were partially offset by declines in local and long distance fixed line sales. EBITDA for the three months to the end of December increased 8% year-on-year to CAD953 million due to 14% and 2% increases in wireless and wireline EBITDA, respectively. Net income in the quarter rose 66% to CAD400 million included favourable tax related adjustments of approximately CAD, compared to CAD20 million a year ago. Excluding tax related adjustments net income was CAD258 million, up 17%.

For full year 2007 TELUS posted revenue growth of 4.5% to CAD9.1 billion and a 0.7% drop in EBITDA to CAD3.6 billion. TELUS invested CAD1.77 billion in CAPEX in the year and generated free cash flow of CAD1.57 billion, which funded shareholder dividends of CAD521 million and the repurchase of CAD750 million of its own shares. The company met or exceeded three of four initial consolidated financial 2007 targets set more than a year ago, including both profitability targets.

The operator’s total local telephony subscribers decreased by 3.2% year-on-year to 4.4 million at end-2007, whilst high speed internet users increased by 11.3% to 1.02 million. TELUS’s wireless customer base grew by 10.1% to 5.57 million users, and annual mobile data ARPU jumped 43.6% to CAD7.02 (11% of total ARPU); fourth quarter ARPU shrunk by 1.2% to CAD63.7. Net subscriber additions of 161,400 in 4Q were down 11%, and post-paid sign-ups fell 18% to 106,400.

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