Despite a year of tremendous challenges for the telecom industry and TELUS specifically, we remained disciplined and focused on our strategy. That tactic is now paying off for our customers, investors and employees. Confidence in our strategic direction has resulted in an improvement to our balance sheet and an increase in both our bond and share prices.
Highlights
- Excellent performance in our wireless business, with our disciplined approach of focusing on profitable subscriber growth, saw TELUS Mobility's operating earnings (EBITDA) grow 133% in the fourth quarter and 50% for the year.
- Significant progress in our operational efficiency program through the reduction of 2500 positions in the quarter and 5200 positions for the year resulted in above plan savings of $150M in 2002.
- High speed Internet subscriber growth in 2002 of 195,000 additions for a total of 410,000 subscribers constitutes a 91% increase in our high speed customer base.
In the February 14 National Post, Eamon Hoey, senior partner with Hoey & Associates, said we are demonstrating that a focus on core telecom operations is a recipe for success and a better route than dubious convergence strategies.
"It is a strategy of making choices and making the right choices to drive profit."
For the second year in a row, TELUS has been ranked as a leader in corporate sustainability. In September, TELUS was again named to the Dow Jones Sustainability Index list, a worldwide ranking of companies that are recognized as economic, environmental and social leaders. Of the 310 companies listed, we are one of 17 Canadian companies and the only North American telecommunications company.
Community Investment
In 2002, we contributed approximately $10 million of financial and in-kind assistance to education, health, arts and charitable organizations across Canada. We're proud of our long history as an Imagine Caring Company, meaning that we donate at least one per cent of our pre-tax profits to charitable organizations.
Of note from 2002 is our involvement with the bid for the 2010 Winter Olympic and Paralympic Games. TELUS is a Premier Founding Supporter of Canada's bid to host the 2010 Winter Olympic and Paralympic Games in Vancouver and Whistler. Our involvement reinforces our commitment to the community while allowing us to showcase our technical expertise to the world.
Looking Ahead
Throughout 2002 we successfully executed against our strategy despite the meltdown in capital markets, depressed wireless valuations early in the year, and onerous regulatory decisions. Going forward into 2003, we feel we'll see improved stability in regulation and improved investor confidence in the telecom sector.
For more information, please visit our Investor Relations site or e-mail us at scope@telus.com.
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