At TELUS, we believe in setting annual financial targets to provide clarity for investors and help drive our performance.
In 2017, we achieved three of our four revised consolidated targets. Our achievements reflect growth in wireless network revenues resulting from an increase in average revenue per subscriber unit and growth in our wireless subscriber base, as well as an increase in wireline data service revenue and an ongoing focus on operational efficiency. Capital expenditures exceeded our target due to a continued focus on investments in our broadband wireless and wireline infrastructure.
For further information, see Section 1.4 of Management’s discussion and analysis (MD&A) in this report.
2017 targets
We continued to pursue our proven national growth strategy focused on wireless and data
2017 results
We achieved our revenues and earnings targets, supported by profitable customer growth in wireless and wireline and cost efficiencies
2018 targets
Our targets reflect revenue, earnings and dividend growth, supported by customer growth, continued network investments and an ongoing focus on efficiency
We are currently guided by a number of long-term financial objectives, policies and guidelines, which are detailed in Section 4.3 of the MD&A.
With these policies in mind, our 2018 consolidated financial targets reflect continued execution of our successful national growth strategy focused on wireless and data. In each of the past eight years, we have met three of our four consolidated financial targets, which has supported the return of capital to shareholders through our shareholder-friendly initiatives, including our multi-year dividend growth program.
The following scorecard shows TELUS’ 2017 performance against our revised targets, as well as our targets for 2018.
For more information and a complete set of 2018 financial targets and the assumptions on which they are based, see our fourth quarter 2017 results and 2018 targets quarterly report issued on February 8, 2018.
2017 revised targets | 2017 results and growth | 2018 targets | |
|---|---|---|---|
Revenues | Targeted between $13.180 and $13.310 billion an increase of 3.0 to 4.0% | ✔ $13.30 billion an increase of 3.9% | Targeting between $13.835 and $14.100 billion an increase of 4 to 6% |
EBITDA – excluding restructuring and other costs | Targeted between $4.875 and $5.040 billion an increase of 3.5 to 7.0% | ✔ $4.91 billion an increase of 4.4% | ➖ |
Adjusted EBITDA | ➖ | $4.89 billion an increase of 4.8% | Targeting between $5.105 and $5.230 billion an increase of 4 to 7% |
Basic earnings per share (EPS) | Targeted between $2.49 and $2.66 an increase of 2.0 to 9.0% | ✔ $2.51 an increase of 2.9% | Targeting between $2.53 and $2.68 an increase of 3 to 9% |
Capital expenditures (excluding spectrum licences) | Targeted $3.0 billion | ✖ $3.09 billion an increase of 4.2% | Approximately $2.85 billion |