Offer to purchase CLEARNET.pdf - About TELUS

TELUS CORPORATION
NOTES TO THE PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS (Continued)
June 30, 2000
(unaudited)
3. DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES (Continued)
summarized below. Significant differences between Canadian GAAP and U.S. GAAP would have the
following effect on reported net income of the Company for the six months ended June 30, 2000:
Net loss in accordance with Canadian GAAP ....................
TELUS Adjustments, net of tax:
(millions)
$(28.9)
Decrease in depreciation expense (b) ........................ 9.7
Decrease in interest expense (c) ............................ 16.0
Increase in future employee benefits (d) ...................... (4.6)
Amortization of intangible assets (e) ......................... (32.4)
Goodwill amortization (f) ................................. (10.1)
Asset impairment difference (g) ............................
Clearnet Adjustments, net of tax:
20.0
Premium on repurchase of long-term debt (j) .................. 7.5
Interest expense on convertible debentures (i) .................. (0.3)
Foreign exchange (h) .................................... (8.6)
Net loss before Extra-ordinary Item ........................... (31.7)
Premium on repurchase of long-term debt (j) .................. (7.5)
Net loss in accordance with U.S. GAAP ........................
Loss per share under U.S. GAAP (basic and diluted):
$(39.2)
Before extra-ordinary items ............................... $(0.11)
Extra-ordinary items .................................... (0.03)
After extra-ordinary items ................................ $(0.14)
The following is a restatement of major balance sheet categories to reflect the application of U.S. GAAP:
Current assets .........................................
(millions)
$ 1,801.7
Property, plant & equipment ............................... 7,061.3
Goodwill ............................................. 5,677.0
Intangible assets ........................................ 3,863.9
Deferred income tax assets ................................ 1,237.0
Other assets ........................................... 755.4
$20,396.3
Current liabilities ....................................... $ 2,457.7
Long-term debt ........................................ 6,925.8
Other long-term liabilities ................................. 153.2
Deferred income tax liabilities .............................. 1,777.4
Non-controlling interest .................................. 83.4
Shareholders’ equity ..................................... 8,998.8
$20,396.3
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