Offer to purchase CLEARNET.pdf - About TELUS

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7. ACCOUNTS RECEIVABLE TELUS CORPORATION (FORMERLY BCT.TELUS COMMUNICATIONS INC.) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) December 31, 1999 1999 1998 (millions) Trade receivables ................................................... $544.7 $557.1 Current portion of leases receivable ..................................... 55.1 46.1 Other ........................................................... 29.3 56.5 $629.1 $659.7 Under an agreement dated November 20, 1997, TELUS Communications (B.C.) Inc. sold, with minimal recourse, accounts receivable for aggregate cash proceeds of $150 million. Pursuant to the agreement, the purchaser will use the proceeds of collection to purchase further receivables. This agreement, which expires in November 2002, is extendable upon the Company’s request. 8. PROPERTY, PLANT AND EQUIPMENT, NET Accumulated Net Book Value Cost Depreciation (millions) 1999 1998 Telecommunications assets ....................... $10,970.2 $6,837.3 $4,132.9 $4,281.2 Assets leased to customers ....................... 198.7 147.6 51.1 49.7 Buildings .................................... 1,164.1 603.6 560.5 569.3 Office equipment & furniture ..................... 447.8 292.2 155.6 145.3 Assets under capital lease ........................ 68.2 42.8 25.4 8.2 Other ...................................... 991.4 613.7 377.7 411.2 13,840.4 8,537.2 5,303.2 5,464.9 Land....................................... 82.8 — 82.8 84.7 Plant under construction ......................... 443.6 — 443.6 223.2 Materials and supplies .......................... 43.8 — 43.8 54.8 $14,410.6 $8,537.2 $5,873.4 $5,827.6 9. DEFERRED CHARGES 1999 1998 (millions) Pension plan contributions in excess of charges to income ..................... $ 81.2 $ 71.1 Cost of issuing debt securities, less amortization ............................ 11.2 12.8 Investment in New Media & Broadcast Fund .............................. 9.1 9.9 Deferred merger costs ............................................... — 8.7 Other ........................................................... 15.6 19.3 $117.1 $121.8 I-15
TELUS CORPORATION (FORMERLY BCT.TELUS COMMUNICATIONS INC.) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) December 31, 1999 10. SINKING FUND ASSETS Sinking fund assets relate to the Company’s note payable and consist of the following: 1999 1998 (millions) Debentures, at amortized cost Government of Canada, direct and guaranteed ............................ $ 38.3 $ 48.8 Alberta Government Telephones Commission ............................. 67.1 61.8 Short term deposits ................................................. — 15.0 105.4 125.6 Less: current portion ................................................ 105.4 32.8 $ — $ 92.8 Assets in the sinking fund have an approximate market value of $107 million ($133 million — 1998). The sinking fund assets have a weighted average effective interest rate of 9.3% (10.7% — 1998). 11. SALE OF PROPERTY AND INVESTMENTS During 1999, the Company disposed of some selected, non-strategic property and investments, including its investments in MediaLinx and Pacific Place Cable, for total proceeds of $40.2 million resulting in a pre-tax gain of $36.9 million. During 1998, dispositions of investments in Telesat, Sierra Wireless and CrossKeys resulted in total proceeds of $92.0 million and a pre-tax gain of $46.3 million. 12. SHORT-TERM OBLIGATIONS Amounts due for redemption within one year are as follows: 1999 1998 (millions) Notes payable under commercial paper programs ........................ $246.5 $494.2 Current maturities of long-term debt ................................. 326.7 287.7 $573.2 $781.9 Notes payable under commercial paper programs are unsecured, range in maturity from 17 to 97 days and carry a weighted average interest rate of 5.09%. At December 31, 1999, $380.0 million of commercial paper notes ($180.0 million — 1998) has been classified as long-term debt on the basis of the availability of a $380.0 million long-term credit facility agreement. In addition, the Company had in place committed operating lines of credit of $311.0 million ($465.0 million — 1998). I-16
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No securities commission or similar
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QUESTIONS AND ANSWERS ABOUT THE OFF
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outstanding voting shares of Clearn
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WHERE YOU CAN OBTAIN MORE INFORMATI
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SUMMARY The following is a summary
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Commitment to Accept the Offers by
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Selected Historical and Pro Forma C
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DEFINITIONS In the accompanying Sum
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‘‘Governmental Entity’’ mea
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‘‘Shareholders Agreements’’
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Shares and the amount of cash recei
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shares into the Depositary’s acco
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the person or persons specified by
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(l) neither TELUS nor the Banks bec
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condition of the Offers specified u
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(f) the Holdco Shareholder properly
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Notice of any determination regardi
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The Offers are not being made to, n
Page 37 and 38: On July 14, 2000, Darren Entwistle,
Page 39 and 40: espect of such Acquisition Proposal
Page 41 and 42: etter positioned to take advantage
Page 43 and 44: The funds obtained pursuant to the
Page 45 and 46: part of its national strategy, TELU
Page 47 and 48: to require holders of TELUS Non-Vot
Page 49 and 50: ‘‘Dividends’’ in TELUS’ A
Page 51 and 52: systems. Change in the regulation o
Page 53 and 54: (b) the management proxy circular o
Page 55 and 56: COMMITMENTS TO ACQUIRE SECURITIES O
Page 57 and 58: the proposed transaction is likely
Page 59 and 60: ACQUISITION OF CLEARNET SHARES NOT
Page 61 and 62: least equal in value to the conside
Page 63 and 64: Beneficial owners of Clearnet Conve
Page 65 and 66: separately dispose of the balance o
Page 67 and 68: also be taxable Canadian property w
Page 69 and 70: No brokerage fees or commissions wi
Page 71 and 72: CONSENT OF AUDITORS To: British Col
Page 73 and 74: CERTIFICATE OF 612459 B.C. LTD. The
Page 75 and 76: MANAGEMENT’S REPORT Management is
Page 77 and 78: TELUS CORPORATION (FORMERLY BCT.TEL
Page 87: 4. FINANCING COSTS TELUS CORPORATIO
Page 105 and 106: SCHEDULE II TELUS CORPORATION UNAUD
Page 107 and 108: COMPILATION REPORT To the Directors
Page 109 and 110: TELUS CORPORATION PRO FORMA CONSOLI
Page 111 and 112: TELUS CORPORATION NOTES TO THE PRO
Page 119 and 120: TELUS CORPORATION PRO FORMA CONSOLI
Page 127 and 128: SCHEDULE III TELUS CORPORATION U.S.
Page 129 and 130: The following table restates the ma
Page 131 and 132: ANNEX A ADDITIONAL INFORMATION ADDI
Page 133 and 134: Fares F. Salloum President — Inte
Page 135 and 136: Officers Name and Position held wit
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