TELSTRA GROUP LIMITED - Interim / Quarterly Report 2019

==> picture [40 x 46] intentionally omitted <==

14 February 2019

The Manager

Market Announcements Office Australian Securities Exchange 4[th ] Floor, 20 Bridge Street SYDNEY NSW 2000

Office of the Company Secretary

Level 41 242 Exhibition Street MELBOURNE VIC 3000 AUSTRALIA General Enquiries 03 8647 4838 Facsimile 03 8600 9800

ELECTRONIC LODGEMENT

Dear Sir or Madam

Telstra Corporation Limited - Financial results for the half-year ended 31 December 2018 – CEO/CFO Analyst Briefing Presentation and Materials

In accordance with the Listing Rules, I enclose for immediate release to the market:

a) a presentation;
b) CEO and CFO speeches;
c) Telstra’s Half-Year Results and Operations Review; and
d) financial and statistical tables.

Telstra will conduct an analyst briefing on the half-year results from 9.15am AEDT and a media briefing from 11.00am AEDT. The briefings will be broadcast live by webcast at https://www.telstra.com.au/aboutus/investors/financial-information/financial-results.

A transcript of the analyst briefing will be lodged with the ASX when available.

This announcement has been released simultaneously to the New Zealand Stock Exchange.

Yours faithfully

==> picture [122 x 39] intentionally omitted <==

Sue Laver Company Secretary

Telstra Corporation Limited ACN 051 775 556 ABN 33 051 775 556

==> picture [481 x 271] intentionally omitted <==

----- Start of picture text -----

• •
•
• •
•
•
•
•
•
----- End of picture text -----

==> picture [481 x 271] intentionally omitted <==


			

		

		
			

	

		


	
		



==> picture [481 x 271] intentionally omitted <==

----- Start of picture text -----

   
  

 


  

----- End of picture text -----

==> picture [481 x 271] intentionally omitted <==

----- Start of picture text -----









----- End of picture text -----

==> picture [481 x 271] intentionally omitted <==

----- Start of picture text -----





----- End of picture text -----

==> picture [481 x 271] intentionally omitted <==


	•
•
•	•
	•
•
•	•
	•
•	•
	•
•
	•
•
	•
	•
•
•
	•
•
	•
	•
•
•
	•
•
•	•
	•


	•
•
	•
•
	•
•
•
	•
•
	•
•
•
	•
•
	•
•
	•
•
•
	•
•
	•
•
	•
•
	•
•

==> picture [481 x 271] intentionally omitted <==

• • •

==> picture [481 x 271] intentionally omitted <==

----- Start of picture text -----

•
•
----- End of picture text -----

==> picture [431 x 26] intentionally omitted <==

==> picture [89 x 9] intentionally omitted <==

==> picture [34 x 8] intentionally omitted <==

==> picture [55 x 9] intentionally omitted <==

• • • •

==> picture [66 x 8] intentionally omitted <==

==> picture [21 x 8] intentionally omitted <==

==> picture [42 x 9] intentionally omitted <==

==> picture [60 x 8] intentionally omitted <==

==> picture [58 x 8] intentionally omitted <==

==> picture [199 x 9] intentionally omitted <==

==> picture [154 x 8] intentionally omitted <==

==> picture [7 x 6] intentionally omitted <==

==> picture [106 x 6] intentionally omitted <==

==> picture [90 x 6] intentionally omitted <==

==> picture [9 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

==> picture [27 x 7] intentionally omitted <==

==> picture [87 x 7] intentionally omitted <==

==> picture [26 x 7] intentionally omitted <==

==> picture [17 x 7] intentionally omitted <==

==> picture [12 x 6] intentionally omitted <==

==> picture [481 x 271] intentionally omitted <==

==> picture [154 x 26] intentionally omitted <==

• •

==> picture [28 x 7] intentionally omitted <==

==> picture [230 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

==> picture [90 x 7] intentionally omitted <==

==> picture [69 x 7] intentionally omitted <==

==> picture [257 x 7] intentionally omitted <==

==> picture [261 x 6] intentionally omitted <==

==> picture [138 x 6] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

==> picture [124 x 6] intentionally omitted <==

==> picture [7 x 6] intentionally omitted <==

==> picture [61 x 6] intentionally omitted <==

==> picture [69 x 6] intentionally omitted <==

==> picture [12 x 6] intentionally omitted <==

==> picture [481 x 271] intentionally omitted <==

==> picture [265 x 25] intentionally omitted <==

• •

==> picture [7 x 7] intentionally omitted <==

==> picture [259 x 6] intentionally omitted <==

==> picture [68 x 6] intentionally omitted <==

==> picture [12 x 6] intentionally omitted <==

==> picture [481 x 271] intentionally omitted <==

==> picture [297 x 25] intentionally omitted <==

==> picture [212 x 6] intentionally omitted <==

==> picture [7 x 6] intentionally omitted <==

==> picture [28 x 7] intentionally omitted <==

==> picture [7 x 7] intentionally omitted <==

==> picture [56 x 7] intentionally omitted <==

==> picture [149 x 6] intentionally omitted <==

==> picture [51 x 7] intentionally omitted <==

==> picture [28 x 7] intentionally omitted <==

==> picture [17 x 7] intentionally omitted <==

==> picture [12 x 6] intentionally omitted <==

==> picture [481 x 271] intentionally omitted <==

CEO & CFO SPEECH NOTES

TELSTRA HALF YEAR RESULTS 14 FEBRUARY 2019

ANDREW PENN – CEO

Slide – Half Year 2019 Results

Good morning and welcome to Telstra's results announcement for the half year ended 31 December 2018.

Our results reflect the dynamic and challenging market in which we are operating with significant changes underway across our sector.

We continued to achieve strong customer growth in both mobile and fixed, as well as in our fast growing Internet of Things business. We have also made great progress on our T22 strategy.

Notwithstanding this, as expected our financial results reflect the significant and progressive impact of the roll out of the NBN and the intense competition in the market which is reducing ARPU's in both fixed and mobile.

With around 55% of Australian premises connected to the NBN, we are now over half way through. This means we have absorbed to date $1.7 billion of the at least $3 billion of the estimated negative impact on recurring EBITDA by the end of the roll out.

However, despite these short-term financial challenges, we remain very positive about Telstra's prospects for the future.

Demand for telco products and services continues to grow and telecommunications infrastructure is only going to increase in importance over the next decade.

As we have seen with the 3G and 4G product cycles in the past, we believe we will ultimately see industry ARPU increase as we transition to 5G. We also hope there might be some improvement in nbn wholesale prices.

Finally we are making good progress on our program of investment and T22 strategy, and we are leading the market, if not the world in the early stages of 5G.

I will take you through our progress on these shortly.

Firstly let me take you through the key financial results and achievements in the half.

I will then hand over to Robyn before we open for Q&A.

Slide - Half Year 2019 Results - Headlines

Total Income for the half decreased 4.1% to $13.8 billion on a reported basis.

Excluding one-off NBN income, total income decreased 1.8% to $12.8 billion.

EBITDA decreased 16.4% to $4.3 billion on a reported basis.

Excluding one-off NBN income and restructuring costs, EBITDA decreased 11.2% to $3.9 billion.

NPAT decreased 27.4% to $1.2 billion.

CHECK AGAINST DELIVERY

Page 1

Consistent with Telstra's revised dividend policy, the Board has resolved to pay a fully franked interim dividend of 8 cents per share. This comprises an interim ordinary dividend of 5 cents per share and an interim special dividend of 3 cents per share.

Telstra's circumstances today are very different from what they were before the NBN. We are no longer the national wholesale provider - that part of our business, the revenue and value, is being transferred to the NBN and that is reflected in our income, profit, and dividends.

While we have offset some of the impact of the NBN and will continue to do so through our productivity and other initiatives, these efforts have in turn been mitigated by the downward pressure on industry margins from increased competition.

Before the NBN rollout we were a $10 billion EBITDA company. The negative impact of the NBN is at least $3 billion in annual EBITDA. Post the rollout of the NBN, EBITDA needs to be in the order of $78 billion to pay a dividend around 16 cents under our dividend policy of paying between of 70 to 90% of earnings taking into account our balance sheet parameters and free cash flow.

Our T22 strategy is aimed at improving our underlying earnings and mitigating the impact of the NBN, although clearly this is subject to the influence of the broader economic, competitive and regulatory environment in which we operate.

I do understand and appreciate what a lower dividend means for our shareholders. However, we also have to accept the realities of the NBN and the structural change to Telstra. We also have to accept if we are to invest and be successful in the future, that our historic practice of paying 100% or more of our earnings in dividend was unsustainable.

Slide - Strong customer adds and T22 momentum

Let me turn to the key operating highlights from the half year.

One of the key features from the results today is our continued growth in customer numbers.

During the half we added 240,000 net retail mobile services across retail postpaid, Internet of Things, prepaid handheld and mobile broadband.

We added 239,000 net retail postpaid mobile services, including 115,000 from Belong Mobile. We launched Belong Mobile as part of our multi brand strategy a little over a year ago and we are very pleased with our performance to date.

We also added 261,000 net new Internet of Things services.

Telstra's total retail mobile services now stand at more than 18 million with more than 8 million post paid hand held.

We also added 125,000 wholesale mobile services, bringing total wholesale services for the company to 1.1 million.

Revenues for our mobile business were up 2.4 per cent compared to the same period last year. Within this Mobile services revenues were broadly flat with the growth coming from hardware due to increased handset pricing and volumes.

We also saw good revenue growth from our Internet of Things business, up 36 per cent.

We are now connecting on average 2,000 things every day to our IoT networks including vehicles, machines, infrastructure, smart meters and all sorts of sensors.

IoT is an exciting new growth opportunity for us, particularly as we prepare to enter the 5G era.

In fixed, we added 64,000 net new retail services, including 22,000 from Belong. This brings our total retail services to 3.7 million.

CHECK AGAINST DELIVERY

Page 2

In the half, we added 308,000 new NBN connections with an estimated NBN market share excluding satellite of 51% and taking the total number of NBN connections from Telstra to 2.3 million.

Turning to costs, we continued to make progress with our cost reduction program during the half.

Underlying fixed costs were down 4.2% or $162 million with approximately $900 million in annualised cost reductions achieved since the program began in FY16.

We propose to further accelerate our productivity program in the second half, and into FY20 and we remain on track to achieve our cost reduction target of $2.5 billion by FY22.

By the end of FY19, total operating expenses, excluding restructuring costs, are expected to be broadly flat. From then we expect total costs to decline with reductions in underlying fixed costs targeted to offset increased NBN network payments and hardware costs.

Turning to customer experience. I am delighted to report the investments we have been making and the activities under our T22 strategy are having a real impact for our customers.

Over the half, Episode NPS improved two points while Strategic NPS improved three points. Over the 12 months since December 2017, Episode NPS improved six points and Strategic NPS improved nine points.

This is very solid momentum although I know there is still much to do to improve the experience for our customers.

Let me now turn to our T22 strategy.

Slide - T22

There is no doubt this is a critical time, not just for Telstra, but for the telecommunications industry globally.

Last year as the impacts of the NBN and competition became more profound, we recognised we needed to do even more in response to the market dynamics. We needed to accelerate our rate of change, leverage the investments we have been making and lift our level of aspiration in delivering simpler, more flexible products and services with a great digital experience for our customers and leaving our legacy behind.

This is what our T22 strategy is about. It is about simplifying the business and reducing our cost base for the future. It is about maximising the value of our infrastructure assets.

It is about positioning us for the 2020's and beyond and to take advantage of the significant opportunities coming around the corner from growing demand, technology change and the arrival of 5G.

The strategy is built around four key pillars and two critical enablers, building the networks for the future and digitisation.

Let me detail the progress we have made on T22 this half, firstly Pillar One.

Slide - T22 Strategic Pillars - progress to date

There are essentially two elements to this across both our mass market - consumer and small business and our enterprise business segments. Firstly, radically simplifying our product offerings and secondly creating new digital experiences aimed at eliminating customer pain points and driving growth.

CHECK AGAINST DELIVERY

Page 3

One of the biggest customer pain points has always been fear of excess data charges. This half we removed that pain point leading the market with our peace of mind mobile plans. We now have 489,000 Telstra customers enjoying the benefits of the Peace of Mind data.

In the half, we also launched more flexibility for customers through our new consumer Choice plans so customers only have to take and pay for the services that they want from Telstra.

Postpaid mobile and broadband customers can also now add Kayo, Foxtel's new sports streaming service which offers an unparalleled range of live sport and extra content.

In October we launched the next generation of our smart modem, a technology that includes a 4G chipset which now also enables voice. The hybrid modem enables fixed broadband customers to stay connected via the mobile network if their fixed service is not yet activated or if there is a service interruption.

We have with more than 870,000 customers using a smart modem. This has made a massive difference to their experience and we have seen a 77% drop in calls and complaints from customers using the smart modem.

Improvements to our 24x7 App, our Codi virtual assistant and other digital experiences have also helped improve customer experience. Incoming calls to our contact centres, totalling 14 million were 4 million or more than 20% less than the same period last year.

We also saw an increase in the number of digital sales interactions in our consumer and small business segment which jumped from 6.2% to 9.7% in the half as more and more customers learned of our improved online experience.

This half we also announced major enhancements for small business including new solutions and services designed to add more flexibility, reliability, value, cost certainty and expert service and advice.

These include unlimited data as standard on broadband plans, 24/7 concierge tech support and mobile broadband backup as well as Telstra Platinum for Business, a new prioritised IT and support solution.

We also continue to make good progress in reducing the complexity in the number of plans we offer.

During the period we reduced the number of active consumer and small business plans to 120, well on the path toward our target of having just 20 plans in market by the end of the financial year.

The balance of the 1,800 consumer and small business plans will be eliminated by FY21 as we migrate customers over to our new products and services on the new technology stack.

In Enterprise, we launched Connected Workplace delivering unlimited voice and video, Instant Messenger, a managed private network and internet protection on a per seat basis and one simple bill.

All of these services are being delivered through our new Enterprise IT stack.

The number of active Enterprise plans was also cut by 13% as we continued to remove and unravel complexity.

Across the other three T22 pillars we also made good progress.

Let me now turn to those.

Pillar 2 is focussed on establishing a standalone infrastructure business unit to drive performance and create optionality post the NBN rollout.

CHECK AGAINST DELIVERY

Page 4

Telstra InfraCo is now up and running and segment reporting is included in the financial accounts we are releasing today.

High-level SLA's detailing the asset and services provided by Telstra InfraCo have also been developed and Telstra InfraCo is on track to be fully operational by the end of this financial year.

Pillar 3 is aimed at greatly simplifying our structure and ways of working to empower our people and serve our customers.

Here we are fundamentally re-engineering how we operate.

Progress this half included putting in place a new top line operational structure and leadership team. Also removing complexity and management layers, to empower our teams to make decisions closer to the customer.

Our ways of working are also being simplified and re-aligned to increase the focus on customer service, on product leadership, and on breaking down siloes.

During the half, we removed 3,200 roles from the Company of which 1,500 were management roles as well as 1-2 layers of management. This is in line with our expectation that ultimately our T22 strategy will lead to a net reduction of 8,000 jobs over the next three years with 9,500 existing roles being impacted partly offset by 1,500 new roles being created.

This for me, is by far the hardest aspect of the changes we have to make. I feel deeply when our people are personally impacted and I am committed to both be transparent with our teams on what this means and to provide all the support we possibly can for the people affected.

Also, we have to put this in the context of the structural changes happening to our business from the NBN and the fact that NBN, a company that did not previously exist and to which we are transferring a material part of our business, now employs itself almost 7,000 employees and 24,000 contractors.

The final pillar of our strategy is to deliver an industry leading cost reduction program and portfolio management.

Our underlying fixed costs were down $162 million in the half, with nearly $900 million of annualised cost reductions achieved since FY16.

We will accelerate our cost reduction program in the second half of FY19 and into FY20 and we remain on track to reach our target of reducing underlying fixed costs by $2.5 billion by FY22.

Robyn is going to talk further about our cost reduction program in her section.

The other aspect of Pillar 4 is to continue our active program of portfolio management to monetise up to $2 billion of assets by FY20.

In this regard we have restructured Telstra Ventures and exited Ooyala and we are well progressed on other initiatives to achieve this target.

Slide - T22 Enablers - progress to date

As you have heard me say before, T22 is built on the foundation provided by our up to $3 billion strategic investment program announced in 2016. This investment has been in creating the networks for the future and digitising the business.

We remain on track to realise the benefits of this program with $2.6 billion invested to date, including $1.6 billion in networks and $1 billion in digitisation. From this we have delivered $212 million of EBITDA benefits to date.

More importantly T22 would just not have been possible without these investments and we expect them to contribute much more in terms of benefits as we leverage them into the program.

CHECK AGAINST DELIVERY

Page 5

The investments will be largely complete by the end of the current financial year.

In the meantime, let me add some colour to what we have been doing in this half.

The digitisation program includes creating new technology stacks - one for mass market and one for enterprise but with shared capabilities across both. This is a huge undertaking and probably the largest IT transformation in our history. It is also critical for the success of our business in the future. The enabling technology includes new CRM, provisioning, billing and e-commerce systems and is directly linked to the improved customer experience, increased digital sales and reductions in call centre activity I mentioned earlier.

We have done most of the heavy lifting on this for our mass market - consumer and small business systems. We have stood up the infrastructure and platforms, implemented Salesforce CRM, and upgraded ecommerce systems and will be rolling these out progressively over the coming months with the first capabilities reaching the hands of our employees and customers next month.

For our enterprise customers we are even further progressed with products already in the market leveraging its capabilities. For example, the Telstra Connect platform enables businesses to essentially self-manage many of their services directly and digitally.

Over 1,600 out of our 18,000 enterprise customers are now using this platform and we have seen a 13% reduction in the number of calls to our call centres on a six month rolling average. On the network side, we continue to focus on network superiority to ensure we continue to lead the industry as we develop the next generation of software defined networks and prepare for 5G.

This half we extended our coverage by adding 132 new mobile sites, including those delivered through the Federal Government mobile blackspot program, and completed upgrades at a further 800. 313 new small cells were also installed.

Service reliability and resilience remains a critical factor for our mobile customers - and a key network differentiator for Telstra. Since FY17 mobile outage hours have been reduced 69 per cent as a result of our ongoing network improvements.

Telstra also continues to lead the market in key speed benchmarks.

Recognition for the speed and quality of our network this half included winning P3 and Systemics network surveys for Australia's best mobile operator, the 2018 Ookla Speedtest for both fastest mobile and fixed network, and the Netflix speed index for the last twelve months in a row.

Perhaps the most significant network achievement this half was launching 5G into the network and putting the technology into the hands of our customers for the first time.

Slide - Leading into the 5G era

An incredible amount of work and industry leadership has been required to get us to this point on this exciting new technology.

This work - and our close relationship with key technology partners such as Ericsson and Qualcomm - means we are very much at the global forefront of 5G and will have first-mover advantage.

Our 5G preparations are extensive and have included:

Completing a string of world firsts at our 5G Innovation Centre on the Gold Coast;

Securing 5G spectrum at the December spectrum auction;

Rolling out 5G into our network with more than 200 5G mobile base stations already live nationwide; and,

CHECK AGAINST DELIVERY

Page 6

Making sure we will have the handsets from the get go after announcing exclusive access partnerships with a number of key global providers in January.

5G will be transformative for the industry and offer significant opportunities for revenue growth.

We believe as 5G rolls out - as with 4G, customers will be willing to pay more to access this new technology and the great benefits it brings.

5G will also enable new revenue streams that do not exist today.

On top of this, 5G will deliver an immediate capital efficiency by reducing the cost per bit of data travelling over the network.

It will also have a positive effect on our already market leading 4G network as customers move across and this frees up capacity on 4G.

Telstra's global leadership on 5G means our customers will be among the very first in the world to enjoy this new technology and it will cement mobile as the engine room of our business into the future.

Slide - T22 Strategy scorecard

Before I close I would like to quickly take you through the T22 scorecard.

I have touched on many of the measures as I have stepped you through our T22 strategy but let me just call out a couple of things that might be worthy of further comment.

For context, we will continue to use this scorecard to track execution and provide transparency in how we are delivering the key outcomes from T22. We do this in six areas covering customer experience, simplification, network superiority, employees, cost reduction and strengthening the balance sheet.

Importantly, the scorecard represents a very strict view of our progress and is reviewed by our auditors.

Each outcome has clear and tangible milestones to which we are holding ourselves to account. Our dedicated Transformation Office is also in place to plan, track and report on execution against these specific outcomes.

As you can see, three key T22 milestones are now completed, including that our network is 5G ready and we now have in place defined SLA's for Telstra InfraCo.

Of the remaining 26 measures, 17 are on track for delivery and we have made good early progress on a further five which are there in grey which are too early to measure.

In customer experience, we are on track with Strategic and Episode NPS and we continue to remove many of the older legacy applications in our technology environment as new billing, provisioning, CRM and e-commerce systems come online.

Four measures in our T22 scorecard are rated amber.

Firstly, our new technology stacks - as I mentioned we are very well progressed. For Enterprise, the stack is already live with our customers starting to experience the benefits. For mass market, we are extremely well progressed although there are some aspects which will roll forward into Q1 and Q2 FY20 as we continue to adjust our rollout profile under the agile methodology.

Whilst therefore on a literal basis we are calling this amber, we are very confident in the progress of the program and our commitment to deliver the simplified products and services for our customers. We are also confident we will hit our target of no more than 20 core connectivity plans by the end of this financial year.

CHECK AGAINST DELIVERY

Page 7

Secondly, the 24/7 App. Ironically, one of the side effects of our successful peace of mind data plans is customers are going to their App less to check their data consumption because they no longer need to worry about this. This is good news for customers and we are therefore working on other initiatives to increase customer engagement with the App.

On Enterprise product closures, we are on track for cease sale of the legacy products however, we have decided to provide another 12 months for customers to migrate to the new products. This is due to the complexity of these contracts and services and to mitigate the impact to them.

As I mentioned earlier we are also very much on track in relation to cost productivity targets, with nearly $900 million in cost reductions achieved since FY16.

We expect FY19 total operating expenses, excluding restructuring costs, to be broadly flat on FY18.

Total operating costs in the half did increase 3% on the same period last financial year excluding restructuring costs and guidance adjustments. However, this is as expected due to sales costs and the rate of increase has reduced. We are confident total costs will be broadly flat by the end of the year notwithstanding upward pressure from NBN CVC/AVC.

Slide - Summary

Let me summarise before I hand over to Robyn.

Our results in the first half of FY19 showed continued growth in customer numbers across both mobile and fixed, and good progress on our T22 strategy.

However, as expected, our financial results reflected the impacts of the NBN rollout and increased competition.

While these factors will continue to have an impact in the year ahead, we are now more than half way through the negative recurring impact from the NBN.

Our T22 strategy is already helping us achieve the acceleration we need to take advantage of the opportunities ahead and delivers the platforms and systems that will help us transform the way we do business.

Telstra also stands among global leaders as we prepare for the introduction of 5G later this year.

While we have short term challenges, we are facing into them. Importantly, we see great opportunities for the future particularly as we enter 2020 and the 5G era for which we are now extremely well equipped.

Thank you and with that I will hand over to Robyn to take you through the detailed financials before we open for Q&A.

ROBYN DENHOLM – CFO

SLIDE – TELSTRA HALF YEAR 2019 RESULTS

Thanks Andy.

I’m pleased to present Telstra’s results for the first half of fiscal 2019.

SLIDE – AGENDA

This morning I will provide some insights into how our business is performing, and where we are starting to see evidence of the financial progress we are making as a result of our T22 strategy.

CHECK AGAINST DELIVERY

Page 8

We have made some changes in the disclosures for this earnings presentation to ensure we are increasing the transparency of results and the underlying trends.

There are also two accounting standard changes that we have implemented as of the beginning of FY19: AASB9 & 15. A further standard, AASB16 will be implemented in fiscal year 2020 and today we are giving you advance directional visibility of the impacts.

SLIDE – GROUP RESULTS – INCOME STATEMENT

Turning to our results for 1H19:

As expected, and in line with our outlook, reported earnings are down, year over year.

Our continued focus on the T22 strategy is enabling us to compete strongly while setting us up for future success. However, these results clearly show the significant impact of the nbn and the competitive environment.

Reported Income was down 4%, with EBITDA, EBIT and NPAT down 16%, 26% and 27% respectively. On a guidance basis the declines in Income and EBITDA were largely consistent with reported results.

The largest reason for the decline in our earnings is the nbn, including both one-off and ongoing impacts.

However, in 1H19, the business excluding nbn impacts also declined. Our underlying income for the period was down 1.8%. Underlying EBITDA, which excludes the impact of one-offs and guidance adjustments declined 11%.

During the half we absorbed a further negative recurring EBITDA impact of approximately $300 million from customers migrating to the nbn as we incur growing nbn payments and lose wholesale revenue.

In our underlying business, Fixed, Data & IP and NAS income also declined.

We have built good momentum on reducing fixed costs in order to offset these headwinds, and we enter the second half with line-of-sight to our full year cost reduction targets. We are increasing our cost out to have a bigger impact on total costs in the second half.

Below the EBITDA line, depreciation and amortisation reduced 3.5%, partly due to our ongoing review of the useful lives of our assets. We will continue to monitor changes to the useful lives of our assets that occur as a natural consequence of our T22 strategy which may result in acceleration of depreciation and amortisation or asset impairments.

Finance costs increased modestly as a result of increased borrowings in the period, while tax declined on lower net profit.

As we execute on T22, there are four things, we are especially focused on: supporting the trajectory of our mobile business (especially postpaid handheld), achieving our cost reduction ambitions, improving our NAS margins, and supporting the right level of free cashflow.

SLIDE – GROUP RESULTS – FREE CASHFLOW

Turning to free cashflow.

Our 1H19 free cashflow was $739 million on a guidance basis. This is around one fifth of our FY19 guidance and consistent with the trends we outlined to the market in December 2018.

The decline vs the prior corresponding period was principally due to lower EBITDA including restructuring costs and increased working capital due to higher inventory levels. This was partly offset by lower tax paid and cash capex.

CHECK AGAINST DELIVERY

Page 9

Capex remains within the FY19 guidance envelope. 1H19 capex was elevated as a result of the strategic initiatives, mobile capacity requirements and 5G network preparations. Capex in the second half will be lower.

We continue to expect capex to reduce in FY20 following the completion of our three-year strategic investment program.

The working capital increases we saw in the first half are largely timing related, and as implied by our guidance, we expect much of this to reverse in the second half.

SLIDE – GROUP RESULTS – DIVIDENDS

Moving to dividends, the Board has resolved to pay an interim dividend for 1H19 of 8 cents per share, fully franked.

Consistent with our Capital Management Framework, this includes an ordinary dividend of 5 cents per share and a special dividend of 3 cents per share. The ordinary dividend represents an 84% payout ratio on underlying earnings.

We continue to expect to pay dividends consistent with our capital management framework.

SLIDE – GROUP RESULTS – INCOME BY PRODUCT

Turning to income by product:

Our reported income declined 4.1%. More than half of this was due to lower one-off nbn DA and connection revenue, in line with lower nbn connections in the period.

Underlying income for the period declined $241 million or 1.8% year over year. This was in line with our expectations. In May 2018, we forecast a net mobile and fixed market decline of 2-3% for FY19. We now expect the market’s decline to be at the upper end of this range.

Looking at our major products:

In a competitive mobile market, we continued to pursue our multi-brand strategy and network differentiation to retain our price premium.

Mobile revenue grew in the period. This was primarily associated with hardware, which saw an increase of $135 million year over year. Revenue from mobile services was broadly flat.

We were pleased to see continued positive momentum in IoT with revenue up 36%.

Post-paid handheld revenue increased 2.1% in the first half. We added 239,000 net new SIOs and saw stable customer minimum monthly commitment ARPU in mass market. This was offset by a decline of $120 million in out-of-bundle revenue. This is out of the expected $500 million that we announced as part of our T22 strategy.

Due to the flow of 1H pricing dynamics in market, and decline of out of bundle revenue, we expect ARPU reductions to increase in the second half.

Our Wholesale business also achieved net adds of 125,000 mobile services.

Consistent with industry dynamics, the performance of mobile broadband and prepaid handheld continued to be challenged.

Revenue from fixed-line services declined in line with expectations.

CHECK AGAINST DELIVERY

Page 10

We saw a strong performance in retail broadband with net adds of 64,000 services and reduced churn. This was the result of our multi-brand strategy, enhanced differentiated experiences for our customers, and base management.

We have also refreshed our fixed business disclosure in the supporting materials to improve transparency as we migrate to nbn.

Looking at other areas of the business:

Data and IP revenue was down 6%.

In IPVPN, we saw a strong 11% SIO growth, with fibre and NBN access growth, offsetting expected declines in legacy copper services. However, SIO growth was outweighed by continued pressure on yield, through price competition, driving a net reduction in revenue.

The decline in ISDN revenue accelerated in the half to 16%, reflecting service rationalisation of legacy products ahead of regulated migrations to the nbn.

Reported NAS revenue also declined due to an expected reduction in nbn commercial works as part of the maturity of the nbn rollout. However, Enterprise & Small Business NAS revenue combined grew 4%.

We are also pleased by the performance of New Business, with Telstra Health revenue up almost 50%. This more than offset a decline from the sale of Ooyala.

SLIDE – GROUP RESULTS – OPERATING EXPENSES

Turning to expenses:

We are delivering against our $2.5 billion net productivity target and we are on track for our full year targets.

The rate of growth in our total operational expense slowed. We expect total costs for FY19 excluding restructuring to be broadly flat versus our FY18 total costs.

Total 1H19 costs rose 3% due to $194 million of increased nbn payments including growth in CVCs and AVCs, and mobile hardware costs.

This was partially offset by our productivity program which enabled us to reduce underlying fixed costs by $162 million in the period. We expect the level of fixed cost reductions to accelerate in the second half, and further again in FY20.

As expected, we saw higher restructuring costs, up $194 million on the prior corresponding period, as we began to reshape our workforce. FTEs reduced by 3,200, and we expect the reduction in labour costs to fully show in the second half of FY19.

SLIDE – TARGETED REDUCTIONS ACROSS WHOLE OF COST BASE

We remain focused on managing the whole of our cost base including: sales cost where we are focused on gross margins and efficiency; labour and non-labour fixed costs, and; D&A including capex and asset life reviews.

In FY18, our total operational expenses cost base was $18.6 billion. Approximately $9.5 billion of this was fixed in nature, with over half being direct labour.

We are targeting direct labour costs, excluding restructuring, to reduce by approximately $1.5 billion by FY22, from FY18, as our labour to sales ratio declines 1/3, consistent with our T22 commitment, and we reduce net FTEs by 8,000.

We are also continuing to target non-direct labour. This includes some of our indirect workforce costs.

CHECK AGAINST DELIVERY

Page 11

Our industry partners who provide technology, consultancy and other services have a workforce of approximately 40,000 supporting Telstra. As we simplify our business and optimise costs, we expect the number of people our partners employ to work on our business to decline. The indirect workforce is also expected to decline as a proportion of our overall workforce.

We are also reducing other fixed costs and have initiatives underway to rationalise our real estate footprint, improve our logistics and transport, and digitise many of our support areas.

SLIDE – GROUP RESULTS – EBITDA BY PRODUCT

Moving to EBITDA for the major products.

The Mobile EBITDA decline can be explained almost entirely by mobile hardware margins, including a circa $80 million decline in lease margin. This includes a reversal of timing benefits previously received.

As mentioned, we expect our postpaid ARPU in the second half to decline faster than the first half. By the end of the financial year we also expect approximately $300 million out of the total $500 million decline in out-of-bundle revenue to have been worked through.

Our continued focus on bringing differentiated offers to market and on reducing costs will benefit our mobile business.

Fixed EBITDA declined by $358 million.

The two major factors in this were a $289 million revenue decline in mostly high-margin legacy products, and growing network payments to nbn which increased by $194 million vs the previous year.

These negative factors were partially offset by significant productivity improvements.

Including one-off costs of nbn migration, our retail fixed EBTIDA margin was 21%. Under current nbn wholesale pricing and industry dynamics we expect margins to trends towards zero as migration to the nbn completes. We continue to look to offset this by reducing our cost-to-serve and differentiating our products to support our price premium.

Looking at Data & IP and NAS:

We remain committed to a mid-teens NAS EBITDA margin at maturity. However, after a strong second half in FY18, our NAS EBTIDA margin was challenged during the first half.

EBITDA margins overall declined 4.5 percentage points due to a change of revenue mix, including a decline in nbn commercial works, and timing of the recognition of costs on some of our large contracts. We expect NAS margins to improve in the second half.

For Data & IP, revenue remains under pressure, which caused EBTIDA to decline. However, margins did improve thanks to progress in reducing costs.

Our aspiration remains for NAS EBITDA growth to offset the anticipated decline in Data & IP.

In Global Connectivity, EBITDA improved by $20 million, as we focus on more profitable products, and improved productivity.

During the period we also entered into agreements to invest in new international subsea cable systems.

SLIDE – CAPITAL POSITION

CHECK AGAINST DELIVERY

Page 12

Looking at our capital position, gross and net debt increased during the half, reflecting typical seasonality and lower free cashflow.

Our average debt maturities reduced slightly to 3.7 years. On 2 January 2019 we borrowed $300 million on a 7-year-term at attractive rates.

Together with an expected reduction in short-term debt in the second half, we anticipate our average debt maturity to lengthen. We expect debt levels and associated debt servicing to reduce in the second half due to a higher forecast free cashflow.

Our Return on Invested Capital was 9.7%. Underlying ROIC, which removes nbn one-offs from earnings, was 7.9%.

We have a T22 commitment to deliver a post-nbn ROIC of greater than 10% and underlying ROIC growth from FY19. We will provide further colour on underlying ROIC at our full year 2019 results.

Looking forward to FY20, and the implementation of AASB16, the leasing standard.

The standard will see operational lease costs move onto the balance sheet and below EBITDA in the P&L.

We have provided early visibility of the illustrative impacts on a slide in the supporting documents.

Although not an economic change, with no impact on cashflow or our credit rating, at this stage we expect the implementation of the new accounting standard to increase our net debt by approximately $3.3 billion, increase EBITDA by approximately $900 million and reduce NPAT by approximately $100 million.

SLIDE – FY19 GUIDANCE

We reaffirm our FY19 guidance. In FY19 we expect:

Total income of $26.2 to $28.1 billion,
EBITDA, excluding restructuring, of $8.7 to $9.4 billion,
Net one off nbn DA receipts, less nbn cost to connect, of $1.5 to $1.7 billion,
• Restructuring costs of around $600 million,
Capex of $3.9 to $4.4 billion, and
Free cashflow of $3.1 to $3.6 billion.

Free cashflow is expected to be at the lower end of the guidance range for two main reasons: cash capex will increase as we take advantage of opportunities in the enterprise and wholesale fibre markets, and cash redundancies will be higher as we accelerate productivity.

The basis on which we provide guidance is detailed in the slide footnote.

I would like to take this opportunity to thank our incredible, dedicated employees across the company. Despite going through a period of enormous change, our employees have improved our network performance, delivered new products and services to our customers, and led the world in the development of 5G while also improving our productivity.

Thank you. I will now hand back to Ross to moderate the Q&A.

[END]

CHECK AGAINST DELIVERY

Page 13

Half year results and operations review

==> picture [423 x 40] intentionally omitted <==

==> picture [114 x 40] intentionally omitted <==

==> picture [164 x 332] intentionally omitted <==

==> picture [50 x 12] intentionally omitted <==

==> picture [42 x 12] intentionally omitted <==

==> picture [32 x 12] intentionally omitted <==

==> picture [105 x 12] intentionally omitted <==

==> picture [155 x 11] intentionally omitted <==

==> picture [79 x 11] intentionally omitted <==

==> picture [52 x 12] intentionally omitted <==

==> picture [49 x 12] intentionally omitted <==

==> picture [165 x 12] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [119 x 11] intentionally omitted <==

==> picture [22 x 12] intentionally omitted <==

==> picture [70 x 11] intentionally omitted <==

==> picture [79 x 11] intentionally omitted <==

==> picture [62 x 11] intentionally omitted <==

==> picture [174 x 11] intentionally omitted <==

==> picture [28 x 12] intentionally omitted <==

==> picture [57 x 11] intentionally omitted <==

==> picture [102 x 11] intentionally omitted <==

==> picture [9 x 8] intentionally omitted <==

==> picture [133 x 8] intentionally omitted <==

==> picture [268 x 8] intentionally omitted <==

==> picture [107 x 8] intentionally omitted <==

==> picture [93 x 8] intentionally omitted <==

==> picture [52 x 12] intentionally omitted <==

==> picture [76 x 11] intentionally omitted <==

==> picture [95 x 11] intentionally omitted <==

==> picture [43 x 11] intentionally omitted <==

==> picture [255 x 11] intentionally omitted <==

==> picture [55 x 12] intentionally omitted <==

==> picture [80 x 12] intentionally omitted <==

==> picture [56 x 12] intentionally omitted <==

==> picture [126 x 12] intentionally omitted <==

==> picture [115 x 12] intentionally omitted <==

==> picture [212 x 11] intentionally omitted <==

==> picture [136 x 11] intentionally omitted <==

==> picture [110 x 11] intentionally omitted <==

==> picture [41 x 11] intentionally omitted <==

==> picture [215 x 11] intentionally omitted <==

==> picture [61 x 11] intentionally omitted <==

==> picture [46 x 11] intentionally omitted <==

==> picture [89 x 11] intentionally omitted <==

==> picture [22 x 11] intentionally omitted <==

==> picture [21 x 12] intentionally omitted <==

==> picture [37 x 12] intentionally omitted <==

==> picture [57 x 12] intentionally omitted <==

==> picture [60 x 12] intentionally omitted <==

==> picture [43 x 12] intentionally omitted <==

==> picture [103 x 12] intentionally omitted <==

==> picture [31 x 12] intentionally omitted <==

==> picture [91 x 12] intentionally omitted <==

==> picture [48 x 11] intentionally omitted <==

==> picture [252 x 11] intentionally omitted <==

==> picture [61 x 11] intentionally omitted <==

==> picture [169 x 11] intentionally omitted <==

==> picture [85 x 11] intentionally omitted <==

==> picture [88 x 12] intentionally omitted <==

==> picture [145 x 12] intentionally omitted <==

==> picture [24 x 12] intentionally omitted <==

==> picture [84 x 12] intentionally omitted <==

==> picture [64 x 12] intentionally omitted <==

==> picture [68 x 12] intentionally omitted <==

==> picture [45 x 12] intentionally omitted <==

==> picture [67 x 11] intentionally omitted <==

==> picture [160 x 11] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [42 x 11] intentionally omitted <==

==> picture [165 x 11] intentionally omitted <==

==> picture [77 x 11] intentionally omitted <==

==> picture [24 x 11] intentionally omitted <==

==> picture [141 x 11] intentionally omitted <==

==> picture [215 x 11] intentionally omitted <==

==> picture [17 x 11] intentionally omitted <==

==> picture [231 x 12] intentionally omitted <==

==> picture [80 x 12] intentionally omitted <==

==> picture [129 x 12] intentionally omitted <==

==> picture [35 x 12] intentionally omitted <==

==> picture [139 x 11] intentionally omitted <==

==> picture [45 x 11] intentionally omitted <==

==> picture [70 x 11] intentionally omitted <==

==> picture [35 x 11] intentionally omitted <==

==> picture [189 x 11] intentionally omitted <==

==> picture [103 x 11] intentionally omitted <==

==> picture [81 x 11] intentionally omitted <==

==> picture [86 x 11] intentionally omitted <==

==> picture [67 x 11] intentionally omitted <==

==> picture [196 x 12] intentionally omitted <==

==> picture [245 x 12] intentionally omitted <==

==> picture [206 x 11] intentionally omitted <==

==> picture [233 x 11] intentionally omitted <==

==> picture [36 x 11] intentionally omitted <==

==> picture [209 x 11] intentionally omitted <==

==> picture [19 x 11] intentionally omitted <==

==> picture [47 x 12] intentionally omitted <==

==> picture [81 x 12] intentionally omitted <==

==> picture [133 x 12] intentionally omitted <==

==> picture [174 x 12] intentionally omitted <==

==> picture [78 x 12] intentionally omitted <==

==> picture [107 x 12] intentionally omitted <==

==> picture [228 x 12] intentionally omitted <==

==> picture [253 x 11] intentionally omitted <==

==> picture [122 x 11] intentionally omitted <==

==> picture [129 x 11] intentionally omitted <==

==> picture [137 x 9] intentionally omitted <==

==> picture [387 x 9] intentionally omitted <==

==> picture [102 x 9] intentionally omitted <==

==> picture [312 x 9] intentionally omitted <==

==> picture [27 x 9] intentionally omitted <==

==> picture [47 x 9] intentionally omitted <==

==> picture [286 x 9] intentionally omitted <==

==> picture [109 x 9] intentionally omitted <==

==> picture [43 x 9] intentionally omitted <==

==> picture [60 x 9] intentionally omitted <==

Half year results and operations review

==> picture [327 x 232] intentionally omitted <==

==> picture [54 x 12] intentionally omitted <==

==> picture [42 x 12] intentionally omitted <==

==> picture [23 x 12] intentionally omitted <==

==> picture [53 x 12] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [70 x 11] intentionally omitted <==

==> picture [50 x 11] intentionally omitted <==

==> picture [34 x 12] intentionally omitted <==

==> picture [32 x 12] intentionally omitted <==

==> picture [84 x 12] intentionally omitted <==

==> picture [17 x 12] intentionally omitted <==

==> picture [79 x 11] intentionally omitted <==

==> picture [28 x 12] intentionally omitted <==

==> picture [57 x 11] intentionally omitted <==

==> picture [72 x 13] intentionally omitted <==

==> picture [82 x 13] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [57 x 11] intentionally omitted <==

==> picture [8 x 9] intentionally omitted <==

==> picture [229 x 9] intentionally omitted <==

==> picture [30 x 9] intentionally omitted <==

==> picture [42 x 9] intentionally omitted <==

==> picture [224 x 9] intentionally omitted <==

==> picture [201 x 8] intentionally omitted <==

==> picture [64 x 8] intentionally omitted <==

==> picture [69 x 8] intentionally omitted <==

==> picture [95 x 8] intentionally omitted <==

==> picture [79 x 8] intentionally omitted <==

==> picture [52 x 9] intentionally omitted <==

==> picture [106 x 9] intentionally omitted <==

==> picture [29 x 9] intentionally omitted <==

==> picture [85 x 9] intentionally omitted <==

==> picture [70 x 9] intentionally omitted <==

==> picture [146 x 9] intentionally omitted <==

==> picture [41 x 8] intentionally omitted <==

==> picture [17 x 8] intentionally omitted <==

==> picture [68 x 8] intentionally omitted <==

==> picture [72 x 8] intentionally omitted <==

==> picture [8 x 9] intentionally omitted <==

==> picture [43 x 9] intentionally omitted <==

==> picture [69 x 9] intentionally omitted <==

==> picture [85 x 12] intentionally omitted <==

==> picture [371 x 12] intentionally omitted <==

==> picture [43 x 12] intentionally omitted <==

==> picture [192 x 11] intentionally omitted <==

==> picture [42 x 11] intentionally omitted <==

==> picture [160 x 11] intentionally omitted <==

==> picture [84 x 11] intentionally omitted <==

==> picture [90 x 11] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [64 x 11] intentionally omitted <==

==> picture [81 x 11] intentionally omitted <==

==> picture [49 x 11] intentionally omitted <==

==> picture [75 x 11] intentionally omitted <==

==> picture [111 x 11] intentionally omitted <==

==> picture [73 x 11] intentionally omitted <==

==> picture [48 x 11] intentionally omitted <==

==> picture [161 x 11] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [83 x 11] intentionally omitted <==

==> picture [34 x 11] intentionally omitted <==

==> picture [37 x 12] intentionally omitted <==

==> picture [76 x 12] intentionally omitted <==

==> picture [16 x 12] intentionally omitted <==

==> picture [87 x 12] intentionally omitted <==

==> picture [34 x 12] intentionally omitted <==

==> picture [208 x 12] intentionally omitted <==

==> picture [54 x 11] intentionally omitted <==

==> picture [6 x 11] intentionally omitted <==

==> picture [108 x 11] intentionally omitted <==

==> picture [84 x 11] intentionally omitted <==

==> picture [17 x 11] intentionally omitted <==

==> picture [64 x 11] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [221 x 11] intentionally omitted <==

==> picture [67 x 11] intentionally omitted <==

==> picture [81 x 11] intentionally omitted <==

==> picture [52 x 11] intentionally omitted <==

==> picture [53 x 13] intentionally omitted <==

==> picture [57 x 13] intentionally omitted <==

==> picture [127 x 11] intentionally omitted <==

==> picture [378 x 11] intentionally omitted <==

==> picture [435 x 12] intentionally omitted <==

==> picture [16 x 12] intentionally omitted <==

==> picture [41 x 12] intentionally omitted <==

==> picture [126 x 11] intentionally omitted <==

==> picture [385 x 11] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

==> picture [240 x 11] intentionally omitted <==

==> picture [20 x 11] intentionally omitted <==

==> picture [92 x 11] intentionally omitted <==

==> picture [78 x 11] intentionally omitted <==

==> picture [48 x 11] intentionally omitted <==

==> picture [45 x 12] intentionally omitted <==

==> picture [33 x 12] intentionally omitted <==

==> picture [424 x 283] intentionally omitted <==

==> picture [43 x 9] intentionally omitted <==

==> picture [60 x 9] intentionally omitted <==

Half year results and operations review

==> picture [123 x 11] intentionally omitted <==

==> picture [479 x 12] intentionally omitted <==

==> picture [45 x 12] intentionally omitted <==

==> picture [497 x 11] intentionally omitted <==

==> picture [41 x 11] intentionally omitted <==

==> picture [49 x 11] intentionally omitted <==

==> picture [60 x 11] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [105 x 12] intentionally omitted <==

==> picture [56 x 12] intentionally omitted <==

==> picture [37 x 12] intentionally omitted <==

==> picture [53 x 12] intentionally omitted <==

==> picture [91 x 12] intentionally omitted <==

==> picture [73 x 12] intentionally omitted <==

==> picture [93 x 12] intentionally omitted <==

==> picture [111 x 11] intentionally omitted <==

==> picture [90 x 11] intentionally omitted <==

==> picture [157 x 11] intentionally omitted <==

==> picture [63 x 11] intentionally omitted <==

==> picture [108 x 11] intentionally omitted <==

==> picture [75 x 11] intentionally omitted <==

==> picture [94 x 11] intentionally omitted <==

==> picture [54 x 11] intentionally omitted <==

==> picture [279 x 11] intentionally omitted <==

==> picture [10 x 12] intentionally omitted <==

==> picture [77 x 12] intentionally omitted <==

==> picture [54 x 12] intentionally omitted <==

==> picture [117 x 12] intentionally omitted <==

==> picture [62 x 12] intentionally omitted <==

==> picture [75 x 11] intentionally omitted <==

==> picture [315 x 11] intentionally omitted <==

==> picture [196 x 11] intentionally omitted <==

==> picture [490 x 12] intentionally omitted <==

==> picture [338 x 11] intentionally omitted <==

==> picture [179 x 11] intentionally omitted <==

==> picture [170 x 11] intentionally omitted <==

==> picture [65 x 11] intentionally omitted <==

==> picture [106 x 11] intentionally omitted <==

==> picture [73 x 11] intentionally omitted <==

==> picture [66 x 11] intentionally omitted <==

==> picture [36 x 11] intentionally omitted <==

==> picture [52 x 11] intentionally omitted <==

==> picture [41 x 11] intentionally omitted <==

==> picture [124 x 11] intentionally omitted <==

==> picture [40 x 11] intentionally omitted <==

==> picture [89 x 11] intentionally omitted <==

==> picture [63 x 11] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [209 x 12] intentionally omitted <==

==> picture [92 x 12] intentionally omitted <==

==> picture [153 x 12] intentionally omitted <==

==> picture [240 x 11] intentionally omitted <==

==> picture [68 x 11] intentionally omitted <==

==> picture [47 x 12] intentionally omitted <==

==> picture [125 x 12] intentionally omitted <==

==> picture [288 x 12] intentionally omitted <==

==> picture [334 x 11] intentionally omitted <==

==> picture [41 x 11] intentionally omitted <==

==> picture [40 x 11] intentionally omitted <==

==> picture [95 x 11] intentionally omitted <==

==> picture [93 x 11] intentionally omitted <==

==> picture [63 x 11] intentionally omitted <==

==> picture [46 x 11] intentionally omitted <==

==> picture [31 x 11] intentionally omitted <==

==> picture [34 x 12] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [45 x 11] intentionally omitted <==

==> picture [262 x 11] intentionally omitted <==

==> picture [158 x 11] intentionally omitted <==

==> picture [121 x 11] intentionally omitted <==

==> picture [411 x 11] intentionally omitted <==

==> picture [498 x 12] intentionally omitted <==

==> picture [58 x 11] intentionally omitted <==

==> picture [32 x 11] intentionally omitted <==

==> picture [143 x 11] intentionally omitted <==

==> picture [284 x 11] intentionally omitted <==

==> picture [218 x 11] intentionally omitted <==

==> picture [36 x 12] intentionally omitted <==

==> picture [128 x 12] intentionally omitted <==

==> picture [70 x 12] intentionally omitted <==

==> picture [37 x 12] intentionally omitted <==

==> picture [17 x 12] intentionally omitted <==

==> picture [59 x 12] intentionally omitted <==

==> picture [145 x 12] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [255 x 11] intentionally omitted <==

==> picture [201 x 11] intentionally omitted <==

==> picture [135 x 11] intentionally omitted <==

==> picture [200 x 11] intentionally omitted <==

==> picture [329 x 11] intentionally omitted <==

==> picture [123 x 12] intentionally omitted <==

==> picture [73 x 12] intentionally omitted <==

==> picture [319 x 12] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [31 x 11] intentionally omitted <==

==> picture [41 x 11] intentionally omitted <==

==> picture [77 x 11] intentionally omitted <==

==> picture [71 x 11] intentionally omitted <==

==> picture [188 x 11] intentionally omitted <==

==> picture [27 x 11] intentionally omitted <==

==> picture [45 x 11] intentionally omitted <==

==> picture [496 x 12] intentionally omitted <==

==> picture [28 x 12] intentionally omitted <==

==> picture [38 x 11] intentionally omitted <==

==> picture [149 x 11] intentionally omitted <==

==> picture [98 x 11] intentionally omitted <==

==> picture [144 x 11] intentionally omitted <==

==> picture [61 x 11] intentionally omitted <==

==> picture [99 x 11] intentionally omitted <==

==> picture [42 x 11] intentionally omitted <==

==> picture [40 x 11] intentionally omitted <==

==> picture [17 x 11] intentionally omitted <==

==> picture [20 x 11] intentionally omitted <==

==> picture [82 x 11] intentionally omitted <==

==> picture [217 x 11] intentionally omitted <==

==> picture [36 x 12] intentionally omitted <==

==> picture [66 x 12] intentionally omitted <==

==> picture [42 x 12] intentionally omitted <==

==> picture [57 x 12] intentionally omitted <==

==> picture [41 x 12] intentionally omitted <==

==> picture [44 x 12] intentionally omitted <==

==> picture [421 x 236] intentionally omitted <==

==> picture [43 x 9] intentionally omitted <==

==> picture [60 x 9] intentionally omitted <==

Half year results and operations review

==> picture [221 x 166] intentionally omitted <==

==> picture [22 x 12] intentionally omitted <==

==> picture [76 x 11] intentionally omitted <==

==> picture [40 x 13] intentionally omitted <==

==> picture [33 x 13] intentionally omitted <==

==> picture [31 x 11] intentionally omitted <==

==> picture [102 x 12] intentionally omitted <==

==> picture [40 x 12] intentionally omitted <==

==> picture [23 x 11] intentionally omitted <==

==> picture [78 x 11] intentionally omitted <==

==> picture [9 x 8] intentionally omitted <==

==> picture [100 x 8] intentionally omitted <==

==> picture [204 x 8] intentionally omitted <==

==> picture [32 x 11] intentionally omitted <==

==> picture [184 x 143] intentionally omitted <==

==> picture [27 x 12] intentionally omitted <==

==> picture [101 x 12] intentionally omitted <==

==> picture [65 x 12] intentionally omitted <==

==> picture [61 x 12] intentionally omitted <==

==> picture [62 x 12] intentionally omitted <==

==> picture [46 x 11] intentionally omitted <==

==> picture [82 x 11] intentionally omitted <==

==> picture [148 x 11] intentionally omitted <==

==> picture [70 x 11] intentionally omitted <==

==> picture [41 x 11] intentionally omitted <==

==> picture [124 x 11] intentionally omitted <==

==> picture [158 x 12] intentionally omitted <==

==> picture [41 x 12] intentionally omitted <==

==> picture [125 x 12] intentionally omitted <==

==> picture [87 x 11] intentionally omitted <==

==> picture [216 x 11] intentionally omitted <==

==> picture [49 x 11] intentionally omitted <==

==> picture [44 x 11] intentionally omitted <==

==> picture [118 x 11] intentionally omitted <==

==> picture [112 x 11] intentionally omitted <==

==> picture [45 x 11] intentionally omitted <==

==> picture [74 x 11] intentionally omitted <==

==> picture [32 x 11] intentionally omitted <==

==> picture [46 x 12] intentionally omitted <==

==> picture [145 x 12] intentionally omitted <==

==> picture [90 x 12] intentionally omitted <==

==> picture [31 x 12] intentionally omitted <==

==> picture [17 x 12] intentionally omitted <==

==> picture [26 x 11] intentionally omitted <==

==> picture [59 x 11] intentionally omitted <==

==> picture [217 x 11] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [205 x 11] intentionally omitted <==

==> picture [125 x 12] intentionally omitted <==

==> picture [154 x 11] intentionally omitted <==

==> picture [58 x 11] intentionally omitted <==

==> picture [31 x 11] intentionally omitted <==

==> picture [11 x 11] intentionally omitted <==

==> picture [39 x 11] intentionally omitted <==

==> picture [59 x 11] intentionally omitted <==

==> picture [21 x 11] intentionally omitted <==

==> picture [26 x 11] intentionally omitted <==

==> picture [56 x 11] intentionally omitted <==

==> picture [17 x 11] intentionally omitted <==

==> picture [75 x 11] intentionally omitted <==

==> picture [43 x 11] intentionally omitted <==

==> picture [59 x 11] intentionally omitted <==

==> picture [94 x 11] intentionally omitted <==

==> picture [128 x 12] intentionally omitted <==

==> picture [53 x 12] intentionally omitted <==

==> picture [40 x 12] intentionally omitted <==

==> picture [225 x 12] intentionally omitted <==

==> picture [28 x 12] intentionally omitted <==

==> picture [66 x 11] intentionally omitted <==

==> picture [181 x 11] intentionally omitted <==

==> picture [42 x 11] intentionally omitted <==

==> picture [84 x 11] intentionally omitted <==

==> picture [74 x 11] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

==> picture [77 x 11] intentionally omitted <==

==> picture [89 x 11] intentionally omitted <==

==> picture [43 x 11] intentionally omitted <==

==> picture [22 x 11] intentionally omitted <==

==> picture [249 x 12] intentionally omitted <==

==> picture [38 x 12] intentionally omitted <==

==> picture [51 x 12] intentionally omitted <==

==> picture [100 x 12] intentionally omitted <==

==> picture [111 x 11] intentionally omitted <==

==> picture [151 x 11] intentionally omitted <==

==> picture [32 x 11] intentionally omitted <==

==> picture [141 x 11] intentionally omitted <==

==> picture [48 x 11] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [74 x 11] intentionally omitted <==

==> picture [136 x 12] intentionally omitted <==

==> picture [67 x 12] intentionally omitted <==

==> picture [32 x 12] intentionally omitted <==

==> picture [31 x 12] intentionally omitted <==

==> picture [15 x 12] intentionally omitted <==

==> picture [19 x 12] intentionally omitted <==

==> picture [68 x 12] intentionally omitted <==

==> picture [80 x 11] intentionally omitted <==

==> picture [55 x 11] intentionally omitted <==

==> picture [71 x 11] intentionally omitted <==

==> picture [14 x 11] intentionally omitted <==

==> picture [65 x 11] intentionally omitted <==

==> picture [213 x 11] intentionally omitted <==

==> picture [68 x 11] intentionally omitted <==

==> picture [117 x 11] intentionally omitted <==

==> picture [26 x 12] intentionally omitted <==

==> picture [98 x 11] intentionally omitted <==

==> picture [60 x 11] intentionally omitted <==

==> picture [56 x 11] intentionally omitted <==

==> picture [46 x 11] intentionally omitted <==

==> picture [85 x 11] intentionally omitted <==

==> picture [63 x 11] intentionally omitted <==

==> picture [52 x 11] intentionally omitted <==

==> picture [109 x 11] intentionally omitted <==

==> picture [177 x 11] intentionally omitted <==

==> picture [305 x 11] intentionally omitted <==

==> picture [164 x 85] intentionally omitted <==

==> picture [33 x 12] intentionally omitted <==

==> picture [100 x 11] intentionally omitted <==

==> picture [77 x 11] intentionally omitted <==

==> picture [61 x 11] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [178 x 11] intentionally omitted <==

==> picture [151 x 11] intentionally omitted <==

==> picture [189 x 12] intentionally omitted <==

==> picture [37 x 12] intentionally omitted <==

==> picture [111 x 12] intentionally omitted <==

==> picture [108 x 11] intentionally omitted <==

==> picture [54 x 11] intentionally omitted <==

==> picture [173 x 11] intentionally omitted <==

==> picture [27 x 11] intentionally omitted <==

==> picture [25 x 11] intentionally omitted <==

==> picture [45 x 11] intentionally omitted <==

==> picture [100 x 11] intentionally omitted <==

==> picture [120 x 11] intentionally omitted <==

==> picture [40 x 12] intentionally omitted <==

==> picture [52 x 12] intentionally omitted <==

==> picture [39 x 12] intentionally omitted <==

==> picture [44 x 12] intentionally omitted <==

==> picture [77 x 12] intentionally omitted <==

==> picture [99 x 12] intentionally omitted <==

==> picture [65 x 11] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [24 x 11] intentionally omitted <==

==> picture [25 x 11] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [88 x 11] intentionally omitted <==

==> picture [58 x 11] intentionally omitted <==

==> picture [10 x 11] intentionally omitted <==

==> picture [71 x 11] intentionally omitted <==

Retail fixed Wholesale fixed

==> picture [328 x 12] intentionally omitted <==

==> picture [101 x 11] intentionally omitted <==

==> picture [210 x 11] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [60 x 11] intentionally omitted <==

==> picture [112 x 11] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [84 x 11] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [199 x 11] intentionally omitted <==

==> picture [148 x 11] intentionally omitted <==

==> picture [43 x 11] intentionally omitted <==

==> picture [95 x 11] intentionally omitted <==

==> picture [152 x 12] intentionally omitted <==

==> picture [109 x 12] intentionally omitted <==

==> picture [96 x 12] intentionally omitted <==

==> picture [167 x 12] intentionally omitted <==

==> picture [281 x 11] intentionally omitted <==

==> picture [11 x 11] intentionally omitted <==

==> picture [81 x 11] intentionally omitted <==

==> picture [63 x 11] intentionally omitted <==

==> picture [40 x 11] intentionally omitted <==

==> picture [87 x 11] intentionally omitted <==

==> picture [185 x 11] intentionally omitted <==

==> picture [223 x 12] intentionally omitted <==

==> picture [120 x 12] intentionally omitted <==

==> picture [43 x 9] intentionally omitted <==

==> picture [60 x 9] intentionally omitted <==

Half year results and operations review

==> picture [41 x 11] intentionally omitted <==

==> picture [76 x 12] intentionally omitted <==

==> picture [58 x 12] intentionally omitted <==

==> picture [60 x 12] intentionally omitted <==

==> picture [71 x 12] intentionally omitted <==

==> picture [132 x 12] intentionally omitted <==

==> picture [93 x 12] intentionally omitted <==

==> picture [246 x 11] intentionally omitted <==

==> picture [98 x 11] intentionally omitted <==

==> picture [54 x 11] intentionally omitted <==

==> picture [250 x 11] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [62 x 11] intentionally omitted <==

==> picture [48 x 11] intentionally omitted <==

==> picture [24 x 11] intentionally omitted <==

==> picture [84 x 12] intentionally omitted <==

==> picture [184 x 12] intentionally omitted <==

==> picture [151 x 12] intentionally omitted <==

==> picture [39 x 12] intentionally omitted <==

==> picture [99 x 11] intentionally omitted <==

==> picture [172 x 11] intentionally omitted <==

==> picture [46 x 11] intentionally omitted <==

==> picture [62 x 11] intentionally omitted <==

==> picture [64 x 11] intentionally omitted <==

==> picture [141 x 11] intentionally omitted <==

==> picture [228 x 12] intentionally omitted <==

==> picture [463 x 11] intentionally omitted <==

==> picture [70 x 11] intentionally omitted <==

==> picture [66 x 11] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [35 x 11] intentionally omitted <==

==> picture [76 x 11] intentionally omitted <==

==> picture [18 x 11] intentionally omitted <==

==> picture [159 x 11] intentionally omitted <==

==> picture [58 x 11] intentionally omitted <==

==> picture [175 x 12] intentionally omitted <==

==> picture [102 x 12] intentionally omitted <==

==> picture [45 x 12] intentionally omitted <==

==> picture [37 x 12] intentionally omitted <==

==> picture [225 x 12] intentionally omitted <==

==> picture [122 x 12] intentionally omitted <==

==> picture [89 x 11] intentionally omitted <==

==> picture [165 x 11] intentionally omitted <==

==> picture [115 x 12] intentionally omitted <==

==> picture [116 x 12] intentionally omitted <==

==> picture [38 x 12] intentionally omitted <==

==> picture [120 x 12] intentionally omitted <==

==> picture [77 x 12] intentionally omitted <==

==> picture [43 x 12] intentionally omitted <==

==> picture [47 x 11] intentionally omitted <==

==> picture [80 x 11] intentionally omitted <==

==> picture [94 x 11] intentionally omitted <==

==> picture [59 x 11] intentionally omitted <==

==> picture [108 x 11] intentionally omitted <==

==> picture [32 x 11] intentionally omitted <==

==> picture [242 x 11] intentionally omitted <==

==> picture [61 x 11] intentionally omitted <==

==> picture [47 x 11] intentionally omitted <==

==> picture [65 x 11] intentionally omitted <==

==> picture [119 x 11] intentionally omitted <==

==> picture [65 x 12] intentionally omitted <==

==> picture [39 x 12] intentionally omitted <==

==> picture [15 x 12] intentionally omitted <==

==> picture [108 x 12] intentionally omitted <==

==> picture [39 x 12] intentionally omitted <==

==> picture [185 x 11] intentionally omitted <==

==> picture [64 x 11] intentionally omitted <==

==> picture [89 x 11] intentionally omitted <==

==> picture [58 x 11] intentionally omitted <==

==> picture [69 x 11] intentionally omitted <==

==> picture [182 x 11] intentionally omitted <==

==> picture [58 x 11] intentionally omitted <==

==> picture [77 x 11] intentionally omitted <==

==> picture [42 x 11] intentionally omitted <==

==> picture [139 x 12] intentionally omitted <==

==> picture [38 x 12] intentionally omitted <==

==> picture [63 x 12] intentionally omitted <==

==> picture [75 x 12] intentionally omitted <==

==> picture [45 x 12] intentionally omitted <==

==> picture [162 x 12] intentionally omitted <==

==> picture [83 x 11] intentionally omitted <==

==> picture [47 x 11] intentionally omitted <==

==> picture [71 x 11] intentionally omitted <==

==> picture [109 x 11] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [63 x 11] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

==> picture [22 x 11] intentionally omitted <==

==> picture [8 x 11] intentionally omitted <==

==> picture [75 x 11] intentionally omitted <==

==> picture [74 x 12] intentionally omitted <==

==> picture [40 x 12] intentionally omitted <==

==> picture [19 x 12] intentionally omitted <==

==> picture [59 x 12] intentionally omitted <==

==> picture [25 x 12] intentionally omitted <==

==> picture [33 x 12] intentionally omitted <==

==> picture [104 x 12] intentionally omitted <==

==> picture [54 x 12] intentionally omitted <==

==> picture [39 x 11] intentionally omitted <==

==> picture [83 x 11] intentionally omitted <==

==> picture [48 x 11] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [14 x 11] intentionally omitted <==

==> picture [65 x 11] intentionally omitted <==

==> picture [143 x 11] intentionally omitted <==

==> picture [61 x 11] intentionally omitted <==

==> picture [78 x 12] intentionally omitted <==

==> picture [59 x 12] intentionally omitted <==

==> picture [62 x 12] intentionally omitted <==

==> picture [80 x 12] intentionally omitted <==

==> picture [139 x 11] intentionally omitted <==

==> picture [55 x 11] intentionally omitted <==

==> picture [143 x 11] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [82 x 11] intentionally omitted <==

==> picture [357 x 11] intentionally omitted <==

==> picture [60 x 12] intentionally omitted <==

==> picture [46 x 12] intentionally omitted <==

==> picture [52 x 12] intentionally omitted <==

==> picture [89 x 12] intentionally omitted <==

==> picture [112 x 12] intentionally omitted <==

==> picture [70 x 12] intentionally omitted <==

==> picture [66 x 12] intentionally omitted <==

==> picture [368 x 11] intentionally omitted <==

==> picture [56 x 11] intentionally omitted <==

==> picture [24 x 11] intentionally omitted <==

==> picture [32 x 11] intentionally omitted <==

==> picture [288 x 11] intentionally omitted <==

==> picture [38 x 11] intentionally omitted <==

==> picture [52 x 12] intentionally omitted <==

==> picture [73 x 12] intentionally omitted <==

==> picture [189 x 12] intentionally omitted <==

==> picture [53 x 12] intentionally omitted <==

==> picture [33 x 12] intentionally omitted <==

==> picture [140 x 11] intentionally omitted <==

==> picture [43 x 11] intentionally omitted <==

==> picture [104 x 11] intentionally omitted <==

==> picture [65 x 11] intentionally omitted <==

==> picture [142 x 11] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [30 x 12] intentionally omitted <==

==> picture [43 x 11] intentionally omitted <==

==> picture [133 x 11] intentionally omitted <==

==> picture [58 x 11] intentionally omitted <==

==> picture [273 x 11] intentionally omitted <==

==> picture [16 x 11] intentionally omitted <==

==> picture [60 x 11] intentionally omitted <==

==> picture [157 x 11] intentionally omitted <==

==> picture [57 x 11] intentionally omitted <==

==> picture [208 x 11] intentionally omitted <==

==> picture [82 x 12] intentionally omitted <==

==> picture [6 x 12] intentionally omitted <==

==> picture [32 x 12] intentionally omitted <==

==> picture [194 x 12] intentionally omitted <==

==> picture [114 x 12] intentionally omitted <==

==> picture [56 x 12] intentionally omitted <==

==> picture [45 x 12] intentionally omitted <==

==> picture [71 x 11] intentionally omitted <==

==> picture [336 x 11] intentionally omitted <==

==> picture [67 x 11] intentionally omitted <==

==> picture [27 x 11] intentionally omitted <==

==> picture [110 x 11] intentionally omitted <==

==> picture [212 x 11] intentionally omitted <==

==> picture [59 x 11] intentionally omitted <==

==> picture [105 x 11] intentionally omitted <==

==> picture [76 x 12] intentionally omitted <==

==> picture [195 x 12] intentionally omitted <==

==> picture [93 x 11] intentionally omitted <==

==> picture [431 x 11] intentionally omitted <==

==> picture [459 x 11] intentionally omitted <==

==> picture [39 x 11] intentionally omitted <==

==> picture [103 x 12] intentionally omitted <==

==> picture [174 x 12] intentionally omitted <==

==> picture [104 x 12] intentionally omitted <==

==> picture [11 x 12] intentionally omitted <==

==> picture [91 x 12] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [28 x 11] intentionally omitted <==

==> picture [64 x 11] intentionally omitted <==

==> picture [49 x 11] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

==> picture [35 x 11] intentionally omitted <==

==> picture [82 x 11] intentionally omitted <==

==> picture [92 x 11] intentionally omitted <==

==> picture [34 x 11] intentionally omitted <==

==> picture [10 x 11] intentionally omitted <==

==> picture [11 x 11] intentionally omitted <==

==> picture [138 x 11] intentionally omitted <==

==> picture [66 x 11] intentionally omitted <==

==> picture [289 x 11] intentionally omitted <==

==> picture [81 x 12] intentionally omitted <==

==> picture [397 x 12] intentionally omitted <==

==> picture [194 x 11] intentionally omitted <==

==> picture [43 x 9] intentionally omitted <==

==> picture [60 x 9] intentionally omitted <==

Half year results and operations review

==> picture [50 x 13] intentionally omitted <==

==> picture [56 x 13] intentionally omitted <==

==> picture [191 x 11] intentionally omitted <==

==> picture [285 x 11] intentionally omitted <==

==> picture [47 x 11] intentionally omitted <==

==> picture [117 x 11] intentionally omitted <==

==> picture [42 x 11] intentionally omitted <==

==> picture [27 x 11] intentionally omitted <==

==> picture [256 x 11] intentionally omitted <==

==> picture [48 x 11] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [153 x 12] intentionally omitted <==

==> picture [128 x 12] intentionally omitted <==

==> picture [12 x 12] intentionally omitted <==

==> picture [53 x 12] intentionally omitted <==

==> picture [11 x 12] intentionally omitted <==

==> picture [98 x 12] intentionally omitted <==

==> picture [39 x 11] intentionally omitted <==

==> picture [31 x 11] intentionally omitted <==

==> picture [43 x 11] intentionally omitted <==

==> picture [82 x 11] intentionally omitted <==

==> picture [269 x 11] intentionally omitted <==

==> picture [87 x 11] intentionally omitted <==

==> picture [117 x 11] intentionally omitted <==

==> picture [518 x 265] intentionally omitted <==

	$8,857m +$194m +$148m	$9,122m $9,541m +$22m -$162m +$63m +$328m +$91m -4.2% cost out

==> picture [8 x 8] intentionally omitted <==

==> picture [142 x 8] intentionally omitted <==

==> picture [28 x 8] intentionally omitted <==

==> picture [89 x 8] intentionally omitted <==

==> picture [155 x 8] intentionally omitted <==

==> picture [42 x 8] intentionally omitted <==

==> picture [58 x 8] intentionally omitted <==

==> picture [68 x 8] intentionally omitted <==

==> picture [32 x 8] intentionally omitted <==

==> picture [100 x 8] intentionally omitted <==

==> picture [42 x 8] intentionally omitted <==

==> picture [127 x 8] intentionally omitted <==

==> picture [18 x 8] intentionally omitted <==

==> picture [36 x 8] intentionally omitted <==

==> picture [175 x 8] intentionally omitted <==

==> picture [94 x 8] intentionally omitted <==

==> picture [32 x 8] intentionally omitted <==

==> picture [128 x 8] intentionally omitted <==

==> picture [26 x 8] intentionally omitted <==

==> picture [8 x 8] intentionally omitted <==

==> picture [183 x 8] intentionally omitted <==

==> picture [17 x 8] intentionally omitted <==

==> picture [65 x 12] intentionally omitted <==

==> picture [95 x 12] intentionally omitted <==

==> picture [60 x 12] intentionally omitted <==

==> picture [31 x 12] intentionally omitted <==

==> picture [247 x 12] intentionally omitted <==

==> picture [115 x 11] intentionally omitted <==

==> picture [10 x 11] intentionally omitted <==

==> picture [42 x 11] intentionally omitted <==

==> picture [61 x 11] intentionally omitted <==

==> picture [89 x 11] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [40 x 11] intentionally omitted <==

==> picture [59 x 11] intentionally omitted <==

==> picture [52 x 11] intentionally omitted <==

==> picture [36 x 11] intentionally omitted <==

==> picture [70 x 11] intentionally omitted <==

==> picture [65 x 11] intentionally omitted <==

==> picture [62 x 11] intentionally omitted <==

==> picture [49 x 11] intentionally omitted <==

==> picture [67 x 11] intentionally omitted <==

==> picture [21 x 12] intentionally omitted <==

==> picture [43 x 12] intentionally omitted <==

==> picture [41 x 12] intentionally omitted <==

==> picture [16 x 12] intentionally omitted <==

==> picture [134 x 12] intentionally omitted <==

==> picture [43 x 12] intentionally omitted <==

==> picture [11 x 12] intentionally omitted <==

==> picture [108 x 12] intentionally omitted <==

==> picture [21 x 11] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [30 x 11] intentionally omitted <==

==> picture [88 x 11] intentionally omitted <==

==> picture [347 x 11] intentionally omitted <==

==> picture [40 x 11] intentionally omitted <==

==> picture [484 x 12] intentionally omitted <==

==> picture [96 x 11] intentionally omitted <==

==> picture [217 x 11] intentionally omitted <==

==> picture [43 x 9] intentionally omitted <==

==> picture [60 x 9] intentionally omitted <==

Half year results and operations review

==> picture [92 x 12] intentionally omitted <==

==> picture [171 x 115] intentionally omitted <==

==> picture [32 x 12] intentionally omitted <==

==> picture [122 x 12] intentionally omitted <==

==> picture [65 x 11] intentionally omitted <==

==> picture [103 x 11] intentionally omitted <==

==> picture [8 x 8] intentionally omitted <==

==> picture [98 x 8] intentionally omitted <==

==> picture [41 x 8] intentionally omitted <==

==> picture [83 x 8] intentionally omitted <==

==> picture [69 x 8] intentionally omitted <==

==> picture [8 x 8] intentionally omitted <==

==> picture [88 x 8] intentionally omitted <==

==> picture [33 x 8] intentionally omitted <==

==> picture [36 x 8] intentionally omitted <==

==> picture [83 x 8] intentionally omitted <==

==> picture [70 x 8] intentionally omitted <==

==> picture [33 x 12] intentionally omitted <==

==> picture [91 x 11] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [58 x 11] intentionally omitted <==

==> picture [55 x 11] intentionally omitted <==

==> picture [109 x 11] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

==> picture [31 x 11] intentionally omitted <==

==> picture [38 x 11] intentionally omitted <==

==> picture [47 x 11] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [88 x 11] intentionally omitted <==

==> picture [120 x 11] intentionally omitted <==

==> picture [52 x 11] intentionally omitted <==

==> picture [80 x 12] intentionally omitted <==

==> picture [62 x 12] intentionally omitted <==

==> picture [24 x 12] intentionally omitted <==

==> picture [59 x 12] intentionally omitted <==

==> picture [48 x 12] intentionally omitted <==

==> picture [15 x 12] intentionally omitted <==

==> picture [32 x 12] intentionally omitted <==

==> picture [43 x 12] intentionally omitted <==

==> picture [78 x 12] intentionally omitted <==

==> picture [49 x 12] intentionally omitted <==

==> picture [21 x 12] intentionally omitted <==

==> picture [11 x 11] intentionally omitted <==

==> picture [60 x 11] intentionally omitted <==

==> picture [46 x 11] intentionally omitted <==

==> picture [73 x 11] intentionally omitted <==

==> picture [47 x 11] intentionally omitted <==

==> picture [81 x 11] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [29 x 11] intentionally omitted <==

==> picture [63 x 11] intentionally omitted <==

==> picture [41 x 11] intentionally omitted <==

==> picture [89 x 11] intentionally omitted <==

==> picture [250 x 11] intentionally omitted <==

==> picture [54 x 11] intentionally omitted <==

==> picture [129 x 12] intentionally omitted <==

==> picture [62 x 12] intentionally omitted <==

==> picture [123 x 11] intentionally omitted <==

==> picture [136 x 11] intentionally omitted <==

==> picture [16 x 11] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

==> picture [64 x 11] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [280 x 12] intentionally omitted <==

==> picture [251 x 12] intentionally omitted <==

==> picture [114 x 11] intentionally omitted <==

==> picture [141 x 11] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

==> picture [61 x 11] intentionally omitted <==

==> picture [91 x 11] intentionally omitted <==

==> picture [212 x 11] intentionally omitted <==

==> picture [47 x 11] intentionally omitted <==

==> picture [84 x 11] intentionally omitted <==

==> picture [122 x 11] intentionally omitted <==

==> picture [324 x 12] intentionally omitted <==

==> picture [139 x 12] intentionally omitted <==

==> picture [96 x 11] intentionally omitted <==

==> picture [228 x 11] intentionally omitted <==

==> picture [63 x 11] intentionally omitted <==

==> picture [164 x 11] intentionally omitted <==

==> picture [33 x 11] intentionally omitted <==

==> picture [40 x 11] intentionally omitted <==

==> picture [174 x 11] intentionally omitted <==

==> picture [70 x 11] intentionally omitted <==

==> picture [66 x 12] intentionally omitted <==

==> picture [87 x 11] intentionally omitted <==

==> picture [49 x 11] intentionally omitted <==

==> picture [38 x 11] intentionally omitted <==

==> picture [47 x 11] intentionally omitted <==

==> picture [46 x 11] intentionally omitted <==

==> picture [90 x 11] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

==> picture [32 x 11] intentionally omitted <==

==> picture [190 x 11] intentionally omitted <==

==> picture [149 x 11] intentionally omitted <==

==> picture [6 x 11] intentionally omitted <==

==> picture [54 x 11] intentionally omitted <==

==> picture [87 x 11] intentionally omitted <==

==> picture [84 x 12] intentionally omitted <==

==> picture [164 x 12] intentionally omitted <==

==> picture [53 x 12] intentionally omitted <==

==> picture [72 x 12] intentionally omitted <==

==> picture [117 x 12] intentionally omitted <==

==> picture [100 x 11] intentionally omitted <==

==> picture [190 x 11] intentionally omitted <==

==> picture [78 x 11] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [177 x 12] intentionally omitted <==

==> picture [59 x 12] intentionally omitted <==

==> picture [35 x 12] intentionally omitted <==

==> picture [44 x 12] intentionally omitted <==

==> picture [57 x 12] intentionally omitted <==

==> picture [51 x 12] intentionally omitted <==

==> picture [64 x 11] intentionally omitted <==

==> picture [130 x 11] intentionally omitted <==

==> picture [39 x 11] intentionally omitted <==

==> picture [92 x 11] intentionally omitted <==

==> picture [42 x 11] intentionally omitted <==

==> picture [82 x 11] intentionally omitted <==

==> picture [104 x 11] intentionally omitted <==

==> picture [483 x 12] intentionally omitted <==

==> picture [272 x 11] intentionally omitted <==

==> picture [259 x 11] intentionally omitted <==

==> picture [470 x 11] intentionally omitted <==

==> picture [73 x 12] intentionally omitted <==

==> picture [137 x 11] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [39 x 11] intentionally omitted <==

==> picture [52 x 11] intentionally omitted <==

==> picture [64 x 11] intentionally omitted <==

==> picture [192 x 11] intentionally omitted <==

==> picture [178 x 11] intentionally omitted <==

==> picture [229 x 11] intentionally omitted <==

==> picture [31 x 11] intentionally omitted <==

==> picture [52 x 11] intentionally omitted <==

==> picture [86 x 11] intentionally omitted <==

==> picture [11 x 11] intentionally omitted <==

==> picture [31 x 11] intentionally omitted <==

==> picture [238 x 11] intentionally omitted <==

==> picture [91 x 11] intentionally omitted <==

==> picture [36 x 11] intentionally omitted <==

==> picture [485 x 12] intentionally omitted <==

==> picture [46 x 12] intentionally omitted <==

==> picture [73 x 11] intentionally omitted <==

==> picture [119 x 11] intentionally omitted <==

==> picture [131 x 11] intentionally omitted <==

==> picture [158 x 12] intentionally omitted <==

==> picture [159 x 11] intentionally omitted <==

==> picture [73 x 11] intentionally omitted <==

==> picture [83 x 11] intentionally omitted <==

==> picture [103 x 11] intentionally omitted <==

==> picture [138 x 11] intentionally omitted <==

==> picture [57 x 11] intentionally omitted <==

==> picture [206 x 143] intentionally omitted <==

==> picture [43 x 9] intentionally omitted <==

==> picture [60 x 9] intentionally omitted <==

Half year results and operations review

==> picture [139 x 11] intentionally omitted <==

==> picture [154 x 11] intentionally omitted <==

==> picture [217 x 11] intentionally omitted <==

==> picture [242 x 11] intentionally omitted <==

==> picture [194 x 11] intentionally omitted <==

==> picture [206 x 95] intentionally omitted <==

==> picture [83 x 12] intentionally omitted <==

==> picture [43 x 12] intentionally omitted <==

==> picture [98 x 12] intentionally omitted <==

==> picture [164 x 11] intentionally omitted <==

==> picture [49 x 11] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

==> picture [32 x 11] intentionally omitted <==

==> picture [56 x 11] intentionally omitted <==

==> picture [68 x 11] intentionally omitted <==

==> picture [108 x 11] intentionally omitted <==

==> picture [66 x 11] intentionally omitted <==

==> picture [165 x 11] intentionally omitted <==

==> picture [163 x 11] intentionally omitted <==

==> picture [134 x 12] intentionally omitted <==

==> picture [175 x 12] intentionally omitted <==

==> picture [224 x 12] intentionally omitted <==

==> picture [124 x 11] intentionally omitted <==

==> picture [60 x 11] intentionally omitted <==

==> picture [121 x 11] intentionally omitted <==

==> picture [81 x 11] intentionally omitted <==

==> picture [27 x 11] intentionally omitted <==

==> picture [42 x 11] intentionally omitted <==

==> picture [101 x 11] intentionally omitted <==

==> picture [99 x 11] intentionally omitted <==

==> picture [161 x 12] intentionally omitted <==

==> picture [71 x 12] intentionally omitted <==

==> picture [253 x 12] intentionally omitted <==

==> picture [83 x 11] intentionally omitted <==

==> picture [26 x 11] intentionally omitted <==

==> picture [44 x 11] intentionally omitted <==

==> picture [19 x 11] intentionally omitted <==

==> picture [43 x 11] intentionally omitted <==

==> picture [116 x 11] intentionally omitted <==

==> picture [60 x 11] intentionally omitted <==

==> picture [46 x 11] intentionally omitted <==

==> picture [41 x 11] intentionally omitted <==

==> picture [50 x 11] intentionally omitted <==

==> picture [73 x 11] intentionally omitted <==

==> picture [128 x 11] intentionally omitted <==

==> picture [54 x 11] intentionally omitted <==

==> picture [181 x 11] intentionally omitted <==

==> picture [31 x 12] intentionally omitted <==

==> picture [218 x 12] intentionally omitted <==

==> picture [152 x 12] intentionally omitted <==

==> picture [126 x 12] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [87 x 11] intentionally omitted <==

==> picture [76 x 11] intentionally omitted <==

==> picture [112 x 11] intentionally omitted <==

==> picture [67 x 11] intentionally omitted <==

==> picture [103 x 11] intentionally omitted <==

==> picture [35 x 11] intentionally omitted <==

==> picture [44 x 11] intentionally omitted <==

==> picture [45 x 11] intentionally omitted <==

==> picture [66 x 11] intentionally omitted <==

==> picture [93 x 11] intentionally omitted <==

==> picture [297 x 11] intentionally omitted <==

==> picture [154 x 11] intentionally omitted <==

==> picture [115 x 11] intentionally omitted <==

==> picture [31 x 11] intentionally omitted <==

==> picture [215 x 11] intentionally omitted <==

==> picture [260 x 12] intentionally omitted <==

==> picture [268 x 12] intentionally omitted <==

==> picture [123 x 11] intentionally omitted <==

==> picture [330 x 11] intentionally omitted <==

==> picture [61 x 11] intentionally omitted <==

==> picture [44 x 11] intentionally omitted <==

==> picture [274 x 12] intentionally omitted <==

==> picture [31 x 12] intentionally omitted <==

==> picture [63 x 12] intentionally omitted <==

==> picture [47 x 12] intentionally omitted <==

==> picture [43 x 12] intentionally omitted <==

==> picture [19 x 12] intentionally omitted <==

==> picture [95 x 11] intentionally omitted <==

==> picture [160 x 11] intentionally omitted <==

==> picture [81 x 11] intentionally omitted <==

==> picture [42 x 11] intentionally omitted <==

==> picture [142 x 11] intentionally omitted <==

==> picture [152 x 11] intentionally omitted <==

==> picture [43 x 11] intentionally omitted <==

==> picture [10 x 11] intentionally omitted <==

==> picture [261 x 11] intentionally omitted <==

==> picture [36 x 12] intentionally omitted <==

==> picture [82 x 12] intentionally omitted <==

==> picture [142 x 12] intentionally omitted <==

==> picture [136 x 11] intentionally omitted <==

==> picture [15 x 11] intentionally omitted <==

==> picture [42 x 11] intentionally omitted <==

==> picture [48 x 11] intentionally omitted <==

==> picture [140 x 11] intentionally omitted <==

==> picture [73 x 11] intentionally omitted <==

==> picture [35 x 11] intentionally omitted <==

==> picture [59 x 11] intentionally omitted <==

==> picture [57 x 11] intentionally omitted <==

==> picture [155 x 11] intentionally omitted <==

==> picture [232 x 11] intentionally omitted <==

==> picture [126 x 12] intentionally omitted <==

==> picture [99 x 12] intentionally omitted <==

==> picture [31 x 12] intentionally omitted <==

==> picture [59 x 11] intentionally omitted <==

==> picture [63 x 11] intentionally omitted <==

==> picture [471 x 11] intentionally omitted <==

==> picture [106 x 12] intentionally omitted <==

==> picture [35 x 12] intentionally omitted <==

==> picture [31 x 12] intentionally omitted <==

==> picture [133 x 12] intentionally omitted <==

==> picture [112 x 12] intentionally omitted <==

==> picture [73 x 12] intentionally omitted <==

==> picture [72 x 11] intentionally omitted <==

==> picture [179 x 11] intentionally omitted <==

==> picture [116 x 11] intentionally omitted <==

==> picture [114 x 11] intentionally omitted <==

==> picture [70 x 11] intentionally omitted <==

==> picture [44 x 11] intentionally omitted <==

==> picture [337 x 11] intentionally omitted <==

==> picture [58 x 116] intentionally omitted <==

==> picture [57 x 116] intentionally omitted <==

==> picture [67 x 12] intentionally omitted <==

==> picture [59 x 12] intentionally omitted <==

==> picture [157 x 12] intentionally omitted <==

==> picture [30 x 12] intentionally omitted <==

==> picture [77 x 11] intentionally omitted <==

==> picture [29 x 11] intentionally omitted <==

==> picture [134 x 11] intentionally omitted <==

==> picture [142 x 11] intentionally omitted <==

==> picture [105 x 11] intentionally omitted <==

==> picture [62 x 11] intentionally omitted <==

==> picture [24 x 12] intentionally omitted <==

==> picture [25 x 12] intentionally omitted <==

==> picture [217 x 11] intentionally omitted <==

==> picture [61 x 11] intentionally omitted <==

==> picture [107 x 11] intentionally omitted <==

==> picture [17 x 11] intentionally omitted <==

==> picture [101 x 11] intentionally omitted <==

==> picture [308 x 11] intentionally omitted <==

==> picture [52 x 13] intentionally omitted <==

==> picture [155 x 86] intentionally omitted <==

==> picture [58 x 12] intentionally omitted <==

==> picture [34 x 11] intentionally omitted <==

==> picture [56 x 11] intentionally omitted <==

==> picture [8 x 8] intentionally omitted <==

==> picture [31 x 8] intentionally omitted <==

==> picture [103 x 8] intentionally omitted <==

==> picture [8 x 9] intentionally omitted <==

==> picture [160 x 9] intentionally omitted <==

==> picture [8 x 8] intentionally omitted <==

==> picture [124 x 8] intentionally omitted <==

==> picture [161 x 11] intentionally omitted <==

==> picture [54 x 11] intentionally omitted <==

==> picture [8 x 11] intentionally omitted <==

==> picture [35 x 11] intentionally omitted <==

==> picture [12 x 11] intentionally omitted <==

==> picture [37 x 11] intentionally omitted <==

==> picture [38 x 11] intentionally omitted <==

==> picture [27 x 11] intentionally omitted <==

==> picture [46 x 11] intentionally omitted <==

==> picture [25 x 12] intentionally omitted <==

==> picture [56 x 12] intentionally omitted <==

==> picture [12 x 12] intentionally omitted <==

==> picture [69 x 12] intentionally omitted <==

==> picture [76 x 12] intentionally omitted <==

==> picture [103 x 11] intentionally omitted <==

==> picture [43 x 9] intentionally omitted <==

==> picture [60 x 9] intentionally omitted <==

Half year results and operations review

==> picture [186 x 12] intentionally omitted <==

==> picture [200 x 210] intentionally omitted <==

==> picture [61 x 12] intentionally omitted <==

==> picture [21 x 11] intentionally omitted <==

==> picture [49 x 11] intentionally omitted <==

==> picture [51 x 11] intentionally omitted <==

==> picture [71 x 11] intentionally omitted <==

==> picture [21 x 12] intentionally omitted <==

==> picture [70 x 12] intentionally omitted <==

==> picture [61 x 11] intentionally omitted <==

==> picture [46 x 11] intentionally omitted <==

==> picture [50 x 12] intentionally omitted <==

==> picture [70 x 12] intentionally omitted <==

==> picture [52 x 12] intentionally omitted <==

==> picture [115 x 11] intentionally omitted <==

==> picture [8 x 8] intentionally omitted <==

==> picture [194 x 8] intentionally omitted <==

==> picture [146 x 8] intentionally omitted <==

==> picture [128 x 11] intentionally omitted <==

==> picture [84 x 12] intentionally omitted <==

==> picture [193 x 12] intentionally omitted <==

==> picture [33 x 12] intentionally omitted <==

==> picture [63 x 11] intentionally omitted <==

==> picture [49 x 11] intentionally omitted <==

==> picture [61 x 11] intentionally omitted <==

==> picture [31 x 11] intentionally omitted <==

==> picture [49 x 11] intentionally omitted <==

==> picture [60 x 11] intentionally omitted <==

==> picture [95 x 11] intentionally omitted <==

==> picture [40 x 11] intentionally omitted <==

==> picture [49 x 11] intentionally omitted <==

==> picture [81 x 11] intentionally omitted <==

==> picture [99 x 11] intentionally omitted <==

==> picture [25 x 11] intentionally omitted <==

==> picture [229 x 11] intentionally omitted <==

==> picture [27 x 11] intentionally omitted <==

==> picture [17 x 12] intentionally omitted <==

==> picture [114 x 12] intentionally omitted <==

==> picture [58 x 12] intentionally omitted <==

==> picture [35 x 12] intentionally omitted <==

==> picture [180 x 12] intentionally omitted <==

==> picture [93 x 12] intentionally omitted <==

==> picture [169 x 11] intentionally omitted <==

==> picture [158 x 11] intentionally omitted <==

==> picture [187 x 11] intentionally omitted <==

==> picture [237 x 11] intentionally omitted <==

==> picture [73 x 11] intentionally omitted <==

==> picture [49 x 11] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

==> picture [11 x 11] intentionally omitted <==

==> picture [98 x 11] intentionally omitted <==

==> picture [71 x 11] intentionally omitted <==

==> picture [115 x 11] intentionally omitted <==

==> picture [114 x 12] intentionally omitted <==

==> picture [80 x 12] intentionally omitted <==

==> picture [305 x 12] intentionally omitted <==

==> picture [22 x 11] intentionally omitted <==

==> picture [72 x 11] intentionally omitted <==

==> picture [43 x 11] intentionally omitted <==

==> picture [53 x 11] intentionally omitted <==

==> picture [12 x 11] intentionally omitted <==

==> picture [99 x 11] intentionally omitted <==

==> picture [20 x 11] intentionally omitted <==

==> picture [67 x 11] intentionally omitted <==

==> picture [101 x 11] intentionally omitted <==

==> picture [77 x 11] intentionally omitted <==

==> picture [339 x 11] intentionally omitted <==

==> picture [86 x 9] intentionally omitted <==

Half year results and operations review

==> picture [677 x 512] intentionally omitted <==

==> picture [39 x 9] intentionally omitted <==

==> picture [60 x 9] intentionally omitted <==

Half year results and operations review

==> picture [302 x 12] intentionally omitted <==

==> picture [475 x 328] intentionally omitted <==

==> picture [22 x 9] intentionally omitted <==



==> picture [328 x 8] intentionally omitted <==

==> picture [109 x 9] intentionally omitted <==

==> picture [190 x 8] intentionally omitted <==

==> picture [108 x 8] intentionally omitted <==

==> picture [347 x 9] intentionally omitted <==

==> picture [65 x 9] intentionally omitted <==

==> picture [211 x 8] intentionally omitted <==

==> picture [266 x 8] intentionally omitted <==

==> picture [326 x 9] intentionally omitted <==

==> picture [40 x 9] intentionally omitted <==

==> picture [60 x 9] intentionally omitted <==

Results of operations

Results of operations

2018
2017
Change
Change
Restated(i)
$M
$M
$M
%
Half-year ended 31 December

Revenue (excluding finance income)
Other income(ii)
Total income (excluding finance income)
Labour
Goods and services purchased
Net impairment losses on financial assets
Other expenses
Operating expenses
Share of net profit/(loss) from joint ventures and associated entities
Earnings before interest, income tax expense, depreciation and amortisation (EBITDA)
Depreciation and amortisation
Earnings before interest and income tax expense (EBIT)
Finance income
Finance costs
Net finance costs
Profit before income tax expense
Income tax expense
Profit for the period
Attributable to:
Equity holders of Telstra Entity
Non-controlling interests
Effective tax rate on operations
EBITDA margin on revenue
EBIT margin on revenue
Earnings per share (cents per share)
Basic(iii)
Diluted(iii)

12,586
12,809
(223)
(1.7)
1,212
1,582
(370)
(23.4)
13,798
14,391
(593)
(4.1)
2,722
2,699
23
0.9
4,382
3,989
393
9.9
88
103
(15)
(14.6)
2,349
2,473
(124)
(5.0)
9,541
9,264
277
3.0
1
(31)
32
n/m
9,540
9,295
245
2.6
4,258
5,096
(838)
(16.4)
2,141
2,219
(78)
(3.5)
2,117
2,877
(760)
(26.4)
99
117
(18)
(15.4)
419
413
6
1.5
320
296
24
8.1
1,797
2,581
(784)
(30.4)
569
889
(320)
(36.0)
1,228
1,692
(464)
(27.4)
1,233
1,713
(480)
(28.0)
(5)
(21)
16
76.2
1,228
1,692
(464)
(27.4)
31.7%
34.4%
(2.7) pp
33.8%
39.8%
(6.0) pp
16.8%
22.5%
(5.7) pp
cents
cents
Change
cents
Change
%
10.4
14.4
(4.0)
(27.8)
10.4
14.4
(4.0)
(27.8)

(i) Restated due to adoption of AASB15: Revenue from Contracts with Customers.

(ii) Other income includes gains and losses on asset and investment sales (including assets transferred under the nbn Definitive Agreements), income from government grants under the Telstra Universal Service Obligation Performance Agreement, Mobile Blackspot Government program and other individually immaterial contracts, income from nbn[TM ] network disconnection fees, subsidies and other miscellaneous items.

(iii) Basic and diluted earnings per share are impacted by the effect of shares held in trust by Telstra Growthshare Trust (Growthshare) and by the Telstra Employee Share Ownership Plan Trust II (TESOP99).

n/m = not meaningful

Total income

Total income
	2018 2017 Change Change Restated(i) $M $M $M % Half-year ended 31 December
Fixed products Retail bundles and standalone data Retail standalone voice Other retail fixed(ii) Total retail fixed revenue Wholesale fixed Total fixed revenue Mobiles Postpaid handheld Prepaid handheld Mobile broadband Internet of Things (IoT) Satellite Mobile interconnection Mobile services revenue - wholesale resale Total mobile services revenue Mobiles hardware Total mobile revenue Data & IP IPVPN products(iii) ISDN products Other data and calling products(iv) Total data & IP revenue Network applications & services Managed network services Unified communciations Cloud services Industry solutions Integrated services	1,653 1,660 (7) (0.4) 477 633 (156) (24.6) 127 136 (9) (6.6) 2,257 2,429 (172) (7.1) 424 528 (104) (19.7) 2,681 2,957 (276) (9.3) 2,665 2,609 56 2.1 448 493 (45) (9.1) 350 416 (66) (15.9) 99 73 26 35.6 7 6 1 16.7 112 106 6 5.7 99 90 9 10.0 3,780 3,793 (13) (0.3) 1,511 1,376 135 9.8 5,291 5,169 122 2.4 511 539 (28) (5.2) 206 245 (39) (15.9) 500 514 (14) (2.7) 1,217 1,298 (81) (6.2) 291 306 (15) (4.9) 442 403 39 9.7 202 180 22 12.2 573 681 (108) (15.9) 88 94 (6) (6.4)
Total network applications & services revenue	1,596 1,664 (68) (4.1)
Media Foxtel from Telstra IPTV Mobility and other Cable Total media revenue Global connectivity revenue Recurring nbn DA Other products(v) Total external revenue Other income(vi) Total income (excluding finance income)	340 357 (17) (4.8) 26 31 (5) (16.1) 45 50 (5) (10.0) 30 30 - n/m 441 468 (27) (5.8) 801 764 37 4.8 374 304 70 23.0 185 185 - n/m 12,586 12,809 (223) (1.7) 1,212 1,582 (370) (23.4) 13,798 14,391 (593) (4.1)

(i) Restated due to adoption of AASB15: Revenue from Contracts with Customers.

(ii) Other retail fixed revenue includes platinum, once off revenue (hardware and professional installation fees) payphones, directory assistance, fixed interconnect.

(iii) IP based Virtual Private Network (IPVPN) includes IPMAN/Ethernet MAN, IPWAN, and nbn.

(iv) Other data & calling products includes wholesale, inbound calling (1300/1800), internet, media solutions, and legacy data (e.g. frame relay).

(v) Other products revenue primarily includes late payment fees, revenue from Telstra Health and Telstra Software.

(vi) Other income includes gains and losses on asset and investment sales (including assets transferred under the nbn Definitive Agreements), income from government grants under the Telstra Universal Service Obligation Performance Agreement, Mobile Blackspot Government program and other individually immaterial contracts, income from nbn[TM] network disconnection fees, subsidies and other miscellaneous items. n/m = not meaningful

Total Expenses

Total Expenses
	2018 2017 Change Change Restated(i) $M $M $M % Half-year ended 31 December
Salary and associated costs Other labour expenses Labour substitution Redundancy Total labour Cost of goods sold Network payments Other Total goods and services purchased Net impairment losses on financial assets Service contracts and other agreements Other impairment expenses Other Total other expenses Total operating expenses Depreciation Amortisation Total depreciation and amortisation	1,890 1,946 (56) (2.9) 144 177 (33) (18.6) 417 474 (57) (12.0) 271 102 169 165.7 2,722 2,699 23 0.9 1,778 1,711 67 3.9 1,310 1,086 224 20.6 1,294 1,192 102 8.6 4,382 3,989 393 9.9 88 103 (15) (14.6) 751 807 (56) (6.9) 46 341 (295) (86.5) 1,552 1,325 227 17.1 2,349 2,473 (124) (5.0) 9,541 9,264 277 3.0 1,387 1,496 (109) (7.3) 754 723 31 4.3 2,141 2,219 (78) (3.5)

Statement of Cash Flows

Statement of Cash Flows
	2018 2017 Change Change $M $M $M % Half-year ended 31 December
*Cash flows from operating activities* Receipts from customers (inclusive of goods and services tax (GST)) Payments to suppliers and employees (inclusive of GST) Government grants received Net cash generated by operations Income taxes paid Net cash provided by operating activities *Cash flows from investing activities* Payments for property, plant and equipment Payments for intangible assets Capital expenditure (before investments) Payments for businesses and shares in controlled entities (net of cash acquired) Payments for joint ventures and associated entities Payments for other investments Total capital expenditure (including investments) Government grants received Proceeds from sale of property, plant and equipment Proceeds from sale of shares in controlled entities (net of cash disposed) Proceeds from sale of other investments Distributions received from associated entities Interest received Proceeds from finance lease principal amounts Net cash used in investing activities Operating cash flows less investing cash flows *Cash flows from financing activities* Proceeds from borrowings Repayment of borrowings Repayment of finance lease principal amounts Purchase of shares for employee share plans Finance costs paid Dividends paid to equity holders of Telstra Entity Net cash used in financing activities Net (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the period	14,975 15,679 (704) (4.5) (11,797) (11,256) (541) (4.8) 144 156 (12) (7.7) 3,322 4,579 (1,257) (27.5) (505) (806) 301 37.3 2,817 3,773 (956) (25.3) (1,835) (1,928) 93 4.8 (622) (634) 12 1.9 (2,457) (2,562) 105 4.1 (114) (53) (61) (115.1) (17) (2) (15) n/m - (31) 31 n/m (2,588) (2,648) 60 2.3 34 - 34 n/m 249 413 (164) (39.7) 42 42 - n/m 4 24 (20) (83.3) 1 9 (8) (88.9) 18 34 (16) (47.1) 50 69 (19) (27.5) (2,190) (2,057) (133) (6.5) 627 1,716 (1,089) (63.5) 2,942 4,366 (1,424) (32.6) (1,907) (4,127) 2,220 53.8 (39) (60) 21 35.0 - (18) 18 n/m (397) (387) (10) (2.6) (1,308) (1,842) 534 29.0 (709) (2,068) 1,359 65.7 (82) (352) 270 76.7 620 936 (316) (33.8) 3 - 3 n/m 541 584 (43) (7.4)

Statement of Cash Flows

2018
2017
Change
Change
$M
$M
$M
%
Half-year ended 31 December

Cash flows from operating activities
Receipts from customers (inclusive of goods and services tax (GST))
Payments to suppliers and employees (inclusive of GST)
Government grants received
Net cash generated by operations
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Payments for intangible assets
Capital expenditure (before investments)
Payments for businesses and shares in controlled entities (net of cash acquired)
Payments for joint ventures and associated entities
Payments for other investments
Total capital expenditure (including investments)
Government grants received
Proceeds from sale of property, plant and equipment
Proceeds from sale of shares in controlled entities (net of cash disposed)
Proceeds from sale of other investments
Distributions received from associated entities
Interest received
Proceeds from finance lease principal amounts
Net cash used in investing activities
Operating cash flows less investing cash flows
Cash flows from financing activities
Proceeds from borrowings
Repayment of borrowings
Repayment of finance lease principal amounts
Purchase of shares for employee share plans
Finance costs paid
Dividends paid to equity holders of Telstra Entity
Net cash used in financing activities
Net (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Effects of exchange rate changes on cash and cash equivalents
Cash and cash equivalents at the end of the period

14,975
15,679
(704)
(4.5)
(11,797)
(11,256)
(541)
(4.8)
144
156
(12)
(7.7)
3,322
4,579
(1,257)
(27.5)
(505)
(806)
301
37.3
2,817
3,773
(956)
(25.3)
(1,835)
(1,928)
93
4.8
(622)
(634)
12
1.9
(2,457)
(2,562)
105
4.1
(114)
(53)
(61)
(115.1)
(17)
(2)
(15)
n/m
-
(31)
31
n/m
(2,588)
(2,648)
60
2.3
34
-
34
n/m
249
413
(164)
(39.7)
42
42
-
n/m
4
24
(20)
(83.3)
1
9
(8)
(88.9)
18
34
(16)
(47.1)
50
69
(19)
(27.5)
(2,190)
(2,057)
(133)
(6.5)
627
1,716
(1,089)
(63.5)
2,942
4,366
(1,424)
(32.6)
(1,907)
(4,127)
2,220
53.8
(39)
(60)
21
35.0
-
(18)
18
n/m
(397)
(387)
(10)
(2.6)
(1,308)
(1,842)
534
29.0
(709)
(2,068)
1,359
65.7
(82)
(352)
270
76.7
620
936
(316)
(33.8)
3
-
3
n/m
541
584
(43)
(7.4)

n/m = not meaningful

Statement of Financial Position

Statement of Financial Position
	31 Dec 18 1 Jul 18(i) 31 Dec 17 Change Restated(ii) Restated(ii) $M $M $M $M % 31 Dec 18 v 1 Jul 18 As at
*Current assets* Cash and cash equivalents Trade and other receivables and contract assets Inventories Deferred contract costs Derivative financial assets Current tax receivables Prepayments Total current assets *Non-current assets* Trade and other receivables and contract assets Inventories Investments - accounted for using the equity method Investments - other Property, plant and equipment Intangible assets Deferred contract costs Derivative financial assets Deferred tax assets Defined benefit asset Total non-current assets Total assets *Current liabilities* Trade and other payables Employee benefits Other provisions Borrowings and derivative financial liabilities Current tax payables Contract liabilities and other revenue received in advance Total current liabilities *Non-current liabilities* Other payables Employee benefits Other provisions Borrowings and derivative financial liabilities Deferred tax liabilities Defined benefit liabilities Contract liabilities and other revenue received in advance Total non-current liabilities Total liabilities Net assets *Equity* Share capital Reserves Retained profits Equity available to Telstra Entity shareholders Non-controlling interests Total equity Gross debt Net debt EBITDA interest cover (times)(iii) Net debt to EBITDA ROA - Return on average assets ROE - Return on average equity ROI - Return on average investment ROIC - Return on invested capital Gearing ratio (net debt to capitalisation)	541 629 587 (88) (14.0) 5,471 5,500 6,097 (29) (0.5) 869 492 670 377 76.6 89 69 115 20 29.0 33 75 53 (42) (56.0) 7 6 11 1 16.7 431 431 409 - n/m 7,441 7,202 7,942 239 3.3 870 729 698 141 19.3 20 19 30 1 5.3 1,274 1,237 648 37 3.0 18 36 275 (18) (50.0) 22,579 22,108 21,668 471 2.1 7,823 7,922 7,907 (99) (1.2) 1,254 1,180 1,101 74 6.3 2,201 1,897 1,644 304 16.0 58 54 53 4 7.4 185 250 112 (65) (26.0) 36,282 35,432 34,136 850 2.4 43,723 42,634 42,078 1,089 2.6 4,430 4,528 3,870 (98) (2.2) 822 868 860 (46) (5.3) 79 89 101 (10) (11.2) 1,157 1,636 2,841 (479) (29.3) 52 132 146 (80) (60.6) 1,519 1,532 1,493 (13) (0.8) 8,059 8,785 9,311 (726) (8.3) 68 65 66 3 4.6 151 157 159 (6) (3.8) 160 168 163 (8) (4.8) 17,432 15,704 15,271 1,728 11.0 1,658 1,511 1,543 147 9.7 7 7 6 - n/m 1,683 1,681 1,606 2 0.1 21,159 19,293 18,814 1,866 9.7 29,218 28,078 28,125 1,140 4.1 14,505 14,556 13,953 (51) (0.4) 4,436 4,428 4,422 8 0.2 (65) (131) (137) 66 50.4 10,153 10,272 9,667 (119) (1.2) 14,524 14,569 13,952 (45) (0.3) (19) (13) 1 (6) (46.2) 14,505 14,556 13,953 (51) (0.4) 16,355 15,368 16,413 987 6.4 15,814 14,739 15,828 1,075 7.3 11.2 14.0 14.2 (2.8) (20.1) 1.7 1.5 1.6 0.2 13.3 9.9% 13.8% 14.0% (3.9) pp 17.0% 25.0% 24.4% (8.0) pp 14.2% 19.5% 19.4% (5.3) pp 9.7% 13.5% 12.7% (3.8) pp 52.2% 50.3% 53.1% 1.9 pp

Statement of Financial Position

31 Dec 18 1 Jul 18(i)
31 Dec 17
Change
Restated(ii)
Restated(ii)
$M
$M
$M
$M
%
31 Dec 18 v 1 Jul 18
As at

Current assets
Cash and cash equivalents
Trade and other receivables and contract assets
Inventories
Deferred contract costs
Derivative financial assets
Current tax receivables
Prepayments
Total current assets
Non-current assets
Trade and other receivables and contract assets
Inventories
Investments - accounted for using the equity method
Investments - other
Property, plant and equipment
Intangible assets
Deferred contract costs
Derivative financial assets
Deferred tax assets
Defined benefit asset
Total non-current assets
Total assets
Current liabilities
Trade and other payables
Employee benefits
Other provisions
Borrowings and derivative financial liabilities
Current tax payables
Contract liabilities and other revenue received in advance
Total current liabilities
Non-current liabilities
Other payables
Employee benefits
Other provisions
Borrowings and derivative financial liabilities
Deferred tax liabilities
Defined benefit liabilities
Contract liabilities and other revenue received in advance
Total non-current liabilities
Total liabilities
Net assets
Equity
Share capital
Reserves
Retained profits
Equity available to Telstra Entity shareholders
Non-controlling interests
Total equity
Gross debt
Net debt
EBITDA interest cover (times)(iii)
Net debt to EBITDA
ROA - Return on average assets
ROE - Return on average equity
ROI - Return on average investment
ROIC - Return on invested capital
Gearing ratio (net debt to capitalisation)

541
629
587
(88)
(14.0)
5,471
5,500
6,097
(29)
(0.5)
869
492
670
377
76.6
89
69
115
20
29.0
33
75
53
(42)
(56.0)
7
6
11
1
16.7
431
431
409
-
n/m
7,441
7,202
7,942
239
3.3
870
729
698
141
19.3
20
19
30
1
5.3
1,274
1,237
648
37
3.0
18
36
275
(18)
(50.0)
22,579
22,108
21,668
471
2.1
7,823
7,922
7,907
(99)
(1.2)
1,254
1,180
1,101
74
6.3
2,201
1,897
1,644
304
16.0
58
54
53
4
7.4
185
250
112
(65)
(26.0)
36,282
35,432
34,136
850
2.4
43,723
42,634
42,078
1,089
2.6
4,430
4,528
3,870
(98)
(2.2)
822
868
860
(46)
(5.3)
79
89
101
(10)
(11.2)
1,157
1,636
2,841
(479)
(29.3)
52
132
146
(80)
(60.6)
1,519
1,532
1,493
(13)
(0.8)
8,059
8,785
9,311
(726)
(8.3)
68
65
66
3
4.6
151
157
159
(6)
(3.8)
160
168
163
(8)
(4.8)
17,432
15,704
15,271
1,728
11.0
1,658
1,511
1,543
147
9.7
7
7
6
-
n/m
1,683
1,681
1,606
2
0.1
21,159
19,293
18,814
1,866
9.7
29,218
28,078
28,125
1,140
4.1
14,505
14,556
13,953
(51)
(0.4)
4,436
4,428
4,422
8
0.2
(65)
(131)
(137)
66
50.4
10,153
10,272
9,667
(119)
(1.2)
14,524
14,569
13,952
(45)
(0.3)
(19)
(13)
1
(6)
(46.2)
14,505
14,556
13,953
(51)
(0.4)
16,355
15,368
16,413
987
6.4
15,814
14,739
15,828
1,075
7.3
11.2
14.0
14.2
(2.8)
(20.1)
1.7
1.5
1.6
0.2
13.3
9.9%
13.8%
14.0%
(3.9) pp
17.0%
25.0%
24.4%
(8.0) pp
14.2%
19.5%
19.4%
(5.3) pp
9.7%
13.5%
12.7%
(3.8) pp
52.2%
50.3%
53.1%
1.9 pp

(i) Opening balance of 1 July 2018 used versus 30 June 2018 due to AASB 9 restatements going through opening balances only.

(ii) Restated due to adoption of AASB15: Revenue from Contracts with Customers.

(iii) EBITDA interest cover equals EBITDA to net interest.

n/m = not meaningful

Segment information from operations

	Segment information from operations
		Total external income 2018 2017 Change Restated(i) $M $M % Half-year ended 31 December	EBITDA contribution 2018 2017 Change Restated(i) $M $M % Half-year ended 31 December
	Telstra Consumer and Small Business Telstra Enterprise Networks and IT Other Segments Telstra excluding Telstra InfraCo Telstra InfraCo Internal access charges Total Telstra segments	7,212 7,320 (1.5) 3,955 3,903 1.3 34 40 (15.0) 1,041 1,463 (28.8) 12,242 12,726 (3.8) 2,502 1,665 50.3 (946) - n/m 13,798 14,391 (4.1)	2,948 3,457 (14.7) 1,635 1,698 (3.7) (692) (651) (6.3) (815) (633) (28.8) 3,076 3,871 (20.5) 1,618 1,225 32.1 (436) - n/m 4,258 5,096 (16.4)

Revenue by Business Segment

	Revenue by Business Segment
	2018 2017 Change Restated(i) $M $M % Half-year ended 31 December
	Telstra Consumer & Small Business Fixed 2,108 2,256 (6.6) Mobile services revenue 2,971 3,016 (1.5) Network applications & services (NAS) 147 131 12.2 Telstra Enterprise Australia Mobile services revenue 709 685 3.5 Data & IP 907 975 (7.0) Network applications & services (NAS) 1,151 1,110 3.7

Product profitability - EBITDA margins %

	Productprofitability - EBITDA margins %
	Dec 2018 Jun 2018 Dec 2017 Restated(i) Restated(i) Half-year ended
	Mobile 36% 38% 39% Fixed 25% 29% 35% Data & IP 64% 65% 64% NAS 2% 13% 7% Global Connectivity 19% 19% 18%

Note: Product margins represent management's best estimates.

Product profitability - EBITDA ($M)

	Productprofitability - EBITDA($M)
	Dec 2018 Jun 2018 Dec 2017 Restated(i) Restated(i) Half-year ended
	Mobile 1,905 1,968 2,028 Fixed 688 835 1,061 Data & IP 782 814 828 NAS 39 251 114 Global Connectivity 155 158 135

Note: Product margins represent management's best estimates.

(i) Restated due to adoption of AASB15: Revenue from Contracts with Customers.

ARPU ($)

ARPU($)
	Dec 2018 Jun 2018 Dec 2017 Restated(i) Restated(i) $ $ $ Half-year ended	Change Change $ % Dec 18 vs Dec 17	Change Change $ % Dec 18 vs Jun 18
Fixed retail bundle & standalone data Fixed retail standalone voice Postpaid handheld Prepaid handheld Mobile broadband	75.90 76.69 78.56 43.70 44.07 44.40 55.62 56.22 57.00 22.54 22.36 22.70 15.32 15.58 17.58	(2.66) (3.4) (0.70) (1.6) (1.38) (2.4) (0.16) (0.7) (2.26) (12.9)	(0.79) (1.0) (0.37) (0.8) (0.60) (1.1) 0.18 0.8 (0.26) (1.7)
(i) Restated due to adoption of AASB15: Revenue from Contracts with Customers. Services in operation(000s)
	Dec 2018 Jun 2018 Dec 2017 000s 000s 000s Half-year ended	Change Change 000s % Dec 18 vs Dec 17	Change Change 000s % Dec 18 vs Jun 18
Fixed services in operation (SIOs) Retail bundles and standalone data(i) Retail standalone voice Wholesale basic access(ii) Wholesale data(iii) ISDN access (basic line equivalents) Unconditioned local loop (ULL) Line spectrum sharing services (LSS) Mobiles services in operation (SIOs) Postpaid handheld retail(iv) Prepaid handheld retail Mobile broadband (data card) Internet of Things (IoT) Satellite Total retail mobile Total wholesale mobile	3,663 3,599 3,532 1,685 1,954 2,230 662 805 955 400 486 579 804 859 918 987 1,118 1,234 229 277 326 8,105 7,866 7,692 3,264 3,354 3,575 3,723 3,893 3,964 2,832 2,571 2,346 32 32 32 17,956 17,716 17,609 1,098 973 862	131 3.7 (545) (24.4) (293) (30.7) (179) (30.9) (114) (12.4) (247) (20.0) (97) (29.8) 413 5.4 (311) (8.7) (241) (6.1) 486 20.7 0 0.0 347 2.0 236 27.4	64 1.8 (269) (13.8) (143) (17.8) (86) (17.7) (55) (6.4) (131) (11.7) (48) (17.3) 239 3.0 (90) (2.7) (170) (4.4) 261 10.2 0 0.0 240 1.4 125 12.8
Prepaid handheld retail unique users(v)	2,234 2,294 2,432	(198) (8.1)	(60) (2.6)
Foxtel from Telstra	772 790 799	(27) (3.4)	(18) (2.3)

(i) Includes Belong fixed data SIOs.

(ii) Excludes nbn SIOs.

(iii) Includes nbn SIOs.

(iv) Includes Belong mobile SIOs.

(v) Prepaid unique users defined as the three month rolling average of monthly active prepaid users.

Note: Statistical data represents management’s best estimates.

Workforce

Workforce
Dec 2018 Jun 2018 Dec 2017 Half-year ended	Change Change % Dec 18 vs Dec 17	Change Change % Dec 18 vs Jun 18
Employee data Full time staff equivalents incl. contractor/agency labour 31,419 34,624 34,115 Full time staff equivalents excl. contractor/agency labour 29,297 32,293 31,973	(2,696) (7.9) (2,676) (8.4)	(3,205) (9.3) (2,996) (9.3)

Note: Statistical data represents management’s best estimates.

Telstra Corporation Limited Half-year comparison Half-year ended 31 December 2018

Half 1	Half 2	Full year	Half 1 PCP
Dec-17	Jun-18	Jun-18	Dec-18 Growth
Restated(vi)	Restated(vi)	Restated(vi)
1,660 633 136	1,640 553 132	3,300 1,186 268

			1,653 (0.4%)
			477 (24.6%)
			127 (6.6%)
2,429 528	2,325 483	4,754 1,011	2,257 (7.1%)
			424 (19.7%)
2,957	2,808	5,765	2,681 (9.3%)
2,609 493 416 73 6 106 90	2,624 465 367 97 6 106 99	5,233 958 783 170 12 212 189
			2,665 2.1%
			448 (9.1%)
			350 (15.9%)
			99 35.6%
			7 16.7%
			112 5.7%
			99 10.0%
3,793 1,376	3,764 1,447	7,557 2,823	3,780 (0.3%)
			1,511 9.8%
5,169	5,211	10,380	5,291 2.4%
539 245 514	525 226 507	1,064 471 1,021
			511 (5.2%)
			206 (15.9%)
			500 (2.7%)
1,298	1,258	2,556	1,217 (6.2%)
306 403 180 681 94	369 482 248 693 171	675 885 428 1,374 265
			291 (4.9%)
			442 9.7%
			202 12.2%
			573 (15.9%)
			88 (6.4%)
1,664	1,963	3,627	1,596 (4.1%)
357 31 50 30	345 31 45 30	702 62 95 60
			340 (4.8%)
			26 (16.1%)
			45 (10.0%)
			30 n/m
468	451	919	441 (5.8%)
151 452 161	167 471 167	318 923 328
			144 (4.6%)
			491 8.6%
			166 3.1%
764	805	1,569	801 4.8%
304 185	338 205	642 390
			374 23.0%
			185 n/m
12,809 1,582	13,039 1,411	25,848 2,993	12,586 (1.7%)
			1,212 (23.4%)
14,391	14,450	28,841	13,798 (4.1%)
2,699 3,989 103 2,473	2,508 4,349 87 2,414	5,207 8,338 190 4,887

			2,722 0.9%
			4,382 9.9%
			88 (14.6%)
			2,349 (5.0%)
9,264 (31)	9,358 9	18,622 (22)	9,541 3.0%
			1 n/m
5,096 2,219	5,101 2,251	10,197 4,470	4,258 (16.4%)
			2,141 (3.5%)
2,877 296	2,850 292	5,727 588	2,117 (26.4%)
			320 8.1%
2,581 889	2,558 693	5,139 1,582	1,797 (30.4%) 569 (36.0%)
1,692	1,865	3,557	1,228 (27.4%)

(i) Other retail fixed revenue includes platinum, once off revenue (hardware and professional installation fees) payphones, directory assistance, fixed interconnect.

(ii) IP based Virtual Private Network (IPVPN) includes IPMAN/Ethernet MAN, IPWAN, and nbn.

(iii) Other data & calling products includes wholesale, inbound calling (1300/1800), internet, media solutions, and legacy data (e.g. frame relay).

(iv) Other products revenue primarily includes late payment fees, revenue from Telstra Health and Telstra Software.

(v) Other income includes gains and losses on asset and investment sales (including assets transferred under the nbn Definitive Agreements), income from government grants under the Telstra Universal Service Obligation Performance Agreement, Mobile Blackspot Government program and other individually immaterial contracts, income from nbn[TM ] network disconnection fees, subsidies and other miscellaneous items.

(vi) Restated due to adoption of AASB15: Revenue from Contracts with Customers.

n/m = not meaningful

Telstra Corporation Limited Half-year comparison Half-year ended 31 December 2018	Telstra Corporation Limited Half-year comparison Half-year ended 31 December 2018	Telstra Corporation Limited Half-year comparison Half-year ended 31 December 2018	Telstra Corporation Limited Half-year comparison Half-year ended 31 December 2018	Telstra Corporation Limited Half-year comparison Half-year ended 31 December 2018
Summary reported half-yearly data Selected statistical data Fixed Retail bundles and standalone data SIOs (thousands)(i) Retail standalone voice SIOs (thousands) Wholesale basic access lines in service (thousands)(ii) Wholesale data SIOs (thousands)(iii) Unconditioned local loop (ULL) services in operation (thousands) Wholesale line spectrum site sharing (LSS) SIOs (thousands) Average bundle and standalone data revenue per user per month ($)(vi) Average standalone fixed voice revenue per user per month ($)(vi) Belong fixed data SIOs (thousands) nbnTM premise connections Bundle Connections (thousands) Belong (thousands) Voice Only Connections (thousands) Total nbnTM premise connections Data & IP ISDN Access SIOs (thousands) IPVPN Access SIOs (thousands) Mobiles Total retail mobile SIOs (thousands) Postpaid handheld mobile SIOs (thousands) Belong postpaid handheld mobile SIOs (thousands)(iv) Mobile broadband (data cards) SIOs (thousands) Prepaid mobile handheld unique users (thousands)(v) Internet of Things (IoT) SIOs (thousands) Satellite SIOs (thousands) Total wholesale SIOs (thousands) Average postpaid handheld revenue per user per month ($)(vi) Average prepaid handheld revenue per user per month ($)(vi) Average mobile broadband revenue per user per month ($)(vi) Premium pay TV Foxtel from Telstra (thousands) Labour Full time staff equivalents incl. contractor/agency labour Full time staff equivalents excl. contractor/agency labour	Half 1 PCP	Half 2 PCP	Full Year PCP	Half 1 PCP
	Dec-17 Growth	Jun-18 Growth	Jun-18 Growth	Dec-18 Growth
	3,532 1.8% 2,230 (20.4%) 955 (23.7%) 579 (26.3%) 1,234 (17.5%) 326 (25.4%) 78.56 n/m 44.40 n/m 180 46.3% 1,304 105.0% 92 76.9% 234 120.8% 1,630 105.3% 173 (10.4%) 114 8.5% 17,609 1.1% 7,692 2.8% 21 n/m 3,964 (0.3%) 2,432 (7.0%) 2,346 14.3% 32 3.2% 862 35.3% 57.00 n/m 22.70 n/m 17.58 n/m 799 6.8% 34,115 (6.4%) 31,973 (1.8%)	3,599 2.5% 1,954 (22.6%) 805 (28.4%) 486 (29.8%) 1,118 (19.6%) 277 (27.9%) 76.69 n/m 44.07 n/m 203 31.0% 1,573 65.2% 110 48.6% 263 73.5% 1,946 65.5% 164 (11.4%) 119 5.1% 17,716 2.0% 7,866 4.0% 67 n/m 3,893 (0.9%) 2,294 (8.2%) 2,571 17.5% 32 n/m 973 30.8% 56.22 n/m 22.36 n/m 15.58 n/m 790 (2.2%) 34,624 (1.7%) 32,293 (0.0%)	3,599 2.5% 1,954 (22.6%) 805 (28.4%) 486 (29.8%) 1,118 (19.6%) 277 (27.9%) 77.37 n/m 44.16 n/m 203 31.0% 1,573 65.2% 110 48.6% 263 73.5% 1,946 65.5% 164 (11.4%) 119 5.1% 17,716 2.0% 7,866 4.0% 67 n/m 3,893 (0.9%) 2,294 (8.2%) 2,571 17.5% 32 n/m 973 30.8% 56.53 n/m 22.75 n/m 16.69 n/m 790 (2.2%) 34,624 (1.7%) 32,293 (0.0%)


				3,663 3.7%
				1,685 (24.4%)
				662 (30.7%)
				400 (30.9%)
				987 (20.0%)
				229 (29.8%)
				75.90 (3.4%)
				43.70 (1.6%)
				225 25.0%

				1,844 41.4%
				132 43.5%
				278 18.8%
				2,254 38.3%

				148 (14.5%)
				126 10.5%

				17,956 2.0%
				8,105 5.4%
				182 n/m
				3,723 (6.1%)
				2,234 (8.1%)
				2,832 20.7%
				32 n/m
				1,098 27.4%
				55.62 (2.4%)
				22.54 (0.7%)
				15.32 (12.9%)

				772 (3.4%)

				31,419 (7.9%)
				29,297 (8.4%)

(i) Includes Belong fixed data SIOs.

(ii) Excludes nbn SIOs.

(iii) Includes nbn SIOs.

(iv) Belong mobile SIOs are included in postpaid handheld mobile SIOs.

(v) Prepaid unique users defined as the three month rolling average of monthly active prepaid users.

(vi) Restated due to adoption of AASB15: Revenue from Contracts with Customers.

n/m = not meaningful

AI assistant

TELSTRA GROUP LIMITED Interim / Quarterly Report 2019

65927_rns_2019-02-13_06698f78-6f48-4752-818a-f30f9d4fe579.pdf

Office of the Company Secretary

ELECTRONIC LODGEMENT

ANDREW PENN – CEO

Slide – Half Year 2019 Results

Slide - Half Year 2019 Results - Headlines

Slide - Strong customer adds and T22 momentum

Slide - T22

Slide - T22 Strategic Pillars - progress to date

Slide - T22 Enablers - progress to date

Slide - Leading into the 5G era

Slide - T22 Strategy scorecard

Slide - Summary

ROBYN DENHOLM – CFO

SLIDE – TELSTRA HALF YEAR 2019 RESULTS

SLIDE – AGENDA

SLIDE – GROUP RESULTS – INCOME STATEMENT

SLIDE – GROUP RESULTS – FREE CASHFLOW

SLIDE – GROUP RESULTS – DIVIDENDS

SLIDE – GROUP RESULTS – INCOME BY PRODUCT

SLIDE – GROUP RESULTS – OPERATING EXPENSES

SLIDE – TARGETED REDUCTIONS ACROSS WHOLE OF COST BASE

SLIDE – GROUP RESULTS – EBITDA BY PRODUCT

SLIDE – CAPITAL POSITION

SLIDE – FY19 GUIDANCE

Results of operations

Total income

Total Expenses

Statement of Cash Flows

Statement of Financial Position

Segment information from operations

Revenue by Business Segment

Product profitability - EBITDA margins %

Product profitability - EBITDA ($M)

ARPU ($)

Workforce

Telstra Corporation Limited Half-year comparison Half-year ended 31 December 2018


			

		

		
			

	

		


	
		




	•
•
•	•
	•
•
•	•
	•
•	•
	•
•
	•
•
	•
	•
•
•
	•
•
	•
	•
•
•
	•
•
•	•
	•


	•
•
	•
•
	•
•
•
	•
•
	•
•
•
	•
•
	•
•
	•
•
•
	•
•
	•
•
	•
•
	•
•


			

		

		
			

	

		


	
		




	•
•
•	•
	•
•
•	•
	•
•	•
	•
•
	•
•
	•
	•
•
•
	•
•
	•
	•
•
•
	•
•
•	•
	•


	•
•
	•
•
	•
•
•
	•
•
	•
•
•
	•
•
	•
•
	•
•
•
	•
•
	•
•
	•
•
	•
•

AI assistant

TELSTRA GROUP LIMITED — Interim / Quarterly Report 2019

65927_rns_2019-02-13_06698f78-6f48-4752-818a-f30f9d4fe579.pdf

Office of the Company Secretary

ELECTRONIC LODGEMENT

ANDREW PENN – CEO

Slide – Half Year 2019 Results

Slide - Half Year 2019 Results - Headlines

Slide - Strong customer adds and T22 momentum

Slide - T22

Slide - T22 Strategic Pillars - progress to date

Slide - T22 Enablers - progress to date

Slide - Leading into the 5G era

Slide - T22 Strategy scorecard

Slide - Summary

ROBYN DENHOLM – CFO

SLIDE – TELSTRA HALF YEAR 2019 RESULTS

SLIDE – AGENDA

SLIDE – GROUP RESULTS – INCOME STATEMENT

SLIDE – GROUP RESULTS – FREE CASHFLOW

SLIDE – GROUP RESULTS – DIVIDENDS

SLIDE – GROUP RESULTS – INCOME BY PRODUCT

SLIDE – GROUP RESULTS – OPERATING EXPENSES

SLIDE – TARGETED REDUCTIONS ACROSS WHOLE OF COST BASE

SLIDE – GROUP RESULTS – EBITDA BY PRODUCT

SLIDE – CAPITAL POSITION

SLIDE – FY19 GUIDANCE

Results of operations

Total income

Total Expenses

Statement of Cash Flows

Statement of Financial Position

Segment information from operations

Revenue by Business Segment

Product profitability - EBITDA margins %

Product profitability - EBITDA ($M)

ARPU ($)

Workforce

Telstra Corporation Limited Half-year comparison Half-year ended 31 December 2018

More from TELSTRA GROUP LIMITED

TELSTRA GROUP LIMITED Interim / Quarterly Report 2019


			

		

		
			

	

		


	
		




	•
•
•	•
	•
•
•	•
	•
•	•
	•
•
	•
•
	•
	•
•
•
	•
•
	•
	•
•
•
	•
•
•	•
	•


	•
•
	•
•
	•
•
•
	•
•
	•
•
•
	•
•
	•
•
	•
•
•
	•
•
	•
•
	•
•
	•
•