2013
Christian, Hana Putri 22328327
Gasim, Rifath 25057395
Sarker, Mohammad Rabiul - 24935123
Zhang, Yan Li - 25408453
AFX 9590 Accounting and Finance for
International Managers
9/17/2013
Financial Analysis of Telstra, Telecom New Zealand, and
Singapore Telecommunications
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 1
Table of Contents 1.0 Introduction .................................................................................................................... 2
1.1 Companies Background .............................................................................................. 2
1.1.1 Market Capital and Market Price ........................................................................... 2
1.1.2 General Information .............................................................................................. 2
2.0 Companies Performance Analysis ................................................................................... 4
2.1 Profitability Analysis .................................................................................................... 4
2.2 Asset Efficiency Analysis .............................................................................................. 7
2.3 Liquidity Analysis ....................................................................................................... 11
2.4 Capital Structure Analysis .......................................................................................... 13
2.5 Market Performance Analysis .................................................................................... 16
3.0 Company Representing the Best Investment ................................................................. 19
4.0 References .................................................................................................................... 20
Word Count: 3,000 Words excluding the title page, table of contents, headings, references,
footer, header, tables, charts/graphs, and table of references.
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 2
1.0 Introduction This report has been carefully articulated to provide analysis regarding profitability,
efficiency, liquidity, capital structure, and market performance for Telstra Corporation
Limited (TLS), Telecom Corporation of New Zealand Limited (TEL), and Singapore
Telecommunications Limited (SGT) for the period of 2009-2013.
The report first provides individual analysis of profitability, efficiency, liquidity, capital
structure, and market performances for all the three companies; showing several analyses,
comprising the trend analysis throughout 2009-2013, horizontal analysis, vertical analysis,
and also ratio comparison between the three companies. Furthermore, the report also
provides the benchmark analysis, comparing TLS, TEL and SGT to their intra-industry
company which operates in US, Verizon Communications Inc.
Finally, the report is concluded by providing the combined analysis, determining which of
the three companies (TLS, TEL, and SGT) that has proven to have the best performance
throughout the five years.
Note: Some of the ratios final values and values that were used for calculation were taken from Aspect Huntley
Fin Analysis, and several other values that were not provided in the Aspect Huntley Fin Analysis were taken
from the companies Annual Reports.
1.1 Companies Background
1.1.1 Market Capital and Market Price
1.1.2 General Information
TLS operation dominates most parts of Australia, including rural and remote areas. It
provides solutions such as fixed lines, mobiles, Internet access, and Pay TV services. TLS has
also expanded internationally, for instance, its expansion to Hong Kong as CSL New World
Mobility Limited. Furthermore, Telstra Global also encompasses network services across
Asia Pacific, China, India, Europe and Africa. Lastly, TLS also manages submarine cable
network.
TEL on the other hand, has geographical limitation, in which hinders it from expanding
globally (Moritz, 2012); its international operations is limited to providing integrated
telecommunications between New Zealand, Australia, and several other countries globally
(Aspect Huntley Fin Analysis, 2013). However, it is the dominant telecommunications
service provider in New Zealand. It provides services and products not only to residential,
but also to SME (Small Medium Enterprises). TEL has several business units which comprises
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 3
of Telecom Retail (fixed line, broadband, dial-up, and online services), fi, Gen-I, AAPT,
Telecom Wholesale & International and Technology and shared services.
SGT is a Singaporean Telecommunication group (Group Consumer, Group Digital Life, and
Group ICT) which dominates Singapore telecommunications, covering fixed lines, mobile,
data, Internet, info-communications technology, satellite and pay TV. SGT also operates in
Australia, as Optus. Furthermore, SGT operates internationally, which includes association
and joint ventures in Thailand, India, Philippines, and Indonesia. Moreover, SGT holds
interests in several mobile communications businesses in Asia and Africa.
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 4
2.0 Companies Performance Analysis
2.1 Profitability Analysis
Table 1. Profitability Ratios
Source: (Aspect Huntley Fin Analysis, 2013)
Table 1 shows the profitability ratios. Net Profit Margin measures how much earnings a company has from every dollar of its sales, whereas,
EBIT Margin includes the interests and tax in the revenue calculation. Furthermore, ROE indicates returns to shareholders, which is impacted
by its ROA that measures how efficient the company uses its asset to generate profit. Lastly, cash flow to sales provides the companys ability
to generate cash from its current operations. If these ratios have higher values, it shows better profitability performance.
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 5
Figure 1. Net Profit Margin and ROE Chart
Figure 1 indicates that Net Profit Margin for all three companies has a slightly declining
trend from 2009-2011, due to competition from resellers' that has forced many to cut prices
and lower profit. This declining trend of profits has also explained the decreasing trend of
ROA, which further impacted the ROE.
However, in 2012, both TLS and SGTs ROE and ROA increased; TLSs ROE increased to
31.11% and its ROA to 11.78%, whereas, SGTs ROE has also increased to 17.00% and its
ROA to 10.54%.
On the other hand, as figure 1 clearly pointed out, in 2012, TELs Net Profit Margin flunked
to -10.16% (its EBIT Margin fell to -4.77%). This is due to the high increase in their expenses,
during the demerger with Chorus limited and also due to government regulation. Therefore,
there was high revenue deduction that resulted in 2012s negative value (Telecom
Corporation of New Zealand Limited, 2012). This has also affected TELs negative ROA (-
9.21%) and further resulted in the negative ROE (-26.28%).
Nevertheless, in 2013, TELs Net Profit Margin has improved significantly to 8.52% and its
EBIT Margin increased to 12.63% (impacting on ROE recovery to 24.16%, which shows the
ability of TEL to finally generate return to its shareholders); this is owing to the reduction of
regulatory burden and additional cost saving after the demerger completion.
Turning to SGT, although that it has a declining trend, its Net Profit margin and EBIT margin
are still comparatively higher compared to the other two companies, which shows that It
-30.00%
-20.00%
-10.00%
0.00%
10.00%
20.00%
30.00%
40.00%
2009 2010 2011 2012 2013
Net Profit Margin and ROE Chart
TLS Net Profit Margin TEL Net Profit Margin SGT Net Profit Margin
TLS ROE TEL ROE SGT ROE
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 6
has better profit-generating ability. Nonetheless, its ROE is lower compared to TLS; this
might be due to its lower ROA, 9.64% as compared to TLSs ROA of 12.03% in 2013.
TLS, on the other hand, has reasonable improvements from 2011-2013, as shown by the
ratios. And figure 1 clearly depicted that TLS ROE is definitely higher compared to TEL and
SGT.
To conclude, TLS proved to have the highest and most stable ROA and ROE throughout the
five years; this indicates that TLS was better at generating money that its shareholders has
invested, and it was also more efficient compared to the other two companies in using its
assets to generate profits.
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 7
2.2 Asset Efficiency Analysis
Table 2. Asset Efficiency Ratios
Source: (Aspect Huntley Fin Analysis, 2013)
Table 1 shows the asset efficiency performance ratios. In general, TEL has higher asset efficiency ratios, compared to SGT and TLS; this means
that TEL were more efficient in converting inventory into cash and collecting cash from debtors and was also better at utilizing its assets.
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 8
Figure 2. Asset Turnover Chart
Asset Turnover ratio provides the companys overall efficiency in generating income per
dollar of investments in assets, for both current and non-current investments. Figure 2
clearly shows that TEL was better at utilizing its assets to generate revenue. Furthermore, in
2012&2013, the difference with TLS and SGT was highly significant.
However in 2009-2011, TELs operating revenue was less compared to its total assets.
Throughout the 5 years, SGT and TLS operating revenue was also less compared to their
total assets.
According to annual report 2012, the Asset Turnover ratio of Verizon (US intra-industry) was
0.51 times. TEL and TLS managed to achieve higher Asset Turnover ratio than Verizon. So,
SGT should take actions in order to utilize their assets to generate revenue more efficiently.
0 0.2 0.4 0.6 0.8 1 1.2
2013
2012
2011
2010
2009
Asset Turnover Chart
SGT Asset Turnover Ratio (Times) TEL Asset Turnover Ratio (Times)
TLS Asset Turnover Ratio (Times)
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 9
Figure 3. Debtors Turnover Chart
Days Debtors Ratio indicates how quickly the debtors are paying; the lesser the days, the
better it is. Whereas, Debtors turnover (times) indicates the number of times cash are
collected from debtors in an accounting period, which means the higher the ratio, the more
efficient a company is in collecting cash from its debtors.
Figure 3 show that TEL has the shortest period of receiving money from debtors throughout
all the five years. SGT and TLS Days Debtors have increased consecutively from 2009-2013,
due to their increasing receivables. In 2013, there is a high rise in Days Debtors for SGT, due
to the vast increase in its receivables. However, TELs Days Debtors has shown the opposite.
Nevertheless, the average receivable collection period in 2012 for Verizon was 38.36 days
(Verizon, 2012). In 2012, TEL was the only one that managed to receive money in a shorter
period than Verizon, which were 35.2. Therefore, SGT and TLS should re-assess their credit
policy.
0
2
4
6
8
10
12
0
20
40
60
80
2009 2010 2011 2012 2013
Days Debtors Turnover and Times Debtors Turnover Chart
TLS Days Debtors Turnover TEL Days Debtors Turnover SGT Days Debtors Turnover
TLS Times Debtors Turnover TEL Times Debtors Turnover SGT Times Debtors Turnover
Days Times
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 10
Figure 4. Inventory Turnover Chart
Days Inventory Ratio indicates the average period of time it takes for a firm to sell its
inventory, whereas Inventory Turnover (times) indicates the number of times inventory is
sold in a time period (e.g. 1 year). The higher the Inventory Turnover (times), the more
efficient a company is able to convert its inventory into cash.
Throughout the five years, all three companies have shown fluctuation. In 2013, although
TELs Inventory Turnover decreased to 63.86, the number was still higher compared to SGT
and TLS; this shows that TEL was better at managing its inventory.
In 2011, SGT had the lowest Inventory Turnover; nonetheless, they have managed to
increase the ratio in 2012&2013. Looking at TLS, despite its improved performance in 2012,
the ratio was showing a weakening trend up to 2013.
In conclusion, looking at Days Inventory and Days Debtors Turnovers, TEL proved to have a
more efficient entitys activity cycle (operating cycle) as compared to SGT and TLS. The time
line below shows its cash cycle in 2013:
Figure 5. TEL's 2013 Cash Cycle
0
20
40
60
80
100
0
5
10
15
2009 2010 2011 2012 2013
Days Inventory Turnover and Times Inventory Turnover Chart
TLS Days Inventory Turnover TEL Days Inventory Turnover
SGT Days Inventory Turnover TLS Times Inventory Turnover
TEL Times Inventory Turnover SGT Times Inventory Turnover
Days Times
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 11
2.3 Liquidity Analysis
Table 3. Liquidity Ratios
Source: (Aspect Huntley Fin Analysis, 2013)
Both of the ratios that are shown in table 3 provide the indication of liquidity of the
company. Current (working capital) Ratio provides the indication of dollar of current assets
per dollar of current liabilities; the general acceptance is 2, nevertheless the acceptance
differs depending on the industry. Whereas, quick asset (acid test) ratio excludes inventory
from the current assets calculation; this provides the information of instant/quick liquidity
of the company.
Figure 6. Liquidity Analysis Chart
As can be seen from figure 6, throughout the five years, all three companies are showing
current ratio that is on average below 1. However, TLS has been showing the steadiest
increase, with 1.05 in 2013; this means TLS had $1.05 of current assets for every $1 of
0
0.2
0.4
0.6
0.8
1
1.2
2009 2010 2011 2012 2013
Liquidity Analysis Chart
TLS Quick Asset Ratio TEL Quick Asset Ratio SGT Quick Asset Ratio
TLS Current Ratio TEL Current Ratio SGT Current Ratio
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 12
current liabilities. SGT has also showed a steady increase up to 2012, with a current ratio of
1.05. Nonetheless, in 2013, it has decreased to 0.83. TEL on the other hand, shows slight
fluctuations in its short term debt-paying ability, and has been below one all throughout the
five years.
Moreover, the quick asset ratio has shown the same pattern. Looking at the
telecommunications industry, these companies would invest in inventories such as goods
available for sale, and materials to be used in constructing and maintaining the
telecommunication network; supporting sales and network expansion (Telstra Corporation
Limited, 2013). Therefore, their quick asset ratio should be lower than its current ratio.
In general analysis, the amount of current liabilities for all the three companies were
exceeding their current assets throughout 2009-2013, which is an indication of these
companies inability to pay their short term liabilities immediately. This could result in having
to seek for external sources of funding (loans/bonds), in order for them to be having
sufficient cash for the future investment and to reduce the amount of short term liabilities.
However, comparing the three companies to Verizon, they are showing similar
performance. Its current ratio is 1.01 and 0.79 and its quick asset ratio is 0.98 and 0.75 in
2011 and 2012 respectively. Therefore, in a nutshell, all the three companies are showing an
average liquidity performance, and due to TLSs upward trend, TLS has shown the most
promising liquidity assurance.
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 13
2.4 Capital Structure Analysis
The capital structure analysis shows how the companies finance their operations, which may
include sources of funding, such as long-term debt and/or specific short-term debt and
common equity and/or preferred equity.
Table 4. Capital Structure Ratios
Source: (Aspect Huntley Fin Analysis, 2013)
Table 4 provides the ratios which indicates the companies capital structure. If d/e ratio is
greater than 100% means that the company is using more debt for its financing decision.
Furthermore, the interest coverage ratio shows the ability of the company to pay its interest
expense. Lastly, debt coverage ratio provides the information of the companys ability to
fund its long term debt with its cash flow from its operating activities. Therefore, the greater
the number, the better it is, for both interest coverage ratio and debt coverage ratio.
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 14
Figure 7. Debt to Equity Ratio Chart
Figure 7 shows that TLS has an extremely high d/e ratio compared to TEL and SGT, with
$1.17 of debt for every $1 of its equity. However, comparing it to the intra-industry, Verizon
(d/e ratio of 163.32% and 168.26% in 2012&2011, respectively), TLS has shown better
financing composition performance. This might be due to Verizon acquisition of Hughes
Telematics for $621m (Moritz, 2012).
For TEL, although its d/e ratio is consecutively higher than 90% for 2009-2011, in
2012&2013, TEL has managed to reduce its debt financing significantly to 62.24% and
69.07%, respectively. This is the result of TELs tightening control of its project cost, due to
the demerger with Chorus Limited. Therefore they cut down their capital expenditure.
(Telecom Corporation of New Zealand Limited, 2012)
SGT on the contrary, has shown the strongest financial position; its low numbers of d/e ratio
provide the indication of SGT ability to issue more debt (corporate bond) in the future. In
2013, its d/e ratio was 33.05%, which means SGT has $0.33 of debt for every $1 of equity.
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
140.00%
2009 2010 2011 2012 2013
Debt to Equity Ratio Chart
TLS
TEL
SGT
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 15
Figure 8. Debt Coverage Ratio and Interest Coverage Ratio Chart
Figure 8 shows that TEL has the lowest interest coverage ratio, with its peak of having a
negative ratio (-2.50) in 2012. Nonetheless, in 2013, TEL has been able to turn the table
around to having earnings of 12 times higher compared to its interest expense, as a result of
regulatory burden that has been reduced significantly after the post-merger with Chorus
Limited. (Telecom Corporation of New Zealand Limited, 2013)
Moreover, SGTs low d/e ratio throughout the 5 years explains its high interest coverage
ratio of around 14 times throughout the five years; due to its low amount of debt, SGT has
managed to have 15 times more earnings relative to its interest expense. In addition, SGTs
debt coverage ratio has always shown a positive indication (below 1) throughout the five
years.
In conclusion, SGT has shown to have the better financial strength as compared to TLS and
TEL. TLS in contrast, has proved to be the worst, owing to the fact that it has a high debt
which might result in the company having a high cost of debts, which would increase the
companys vulnerability to default risk.
-5
0
5
10
15
20
2009 2010 2011 2012 2013
Debt Coverage Ratio and Interest Coverage Ratio Chart
TLS Debt Coverage Ratio TEL Debt Coverage Ratio
SGT Debt Coverage Ratio TLS Interest Coverage Ratio
TEL Interest Coverage Ratio SGT Interest Coverage Ratio
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 16
2.5 Market Performance Analysis
Table 5. Market Performance Ratios
Source: (Aspect Huntley Fin Analysis, 2013)
Market performance analysis provides the analysis regarding the companies performance
in terms of publics view. Table 5 provides earnings per share ratio (EPS) and price earnings
ratio (PER). EPS is generally considered to be the single most important variable in
determining a share's price, whereas, PER reflects the willingness of shareholders to pay for
the firms shares. PER has been one of the most common approaches to assess share price,
the reasons are:
a) PER measures the relationship between EPS and the share price
b) PER does not fluctuates much over time
c) If EPS increases/decreases, the share price is expected to increase/decrease as well.
This new share price would be the new EPS times the constant PER
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 17
Figure 9. EPS and P/E Ratio Chart
Figure 9 shows clearly that TLSs EPS is gradually decreasing from 2009-2011; with 2011 as
its peak, due to the earnings that dropped by almost 16.9%. This is caused by the increased
of their operating expenses, which is almost 6 times compared to the previous year (Telstra
Corporation Limited, 2011). Therefore, although there is an increase in the revenue and
total income generated, the high rise in the expenses has contributed more to the fall of the
EPS ratio.
Nevertheless, in 2012-2013, TLS has increasing earnings of 11.6%, which contributed to its
EPS (27.5 cents). In terms of PER, TLS has also shown a gradual increase throughout the five
years, especially in 2012&2013, which is due to the gradual increase in its market price; this
provides reasons for shareholders to trust TLS.
Looking at SGT, its EPS has shown slight fluctuations. In 2013, its EPS went down to 22.02c.
This was the result of their net profit that declined by 2%. In constant currency terms,
underlying net profit would have been stable; however, including its exceptional items, its
net profit has declined by 12% to SGD3.51b. This was largely due to a one-time loss of
SGD225m from the divestment of Warid Pakistan (Singapore Telecommunications Limited,
2013).
Nonetheless, SGTs PER has been consistent throughout the five years. Simultaneously, their
market price has also increased throughout the five years. Therefore, this provides a good
reason for shareholders to trust the companys ability to perform.
TEL conversely, despite of its significantly high EPS in 2012 (47.48c), its PER has shown to be
decreasing. However, in 2013, its EPS dropped significantly to 11.09c, which has been due
to TELs net EAT for its continuing operations has shown a downturn to NZD238m, from
NZD311m. TELs mobile revenues also declined to NZD14m due to the fewer handset sales.
TELs high fluctuation pattern is not providing a good sign for the shareholders.
10.3 10.35 11.07 13.41 15.53 10.35 9.42 12.14 10.81 12.21 9.62 8.66 8.45 9.02
12.17
0
10
20
30
40
50
2009 2010 2011 2012 2013
EPS and P/E Ratio Chart
TLS P/E Ratio TEL P/E Ratio SGT P/E Ratio
TLS EPS (Cents) TEL EPS (Cents) SGT EPS (Cents)
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 18
In conclusion, judging from the EPS ratio alone, TLS has proved to be the better performing
company compared to TEL and SGT; it has managed to provide consistent earnings that is
reflected in its EPS throughout 2009-2013.
In terms of P/E ratio, TLS and SGT have shown better performance as compared to TEL
throughout 2009-2013. This means that shareholders were able to trust TLS and SGT more
as compared to TEL.
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 19
3.0 Company Representing the Best Investment A linkage can be form between the ratios, such that it is possible to determine the company
that has the best financial health amongst the three and therefore represents the best
investment. Linkages between the ratios can be formed through breaking down the return
on equity (ROE). ROE can be increased by achieving a higher return on assets (ROA) and
leverage. ROA can be measured from profit margin and asset turnover. Leverage can be
measured from debt ratio and internet coverage ratio.
Asset turnover (revenue/total assets) and profit margin (net income/revenue) is directly
linked to ROA (net income/total assets), therefore, to have a better ROA, an organization
must be able to perform well in terms of asset turnover and profit margin. In the case of
SGT, although that its profit margin is highest amongst the three company, it has not
perform well in managing its assets (asset turnover). Whereas, TEL has shown to have
achieved the highest value in its asset turnover, and owing to the shorter amount of time
for TEL to convert inventory and collect cash from its debtors much faster compared to TLS
and SGT. Nevertheless, TEL performed below SGT and TLS in terms of profit margin.
Conversely, TLS performed evenly for both asset turnover and profit margin, which led TLS
to have the better ROA.
Turning into the leverage multiplier, this can be derived from the capital structure analysis,
which consists of both debts to equity ratio and interest coverage ratio. Out of the three
companies, SGT performed better in both ratios. Nevertheless, its ROA was inferior
compared to TLS.
Therefore, among the three companies, TLS has managed to achieve the highest ROE; this
shows that TLS is in a better financial position to provide higher return to the shareholders.
Correspondingly, TLS has also proved to have better liquidity assurance, with its 2013
current ratio of 1.05 as compared to SGT and TEL that achieved the current ratio below 1.
The statement is further supported by TLSs high share price of $4.80 on the 6th September
2013, as compared to TEL and SGT, $1.92 and $2.97, respectively. This shows that TLS has
managed to have better market performance, and provides better return to the
shareholders, thus, TLS (Telstra Corporation Limited) represents the best investment.
Word Count: 3,000 Words excluding the title page, table of contents, headings, references,
footer, header, tables, charts/graphs, and table of references.
AFX 9590 Group Assignment 1 Financial Analysis of TLS, TEL, and SGT
Page | 20
4.0 References Aspect Huntley Fin Analysis. (2013, September 6). Aspect Huntley Fin Analysis. Retrieved
September 7, 2013, from
http://www.aspecthuntley.com.au.ezproxy.lib.monash.edu.au/af/company/annuals
ummary?ASXCode=TEL&xtm-licensee=finanalysis
Aspect Huntley Fin Analysis. (2013). Aspect Huntley Fin Analysis TEL Business Summary.
Retrieved September 9, 2013, from Aspect Huntley Fin Analysis:
http://www.aspecthuntley.com.au.ezproxy.lib.monash.edu.au/af/company/mainvie
w?ASXCode=TEL
Moritz, S. (2012). Bloomberg. Retrieved September 7, 2013, from
http://www.bloomberg.com/news/2012-06-01/verizon-to-acquire-hughes-
telematics-for-612-million-in-cash.html
Singapore Telecommunications Limited. (2013). Directors report For the financial year
ended 31 March 2013. Singapore: Singapore Telecommunications Limited and
Subsidiary Companies.
Telecom Corporation of New Zealand Limited. (2012). Annual Report For the Year Ended 30
June 2012. Telecom Corporation of New Zealand Limited.
Telecom Corporation of New Zealand Limited. (2013). Annual Report for the Year Ended 30
June 2013. New Zealand: Telecom Corporation of New Zealand Limited.
Telstra Corporation Limited. (2011). Telstra Corporation Limited 2011 Annual Report.
Melbourne: Telstra Corporation Limited.
Telstra Corporation Limited. (2013). Telstra Corporation Limited - 2013 Annual Report.
Melbourne: Telstra Corporation Limited.
Verizon. (2012). Verizon 2012 Annual Report. United States: Verizon.