Investor Presentaiton
Capital management framework
Objectives
Maximise returns
$ for shareholders
Principles
Fiscal discipline
Maintain
financial strength
Retain
financial flexibility
1. Committed to balance sheet settings consistent with an A band credit rating
2. Maximise fully-franked dividend and seek to grow over time1
3. Ongoing business-as-usual capex of ~$3b p.a. excluding spectrum²
4. Invest for growth and return excess cash to shareholders
1. The dividend is subject to no unexpected material events and is subject to Board discretion having regard to financial and market conditions, business needs and maintenance of financial strength and flexibility consistent with
Telstra's capital management framework.
2. Capex is measured on an accrued basis and excludes spectrum and guidance adjustments, externally funded capex, and capitalised leases.
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