TELUS Reports Results for Third Quarter 2015
119,000 net new wireless postpaid, high-speed Internet and TV customers TELUS' total wireless subscriber base up 2.8 per cent from a year ago to 8.4 million Wireless monthly postpaid churn of 0.97 per cent - ninth straight quarter below 1 per cent TELUS expands efficiency initiatives by additional $125 million $1.4 billion returned to shareholders year-to-date through October 2015 Quarterly dividend increased 10.0 per cent to $0.44 per share - tenth dividend increase under multi-year dividend growth program
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/05/15 -- (TSX: T)(NYSE: TU) - TELUS Corporation''s consolidated operating revenue grew 4.2 per cent to $3.2 billion in the third quarter of 2015, from a year earlier, as a result of higher data revenue in both wireless and wireline operations. Wireless data revenue increased 12 per cent from a year ago, leading to overall network revenue growth of 4.0 per cent, while wireline data revenue increased 11 per cent to generate 3.3 per cent growth in external wireline revenue. Earnings before interest, income taxes, depreciation and amortization (EBITDA), increased 0.2 per cent over the same period a year ago and, when excluding restructuring and other like costs from both periods, EBITDA was higher by 2.2 per cent to $1.1 billion. Net income increased 2.8 per cent to $365 million, while basic earnings per share (EPS) increased 5.2 per cent to $0.61. Adjusted net income increased 2.8 per cent to $398 million, while adjusted EPS of $0.66 per share was up 3.1 per cent from the prior year.
"Our company continued to deliver solid financial and operational results in both our wireline and wireless businesses," said Darren Entwistle, President and CEO. "The TELUS team''s unwavering focus on our number one priority to put customers first once again earned us the leadership position with respect to lifetime revenue per customer and an unmatched ninth consecutive quarter of customer loyalty as reflected by wireless monthly postpaid churn below one per cent. Moreover, we distinguished ourselves as one of the only telecom companies globally to report wireline subscriber, revenue and EBITDA growth."
Darren added, "As we finish the year and look towards 2016, we will continue to focus on the company''s long-term and disciplined strategy of investing in our wireless and wireline data growth engines, and earning the privilege of building customer loyalty through constantly improving client service excellence. The $4.5 billion to be spent in capital expenditures and spectrum in 2015 are the most significant annual investments in our company''s history, helping progress TELUS'' position as the industry leader in customer service, operational performance and financial results, including shareholder friendly initiatives. While TELUS is one of the largest and most important infrastructure investors in Canada and has established a track record for leveraging these capital decisions, the generational investments we make also come with parallel investments in process and efficiency initiatives. We are increasing our efficiency initiatives by an additional $125 million in the fourth quarter, which will include a net reduction of approximately 1,500 full-time positions, a notable number of which are voluntary departures and early retirements. These are very difficult decisions to make but a necessary element of aligning our organization with the growth, customer service and capital allocation activities we are implementing."
John Gossling, TELUS Executive Vice-President and CFO said, "I am pleased that the TELUS team has maintained strong performance in key financial and operating metrics, while navigating a period of significant investment and heightened consumer activity. Our track record is strong for leveraging the investments we make in our customers, new technology and efficiency enhancements, and we anticipate the additional cost efficiency initiatives to provide annual recurring savings of between $100 million to $125 million, including some savings commencing in the fourth quarter of 2015."
John added, "Through the consistency of our performance and the quality of our asset mix, TELUS also continued to reward our valued shareholders in the third quarter with our multi-year share purchase and dividend growth programs. We returned an additional $363 million to shareholders in dividends paid and share purchases, and year-to-date, we have returned $1.4 billion. Today, we also announced our tenth double digit dividend increase since 2011 under our multi-year dividend growth program. TELUS has now returned $12.2 billion or more than $20 per share to shareholders over the past decade."
CONSOLIDATED FINANCIAL HIGHLIGHTS
In wireless, data revenue was driven by subscriber growth, an increased but moderating proportion of higher-rate two-year plans in the revenue mix, a more favourable postpaid subscriber mix, increased data roaming, and the expansion of TELUS'' LTE network coverage across Canada. Meanwhile, wireline data revenue growth was generated by an increase in Internet and enhanced data service revenue from continued high-speed Internet subscriber growth and higher revenue per customer, growth in business process outsourcing services, TELUS TV subscriber growth and higher TELUS Health revenues.
In the quarter, TELUS attracted 119,000 net wireless postpaid, high-speed Internet and TV customers. This included 69,000 wireless postpaid customers, 26,000 TELUS TV customers and 24,000 high-speed Internet subscribers. These gains were partially offset by the ongoing loss of traditional telephone network access lines. TELUS'' total wireless subscriber base is up 2.8 per cent from a year ago to 8.4 million, high-speed Internet connections are up 6.3 per cent to 1.5 million, and TELUS TV subscribers are up 10 per cent to 980,000.
Free cash flow of $310 million was higher by $91 million or 42 per cent from a year ago primarily due to lower income tax payments and lower capital expenditures. Year-to-date, free cash flow of $881 million was higher by $161 million or 22 per cent compared to the first nine months of 2014, due to lower income tax payments, EBITDA growth and lower restructuring costs net of disbursements.
In the third quarter of 2015, TELUS returned $363 million to shareholders including $253 million in dividends paid and $110 million in share purchases under both the 2015 and 2016 normal course issuer bid (NCIB) programs. Year-to-date, through the end of October, TELUS has returned $1.4 billion to shareholders, including $992 million in dividends paid and the purchase of approximately 9.9 million common shares for $412 million under its 2015 and 2016 NCIB programs.
The assumptions for TELUS'' 2015 outlook, as described in ''Section 9 General trends, outlook and assumptions'' in TELUS'' 2014 annual Management''s discussion and analysis and updated in ''Section 9 Update to assumptions'' in TELUS'' 2015 second quarter Management''s discussion and analysis, remain the same, with the exception of restructuring and other like costs. TELUS now anticipates 2015 restructuring and other like costs to be approximately $250 million, up from approximately $125 million to support ongoing and incremental operational efficiency initiatives including personnel-related costs and real estate rationalization. The new efficiency initiative will include a net reduction of approximately 1,500 full-time positions over the next several quarters of which a notable number are voluntary departures and early retirements. This efficiency initiative is expected to generate annual recurring savings of between $100 million to $125 million, with some savings commencing in the fourth quarter. TELUS continually invests in operational efficiency initiatives, similar to its continual investment in its products, services and technology, all of which is in support of its top priority of putting customers first, while continuing to drive to a more efficient cost structure. The increase in TELUS'' 2015 restructure charge will continue to position the company to effectively compete in its dynamic industry and support growth in its core strategic priorities. These efficiency measures are not expected to impact TELUS'' customer service or its significant infrastructure investments.
TELUS is reiterating its original target range for full year consolidated 2015 EBITDA, excluding restructuring and other like costs, of $4.4 billion to $4.575 billion. Earnings per share (EPS) for 2015 will be negatively impacted by net unfavourable income tax-related adjustments, including the revaluation of deferred income tax liabilities from the recent increase in corporate income tax rates in Alberta, as previously disclosed with TELUS'' 2015 second quarter earnings release on August 7, 2015, as well as the aforementioned increase in restructuring and other like costs expense. When excluding these items, TELUS still expects full year EPS to be within its original guidance range of $2.40 to $2.60.
The preceding disclosure with respect to TELUS'' 2015 financial targets, guidance and assumptions contains forward-looking information and is fully qualified by the ''Caution regarding forward-looking statements'' at the beginning of the accompanying Management''s discussion and analysis for the third quarter of 2015 and are based on management''s expectations and assumptions as set out in TELUS'' fourth quarter 2014 results and 2015 financial target news release and in Section 9 entitled ''General trends, outlook and assumptions'' in TELUS'' 2014 annual MD&A.
This news release contains statements about financial and operating performance of TELUS (the Company) and future events, including with respect to future dividend increases and normal course issuer bids through 2016 and the 2015 annual targets and guidance that are forward-looking. By their nature, forward-looking statements require the Company to make assumptions and predictions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual future performance and events to differ materially from those expressed in the forward-looking statements. Accordingly, this news release is subject to the disclaimer and qualified by the assumptions (including assumptions for the 2015 annual targets and guidance, semi-annual dividend increases through 2016 and our ability to sustain and complete our multi-year share purchase program through 2016), qualifications and risk factors referred to in the first, second and accompanying third quarter Management''s discussion and analysis and in the 2014 annual report, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements, and reserves the right to change, at any time at its sole discretion, its current practice of updating annual targets and guidance.
Corporate Highlights
TELUS makes significant contributions and investments in the communities where team members live, work and serve and to the Canadian economy on behalf of customers, shareholders and team members by:
Third Quarter 2015 Operating Highlights
TELUS wireless
TELUS wireline
Dividend Declaration - increased to 44 cents per quarter, up 10.0 per cent from a year ago
The TELUS Board of Directors has declared a quarterly dividend of 44 cents ($0.44) Canadian per share on the issued and outstanding Common Shares of the Company payable on January 4, 2016 to holders of record at the close of business on December 11, 2015.
This fourth quarter dividend represents a four cent or 10.0 per cent increase from the $0.40 quarterly dividend paid on January 2, 2015.
About TELUS
TELUS (TSX: T)(NYSE: TU) is Canada''s fastest-growing national telecommunications company, with $12.4 billion of annual revenue and 14.0 million customer connections, including 8.4 million wireless subscribers, 3.1 million wireline network access lines, 1.5 million high-speed Internet subscribers and 980,000 TELUS TV customers. TELUS provides a wide range of communications products and services, including wireless, data, Internet protocol (IP), voice, television, entertainment and video, and is Canada''s largest healthcare IT provider.
In support of our philosophy to give where we live, TELUS, our team members and retirees have contributed more than $396 million to charitable and not-for-profit organizations and volunteered and more than 6 million hours of service to local communities since 2000. Created in 2005 by President and CEO Darren Entwistle, TELUS'' 11 Canadian community boards and 4 International boards have led the Company''s support of grassroots charities and will have contributed more than $54 million in support of over 4,800 local charitable projects by the end of 2015, enriching the lives of more than 2.1 million children and youth. TELUS was honoured to be named the most outstanding philanthropic corporation globally for 2010 by the Association of Fundraising Professionals, becoming the first Canadian company to receive this prestigious international recognition.
For more information about TELUS, please visit telus.com.
Access to Quarterly results information
Interested investors, the media and others may review this quarterly earnings news release, management''s discussion and analysis, quarterly results slides, audio and transcript of the investor webcast call, supplementary financial information, and our full 2014 annual report at telus.com/investors.
TELUS'' third quarter 2015 conference call is scheduled for November 5, 2015 at 11:00am ET (8:00am PT) and will feature a presentation followed by a question and answer period with investment analysts. Interested parties can access the webcast at telus.com/investors. A telephone playback will be available on November 5 until January 30, 2016 at 1-855-201-2300. Please use reference number 1187283# and access code 93015#. An archive of the webcast will also be available at telus.com/investors and a transcript will be posted on the website within a few business days.
TELUS CORPORATION
Management''s discussion and analysis
2015 Q3
Caution regarding forward-looking statements
This document contains forward-looking statements about expected events and the financial and operating performance of TELUS Corporation. The terms TELUS, the Company, we, us and our refer to TELUS Corporation and where the context of the narrative permits or requires, its subsidiaries. Forward-looking statements include statements relating to annual targets, outlook, guidance and updates, our multi-year dividend growth program, our multi-year share purchase program, and trends. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, strategy, target and other similar expressions, or future or conditional verbs such as aim, anticipate, believe, predict, could, expect, intend, may, plan, seek, should, strive and will. By their nature, forward-looking statements do not refer to historical facts, are subject to inherent risks and require us to make assumptions. There is significant risk that forward-looking statements will not prove to be accurate. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, we disclaim any intention or obligation to update or revise any forward-looking statements. An update to our assumptions for 2015 is presented in Section 9 Update to assumptions in this Management''s discussion and analysis (MD&A).
Factors that could cause actual performance to differ materially from the forward-looking statements made herein and in other TELUS filings include, but are not limited to, the following:
Management''s discussion and analysis
November 5, 2015
Contents
1. Introduction
Our discussion in this section is qualified in its entirety by the Caution regarding forward-looking statements at the beginning of this Management''s discussion and analysis (MD&A).
1.1 Preparation of the MD&A
The following sections are a discussion of the consolidated financial position and financial performance of TELUS for the three-month and nine-month periods ended September 30, 2015 and should be read together with TELUS'' September 30, 2015 condensed interim consolidated financial statements (subsequently referred to as the interim consolidated financial statements). The generally accepted accounting principles (GAAP) we use are the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Our interim consolidated financial statements comply with IFRS-IASB and Canadian GAAP and have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. Our use of the term IFRS in this MD&A is a reference to these standards. In our discussion, we also use certain non-GAAP financial measures, such as earnings before interest, income taxes, depreciation and amortization (EBITDA), to evaluate our performance, monitor compliance with debt covenants and manage our capital structure. These measures are defined, qualified and reconciled with their nearest GAAP measures in Section 11.1. All amounts are in Canadian dollars, unless otherwise specified.
Our disclosure controls and procedures are designed to provide reasonable assurance that all relevant information is gathered and reported to senior management on a timely basis, so that appropriate decisions can be made regarding public disclosure. This MD&A and the interim consolidated financial statements were reviewed by TELUS'' Audit Committee and authorized by the Board of Directors for issuance on November 5, 2015.
1.2 The environment in which we operate
Economic growth
We estimate that economic growth in Canada will be approximately 1.0% in 2015 and approximately 1.5% in 2016, based on a composite of estimates from Canadian banks and other sources. For our incumbent local exchange (ILEC) provinces in Western Canada, we estimate that economic growth (decline) in British Columbia will be in the range of 2.0% to 2.5% in both 2015 and 2016, and in Alberta will be approximately (1.0)% in 2015 and in the range of 0.5% to 1.0% in 2016. The Bank of Canada''s October 2015 Monetary Policy Report estimated economic growth for Canada at approximately 1.1% in 2015 and approximately 2.0% in 2016. In respect of the national unemployment rate, Statistics Canada''s Labour Force Survey reported a rate of 7.1% for September 2015 (6.6% reported for December 2014 and 6.8% reported for September 2014).
Regulatory developments
There were a number of important regulatory developments in the third quarter of 2015. See Section 10.1 Regulatory matters.
1.3 Consolidated highlights
Leadership changes
In August 2015, we announced leadership changes following an extensive review by our Board of Directors (Board). As of August 10, 2015, Joe Natale has stepped down as President and Chief Executive Officer (CEO). He has also resigned as a member of the Board. Furthermore, effective August 10, 2015, Darren Entwistle resumed serving as the Company''s President and CEO and Dick Auchinleck became the Company''s independent Chair of the Board. Darren and Dick have both agreed to serve in these capacities on a long-term basis.
Increase in our 2015 restructuring charge
We have increased our estimated 2015 restructuring charge from approximately $125 million to approximately $250 million (see Section 9 Update to assumptions), related to ongoing and incremental operational efficiencies including personnel-related costs and real estate rationalization. The new efficiency initiative will include a net reduction of approximately 1,500 full-time positions over the next several quarters of which a notable number are voluntary departures and early retirements. This efficiency initiative is expected to generate annual recurring savings of between $100 million to $125 million, with some savings commencing in the fourth quarter. We continually invest in operational efficiency initiatives, similar to our continual investment in our products, services and technology, all of which is in support of our top priority of putting customers first, while continuing to drive to a more efficient cost structure. The increase in our 2015 restructure charge will continue to position the Company to effectively compete in our dynamic industry and support growth in our core strategic priorities. These efficiency measures are not expected to impact our customer service or our significant infrastructure investments.
Normal course issuer bid program
On September 14, 2015, we successfully completed our 2015 normal course issuer bid (NCIB), purchasing approximately 12.1 million of our Common Shares for $500 million. The average share purchase price was $41.25. The purchased shares represent 2.0% of the shares outstanding prior to commencement of the 2015 NCIB. Since commencing our multi-year NCIB program in May 2013 through to the end of our 2015 NCIB, we have purchased 56.3 million Common Shares for $2.0 billion, reflecting an average purchase price of $35.52.
On September 11, 2015, we announced that we had received approval from the Toronto Stock Exchange (TSX) for a new 2016 NCIB to purchase and cancel up to 16 million Common Shares up to an aggregate purchase price of $500 million over a 12-month period, commencing September 15, 2015. This represents up to an additional 2.7% of outstanding TELUS Common Shares prior to the commencement of the 2016 NCIB. Such purchases may be made through the facilities of the TSX, the New York Stock Exchange (NYSE) and alternative trading platforms as may be permitted by applicable securities laws and regulations. Our Board believes such share purchases are in the best interest of TELUS and that they constitute an attractive investment opportunity and desirable use of TELUS funds that should enhance the value of the remaining shares.
Additionally, we entered into an automatic share purchase plan (ASPP) with a broker for the purpose of permitting us to purchase our Common Shares under our NCIB program at times when we would not be permitted to trade in our shares, including regularly scheduled quarterly blackout periods. Such purchases are determined by the broker in its sole discretion based on parameters we established prior to any blackout period, in accordance with TSX rules and applicable securities laws. During the month ended October 31, 2015, 0.3 million Common Shares were purchased by way of the ASPP for cancellation at a cost of $11 million.
$1 billion fibre-optic network investment in the City of Vancouver
Following our June 2015 announcement of a $1 billion fibre investment in Edmonton, we announced in October 2015 a $1 billion investment to bring our state-of-the-art fibre-optic network to the City of Vancouver over the next five years. Once complete, more than 400,000 Vancouver homes, businesses, hospitals, community centres and municipal offices will have access to our gigabit-capable network. When the service is launched in some areas of Vancouver next year, local residents and businesses will be able to take advantage of Internet speeds of up to 150 megabits per second (mbps) - a faster service made possible by a direct fibre-optic network connection to the premises. In coming years, we plan to offer local residents and businesses in our fibre-connected areas increasingly higher speeds over this gigabit-enabled network. This investment is part of our broader fibre-optic strategy to bring our network of the future to communities across British Columbia, Alberta and Eastern Quebec. The fibre-optic network will create the foundation for access to future solutions like the connected home, smart cities, Internet of Things services and our health applications, as well as form the backbone of our wireless network. In addition, increased deployment of fibre networks is expected to help reduce costs of providing service over time.
Operating highlights
Liquidity and capital resource highlights
2. Core business and strategy
Our discussion in this section is qualified in its entirety by the Caution regarding forward-looking statements at the beginning of this MD&A.
Our core business was described in our annual 2014 MD&A. The following are business updates grouped under our strategic imperatives.
Focusing relentlessly on growth markets of data, IP and wireless
External wireless revenues and wireline data revenues totalled $7.9 billion in the first nine months of 2015, up by $538 million or 7.3% from the same period in 2014, while wireline voice and other revenues and wireline other operating income totalled $1.3 billion in the first nine months of 2015, down $127 million or 8.6% from the same period in 2014. Combined wireless revenues and wireline data revenues represented 86% of TELUS'' consolidated revenues for the first nine months of 2015, as compared to 83% in the same period in 2014.
Providing integrated solutions that differentiate TELUS from our competitors
In July 2015, we announced the addition of more than 30 innovative new solutions to the TELUS Internet of Things (IoT) Marketplace, an online space offering a suite of IoT solutions for Canadian businesses. Furthermore, in September 2015, we introduced the TELUS Global IoT Connectivity Platform, which enables businesses to seamlessly scale their IoT businesses globally. Through a network of more than 70 carriers, we can offer a global SIM card that delivers seamless connectivity in nearly every country around the world. This platform streamlines the management of Internet-enabled connected devices around the world by providing simplified contracting, billing and rates without currency risk.
Building national capabilities across data, IP, voice and wireless
In August 2015, we were a successful bidder on six wireless spectrum licences, or 30 MHz of AWS-3 spectrum in each of Saskatchewan and Manitoba, for $58 million in Industry Canada''s residual spectrum licences auction for the 700 MHz and AWS-3 bands. AWS-3 spectrum is well-suited for delivering both coverage and added capacity in urban and rural environments. We expect to incorporate this spectrum into our existing network within the next three years, once international standards for the spectrum frequencies are established and associated equipment is available.
In October 2015, we announced a $1 billion investment to connect the majority of homes and businesses in the City of Vancouver directly to our state-of-the-art fibre-optic network over the next five years. This investment follows an announcement earlier in the year regarding a $1 billion fibre-optic investment in Edmonton over the next six years. Once the network is launched in some areas of Vancouver next year, local residents and businesses will have access to faster Internet speeds of up to 150 megabits per second. In coming years, we plan to offer local residents and businesses in Vancouver increasingly higher speeds over this gigabit-capable network.
Partnering, acquiring and divesting to accelerate the implementation of our strategy and focus our resources on core business
In July 2015, we announced that the TELUS Garden real estate joint venture, in which TELUS is a 50% partner, had issued $225 million of 3.4% green bonds secured by the office tower, due in 2025. This is the first time in North America that green mortgage bonds have been used to support real estate financing. Proceeds of the issuance were primarily used to retire short-term construction financing for the office tower. The TELUS Garden development includes a 24-storey office tower built to leadership in energy and environmental design (LEED) platinum specifications, as well as a residential tower built to LEED gold standards. The associated residential tower is not being financed by this bond issue.
In September 2015, in partnership with Westbank Projects Corp, we announced the official opening of TELUS Garden''s office tower in the heart of downtown Vancouver. TELUS Garden is one of North America''s first office towers built to new LEED platinum standards, reinforcing TELUS'' commitment to technological innovation and environmental stewardship. The one million-square foot development includes 450,000 square feet of office space, 65,000 square feet of retail space, and a 53-storey residential building scheduled to open in 2016. The office tower houses our new global headquarters, as well as other tenants.
3. Corporate priorities for 2015
Our corporate priorities for 2015 were listed in our annual 2014 MD&A.
4. Capabilities
Our discussion in this section is qualified in its entirety by the Caution regarding forward-looking statements at the beginning of this MD&A.
4.1 Principal markets addressed and competition
For a full discussion of our principal markets and an overview of competition, please refer to Section 4.1 of our 2014 annual MD&A.
4.2 Operational resources
For a discussion of our Operational resources, please refer to Section 4.2 of our 2014 annual MD&A. The following discussion reflects changes that have occurred since our 2014 annual MD&A.
Wireless segment
In 2015, we continued to deliver leading postpaid customer churn on a national basis. The third quarter of 2015 represents the ninth consecutive quarter that our monthly wireless postpaid churn rate was below 1%. Notwithstanding increasing competitive pressures from the coterminous expiration of two-year and three-year contracts beginning in June 2015, our monthly postpaid churn rate further exemplifies the success of our differentiated customers first culture and our ongoing focus on delivering outstanding customer service, coupled with attractive new products and services.
Since the middle of 2013, we have invested more than $3.6 billion to acquire wireless spectrum licences in Industry Canada spectrum auctions and other transactions, which has more than doubled our national spectrum holdings, in support of our top corporate priority of putting customers first. During the first nine months of 2015, we acquired 21 AWS-3 wireless spectrum licences in Industry Canada''s AWS-3 wireless spectrum auction and residual spectrum licences auction, as well as 122 wireless licences in Industry Canada''s 2500 MHz wireless spectrum auction (see Section 7.3 Cash used by investing activities for additional details on wireless spectrum licence acquisitions). We expect to incorporate the AWS-3 spectrum licences into our existing network within the next three years, once international standards for the spectrum frequencies are established and associated equipment is available, whereas the general deployment of the 2500 MHz spectrum licences into our network is expected to commence in the near future. Wireless data consumption has been increasing rapidly and we have responded by investing to extend the capacity of our network to support the additional data consumption and growth in our wireless customer base.
As at September 30, 2015, our 4G LTE network covered 95% of Canada''s population, up from more than 85% of the population covered as at September 30, 2014. Outside of LTE coverage areas, the LTE devices we offer also operate on our HSPA+ network, which covered 99% of Canada''s population as at September 30, 2015.
Wireline segment
We continue to invest in urban and rural communities with commitments to deliver broadband network capabilities to as many Canadians as possible. We are expanding our fibre footprint by connecting more homes and businesses directly to fibre. Our investment in fibre is analyzed on a community-by-community basis to ensure each project will generate appropriate economic returns. Accordingly, in October 2015, we announced a $1 billion investment to bring our fibre-optic network to the City of Vancouver, which follows a previous announcement in Edmonton earlier this year. We have also increased broadband Internet speeds, expanded our IP TV video-on-demand library and high-definition content, and enhanced marketing of data products and bundles. As well, we have continued to invest in our state-of-the art Internet data centres (IDCs), creating an advanced and regionally diverse computing infrastructure in Canada.
As at September 30, 2015, our high-speed broadband coverage reached approximately 2.85 million households and businesses in B.C., Alberta and Eastern Quebec, including approximately 0.64 million homes and businesses covered by fibre and providing those residents and businesses with immediate access to our gigabit-capable fibre-optic network.
4.3 Liquidity and capital resources
Capital structure financial policies
Our objective, when managing capital, is to maintain a flexible capital structure that optimizes the cost and availability of capital at acceptable risk.
In the management of capital and in its definition, we include Common Share equity (excluding Accumulated other comprehensive income), Long-term debt (including long-term credit facilities, commercial paper backstopped by long-term credit facilities and any associated hedging assets or liabilities, net of amounts recognized in Accumulated other comprehensive income), Cash and temporary investments, and securitized trade receivables.
We manage our capital structure and make adjustments to it in light of changes in economic conditions and the risk characteristics of our telecommunications infrastructure. To maintain or adjust our capital structure, we may adjust the amount of dividends paid to holders of Common Shares, purchase shares for cancellation pursuant to our normal course issuer bids (NCIBs), issue new shares, issue new debt, issue new debt to replace existing debt with different characteristics and/or increase or decrease the amount of trade receivables sold to an arm''s-length securitization trust.
We monitor capital utilizing a number of measures, including the net debt to EBITDA - excluding restructuring and other like costs ratio and the dividend payout ratios. See definitions in Section 11.1.
Financing and capital structure management plans
4.4 Changes in internal control over financial reporting
There were no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
5. Discussion of operations
Our discussion in this section is qualified in its entirety by the Caution regarding forward-looking statements at the beginning of this MD&A.
5.1 General
Our operating segments and reportable segments are wireless and wireline. Segmented information in Note 5 of the interim consolidated financial statements is regularly reported to our Chief Executive Officer (CEO) (the chief operating decision-maker).
5.2 Summary of consolidated quarterly results and trends
Trends
The consolidated revenue trend continues to reflect year-over-year increases in: (i) wireless network revenues generated from a growing subscriber base and moderating growth in average revenue per subscriber unit (ARPU) driven by an increased proportion of higher-rate two-year plans, a more favourable postpaid subscriber mix, growth in data usage and increased data roaming, partly offset by a decline in voice revenue; (ii) wireless equipment revenue that has generally increased due to sales of higher-priced smartphones and higher retention volumes, especially in 2015 as two-year and three-year customer contracts began to expire coterminously; and (iii) growth in wireline data revenues, driven by Internet, enhanced data services, business process outsourcing, TELUS TV and TELUS Health services. This growth was partially offset by the continued declines in wireless voice revenues, wireline voice service and other services and equipment revenues, as well as other operating income.
Increasing wireless network revenues reflect growth from subscriber additions, an increased but moderating proportion of higher-rate two-year plans, growth in data usage and higher data roaming revenues, partly offset by declines in voice revenue. Data revenue growth reflects increased data consumption driven by the higher adoption of smartphones, tablets and other wireless devices, as well as greater use of applications and other wireless data, and the expansion of our LTE network. Consequently, monthly blended ARPU has increased year over year for twenty consecutive quarters. The data revenue growth trend is moderating as it is impacted by competitive pressures driving larger allotments of data provided in rate plans, including data sharing and international data roaming features and plans, unlimited messaging rate plans and off-loading of data traffic from our wireless network to increasingly available Wi-Fi hotspots. We introduced two-year wireless rate plans in July 2013, which have impacted acquisition and retention trends, as well as data usage, as subscribers optimize unlimited talk and text and shared data plans, and which we expect will increase the frequency of subscribers updating their devices and services. ARPU is expected to continue to increase over time, though at lower growth rates, as a result of the declining proportion of customers on legacy three-year plans renewing to higher-rate two-year plans, continued but moderating growth in data usage, and the continued shift in our subscriber base towards higher-value postpaid customers.
However, the level of ARPU is highly dependent on competition, consumer behaviour, the economic situation, government decisions, device selection and other factors. In the third quarter, for instance, ARPU growth was tempered by the impact of the economic slowdown on the business market. This factor is expected to continue to impact growth in the fourth quarter of 2015 and through 2016. The Wireless Code applies to all wireless contracts as of June 3, 2015, even for contracts signed before the Code''s implementation on December 2, 2013 (see CRTC''s national Wireless Code/Provincial consumer protection legislation in Section 10.1 Regulatory matters). Retention spend to network revenue has increased year over year from 11.5% in the third quarter of 2014 to 14.3% in the third quarter of 2015. We may continue to experience a negative impact on our wireless segment financial results as we expect retention volume and, therefore, related handset subsidy costs to increase for the remainder of the current year and through 2016. We may also experience a negative financial impact as some of our remaining clients on three-year contracts, who are subject to the Wireless Code, choose to terminate their contracts early. Accordingly, our wireless segment historical operating results and trends prior to the coterminous expiration of two-year and three-year contracts starting June 3, 2015, may not be reflective of results and trends for future periods.
Historically, there has been significant third and fourth quarter seasonality due to higher wireless subscriber additions, an increase in related acquisition costs and equipment sales, and higher retention costs due to contract renewals. Typically, these impacts can also be more pronounced around popular device launches. We expect these impacts will be heightened by the Wireless Code in the fourth quarter of 2015 and consequently we expect our retention spend to network revenue may exhibit similar year-over-year growth as the third quarter of 2015. Wireless EBITDA usually decreases sequentially from the third to the fourth quarter, due to seasonal loading volumes. Subscriber additions have typically been lowest in the first quarter. Historically, monthly wireless ARPU has experienced seasonal sequential increases in the second and third quarters, reflecting higher levels of usage and roaming in the spring and summer, followed by seasonal sequential declines in the fourth and first quarters. This seasonal effect on ARPU is expected to diminish in the future, as unlimited nationwide voice plans become prevalent and chargeable usage and long distance spikes become less pronounced.
The trend of increasing wireline data revenue reflects growth in high-speed Internet and enhanced data services, including increases in usage and adoption of higher-speed services, growth in business process outsourcing, the continuing but moderating expansion of the TELUS TV subscriber base (up 10% in the 12-month period ended September 30, 2015), growth in TELUS Health solutions and certain rate increases. Higher Internet service revenues are due to a larger high-speed Internet subscriber base (up 6.3% in the 12-month period ended September 30, 2015), bundling of offers with Optik TV, the introduction of usage-based billing and certain rate increases. A general trend of declining wireline voice revenues and network access lines (NALs) is due to competition from voice over IP (VoIP) service providers (including cable-TV competitors), resellers and facilities-based competitors, as well as technological substitution to wireless and IP-based services and applications. Business NALs have continued to decline due to increased competition in the small and medium-sized business market, the impact of the economic slowdown on the business market and associated customer right-sizing of services, as well as conversion of voice lines to more efficient IP services. The impact of this conversion has been to increase NAL losses without a similar decline in revenues. As such, the relevance of legacy business NALs as a performance indicator of current and future revenues is diminishing.
The trend in Goods and services purchased expense reflects increasing wireless equipment expenses associated with higher-value smartphones in the sales mix and higher retention volumes, increasing content costs due to a growing wireline TELUS TV subscriber base, growing wireless customer service and distribution channel expenses, and increasing non-labour restructuring and other like costs, partly offset by lower wireless network operating expenses from operational efficiency initiatives.
The trend in Employee benefits expense reflects increases in compensation and employee-related restructuring costs, as well as more full-time equivalent (FTE) employees supporting business process outsourcing revenue growth, partly offset by a decrease in wireless FTE employees and higher capitalized labour costs associated with increased capital expenditures, as described in Section 7.3.
The general trend in depreciation and amortization reflects slight increases due to growth in capital assets in support of the expansion of our broadband footprint and enhanced LTE network coverage, partially offset by adjustments related to our continuing program of asset life studies.
The general trend in financing costs reflects an increase in long-term debt outstanding associated with significant investments in wireless spectrum licences acquired in Industry Canada auctions in 2014 and 2015. Financing costs include long-term debt prepayment premiums of approximately $13 million in the third quarter of 2014. Financing costs also include the Employee defined benefit net interest expense that has increased for 2015, primarily due to the increase in the defined benefit plan deficit at December 31, 2014, as compared to the defined benefit plan surplus at December 31, 2013. Employee defined benefit plan net interest decreased in 2014, relative to 2013, due to a decrease in the discount rate for the employee defined benefit pension plans and the associated deficit at the end of 2012 moving to a nominal surplus at the end of 2013. Moreover, financing costs are net of capitalized interest related to spectrum licences acquired during the spectrum auctions held by Industry Canada, which we expect to incorporate into our existing network in future periods (capitalized long-term debt interest is $27 million since commencement in the second quarter of 2015). Financing costs for the eight periods shown include varying amounts of foreign exchange gains or losses and varying amounts of interest income, including $20 million of interest income in the second quarter of 2015 from the settlement of prior years'' income tax-related matters.
The trend in net income reflects the items noted above, as well as non-cash adjustments arising from legislated income tax changes and adjustments recognized in the current period for income tax of prior periods, including any related after-tax interest on reassessments. The trend in basic earnings per share (basic EPS) also reflects the impact of share purchases under our NCIB program.
The trend in cash provided by operating activities reflects growth in consolidated EBITDA and lower income tax payments in 2015, net of higher interest expenses related to our financing activities. The trend in free cash flow reflects the factors in cash provided by operating activities, as well as increases in capital expenditures (excluding spectrum licences and non-monetary transactions), but excludes the effects of certain changes in working capital, such as trade accounts receivable and trade accounts payable.
5.3 Consolidated operations
The following is a discussion of our consolidated financial performance. Segmented information in Note 5 of the interim consolidated financial statements is regularly reported to our CEO (the chief operating decision-maker). We discuss the performance of our segments in Section 5.4 Wireless segment,Section 5.5 Wireline segment and capital expenditures in Section 7.3 Cash used by investing activities.
Consolidated Operating revenues increased by $127 million or 4.2% in the third quarter of 2015 when compared to the third quarter of 2014, and increased by $411 million or 4.6% in the first nine months of 2015 when compared to the first nine months of 2014.
Consolidated Operating expenses increased by $136 million or 5.6% in the third quarter of 2015 when compared to the third quarter of 2014 and increased by $367 million or 5.2% in the first nine months of 2015 when compared to the first nine months of 2014.
Operating income decreased year over year by $9 million or 1.5% in the third quarter of 2015, reflecting growth in wireless EBITDA of $15 million for the quarter (see Section 5.4), offset by a decline in wireline EBITDA of $12 million (see Section 5.5) and increases in depreciation and amortization expenses of $12 million for the quarter discussed above. In the first nine months of 2015, operating income increased year over year by $44 million or 2.4% from growth in wireless EBITDA of $80 million, partly offset by a decline in wireline EBITDA of $11 million and increases in total depreciation and amortization expenses of $25 million discussed above.
Financing costs decreased by $18 million or 15% in the third quarter of 2015 and $8 million or 2.3% for the first nine months of 2015 when compared to the same periods in 2014.
As a result of financing activities over the past 12 months, our weighted average interest rate on long-term debt (excluding commercial paper) was 4.42% as at September 30, 2015, as compared to 4.72% one year earlier. For additional details on our financing activities, see Long-term debtissues and repayments in Section 7.4.
Total income tax expense was relatively flat year over year in the third quarter of 2015, primarily due to an increase in income before income taxes offset by higher recoveries from the settlement of prior years'' income tax-related matters. In the first nine months of 2015, income tax expense increased year over year by $44 million or 11%, mainly due to a $48 million non-cash adjustment in the second quarter of 2015 to revalue deferred income tax liabilities arising from an increase to the Alberta provincial corporate tax rate from 10% to 12% effective July 1, 2015, as well as higher income before taxes, partly offset by higher recoveries from the settlement of prior years'' income tax-related matters.
Comprehensive income decreased by $119 million or 35% in the third quarter of 2015 and $224 million or 17% in the first nine months of 2015 when compared to the same periods in 2014. This was primarily due to decreases in employee defined benefit plan re-measurements. Items that may be subsequently reclassified to income are composed of changes in the unrealized fair value of derivatives designated as cash flow hedges, foreign currency translation adjustments arising from translating financial statements of foreign operations, and changes in the unrealized fair value of available-for-sale investments.
5.4 Wireless segment
Total wireless operating revenues increased by $86 million or 5.1% in the third quarter of 2015 and $323 million or 6.6% in the first nine months of 2015 when compared to the same periods in 2014. The increases reflect growth in both network and equipment revenues.
Network revenues from external customers increased year over year by $62 million or 4.0% in the third quarter of 2015 and $244 million or 5.5% for the first nine months of 2015. Data network revenue increased year over year by 12% in the third quarter of 2015 and 16% in the first nine months of 2015, reflecting growth in the subscriber base, an increased but moderating proportion of higher-rate two-year plans in the revenue mix, a more favorable postpaid subscriber mix, higher data usage from continued adoption of smartphones and other data-centric wireless devices, as well as a greater use of applications and the expansion of our LTE network, and increased data roaming, partly offset by the impact of the economic slowdown on the business market. Voice network revenue decreased year over year by 4.5% in the third quarter of 2015 and 5.0% in the first nine months of 2015 due to the increased adoption of unlimited nationwide voice plans and continued but moderating substitution to data services.
Equipment and other revenues increased year over year by $21 million or 14% in the third quarter of 2015 and $74 million or 19% in the first nine months of 2015, mainly due to increased retention volumes in part from the simultaneous expiration of two-year and three-year contracts, as well as higher-value, higher-priced smartphones in the sales mix, partially offset by lower gross additions.
Intersegment revenue in the wireless segment represents network services provided to the wireline segment. Such revenues are eliminated upon consolidation along with the associated expenses.
Wireless segment expenses increased by $71 million or 7.1% in the third quarter of 2015 and $243 million or 8.7% in the first nine months of 2015 when compared to the same periods in 2014.
Equipment sales expenses increased year over year by $63 million or 17% in the third quarter of 2015 and $172 million or 18% in the first nine months of 2015, reflecting increased retention volumes and higher-value smartphones in the sales mix, partly offset by lower gross additions.
Network operating expenses increased slightly year over year by $3 million or 1.5% in the third quarter of 2015 mainly from higher roaming costs driven by volume increases, partially offset by lower data content share fees. During the first nine months of 2015, network operating expenses decreased year over year by $13 million or 2.2% due to lower network maintenance and support costs resulting from turning down the Public Mobile CDMA network in the third quarter of 2014, as well as lower data content share fees, partly offset by higher roaming costs driven by volume increases.
Marketing expenses increased year over year by $4 million or 3.7% in the third quarter of 2015 and $19 million or 6.6% in the first nine months of 2015. The increases were primarily due to higher commission expenses driven by higher retention volumes and, for the nine-month period, an increase in advertising and promotions expenses.
Other goods and services purchased expense decreased year over year by $7 million or 4.4% in the third quarter of 2015 mainly from lower non-labour restructuring and other like costs, but increased year over year by $50 million or 11% in the first nine months of 2015 mainly from higher non-labour restructuring and other like costs, primarily from the closure of all Black''s Photography retail stores, as well as higher bad debt provisions to support the growing subscriber base, the expansion of our distribution channels, and increases in external labour and administrative costs.
Employee benefits expense increased year over year by $8 million or 4.6% in the third quarter of 2015, reflecting higher labour restructuring costs from efficiency initiatives, higher wages and salaries and lower capitalized labour costs. In the first nine months of 2015, employee benefits expense increased $15 million or 3.0%, reflecting higher labour restructuring costs from the closure of all Black''s Photography retail stores and other efficiency initiatives, partly offset by lower salary costs from the associated decline in FTE employees. In addition, higher share-based compensation and lower capitalized labour costs also contributed to higher employee benefit expense in the first nine months of 2015.
Wireless EBITDA increased by $15 million or 2.0% in the third quarter of 2015 and $80 million or 3.8% in the first nine months of 2015 when compared to the same periods in 2014. Wireless EBITDA - excluding restructuring and other like costs increased year over year by $11 million or 1.4% in the third quarter and $112 million or 5.2% in the first nine months of 2015. The increases in EBITDA reflect operating revenue growth driven by a larger customer base and continuing but moderating ARPU growth, as well as ongoing operational efficiency initiatives including the integration of Public Mobile, partly offset by higher retention spend, increased customer service and distribution channel expenses, and, for the nine-month period, higher restructuring and other like costs.
5.5 Wireline segment
Total wireline operating revenues increased by $42 million or 3.0% in the third quarter of 2015 and $92 million or 2.2% in the first nine months of 2015 when compared to the same periods in 2014. The increases reflect continued growth in data revenue resulting from a larger high-speed Internet subscriber base, growth in business process outsourcing services, continued but moderating expansion of the TELUS TV subscriber base and growth in TELUS Health services, partly offset by ongoing declines in legacy voice service revenue and other services and equipment revenue, as well as continued competitive pressures in the business sector and from over-the-top (OTT) services and the effects of the economic slowdown on the business market.
Revenues arising from contracts with customers increased year over year by $61 million or 4.6% in the third quarter of 2015 and $114 million or 2.9% in the first nine months of 2015.
Other operating income decreased year over year by $17 million or 59% in the third quarter of 2015 and $21 million or 35% in the first nine months of 2015. The decreases were mainly the result of gains from the sale of certain real estate assets and other investments in the third quarter of 2014, as well as a reduction in current period amortization of deferred revenue in respect of the regulatory price cap deferral account for provisioning broadband Internet services to eligible rural and remote communities.
Intersegment revenue represents services provided to the wireless segment. Such revenue is eliminated upon consolidation along with the associated expenses.
Total wireline operating expenses increased by $54 million or 5.3% in the third quarter of 2015 and $103 million or 3.4% in the first nine months of 2015 when compared to the same periods in 2014.
Wireline EBITDA decreased by $12 million or 3.2% in the third quarter of 2015 and $11 million or 0.9% in the first nine months of 2015 when compared to the same periods in 2014. The decrease was due to increased restructuring and other like costs, higher wages and salaries, and lower other operating income from certain real estate and investment gains in the third quarter of 2014, partly offset by growth in data service and equipment revenues and lower TV programming costs from a retroactive assessment of additional TV revenue contribution expense made in the third quarter of 2014. EBITDA - excluding restructuring and other like costs increased year over year by 3.6% in the third quarter of 2015 and 3.1% in the first nine months of 2015, as compared to year-over-year revenue increases of 3.0% for the quarter and 2.2% for the nine-month period reflecting improving margins in data services, including Internet, TELUS Health, TELUS TV and business process outsourcing services.
6. Changes in financial position
7. Liquidity and capital resources
Our discussion in this section is qualified in its entirety by the Caution regarding forward-looking statements at the beginning of this MD&A.
7.1 Overview
In the first nine months of 2015, we paid $1.5 billion for the wireless spectrum licences acquired in the AWS-3 spectrum auction that took place in the first quarter of 2015, and $479 million for the wireless spectrum licences acquired in the 2500 MHz auction that took place in the second quarter of 2015, and we made a deposit of $12 million for the wireless spectrum licences acquired in the residual spectrum licence auction (700 MHz and AWS-3 bands) that took place during the third quarter of 2015, with the remaining balance of $46 million due in the fourth quarter of 2015. In March 2015, we publicly issued $1.75 billion in senior unsecured notes in three series with the proceeds mainly used to fund the spectrum licences purchased in the AWS-3 spectrum auction. We utilized existing Short-term borrowings and long-term credit facilities to fund the spectrum licences purchased in the 2500 MHz and residual spectrum licence auctions.
In addition, we paid dividends of $740 million to the holders of Common Shares and returned $402 million of cash to shareholders through share purchases under our NCIB program. On October 1, 2015, we paid dividends of $252 million to the holders of Common Shares and during the month of October 2015, purchased 0.3 million of our Common Shares by way of the automatic share purchase plan (ASPP) at a cost of $11 million.
Our capital structure financial policies, financing plan and report on financing and capital structure management plans are described in Section 4.3.
7.2 Cash provided by operating activities
Cash provided by operating activities decreased slightly year over year by $19 million or 1.8% in the third quarter of 2015 and increased year over year by $189 million or 7.6% in the first nine months of 2015.
7.3 Cash used by investing activities
Cash used by investing activities decreased year over year by $62 million or 10% in the third quarter of 2015 and increased year over year by $897 million or 30% in the first nine months of 2015. The changes included the following:
Wireless segment capital expenditures decreased year over year in the third quarter of 2015 by $42 million or 17%, mainly due to lower spending on the deployment of spectrum. In the first nine months of 2015, wireless capital expenditures increased year over year by $40 million or 6.2% mainly from higher investments in wireless broadband infrastructure to enhance our network coverage, speed and capacity, including the ongoing deployment of 700 MHz spectrum, which commenced in the second quarter of 2014. We also continue to invest in system and network resiliency and reliability in support of our ongoing customers first initiatives and to ready the network and systems for future retirement of legacy assets. Wireless EBITDA less capital expenditures was $1,494 million for the first nine months of 2015, reflecting a year-over-year increase of $40 million as EBITDA growth more than offset the increase in capital expenditures.
Wireline segment capital expenditures increased year over year by $8 million or 2.0% in the third quarter of 2015 and $93 million or 8.1% in the first nine months of 2015. The increases were primarily due to continuing investments in broadband infrastructure, including connecting more homes and businesses directly to our fibre-optic network. This investment supports our high-speed Internet and Optik TV subscriber growth, as well as our customers'' demand for faster Internet speeds, and extends the reach and functionality of our healthcare solutions. We also continued our investments in system and network resiliency and reliability. Wireline EBITDA less capital expenditures was $(132) million in the first nine months of 2015, reflecting a year-over-year decrease of $104 million as increases in our strategic spend in broadband infrastructure exceeded the growth in EBITDA.
7.4 Cash provided (used) by financing activities
Net cash used by financing activities increased year over year by $148 million in the third quarter of 2015. Net cash provided by financing activities increased year over year by $899 million in the first nine months of 2015. Financing activities included the following:
Dividends paid to the holders of Common Shares
Dividends paid to the holders of Common Shares were $253 million in the third quarter of 2015 or an increase of $19 million from the third quarter of 2014. Dividends paid for the first nine months of 2015 were $740 million or an increase of $60 million from the first nine months of 2014. The increases reflect higher dividend rates under our dividend growth program (see Section 4.3), offset by lower outstanding shares resulting from shares purchased and cancelled pursuant to our 2015 NCIB.
Purchase of Common Shares for cancellation
Under our 2015 NCIB, we purchased approximately 2.2 million shares in the third quarter of 2015 and approximately 9.3 million shares in the first nine months of 2015, for $94 million in the quarter and $385 million for the nine-month period, reaching the bid maximum cost of $500 million on September 14, 2015. In respect of our 2016 NCIB, which commenced on September 15, 2015, we purchased approximately 0.4 million shares for $16 million during the remainder of the third quarter of 2015. Additionally, during the month-ended October 31, 2015, we purchased approximately 0.3 million shares for $11 million by way of the automatic share purchase plan. In 2014, we purchased approximately 3.9 million shares in the third quarter and approximately 13 million shares in the first nine months under our 2014 NCIB, for $151 million in the quarter and $500 million for the nine-month period. See Section 4.3 for details of our planned multi-year share purchase program through 2016.
Short-term borrowings
Short-term borrowings are composed primarily of amounts advanced to us from an arm''s-length securitization trust pursuant to the sale of trade receivables in securitization transactions (see Section 7.7 Sale of trade receivables). Such proceeds were $100 million throughout the first quarter of 2015, increased to $500 million during the second quarter of 2015, and decreased to $100 million during the third quarter of 2015.
Long-term debt issues and repayments
Long-term debt issues, net of repayments, were $387 million in the third quarter of 2015 and $2.4 billion in the first nine months of 2015, which were primarily composed of:
In comparison, Long-term debt issues, net of repayments, were $153 million in the third quarter of 2014 and $1.8 billion in the first nine months of 2014, which were primarily composed of:
Our average term to maturity of long-term debt (excluding commercial paper) has decreased to approximately 10.6 years as at September 30, 2015, compared to approximately 11.2 years as at September 30, 2014. Additionally, our weighted average cost of long-term debt (excluding commercial paper) was 4.42% as at September 30, 2015, as compared to 4.
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