i suppose you've got to really understand the companyi do not...

i suppose you've got to really understand the company

i do not claim to

but looking at it superficially, $1.5 billion in cash, borrowings have grown from $6.5 billion in 2000 to $16.5 billion in 2009 and TLS is still intent on more borrowing:

"We continue to look at executing long term borrowings across a diverse range of debt markets. Given the strength of Telstras balance sheet and our debt maturity profile we are also able to borrow from the market on competitive terms."

$4 billion in depreciation each year

$3.3 billion is capital expenditure each year

Paid out 100% of its earnings in dividends over the last 5 years or so

No other company does this.

.