This news release contains forward-looking statements. For a
description of the related risk factors and assumptions please see
the section entitled "Caution Concerning Forward-Looking
Statements" later in this release.
- Canada's fastest growing broadband provider with 204,000
total new net additions in Q4 – 91,000 postpaid wireless, 74,000
Fibe TV and 39,000 high-speed Internet
- All 2015 financial guidance targets achieved
- Net earnings attributable to common shareholders of
$496 million, or $0.58 per common share; adjusted net earnings per
share (EPS) of $0.72 in line with
plan
- Cash flow from operating activities of $1,510 million; positive contributions from all
Bell operating segments delivered free cash flow growth of
10.0%
- Adjusted EBITDA up 2.5% on 1.4% higher total revenue and
cost control
- Strong wireless financials with 5.9% increase in revenue and
6.8% adjusted EBITDA growth
- Wireline adjusted EBITDA up 1.5% on 3.4% lower operating
costs, yielding a 1.2 percentage-point margin increase to
39.5%
- Canada's Internet and TV market leader with more than 3.4
million and 2.7 million subscribers, up 3.5% and 3.6% respectively
over 2014
- Bell Media secures exclusive long-term rights to distribute
all HBO content in Canada,
following similar exclusive agreement signed with SHOWTIME earlier
in 2015
MONTRÉAL, Feb. 4, 2016 /CNW
Telbec/ - BCE Inc. (TSX: BCE) (NYSE: BCE), Canada's largest
communications company, today reported results for the fourth
quarter (Q4) and full year 2015, provided financial guidance
targets for 2016, and announced a $0.13 per share increase in the BCE annual common
share dividend to $2.73.
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
|
($ millions except
per share amounts) (unaudited)
|
Q4
2015
|
Q4
2014
|
%
change
|
2015
|
2014
|
%
change
|
BCE
|
|
|
|
|
|
|
Operating
revenues
|
5,603
|
5,528
|
1.4%
|
21,514
|
21,042
|
2.2%
|
Adjusted
EBITDA(1)
|
2,073
|
2,022
|
2.5%
|
8,551
|
8,303
|
3.0%
|
Net earnings
attributable to common shareholders
|
496
|
542
|
(8.5%)
|
2,526
|
2,363
|
6.9%
|
EPS
|
0.58
|
0.64
|
(9.4%)
|
2.98
|
2.98
|
-
|
Adjusted
EPS(2)
|
0.72
|
0.72
|
-
|
3.36
|
3.18
|
5.7%
|
Cash flows from
operating activities
|
1,510
|
1,527
|
(1.1%)
|
6,274
|
6,241
|
0.5%
|
Free cash
flow(3)
|
916
|
833
|
10.0%
|
2,999
|
2,744
|
9.3%
|
Free cash flow per
share(3)
|
1.07
|
1.01
|
5.9%
|
3.54
|
3.46
|
2.3%
|
"The Bell team's exceptional performance in Q4 and throughout
2015 underscores the enduring strength of our strategy to lead
Canada's broadband revolution with unmatched innovation in the
growth services of communications: Wireless, TV, Internet and
Media. Gaining 204,000 new broadband TV, Internet and wireless
postpaid customers in Q4, Bell delivered the strong financial
performance that enables both continued investment in Canada's
broadband future and growing returns to BCE shareholders, including
our latest dividend increase announced today," said George Cope, President and CEO of BCE and
Bell Canada. "We saw strong
performance across our business segments in a highly competitive
fourth quarter. With a mobile LTE network acknowledged as Canada's
best, Bell Wireless continued to deliver strong growth in
smartphone customer additions, mobile data usage, revenue and
adjusted EBITDA. Our wireline business grew adjusted EBITDA,
reducing costs while continuing to outperform the market with
strong Fibe TV and Internet customer additions throughout 2015.
Despite growing content costs, Bell Media supported BCE's free cash
flow generation with increased revenue, while securing exclusive
Canadian rights to all of HBO's premium content. Backed by the
fastest networks, the most innovative communications products and a
clear lead in content across all screens, the Bell team is
delivering for both customers and shareholders."
Bell is focused on achieving a clear goal – to be recognized by
customers as Canada's leading communications company – through the
execution of 6 Strategic Imperatives: Invest in Broadband Networks
& Services, Accelerate Wireless, Leverage Wireline Momentum,
Expand Media Leadership, Improve Customer Service, and Achieve a
Competitive Cost Structure. This strategy of broadband leadership
has delivered continued strong performance across Wireless, TV,
Internet and Media growth services; 41 consecutive quarters of
uninterrupted year-over-year adjusted EBITDA growth; and 12
increases to the BCE common share dividend in the last 7 years – a
total increase of 87%.
"Having achieved all financial targets in 2015, with substantial
growth in adjusted net earnings and free cash flow driven by
healthy year-over-year increases in revenue and adjusted EBITDA,
Bell's operating momentum and financial foundation going into 2016
are very strong," said Glen LeBlanc,
Chief Financial Officer of BCE and Bell
Canada. "Our 2016 financial targets reflect continued
projected wireless profitability, a second consecutive year of
positive wireline adjusted EBITDA growth, an improving financial
profile for Bell Media, and an attractive balance sheet supported
by good liquidity and an investment-grade credit profile."
"We expect to drive growth in underlying adjusted net earnings
and a healthy year-over-year increase in free cash flow,
underpinned by marketplace momentum in growth services and an
operating cost structure significantly tightened in 2015, which
included the difficult decisions required in implementing staffing
reductions. BCE is focused on ensuring we have the financial
capacity required to support both ongoing capital investment in
Canada's broadband wireline and wireless infrastructure, and
consistent and sustainable returns to the shareholders who have
invested in BCE's growth strategy," said Mr. LeBlanc.
BCE RESULTS
BCE operating revenue increased 1.4% in Q4
to $5,603 million, led by strong
top-line results at Bell Wireless and Bell Media that drove service
revenue growth of 1.6%. This was partly offset by a 1.5%
year-over-year decline at Bell Wireline, due to the impact of
continued slow economic growth and competitive pricing pressures on
service and product revenues in Bell Business Markets. For the full
year 2015, BCE operating revenue increased in line with our
guidance target to $21,514 million on
growth in service revenue and product revenue of 2.2% and 2.9%
respectively.
BCE's adjusted EBITDA(1) in Q4 grew 2.5% to
$2,073 million, driven by increases
of 6.8% at Bell Wireless and 1.5% at Bell Wireline. Bell Media
adjusted EBITDA declined 4.2% due to higher content costs. Higher
wireless adjusted EBITDA, the result of profitable postpaid growth
and strong service revenue flow-through, and lower wireline
operating costs contributed to a 0.4 percentage-point
improvement in BCE's consolidated adjusted EBITDA
margin(1)to 37.0%, up from 36.6% in Q4 2014. Consistent
with our 2015 guidance target range of 2% to 4% growth for the
year, BCE's adjusted EBITDA increased 3.0% to $8,551 million from $8,303
million in 2014.
BCE's net earnings attributable to common shareholders were
$496 million, or $0.58 per share, this quarter, down 8.5% and 9.4%
respectively, from $542 million, or
$0.64 per share, in Q4 2014. The
year-over-year decrease was due to higher severance, acquisition
and other costs, which totalled $152
million in Q4 2015, of which $120
million related mainly to workforce restructuring
initiatives. Higher other expense, reflecting mark-to-market losses
on equity derivative contracts entered into to economically hedge
future payments under our share-based compensation plans, also
contributed to the year-over-year decline. This was partly offset
by higher adjusted EBITDA; lower asset impairment charges related
to Bell Media's properties, which totalled $38 million in the quarter; and lower income
taxes. Excluding the impact of severance, acquisition and other
costs, net losses on investments, and early debt redemption costs,
adjusted net earnings(2) increased 0.8% to $615 million, while adjusted earnings per share
(EPS) were unchanged at $0.72.
For the full year 2015, net earnings attributable to common
shareholders were $2,526 million, or
$2.98 per share, compared with
$2,363 million, or $2.98 per share, in 2014. The increase was the
result of solid growth in adjusted EBITDA, lower non-controlling
interest from the privatization of Bell Aliant, lower depreciation
and amortization expense due to an increase in the useful life of
application software, and reduced interest expense on various
Bell Canada debt instruments. This
was partly offset by higher severance, acquisition and other costs
and higher other expense. Adjusted net earnings of $2,845 million and adjusted EPS of $3.36 in 2015 were up 12.7% and 5.7% respectively
compared to 2014, reflecting higher adjusted EBITDA driven by the
increased contribution of Bell's growth services.
BCE invested $958 million in new
capital in Q4, bringing total capital expenditures for 2015 to
$3,626 million. This represents a
capital intensity ratio (capital expenditures as a percentage of
total revenue) for 2015 of 16.9%, in line with our guidance target
of approximately 17%. Capital spending was focused on connecting
more homes and businesses directly to our broadband fibre network,
including the buildout of Gigabit Fibe infrastructure in
Toronto and other urban locations;
the continued expansion of our LTE wireless network; and increased
wireless and Internet network capacity to support higher speeds and
growing data usage.
BCE's cash flows from operating activities were $1,510 million, compared to $1,527 million in Q4 2014. Free cash
flow(3) generated was $916
million, a 10.0% increase from $833
million the year before, driven by higher adjusted EBITDA,
lower capital expenditures, and the favourable impact of the
privatization of Bell Aliant, partly offset by a decrease in cash
flow from working capital changes. For full-year 2015, BCE's cash
flows from operating activities increased to $6,274 million from $6,241
million in 2014, while free cash flow was up 9.3% to
$2,999 million. Free cash flow per
share(3) was $1.07 in Q4
and $3.54 for the full year 2015,
representing increases of 5.9% and 2.3%, respectively, from
$1.01 and $3.46 in 2014.
In Q4 2015, BCE gained 91,308 net new wireless postpaid
customers and reported a net loss of 28,844 prepaid subscribers;
74,092 net new Fibe TV customers and a net loss of 36,306 Satellite
TV customers; and the addition of 38,908 new high-speed Internet
customers. NAS line net losses totalled 106,910. At the end of
2015, BCE served a total of 8,245,831 wireless customers, up 1.6%
from Q4 2014 (including 7,375,416 postpaid customers, an increase
of 3.7%); total TV subscribers of 2,738,496, up 3.6% (including
1,182,791 Fibe TV customers, an increase of 26.7%); total
high-speed Internet subscribers of 3,413,147, up 3.5%; and total
NAS lines of 6,688,666, a decrease of 6.2%.
CORPORATE DEVELOPMENTS
Thomas O'Neill to retire as
BCE Chair, Board to nominate Gordon
Nixon
Thomas C.
O'Neill will retire as Chair of the Board at the BCE Annual
General Shareholder Meeting scheduled for April 28, 2016 in Montréal. The Board plans to
nominate BCE Director Gordon M.
Nixon as Chair contingent upon his re-election as a Director
by BCE shareholders at the April 28
annual meeting.
As a BCE Director since 2003 and Chair since February 2009, Mr. O'Neill's guidance has been
essential to Bell's transformation into the leader in Canadian
broadband communications services while delivering outstanding
returns to BCE shareholders. BCE has won numerous accolades for
outstanding corporate governance under Mr. O'Neill's leadership. A
Fellow of the Institute of Corporate Directors, Mr. O'Neill is
Chair of The Bank of Nova Scotia,
a Director of Adecco S.A. and of Loblaw Companies Limited, and
Chair of the Board of Trustees of Toronto's St.
Michael's Hospital.
A Director of BCE since November
2014. Gordon Nixon was
President and CEO of the Royal Bank of Canada from 2001 until 2014,
and CEO of RBC Dominion Securities from 1999 to 2001. A member of
the Order of Canada, Mr. Nixon is a Director of George Weston
Limited and of BlackRock Inc. He also serves as Chair of scientific
research and collaboration centre MaRS and of the Queen's
University Capital Campaign.
BCE common share dividend increased
The BCE annualized
common share dividend will increase 5.0%, or 13 cents per share, from $2.60 to $2.73
effective with BCE's Q1 2016 dividend payable on April 15, 2016, to shareholders of record at the
close of business on March 15, 2016.
BCE maintains the dividend payout ratio(4) within its
target policy range of 65% to 75% of free cash flow. The higher
dividend for 2016 is fully supported by higher expected free cash
flow generation driven by continued execution of Bell's 6 Strategic
Imperatives and growing financial contributions from all Bell
business segments. Including today's dividend increase
announcement, BCE has increased its annual common share dividend 12
times in the past 7 years, representing an 87% increase.
Another record Bell Let's Talk Day
The signature
annual event in Bell's national mental health initiative, Bell
Let's Talk Day on January 27 grew the
conversation about Canada's mental health like never before. Led by
Bell Let's Talk national spokesperson Clara
Hughes, Canadians and people worldwide sent a record
125,915,295 texts, calls, tweets and Facebook shares in support of
mental health on Bell Let's Talk Day. With a Bell donation of
5 cents per interaction, this
$6,295,764.75 in new funding
increases Bell's commitment to Canadian mental health to
$79,919,178.55. The #BellLetsTalk
hashtag was the top Twitter trend in Canada and the most-used in the world on
January 27 with 6,826,114 total
tweets and retweets – 43% more than last year. To learn more,
please visit Bell.ca/LetsTalk.
Bell's mobile LTE network ranked as fastest in Canada yet again
In January, Bell's 4G
LTE network was ranked #1 nationally in a new report from
independent UK analyst firm OpenSignal, following a similar top
ranking by PCMag in September 2015.
OpenSignal found that Bell delivered the fastest wireless 4G
network download speeds in Canada,
averaging 19.9 megabits per second (Mbps), far above the global
average of 12.6 Mbps. To learn more, please see OpenSignal's
State of Mobile Networks: Canada (Jan
2016).
Bell's TV leadership extends to 4K
As Canada's largest
TV provider and #1 multimedia company, Bell continues to set the
pace in Canadian television. With the January 20 Toronto Raptors vs. Boston Celtics NBA
game, TSN became the first broadcaster to produce a live 4K Ultra
HD broadcast in North America.
Bell TV also announced in January the availability of the Fibe 4K
Whole Home PVR for Fibe TV customers in Toronto, Montréal, Ottawa and Québec City. Far superior to basic
cable 4K set top boxes lacking recording and other PVR
capabilities, the Fibe 4K Whole Home PVR is also ready for the next
step in broadcasting: high dynamic range (HDR). In February, Bell
will extend availability of the 4K Whole Home PVR to Bell Fibe TV
customers in Ontario and Québec
and Bell Aliant FibreOP TV customers in Atlantic Canada. To learn more, please visit
Bell.ca/4K.
Bell Media signs HBO exclusive, launches CraveTV to all
Internet users
In November
2015, Bell Media signed a long-term agreement with HBO to
exclusively deliver in Canada all
current, past and library HBO programming across linear, on-demand
and OTT platforms, along with a new original co-production
partnership. In January 2015, Bell
Media concluded a similar agreement with CBS Corporation to
exclusively bring SHOWTIME programming to Canada. As sole operator
of HBO Canada, Bell Media announced The Movie Network (TMN) would
become a national pay TV service in 2016 as Corus Entertainment
winds down operations of its Movie Central and Encore Avenue pay TV
services in Western and Northern
Canada. In January, CraveTV became available to all
Canadians with Internet service for $7.99 per month, offering access to Canada's best
video streaming service and its thousands of hours of premium
television entertainment from HBO, SHOWTIME and other premium
content providers.
$863 million bought deal equity
offering
BCE launched a bought deal common share offering on
November 23, 2015, the first by the
company since 2002. The base equity offering of $750 million, and the exercise of the 15%
over-allotment option that resulted in the sale of 15,111,000
common shares at the offering price of $57.10 per share, generated total gross proceeds
of $862,838,100. These proceeds
support debt reduction and maintenance of a healthy balance
sheet.
Voluntary pension plan contribution
Bell Canada made a $250
million voluntary pension plan contribution in December 2015 to further reinforce the strong
solvency position of its defined benefit pension plans and reduce
the amount of BCE's future pension obligations, effectively
removing the use of letters of credit to fund Bell Canada's deficit contribution. The
voluntary contribution was funded from cash on hand at the end of
2015. Accelerating the funding of Bell
Canada's future obligation is an efficient use of cash given
the market's general expectation of a sustained low interest rate
environment.
Bell named one of Canada's Top 100 Employers
Bell was
named one of Canada's Top 100 Employers for 2016 in November,
recognized for our leadership in workplace mental health
initiatives, next-generation talent development, and a healthy
workplace environment, and today was named a top employer in our
headquarters city of Montréal. Bell team members Nathalie Cook, Bell Media's VP Brand
Partnerships, and Joanne MacDonald,
VP CTV News, were named to Canada's Top 100 Most Powerful Women
2015 by WXN in November. Also recognized was Sophie Brochu, CEO of Gaz Métro and a BCE
director. Bell WXN recipients include Hall of Fame inductees
Mary Ann Turcke, President of Bell
Media; Martine Turcotte, Vice Chair,
Québec; and Karen Sheriff, formerly
CEO of Bell Aliant and now CEO of Bell partner Q9 Networks.
BCE OPERATING RESULTS BY SEGMENT
Bell Wireless
Bell Wireless continued to deliver
healthy financial and operating results in Q4. Service revenue grew
6.3% to $1,588 million, reflecting a
more favourable postpaid subscriber mix and a 23% increase in data
revenue that drove strong year-over-year growth in blended
ARPU(4). Data revenue growth was supported by a higher
proportion of postpaid subscribers using smartphones and greater
usage of our leading 4G LTE mobile network. Product revenue
increased 2.4% to $171 million due to a higher number of
customer upgrades and postpaid gross additions compared to the
previous year.
Wireless adjusted EBITDA increased 6.8% to $641 million, delivering a 0.2 percentage-point
expansion in service margin to 40.4%. This was achieved even with a
$48 million year-over-year increase
in combined total retention spending and subscriber acquisition
costs in the quarter. Bell Wireless strongly contributed to
consolidated free cash flow generation in Q4 with growth in
adjusted EBITDA less capital expenditures of 17.3% to $448 million.
For full-year 2015, Bell Wireless operating revenues increased
8.7% to $6,876 million with service
revenue growing 7.6% to $6,246
million, and product revenue up 22.2% to $590 million. Adjusted EBITDA grew 7.8% to
$2,828 million as strong service
revenue flow-through from an expanding base of postpaid
subscribers. Higher ARPU more than offset higher retention and
subscriber acquisition costs, driving a modest increase in service
margin to 45.3% .
- Postpaid gross additions totalled 387,696 in Q4, up 1.4% over
the year before, reflecting increased market activity driven by
aggressive holiday promotions and an increased number of
off-contract customers. For full-year 2015, postpaid gross
additions totalled 1,338,141, up 3.6% from 1,291,207 in 2014.
- Postpaid net additions were 91,308 in Q4, down from 118,120 the
year before, the result of increased customer churn(4)
attributable to the seasonally high level of promotional activity
combined with a greater number of off-contract postpaid
subscribers. Similarly, full-year 2015 postpaid net additions were
265,369 compared to 311,954 in 2014. Postpaid customer churn in Q4
and full-year 2015 increased 0.09 and 0.06 percentage points
respectively over 2014 to 1.38% and 1.28%.
- Bell Wireless postpaid customers totalled 7,375,416 at the end
of 2015, a 3.7% increase over 2014. Total Bell Wireless customers
grew 1.6% to 8,245,831.
- The percentage of postpaid subscribers with smartphones
increased to 78%, compared to 76% at the end of 2014. The
proportion of postpaid subscribers on the LTE network reached 68%
at the end 2015, up from 47% a year earlier.
- Blended ARPU increased 4.4% to $63.67 in Q4, driven by a higher percentage of
customers on 2-year contracts, increased data usage on the LTE
network, and a greater mix of postpaid customers in the total
subscriber base. For full-year 2015, blended ARPU increased 5.3% to
$63.09.
- Cost of acquisition (COA)(4) was up 6.1% to
$525 per subscriber in Q4, due mainly
to a higher postpaid customer mix and richer handset offers. For
full-year 2015, COA increased 5.9% to $467.
- Retention spending increased to 14.3% of wireless service
revenues from 13.5% in 2014, reflecting more customer upgrades,
driven by an increased number of customer contract expirations as a
result of the double cohort, and a higher mix of premium
smartphones. Retention spending for full-year 2015 was 12.6% of
wireless service revenues.
- Bell increased population coverage of its national 4G LTE
mobile network, reaching 96% of Canadians at the end of 2015 and
offering data speeds ranging from 75 Mbps to 150 Mbps (average 12
to 40 Mbps). Bell also continued with the rollout of its Dual-band
LTE Advanced (LTE-A) wireless network, now providing service to 48%
of the Canadian population in Atlantic
Canada, Ontario,
Alberta and BC at data speeds up
to 260 Mbps (average 18 to 74 Mbps), with plans to cover 75% by the
end of 2016. This is complemented by a Tri-band LTE-A wireless
service, delivering mobile data speeds of up to 335 megabits per
second (expected average download speeds of 25 to 100 Mbps) in
Halifax, Fredericton, Moncton, Toronto, Hamilton and Oakville.
- On November 12, 2015, Bell
Mobility launched a roaming feature called "Roam Better" that gives
customers access to specialized roaming rates while traveling. The
first country launched was the US, where customers who opt in to
this feature enjoy unlimited voice and text messages across the US
and back to Canada as well as 100 Mb of data usage for $5 per day. Additional countries will be added in
2016.
Bell Wireline
Wireline operating revenue decreased
1.5% to $3,161 million in Q4,
impacted by the lapping of 2014 price increases on Bell's
residential services, higher sales of international long distance
minutes in Q4 2014, and a reduction in spending by business
customers on business service solutions and data product equipment,
as a result of continued slow economic growth. This was moderated
by the performance of Bell's Residential Services unit, which
delivered a ninth consecutive quarter of year-over-year revenue
growth, driven by 5.3% higher combined Internet and TV
revenues.
Wireline adjusted EBITDA increased 1.5% in Q4 to $1,248 million, with margin improving 1.2
percentage points to an industry-best 39.5%, supported by a 3.4%
reduction in operation costs that reflected integration synergies
with Bell Aliant and other operating efficiencies related to
further improvements in customer service and deployment of
fibre.
For full-year 2015, wireline operating revenue decreased 0.5% to
$12,258 million, while operating
costs improved 1.6% to $7,258
million. This resulted in a 1.1% increase in wireline
adjusted EBITDA to $5,000 million,
with a 0.7 percentage-point improvement in margin to 40.8%. Bell
Wireline strongly contributed to consolidated free cash flow with
growth in adjusted EBITDA less capital expenditures of 6.8% to
$2,191 million. Notably, 2015 marks the first full year of positive
adjusted EBITDA and cash flow growth for Bell Wireline since 2005
when cable telephony was launched in major Canadian markets.
- Bell TV added 74,092 net new Fibe TV customers in Q4, compared
to 76,074 in 2014, reflecting less new footprint expansion in 2015.
Similarly, full-year 2015 Fibe TV net additions were 253,329
compared to 276,034 in 2014. At the end of 2015, BCE served
1,182,791 Fibe TV subscribers, up 26.7% over the previous
year.
- Satellite TV net customer losses increased to 36,306 in Q4 from
33,884 the year before, due mainly to the net loss of wholesale
subscribers attributable to the rollout of IPTV service by a
competing TV provider in Western
Canada. For full-year 2015, Satellite TV net customer losses
were 145,949 compared to 122,674 in 2014.
- BCE was the fastest growing broadband TV provider in
Canada in 2015 with a combined
total of 2,738,496 subscribers, up 3.6% from 2,642,608 at the end
of 2014.
- High-speed Internet net additions totalled 38,908 this quarter,
compared to 52,010 in Q4 2014. Despite 12% higher retail
residential additions in Q4, reflecting stronger growth in Québec
and Ontario, total Internet net
additions were down compared to a year earlier, the result of lower
wholesale net customer additions. With full-year 2015 Internet net
additions of 155,052 compared to 160,390 in the previous year, BCE
continued to build on its position as the leading Internet service
provider in Canada with a
high-speed Internet subscriber base of 3,413,147 at the end of
2015, up 3.5% over 2014.
- Wireline data revenues were up 1.6% to $1,862 million, driven by combined Internet and
TV service revenue growth of 5.3% and 1.8% higher IP broadband
connectivity revenues. This was moderated by reduced spending on
business service solutions and data products by our large
enterprise customers. Similarly, full-year 2015 wireline data
revenues increased 2.7% to $7,163
million.
- Residential NAS net losses in Q4 were essentially unchanged at
58,081, compared to 57,232 in Q4 2014, even with sustained
aggressive competitor promotions, service bundle discounts and
ongoing wireless and Internet-based technology substitution for
local services. For full-year 2015, residential NAS net losses
improved 9.0% to 278,124 from 305,729 in 2014, benefitting from the
pull-through impact of Fibe TV service bundle offers and greater
penetration of 3-product households.
- Business NAS net losses in Q4 were 48,829 compared to 35,773
the year before. The increase was due to higher deactivations
attributable to cost efficiency initiatives by our large enterprise
customers and disconnections resulting from the end of the federal
election. For full-year 2015, business NAS net losses were
relatively stable at 160,310 compared to 158,988 in 2014.
- Total NAS access lines at the end of 2015 totalled 6,688,666, a
6.2% decline compared to the previous year, resulting in a 4.3%
decrease in local and access revenues to $802 million. Long distance revenue was down
12.8% to $204 million as a result of
the flow-through of a reduction in NAS access lines and lower sales
of international long distance minutes compared to Q4 2014.
Bell Media
Bell Media reported revenues of
$816 million in Q4, 3.4% higher than
the year before. Advertising revenues increased compared to Q4 2014
on conventional TV growth driven by the federal election and strong
performance of Bell Media's new primetime shows for the Fall
season. Growth at Astral Out of Home, attributable to new contract
wins and acquisitions over the past year, also contributed to
higher total advertising revenues.
Subscriber revenues this quarter were up over the year before,
reflecting steady growth from CraveTV and our broad suite of TV
Everywhere GO products, as well as favourable rate adjustments with
a number of TV broadcast distributors.
Media adjusted EBITDA fell 4.2% in Q4 to $184 million from $192
million the year before, the result of a 5.9% increase in
operating costs that reflected higher costs for sports broadcast
rights, content investments for CraveTV, and a return to normalized
spending for Canadian programming expenditures following a one-time
benefit in Q4 2014.
For full-year 2015, Bell Media revenues were up 1.3% to
$2,974 million, while adjusted EBITDA
decreased 1.5% to $723 million on
2.2% higher operating costs. Bell Media supported BCE's
consolidated free cash flow growth in 2015 with adjusted EBITDA
less capital expenditures of $622
million, up 4.2% over 2014.
- CTV led the Fall TV season with 12 of the top 20 programs, more
than all other Canadian networks combined. CTV was the #1 network
for the twelfth consecutive year for both full-day and primetime
broadcasts among total viewers and all key demos. Among viewers
aged 25 to 54, CTV's primetime line-up was ahead of all
competitors
- Bell Media's specialty and pay TV properties reached 82% of all
Canadian English specialty and pay TV viewers in the average week
during Q4 2015. Bell Media led in primetime with the top
entertainment specialty station (Discovery) for viewers aged 25 to
54, while Space, Comedy and Bravo all ranked in the Top 10.
- Bell Media maintained its leadership position in Québec's
French-language market with audiences for specialty TV reaching 83%
of all TV viewers in the average week. Four out of the Top 5
Specialty channels among the key viewers aged 25 to 54 were Bell
Media properties: RDS, Canal D, Super Écran and Canal Vie.
- Bell Media digital properties led all Canadian broadcast
competitors in average monthly unique visitors (17.4 million),
total page views (551 million), visits (128 million), video viewers
(2.8 million), and videos served (33 million).
- Bell Media remained Canada's top radio broadcaster in Q4
reaching 16.9 million listeners who spent in excess of 81 million
hours tuned in each week.
COMMON SHARE DIVIDEND
BCE's Board of Directors has
declared a quarterly dividend of $0.6825 per common share, payable on April 15, 2016 to shareholders of record at the
close of business on March 15,
2016.
OUTLOOK FOR 2016
BCE's 2016 guidance targets are
underpinned by a favourable financial profile for all three Bell
operating segments, with adjusted EPS and free cash flow providing
a strong and stable foundation for the 5.0% increase in BCE's
common share dividend for 2016 as well as significant capital
re-investment to support future growth. These targets also reflect
the confidence we have in continuing to successfully manage our
wireless, wireline and media businesses within the context of a
highly competitive and dynamic market.
Our 2016 outlook builds on the healthy financial results
achieved in 2015 and reflects continued strong projected wireless
profitability, a second consecutive year of positive wireline
adjusted EBITDA growth, and improved year-over-year Media financial
performance.
Our 2015 guidance, 2015 results, and financial guidance targets
for 2016 are as follows:
|
2015
Guidance
|
2015
Results
|
2016
Guidance
|
Revenue
growth
|
1% – 3%
|
2.2%
|
1% – 3%
|
Adjusted EBITDA
growth
|
2% – 4%
|
3.0%
|
2% – 4%
|
Capital
intensity(4)
|
approx.
17%
|
16.9%
|
approx.
17%
|
Adjusted
EPS
|
$3.28 –
$3.38
|
$3.36
|
$3.45 –
$3.55
|
Free cash flow
growth(i)
|
approx. 8% –
15%
|
9.3%
|
approx. 4% –
12%
|
Annualized common
dividend per share
|
$2.60
|
$2.60
|
$2.73
|
Dividend
payout(4) policy
|
65% – 75%
of free cash
flow
|
72.3%
of free cash
flow
|
65% – 75%
of free cash
flow
|
(i)
|
As of November 1,
2014, BCE's free cash flow includes 100% of Bell Aliant's free cash
flow rather than cash dividends received from Bell
Aliant.
|
CALL WITH FINANCIAL ANALYSTS
BCE will hold a
conference call for financial analysts to discuss Q4 2015 results
on Thursday, February 4 at
8:00 am (Eastern). Media are welcome
to participate on a listen-only basis. Please dial toll-free
1-866-225-0198 or (416) 340-2218. A replay will be available for
one week by dialing 1-800-408-3053 or (905) 694-9451 and entering
pass code 8400379#.
A live audio webcast of the conference call will be available on
BCE's website at: BCE Q4-2015 conference call. The mp3 file will be
available for download on this page later in the day.
NOTES
The information contained in this news release
is unaudited.
(1)
|
The terms adjusted
EBITDA and adjusted EBITDA margin do not have any standardized
meaning under IFRS. Therefore, they are unlikely to be comparable
to similar measures presented by other issuers. We define adjusted
EBITDA as operating revenues less operating costs, as shown in
BCE's consolidated income statements. Adjusted EBITDA for BCE's
segments is the same as segment profit as reported in
BCE's consolidated financial statements. We define adjusted
EBITDA margin as adjusted EBITDA divided by operating revenues. We
use adjusted EBITDA and adjusted EBITDA margin to evaluate the
performance of our businesses as they reflect their ongoing
profitability. We believe that certain investors and analysts use
adjusted EBITDA to measure a company's ability to service debt and
to meet other payment obligations or as a common measurement to
value companies in the telecommunications industry. We believe that
certain investors and analysts also use adjusted EBITDA and
adjusted EBITDA margin to evaluate the performance of our
businesses. Adjusted EBITDA is also one component in the
determination of short-term incentive compensation for all
management employees. Adjusted EBITDA and adjusted EBITDA margin
have no directly comparable IFRS financial measure. Alternatively,
the following table provides a reconciliation of net earnings to
adjusted EBITDA.
|
($
millions)
|
|
|
|
|
|
Q4 2015
|
Q4 2014
|
2015
|
2014
|
Net
earnings
|
542
|
594
|
2,730
|
2,718
|
Severance,
acquisition and other costs
|
152
|
58
|
446
|
216
|
Depreciation
|
731
|
734
|
2,890
|
2,880
|
Amortization
|
136
|
118
|
530
|
572
|
Finance
costs
|
|
|
|
|
|
Interest
expense
|
226
|
238
|
909
|
929
|
|
Interest on
post-employment benefits obligations
|
28
|
25
|
110
|
101
|
Other expense
(income)
|
70
|
34
|
12
|
(42)
|
Income
taxes
|
188
|
221
|
924
|
929
|
Adjusted
EBITDA
|
2,073
|
2,022
|
8,551
|
8,303
|
|
BCE operating
revenues
|
5,603
|
5,528
|
21,514
|
21,042
|
Adjusted EBITDA
margin
|
37.0%
|
36.6%
|
39.7%
|
39.5%
|
(2)
|
The terms adjusted
net earnings and adjusted EPS do not have any standardized meaning
under IFRS. Therefore, they are unlikely to be comparable to
similar measures presented by other issuers. We define adjusted net
earnings as net earnings attributable to common shareholders before
severance, acquisition and other costs, net (gains) losses on
investments, and early debt redemption costs. We define adjusted
EPS as adjusted net earnings per BCE common share. We use adjusted
net earnings and adjusted EPS, and we believe that certain
investors and analysts use these measures, among other ones, to
assess the performance of our businesses without the effects of
severance, acquisition and other costs, net (gains) losses on
investments, and early debt redemption costs, net of tax and NCI.
We exclude these items because they affect the comparability of our
financial results and could potentially distort the analysis of
trends in business performance. Excluding these items does not
imply they are non-recurring. The most comparable IFRS financial
measures are net earnings attributable to common shareholders and
EPS. The following table is a reconciliation of net earnings
attributable to common shareholders and EPS to adjusted net
earnings on a consolidated basis and per BCE common share (adjusted
EPS), respectively.
|
($ millions except
per share amounts)
|
|
Q4 2015
|
Q4 2014
|
2015
|
2014
|
|
Total
|
Per share
|
Total
|
Per share
|
Total
|
Per share
|
Total
|
Per share
|
Net earnings
attributable to common shareholders
|
496
|
0.58
|
542
|
0.64
|
2,526
|
2.98
|
2,363
|
2.98
|
Severance, acquisition
and other costs
|
112
|
0.12
|
42
|
0.04
|
327
|
0.38
|
148
|
0.18
|
Net losses (gains) on
investments
|
1
|
0.01
|
8
|
0.01
|
(21)
|
(0.02)
|
(8)
|
(0.01)
|
Early debt redemption
costs
|
6
|
0.01
|
18
|
0.03
|
13
|
0.02
|
21
|
0.03
|
Adjusted net
earnings
|
615
|
0.72
|
610
|
0.72
|
2,845
|
3.36
|
2,524
|
3.18
|
(3)
|
The terms free cash
flow and free cash flow per share do not have any standardized
meaning under IFRS. Therefore, they are unlikely to be comparable
to similar measures presented by other issuers. As of
November 1, 2014, BCE's free cash flow includes 100% of
Bell Aliant's free cash flow rather than cash dividends received
from Bell Aliant. We define free cash flow as cash flows from
operating activities, excluding acquisition and other costs paid,
which include significant litigation costs, and voluntary pension
funding, less capital expenditures, preferred share dividends and
dividends paid by subsidiaries to NCI. Prior to November 1, 2014,
free cash flow was defined as cash flows from operating activities,
excluding acquisition and other costs paid, which include
significant litigation costs, and voluntary pension funding, plus
dividends received from Bell Aliant, less capital
expenditures, preferred share dividends, dividends paid by
subsidiaries to NCI and Bell Aliant free cash flow. We define
free cash flow per share as free cash flow divided by the average
number of common shares outstanding. We consider free cash flow and
free cash flow per share to be important indicators of the
financial strength and performance of our businesses because they
show how much cash is available to pay dividends, repay debt and
reinvest in our company. We believe that certain investors and
analysts use free cash flow to value a business and its underlying
assets. We believe that certain investors and analysts also use
free cash flow and free cash flow per share to evaluate the
financial strength and performance of our businesses. The most
comparable IFRS financial measure is cash flows from operating
activities. The following table is a reconciliation of cash flows
from operating activities to free cash flow on a consolidated
basis.
|
($ millions except
per share amounts)
|
|
|
|
|
|
Q4 2015
|
Q4 2014
|
2015
|
2014
|
Cash flows from
operating activities
|
1,510
|
1,527
|
6,274
|
6,241
|
Bell Aliant dividends
paid to BCE
|
-
|
-
|
-
|
95
|
Capital
expenditures
|
(958)
|
(1,076)
|
(3,626)
|
(3,717)
|
Cash dividends paid
on preferred shares
|
(37)
|
(40)
|
(150)
|
(134)
|
Cash dividends paid
by subsidiaries to non-controlling
interest
|
(8)
|
(1)
|
(41)
|
(145)
|
Acquisition and other
costs paid
|
159
|
68
|
292
|
131
|
Voluntary defined
benefit pension plan
contribution
|
250
|
350
|
250
|
350
|
Bell Aliant free cash
flow
|
-
|
5
|
-
|
(77)
|
Free cash
flow
|
916
|
833
|
2,999
|
2,744
|
|
|
|
|
|
|
Average number of
common shares outstanding
|
853.5
|
837.7
|
847.1
|
793.7
|
Free cash flow per
share
|
1.07
|
1.01
|
3.54
|
3.46
|
(4)
|
We use ARPU,
churn, COA, capital intensity and dividend payout to measure the
success of our strategic imperatives. These key performance
indicators are not accounting measures and may not be
comparable to similar measures presented by other issuers. See
section 8.2, Non-GAAP financial measures and key performance
indicators (KPIs) in BCE's Q3 2015 MD&A for a definition of
such KPIs.
|
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain
statements made in this news release are forward-looking
statements. These statements include, without limitation,
statements relating to our 2016 financial guidance (including
revenues, adjusted EBITDA, capital intensity, adjusted EPS and free
cash flow), BCE's 2016 annualized common share dividend and common
share dividend policy, our network deployment plans, our business
outlook, objectives, plans and strategic priorities, and other
statements that are not historical facts. Forward-looking
statements are typically identified by the words assumption,
goal, guidance, objective, outlook, project, strategy, target
and other similar expressions or future or conditional verbs such
as aim, anticipate, believe, could, expect, intend, may, plan,
seek, should, strive and will. All such forward-looking
statements are made pursuant to the 'safe harbour' provisions of
applicable Canadian securities laws and of the United States Private Securities
Litigation Reform Act of 1995.
Forward-looking statements, by their very nature, are subject to
inherent risks and uncertainties and are based on several
assumptions, both general and specific, which give rise to the
possibility that actual results or events could differ materially
from our expectations expressed in or implied by such
forward-looking statements and that our business outlook,
objectives, plans and strategic priorities may not be achieved. As
a result, we cannot guarantee that any forward-looking statement
will materialize and we caution you against relying on any of these
forward-looking statements. The forward-looking statements
contained in this news release describe our expectations as of
February 4, 2016 and, accordingly,
are subject to change after such date. Except as may be required by
Canadian securities laws, we do not undertake any obligation to
update or revise any forward-looking statements contained in this
news release, whether as a result of new information, future events
or otherwise. Except as otherwise indicated by BCE, forward-looking
statements do not reflect the potential impact of any special items
or of any dispositions, monetizations, mergers, acquisitions, other
business combinations or other transactions that may be announced
or that may occur after February 4,
2016. The financial impact of these transactions and special
items can be complex and depends on the facts particular to each of
them. We therefore cannot describe the expected impact in a
meaningful way or in the same way we present known risks affecting
our business. Forward-looking statements are presented in this news
release for the purpose of assisting investors and others in
understanding certain key elements of our expected 2016 financial
results, as well as our objectives, strategic priorities and
business outlook for 2016, and in obtaining a better understanding
of our anticipated operating environment. Readers are cautioned
that such information may not be appropriate for other
purposes.
Material Assumptions
A number of economic, market,
operational and financial assumptions were made by BCE in preparing
its forward-looking statements contained in this news release,
including, but not limited to:
Canadian Economic and Market Assumptions
- gradual strengthening of the economy driven by activity in the
non-resource sector, given the Bank of Canada's most recent
estimated growth in Canadian gross domestic product of 1.4% in
2016, compared to 1.2% in 2015
- sustained weak employment growth, as the overall level of
business investment is expected to remain soft
- interest rates to remain relatively stable through 2016
- Canadian dollar to remain at near current level, with any
further movements impacted by the degree of strength of the U.S.
dollar and changes in commodity prices
- a sustained level of wireline and wireless competition in both
consumer and business markets
- higher, but slowing, wireless industry penetration and
smartphone adoption
- industry pricing discipline maintained on a higher expected
number of wireless subscribers with expired contracts resulting
from the expiry of two or three-year service contracts due to the
mandatory code of conduct for providers of retail mobile wireless
voice and data services in Canada
(the Wireless Code) implemented in 2013
- a relatively stable media advertising market and escalating
costs to secure television (TV) programming
Assumptions Concerning our Bell Wireless
Segment
- maintain our market share momentum of incumbent wireless
postpaid subscriber activations
- continued adoption of smartphone devices, tablets and data
applications, as well as the introduction of more fourth generation
(4G) long-term evolution (LTE) devices and new data services
- earlier expiries under two-year contracts, compared to
three-year contracts, leading to an increase in the number of
subscribers who are eligible for upgrades
- higher subscriber acquisition and retention spending, driven by
higher handset costs as well as more customer device upgrades
reflecting a higher number of off-contract subscribers due to
earlier expiries under two-year contracts
- higher blended average revenue per user (ARPU), driven by a
higher postpaid smartphone mix, increased data consumption on 4G
LTE and LTE Advanced networks, and higher access rates from price
increases
- completion of the LTE network build to 98% of the Canadian
population and expansion of the LTE Advanced network coverage to
approximately 75% of the Canadian population
- ability to monetize increasing data usage and customer
subscriptions to new data services
- ongoing technological improvements by handset manufacturers and
from faster data network speeds that allow customers to optimize
the use of our services
- no material financial, operational or competitive consequences
of changes in regulations affecting our wireless business
Assumptions Concerning our Bell Wireline
Segment
- positive full-year adjusted EBITDA growth
- positive full-year residential net customer additions within
our wireline footprint, driven by continued Internet protocol
television (IPTV) growth and an expanded fibre-to-the-premise
(FTTP) network that support the pull-through of fibre-based
Internet service and residential network access services (NAS),
resulting in higher penetration of three-product households
- increasing wireless and Internet-based technological
substitution
- residential services household ARPU growth from increased
penetration of three-product households, promotion expiries and
price increases
- aggressive residential service bundle offers from cable TV
competitors in our local wireline areas
- continued large business customer migration to Internet
protocol (IP)-based systems
- ongoing competitive reprice pressures in our business and
wholesale markets
- continued competitive intensity in our small and mid-sized
business units as cable operators and other telecom competitors
continue to intensify their focus on business customers
- growing consumption of over-the-top (OTT) TV services and
on-demand streaming video, projected growth in TV Everywhere as
well as the proliferation of devices, such as tablets, that consume
vast quantities of bandwidth, will require considerable ongoing
capital investment
- limited downsizing of current TV packages by customers as a
result of the implementation of TV unbundling
- no material financial, operational or competitive consequences
of changes in regulations affecting our wireline business
Assumptions Concerning our Bell Media Segment
- positive full-year adjusted EBITDA growth and margin
improvement, driven by CraveTV growth, national expansion of our
The Movie Network pay TV service, and labour savings from workforce
reductions in 2015, more than offsetting higher TV programming and
sports rights costs, continued CraveTV investment and the financial
impact of TV unbundling
- continued scaling of CraveTV, including the successful
direct-to-consumer launch
- ability to successfully acquire highly rated programming and
differentiated content
- building and maintaining strategic supply arrangements for
content on all four screens
- TV unbundling and growth in OTT viewing expected to result in
moderately lower subscriber levels for many Bell Media TV
properties
- no material financial, operational or competitive consequences
of changes in regulations affecting our media business
Financial Assumptions Concerning BCE
The following constitute BCE's principal financial assumptions
for 2016:
- total post-employment benefit plans cost to be approximately
$300 million to $350 million, based
on an estimated accounting discount rate of 4.2%, comprised of an
estimated above adjusted EBITDA post-employment benefit plans
service cost of approximately $230 million
to $270 million and an estimated below adjusted EBITDA net
post-employment benefit plans financing cost of approximately
$70 million to $80 million
- depreciation and amortization expense of approximately
$3,525 million to $3,575 million
- net interest expense of approximately $875 million to $925 million
- tax adjustments (per share) of approximately $0.05
- an effective tax rate of approximately 26%
- non-controlling interest (NCI) of approximately $40 million to $60 million
- total pension plan cash funding of approximately $400 million to $450 million
- cash taxes of approximately $675 million
to $725 million
- net interest payments of approximately $875 million to $925 million
- other free cash flow items, which include working capital
changes, severance and other costs paid, preferred share dividends
and NCI paid, of approximately ($50)
million to $25 million
- average BCE common shares outstanding of approximately 870
million
- an annual common share dividend of $2.73 per share
The foregoing assumptions, although considered reasonable by BCE
on February 4, 2016, may prove to be
inaccurate. Accordingly, our actual results could differ materially
from our expectations as set forth in this news release.
Material Risks
Important risk factors that could cause
our assumptions and estimates to be inaccurate and actual results
or events to differ materially from those expressed in, or implied
by, our forward- looking statements, including our 2016 financial
guidance, are listed below. The realization of our forward-looking
statements, including our ability to meet our 2016 financial
guidance, essentially depends on our business performance which, in
turn, is subject to many risks. Accordingly, readers are cautioned
that any of the following risks could have a material adverse
effect on our forward-looking statements. These risks include, but
are not limited to:
- regulatory initiatives, proceedings and decisions, government
consultations and government positions that affect us and influence
our business, including, in particular, those relating to mandatory
access to networks, net neutrality, spectrum auctions, approval of
acquisitions, broadcast licensing and foreign ownership
requirements
- the intensity of competitive activity, including from new and
emerging competitors, and the resulting impact on our ability to
retain existing customers and attract new ones, as well as on our
market shares, service volumes and pricing strategies
- the level of technological substitution and the presence of
alternative service providers contributing to reduced utilization
of our traditional wireline services
- the adverse effect of the emerging fundamental separation of
content and connectivity which is changing our TV and media
ecosystems and may accelerate the disconnection of TV services and
the reduction of TV spending, as well as the fragmentation of the
advertising market
- competition with global competitors, in addition to traditional
Canadian competitors, for programming content could drive
significant increases in content acquisition costs and challenge
our ability to secure key content
- adverse economic and financial market conditions, a declining
level of retail and commercial activity, and the resulting negative
impact on the demand for, and prices of, our products and services
and the level of bad debts
- the inability to protect our assets, including networks,
information technology (IT) systems, offices and sensitive
information, from events and attacks such as cyber threats, and
damage from fire and natural disasters
- security and data leakage exposure if security control
protocols applicable to our cloud-based solutions are
by-passed
- the inability to drive a positive customer experience
resulting, in particular, from the failure to embrace new
approaches and challenge operational limitations
- the complexity in our operations resulting from multiple
technology platforms, billing systems, marketing databases and a
myriad of rate plans, promotions and product offerings
- the failure to optimize network and IT deployment and upgrading
timelines, accurately assess the potential of new technologies, and
invest and evolve in the appropriate direction
- the failure to continue investment in a disciplined and
strategic manner in next generation capabilities, including
real-time information based customer service strategies
- the failure to maintain optimal network operating performance
in the context of significant increases in capacity demands on our
Internet and wireless networks
- the risk that we may need to incur significant capital
expenditures beyond our capital intensity target in order to
provide additional capacity and reduce network congestion
- the failure to implement or maintain highly effective IT
systems supported by an effective governance and operating
framework
- the failure to generate anticipated benefits from our corporate
restructurings, system replacements and upgrades, process redesigns
and the integration of business acquisitions
- events affecting the functionality of, and our ability to
protect, test, maintain and replace, our networks, IT systems,
equipment and other facilities
- in-orbit and other operational risks to which the satellites
used by Bell TV are subject
- events affecting the continuity of supply of products and
services that we need to operate our business from our third-party
suppliers and outsourcers
- the failure of our procurement and vendor management practices
to address risk exposures associated with existing and new supplier
models
- the quality of our products and services and the extent to
which they may be subject to manufacturing defects or fail to
comply with applicable government regulations and standards
- the failure to attract and retain employees with the
appropriate skill sets and to drive their performance in a safe and
secure environment
- labour disruptions
- the inability to access adequate sources of capital and
generate sufficient cash flows from operations to meet our cash
requirements and provide for planned growth
- uncertainty as to whether dividends will be declared by BCE's
board of directors or whether BCE's dividend policy will be
maintained
- the inability to manage various credit, liquidity and market
risks
- pension obligation volatility and increased contributions to
post-employment benefit plans
- higher taxes due to new tax laws or changes thereto or in the
interpretation thereof, and the inability to predict the outcome of
government audits
- the failure to reduce costs as well as unexpected increases in
costs
- the failure to evolve practices to effectively monitor and
control fraudulent activities, including unauthorized use of our
content and the theft of our TV services
- unfavourable resolution of legal proceedings and, in
particular, class actions
- unfavourable changes in applicable laws and the failure to
proactively address our legal and regulatory obligations
- health concerns about radiofrequency emissions from wireless
communications devices
- the inability to maintain customer service and our networks
operational in the event of the occurrence of epidemics, pandemics
and other health risks
- the failure to recognize and adequately respond to climate
change concerns or public and governmental expectations on
environmental matters
We caution that the foregoing list of risk factors is not
exhaustive and other factors could also adversely affect our
results. We encourage investors to also read BCE's Safe Harbour
Notice Concerning Forward-Looking Statements dated February 4, 2016, for additional information with
respect to certain of these and other assumptions and risks, filed
by BCE with the Canadian provincial securities regulatory
authorities (available at Sedar.com) and with the U.S. Securities
and Exchange Commission (available at SEC.gov). This document is
also available at BCE.ca.
BCE's Safe Harbour Notice Concerning Forward-Looking Statements
dated February 4, 2016 is
incorporated by reference into this news release.
For additional information, please refer to the February 4, 2016 presentation entitled "Q4 2015
Results and 2016 Financial Guidance Call" available on BCE's
website.
ABOUT BCE
Canada's largest communications company,
BCE provides a comprehensive and innovative suite of broadband
communication services to residential and business customers from
Bell Canada and Bell Aliant. Bell Media is Canada's premier
multimedia company with leading assets in television, radio, out of
home and digital media, including CTV, Canada's #1 television
network, and the country's most-watched specialty channels. To
learn more, please visit BCE.ca.
The Bell Let's Talk initiative promotes Canadian mental health
with national awareness and anti-stigma campaigns, like Clara's Big
Ride for Bell Let's Talk and Bell Let's Talk Day, and significant
Bell funding of community care and access, research, and workplace
initiatives. To learn more, please visit Bell.ca/LetsTalk.
Media inquiries:
Jean Charles Robillard
(514) 870-4739
jean_charles.robillard@bell.ca
Investor inquiries:
Thane Fotopoulos
(514) 870-4619
thane.fotopoulos@bell.ca
SOURCE BCE Inc.