This news release
contains forward-looking statements. For a description of the
related risk factors and assumptions, please see the section
entitled "Caution Regarding Forward-Looking Statements" later in
this news release. The information contained in
this news release is unaudited.
|
Announces 2022 financial targets, 5.1% dividend
increase and second year of capital expenditure acceleration
program that will extend fibre to up to 900,000 more new
locations
- Q4 consolidated adjusted
EBITDA1 growth of 1.1% on 3.0% higher
service revenue; reached 99% of pre-COVID 2019 revenue and adjusted
EBITDA levels in 2021
- Net earnings of $658 million,
down 29.4%, with net earnings attributable to common shareholders
of $625 million, or $0.69 per common share down 29.6%; adjusted net
earnings1 of $692
million generated adjusted EPS1 of
$0.76, down 6.2%
- Q4 cash flows from operating activities up 6.9% to
$1,743 million, driving higher
year-over-year free cash flow1 of $236 million
- Leading wireless financial results with service revenue
growth of 6.3%, 5.3% higher adjusted EBITDA and 3.3% increase in
mobile phone blended ARPU2 as we welcomed
109,726 new net mobile phone subscriber activations, up
77.8%
- Best annual retail residential net subscriber performance in
10 years; 47,618 total retail Internet net activations, up 7.0%;
IPTV net activations increased 38.3% to 29,191
- Bell Media digital revenue3 up 36%,
contributing to 7.3% total media revenue growth
- Surpassed upsized 2021 network expansion targets, delivering
approximately 1.1 million new direct fibre and Wireless Home
Internet (WHI) locations and mobile 5G to more than
70% of Canadians; WHI buildout completed with 1 million
households reached one year earlier than plan
MONTRÉAL, Feb. 3, 2022
/PRNewswire/ - BCE Inc. (TSX: BCE) (NYSE: BCE) today reported
results for the fourth quarter (Q4) and full-year 2021, provided
financial guidance for 2022 and announced a 5.1%, or $0.18 per share, increase in the BCE annual
common share dividend to $3.68.
"At Bell, we have been singularly focused on our purpose to
advance how Canadians connect with each other and the world, and
our strong execution and operational discipline to deliver on this
purpose is paying off. Bell's solid performance in Q4 and
throughout 2021 reflect the steady demand for fast, reliable and
innovative services to keep residents and businesses connected,
informed and productive with net new mobile phone and mobile
connected device, retail Internet and IPTV subscriber additions of
225,533 in Q4, and our best annual retail residential net
subscriber performance in 10 years," said Mirko Bibic, President and CEO of BCE Inc. and
Bell Canada.
"A key part of our strategy has been to champion the customer
experience. I'm proud of the gains we made this past year, leading
the industry in reducing customer complaints, and enhancing our
digital tools and self-serve apps so that our customers have a
choice in how they interact with us. It's clear that our
historic network capital expenditure acceleration program to
connect more Canadians faster and continue delivering on our
purpose is the right path forward as Canada builds back from the
impacts of COVID-19. We surpassed our 2021 network expansion
targets reaching 1 million households with Wireless Home Internet
one year ahead of schedule. We expanded our direct fibre footprint
to communities across the country, and our 5G network now covers
over 70% of the Canadian population.
As we look ahead to 2022, we plan to reach up to 900,000 more
homes and businesses with direct fibre connections and expand the
reach of our 5G network to meet our growing customer needs. And in
every interaction, we will continue to build on the gains we made
in making it easier for our customers to do business with us, and
keep them at the centre of everything we do."
________________________________
|
1 Adjusted net earnings and free cash
flow are non-GAAP financial measures, adjusted EPS is non-GAAP
ratio, and adjusted EBITDA is a total of segments measure. Refer to
the Non-GAAP and Other Financial Measures section in this news
release for more information on these measures.
|
2 Effective Q4 2021, we are no longer
reporting mobile phone blended average billing per user (ABPU).
Instead, we are reporting mobile phone blended ARPU in order to
align with industry peers. Mobile phone blended ARPU is calculated
by dividing wireless operating service revenues by the average
mobile phone subscriber base for the specified period and is
expressed as a dollar unit per month. Refer to the Key Performance
Indicators (KPIs) section in this news release for more information
on blended ARPU.
|
3 Digital
revenues are comprised of advertising revenue from digital
platforms including web sites, mobile apps, connected TV apps and
OOH digital assets/platforms, as well as advertising procured
through Bell digital buying platforms and subscription revenue from
direct-to-consumer services and Video on Demand
services.
|
KEY BUSINESS DEVELOPMENTS
Connecting rural Canadians ahead of schedule
Bell
surpassed its accelerated network expansion targets in 2021,
passing 1 million locations with Wireless Home Internet (WHI) one
year ahead of schedule and expanding its direct fibre footprint to
communities large and small across the country. Bell also was named
the Best Gaming Internet Provider of Canada's major providers in
the PCMag Best Gaming ISPs 2022 report.
5G leadership
Bell continues to be the most awarded 5G
network in Canada, winning
Canada's Fastest 5G Network award for the second time in a row in
the Ookla 2021 Speedtest Awards. In Q4, Bell expanded its 5G
service to Prince Edward Island,
meeting its objective to cover more than 70% of the Canadian
population by the end of 2021. Bell became a Founding Partner and
exclusive telecommunications provider of The PIER at the Halifax
Seaport, deploying a 5G-ready wireless private network to enable a
living lab that will shape the future of the transportation, supply
chain and logistics industries in Canada. Bell continues to elevate the mobile
experience with the introduction of its new unlimited Ultimate
plans to make the most of 5G with more data at max speeds,
international messaging, hotspot capability and HD video
quality.
Champion customer experience
Bell led the industry for
a sixth consecutive year in significantly reducing customer
complaints according to the annual report from the Commission for
Complaints for Telecom-television Services (CCTS). Bell had a
decline of 8% overall while complaints across the industry saw an
increase of 9%. The MyBell app was named Best Telecommunication
Mobile Application of the Year at the 2021 Mobile Web Awards.
Delivering the most compelling content
TSN and RDS
remained the top-ranked sports TV channels in Q4, cementing their
position as leaders for the 2021 calendar year. On TSN, the Grey
Cup was the most-watched broadcast of the quarter, and NFL
primetime viewership has seen significant increases. Noovo outpaced
its two main competitors in A25-54 viewership growth in 2021 and
launched noovo.info, a digital news platform, the final element for
Noovo's multi-platform news division. MuchMusic, recently
revitalized as a digital-first network, surpassed 1 million
followers on TikTok and is the most followed Canadian entertainment
broadcast brand on the platform.
Bell Let's Talk Day
Bell Let's Talk Day 2022 saw a
record 164,298,820 messages of support across multiple
channels, which generated $8,214,941
in new mental health funding. Bell's total mental health funding
commitment has now reached $129,588,747.75 towards our $155 million target by 2025. Leaders and
influencers from Canada and around the world joined the
conversation. More than 200 universities and colleges took part in
this year's Bell Let's Talk Campus Campaign, featuring a digital
toolkit to help post-secondary institutions engage safely with
students across the country. Communities and partners across Canada
raised the Bell Let's Talk flag, including Canadian Armed Forces
members at CFS Alert near the North Pole and sailors onboard the
HMCS Montréal.
As part of our ongoing commitment to improve access to mental
health supports and services in communities across Canada, Bell
Let's Talk announced six recipients of the Bell Let's Talk
Diversity Fund, the Bell Let's Talk Post-Secondary Fund awarded
$1 million in grants to 16 Canadian
colleges, universities and cégeps to support mental health
initiatives, and the 2022 Bell Let's Talk Community Fund is now
open for applications. Bell Let's Talk and the Canadian Red Cross
announced a $250,000 partnership for
the expansion of the Friendly Calls program for Indigenous
communities. The Bell-Graham Boeckh Foundation Partnership donated
$1.5 million to St. Paul's Foundation in support of Foundry to
further transform youth mental health in BC and across the country.
The Bell Let's Talk - Brain Canada Mental Health Research Program
has awarded more than $4 million to
mental health research, and Bell Let's Talk also announced a
$250,000 donation to the Cervo
Foundation in Québec's National Capital Region for new avenues in
mental health care.
Bell for Better ESG and workplace initiatives
Bell was
ranked "Leadership Band" by CDP for our carbon disclosure for the
sixth consecutive year. Bell was named one of Canada's top 100
employers 2022 and one of Canada's top employers for young people
by Mediacorp. Bell employees raised $2.5
million for 1,868 Canadian charities during its 2021
Employee Giving Campaign, matched by a further $1.7 million from Bell. To support the mental
health and well-being of its employees, Bell announced that it is
rolling out unlimited mental health benefit coverage for team
members and their eligible family members.
BCE RESULTS
Financial Highlights
($ millions except
per share amounts) (unaudited)
|
Q4
2021
|
Q4
2020
|
%
change
|
2021
|
2020
|
%
change
|
BCE
|
|
|
|
|
|
|
Operating
revenues
|
6,209
|
6,102
|
1.8%
|
23,449
|
22,883
|
2.5%
|
Net
earnings
|
658
|
932
|
(29.4%)
|
2,892
|
2,699
|
7.2%
|
Net earnings
attributable to common shareholders
|
625
|
889
|
(29.7%)
|
2,709
|
2,498
|
8.4%
|
Adjusted net
earnings
|
692
|
731
|
(5.3%)
|
2,895
|
2,730
|
6.0%
|
Adjusted
EBITDA
|
2,430
|
2,404
|
1.1%
|
9,893
|
9,607
|
3.0%
|
Net earnings per
common share (EPS)
|
0.69
|
0.98
|
(29.6%)
|
2.99
|
2.76
|
8.3%
|
Adjusted
EPS
|
0.76
|
0.81
|
(6.2%)
|
3.19
|
3.02
|
5.6%
|
Cash flows from
operating activities
|
1,743
|
1,631
|
6.9%
|
8,008
|
7,754
|
3.3%
|
Capital
expenditures
|
(1,459)
|
(1,494)
|
2.3%
|
(4,837)
|
(4,202)
|
(15.1%)
|
Free cash
flow
|
236
|
92
|
n.m.
|
2,995
|
3,348
|
(10.5%)
|
"The fourth quarter capped off a successful year of financial
performance, reflecting excellent operational execution led by
continued strong residential Internet results and our best wireless
service revenue growth in 4 years, as we nearly recovered from the
impacts of COVID, reaching approximately 99% of 2019 consolidated
revenue and adjusted EBITDA in 2021," said Glen LeBlanc, Chief Financial Officer for BCE
and Bell Canada.
"Looking ahead to 2022, our financial guidance is underpinned by
a positive financial profile for all three Bell operating segments
that reflects sound industry fundamentals and our consistent
execution in a competitive marketplace as we build on the
favourable financial performance, significant broadband investments
and operating momentum we delivered in 2021. Moreover, given
the strong valuation position of our major defined benefit pension
plans, we anticipate taking contribution holidays starting this
year that will effectively reduce our annual cash funding,
supporting ongoing fibre and 5G acceleration and a 5.1%
increase in BCE's common share dividend for 2022."
- BCE operating revenue in Q4 was $6,209
million, up 1.8% compared to Q4 2020, driven by a 3.0%
increase in service revenue to $5,243
million reflecting strong wireless, residential Internet and
media growth. Product revenue decreased 4.5% to $966 million, due to fewer mobile device
transactions and lower business wireline data equipment sales. For
full-year 2021, BCE operating revenue grew 2.5% to $23,449 million with year-over-year increases of
2.6% in service revenue and 1.6% in product revenue.
- Net earnings in Q4 declined 29.4% to $658 million and net earnings attributable to
common shareholders totalled $625
million, or $0.69 per share,
down 29.7% and 29.6% respectively. The year-over-year decreases
were due to a one-time gain realized on the sale of Bell data
centres to Equinix in Q4 2020 totalling $211
million, higher depreciation and amortization expense and
higher income taxes, partly offset by adjusted EBITDA growth and
higher other income. For full-year 2021, net earnings increased
7.2% to $2,892 million and net
earnings attributable to common shareholders were $2,709 million, or $2.99 per share, up 8.4% and 8.3%
respectively.
- Adjusted net earnings in Q4 2021 were $692 million, or $0.76 per common share, down 5.3% and 6.2%
respectively, from $731 million, or
$0.81 per common share, in Q4 2020.
For full-year 2021, adjusted net earnings increased 6.0% to
$2,895 million, delivering 5.6%
higher adjusted EPS of $3.19.
- Adjusted EBITDA grew 1.1% in Q4 to $2,430 million, reflecting increases of 5.3% in
wireless and 1.1% in wireline, partly offset by a 19.0% decrease in
media. BCE's consolidated adjusted EBITDA margin1
decreased 0.3 percentage points to 39.1% from 39.4% in Q4 2020, due
to operating cost growth of 2.2% driven by higher year-over-year
service revenue. For full-year 2021, adjusted EBITDA increased 3.0%
to $9,893 million, while BCE's
adjusted EBITDA margin increased 0.2 percentage points to 42.2%
from 42.0% in 2020.
- BCE capital expenditures were $1,459
million, compared to $1,494
million in Q4 2020, corresponding to a capital
intensity2 of 23.5%, down from 24.5% in Q4 2020. This
brought total 2021 capital expenditures to $4,837 million, up from $4,202 million the year before, for a capital
intensity of 20.6% compared to 18.4% in 2020. The year-over-year
increase in capital spending is consistent with our 2-year program
to accelerate the rollout of Bell's 5G, fibre and rural Wireless
Home Internet networks.
- BCE cash flows from operating activities in Q4 were
$1,743 million, up 6.9% from Q4 2020,
reflecting higher adjusted EBITDA, lower income taxes paid due to
the timing of instalment payments and lower interest paid, partly
offset by higher severance and other costs paid. For full-year
2021, BCE cash flows from operating activities totalled
$8,008 million, up 3.3% compared to
2020.
- Free cash flow increased 156.5% to $236
million, compared to $92
million in Q4 2020, due to higher cash flows from operating
activities, excluding acquisition and other costs paid, and lower
capital expenditures. For full-year 2021, BCE free cash flow
decreased 10.5% to $2,995 million,
mainly as a result of higher capital expenditures.
___________________________
|
1 Adjusted
EBITDA margin is defined as adjusted EBITDA divided by operating
revenues. Refer to the Key Performance Indicators (KPIs) section in
this news release for more information on adjusted EBITDA
margin.
|
2 Capital
intensity is defined as capital expenditures divided by operating
revenues. Refer to the Key Performance Indicators (KPIs)
section in this news release for more information on capital
intensity.
|
OPERATING RESULTS BY SEGMENT
Bell Wireless
- Total wireless operating revenue in Q4 2021 increased 2.8% to
$2,475 million, due to strong service
revenue growth, partly offset by lower year-over-year product
revenue. For full-year 2021, wireless operating revenue was up 3.6%
to $8,999 million on both higher
service and product revenues.
- Service revenue increased 6.3% in Q4 to $1,652 million, and by 3.7% to $6,400 million for 2021, driven by continued
healthy mobile phone postpaid subscriber base growth and higher
blended ARPU, reflecting our focus on higher-value smartphone
loadings. Although roaming revenue increased over Q4 2020, due to
increased travel with the easing of COVID-19 restrictions, it
remained well below seasonal pre-pandemic levels.
- Product revenue decreased 3.6% to $823
million in Q4 2021, due to a reduction in sales transaction
volumes attributable to lower mobile device upgrades and a greater
mix of bring-your-own-device customer activations, as well as to
lower year-over-year consumer electronics sales at The Source.
Mobile device and consumer electronics inventory has been
constrained since Q3 2021, due to global COVID-related supply chain
challenges. For full-year 2021, product revenue was up 3.4% to
$2,599 million, driven by increased
mobile phone transaction volumes as retail stores re-opened, higher
year-over-year direct and digital channel sales, as well as a
greater sales mix of premium mobile phones.
- Wireless adjusted EBITDA increased 5.3% in Q4 to $951 million, and by 5.1% to $3,853 million in 2021 on the strong flow-through
of service revenue growth. This delivered margin increases of 0.9
and 0.6 percentage points to 38.4% and 42.8% respectively.
- Bell added 109,726 total net new postpaid and prepaid mobile
phone subscribers1, up 77.8% from 61,716 in Q4 2020. For
full-year 2021, total postpaid and prepaid mobile phone net
additions increased 54.6% to 294,842.
- Postpaid mobile phone net subscriber activations were up 49.2%
to 109,527 from 73,388 in Q4 2020. The increase reflects a 13.9%
increase in gross subscriber activations, reflecting pent-up
customer demand as consumer traffic in 2020 was impacted by
COVID-19 restrictions; successful promotions, including the
bundling of Bell residential services with mobility; as well as
higher direct and digital sales volumes enabled by enhanced
capabilities. This was moderated by a 2 basis-point increase in
postpaid mobile phone customer churn1 to 1.08%,
consistent with the pick-up in overall market activity compared to
the year before. For full-year 2021, postpaid mobile phone net
additions were 301,706, nearly double the 152,693 reported in 2020,
while customer churn was essentially stable at 0.93% compared to
0.92% in 2020.
- Bell's prepaid mobile phone customer base increased by 199 net
subscribers in Q4, compared to a net loss of 11,672 in Q4 2020. The
improvement was the result of 3.6% higher gross activations from
increased market activity with the easing of COVID-19 restrictions
and lower customer churn, which improved 37 basis points to 4.42%.
For full-year 2021, we incurred a net loss of 6,864 prepaid mobile
phone customers, compared to a net gain of 37,982 in 2020,
reflecting 13.0% fewer gross activations, partly offset by a lower
churn rate of 4.31%.
- Bell's mobile phone customer base totalled 9,459,185 at the end
of 2021, a 3.2% increase over 2020, comprising 8,630,045 postpaid
subscribers, up 3.6%, and 829,140 prepaid customers, down
0.8%.
- Blended mobile phone ARPU was up 3.3% to $58.61 in Q4 2021, driven by a greater mix of
customers on higher-value rate plans, including unlimited mobile
data plans, and higher roaming revenues from increased
international travel as COVID-19 restrictions lessened. For
full-year 2021, blended ARPU increased 1.2% to $57.66.
- Mobile connected device net subscriber¹ activations were down
60.6% to 38,998 in Q4 and decreased 15.1% to 193,641 in 2021,
despite strong growth in Bell's business IoT net connections. This
was due to higher data device net losses consistent with our
strategic decision to de-emphasize unprofitable, low-ARPU tablet
transactions. Mobile connected device subscribers totalled
2,249,794 at the end of the year, an increase of 9.4% over
2020.
______________________________
|
1 Refer to the Key Performance
Indicators (KPIs) section in this news release for more information
on churn and subscriber units.
|
Bell Wireline
- Total wireline operating revenue in Q4 decreased 0.5% to
$3,079 million, compared to Q4 2020,
and by 0.2% to $12,178 million in
full-year 2021.
- Wireline service revenue was stable in Q4, as strong
residential Internet revenue growth and higher year-over-year
business service solutions revenue1 driven by our
expanded cloud and security offerings were offset by ongoing
declines in legacy voice, data and satellite TV services, and the
non-recurrence of heightened business customer demand in Q4 2020
for conferencing services, remote collaboration tools and voice
connectivity stemming from work-at-home protocols enacted by
Canadian enterprises because of COVID-19 restrictions. For
full-year 2021, wireline service revenue increased by 0.1% to
$11,672 million, despite a
$44 million retroactive regulatory
charge in Q2 2021 related to the CRTC's decision on final
aggregated rates for wholesale Internet access, due to an 11%
increase in residential Internet revenue.
- Product revenue decreased 10.5% to $145
million in Q4, due to lower sales of data equipment to
enterprise business customers as a result of delayed spending
because of COVID and global supply chain challenges. For full-year
2021, wireline product revenue declined 7.0% to $506 million, due to higher sales of data
equipment in 2020 as large enterprise and government sector
customers spent on capacity and network facilities to connect more
employees working remotely.
- Wireline adjusted EBITDA grew 1.1% to $1,326 million, reflecting a 1.7% reduction in
operating costs that contributed to a 0.7 percentage-point
improvement in margin to 43.1%. For full-year 2021, wireline
adjusted EBITDA increased 1.3% to $5,315
million on 1.4% lower operating costs that drove a higher
year-over year margin of 43.6%, up from 43.0% in 2020.
- Bell added 47,618 net new retail Internet
subscribers2 in Q4, up 7.0% from 44,512 in Q4 2020,
driven by the accelerated buildout of Bell's all-fibre and Wireless
Home Internet service footprints, and fewer deactivations. For
full-year 2021, total retail Internet net additions grew 2.2% to
152,285. Retail Internet subscribers totalled 3,861,653 at the end
of 2021, a 4.2% year-over-year increase.
- Bell TV added 29,191 net new retail IPTV
subscribers2, up 38.3% from 21,106 in Q4 2020. The
increase was driven by the success of our multi-brand strategy,
including standalone Fibe TV subscriptions and Fibe TV app
streaming services, more typical sales activity and more live
sports programming compared to last year, as well as lower customer
churn, particularly in our IPTV fibre footprint. For full-year
2021, retail IPTV net additions totalled 76,068, up 94.1% compared
to 39,191 in 2020. At the end of 2021, Bell served 1,882,441 retail
IPTV subscribers, up 4.2% over 2020.
- Retail satellite TV net subscriber2 losses increased
12.5% to 23,142, due to lower gross activations compared to Q4
2020. For full-year 2021, retail satellite TV net losses increased
0.7% to 73,538. Bell's retail satellite TV customer base totalled
852,569 at the end of 2021, down 8.5% from 2020.
- Retail residential NAS2 net losses improved 25.2% to
40,211, reflecting fewer customer deactivations during COVID-19.
For full-year 2021, retail residential NAS net losses totalled
185,327, a 13.2% reduction in losses compared to 2020 that resulted
in an overall 7.5% year-over-year decline in Bell's retail
residential NAS customer base to 2,298,605.
____________________________
|
1 Business
service solutions revenues are comprised of managed services, which
include network management, voice management, hosting and security,
and professional services, which include consulting, integration
and resource services.
|
2 Refer to
the Key Performance Indicators (KPIs) section in this news release
for more information on subscriber units, NAS and
customers.
|
Bell Media
- Media operating revenue increased 7.3% in Q4 to $849 million, and by 10.4% to $3,036 million for 2021, driven primarily by
increased TV advertiser spending and higher subscriber
revenue.
- Advertising revenue increased 11.8% in Q4, driven by stronger
conventional and specialty TV performance, due to the return to a
more regular sports schedule and fuller fall TV programming line-up
compared to Q4 2020, higher year-over-year out of home advertiser
demand as leisure and travel activity resumed with the easing of
COVID-19 restrictions, and continued digital media growth. For
full-year 2021, advertising revenue was up 16.3%.
- Subscriber revenue was up 1.9% in Q4 and 4.8% in 2021, driven
by Crave subscriber growth over the past year. Crave subscribers
increased 6% in 2021 to more than 2.9 million subscribers.
- Digital revenue increased 36% in Q4 and 35% in 2021, due to
Crave direct-to-consumer growth, continued scaling of our strategic
audience management (SAM) TV media sales tool and growth in TV
digital advertising including with CTV advertising-based
video-on-demand (AVOD). Digital revenues represented 20% of total
Bell Media revenue in 2021, up from 16% in 2020.
- Adjusted EBITDA decreased 19.0% in Q4 to $153 million, resulting in a 5.9 percentage point
margin decline to 18.0%. Despite higher revenue, the year-over-year
decrease in adjusted EBITDA was the result of a 15.6% increase in
operating costs, due to an acceleration in programming costs and
broadcast rights reflecting the return to a regular sports schedule
in 2021 and a higher volume of original TV productions compared to
2020 when cancellations and delays had a favourable impact on
operating costs. For full-year 2021, media adjusted EBITDA was up
4.3% to $725 million, yielding a
margin of 23.9% compared to 25.3% in 2020.
- TSN and RDS remained Canada's top-ranked English and
French-language sports networks in Q4.
- Noovo had the largest primetime viewership growth in 2021 among
adults A25-54 versus its two main competitors.
COMMON SHARE DIVIDEND
BCE's Board of Directors has declared a quarterly dividend of
$0.92 per common share, payable on
April 15, 2022 to shareholders of
record at the close of business on March 15,
2022.
OUTLOOK FOR 2022
The table below provides our 2022 financial guidance targets.
These ranges are based on our current outlook for 2022 taking into
account the impact of COVID-19 on our 2021 consolidated financial
results.
|
2021
Results
|
2022
Guidance
|
Revenue
growth
|
2.5%
|
1% – 5%
|
Adjusted EBITDA
growth
|
3.0%
|
2% – 5%
|
Capital
intensity
|
20.6%
|
21%
|
Adjusted EPS
growth
|
5.6%
|
2% – 7%
|
Free cash flow
growth
|
(10.5%)
|
2% – 10%
|
Annualized common
dividend per share
|
$3.50
|
$3.68
|
For the full-year 2022, we expect growth in adjusted
EBITDA, a reduction in contributions to post-employment
benefit plans and payments under other post-employment benefit
plans, and lower cash income taxes, will drive higher free
cash flow.
Our financial and operating performance in 2021 has largely
recovered from the effects of COVID-19, due to our operational
execution and the easing of government restrictions put in place to
combat the pandemic, which allowed many businesses to resume some
level of, or increase, commercial activities during the course of
2021. Additionally, since the pandemic began in the first quarter
of 2020, we have adapted many aspects of our business to better
operate in this environment.
Due to uncertainties relating to the severity and duration of
the COVID-19 pandemic, including the number and intensity of
resurgences in the number of COVID-19 cases, and various potential
outcomes, it is difficult at this time to estimate the impacts of
COVID-19 on our business or future financial results and related
assumptions. Our business and financial results could continue to
be unfavourably impacted, and could again become more significantly
and negatively impacted, in future periods. The effects of COVID-19
are expected to continue to unfavourably impact Bell Wireless
product and roaming revenues, Bell Wireline business markets
revenues, as well as Bell Media advertising revenues in 2022.
Accordingly, there can be no certainty that any of our 2022
financial guidance targets will be achieved. The extent to which
COVID-19 will continue to adversely impact our business will depend
on future developments that are difficult to predict, including the
prevalence of COVID-19 variants that are more contagious and may
lead to increased health risks, the timely distribution of vaccines
and treatments and their long-term effectiveness, the potential
development and distribution of new vaccines and treatments,
vaccination hesitancy and the population level that chooses to
remain unvaccinated, the time required to achieve broad immunity,
as well as new information which may emerge concerning the severity
and duration of the COVID-19 pandemic, including the number and
intensity of resurgences in COVID-19 cases, and the actions
required to contain the coronavirus or remedy its impacts, among
others. Please see the section entitled "Caution Regarding
Forward-Looking Statements" later in this news release for a
description of the principal assumptions on which BCE's 2022
financial guidance targets are based, as well as the principal
related risk factors.
CALL WITH FINANCIAL ANALYSTS
BCE will hold a
conference call for financial analysts to discuss Q4 2021 and 2022
financial guidance results on Thursday,
February 3 at 8:00 am eastern.
Media are welcome to participate on a listen-only basis. To
participate, please dial toll-free 1-800-806-5484 or 416-340-2217
and enter passcode 7641843#. A replay will be available until
midnight on March 6, 2022 by
dialing 1-800-408-3053 or 905-694-9451 and entering passcode
3315188#.
A live audio webcast of the conference call will be available on
BCE's website at BCE Q4-2021 conference call.
NON-GAAP AND OTHER FINANCIAL MEASURES
BCE uses various financial measures to assess its business
performance. Certain of these measures are calculated in accordance
with International Financial Reporting Standards (IFRS or GAAP)
while certain other measures do not have a standardized meaning
under GAAP. We believe that our GAAP financial measures, read
together with adjusted non-GAAP financial measures, provide readers
with a better understanding of how management assesses BCE's
performance.
National Instrument 52-112, Non-GAAP and Other Financial
Measures Disclosure, prescribes disclosure requirements
that apply to the following specified financial measures:
- Non-GAAP financial measures;
- Non-GAAP ratios;
- Total of segments measures;
- Capital management measures; and
- Supplementary financial measures.
This section provides a description and classification of the
specified financial measures contemplated by NI 52-112 that we use
in this news release to explain our financial results except
that, for supplementary financial measures, an explanation of such
measures is provided where they are first referred to in this news
release if the supplementary financial measures' labelling is not
sufficiently descriptive.
Non-GAAP Financial Measures
A non-GAAP financial measure is a financial measure used to
depict our historical or expected future financial performance,
financial position or cash flow and, with respect to its
composition, either excludes an amount that is included in, or
includes an amount that is excluded from, the composition of the
most directly comparable financial measure disclosed in BCE's
consolidated primary financial statements. We believe that non-GAAP
financial measures are more reflective of our on-going operating
results and provide readers with a better understanding of
management's perspective on and analysis of our performance.
Below are descriptions of the non-GAAP financial measures that
we use in this news release to explain our results as well as
reconciliations to the most comparable IFRS financial measures.
Adjusted net earnings – Adjusted net earnings is a
non-GAAP financial measure and it does not have any standardized
meaning under IFRS. Therefore, it is 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 mark-to-market losses (gains) on derivatives used to
economically hedge equity settled share-based compensation plans,
net equity losses (gains) on investments in associates and joint
ventures, net losses (gains) on investments, early debt redemption
costs, impairment of assets and discontinued operations, net of tax
and NCI.
We use adjusted net earnings and we believe that certain
investors and analysts use this measure, among other ones, to
assess the performance of our businesses without the effects of
severance, acquisition and other costs, net mark-to-market losses
(gains) on derivatives used to economically hedge equity settled
share-based compensation plans, net equity losses (gains) on
investments in associates and joint ventures, net losses (gains) on
investments, early debt redemption costs, impairment of assets and
discontinued operations, 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 directly comparable IFRS financial measure is net
earnings attributable to common shareholders.
The following table is a reconciliation of net earnings
attributable to common shareholders to adjusted net earnings on a
consolidated basis.
($ millions)
|
Q4 2021
|
Q4 2020
|
2021
|
2020
|
Net earnings
attributable to common shareholders
|
625
|
889
|
2,709
|
2,498
|
Reconciling
items
Severance, acquisition and other costs
Net
mark-to-market losses (gains) on derivatives used to economically
hedge equity settled share-based compensation plans
Net
equity losses (gains) on investments in associates and joint
ventures
Net
losses (gains) on investments
Early
debt redemption costs
Impairment of assets
Income
taxes for the above reconciling items
Non-controlling interest (NCI) for the above reconciling
items
Net
earnings from discontinued operations (net of income
taxes)
|
63
(57)
35
6
-
30
(9)
(1)
-
|
52
1
-
(3)
12
12
(21)
-
(211)
|
209
(278)
49
6
53
197
(48)
(2)
-
|
116
51
(43)
(3)
50
472
(185)
-
(226)
|
Adjusted net
earnings
|
692
|
731
|
2,895
|
2,730
|
Free cash flow– Free cash flow is a non-GAAP
financial measure and it does not have any standardized meaning
under IFRS. Therefore, it is unlikely to be comparable to similar
measures presented by other issuers.
We define free cash flow as cash flows from operating
activities, excluding cash from discontinued operations,
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. We exclude cash from discontinued operations,
acquisition and other costs paid and voluntary pension funding
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.
We consider free cash flow to be an important indicator of the
financial strength and performance of our businesses. Free cash
flow shows how much cash is available to pay dividends on common
shares, 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 and to evaluate the financial
strength and performance of our businesses. The most directly
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)
|
Q4 2021
|
Q4 2020
|
2021
|
2020
|
Cash flows from
operating activities
|
1,743
|
1,631
|
8,008
|
7,754
|
Capital
expenditures
|
(1,459)
|
(1,494)
|
(4,837)
|
(4,202)
|
Cash dividends paid
on preferred shares
|
(32)
|
(31)
|
(125)
|
(132)
|
Cash dividends paid
by subsidiaries to NCI
|
(45)
|
(16)
|
(86)
|
(53)
|
Acquisition and other
costs paid
|
29
|
2
|
35
|
35
|
Cash from
discontinued operations (included in cash flows from operating
activities)
|
-
|
-
|
-
|
(54)
|
Free cash
flow
|
236
|
92
|
2,995
|
3,348
|
Non-GAAP Ratios
A non-GAAP ratio is a financial measure disclosed in the form of
a ratio, fraction, percentage or similar representation and that
has a non-GAAP financial measure as one or more of its
components.
Below are descriptions of the non-GAAP ratios that we use in
this news release to explain our results.
Adjusted EPS – Adjusted EPS is a non-GAAP ratio and it
does not have any standardized meaning under IFRS. Therefore, it is
unlikely to be comparable to similar measures presented by other
issuers.
We define adjusted EPS as adjusted net earnings per BCE common
share. Adjusted net earnings is a non-GAAP financial measure. For
further details on adjusted net earnings refer to Non-GAAP
Financial Measures above.
We use adjusted EPS, and we believe that certain investors and
analysts use this measure, among other ones, to assess the
performance of our businesses without the effects of severance,
acquisition and other costs, net mark-to-market losses (gains) on
derivatives used to economically hedge equity settled share-based
compensation plans, net equity losses (gains) on investments in
associates and joint ventures, net losses (gains) on investments,
early debt redemption costs, impairment of assets and discontinued
operations, 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.
Total of Segments Measures
A total of segments measure is a financial measure that is a
subtotal or total of 2 or more reportable segments and is disclosed
within the Notes to BCE's consolidated primary financial
statements.
Below is a description of the total of segments measure that we
use in this news release to explain our results as well as a
reconciliation to the most comparable IFRS financial measure.
Adjusted EBITDA – Adjusted EBITDA is a total of segments
measure. We define adjusted EBITDA as operating revenues less
operating costs as shown in BCE's consolidated income
statements.
The most directly comparable IFRS financial measure is net
earnings. The following table is a reconciliation of net earnings
to adjusted EBITDA on a consolidated basis.
($ millions)
|
Q4 2021
|
Q4 2020
|
2021
|
2020
|
Net
earnings
Severance,
acquisition and other costs
Depreciation
Amortization
Finance
costs
Interest
expense
Interest
on post-employment benefit obligations
Impairment of
assets
Other (income)
expense
Income
taxes
Net earnings from
discontinued operations (net of income taxes)
|
658
63
925
251
275
5
30
(26)
249
-
|
932
52
872
233
274
11
12
38
191
(211)
|
2,892
209
3,627
982
1,082
20
197
(160)
1,044
-
|
2,699
116
3,475
929
1,110
46
472
194
792
(226)
|
Adjusted
EBITDA
|
2,430
|
2,404
|
9,893
|
9,607
|
Supplementary Financial Measures
A supplementary financial measure is a financial measure that is
not reported in BCE's consolidated financial statements, and is, or
is intended to be, reported periodically to represent historical or
expected future financial performance, financial position, or cash
flows.
An explanation of such measures is provided where they are first
referred to in this news release if the supplementary financial
measures' labelling is not sufficiently descriptive.
KEY PERFORMANCE INDICATORS (KPIs)
We use adjusted
EBITDA margin, blended ARPU, capital intensity, churn and
subscriber units (or customers or NAS) 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.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain
statements made in this news release are forward-looking
statements. These statements include, without limitation,
statements relating to BCE's financial guidance (including
revenues, adjusted EBITDA, capital intensity, adjusted EPS and free
cash flow), BCE's 2022 annualized common share dividend, our
network deployment plans and anticipated capital expenditures,
including our two-year increased capital expenditure acceleration
program for the deployment of our direct fibre, WHI and 5G
networks, our anticipated pension cash funding including expected
contribution holidays starting in 2022, the potential impacts on
our business, financial condition, liquidity and financial results
of the COVID-19 pandemic, our objectives for investment in mental
health initiatives, BCE's 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.
These statements are not guarantees of future performance or
events, 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 3, 2022 and, accordingly,
are subject to change after such date. Except as may be required by
applicable 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. From time to time, we consider potential
acquisitions, dispositions, mergers, business combinations,
investments, monetizations, joint ventures and other transactions,
some of which may be significant. Except as otherwise indicated by
us, forward-looking statements do not reflect the potential impact
of any such transactions or of special items that may be announced
or that may occur after February 3,
2022. 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 financial
results, as well as our objectives, strategic priorities and
business outlook, 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 the following:
Canadian Economic Assumptions
Our
forward-looking statements are based on certain assumptions
concerning the Canadian economy, which in turn depend on important
assumptions about the evolution of the COVID-19 pandemic, including
the progress of the vaccination rollout. Notably, it is assumed
that most public health restrictions in Canada are eased in the first quarter of 2022
and pandemic-related effects on demand diminish gradually over
time. In particular, we have assumed:
- Strong economic growth as demand remains robust and supply
recovers from the effects of the pandemic, given the Bank of
Canada's most recent estimated growth in Canadian gross domestic
product of around 4% on average in 2022
- Strong household consumption growth supported by improving
confidence and some spending of accumulated savings
- Robust business investment outside the oil and gas sector due
to growing demand, improving business confidence and the gradual
easing of supply constraints
- Strong labour market
- Higher immigration levels
- Interest rates expected to increase in 2022
- Elevated consumer price index (CPI) inflation from strong
demand, supply shortages and high energy prices over the first half
of 2022. Inflation is anticipated to decline by the end of 2022 as
these pandemic-related pressures dissipate.
- Canadian dollar expected to remain at or near current levels.
Further movements may be impacted by the degree of strength of the
U.S. dollar, interest rates and changes in commodity prices
Canadian Market Assumptions
Our forward-looking statements also reflect various Canadian
market assumptions. In particular, we have made the following
market assumptions:
- A consistently high level of wireline and wireless competition
in consumer, business and wholesale markets
- Higher, but slowing, wireless industry penetration
- A shrinking data and voice connectivity market as business
customers migrate to lower-priced telecommunications solutions or
alternative over-the-top (OTT) competitors
- While the advertising market continues to be adversely impacted
by cancelled or delayed advertising campaigns from many sectors due
to the economic downturn during the COVID-19 pandemic, we do expect
gradual recovery in 2022
- Declines in broadcasting distribution undertakings (BDU)
subscribers driven by increasing competition from the continued
rollout of subscription video on demand streaming services together
with further scaling of OTT aggregators
Assumptions Concerning our Bell Wireless
Segment
Our forward-looking statements are also based on the following
internal operational assumptions with respect to our Bell Wireless
segment:
- Maintain our market share of national operators' wireless
postpaid mobile phone net additions and growth of our prepaid
subscriber base
- Continued strong competitive intensity and promotional activity
across all regions and market segments
- Ongoing expansion and deployment of 5G wireless networks,
offering competitive coverage and quality
- Continued diversification of our distribution strategy with a
focus on expanding direct-to-consumer and online transactions
- Growth in mobile phone blended ARPU, driven by growth in 5G
subscriptions, increased outbound roaming revenue from the easing
of travel restrictions implemented as a result of the COVID-19
pandemic, partly offset by reduced overage revenue due to the
continued adoption of unlimited plans
- Accelerating business customer adoption of advanced 5G and IoT
solutions
- Improving wireless handset device availability in addition to
stable device pricing and margins
- Realization of cost savings related to operational efficiencies
enabled by changes in consumer behavior, digital adoption, product
and service enhancements, new call center and digital investments
and other improvements to the customer service experience
- No adverse material financial, operational or competitive
consequences of changes in or implementation of regulations
affecting our wireless business
Assumptions Concerning our Bell Wireline
Segment
Our forward-looking statements are also based on the following
internal operational assumptions with respect to our Bell Wireline
segment:
- Further deployment of direct fibre to more homes and businesses
within our wireline footprint and fixed WTTP technology in rural
communities
- Continued growth in retail Internet and IPTV subscribers
- Increasing wireless and Internet-based technological
substitution
- Continued aggressive residential service bundle offers from
cable TV competitors in our local wireline areas, moderated by
growing our share of competitive residential service bundles
- Continued large business customer migration to IP-based
systems
- Ongoing competitive repricing pressures in our business and
wholesale markets
- Continued competitive intensity in our small and medium-sized
business markets as cable operators and other telecommunications
competitors continue to intensify their focus on business
customers
- Traditional high-margin product categories challenged by large
global cloud and OTT providers of business voice and data solutions
expanding into Canada with on-demand services
- Accelerating customer adoption of OTT services resulting in
downsizing of TV packages
- Growing consumption of OTT TV services and on-demand streaming
video, as well as the proliferation of devices, such as tablets,
that consume large quantities of bandwidth, will require ongoing
capital investment
- Realization of cost savings related to management workforce
reductions including attrition and retirements, lower contracted
rates from our suppliers, operating efficiencies enabled by a
growing direct fibre footprint, changes in consumer behaviour and
product innovation, expanding self-serve capabilities, and other
improvements to the customer service experience
- No adverse material financial, operational or competitive
consequences of changes in or implementation of regulations
affecting our wireline business
Assumptions Concerning our Bell Media
Segment
Our forward-looking statements are also based on
the following internal operational assumptions with respect to our
Bell Media segment:
- Overall revenue expected to reflect continued strong demand in
TV advertising revenue including scaling of our Strategic Audience
Management (SAM) TV and Bell demand-side-platform (DSP) buying
platforms, a gradual recovery in radio and out-of-home
advertisements, as well as direct-to-consumer subscriber
growth.
- Continued escalation of media content costs to secure quality
programming, as well as the continued return to normal volumes of
entertainment programming
- Continued scaling of Crave through broader content offering,
user experience improvements and Crave Mobile
- Continued investment in Noovo original programming to better
serve our French-language customers with a wider array of content,
in the language of their choice, on their preferred platforms
- Leveraging of first-party data to improve targeting,
advertisement delivery and attribution
- Ability to successfully acquire and produce highly rated
programming and differentiated content
- Building and maintaining strategic supply arrangements for
content across all screens and platforms
- No adverse material financial, operational or competitive
consequences of changes in or implementation of regulations
affecting our media business
Financial Assumptions Concerning BCE
Our
forward-looking statements are also based on the
following internal financial assumptions with respect to BCE
for 2021:
- An estimated post-employment benefit plans service cost of
approximately $255 million
- An estimated interest on post-employment benefit obligations of
approximately ($70) million
- Depreciation and amortization expense of approximately
$4,700 million to $4,750 million
- Interest expense of approximately $1,075
million to $1,125 million
- Interest paid of approximately $1,125
million to $1,175 million
- An average effective tax rate of approximately 27%
- NCI of approximately $60
million
- Contributions to post-employment benefit plans of approximately
$200 million
- Payments under other post-employment benefit plans of
approximately $75 million
- Income taxes paid (net of refunds) of approximately
$800 million to $900 million
- Weighted average number of BCE common shares outstanding of
approximately 911 million
- An annual common share dividend of $3.68 per share
Assumptions underlying our estimated cash post-employment
benefit plans funding savings
Our estimated cash
post-employment benefit plans funding savings from a potential
contribution holiday on some of our defined benefit pension plans
starting in 2022 are based on the following principal
assumptions:
- At the relevant time, our defined benefit pension plans will
remain in funded positions with going concern surpluses and
maintain solvency ratios that exceed the minimum legal requirements
for a contribution holiday to be taken
- No significant declines in investment returns or interest
rates
- No material experience losses from other unforeseen events such
as through litigation or changes in laws, regulations or actuarial
standards
The foregoing assumptions, although considered reasonable by BCE
on February 3, 2022, 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 2022 financial
guidance, are listed below. The realization of our forward-looking
statements, including our ability to meet our 2022 financial
guidance targets, 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: the adverse effects of the
COVID-19 pandemic including from the restrictive measures
implemented or to be implemented as a result thereof and supply
chain disruptions; 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; the intensity of competitive activity
including from new and emerging competitors; the level of
technological substitution and the presence of alternative service
providers contributing to disruptions and disintermediation in each
of our business segments; changing customer behaviour and the
expansion of OTT TV and other alternative service providers, as
well as the fragmentation of, and changes in, the advertising
market; rising content costs and challenges in our ability to
acquire or develop key content; the proliferation of content
piracy; higher Canadian smartphone penetration and reduced or
slower immigration flow; regulatory initiatives, proceedings and
decisions, government consultations and government positions that
affect us and influence our business including, without limitation,
concerning the conditions and prices at which access to our
networks may be mandated and spectrum may be acquired in auctions;
the inability to protect our physical and non-physical assets from
events such as information security attacks, unauthorized access or
entry, fire and natural disasters; the failure to implement
effective data governance; the failure to evolve and transform our
networks, systems and operations using next-generation
technologies, while lowering our cost structure; the inability to
drive a positive customer experience; the failure to attract,
develop and retain a diverse and talented team capable of
furthering our strategic imperatives; labour disruptions and
shortages; the failure to maintain operational networks; the risk
that we may need to incur significant unplanned capital
expenditures to provide additional capacity and reduce network
congestion; the complexity in our operations; the failure to
implement or maintain highly effective processes and information
technology (IT) systems; events affecting the functionality of, and
our ability to protect, test, maintain, replace and upgrade, our
networks, IT systems, equipment and other facilities; in-orbit and
other operational risks to which the satellites used to provide our
satellite TV services are subject; our dependence on third-party
suppliers, outsourcers, and consultants to provide an uninterrupted
supply of the products and services we need; the failure of our
vendor selection, governance and oversight processes, including our
management of supplier risk in the areas of security, data
governance and responsible procurement; the quality of our products
and services and the extent to which they may be subject to defects
or fail to comply with applicable government regulations and
standards; the inability to access adequate sources of capital and
generate sufficient cash flows from operating activities to meet
our cash requirements, fund capital expenditures and provide for
planned growth; uncertainty as to whether dividends will be
declared by BCE's board of directors or whether the dividend on
common shares will be increased; the inability to manage various
credit, liquidity and market risks; new or 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,
and the inability to generate anticipated benefits from
acquisitions and corporate restructurings; the failure to evolve
practices to effectively monitor and control fraudulent activities;
pension obligation volatility and increased contributions to
post-employment benefit plans; unfavourable resolution of legal
proceedings and, in particular, class actions; the failure to
develop and implement strong corporate governance practices and
compliance frameworks and to comply with legal and regulatory
obligations; the failure to recognize and adequately respond to
climate change and other environmental concerns and expectations;
pandemics, epidemics and other health risks, including health
concerns about radio frequency emissions from wireless
communication devices and equipment; the inability to adequately
manage social issues; and internal factors, such as the failure to
implement sufficient corporate and business initiatives, as well as
various external factors which could challenge our ability to
achieve our ESG targets including, without limitation, those
related to greenhouse gas emissions reduction and diversity, equity
and inclusion.
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 3, 2022 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 3, 2022 is
incorporated by reference in this news release.
About BCE
BCE is Canada's largest communications
company, providing advanced Bell broadband wireless, Internet, TV,
media and business communications services. To learn more, please
visit Bell.ca or BCE.ca.
Through Bell for Better, we are investing to create a better
today and a better tomorrow by supporting the social and economic
prosperity of our communities. This includes the Bell Let's Talk
initiative, which promotes Canadian mental health with national
awareness and anti-stigma campaigns like Bell Let's Talk Day and
significant Bell funding of community care and access, research and
workplace initiatives throughout the country. To learn more, please
visit Bell.ca/LetsTalk.
Media inquiries:
Marie-Eve Francoeur
514-391-5263
marie-eve.francoeur@bell.ca
Investor inquiries:
Richard Bengian
514-786-8219
richard.bengian@bell.ca
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SOURCE Bell Canada