BCE Inc. 2008 Annual Report You Know Us of Course
Hello again. BCE Inc. 2008 Annual Report You know us of course. Still, we’d like to reintroduce ourselves. Bell today is a company confidently moving forward. Thanks to the essential changes we made in 2008, we’ve become a leaner company striving to be more responsive to our customers’ needs. We’re determined to realize our goal: For Bell to be recognized by customers as Canada’s leading communications company. Financial and operational highlights Bell subscribers (in thousands) 2008 2007 2006 Wireless 6,497 6,216 5,954 High-speed Internet 2,054 2,004 1,877 Video 1,852 1,822 1,820 Local telephone (adjusted) 7,436 7,859 8,439 BCE operations Revenue (in millions) 17,698 17,752 17,554 EBITDA1 (in millions) 7,004 6,994 6,790 Operating income (in millions) 2,864 3,479 3,314 Net earnings applicable to common 819 3,926 1,937 shares (in millions) Adjusted net earnings1, 2 (in millions) 1,811 1,884 1,676 Net earnings per common share 1.02 4.88 2.25 Adjusted net earnings per common share1, 2 2.25 2.34 1.95 Dividends declared per common share 0.73 1.46 1.32 Common dividend payout ratio 71.7% 29.2% 60.4% Free cash flow1 (in millions) 1,689 1,960 1,810 Cash from operating activities (in millions) 5,912 5,733 5,357 Capital expenditures (in millions) 2,988 3,144 3,121 Capital intensity 16.9% 17.7% 17.8% BCE financial position Total assets (in millions) 39,663 38,230 37,415 Common shareholders’ equity (in millions) 14,541 14,462 11,697 Total debt to total assets (times) 0.31 0.30 0.35 Long-term debt to total shareholders’ 0.70 0.65 0.97 equity (times) Market capitalization (in millions) 20,182 31,930 25,359 Price to earnings ratio 24.64 8.13 13.96 1 The terms EBITDA, adjusted net earnings and free cash flow are non-GAAP Financial measures.
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