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It’s On. BCE INC. 2017 ANNUAL REPORT WorldReginfo - 23f83172-a0d3-4204-be68-f9dd3798dd33 Toronto Peterborough Dauphin Kingston Sudbury North Bay Steinbach Selkirk The Pas Please check availability in your neighbourhood. WorldReginfo - 23f83172-a0d3-4204-be68-f9dd3798dd33 It’s On. Gigabit Internet speeds. The best Whole Home Wi-Fi. The most innovative TV services. Just some of the advantages Bell’s all-fibre network is delivering to millions of Canadians as we roll out the benefits of our broadband investment and innovation strategy directly to more homes and businesses. Montréal St. John’s Alma Sydney Gander Gatineau Saint-Jérôme Québec Summerside Moncton Trois-Rivières Fredericton Halifax Cornwall Sherbrooke Charlottetown WorldReginfo - 23f83172-a0d3-4204-be68-f9dd3798dd33 BCE INC. 2017 ANNUAL REPORT OUR STRATEGY Our goal is for Bell to be recognized by customers as Canada’s leading communications company OUR 6 STRATEGIC IMPERATIVES Invest in broadband networks and services 10 Accelerate wireless 12 Leverage wireline momentum 14 Expand media leadership 16 Improve customer service 18 Achieve a competitive cost structure 20 Table of contents Financial and operational highlights 4 Letters to shareholders 6 Strategic imperatives 10 Community investment 22 Bell archives 24 Management’s discussion and analysis (MD&A) 28 Reports on internal control 112 Consolidated financial statements 114 Notes to consolidated financial statements 120 2 WorldReginfo - 23f83172-a0d3-4204-be68-f9dd3798dd33 The Bell team’s diligent execution of our broadband strategy in 2017 delivered the best networks and most innovative customer services, drove leading subscriber and financial results and enabled us to continue to return value to shareholders, including our 10th consecutive year of 5% or greater dividend growth. DRIVING GROWTH IN SHAREHOLDER VALUE 2017 FINANCIAL PERFORMANCE ACTUAL TARGET Revenue growth 4.6% 4%–6% 9.2% 283% Adjusted EBITDA(3) growth 4.4% 4%–6% Capital intensity 17.8% ~17% Adjusted EPS (3) $3.39 $3.30–$3.40 TOTAL SHAREHOLDER TOTAL SHAREHOLDER RETURN IN 2017 (1) RETURN SINCE THE END OF 2008 (1) (2) Free cash flow(3) growth 6.0% ~5%–10% COMPARATIVE TOTAL RETURN (1) (2) SINCE THE 5.2% 107% 2017 END OF 2008 B CE 9.2% 283% INCREASE IN DIVIDEND INCREASE IN DIVIDEND S &P/TSX Composite Index 9.1% 135% PER COMMON SHARE PER COMMON SHARE FOR 2018 SINCE THE END OF 2008 S &P/TSX Telecom Index 18.3% 233% (1) Assumes the reinvestment of dividends. (2) Total return since the end of 2008, the year Bell implemented its transformational strategy. (3) Adjusted EBITDA, adjusted EPS and free cash flow are non-GAAP financial measures and do not have any standardized meaning under International Financial Reporting Standards. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. For a full description of these measures, including dividend payout ratio, see section 10.2, Non-GAAP financial measures and key performance indicators (KPIs) on pp. 108 to WorldReginfo - 23f83172-a0d3-4204-be68-f9dd3798dd33 110 of the MD&A. 3 BCE INC. 2017 ANNUAL REPORT FINANCIAL AND OPERATIONAL HIGHLIGHTS Speed. Coverage. Quality. The best networks are On at Bell. Bell is rolling out Canada’s next-generation communications infrastructure, turning on the world-leading broadband fibre and wireless networks that offer consumers and business customers dependable anytime, anywhere access to the crucial information and compelling entertainment they want. Our investment and innovation leadership strategy, including the creation of Bell MTS, delivered the most net new broadband IPTV, Internet and postpaid wireless additions in the industry and solid growth in market share. More than any other Canadian communications company, we invest in expanding and enhancing our unmatched fibre and wireless networks – and in pursuing innovation-generating R&D – to drive the services that create growth: wireless, TV, Internet and media. BCE subscribers (millions)* 2017 2016 GROWTH Wireless 9.17 8.47 +8.2% High-speed Internet 3.79 3.48 +9.0% Television 2.83 2.75 +3.2% Total growth services 15.79 14.70 +7.5% Local telephone services 6.32 6.26 +1.0% Total subscribers 22.11 20.96 +5.5% WorldReginfo - 23f83172-a0d3-4204-be68-f9dd3798dd33 4 * Rounding in numbers may affect total figures presented. BROADBAND STRATEGY POWERS GROWTH With the addition of more than 1.26 million new Bell broadband customers in 2017, our postpaid wireless, Internet, IPTV and media growth services continue to drive the steady increases in revenue, adjusted EBITDA and free cash flow that offer us the financial flexibility to invest in growth. 2008 OPERATING REVENUES 2017 OPERATING REVENUES $17.7B $22.7B Growth Growth Media 0% services 12% services Wireless 64% 83% 25% of total 34% of total Wireline Broadband operating operating & TV 39% revenue 37% revenue Wireline Voice 36% 17% +4.6% +4.4% -3.8% 2017 $22.719 2017 $9.178 2017 $2.970 2016 $21.719 2016 $8.788 2016 $3.087 BCE OPERATING REVENUES BCE ADJUSTED EBITDA BCE NET EARNINGS ($ BILLIONS) ($ BILLIONS) ($ BILLIONS) +10.8% +6.0% +7.0% 2017 $7.358 2017 $3.418 2017 $4.034 2016 $6.643 2016 $3.226 2016 $3.771 CASH FLOWS FROM FREE CASH FLOW BCE CAPITAL EXPENDITURES OPERATING ACTIVITIES ($ BILLIONS) ($ BILLIONS) ($ BILLIONS) WorldReginfo - 23f83172-a0d3-4204-be68-f9dd3798dd33 For more information, please refer to section 7 of the MD&A – Selected Annual and Quarterly information, page 86. 5 BCE INC. 2017 ANNUAL REPORT MESSAGE FROM THE CHAIR OF THE BOARD BCE’s scale and innovation delivering unmatched results for all our stakeholders BCE’s strategy of leading Underscoring Bell’s legacy of leadership in performance and scale in Canadian communications since 1880, our progress in 2017 has fueled significant broadband networks, continuous enhancements to our national broadband innovation to create exclusive network infrastructure, ongoing communications services and research & development in Canada, in-demand content, and and high-profile leadership in corporate social responsibility, including the ongoing strategic acquisitions to seize growth of our ground-breaking emerging opportunities is Bell Let’s Talk mental health initiative. delivering results for our In an era when communications customers, shareholders, infrastructure and service innovation are communities and team. more than ever the backbone of economic and social growth and prosperity, Bell 2017 was another year of is at the forefront of the global broadband outstanding operational and revolution, leading the way in providing financial performance by the Bell Canadians with the latest growth services team in an intensely competitive in consumer and business communications. communications marketplace. Canada’s communications leader Bell remains the primary driver of Canada’s advanced communications infrastructure development as we continue to roll out new and enhanced fibre and wireless networks. In 2017, total capital expenditures exceeded $4 billion, a national capital program on par with some of the largest in Canada and greater than any other communications competitor, while we maintained investment within a prudent capital intensity range. With the launch of Bell MTS in March 2017 following our acquisition of Manitoba Telecom Services, we’re quickly expanding the Bell broadband strategy into Manitoba with significant network enhancements and the introduction of the latest LTE Advanced and Fibe services. Bell now offers wireline coverage to 76% of Canadian households and, in a major milestone achieved in 2017, LTE wireless service to 99% of the population. Network leadership is the backbone of our success, with advanced LTE wireless speeds supporting fast growth in new subscribers and mobile data usage, and the next-generation Fibe network enabling innovative new TV, Internet and business 6 WorldReginfo - 23f83172-a0d3-4204-be68-f9dd3798dd33 283% TOTAL SHAREHOLDER RETURN Our total shareholder return since the end of 2008 is ahead of most peers and key TSX indices (1) (1) Assumes the reinvestment of dividends. services as our direct fibre connections In February 2018, we announced the 14th The Chartered Professional Accountants continue to accelerate. Coupled with the increase to the BCE common share of Canada cited BCE for excellence best in sports, entertainment and news dividend since the end of 2008, a in corporate reporting and our ongoing media across every platform, we’re 5.2% increase that raises the dividend to commitment to the highest standards of building on Bell’s position as Canada’s $3.02 in 2018. This is BCE’s 10th governance. That recognition is a result leading provider of both Internet and consecutive year of 5% or better dividend of the insight, integrity and hard work of TV services. growth, while maintaining our dividend the Board of Directors that I am payout ratio within the target policy privileged to chair. I am grateful to each Bell’s fibre network is Canada’s largest range of 65% to 75% of free cash flow, of them for their contribution to the at more than 240,000 total kilometres, and an overall 107% increase since 2008. success of your company and for their passing approximately 9.2 million locations Total shareholder return in this timeframe personal support. across 7 provinces – including the largest was 283%, ahead of most peers and more footprint capable of delivering Gigabit plus On behalf of our shareholders and than double the return of the S&P/TSX speeds with direct fibre connections to the Board, I thank President and CEO Composite Index. more than 3.7 million homes and George Cope for positioning our businesses. Together with the country’s We also recently initiated a $175 million company to lead the Canadian largest network of data centres with the share repurchase plan in the form of a communications industry now and into integration of Q9 Networks, Bell has the normal course issuer bid and made an the future with a clear strategy of connectivity and capacity to deliver additional voluntary $100 million investment and growth, and a Bell team demanding end-to-end integrated contribution to our Defined Benefit (DB) clearly capable of continued successful communications services for consumers, pension plans.
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