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Bce Inc. 2013 Annual Report BCE INC. 2013 ANNUAL REPORT We’re the same company… WorldReginfo - 45aa5ca7-6679-44ab-8e49-81ca5bf5fe10 … just totally different. Bell has connected Canadians since 1880, leading the innovation and investment in our nation’s communications networks and services. We have successfully embraced the rapid changes in communications technology, competition and opportunity, building on our 134-year record of service to Canadians with a clear goal, and the strategy and team execution required to achieve it. WorldReginfo - 45aa5ca7-6679-44ab-8e49-81ca5bf5fe10 WorldReginfo - 45aa5ca7-6679-44ab-8e49-81ca5bf5fe10 Our goal: To be recognized by customers as Canada’s leading communications company. Our 6 strategic imperatives 1. Accelerate wireless 10 2. Leverage wireline momentum 12 3. Expand media leadership 14 4. Invest in broadband networks and services 16 5. Achieve a competitive cost structure 17 6. Improve customer service 18 Bell is delivering the next generation of communications and an enhanced service experience to our customers across Canada. In the last five years, our industry-leading investments in world-class networks and communications services like Fibe and LTE, coupled with strong execution by the national team, have re-energized Bell as a nimble competitor setting the pace in TV, Internet, Wireless and Media growth services. We achieved all financial targets in 2013, delivering for our customers and shareholders and giving us strong momentum going into 2014. Financial and operational highlights 4 Letters to shareholders 6 Strategic imperatives 10 Community investment 20 Bell archives 22 Management’s discussion and analysis (MD&A) 24 Reports on internal control 106 Consolidated financial statements 110 Notes to consolidated financial statements 114 WorldReginfo - 45aa5ca7-6679-44ab-8e49-81ca5bf5fe10 Successfully executing our strategic imperatives in a competitive marketplace, Bell achieved all 2013 financial targets and continued to deliver value to shareholders. 2013 Financial Performance Bell Actual Targets Result Revenue growth 2.6% 2%–4% EBITDA growth* 3.4% 3%–5% Capital intensity 16.6% 16%–17% BCE Actual Targets Result Adjusted EPS* $2.99 $2.97–$3.03 Free cash flow* 5.9% 5%–9% Executing our dividend growth objective since 2008 Free Cash Flow Growth* Dividend per Common Share Growth 6.5 % 69 % Number of Common Share Total Shareholder Return** Dividend Increases 141 % 10 * EBITDA, Adjusted EPS and free cash flow are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. For a full description of these measures, see section 10.2 Non-GAAP Financial Measures on pp. 103 and 104 of the MD&A. ** Assumes the reinvestment of dividends. WorldReginfo - 45aa5ca7-6679-44ab-8e49-81ca5bf5fe10 FINANCIAL AND OPERATIONAL HIGHLIGHTS Growth services are taking Bell forward Founded on the first popular communications service to connect Canadian consumers and businesses, Bell is leading the way to the next generation. With a focus on Wireless, Internet, TV and Media growth services, Bell’s investments in world-leading fibre and mobile networks and innovative new products are transforming our company and Canada’s communications industry. BCE Subscribers (millions) Revenue mix reflects focus on growth services 2008 2013 Bell’s Wireless, Internet, Media and Wireless 6.6 7.9 TV growth services accounted for High-speed Internet 2.8 3.1 82% of revenues in 2013, up from less than 70% in 2008. Traditional Television 1.9 2.5 Home Phone service, just 8%. Total growth services 11.3 13.5 $18.1B Local telephone services 10.4 7.6 Total subscribers 21.7 21.1 $14.9B* 32% Wireless 30% Wireless Total Subscribers 11% % 2013 TV 82 10% Growth Services 21.1M TV 13% Media 29% Internet/ Growth Services Subscribers Wireline Data 26% 2008-2013 Internet/ +19.5 % Wireline Data 31% Wireline Voice 18% 8% – Consumer Wireline Voice 10% – Business 2008 2013 * In accordance with previously reported Canadian GAAP WorldReginfo - 45aa5ca7-6679-44ab-8e49-81ca5bf5fe10 4 +2.1% +2.5% +1.0% +15.5% +15.5% +27.9% 17.661 19.978 20.400 7.004 7.888 8.089 1.811 2.294 2.317 2008* 2012 2013 2008* 2012 2013 2008* 2012 2013 BCE Operating Revenue BCE EBITDA Adjusted Net Earnings ($ billions) ($ billions) Attributable to Common Shareholders ($ billions) +16.5% +5.9% +5.4% +9.6% +6.5% +10.3% 5.909 5.560 6.476 2.415 2.428 2.571 3.00 3.14 3.31 2008* 2012 2013 2008* 2012 2013 2008* 2012 2013 Cash Flows from Operating Free Cash Flow Free Cash Flow per Share Activities ($ billions) ($) ($ billions) * In accordance with previously reported Canadian GAAP. For more information, please refer to section 7.1 of the MD&A — Annual Financial Information, pp. 83-84. WorldReginfo - 45aa5ca7-6679-44ab-8e49-81ca5bf5fe10 5 MESSAGE FROM THE CHAIR OF THE BOARD Investing for tomorrow, growing shareholder value today Dear fellow shareholders, With your support, we continued liquidity position and significantly popular smartphone-based our work in 2013 to transform improved funding in our defined data services. BCE, a historic Canadian benefit pension plan. BCE continues to live up to the company leading the advance Early in 2014, we announced high expectations Canadians into the next generation of a 6.0% increase in the common have of us as a company that has communications with a strategy share dividend, from $2.33 given back to our communities for of focused investment and to $2.47, representing the tenth generations, and as an enduring innovation, well executed by BCE common share dividend leader in corporate governance. strong management and increase since the fourth quarter The Bell Let’s Talk mental a committed national team. of 2008, for total growth of health initiative has captured Our growing success in the 69% in your dividend. the attention and support of communications marketplace, In the marketplace, a Canadians beyond all expectations, robust financial performance and re-energized Bell is shaking growing participation in the efficient operational execution up the established order in mental health conversation, give us the flexibility to invest in Canadian communications. fighting the stigma and delivering the networks, services and Fibe is leading new consumer funding to mental health content we need to lead, while choice in TV and Internet with programs in every region of delivering value to you, tough competition for the once- the country. We’re looking our shareholders. entrenched cable companies in forward to Clara’s Big Ride for Bell competes from a position urban markets. The acquisition of Bell Let’s Talk starting in of strength, with excellent Montréal-based Astral Media with March 2014, a 12,000 kilometre financial fundamentals and a its exceptional array of French journey around Canada by capital markets strategy that is and English pay and specialty TV, Olympian and Bell Let’s Talk prudent and responsive to an radio and outdoor advertising ambassador Clara Hughes that evolving industry environment. properties is delivering enhanced will take the conversation In 2013, we met all our financial competition in the fast-paced even further. guidance targets with solid media marketplace, especially I am proud to say that your revenue and EBITDA growth in Québec. And investment Board was recognized multiple driving higher free cash flow and in the best wireless technology times for our governance substantial earnings. Our healthy available has enabled Bell to leadership in 2013. We were balance sheet rests on a strong stake out a leadership position in honoured with the prestigious credit profile, a favourable mobile TV and other increasingly Gavel Award from the Canadian WorldReginfo - 45aa5ca7-6679-44ab-8e49-81ca5bf5fe10 6 Since the end of 2008, BCE has raised % the common share dividend 10 times, +69 for an overall increase of 69%. Coalition for Good Governance guidance as exceptional stewards for exceptional communication of your interests and BCE’s with shareholders; the Best tradition of exemplary Overall Corporate Governance – governance. International award at the sixth I thank our CEO George Cope, annual Corporate Secretary his executive team and Bell Corporate Governance Awards; employees across Canada for and the first-ever award for best their hard work and success overall corporate governance in transforming your company. from the Canadian Society of It is my privilege and honour Corporate Secretaries. to work with such a focused, These awards recognize dedicated and effective team. the dedication of my fellow And all of us across BCE thank Board members and their you, our shareholders, for your commitment to guiding our belief in our company and its organization forward. ability to prosper in the fast We welcomed our newest changing and highly competitive Director, Ian Greenberg, Canadian communications industry. broadcasting legend and former Your confidence energizes Astral Chief Executive Officer, our efforts to honour and build to your Board in 2013 following on Bell’s history as Canada’s the closing of our acquisition, communications leader. a key addition as Bell expands our national media leadership. I would like to acknowledge and thank two Directors with a strong record of distinguished service to you, Anthony Fell and The Honourable Edward Lumley, who will be departing the Board in Thomas C. O’Neill May 2014. We are grateful for Chair of the Board their brilliant leadership and BCE Inc. WorldReginfo - 45aa5ca7-6679-44ab-8e49-81ca5bf5fe10 7 MESSAGE FROM THE PRESIDENT & CEO Hitting our stride with committed execution by the Bell team Dear fellow shareholders, Bell put in place a clear new goal in 2008: To be recognized by customers smartphones to drive industry- as Canada’s leading communications company. Our strategy to achieve leading service revenue growth it is built on 6 strategic imperatives that reflect the enduring strengths with heavy usage of data services of Bell, our competitive and operational challenges, and the exciting like the unique Bell Mobile TV.
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