Our financial performance

Stepping up in a year like no other

As the Bell team kept Canada connected in a challenging 2020, we built marketplace momentum with world-class network, service and content innovations for our customers while delivering sustainable dividend growth for our shareholders.

+0% Increase in dividend per common share
for 2021
+0% Total shareholder
return 2009
to
2019 (3)
The change in BCE’s common share price for a specified period plus BCE common share dividends reinvested, divided by BCE’s common share price at the beginning of the period.
+0% Increase in dividend
per common share
2009 to 2021
0% Dividend yield
in 2020 (2)
Annualized dividend per BCE common share divided by BCE’s share price at the end of the year.

2020 financial performance

Revenue *
Compared to 2019
negative 3.8%
Adjusted EBITDA (1) *
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 (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 and key performance indicators (KPIs) on pp. 115 to 117 of the MD&A.
Compared to 2019
negative 4.0%
Capital intensity 18.4%
Adjusted EPS (1)
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 (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 and key performance indicators (KPIs) on pp. 115 to 117 of the MD&A.
$3.02
Free cash flow (1) *
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 (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 and key performance indicators (KPIs) on pp. 115 to 117 of the MD&A.
Compared to 2019
negative 10.4%

Financial and operational highlights

Connecting Canadians with the best in broadband communications

With a consistent focus on customer experience, the Bell team rebounded from the impacts of the COVID-19 crisis to deliver consecutive quarterly operational improvement and growth in next-generation broadband services.

Our high-performance network connections, innovative services and compelling content enabled Bell to achieve solid increases in retail Internet, IPTV and wireless subscribers while improving the rate of decline in legacy services like landline phone and satellite TV.

Investing for future growth as we also play a key role in Canada’s economic recovery from COVID-19, Bell over-delivered on our fibre, wireless and rural network expansion objectives in 2020.

BCE retail
subscribers (millions)
twenty twenty
twenty nineteen
Change
Wireless 10.22 million 9.96 million +2.6%
High-speed Internet (1)
Excludes wholesale subscribers
3.70 million 3.56 million +4.2%
Television (1)
Excludes wholesale subscribers
2.74 million 2.77 million
negative 1.2%
Local residential
telephone services (1)
Excludes wholesale subscribers
(2)
Excludes business telephone services
2.48 million 2.70 million
negative 7.9%
Total (1)
Excludes wholesale subscribers
19.15 million 18.98 million +0.9%
0millions Total Bell consumer,
business and wholesale
customer connections

Financial and operational highlights

Competing in a dynamic marketplace, investing in recovery and future growth

Strong strategic execution enabled us to succeed in the uniquely challenging communications sector of 2020, achieving 96% of 2019 revenue and adjusted EBITDA while also accelerating our capital investment in network expansion and enhancement.

Operating revenues by
segment (%)

Select year:

52%
Bell Wireline
38%
Bell Wireless
10%
Bell Media
Operating revenues
($ millions)
negative 3.8%
2020
$22,883 million
2019
$23,793 million
Adjusted EBITDA
($ millions)
negative 4.0%
2020
$9,607 million
2019
$10,006 million
Cash flows from
operating activities
($ millions)
negative 2.6%
2020
$7,754 million
2019
$7,958 million

Net earnings
($ millions)
negative 17.0%
2020
$2,699 million
2019
$3,253 million
Free cash flow
($ millions)
negative 10.4%
2020
$3,348 million
2019
$3,738 million
Adjusted net earnings (1)
Adjusted net earnings is a non-GAAP financial measure and does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. For a full description of this measure, see section 10.2, Non-GAAP financial measures and key performance indicators (KPIs) on pp. 115 to 117 of the MD&A.

($ millions)
negative 12.5%
2020
$2,730 million
2019
$3,119 million
Capital expenditures
($ millions)
5.7%
2020
$4,202 million
2019
$3,974 million