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Annual Report

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 -2019 (3)
+0% Increase in dividend
per common share
2009–2021
0% Dividend yield
in 2020 (2)
2020 financial performance
Revenue * (3.8%)
Adjusted EBITDA (1) * (4.0%)
Capital intensity 18.4%
Adjusted EPS (1) $3.02
Free cash flow (1) * (10.4%)
* Compared to 2019
(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.
(2) Annualized dividend per BCE common share divided by BCE’s share price at the end of the year.
(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.

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) 2020 2019 Change
Wireless 10.22 9.96 +2.6%
High-speed Internet (1) 3.70 3.56 +4.2%
Television (1) 2.74 2.77 (1.2%)
Local residential
telephone services (1) (2) 2.48 2.70 (7.9%)
Total (1) 19.15 18.98 +0.9%
0M 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) (3.8%)
2020$22,883
2019$23,793
Adjusted EBITDA
($ millions) (4.0%)
2020$9,607
2019$10,006
Cash flows from
operating activities
($ millions) (2.6%)
2020$7,754
2019$7,958

Net earnings
($ millions) (17.0%)
2020$2,699
2019$3,253
Free cash flow
($ millions) (10.4%)
2020$3,348
2019$3,738
Adjusted net earnings (1)
($ millions) (12.5%)
2020$2,730
2019$3,119
Capital expenditures
($ millions) 5.7%
2020$4,202
2019$3,974
Operating revenues
($ millions) (3.8%)
2020$22,883
2019$23,793
Adjusted EBITDA
($ millions) (4.0%)
2020$9,607
2019$10,006
Cash flows from
operating activities
($ millions) (2.6%)
2020$7,754
2019$7,958

Net earnings
($ millions) (17.0%)
2020$2,699
2019$3,253
Free cash flow
($ millions) (10.4%)
2020$3,348
2019$3,738
Adjusted net earnings (1)
($ millions) (12.5%)
2020$2,730
2019$3,119
Capital expenditures
($ millions) 5.7%
2020$4,202
2019$3,974

(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.