BCE reports 2009 fourth-quarter and full-year results and announces 2010
business outlook
This news release contains forward-looking statements. For a description of the related risk factors and assumptions please see the section entitled "Caution Concerning Forward-Looking Statements" later in this release.
- 2009 increased financial guidance met or exceeded
- Full-year net earnings applicable to common shares of $1,631 million
compared to $819 million in 2008
- Bell Q4 revenues grow 4.8%; Operating income grows 10%; EBITDA(1)
grows 1%
- HSPA network launch helps drive record Q4 wireless gross activations
of 523,000; 39% increase in wireless net activations
- Best quarterly Bell TV net activations in four years
- Bell announces Fibre-to-the-home (FTTH) rollout in Québec City, launch
of Bell IPTV service in Montréal and Toronto in 2010
BCE reported Q4 Bell revenue growth of 4.8%, including revenue from The Source and Virgin, and EBITDA growth of 1.0%; healthy free cash flow; net earnings applicable to common shares of
"The Bell team's strong execution of our service-focused strategy and ongoing cost discipline across our business delivered strong Q4 results and enabled us to meet or beat all of our increased financial targets for 2009," said
"In Q4, we accelerated wireless with the successful November launch of Canada's fastest and largest mobile network, contributing to the best-ever Q4 gross activations - 523,000 - for Bell wireless and a 39% year-over-year increase in net additions, to 163,000. We've leveraged our wireline momentum, reducing residential local line losses again while affirming our position as Canada's High Definition TV leader. We added 41,000 net new TV subscribers, the highest number of quarterly Bell TV net additions in the last four years, contributing to 113,000 net Bell TV additions in 2009," said
Bell today announced several initiatives supporting its strategic imperative to invest in broadband networks and services, including the deployment of Fibre-to-the-home (FTTH) in Québec City and new housing developments in Ontario and Québec, the launch of its enhanced Bell Fibe(TM) Internet service this week, and the introduction of Internet Protocol television (IPTV) later in 2010.
Bell will begin its three-year plan to deploy high speed Fibre-to-the-home across the Québec City region in 2010. The build-out of FTTH in the region can be completed quickly and economically because it is served largely by "aerial" infrastructure - above-ground wiring on utility poles - making the cost per home passed competitive with FTTN (Fibre-to-the-node). Québec City is the largest urban centre in
Bell also announced today it will deploy FTTH in all new urban and suburban housing developments in Ontario and Québec beginning in the second half of 2010. This is in addition to the company's deployment of Fibre-to-the-building (FTTB) to MDUs (multi-dwelling units) already under way. Bell's FTTB initiative will deliver 60 Mbps service to approximately 1,600 condominiums and apartment buildings in Ontario and Québec by the end of 2012.
Bell will complete its accelerated build of Fibre-to-the-node (FTTN) in
The advanced FTTN network will also support the launch of competitive Bell IPTV services in
Capital markets strategy
"Our capital markets strategy was effectively executed in 2009," said Siim Vanaselja, Chief Financial Officer of BCE and
"With a substantial cash balance of
2009 fourth-quarter and full-year results
Bell's operating revenues increased by 4.8% this quarter, to
Bell's operating income increased by 10.0% to
The Bell Wireless segment had record Q4 gross activations of 523,000 new subscribers, or 11.3% more than the same period last year, even though its new HSPA network was only launched in November. Total net activations increased by 39.3% to 163,000. Postpaid net activations increased by 37.5% to 110,000 and prepaid net activations increased by 43.2% to 53,000. These year-over-year increases in activations reflect the success of Bell's new HSPA handset lineup, which includes Apple iPhone and RIM Blackberry Bold, and growth in demand for wireless Internet sticks.
Bell Wireless operating revenues increased by 5.7% this quarter with service revenues increasing by 2.1% and product revenues increasing by 43.3%. Bell Wireless operating income and EBITDA decreased by 0.7% and 2.0% respectively. Blended ARPU(2) decreased by
In the Bell Wireline segment, retail residential NAS losses improved for a ninth consecutive quarter but total Residential NAS declined by 79,000 this quarter, or by 11.3% more than last year, due to reduced demand for wholesale local service. Business NAS declined by 29,000 this quarter, or 3.3% fewer than last year. TV subscribers increased by 41,000 and high-speed Internet subscribers increased by 8,000 this quarter.
Bell Wireline operating revenues increased by 4.2% as TV and equipment and other revenue growth more than offset declines in local and access, long distance and data revenues. Equipment and other revenues more than doubled this quarter as a result of the acquisition of The Source. Bell Wireline operating income increased by 23.9% as a result of higher EBITDA and lower restructuring and other costs. Bell Wireline EBITDA increased by 2.5% due to higher revenues and cost reductions.
With the completion of the HSPA network build, the amount of capital Bell invested this quarter decreased to
BCE's cash flows from operating activities this quarter was
BCE's net earnings applicable to common shares this quarter were
BCE's Adjusted EPS(4) was
Financial Highlights
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($ millions except per share amounts) Q4 2009 Q4 2008 % change
(unaudited)
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Bell(i) Operating Revenues $3,982 $3,798 4.8%
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Bell EBITDA $1,395 $1,381 1.0%
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Bell Operating Income $572 $520 10.0%
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BCE Operating Revenues $4,650 $4,476 3.9%
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BCE EBITDA $1,737 $1,741 (0.2%)
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BCE Operating Income $751 $666 12.8%
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BCE Cash Flows From
Operating Activities $948 $1,817 (47.8%)
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Free Cash Flow $15 $647 (97.7%)
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BCE Net Earnings Applicable to
Common Shares $350 ($48) n.m.
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BCE EPS $0.46 ($0.06) n.m.
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BCE Adjusted EPS $0.51 $0.55 (7.3%)
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(i) Bell includes the Bell Wireless and Bell Wireline segments.
n.m.: not meaningful
BCE's operating revenues increased by 3.9% to
BCE's operating income increased by 12.8% to
Bell Wireless Segment
With the launch of its new HSPA network, Bell Wireless delivered record fourth quarter gross activations and strong net activations.
- Total Bell Wireless operating revenues increased by 5.7% to
$1,198 million this quarter. Service revenues increased by 2.1% to
$1,055 million due to the acquisition of the remaining 50% of Virgin
and higher wireless data revenues, partly offset by the impact of lower
ARPU. Product revenues increased by 43.3% to $129 million due to the
acquisition of The Source and the remaining 50% of Virgin, as well the
impact of the launch of the new HSPA network. For the full year, total
Bell Wireless operating revenues increased by 1.8% to $4,558 million
with service revenues increasing by 1.1% to $4,102 million and product
revenues increasing by 8.0% to $405 million.
- The acquisition of the remaining 50% of Virgin was completed on
July 1, 2009. Accordingly, beginning in Q3 2009, wireless ARPU, churn
and cost of acquisition reflect 100% of Virgin's results. For prior
periods, these metrics have been reported on a pro forma basis to
reflect 100% of Virgin's results.
- On a pro forma basis, postpaid ARPU decreased by $3.00 to $62.47 due to
customer migration to lower rate plans, lower usage and lower roaming
revenues as customers reacted to a weaker economy, while prepaid ARPU
increased by $1.12 to $18.45 due to the growth of Virgin's higher ARPU
subscriber base. Blended ARPU decreased by $1.48 to $51.08. For the
full year, blended ARPU decreased by $1.82 to $50.88, postpaid ARPU
decreased by $3.21 to $62.81 and prepaid ARPU decreased by $0.30 to
$17.53.
- Bell Wireless operating income decreased by 0.7% to $292 million this
quarter as a result of lower EBITDA partly offset by lower
restructuring and other costs. For the full year, Bell Wireless
operating income increased by 3.5% to $1,284 million. Bell Wireless
EBITDA decreased by 2.0% to $435 million this quarter due to higher
subscriber acquisition costs associated with Q4 record gross
activations. For the full year, Bell Wireless EBITDA increased by
2.4% to $1,812 million.
- EBITDA margins on wireless service revenues decreased to 41.2% this
quarter from 43.0% last year.
- Total gross activations were 523,000 this quarter, or 11.3% higher than
last year.
- Total net activations were 163,000 this quarter, or 39.3% higher than
last year. Postpaid net activations were 110,000 this quarter, or 37.5%
higher than last year. Prepaid net activations were 53,000, or 43.2%
higher than last year.
- At year end, the Bell Wireless client base reached 6,833,000, an
increase of 5.2% over last year.
- On a pro forma basis, postpaid and blended churn were unchanged from
last year at 1.3% and 1.8% respectively while prepaid churn improved to
3.2% from 3.4% last year.
- On a pro forma basis, cost of acquisition decreased to $327 per gross
activation this quarter, or 5.8% lower than last year.
Bell Wireline Segment
The Bell Wireline segment delivered revenue and EBITDA growth as well as the best quarter for TV subscriber gains in the past four years.
- Bell Wireline operating revenues increased by 4.2% to $2,840 million
this quarter as product revenue growth from the acquisition of The
Source and TV revenue growth were partly offset by decreases in local
and access, long distance and data revenues. For the full year, Bell
Wireline operating revenues increased by 0.2% to $10,666 million.
- Bell Wireline operating income increased by 23.9% to $280 million this
quarter and by 27.3% to $1,148 million for the full year as higher
EBITDA and lower restructuring and other costs more than offset higher
depreciation and amortization of intangible assets. Bell Wireline
EBITDA increased by 2.5% this quarter, to $960 million, due to higher
revenues and cost reductions. For the full year, Bell Wireline EBITDA
increased by 1.0% to $3,907 million.
- Local and access revenues declined by 6.1% to $775 million this quarter
due to ongoing residential and business NAS erosion.
- Total NAS declined by 108,000 this quarter compared to a decline of
101,000 last year. Business NAS declined by 29,000 this quarter
compared to a decline of 30,000 last year. Although retail residential
NAS losses improved for a ninth consecutive quarter, total Residential
NAS declined by 79,000 this quarter, or by 11.3% more than last year,
due to reduced demand for wholesale local service. On a year-over-year
basis, total NAS declined by 6.1%.
- Long distance revenues declined by 5.0% to $265 million this quarter
due mainly to ongoing residential and business NAS erosion, pricing
pressures in the business market, and the increased adoption of
unlimited or large block of time plans by residential customers partly
offset by an increase in wholesale minutes.
- Data revenues decreased by 3.8% to $973 million this quarter as a
decline in data equipment sales to business customers and lower legacy
data revenues more than offset higher IP and broadband connectivity
service revenues and residential Internet revenues.
- High-speed Internet net activations of 8,000 this quarter were
unchanged from last year. At year end, there were 2,057,000 high-speed
Internet subscribers.
- TV revenues were $417 million this quarter, or 11.2% higher than last
year reflecting increased customer additions and upgrades to
higher-priced programming packages, driven partly by the increased
adoption of premium set-top boxes.
- TV EBITDA was $120 million this quarter, or 46.3% higher than last
year, mainly from a recovery of broadcasting Part II fees. TV EBITDA
also increased due to higher ARPU and a larger customer base.
- Total TV subscribers increased by 41,000 this quarter compared to an
increase of 14,000 last year. At year end, there were 1,949,000 TV
subscribers, an increase of 5.2% over last year.
- TV subscriber churn remained stable at 1.3%.
- Equipment and other revenues increased to $324 million this quarter
from $143 million last year due to the impact of The Source
acquisition.
Bell Aliant Regional Communications
Bell Aliant's revenues decreased to
Common Share Dividend
BCE's Board of Directors has declared a quarterly dividend of
Normal Course Issuer Bid
On
Outlook
BCE's 2010 financial guidance reflects the continued progress in the execution of Bell's 5 Strategic Imperatives and BCE's capital markets strategy.
As a result of the launch of its HSPA network and other key initiatives in 2009, Bell is expecting an improvement in the performance of its Wireless segment in 2010. Combining this with an improving trajectory in its Wireline business from The Source, the strength of Bell TV, and an improving outlook in its business markets, Bell is targeting revenue growth of 1% to 2% in 2010.
With higher revenues, lower pension expense and a focus on cost reduction, Bell's is targeting increased EBITDA growth in 2010 of 2% to 4%.
BCE is targeting Adjusted EPS of
BCE is also expecting substantial free cash flow generation in 2010. Free cash flow of
BCE's financial guidance for 2010 is as follows:
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Guidance 2010
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Bell(i)
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Revenue Growth 1% - 2%
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EBITDA Growth(ii) 2% - 4%
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Capital Intensity (less than or equal to)16%
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BCE
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Adjusted EPS $2.65 - $2.75
Adjusted EPS Growth 6% - 10%
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Free Cash Flow(iii) $2,000 M - $2,200 M
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(i) Bell's 2010 financial guidance for revenue, EBITDA and capital
intensity is exclusive of Bell Aliant.
(ii) The most comparable Canadian GAAP financial measure is operating
income. For 2010, Bell expects EBITDA growth of 2% to 4%. This
range reflects expected Bell operating income of approximately
$2,900 million to $3,100 million.
(iii) The most comparable Canadian GAAP financial measure is cash flows
from operating activities. For 2010, BCE expects to generate
approximately $2,000 million to $2,200 million in free cash flow.
This amount reflects expected BCE cash flows from operating
activities of approximately $5,400 million to $5,600 million.
Call with Financial Analysts
BCE will hold a conference call for financial analysts to discuss its fourth quarter results and 2010 guidance on
There will also be a live audio webcast of the call available on BCE's website at: http://www.bce.ca/en/news/eventscalendar/webcasts/2010/20100204/. The mp3 file will be available for download on this page later in the day.
Notes
The information contained in this news release is unaudited.
(1) The term EBITDA (earnings before interest, taxes, depreciation and
amortization of intangible assets) does not have any standardized
meaning according to Canadian GAAP. It is therefore unlikely to be
comparable to similar measures presented by other companies. We
define EBITDA as operating revenues less cost of revenue and selling,
general and administrative expenses, meaning it represents operating
income before depreciation, amortization of intangible assets and
restructuring and other. We use EBITDA, among other measures, to
assess the operating performance of our ongoing businesses without
the effects of depreciation, amortization of intangible assets and
restructuring and other. We exclude these items because they affect
the comparability of our financial results and could potentially
distort the analysis of trends in business performance. We exclude
depreciation and amortization of intangible assets because it largely
depends on the accounting methods and assumptions a company uses, as
well as non-operating factors such as the historical cost of capital
assets. Excluding restructuring and other does not imply they are
non-recurring. EBITDA allows us to compare our operating performance
on a consistent basis. We believe that certain investors and analysts
use EBITDA to measure a company's ability to service debt and to meet
other payment obligations, or as a common measurement to value
companies in the telecommunications industry. The most comparable
Canadian GAAP financial measure is operating income. The following
tables are reconciliations of operating income to EBITDA on a
consolidated basis for BCE, Bell and for our Bell Wireline and Bell
Wireless segments.
($ millions)
BCE Q4 2009 Q4 2008 2009 2008
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Operating income 751 666 3,191 2,869
Depreciation and
amortization of
intangible assets 904 868 3,371 3,264
Restructuring and other 82 207 527 871
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EBITDA 1,737 1,741 7,089 7,004
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BELL Q4 2009 Q4 2008 2009 2008
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Operating income 572 520 2,432 2,143
Depreciation and
amortization of
intangible assets 758 715 2,804 2,685
Restructuring and other 65 146 483 810
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EBITDA 1,395 1,381 5,719 5,638
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BELL WIRELINE Q4 2009 Q4 2008 2009 2008
Operating income 280 226 1,148 902
Depreciation and
amortization of
intangible assets 622 580 2,284 2,193
Restructuring and other 58 131 475 773
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EBITDA 960 937 3,907 3,868
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BELL WIRELESS Q4 2009 Q4 2008 2009 2008
Operating income 292 294 1,284 1,241
Depreciation and
amortization of
intangible assets 136 135 520 492
Restructuring and other 7 15 8 37
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EBITDA 435 444 1,812 1,770
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(2) The acquisition of the remaining 50% of the equity of Virgin not
already owned by Bell was completed on July 1, 2009. Accordingly,
beginning in Q3 2009, wireless ARPU, churn, and cost of acquisition
reflect 100% of Virgin's results. For prior periods, these metrics
reflected our previous 50% ownership but have been reported on a pro
forma basis to reflect 100% of Virgin's results.
(3) The term free cash flow does not have any standardized meaning
according to Canadian GAAP. It is therefore unlikely to be comparable
to similar measures presented by other companies. We define free cash
flow as cash flows from operating activities and distributions
received from Bell Aliant less capital expenditures, preferred share
dividends, distributions paid by subsidiaries to non-controlling
interest, other investing activities and Bell Aliant free cash flow.
We consider free cash flow to be an important indicator of the
financial strength and performance of our business because it shows
how much cash is available to repay debt and reinvest in our company.
We present free cash flow consistently from period to period, which
allows us to compare our financial performance on a consistent basis.
We believe that certain investors and analysts use free cash flow to
value a business and its underlying assets. The most comparable
Canadian GAAP financial measure is cash flows from operating
activities. The following table is a reconciliation of cash flows
from operating activities to free cash flow on a consolidated basis.
($ millions)
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Q4 2009 Q4 2008 2009 2008
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Cash flows from
operating activities 948 1,817 4,884 5,909
Bell Aliant distributions
to BCE 72 72 291 290
Capital expenditures (760) (1,021) (2,854) (2,986)
Other investing activities (11) 1 (89) (726)
Cash dividends paid on
preferred shares (26) (31) (107) (129)
Cash distributions paid by
subsidiaries to
non-controlling interest (92) (92) (369) (366)
Bell Aliant free cash flow (116) (99) (300) (303)
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Free cash flow 15 647 1,456 1,689
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(4) The term Adjusted net earnings does not have any standardized meaning
according to Canadian GAAP. It is therefore unlikely to be comparable
to similar measures presented by other companies. We define Adjusted
net earnings as net earnings before restructuring and other and net
losses (gains) on investments. We use Adjusted net earnings and
Adjusted EPS, among other measures, to assess the operating
performance of our ongoing businesses without the effects of
after-tax restructuring and other and net losses (gains) on
investments. We exclude these items because they affect the
comparability of our financial results and could potentially distort
the analysis of trends in business performance. Excluding these items
does not imply they are non-recurring. The most comparable Canadian
GAAP financial measure is net earnings applicable to common shares.
The following table is a reconciliation of net earnings applicable to
common shares to Adjusted net earnings on a consolidated basis and
per BCE Inc. common share.
($ millions except per share amounts)
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Q4 2009 Q4 2008 2009 2008
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PER PER PER PER
TOTAL SHARE TOTAL SHARE TOTAL SHARE TOTAL SHARE
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Net earnings
applicable to
common shares 350 0.46 (48) (0.06) 1,631 2.11 819 1.02
Restructuring
and other 48 0.06 117 0.14 339 0.44 572 0.71
Net (gains)
losses on
investments (11) (0.01) 372 0.47 (41) (0.05) 420 0.52
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Adjusted net
earnings 387 0.51 441 0.55 1,929 2.50 1,811 2.25
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Caution Concerning Forward-Looking Statements
Certain statements made in this news release, including, but not limited to, statements relating to our 2010 financial guidance (including revenues, EBITDA, capital intensity, Adjusted EPS and free cash flow), business outlook, objectives, plans, strategic priorities and other statements that are not historical facts, are forward-looking. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and you are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Except as otherwise indicated by BCE, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating, in particular, to 2010 and allowing investors and others to get a better understanding of our operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
Material Assumptions
A number of Canadian economic and market assumptions were made by BCE in preparing its financial guidance and other forward-looking statements for 2010 contained in this news release, including, but not limited to: (i) a gradual economic improvement beginning in the second half of 2010, (ii) Canadian GDP to increase to approximately 2.6%, compared to 2009, consistent with estimates by the six major banks in
In addition, BCE's and Bell Canada's financial guidance and other forward-looking statements for 2010 are also based on various internal financial and operational assumptions. Our financial guidance related to Bell (excluding Bell Aliant) is based on certain assumptions concerning Bell, including, but not limited to: (i) residential NAS losses to at least stabilize in 2010, compared to 2009, although the rate of wireless substitution is expected to trend higher in response to aggressive competition from new wireless entrants, (ii) Bell's business markets performance, including business NAS losses, to improve in 2010, compared to 2009, mainly driven by increased spending, new installations and higher demand for basic connectivity services by business customers consistent with an improving economy, (iii) the
Our guidance related to BCE is based on certain assumptions for 2010, including, but not limited to: (i) restructuring and other charges in the range of
The foregoing assumptions, although considered reasonable by BCE at the time of preparation of its financial guidance and other forward-looking statements, may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations as set forth in this news release.
Material Risks
Factors that could cause our assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by our forward-looking statements, including our 2010 financial guidance, are listed below. Our ability to meet our 2010 financial guidance essentially depends on our business performance in 2010 which, in turn, is subject to many risks. Accordingly, readers are cautioned that any of the following risks could have a material adverse effect on our 2010 financial guidance. These risks include, but are not limited to: the intensity of competitive activity, including the increase in wireless competitive activity that is expected to result from Industry Canada's licensing of AWS spectrum to new wireless entrants, and the resulting impact on our ability to retain existing, and attract, new customers, and on our pricing and marketing strategies and financial results; general economic and financial market conditions, the level of consumer confidence and spending, and the demand for, and prices of, our products and services; our ability to implement our strategies and plans in order to produce the expected benefits; our ability to continue to implement our cost reduction initiatives and contain capital intensity while seeking to improve customer service; our ability to respond to technological changes and rapidly offer new products and services; increased contributions to employee benefit plans; events affecting the functionality of, and our ability to protect, maintain and replace, our networks, information technology systems and software; events affecting the ability of third-party suppliers to provide to us essential products and services; the quality of our network and customer equipment and the extent to which they may be subject to manufacturing defects; labour disruptions; the potential adverse effects on our Internet and wireless businesses of the significant increase in broadband demand; our ability to raise the capital we need to implement our business plan, including for BCE's share buy-back program and dividend payments and to fund capital and other expenditures and generally meet our financial obligations; our ability to discontinue certain traditional services as necessary to improve capital and operating efficiencies; regulatory initiatives or proceedings, litigation and changes in laws or regulations; launch and in-orbit risks of satellites used by Bell TV; competition from unregulated U.S. DTH satellite television services sold illegally in
We encourage investors to also read BCE's Safe Harbour Notice Concerning Forward-Looking Statements dated
About BCE
BCE is Canada's largest communications company, providing the most comprehensive and innovative suite of communication services to residential and business customers in
For further information: Media inquiries: Claire Fiset, Bell Media Relations, (514) 870-4739, 1-877-391-2007, [email protected]; Investor inquiries: Thane Fotopoulos, BCE Investor Relations, (514) 870-4619, [email protected]
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