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Annual Report

Our financial performance

Network and service innovation supports recovery and growth

Bell continued to adapt to keep Canadians connected throughout 2021, with the Bell team delivering market-leading innovations that are laying the foundation for long-term success while providing sustainable dividend growth for our shareholders.

0% Increase in dividend per common share
for 2022
0 Consecutive years of 5% or greater dividend growth
0% Total shareholder return in 2021(3)
0% Increase in share price in 2021

2021 financial performance

Target Actual
Revenue growth*
Compared to 2020
 2%–5%
negative 2.5%
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 2020
 2%–5%
negative 3.0%
Net earnings growth* n/a 7.2%
Capital intensity (2) 18%-20% 20.6%
Net earnings per share (EPS) growth* n/a 8.3%
Adjusted EPS growth (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.
1%-6% 5.6%
Cash flows from operating activities ($ millions) n/a $8,008
Free cash flow ($ millions) (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 2020
 $2,850–$3,200 $2,995

Financial and operational highlights

Connecting Canadians with the best in broadband communications

The Bell team met the challenges of an evolving COVID situation to support our customers and lead the way in Canadian communications, with consistent improvement on customer experience and the fastest networks to deliver outstanding financial and operational results.

Our strong focus on innovation and investment enabled solid subscriber growth in retail Internet, IPTV and wireless, while ensuring we exceeded our broadband network expansion targets.

We’re also supporting Canada’s digital future by building the next-generation broadband fibre and wireless infrastructure that will enhance our delivery of world-class solutions for consumers, business customers and governments.

BCE retail
subscribers (millions)
twenty twenty one
twenty twenty
 Change
Mobile phone 9.46 million 9.16 million +3.2%
Mobile connected device 2.25 million 2.06million +9.4%
Internet  (1)
Excludes wholesale subscribers
 3.86 million 3.70 million
negative 4.2%
Television (1)
Excludes wholesale subscribers
 2.74 million 2.77 million
negative 0.1%
Residential
telephone services (1)
Excludes wholesale subscribers
(2)
Excludes business telephone services
 2.30 million 2.48 million
negative 7.5%
Total
Excludes wholesale subscribers
 20.60million 20.15 million +2.3%
0millions Total Bell consumer,
business and wholesale
customer connections

Growing our business while supporting Canada’s economic recovery

Strong strategic execution by the Bell team enabled us to achieve our revenue and adjusted EBITDA targets for the year while continuing to fund our network expansion plans. Our historic capital expenditure acceleration program is bringing broadband connections to more urban and rural locations while delivering innovative services and the most compelling content that Canadians want.

Operating revenues by
segment (%)

Select year:

51%
Bell Wireline
38%
Bell Wireless
11%
Bell Media
Operating revenues
($ millions)
plus 2.5%
2021
$23,449 million
2020
$22,883 million
Adjusted EBITDA
($ millions)
plus 3.0%
2021
$9,893million
2020
$9,607 million
Net earnings attributable to common shareholders
($ millions)
plus 8.4%
2021
$2,709 million
2020
$2,498 million
Cash flows from
operating activities
($ millions)
plus 3.3%
2021
$8,008 million
2020
$7,754 million
Net earnings
($ millions)
plus 7.2%
2021
$2,892 million
2020
2,699 million
Free cash flow
($ millions)
negative 10.5%
2021
$2,995 million
2020
$3,348 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)
plus 6%
2021
$2,895 million
2020
$2,730 million
Capital expenditures
($ millions) +15.1%
2021
$4,837 million
2020
$4,202 million
Operating revenues
($ millions) +2.5%
2021$23,449
2020$22,883
Adjusted EBITDA
($ millions) +3.0%
2021$9,893
2020$9,607
Net earnings attributable to common shareholders
($ millions) +8.4%
2021$2,709
2020$2,498
Cash flows from
operating activities
($ millions) +3.3%
2021$8,008
2020$7,754
Net earnings
($ millions) +7.2%
2020$2,892
2021$2,699
Free cash flow
($ millions) (10.5%)
2021$2,995
2020$3,348
Adjusted net earnings (1)
($ millions) +6.0%
2021$2,895
2020$2,730
Capital expenditures
($ millions) +15.1%
2021$4,837
2020$4,202

Refer to section 11, Non-GAAP financial measures, other financial measures and key performance indicators (KPIs) of the BCE 2021 MD&A, on pages 121 to 125 of the BCE 2021 Annual Report for more information on this measure including a reconciliation of adjusted net earnings to net earnings attributable to common shareholders being the most comparable IFRS financial measure.