This news release contains forward-looking statements. For a
description of the related risk factors and assumptions, please see
the section entitled "Caution Regarding Forward-Looking Statements"
later in this news release. The information
contained in this news release is unaudited.
- Leading advanced mobile and fibre networks delivered record
401,132 total broadband net customer activations — 224,343 mobile
phone, 49,044 mobile connected devices; 89,652 retail Internet and
38,093 IPTV — up 50.3% y/y
- 3.2% consolidated revenue growth delivered 1.2% higher
adjusted EBITDA1 as $38
million in storm and inflationary cost pressures2
absorbed in the quarter
- Net earnings of $771 million,
down 5.2%, with net earnings attributable to common shareholders of
$715 million, or $0.78 per common share, down 6.0%; adjusted net
earnings1 of $801
million generated adjusted EPS1 of
$0.88, up 7.3%
- Excellent wireless operating results: strong revenue and
adjusted EBITDA growth of 7.4% and 7.8%, respectively; best-ever
mobile phone net subscriber activations of 224,343, up 64.4%;
lowest Q3 postpaid churn3 rate of 0.90%; and 2.2% higher
mobile phone blended ARPU4
- Highest retail Internet net activations in 17 years, up
36.3% to 89,652, drove 8% residential Internet revenue growth; on
track to complete 80% of broadband Internet buildout plan by end of
2022
- Bell Media digital revenue5 up 40% contributing
to stable total media revenue as advertiser spending slows due to
macroeconomic conditions
- Reconfirming all 2022 financial guidance targets
MONTRÉAL, Nov. 3, 2022
/PRNewswire/ - BCE Inc. (TSX: BCE) (NYSE: BCE) today reported
results for the third quarter (Q3) of 2022.
"The Bell team's continued excellence in executing on our
strategy and customer-centric approach, combined with our leading
networks has delivered strong results this quarter, firmly placing
Bell in a solid competitive position as we head into the end of the
year," said Mirko Bibic, President
and CEO of BCE and Bell Canada.
"We're seeing clear demand from Canadians for differentiated
fibre Internet services and fast, reliable wireless networks. We
experienced over 400,000 net activations across our wireline and
wireless networks, with our highest-ever number of total mobile
phone net additions, and we also gained a significant share of
Internet subscriber growth with over 95,000 new net
fibre-to-the-home customers this past quarter, up 33% over last
year and our best-ever result.
The devastation of Hurricane Fiona underscored the role that our
networks play in the daily lives of Canadians. The Bell team worked
tirelessly in difficult conditions to restore service for those
impacted – work that is still ongoing – and I want to recognize the
Bell team members who were part of the recovery efforts. While the
damage to our infrastructure was unprecedented, it reinforced that
our accelerated capital investment program to build and expand
reliable fibre and wireless networks across our footprint continues
to be the right approach for our customers."
__________________________
|
1
|
Adjusted EBITDA is a
total of segments measure, adjusted net earnings is a non-GAAP
financial measure and adjusted EPS is a non-GAAP ratio. Refer to
the Non-GAAP and Other Financial Measures section in this
news release for more information on these measures.
|
2
|
Inflationary cost
pressures are defined as a year-over-year increase in operating
costs driven by inflationary pressures related to fuel, utilities
and salary expenses.
|
3
|
Refer to
the Key Performance Indicators (KPIs) section in
this news release for more information on churn.
|
4
|
Mobile phone blended
ARPU is calculated by dividing wireless operating service revenues
by the average mobile phone subscriber base for the specified
period and is expressed as a dollar unit per month. Refer to the
Key Performance Indicators (KPIs) section in this news
release for more information on mobile phone blended
ARPU.
|
5
|
Digital revenues are
comprised of advertising revenue from digital platforms including
web sites, mobile apps, connected TV apps and OOH digital
assets/platforms, as well as advertising procured through Bell
digital buying platforms and subscription revenue from
direct-to-consumer services and Video on Demand
services.
|
KEY BUSINESS DEVELOPMENTS
Building the best networks
Bell expanded pure
fibre Internet access to approximately 10,000 homes and businesses
in Owen Sound, Ontario;
approximately 40,000 in Barrie,
Ontario and over 6,500 across 7 communities in rural
Manitoba. Bell will work closely
with governments on projects to support remote areas including
building high-speed Internet connectivity and wireless capacity in
three northern Manitoba
communities with the CRTC Broadband Fund, and improving mobile
connectivity for the Atikamekw First Nation of Wemotaci with the Universal Broadband
Fund.
Offering customers the fastest speeds and increased service
options
Bell was awarded fastest mobile network in
Canada for the third consecutive
year by PCMag in its 2022 Fastest Mobile Networks Canada report.
PCMag also ranks Bell's 5G network as fastest in the country. Bell
Fibe Gigabit 8.0, with the fastest Internet speeds available in
North America among major service
providers, is now available in Toronto. The Bell Giga Hub with Wi-Fi 6E, the
most advanced Wi-Fi technology, is now available for
fibre-to-the-home customers throughout Ontario and Québec. Bell announced its intent
to acquire Distributel to support the expansion of Internet
services for consumers and businesses. The transaction is expected
to close by the end of the year, subject to closing conditions,
including regulatory approvals.
5G leadership and technology innovation
Bell
launched its corporate venture capital initiative, Bell Ventures,
to invest in early-stage and growth companies that harness the
power of Bell's networks to drive growth and adoption of advanced
technological solutions. Bell expanded its 5G+ service in southern
Ontario; 5G+ is also now available
in Halifax, Nova Scotia,
Moncton New Brunswick and
St. John's Newfoundland. Bell is
on track to cover approximately 40% of the Canadian population by
the end of 2022. Bell also continues to expand its 5G service, with
availability in all 10 Canadian provinces.
Bell for Better: Better World, Better
Communities
Bell was named the inaugural Greenhouse
Gas (GHG) Reductions Champion by Clean50, a national sustainability
organization, and also received a Top Project 2023 award from
Clean50 for its solar-powered remote communication towers
initiative. To mark Mental Illness Awareness Week, Bell Let's Talk
announced the 114 recipients of the 2022 Bell Let's Talk Community
Fund including Blue Door in East Gwillimbury, Ontario. Over $2
million was raised for mental health in Québec during the
fourth Bal des Lumières event, co-chaired by Mirko Bibic. Bell donated $50,000 to the Canadian Red Cross to support
humanitarian relief efforts in Pakistan and an additional $50,000 to the Canadian Red Cross to support
recovery in Eastern Canada after
Hurricane Fiona.
Delivering the most compelling
content
Astral acquired Imagine Outdoor's entire
digital out-of-home advertising network in Alberta, bringing Astral's total digital
inventory in Alberta to 39 faces.
TSN and RDS continue to deliver major league sports action,
including 41 regular season games of the Toronto Raptors on TSN and
TSN1050 radio in Toronto and 23 on
RDS, and remain the exclusive television broadcast partner of the
NFL in Canada. HBO's House of the
Dragon, the prequel to "Game of Thrones" based on George R.R. Martin's "Fire and Ice" series,
aired exclusively on Crave for Canadian audiences, and saw the
biggest season finale audience since "Game of Thrones". Three
original French language Bell Media dramas, "La Confrérie", "…Moi
non Plus", and "Une Affaire Criminelle", have been sold in seven
international territories. Noovo continues to gain momentum with
market share of primetime viewership up 4% over Q3 2021, while
Noovo.ca saw an increase in views of 23% for the fall season
compared to last year.
BCE Q3 RESULTS
Financial Highlights
($ millions except per
share amounts) (unaudited)
|
Q3
2022
|
Q3
2021
|
%
change
|
BCE
|
|
|
|
Operating
revenues
|
6,024
|
5,836
|
3.2 %
|
Net earnings
|
771
|
813
|
(5.2 %)
|
Net earnings
attributable to common shareholders
|
715
|
757
|
(5.5 %)
|
Adjusted net
earnings
|
801
|
748
|
7.1 %
|
Adjusted
EBITDA
|
2,588
|
2,558
|
1.2 %
|
Net earnings per common
share (EPS)
|
0.78
|
0.83
|
(6.0 %)
|
Adjusted EPS
|
0.88
|
0.82
|
7.3 %
|
Cash flows from
operating activities
|
1,996
|
1,774
|
12.5 %
|
Capital
expenditures1
|
(1,317)
|
(1,164)
|
(13.1 %)
|
Free cash
flow1,2
|
642
|
566
|
13.4 %
|
__________________________
|
1
|
In Q2 2022, we applied
the IFRIC Agenda Decision on Demand Deposits with Restrictions on
Use arising from a Contract with a Third Party (IAS 7 – Statement
of Cash Flows) retrospectively to each prior period presented. For
further details, refer to Note 2, Basis of presentation and
significant accounting policies in our Q3 2022 financial
statements.
|
2
|
Free cash flow is a
non-GAAP financial measure. Refer to the Non-GAAP and Other
Financial Measures section in this news release for more
information on this measure.
|
"Bell's Q3 financial results highlight our consistent execution
excellence and leading asset mix across all Bell operating
segments, which delivered strong consolidated revenue growth of
3.2%. Despite sizeable costs related to storms and inflationary
pressures1 absorbed in the quarter, our disciplined
approach in balancing market share growth and financial performance
resulted in a respectable adjusted EBITDA increase of 1.2%" said
Glen LeBlanc, Chief Financial
Officer for BCE and Bell Canada.
"Our strong overall performance was led by wireless, which grew
service revenue and adjusted EBITDA by 7% and 7.8% respectively,
reflecting our steadfast focus on higher-value subscriber
acquisition, and continued robust residential Internet revenue
growth of 8%. Although the advertising market was weaker this
quarter due to the macroeconomic environment, total media revenue
was stable year over year. This is a testament to Bell Media's
diversified asset mix, including a growing contribution from
digital platforms, our breadth of programming and consistently high
ratings for all our television properties.
BCE's balance sheet remains very healthy with $3.5 billion of available liquidity2,
which includes $583 million in cash,
a high proportion of fixed-rate debt, a substantial pension
solvency surplus across our major defined benefit plans, and
relatively low cyclicality for the majority of our revenues that
helps to mitigate the financial impact of rising interest rates and
macroeconomic uncertainty. With three quarters of favourable
consolidated results already reported, and a competitive position
that's better than ever, we are on track to deliver on our 2022
financial guidance targets."
- BCE operating revenue increased 3.2% over Q3 2021 to
$6,024 million, comprised of 1.8%
higher service revenue of $5,193
million and a 12.8% increase in product revenue to
$831 million. This result was driven
by strong wireless and residential Internet growth as well as
higher year-over-year business wireline data equipment sales. Media
revenue was unchanged compared to last year.
- Net earnings declined 5.2% to $771
million and net earnings attributable to common shareholders
totalled $715 million, or
$0.78 per share, down 5.5% and 6.0%
respectively. The year-over-year decreases were driven mainly by
higher other expense, reflecting net mark-to-market losses on
derivatives used to economically hedge equity settled share-based
compensation, higher depreciation and amortization expense,
increased interest expense and higher year-over-year asset
impairment charges. These factors were partly offset by lower
income taxes due to the favourable resolution of uncertain tax
positions, higher adjusted EBITDA, lower severance, acquisition and
other costs, and a higher net return on post-employment benefit
plans. Adjusted net earnings were up 7.1% to $801 million, delivering a 7.3% increase in
adjusted EPS to $0.88.
- Adjusted EBITDA grew 1.2% to $2,588
million, reflecting a 7.8% year-over-year increase at Bell
Wireless, partly offset by decreases of 1.2% and 15.3% at Bell
Wireline and Bell Media respectively. This result included an
increase in operating costs from the impact of storm-related costs
due mainly to Hurricane Fiona, as well as continued inflationary
pressures1 on fuel, utility and labour costs, which, in
aggregate, totaled $38 million in Q3.
BCE's consolidated adjusted EBITDA margin3 decreased 0.8
percentage points to 43.0% from 43.8% in Q3 2021, due to the
aforementioned cost pressures, funding of very strong subscriber
acquisition, and a year-over-year increase in low-margin product
sales.
- BCE capital expenditures were $1,317
million, up 13.1% from $1,164
million in Q3 2021, corresponding to a capital
intensity4 of 21.9%, compared to 19.9% last year.
Capital expenditures this quarter were focused mainly on the
continued accelerated rollout of Bell's wireline fibre and wireless
5G+ networks.
- BCE cash flows from operating activities increased 12.5% to
$1,996 million compared to Q3 2021,
reflecting lower cash taxes paid, reduced contributions to
post-employment benefit plans due to a partial contribution holiday
in 2022, and higher adjusted EBITDA, partly offset by lower cash
from working capital and higher interest paid.
- Free cash flow was $642 million,
up 13.4% from $566 million in Q3
2021, as higher cash flows from operating activities, excluding
acquisition and other costs paid, was partly offset by increased
capital expenditures.
__________________________
|
1
|
Inflationary cost
pressures are defined as a year-over-year increase in operating
costs driven by inflationary pressures related to fuel, utilities
and salary expenses.
|
2
|
Available liquidity is
a non-GAAP financial measure. Refer to the Non-GAAP and Other
Financial Measures section in this news release for more
information on this measure
|
3
|
Adjusted EBITDA margin
is defined as adjusted EBITDA divided by operating revenues. Refer
to the Key Performance Indicators (KPIs) section in this
news release for more information on adjusted EBITDA
margin.
|
4
|
Capital intensity is
defined as capital expenditures divided by operating revenues.
Refer to the Key Performance Indicators (KPIs) section in
this news release for more information on capital
intensity.
|
Q3 OPERATING RESULTS BY SEGMENT
Bell Wireless
- Total wireless operating revenue grew 7.4% to $2,466 million, driven by both higher service and
product revenue.
- Service revenue increased 7.0% to $1,769
million, the result of strong mobile phone and connected
device subscriber base growth, and higher mobile phone blended
ARPU.
- Product revenue was up 8.6% to $697
million, mainly reflecting a greater sales mix of premium
mobile phones.
- Wireless adjusted EBITDA increased 7.8% to $1,089 million with a margin increase to 44.2%
from 44.0% in Q3 2021, driven by the flow-through of strong service
revenue growth as operating costs grew 7.1%, due to higher cost of
goods sold driven by increased product sales in the quarter, higher
network operating costs from the continued deployment of our mobile
5G network and higher payments to other carriers driven by
increased roaming volumes.
- Bell added a record quarterly 224,343 net postpaid and prepaid
mobile phone subscribers1, 64.4% higher than 136,464 in
Q3 2021.
- Postpaid mobile phone net subscriber activations totaled
167,798, our best-ever Q3 result, compared to 114,821 in Q3 2021.
The significant 46.1% increase was the result of a 16.3% increase
in gross subscriber activations, driven by greater retail store
traffic compared to last year, continued 5G momentum, immigration
growth, stronger business customer demand and an increased focus on
bundling wireless service with Internet, as well as a 3 basis-point
improvement in mobile phone customer churn to 0.90%.
- Bell's prepaid mobile phone net subscriber activations were
56,545, up 161.3% from 21,643 in Q3 2021. The year-over-year
increase was the result of 43.9% higher gross activations,
reflecting greater market activity as retail stores were at full
operation compared to last year, as well as increased immigration
and travel to Canada, which also contributed to a higher customer
churn rate of 4.58%, up from 4.15% in Q3 2021.
- Bell's mobile phone customer base totalled 9,826,465 at the end
of Q3 2022, a 5.1% increase over last year, comprising 8,915,270
postpaid subscribers, up 4.6%, and 911,195 prepaid customers, up
9.9% from last year.
- Mobile phone blended ARPU was up 2.2% to $60.76. The increase was attributable to higher
year-over-year roaming revenue, driven by significantly greater
international travel volumes with the lifting of COVID-related
restrictions and higher roaming rates, as well as our ongoing focus
on higher-value subscriber acquisition across all our postpaid and
prepaid brands.
- Mobile connected device net activations grew 48.5% to 49,044
from 33,035 in Q3 2021, driven by increased demand for Bell IoT
solutions, including connected car subscriptions, and fewer data
device deactivations. Mobile connected device subscribers¹ totalled
2,347,371 at the end of Q3, an increase of 6.2% over last
year.
__________________________
|
1
|
Refer to the Key
Performance Indicators (KPIs) section in this news release for
more information on subscriber (or customer) units.
|
Bell Wireline
- Total wireline operating revenue increased 1.0% to $3,046 million, compared to Q3 2021.
- Wireline service revenue was down 0.4% to $2,907 million, due to ongoing declines in legacy
voice, data and satellite TV services, higher customer acquisition
and retention discounts, reduced sales of IP connectivity and
business service solutions revenue1 attributable to
delayed project spending by large enterprise customers because of
continuing data equipment supply chain disruptions, and the sale of
Createch on March 1, 2022. These
impacts were largely offset by continued strong residential
Internet revenue growth.
- Product revenue increased 46.3% to $139
million, driven by higher sales of data equipment to
enterprise business customers, due mainly to timing of deals, and
an easier year-over-year comparison as data equipment shortages
began to intensify in Q3 2021.
- Wireline adjusted EBITDA was down 1.2% to $1,317 million, due to 2.8% higher operating
costs, which together with a year-over-year increase in low-margin
product sales contributed to a 1.0 percentage-point margin decline
to 43.2%. The increase in operating costs this quarter was the
result of unusually high storm-related costs, due primarily to
Hurricane Fiona, and ongoing inflationary pressures2 on
fuel, utility and labour costs.
- Bell added 89,652 net new retail Internet
subscribers3, up 36.3% from 65,779 in Q3 2021. This
represents our best quarterly result since Q3 2005, driven by the
accelerated expansion of Bell's fibre footprint, bundled service
offerings and a more active back-to-school period compared to last
year. Within Bell's all-fibre footprint, retail Internet net
subscriber activations were a record 95,036, up 33.2% over Q3 2021.
Retail Internet subscribers totalled 4,067,039 at the end of Q3, up
6.6% from last year.
- Bell TV added 38,093 net new retail IPTV
subscribers3, up 20.4% from 31,641 in Q3 2021. This
represents our highest quarterly result in four years, reflecting
the success of our multi-brand customer segmentation approach,
including standalone Fibe TV subscriptions and Fibe TV app
streaming services, as well as more typical back-to-school market
activity. At the end of Q3, Bell served 1,945,657 retail IPTV
subscribers, a 5.0% increase compared to Q3 2021.
- Retail satellite TV net subscriber3 losses were
27,240, up from 21,120 in Q3 2021, reflecting fewer gross
activations and increased churn compared to last year when we
experienced fewer customer deactivations due to less promotional
offer intensity during COVID. Bell's retail satellite TV customer
base totalled 789,343 at the end of Q3, down 9.9% from last
year.
- Retail residential NAS3 net losses totalled 42,853,
compared to 42,755 in Q3 2021. Bell's retail residential NAS
customer base totalled 2,164,151 at the end of Q3, a 7.5% decline
compared to last year.
__________________________
|
1
|
Business service
solutions revenues are comprised of managed services, which include
network management, voice management, hosting and security, and
professional services, which include consulting, integration and
resource services.
|
2
|
Inflationary cost
pressures are defined as a year-over-year increase in operating
costs driven by inflationary pressures related to fuel, utilities
and salary expenses.
|
3
|
Refer to the Key
Performance Indicators (KPIs) section in this news release for
more information on subscriber (or customer) units.
|
Bell Media
- Media operating revenue of $719
million was unchanged compared to Q3 2021 as higher
subscriber revenue was offset by lower year-over-year advertising
revenue.
- Advertising revenue was down 2.3%, reflecting softer TV
advertiser demand and a slow radio recovery from COVID due to the
current macroeconomic backdrop. This was partly offset by improved
year-over-year out of home performance as well as continued strong
digital growth. Additionally, advertising revenue generated in Q3
2021 from the federal election, UEFA Euro Cup and Tokyo Summer
Olympics did not recur this year.
- Subscriber revenue increased 2.2%, due mainly to Crave
streaming direct-to-consumer growth.
- Digital revenues were up 40%, the result of continued strong
Crave direct-to-consumer growth and increased bookings from Bell
Media's strategic audience management (SAM) TV media sales tool.
Total Crave subscriptions increased 7% from last year to
approximately 3.1 million subscribers.
- CTV remained Canada's most-watched English-language
conventional network, benefitting from a strong primetime summer
season to expand its lead with a 29% gain in audience market share
in Q3 among A25-54. Bell Media's English-language entertainment
specialty channels also had a strong showing, finishing the
2021/2022 broadcast year with 5 of the top 10 channels among
A25-54, including the top three spots for CTV Comedy, Discovery and
CTV Drama. CTV Comedy ranked as the most-watched entertainment
specialty channel in A25-54 for the fourth consecutive year.
- Noovo continued to gain viewership, outpacing its
French-language conventional TV competitors with market share of
primetime audiences up 4% among A25-54, while RDS remained Canada's
top-ranked French-language sports network in Q3.
- Adjusted EBITDA was down 15.3% to $182
million, resulting in a 4.6 percentage-point margin decline
to 25.3%, due to the year-over-year decline in advertising revenue
and a 6.5% increase in operating costs driven by the return this
year to regular sports broadcast schedules and normalization of
entertainment programming content deliveries.
COMMON SHARE DIVIDEND
BCE's Board of Directors
has declared a quarterly dividend of $0.92 per common share, payable on January 16, 2023 to shareholders of record at the
close of business on December 15,
2022.
OUTLOOK FOR 2022
BCE confirmed its financial
guidance targets for 2022, as provided on February 3, 2022, as follows:
|
2021
Results
|
2022
Guidance
|
Revenue
growth
|
2.5 %
|
1% – 5%
|
Adjusted EBITDA
growth
|
3.0 %
|
2% – 5%
|
Capital
intensity1
|
20.7 %
|
21 %
|
Adjusted EPS
growth
|
5.6 %
|
2% – 7%
|
Free cash flow
growth1
|
(11.0 %)
|
2% – 10%
|
Annualized common
dividend per share
|
$3.50
|
$3.68
|
__________________________
|
1
|
In Q2 2022, we applied
the IFRIC Agenda Decision on Demand Deposits with Restrictions on
Use arising from a Contract with a Third Party (IAS 7 – Statement
of Cash Flows) retrospectively to each prior period presented. For
further details, refer to Note 2, Basis of presentation and
significant accounting policies in our Q3 2022 financial
statements.
|
For the full-year 2022, we expect growth in adjusted
EBITDA, a reduction in contributions to post-employment
benefit plans and payments under other post-employment benefit
plans, and lower cash income taxes, will drive higher free
cash flow.
Please see the section entitled "Caution Regarding
Forward-Looking Statements" later in this news release for a
description of the principal assumptions on which BCE's 2022
financial guidance targets are based, as well as the principal
related risk factors.
CALL WITH FINANCIAL ANALYSTS
BCE will hold a
conference call for financial analysts to discuss Q3 2022 results
on Thursday, November 3 at
8:00 am eastern. Media are welcome to
participate on a listen-only basis. To participate, please dial
toll-free 1-800-806-5484 or 416-340-2217 and enter passcode
1128694#. A replay will be available until midnight on December 1, 2022 by dialing 1-800-408-3053
or 905-694-9451 and entering passcode 6266597#. A live audio
webcast of the conference call will be available on BCE's website
at BCE Q3 2022 conference call.
NON-GAAP AND OTHER FINANCIAL MEASURES
BCE uses various financial measures to assess its business
performance. Certain of these measures are calculated in accordance
with International Financial Reporting Standards (IFRS or GAAP)
while certain other measures do not have a standardized meaning
under GAAP. We believe that our GAAP financial measures, read
together with adjusted non-GAAP and other financial measures,
provide readers with a better understanding of how management
assesses BCE's performance.
National Instrument 52-112, Non-GAAP and Other Financial
Measures Disclosure (NI 52-112), prescribes disclosure
requirements that apply to the following specified financial
measures:
- Non-GAAP financial measures;
- Non-GAAP ratios;
- Total of segments measures;
- Capital management measures; and
- Supplementary financial measures.
This section provides a description and classification of the
specified financial measures contemplated by NI 52-112 that we use
in this news release to explain our financial results except
that, for supplementary financial measures, an explanation of such
measures is provided where they are first referred to in this news
release if the supplementary financial measures' labelling is not
sufficiently descriptive.
Non-GAAP Financial Measures
A non-GAAP financial measure is a financial measure used to
depict our historical or expected future financial performance,
financial position or cash flow and, with respect to its
composition, either excludes an amount that is included in, or
includes an amount that is excluded from, the composition of the
most directly comparable financial measure disclosed in BCE's
consolidated primary financial statements. We believe that non-GAAP
financial measures are reflective of our on-going operating results
and provide readers with an understanding of management's
perspective on and analysis of our performance.
Below are descriptions of the non-GAAP financial measures that
we use in this news release to explain our results as well as
reconciliations to the most comparable IFRS financial measures.
Adjusted net earnings – Adjusted net earnings is a
non-GAAP financial measure and it does not have any standardized
meaning under IFRS. Therefore, it is unlikely to be comparable to
similar measures presented by other issuers.
We define adjusted net earnings as net earnings attributable to
common shareholders before severance, acquisition and other costs,
net mark-to-market losses (gains) on derivatives used to
economically hedge equity settled share-based compensation plans,
net equity losses (gains) on investments in associates and joint
ventures, net losses (gains) on investments, early debt redemption
costs, impairment of assets and discontinued operations, net of tax
and NCI.
We use adjusted net earnings and we believe that certain
investors and analysts use this measure, among other ones, to
assess the performance of our businesses without the effects of
severance, acquisition and other costs, net mark-to-market losses
(gains) on derivatives used to economically hedge equity settled
share-based compensation plans, net equity losses (gains) on
investments in associates and joint ventures, net losses (gains) on
investments, early debt redemption costs, impairment of assets and
discontinued operations, net of tax and NCI. 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 directly comparable IFRS financial measure is net
earnings attributable to common shareholders.
The following table is a reconciliation of net earnings
attributable to common shareholders to adjusted net earnings on a
consolidated basis.
($ millions)
|
|
|
|
Q3 2022
|
Q3 2021
|
Net earnings
attributable to common shareholders
|
715
|
757
|
Reconciling items:
|
|
|
Severance, acquisition and other costs
|
22
|
50
|
Net
mark-to-market losses (gains) on derivatives used to economically
hedge equity settled share-based compensation plans
|
74
|
(61)
|
Net
equity losses on investments in associates and joint
ventures
|
-
|
-
|
Net gains
on investments
|
-
|
-
|
Early
debt redemption costs
|
-
|
-
|
Impairment of assets
|
21
|
-
|
Income
taxes for above reconciling items
|
(31)
|
2
|
NCI for
the above reconciling items
|
-
|
-
|
Adjusted net
earnings
|
801
|
748
|
Available liquidity – Available liquidity is a non-GAAP
financial measure and it does not have any standardized meaning
under IFRS. Therefore, it is unlikely to be comparable to similar
measures presented by other issuers.
In Q3 2022, we updated our definition of available liquidity to
exclude amounts available under committed credit facilities that
may only be used for a pre-determined purpose given that such
amounts are not for general use by our businesses. This update was
made subsequent to a new committed non-revolving credit facility
entered into in Q3 2022 that must exclusively be used to partly
fund the expansion of our broadband networks as part of government
subsidy programs. This change does not impact the available
liquidity amounts previously presented.
We define available liquidity as cash, cash equivalents and
amounts available under our securitized receivables program and our
committed bank credit facilities, excluding credit facilities that
are available exclusively for a pre-determined purpose.
We consider available liquidity to be an important indicator of
the financial strength and performance of our businesses because it
shows the funds available to meet our cash requirements, including
for, but not limited to, capital expenditures, post-employment
benefit plans funding, dividend payments, the payment of
contractual obligations, maturing debt, on-going operations, the
acquisition of spectrum, and other cash requirements. We
believe that certain investors and analysts use available liquidity
to evaluate the financial strength and performance of our
businesses. The most directly comparable IFRS financial measure is
cash.
The following table is a reconciliation of cash to available
liquidity on a consolidated basis.
($ millions)
|
|
|
|
|
September
30,
|
December 31,
|
2022
|
2021
|
Cash1
|
583
|
289
|
Cash
equivalents
|
150
|
-
|
Amounts available under
our securitized receivables program2
|
700
|
400
|
Amounts available under
our committed bank credit facilities3
|
2,099
|
2,789
|
Available
liquidity1
|
3,532
|
3,478
|
__________________________
|
1
|
In Q2 2022, we applied
the IFRIC Agenda Decision on Demand Deposits with Restrictions on
Use arising from a Contract with a Third Party (IAS 7 – Statement
of Cash Flows) retrospectively to each prior period presented. For
further details, refer to Note 2, Basis of presentation and
significant accounting policies in our Q3 2022 financial
statements.
|
2
|
At September 30, 2022
and December 31, 2021, respectively, $700 million and $400 million
was available under our securitized receivables program, under
which we borrowed $1,600 million and $900 million as at September
30, 2022 and December 31, 2021, respectively. Loans secured by
receivables are included in Debt due within one year in our
consolidated financial statements.
|
3
|
At September 30, 2022
and December 31, 2021, respectively, $2,099 million and $2,789
million were available under our committed bank credit facilities,
given outstanding commercial paper of $1,022 million in U.S.
dollars ($1,401 million in Canadian dollars) and $561 million in
U.S. dollars ($711 million in Canadian dollars) as at September 30,
2022 and December 31, 2021, respectively. Commercial paper
outstanding is included in Debt due within one year in our
consolidated financial statements.
|
Free cash flow – Free cash flow is a non-GAAP
financial measure and it does not have any standardized meaning
under IFRS. Therefore, it is unlikely to be comparable to similar
measures presented by other issuers.
We define free cash flow as cash flows from operating
activities, excluding cash from discontinued operations,
acquisition and other costs paid (which include significant
litigation costs) and voluntary pension funding, less capital
expenditures, preferred share dividends and dividends paid by
subsidiaries to NCI. We exclude cash from discontinued operations,
acquisition and other costs paid and voluntary pension funding
because they affect the comparability of our financial results and
could potentially distort the analysis of trends in business
performance. Excluding these items does not imply they are
non-recurring.
We consider free cash flow to be an important indicator of the
financial strength and performance of our businesses. Free cash
flow shows how much cash is available to pay dividends on common
shares, repay debt and reinvest in our company. We believe that
certain investors and analysts use free cash flow to value a
business and its underlying assets and to evaluate the financial
strength and performance of our businesses. The most directly
comparable IFRS financial measure is cash flows from operating
activities.
The following table is a reconciliation of cash flows from
operating activities to free cash flow on a consolidated basis.
($ millions)
|
|
|
|
Q3 2022
|
Q3 2021
|
Cash flows from
operating activities
|
1,996
|
1,774
|
Capital
expenditures
|
(1,317)
|
(1,164)
|
Cash dividends paid on
preferred shares
|
(27)
|
(31)
|
Cash dividends paid by
subsidiaries to NCI
|
(11)
|
(13)
|
Acquisition and other
costs paid
|
1
|
-
|
Free cash
flow
|
642
|
566
|
Non-GAAP Ratios
A non-GAAP ratio is a financial measure disclosed in the form of
a ratio, fraction, percentage or similar representation and that
has a non-GAAP financial measure as one or more of its
components.
Below is a description of the non-GAAP ratio that we use in this
news release to explain our results.
Adjusted EPS – Adjusted EPS is a non-GAAP ratio and it
does not have any standardized meaning under IFRS. Therefore, it is
unlikely to be comparable to similar measures presented by other
issuers.
We define adjusted EPS as adjusted net earnings per BCE common
share. Adjusted net earnings is a non-GAAP financial measure. For
further details on adjusted net earnings, refer to Non-GAAP
Financial Measures above.
We use adjusted EPS, and we believe that certain investors and
analysts use this measure, among other ones, to assess the
performance of our businesses without the effects of severance,
acquisition and other costs, net mark-to-market losses (gains) on
derivatives used to economically hedge equity settled share-based
compensation plans, net equity losses (gains) on investments in
associates and joint ventures, net losses (gains) on investments,
early debt redemption costs, impairment of assets and discontinued
operations, net of tax and NCI. 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.
Total of Segments Measures
A total of segments measure is a financial measure that is a
subtotal or total of 2 or more reportable segments and is disclosed
within the Notes to BCE's consolidated primary financial
statements.
Below is a description of the total of segments measure that we
use in this news release to explain our results as well as a
reconciliation to the most comparable IFRS financial measure.
Adjusted EBITDA – Adjusted EBITDA is a total of segments
measure. We define adjusted EBITDA as operating revenues less
operating costs as shown in BCE's consolidated income
statements.
The most directly comparable IFRS financial measure is net
earnings. The following table is a reconciliation of net earnings
to adjusted EBITDA on a consolidated basis.
($ millions)
|
|
|
|
Q3 2022
|
Q3 2021
|
Net earnings
|
771
|
813
|
Severance, acquisition
and other costs
|
22
|
50
|
Depreciation
|
914
|
902
|
Amortization
|
267
|
245
|
Finance
costs
|
|
|
Interest
expense
|
298
|
272
|
Net
(return) interest on post-employment benefit plans
|
(13)
|
5
|
Impairment of
assets
|
21
|
-
|
Other expense
(income)
|
130
|
(35)
|
Income taxes
|
178
|
306
|
Adjusted
EBITDA
|
2,588
|
2,558
|
Supplementary Financial Measures
A supplementary financial measure is a financial measure that is
not reported in BCE's consolidated financial statements, and is, or
is intended to be, reported periodically to represent historical or
expected future financial performance, financial position, or cash
flows.
An explanation of such measures is provided where they are first
referred to in this news release if the supplementary financial
measures' labelling is not sufficiently descriptive.
KEY PERFORMANCE INDICATORS (KPIs)
We use adjusted
EBITDA margin, blended ARPU, capital intensity, churn and
subscriber (or customers or NAS) units to measure the success of
our strategic imperatives. These key performance indicators are not
accounting measures and may not be comparable to similar measures
presented by other issuers.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain
statements made in this news release are forward-looking
statements. These statements include, without limitation,
statements relating to BCE's financial guidance (including
revenues, adjusted EBITDA, capital intensity, adjusted EPS and free
cash flow), BCE's 2022 annualized common share dividend, our
network deployment plans and anticipated capital expenditures, the
expected completion of the proposed acquisition of Distributel and
the benefits expected to result therefrom, Bell Ventures' planned
investments in early-stage and growth companies, BCE's business
outlook, objectives, plans and strategic priorities, and other
statements that are not historical facts. Forward-looking
statements are typically identified by the words assumption,
goal, guidance, objective, outlook, project, strategy, target
and other similar expressions or future or conditional verbs such
as aim, anticipate, believe, could, expect, intend, may, plan,
seek, should, strive and will. All such forward-looking
statements are made pursuant to the 'safe harbour' provisions of
applicable Canadian securities laws and of the United States Private Securities
Litigation Reform Act of 1995.
Forward-looking statements, by their very nature, are subject to
inherent risks and uncertainties and are based on several
assumptions, both general and specific, which give rise to the
possibility that actual results or events could differ materially
from our expectations expressed in or implied by such
forward-looking statements and that our business outlook,
objectives, plans and strategic priorities may not be achieved.
These statements are not guarantees of future performance or
events, and we caution you against relying on any of these
forward-looking statements. The forward-looking statements
contained in this news release describe our expectations as of
November 3, 2022 and, accordingly,
are subject to change after such date. Except as may be required by
applicable 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. From time to time, we consider potential
acquisitions, dispositions, mergers, business combinations,
investments, monetizations, joint ventures and other transactions,
some of which may be significant. Except as otherwise indicated by
us, forward-looking statements do not reflect the potential impact
of any such transactions or of special items that may be announced
or that may occur after November 3,
2022. The financial impact of these transactions and special
items can be complex and depends on the facts particular to each of
them. We therefore cannot describe the expected impact in a
meaningful way or in the same way we present known risks affecting
our business. Forward-looking statements are presented in this news
release for the purpose of assisting investors and others in
understanding certain key elements of our expected financial
results, as well as our objectives, strategic priorities and
business outlook, and in obtaining a better understanding of our
anticipated operating environment. Readers are cautioned that such
information may not be appropriate for other purposes.
Material Assumptions
A number of economic, market,
operational and financial assumptions were made by BCE in preparing
its forward-looking statements contained in this news release,
including, but not limited to the following:
Canadian Economic Assumptions
Our
forward-looking statements are based on certain assumptions
concerning the Canadian economy. As almost all public health
restrictions in Canada have been
lifted, pandemic-related effects on consumer demand are assumed to
have dissipated. In addition, we have assumed:
- Slowing economic growth, given the Bank of Canada's most recent
estimated growth in Canadian gross domestic product of 3.25% in
2022, representing a decrease from the earlier estimate of
3.5%
- Elevated consumer price index (CPI) inflation as the demand for
goods and services is outpacing the economy's ability to supply
them
- Tight labour market
- Slowing household spending growth as higher interest rates
weigh on disposable income
- Slowing business investment growth due to higher financing
costs, softening demand and moderating capacity constraints
- Higher interest rates
- Higher immigration
- The conflict between Russia
and Ukraine affecting the Canadian
economy through elevated food and gasoline prices
- Canadian dollar expected to remain near current levels. Further
movements may be impacted by the degree of strength of the U.S.
dollar, interest rates and changes in commodity prices.
Canadian Market Assumptions
Our forward-looking
statements also reflect various Canadian market assumptions. In
particular, we have made the following market assumptions:
- A consistently high level of wireline and wireless competition
in consumer, business and wholesale markets
- Higher, but slowing, wireless industry penetration
- A shrinking data and voice connectivity market as business
customers migrate to lower-priced telecommunications solutions or
alternative OTT competitors
- The current advertising market is adversely impacted due to
economic uncertainty resulting from inflationary pressures,
increasing risk of recession and ongoing supply chain
challenges
- Declines in broadcasting distribution undertaking (BDU)
subscribers driven by increasing competition from the continued
rollout of subscription video-on-demand (SVOD) streaming services
together with further scaling of OTT aggregators
Assumptions Concerning our Bell Wireless
Segment
Our forward-looking statements are also based on
the following internal operational assumptions with respect to our
Bell Wireless segment:
- Maintain our market share of national operators' wireless
postpaid mobile phone net additions and growth of our prepaid
subscriber base
- Continued strong competitive intensity and promotional activity
across all regions and market segments
- Ongoing expansion and deployment of 5G and 5G+ wireless
networks, offering competitive coverage and quality
- Continued diversification of our distribution strategy with a
focus on expanding direct-to-consumer (DTC) and online
transactions
- Growth in mobile phone blended ARPU, driven by growth in 5G
subscriptions, and increased roaming revenue from the easing of
travel restrictions implemented as a result of the COVID-19
pandemic, partly offset by reduced data overage revenue due to the
continued adoption of unlimited plans
- Accelerating business customer adoption of advanced 5G, 5G+ and
IoT solutions
- Improving wireless handset device availability in addition to
stable device pricing and margins
- Realization of cost savings related to operational efficiencies
enabled by changes in consumer behaviour, digital adoption, product
and service enhancements, new call centre and digital investments
and other improvements to the customer service experience
- No adverse material financial, operational or competitive
consequences of changes in or implementation of regulations
affecting our wireless business
Assumptions Concerning our Bell Wireline
Segment
Our forward-looking statements are also based on
the following internal operational assumptions with respect to our
Bell Wireline segment:
- Further deployment of direct fibre to more homes and businesses
within our wireline footprint
- Continued growth in retail Internet and IPTV subscribers
- Increasing wireless and Internet-based technological
substitution
- Continued aggressive residential service bundle offers from
cable TV competitors in our local wireline areas, moderated by
growing our share of competitive residential service bundles
- Continued large business customer migration to IP-based
systems
- Ongoing competitive repricing pressures in our business and
wholesale markets
- Continued competitive intensity in our small and medium-sized
business markets as cable operators and other telecommunications
competitors continue to intensify their focus on business
customers
- Traditional high-margin product categories challenged by large
global cloud and OTT providers of business voice and data solutions
expanding into Canada with on-demand services
- Accelerating customer adoption of OTT services resulting in
downsizing of TV packages
- Growing consumption of OTT TV services and on-demand streaming
video, as well as the proliferation of devices, such as tablets,
that consume large quantities of bandwidth, will require ongoing
capital investment
- Realization of cost savings related to operating efficiencies
enabled by a growing direct fibre footprint, changes in consumer
behaviour and product innovation, expanding self-serve
capabilities, other improvements to the customer service
experience, management workforce reductions including attrition and
retirements, and lower contracted rates from our suppliers
- No adverse material financial, operational or competitive
consequences of changes in or implementation of regulations
affecting our wireline business
Assumptions Concerning our Bell Media
Segment
Our forward-looking statements are also based on
the following internal operational assumptions with respect to our
Bell Media segment:
- Overall revenue expected to reflect continued scaling of our
strategic audience management (SAM) TV and Bell
demand-side-platform (DSP) buying platforms, as well as
direct-to-consumer (DTC) subscriber growth
- Continued escalation of media content costs to secure quality
programming, as well as the continued return to normal volumes of
entertainment programming
- Continued scaling of Crave through broader content offering,
user experience improvements and Crave Mobile
- Continued investment in Noovo original programming to better
serve our French-language customers with a wider array of content
on their preferred platforms
- Leveraging of first-party data to improve targeting,
advertisement delivery and attribution
- Ability to successfully acquire and produce highly rated
programming and differentiated content
- Building and maintaining strategic supply arrangements for
content across all screens and platforms
- No adverse material financial, operational or competitive
consequences of changes in or implementation of regulations
affecting our media business
Financial Assumptions Concerning BCE
Our
forward-looking statements are also based on the
following internal financial assumptions with respect to BCE
for 2022:
- An estimated post-employment benefit plans service cost of
approximately $255 million
- An estimated net return on post-employment benefit plans of
approximately $50 million
- Depreciation and amortization expense of approximately
$4,700 million to $4,750 million
- Interest expense of approximately $1,125
million to $1,175 million,
instead of $1,075 million to
$1,125 million
- Interest paid of approximately $1,175
million to $1,225 million,
instead of $1,125 million to
$1,175 million
- An average effective tax rate of approximately 25%, instead of
27%
- NCI of approximately $60
million
- Contributions to post-employment benefit plans of approximately
$150 million
- Payments under other post-employment benefit plans of
approximately $75 million
- Income taxes paid (net of refunds) of approximately
$800 million to $900 million
- Weighted average number of BCE common shares outstanding of
approximately 911 million
- An annual common share dividend of $3.68 per share
Assumptions underlying expected reductions in
contributions to our defined benefit pension plans
Our
forward-looking statements are also based on the following
principal assumptions underlying expected reductions in
contributions to our defined benefit pension plans:
- At the relevant time, our defined benefit (DB) pension plans
will remain in funded positions with going concern surpluses and
maintain solvency ratios that exceed the minimum legal requirements
for a contribution holiday to be taken
- No significant declines in our DB pension plans' financial
position due to declines in investment returns or interest
rates
- No material experience losses from other unforeseen events such
as through litigation or changes in laws, regulations or actuarial
standards
The foregoing assumptions, although considered reasonable by BCE
on November 3, 2022, may prove to be
inaccurate. Accordingly, our actual results could differ materially
from our expectations as set forth in this news release.
Material Risks
Important risk 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 2022 financial
guidance, are listed below. The realization of our forward-looking
statements, including our ability to meet our 2022 financial
guidance targets, essentially depends on our business performance,
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 forward-looking statements. These risks
include, but are not limited to: the adverse effects of the
COVID-19 pandemic, including from the restrictive measures
implemented or to be implemented as a result thereof, and the
adverse effects of the conflict between Russia and Ukraine, including from the economic sanctions
imposed or to be imposed as a result thereof, and supply chain
disruptions resulting therefrom; adverse economic and financial
market conditions, including from inflationary pressures, rising
interest rates, increasing risk of recession, the COVID-19 pandemic
and the conflict between Russia
and Ukraine; a declining level of
retail and commercial activity, and the resulting negative impact
on the demand for, and prices of, our products and services; the
intensity of competitive activity including from new and emerging
competitors; the level of technological substitution and the
presence of alternative service providers contributing to
disruptions and disintermediation in each of our business segments;
changing customer behaviour and the expansion of over-the-top (OTT)
TV and other alternative service providers, as well as the
fragmentation of, and changes in, the advertising market; rising
content costs and challenges in our ability to acquire or develop
key content; the proliferation of content piracy; higher Canadian
smartphone penetration and reduced or slower immigration flow;
regulatory initiatives, proceedings and decisions, government
consultations and government positions that affect us and influence
our business including, without limitation, concerning the
conditions and prices at which access to our networks may be
mandated and spectrum may be acquired in auctions; the inability to
protect our physical and non-physical assets from events such as
information security attacks, which risk may be exacerbated by the
conflict between Russia and
Ukraine, unauthorized access or
entry, fire and natural disasters; the failure to implement
effective data governance; the failure to evolve and transform our
networks, systems and operations using next-generation technologies
while lowering our cost structure; the inability to drive a
positive customer experience; the failure to attract, develop and
retain a diverse and talented team capable of furthering our
strategic imperatives; labour disruptions and shortages; the
failure to maintain operational networks; service interruptions or
outages due to legacy infrastructure and the possibility of
instability as we transition towards converged wireline and
wireless networks; the failure by us, or by other
telecommunications carriers on which we rely to provide services,
to complete planned and sufficient testing, maintenance,
replacement or upgrade of our or their networks, equipment and
other facilities, which could disrupt our operations including
through network failures; the risk that we may need to incur
significant unplanned capital expenditures to provide additional
capacity and reduce network congestion; the complexity of our
operations; the failure to implement or maintain highly effective
processes and information technology (IT) systems; events affecting
the functionality of, and our ability to protect, test, maintain,
replace and upgrade, our networks, IT systems, equipment and other
facilities; in-orbit and other operational risks to which the
satellites used to provide our satellite TV services are subject;
our dependence on third-party suppliers, outsourcers, and
consultants to provide an uninterrupted supply of the products and
services we need; the failure of our vendor selection, governance
and oversight processes, including our management of supplier risk
in the areas of security, data governance and responsible
procurement; the quality of our products and services and the
extent to which they may be subject to defects or fail to comply
with applicable government regulations and standards; the inability
to access adequate sources of capital and generate sufficient cash
flows from operating activities to meet our cash requirements, fund
capital expenditures and provide for planned growth; uncertainty as
to whether dividends will be declared by BCE's board of directors
or whether the dividend on common shares will be increased; the
inability to manage various credit, liquidity and market risks; new
or higher taxes due to new tax laws or changes thereto or in the
interpretation thereof, and the inability to predict the outcome of
government audits; the failure to reduce costs, as well as
unexpected increases in costs, and the inability to generate
anticipated benefits from acquisitions and corporate
restructurings; the failure to evolve practices to effectively
monitor and control fraudulent activities; pension obligation
volatility and increased contributions to post-employment benefit
plans; unfavourable resolution of legal proceedings; the failure to
develop and implement strong corporate governance practices and
compliance frameworks and to comply with legal and regulatory
obligations; the failure to recognize and adequately respond to
climate change and other environmental concerns and expectations;
pandemics, epidemics and other health risks, including health
concerns about radio frequency emissions from wireless
communications devices and equipment; the inability to adequately
manage social issues; and internal factors, such as the failure to
implement sufficient corporate and business initiatives, as well as
various external factors which could challenge our ability to
achieve our environmental, social and governance (ESG) targets
including, without limitation, those related to greenhouse gas
(GHG) emissions reduction and diversity, equity and inclusion.
We caution that the foregoing list of risk factors is not
exhaustive and other factors could also adversely affect our
results. We encourage investors to also read BCE's 2021 Annual
MD&A dated March 3, 2022
(included in BCE's 2021 Annual Report) and BCE's 2022 First, Second
and Third Quarter MD&As dated May 4,
2022, August 3, 2022 and
November 2, 2022, respectively, for
additional information with respect to certain of these and other
assumptions and risks, filed by BCE with the Canadian provincial
securities regulatory authorities (available at Sedar.com) and with
the U.S. Securities and Exchange Commission (available at SEC.gov).
These documents are also available at BCE.ca.
About BCE
BCE is Canada's largest communications
company, providing advanced Bell broadband wireless, Internet, TV,
media and business communications services. To learn more, please
visit Bell.ca or BCE.ca.
Through Bell for Better, we are investing to create a better
today and a better tomorrow by supporting the social and economic
prosperity of our communities. This includes the Bell Let's Talk
initiative, which promotes Canadian mental health with national
awareness and anti-stigma campaigns like Bell Let's Talk Day and
significant Bell funding of community care and access, research and
workplace initiatives throughout the country. To learn more, please
visit Bell.ca/LetsTalk.
Media inquiries:
Marie-Eve Francoeur
514-391-5263
marie-eve.francoeur@bell.ca
Investor inquiries:
Thane Fotopoulos
514-870-4619
thane.fotopoulos@bell.ca
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SOURCE Bell Canada