Cash flow BCE Inc.

Equities

BCE

CA05534B7604

Integrated Telecommunications Services

Market Closed - Toronto S.E. Other stock markets 16:15:19 2024-09-09 EDT			5-day change	1st Jan Change
48.95 ^CAD	+0.93%		+3.69%	-6.17%

08-15	Layoffs pile up in US, Canada as companies uncertain of economy	RE
08-13	Canada regulator expands internet network-sharing provision to telcos nationwide	RE

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Published financial data: BCE INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	23.96B	22.88B	23.45B	24.17B	24.67B
Total Revenues	23.96B	22.88B	23.45B	24.17B	24.67B
Cost of Goods Sold, Total	13.67B	13.08B	13.36B	13.7B	13.84B
Gross Profit	10.29B	9.8B	10.09B	10.47B	10.83B
Selling General & Admin Expenses, Total	249M	241M	213M	220M	218M
R&D Expenses	-	-	-	-	90M
Depreciation & Amortization - (IS)	3.5B	3.48B	3.63B	3.66B	3.74B
Amortization of Goodwill and Intangible Assets - (IS)	902M	929M	982M	1.06B	1.17B
Other Operating Expenses, Total	4.65B	4.64B	4.82B	4.94B	5.23B
Operating Income	5.64B	5.16B	5.26B	5.53B	5.61B
Interest Expense, Total	-1.13B	-1.11B	-1.08B	-1.15B	-1.48B
Interest And Investment Income	-	-	-	-	67M
Net Interest Expenses	-1.13B	-1.11B	-1.08B	-1.15B	-1.41B
Income (Loss) On Equity Invest.	-72M	5M	-95M	-61M	-553M
Other Non Operating Income (Expenses)	175M	-69M	338M	-33M	-70M
EBT, Excl. Unusual Items	4.62B	3.98B	4.42B	4.29B	3.58B
Restructuring Charges	-63M	-35M	-171M	-83M	-134M
Merger & Related Restructuring Charges	-51M	-81M	-38M	-11M	-66M
Gain (Loss) On Sale Of Investments	13M	3M	-6M	24M	80M
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-111M	-555M	-221M	-306M	-132M
Legal Settlements	-	-	-	-	-
Other Unusual Items	-18M	-50M	-53M	-18M	-1M
EBT, Incl. Unusual Items	4.39B	3.26B	3.94B	3.89B	3.32B
Income Tax Expense	1.13B	792M	1.04B	967M	996M
Earnings From Continuing Operations	3.25B	2.47B	2.89B	2.93B	2.33B
Earnings Of Discontinued Operations	-	226M	-	-	-
Net Income to Company	3.25B	2.7B	2.89B	2.93B	2.33B
Minority Interest	-62M	-65M	-52M	-58M	-64M
Net Income - (IS)	3.19B	2.63B	2.84B	2.87B	2.26B
Preferred Dividend and Other Adjustments	151M	136M	131M	152M	187M
Net Income to Common Incl Extra Items	3.04B	2.5B	2.71B	2.72B	2.08B
Net Income to Common Excl. Extra Items	3.04B	2.27B	2.71B	2.72B	2.08B
Per Share Items
Net EPS - Basic	3.37	2.76	2.99	2.98	2.28
Basic EPS - Continuing Operations	3.37	2.51	2.99	2.98	2.28
Basic Weighted Average Shares Outstanding	901M	904M	906M	912M	912M
Net EPS - Diluted	3.37	2.76	2.99	2.98	2.28
Diluted EPS - Continuing Operations	3.37	2.51	2.99	2.98	2.28
Diluted Weighted Average Shares Outstanding	901M	904M	907M	912M	912M
Normalized Basic EPS	3.13	2.68	2.99	2.88	2.38
Normalized Diluted EPS	3.13	2.68	2.99	2.87	2.38
Dividend Per Share	3.17	3.33	3.5	3.68	3.87
Payout Ratio	92.95	117.96	114.68	120.22	162.09
Supplemental Items
EBITDA	8.62B	8.1B	8.33B	8.62B	8.7B
EBITA	5.8B	5.3B	5.4B	5.66B	5.75B
EBIT	5.64B	5.16B	5.26B	5.53B	5.61B
EBITDAR	8.87B	8.34B	8.54B	8.84B	8.92B
Effective Tax Rate - (Ratio)	25.83	24.26	26.52	24.84	29.97
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	733M	678M	818M	779M	906M
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	400M	114M	226M	188M	90M
Normalized Net Income	2.82B	2.42B	2.71B	2.62B	2.17B
Interest Capitalized	45M	49M	63M	128M	135M
Interest on Long-Term Debt	1.02B	1.07B	1.09B	1.15B	1.39B
Non-Cash Pension Expense	19M	10M	-11M	-105M	-202M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	109M	47M	57M	57M	90M
Net Rental Expense, Total	249M	241M	213M	220M	218M
Imputed Operating Lease Interest Expense	92.49M	84.93M	69.69M	72.81M	82.47M
Imputed Operating Lease Depreciation	157M	156M	143M	147M	136M
Stock-Based Comp., COGS (Total)	93M	91M	95M	101M	95M
Total Stock-Based Compensation	93M	91M	95M	101M	95M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	145M	224M	207M	149M	772M
Short Term Investments	-	-	-	-	1B
Total Cash And Short Term Investments	145M	224M	207M	149M	1.77B
Accounts Receivable, Total	3.93B	3.77B	3.95B	4.25B	4.14B
Other Receivables	223M	448M	411M	325M	335M
Total Receivables	4.15B	4.22B	4.36B	4.57B	4.47B
Inventory	427M	439M	482M	656M	465M
Prepaid Expenses	194M	209M	254M	244M	230M
Restricted Cash	-	-	82M	-	-
Other Current Assets, Total	605M	601M	810M	864M	957M
Total Current Assets	5.52B	5.69B	6.2B	6.49B	7.9B
Gross Property Plant And Equipment	77.36B	79.2B	82.05B	83.61B	86.84B
Accumulated Depreciation	-49.73B	-51.68B	-53.82B	-54.36B	-56.48B
Net Property Plant And Equipment	27.64B	27.51B	28.24B	29.26B	30.35B
Long-term Investments	827M	882M	851M	823M	910M
Goodwill	10.67B	10.6B	10.57B	10.91B	10.94B
Other Intangibles, Total	13.35B	13.1B	15.57B	16.18B	16.61B
Accounts Receivable Long-Term	533M	256M	251M	674M	693M
Loans Receivable Long-Term	142M	-	-	-	-
Deferred Tax Assets Long-Term	98M	106M	105M	84M	96M
Deferred Charges Long-Term	368M	362M	387M	603M	779M
Other Long-Term Assets, Total	1B	2.15B	4.6B	4.31B	3.66B
Total Assets	60.15B	60.66B	66.76B	69.33B	71.94B
Liabilities
Accounts Payable, Total	2.6B	2.6B	2.93B	3.6B	3.31B
Accrued Expenses, Total	952M	870M	932M	996M	1.07B
Short-term Borrowings	3.04B	1.44B	1.64B	2.46B	1.8B
Current Portion of Long-Term Debt	62M	221M	126M	930M	2.17B
Current Portion of Leases	775M	754M	864M	750M	1.07B
Current Income Taxes Payable	303M	214M	141M	106M	268M
Unearned Revenue Current, Total	683M	717M	799M	857M	811M
Other Current Liabilities	1.35B	1.46B	1.68B	1.77B	1.6B
Total Current Liabilities	9.78B	8.27B	9.11B	11.47B	12.11B
Long-Term Debt	18.59B	20.3B	23.6B	24.31B	27.35B
Long-Term Leases	3.82B	3.6B	3.44B	3.47B	3.78B
Unearned Revenue Non Current	207M	242M	246M	228M	277M
Pension & Other Post Retirement Benefits	1.91B	1.96B	1.73B	1.31B	1.28B
Deferred Tax Liability Non Current	3.56B	3.81B	4.68B	4.95B	4.87B
Other Non Current Liabilities	871M	1.14B	1B	1.07B	1.72B
Total Liabilities	38.74B	39.34B	43.82B	46.81B	51.38B
Preferred Stock Redeemable	4B	4B	4B	3.87B	3.67B
Total Preferred Equity	4B	4B	4B	3.87B	3.67B
Common Stock, Total	20.36B	20.39B	20.66B	20.84B	20.86B
Additional Paid In Capital	1.18B	1.17B	1.16B	1.17B	1.26B
Retained Earnings	-4.63B	-4.68B	-3.4B	-3.65B	-5.51B
Comprehensive Income and Other	161M	103M	213M	-55M	-42M
Total Common Equity	17.07B	16.99B	18.63B	18.31B	16.56B
Minority Interest	334M	340M	306M	337M	328M
Total Equity	21.41B	21.33B	22.94B	22.52B	20.56B
Total Liabilities And Equity	60.15B	60.66B	66.76B	69.33B	71.94B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	904M	905M	911M	912M	912M
ECS Total Common Shares Outstanding	904M	904M	909M	912M	912M
Book Value / Share	18.88	18.78	20.5	20.07	18.15
Tangible Book Value	-6.95B	-6.72B	-7.51B	-8.78B	-10.99B
Tangible Book Value Per Share	-7.69	-7.43	-8.26	-9.63	-12.05
Total Debt	26.3B	26.32B	29.67B	31.92B	36.18B
Net Debt	26.15B	26.1B	29.47B	31.77B	34.4B
Debt Equivalent of Unfunded Proj. Benefit Obligation	120M	-636M	-3.5B	-4.06B	-3.17B
Debt Equivalent Oper. Leases	1.99B	1.93B	1.7B	1.76B	1.74B
Minority Interest, Total (Incl. Fin. Div)	334M	340M	306M	337M	328M
Equity Method Investments, Total	698M	756M	668M	608M	323M
Account Code - Inventory Valuation	8	8	8	8	8
Inventories - Work In Process, Total	-	-	-	-	-
Inventories - Finished Goods, Total	427M	439M	482M	656M	465M
Film Contract & Broadcasting Rights - Long-Term, Total	2.74B	2.38B	2.21B	2.09B	2.08B
Land - (BS)	5.15B	4.84B	4.96B	5.02B	5.03B
Full Time Employees	52.1K	50.7K	49.78K	44.61K	45.13K
Accumulated Allowance for Doubtful Accounts (Supple)	62M	149M	136M	129M	118M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	3.19B	2.47B	2.89B	2.87B	2.26B
Depreciation & Amortization - CF	3.5B	3.48B	3.63B	3.66B	3.74B
Amortization of Goodwill and Intangible Assets - (CF)	157M	142M	131M	137M	140M
Depreciation & Amortization, Total	3.65B	3.62B	3.76B	3.8B	3.88B
Amortization of Deferred Charges, Total - (CF)	745M	787M	851M	926M	1.03B
(Gain) Loss on Sale of Investments - (CF)	-13M	-3M	6M	-24M	-80M
Asset Writedown & Restructuring Costs	-105M	429M	160M	233M	99M
(Income) Loss On Equity Investments - (CF)	-	-	-	-	581M
Net Cash From Discontinued Operations	-	54M	-	-	-
Other Operating Activities, Total	430M	-76M	56M	198M	322M
Change In Accounts Receivable	-	-	278M	-59M	-11M
Change in Other Net Operating Assets	57M	473M	7M	426M	-146M
Cash from Operations	7.96B	7.75B	8.01B	8.36B	7.95B
Capital Expenditure	-3.99B	-4.2B	-4.84B	-5.13B	-4.58B
Cash Acquisitions	-51M	-65M	-12M	-429M	-222M
Divestitures	-	-	-	52M	209M
Sale (Purchase) of Intangible assets	-	-86M	-2.08B	-3M	-183M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-1B
Other Investing Activities, Total	3M	813M	-72M	-4M	-4M
Cash from Investing	-4.04B	-3.54B	-7B	-5.52B	-5.78B
Short Term Debt Issued, Total	-	-	351M	700M	-
Long-Term Debt Issued, Total	2.08B	6.01B	4.98B	2.06B	5.2B
Total Debt Issued	2.08B	6.01B	5.34B	2.76B	5.2B
Short Term Debt Repaid, Total	-1.07B	-1.64B	-150M	-	-
Long-Term Debt Repaid, Total	-2.23B	-5B	-2.75B	-2.02B	-2.65B
Total Debt Repaid	-3.3B	-6.64B	-2.9B	-2.02B	-2.65B
Issuance of Common Stock	240M	26M	261M	171M	18M
Repurchase of Common Stock	-142M	-263M	-297M	-255M	-223M
Repurchase of Preferred Stock	-	-	-	-125M	-140M
Common Dividends Paid	-2.82B	-2.98B	-3.13B	-3.31B	-3.49B
Preferred Dividends Paid	-147M	-132M	-125M	-136M	-182M
Common & Preferred Stock Dividends Paid	-2.97B	-3.11B	-3.26B	-3.45B	-3.67B
Other Financing Activities, Total	-118M	-153M	-164M	-70M	-71M
Cash from Financing	-4.2B	-4.14B	-1.02B	-2.99B	-1.54B
Miscellaneous Cash Flow Adjustments	-4M	4M	-	-50M	-175M
Net Change in Cash	-284M	83M	-17M	-190M	448M
Supplemental Items
Cash Interest Paid	1.09B	1.11B	1.08B	1.2B	1.49B
Cash Income Tax Paid (Refund)	725M	846M	913M	749M	700M
Levered Free Cash Flow	3.43B	2.61B	506M	2.84B	2.78B
Unlevered Free Cash Flow	4.14B	3.3B	1.18B	3.56B	3.7B
Change In Net Working Capital	-105M	131M	-107M	-415M	55M
Net Debt Issued / Repaid	-1.22B	-638M	2.44B	739M	2.54B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	6.02	5.34	5.16	5.08	4.96
Return on Total Capital	7.6	6.76	6.56	6.45	6.3
Return On Equity %	15.45	11.57	13.07	12.87	10.81
Return on Common Equity	18.19	13.34	15.21	14.7	11.91
Margin Analysis
Gross Profit Margin %	42.95	42.84	43.01	43.31	43.91
SG&A Margin	1.04	1.05	0.91	0.91	0.88
EBITDA Margin %	35.98	35.41	35.52	35.64	35.27
EBITA Margin %	24.21	23.16	23.01	23.43	23.29
EBIT Margin %	23.56	22.54	22.45	22.86	22.73
Income From Continuing Operations Margin %