2010 annual general shareholder meeting · financial guidance 8 2010 outlook1 revenue growth 1% -...
TRANSCRIPT
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2010 ANNUAL GENERAL SHAREHOLDER MEETING
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Caution concerning forward-looking statements
Certain statements made in this presentation including, but not limited to, statements relating to our 2010 financial guidance (including revenue, EBITDA, Adjusted EPS, free cash flow, capital intensity and annualized common share dividend), our plan to launch Internet Protocol Television later in 2010, our fibre-optic deployment objectives, expected capital expenditures and our strategic objectives and priorities, and other statements that are not historical facts, are forward-looking statements. Several assumptions were made by BCE in preparing these forward-looking statements and there are risks that actual results will differ materially from those contemplated by our 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. For additional information on such assumptions and risks, please consult BCE’s 2009 Annual MD&A dated March 11, 2010, as updated in BCE’s 2010 First Quarter MD&A dated May 5, 2010, and BCE’s press release dated May 6, 2010 announcing its financial results for the first quarter of 2010, all filed with the Canadian securities commissions and with the SEC and which are also available on BCE’s website.
Forward-looking statements made in this presentation represent BCE’s expectations as of May 6, 2010, 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 any forward-looking statement, whether as a result of new information, future events or otherwise.
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Executing with increased momentum
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Delivered total returns of
23%to BCE shareholders
in 2009
Focused strategy
Clear set of capital markets policies
Improved financial and operating performance
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2009 financial performance against targets2009Guidance
2009Actual Result
Revenue growth1 1 - 2% 1% Achieved
EBITDA growth1 1 - 2% 1.4% Achieved
Capital intensity1 15 - 16% 15.9% Achieved
Adjusted earnings per share $2.40 - $2.50 $2.50 Achieved
Free cash flow2 $1.25B - $1.4B $1.46B Exceeded
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1 Revenue, EBITDA and capital intensity is for Bell excluding Bell Aliant2 After $500M voluntary pension contribution
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Capital markets strategy
• Over $2B in cash and credit facilities
• Solid investment grade metrics
• Voluntary $500M pension plan contribution
• Supports dividend growth and capital investment
Maintain ample liquidity
Increase total shareholder returns
Maintain strong credit profile1
2
4
Grow free cash flow3
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• Through dividend increases
• Through share buybacks
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Returning cash to shareholders
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Delivering on dividend growth model(Annualized common dividend per share)
Q4 2008 20091st Half
201020092nd Half
$1.46$1.62 $1.74
$1.54
+19%
Share buyback program
Shares purchased
Amount ($)
2009 40M $986.2M
2010E ~20M ~$500M
~60M ~$1.5B
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Financial guidance
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2010 outlook1
Revenue growth 1% - 2%
EBITDA growth 2% - 4%
Capital intensity ≤ 16%
Adjusted EPS2 $2.65 - $2.75
Free cash flow3 ~$2B - $2.2B
Annualized common share dividend $1.74
1 Revenue, EBITDA and capital intensity guidance for Bell excluding Bell Aliant2 EPS before restructuring and other and net gains (losses) on investments3 Free cash flow before common share dividends and including Bell Aliant's cash distributions
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Q1 financial performance
• Increased operational momentum
• Strong earnings growth
• Free cash flow doubled Y/Y
• All key financial indicators right on track with guidance
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Q1 2010 Y/Y
Revenues1 $3,758M 3.8%
EBITDA1 $1,455M 2.0%
Net earnings applicable to common shares $608M 61.3%
Statutory EPSAdjusted EPS2
$0.79$0.65
64.6%14.0%
Free cash flow3 $545M $273M
1 Revenue, EBITDA and capital expenditures for Bell excluding Bell Aliant2 EPS before restructuring and other and net gains (losses) on investments3 Free cash flow before common share dividends and including Bell Aliant's cash distributions
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George A. CopePresident and Chief Executive Officer
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Our goalTo be recognized by customers as Canada’s leading communications company
5 Strategic Imperatives
1 Achieve a Competitive Cost Structure
2 Improve Customer Service
3 Leverage Wireline Momentum
4 Accelerate Wireless
5 Invest in Broadband Networks and Services
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Achieve a Competitive Cost Structure
1
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StrategicImperative
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Labour force reductions
• Bell workforce reduced by 5,800 since 2008
• 4 collective agreements signed in 2009
• Retirement Incentivefor ~1,300
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Streamlined and productive workforce
(3,300)44,100
Jun 2008 Dec 20092008Reductions
-13%
2009Reductions
(2,500)
38,300
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Integrated 3 business units
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Bell Business Markets
• Single point of entry to Bell products and services
• Reduced duplication and costs
• Faster, more efficient customer service
Bell Enterprise
Bell Small/Medium Business
Bell West
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Maintaining strong focus on cost control
Wireline expenses in 2009*• Labour costs down 9% • G&A expenses down 10% • Improved working capital • Accounts receivable balance ~$100M lower
More cost reductions in Q1 2010*• Wireline operating costs down ~$90M• Receivables management improve by $141M• Vendor renegotiations flow-through
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2008 2009 2010 Forecast
~$2.3
~$2.2
~$2.1
* Excludes acquisitions and Olympics
Wireline support costs ($B)
-9%
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Improve Customer Service
2StrategicImperative
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Launched service enhancements
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Customer satisfaction highest in 5 years
Same Day Next Day Repair
Full Install for Internet
Express Install
Fewer customer calls
2008 2009 Q1 2010
16%12%
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The right tools and support
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New branded vehicles
Driving productivity and pride in Bell
Mobile phones and GPS
Laptops Branded apparel
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More to come…• Complex service issues handled closer to home
– Calls to India from 22% in 2008 to about 1% in 2010
• Customized support in stores– 500 Service and Product Assistance Centres
• Specialized client care training– Smartphones and Apple computer support
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$140M investment in customer service
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Leverage WirelineMomentum
3StrategicImperative
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Canada runs on Bell
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Serving the top TSX companies
Winbacks
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Bell’s global reach
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Supporting Canadian customers as theyexpand worldwide
Worldwide support for Canadian government communications
Bank systems in 24 Caribbean and Central America countries
New win over AT&T supports McCain in 40+ countries
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Product innovations for businessBell’s content delivery network• New way for business to stream video to
Internet users worldwide• Higher speeds, no added infrastructure costs
Telepresence• Ultimate video and audio clarity• Low cost travel alternative
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Consumer revenue mix (2009)
Majority of household revenue from TV and Internet
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Home Phone47%
Internet16%
TV37%
53%
• Revenue growth in 2009– TV up 9.9%– Internet up 5.6%– Home Phone down 8.6%
• ~$1B more from TV and Internet in last 5 years– Driven by subscriber
growth, value-added services
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Canada’s largest Internet provider
• High-speed Fibre rollout– Neighbourhood– Condos and buildings – Direct to homes
• Better network performance
• Broadest WiFi footprint
The New Bell Fibe™ is
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Fibre to the Home in 2010
• New housing developments• Québec City and other regions • 100 Mps broadband
– Lower operating costs– Fewer repairs
• Deployment already begun
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Historic technology announcement for Bell
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Bell TV continues to accelerate
• More than 100 HD channels• Canada’s only Remote PVR
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Revenue per subscriber
Net additions
$72.60
Q1 10Q1 09
$68.84
~2 million subscribers on Bell TV
Q1 10Q1 09
69%
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New TV services in 2010
IPTV launch in Montréal and Toronto• Amazing new
applications• Video on Demand• Whole Home PVR
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Accelerate Wireless
StrategicImperative
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Bell’s new network superiority
Announced November 2009• 21 Mbps download speed• 93% of Canadians covered• Roaming in 200+ countries• AT&T roaming agreement
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Their network
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HSPA+
EASTCOVERAGE
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Our network
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HSPA+
EASTCOVERAGE
HSPA+
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Their network
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HSPA+
WESTCOVERAGE
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Our network
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HSPA+
WESTCOVERAGE
HSPA+
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Mobile device leadership
1 million data devices activated in 2009 • Thousands of data apps
• High demand for wireless Internet sticks
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Best and broadest choice
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TV anytime anywhere
• Live TV coverage of Olympic events
• Broadcasts from 7 networks
• Full-length shows, news and sports
• Live playoff games and highlights on Mobile NHL
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New distribution advantage
• Bell leads with more distribution points across Canada
• 750 The Source stores
• Effective retail channel for Bell Mobility, TV and Internet
• More than 80M shoppers a year
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Acquired 100% of Virgin Mobile Canada
• Global brand recognition
• #1 mobile choice for fast-growing youth market
• Strengthens Bell’s competitive position in “flanker markets”
• Sold at The Source
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Q1Record gross adds
Q1Record post-paid adds
Q1Stable ARPU
Q1Strong data revenue
Bell wireless has accelerated in 2010…
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• 81K additions
• Up 132%
• 429K additions
• Up 17%• $50.07
• Up 0.5%
• Over $200M
• Up 40%
Best performance in 25 years
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Invest in Broadband Networks and Services
5StrategicImperative
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Investing for the future
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BCE capital expenditures of almost $3B in 2010
Wireless HSPA+ network
TV satellites and IPTV
Broadband fibrenetwork
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Shareholder value
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Industry leading shareholder returns
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Total shareholder returns Since Dec. 31, 2008
30.1%
25.8%
11.2%
3.5%
(2.6%)
(0.6%)
(7.3%)
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2010 Winter Olympics
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Bell delivers Canada’s golden Games
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Full Olympic coverage on all 3 screens
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3.5 B viewers worldwide
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Bell delivered glitch-free GamesThey came, they broadcast, they streamed video, they watched online, they emailed, texted, shared videos and photos and chatted on the phone.
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todayjust gotbetter
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Clara HughesLong Track Speed Skating
JoannieRochetteFigure Skating
Sidney CrosbyHockey
Ashleigh McIvorSki Cross
2010 Winter OlympicsYour Bell champions
SteveOmischlFreestyle Skiing
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2010 ANNUAL GENERAL SHAREHOLDER MEETING