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| **    		MD&A** 		    
In this management’s discussion and analysis of financial condition and results of operations (MD&A), *we, us, our, BCE*and *the company*mean, as the context may require, either BCE Inc. or, collectively, BCE Inc., its subsidiaries, joint arrangements and associates. *Bell*means our Bell Wireline, Bell Wireless and Bell Media segments on an aggregate basis. *Bell Aliant*means, as the context may require, either Bell Aliant Inc. or, collectively, Bell Aliant Inc. and its subsidiaries and associates.

All amounts in this MD&A are in millions of Canadian dollars, except where noted. Please refer to *Measures Used to Manage our Business*on page 151 for a list of defined measures.

Please refer to BCE’s audited consolidated financial statements for the year ended December 31, 2013 when reading this MD&A.

In preparing this MD&A, we have taken into account information available to us up to March 6, 2014, the date of this MD&A, unless otherwise stated.

You will find BCE’s audited consolidated financial statements for the year ended December 31, 2013, BCE’s annual information form for the year ended December 31, 2013 dated March 6, 2014 (BCE 2013 AIF) and recent financial reports on BCE’s website at BCE.ca, on SEDAR at sedar.com and on EDGAR at sec.gov.

This MD&A comments on our business operations, performance, financial position and other matters for the two years ended December 31, 2013 and 2012.
 
**CAUTION REGARDING FORWARD-LOOKING STATEMENTS**

BCE’s 2013 annual report including this MD&A and, in particular, but without limitation, section *1.4, Capital Markets Strategy*, section *2, Bell’s Strategic Imperatives*, section *3.2, Business Outlook and Assumptions,*section *5, Business Segment Analysis*and section*6.6, Liquidity of this MD&A*contain forward-looking statements. These forward-looking statements include, but are not limited to, BCE’s 2014 annualized common share dividend and common share dividend policy, Bell Canada’s credit policies, BCE’s business outlook, objectives, plans and strategic priorities, the sources of liquidity we expect to use to meet our anticipated 2014 cash requirements, our 2014 expected post-employment benefit plan funding, and our networks deployment plans. Forward-looking statements also include any other statements that do not refer to historical facts. A statement we make is forward-looking when it uses what we know and expect today to make a statement about the future. 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. Unless otherwise indicated by us, forward-looking statements in BCE’s 2013 annual report, including in this MD&A, describe our expectations as at March 6, 2014 and, accordingly, are subject to change after this date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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. As a result, we cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. Forward-looking statements are presented in BCE’s 2013 annual report, including in this MD&A, for the purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned, however, that such information may not be appropriate for other purposes.

We have made certain economic, market and operational assumptions in preparing forward-looking statements contained in BCE’s 2013 annual report and, in particular, but without limitation, the forward-looking statements contained in the above-mentioned sections of this MD&A. These assumptions include, without limitation, the assumptions described in the various sections of this MD&A entitled *Business Outlook and Assumptions*, which sections are incorporated by reference in this cautionary statement. We believe that these assumptions were reasonable at March 6, 2014. If our assumptions turn out to be inaccurate, our actual results could be materially different from what we expect.

Important risk factors including, without limitation, competitive, regulatory, economic, financial, operational and technological risks that could cause actual results or events to differ materially from those expressed in, or implied by, the above-mentioned forward-looking statements and other forward-looking statements in BCE’s 2013 annual report, as well as in this MD&A, include, but are not limited to, the risks described in section *9, Business Risks*, which section is incorporated by reference in this cautionary statement.

We caution readers that the risks described in the above-mentioned section and in other sections of this MD&A are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation. Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after March 6, 2014. 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.

 
24   		BCE Inc.    **2013 Annual Report**    
**    1		OVERVIEW**
 **MD&A**   		   
**1.1** INTRODUCTION

**AT A GLANCE**

BCE is Canada’s largest communications company, providing residential, business and wholesale customers with a wide range of solutions for all their communications needs. BCE’s shares are publicly traded on the Toronto Stock Exchange and on the New York Stock Exchange (TSX, NYSE: BCE).

In 2013 and 2012, we reported the results of our operations in four segments: Bell Wireline, Bell Wireless, Bell Media and Bell Aliant.

Our Bell Wireline segment provides local telephone, long distance, data, including Internet access and television (TV), as well as other communications services and products to Bell’s residential, small and medium-sized business and large enterprise customers, primarily in the urban areas of Ontario and Québec. In addition, this segment includes our wholesale business, which buys and sells local telephone, long distance, data and other services from or to resellers and other carriers.

Our Bell Wireless segment provides wireless voice and data communication products and services to Bell’s residential, small and medium-sized business and large enterprise customers across Canada.

Our Bell Media segment provides conventional, specialty and pay TV, digital media, and radio broadcasting services to customers across Canada and out-of-home (OOH) advertising services. On July 5, 2013, BCE acquired 100% of the issued and outstanding shares of Astral Media Inc. (Astral). The results of Astral are included in our Bell Media segment from the date of acquisition.

Our Bell Aliant segment provides local telephone, long distance, Internet, data, TV, wireless, home security and value-added business solutions to residential and business customers in the Atlantic provinces and in rural and regional areas of Ontario and Québec. Bell Aliant is a public company in which we own a 44.1% interest, with the remaining 55.9% publicly held. BCE controls Bell Aliant through its right to appoint a majority of the board of directors of Bell Aliant.

We also hold investments in a number of other assets, including:
-  a 28% indirect equity interest in Maple Leaf Sports & Entertainment Ltd. (MLSE)a 35.3% indirect equity interest in Q9 Networks Inc. (Q9)a 18.4% indirect equity interest in entities that operate the Montréal Canadiens Hockey Club and the Bell Centre in Montréala 15% equity interest in the Globe and Mail
BCE Inc.   		**2013 Annual Report**    25   
**    1		OVERVIEW**
 **MD&A**   		    
 

BCE**2013**** **2012  CHANGE  
Wireless Subscribers**7,925,032**** **7,824,890  1.3%
*Postpaid****6,798,093***** ***6,541,827*  *3.9**%*
Internet Subscribers**3,136,636**** **3,045,235  3.0%
TV (Satellite and Internet Protocol Television) (IPTV)) Subscribers**2,489,248**** **2,312,065  7.7%
**Total Growth Services****13,550,916**** **13,182,190  2.8%
Wireline Network Access Service (NAS) lines**7,595,569**** **8,136,309  (6.6%)
**Total Services****21,146,485**** **21,318,499  (0.8%)
**OUR GOAL**

Our goal is to be recognized by customers as Canada’s leading communications company. Our primary business objectives are to maximize subscribers, revenues, operating profit, free cash flow (1) and return on invested capital by further enhancing our position as the foremost provider in Canada of comprehensive communications services to residential and business customers. We seek to take advantage of opportunities to leverage our networks, infrastructure, sales channels, and brand and marketing resources across our various lines of business to create value for both our customers and other stakeholders.

Our strategy is centred on our disciplined focus and execution of six strategic imperatives. The six strategic imperatives that underlie Bell’s business plan are:

**1 Accelerate Wireless**

**2 Leverage Wireline Momentum**

**3 Expand Media Leadership**

**4 Invest in Broadband Networks and Services**

**5 Achieve a Competitive Cost Structure**

**6 Improve Customer Service**

 
(1)*EBITDA 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. See section*10.2 Non-GAAP Financial Measures – EBITDA *and*Free Cash Flow *in this MD&A for more details, including, for free cash flow, a reconciliation to the most comparable IFRS financial measure.*
 
26   		BCE Inc.    **2013 Annual Report**    
**    1		OVERVIEW**
 **MD&A**   		   
 

**1.2** ABOUT BCE

We report the results of our operations in four segments: Bell Wireless, Bell Wireline, Bell Media and Bell Aliant. Bell, which encompasses our core operations, is comprised of our Bell Wireless, Bell Wireline and Bell Media segments. We describe our product lines, by segment below, to provide further insight into our operations.
 
**OUR PRODUCTS AND SERVICES**

**Bell Wireless**

**SEGMENT DESCRIPTION**
-  Provides integrated digital wireless voice and data communicationsproducts and services to residential and business customers across CanadaIncludes the results of operations of Bell Mobility Inc. (Bell Mobility)and wireless-related product sales from The Source (Bell) Electronics Inc. (The Source)
**OUR NETWORKS AND REACH**

We have deployed and operate a number of leading nationwide wireless broadband networks compatible with global standards that deliver high-quality and reliable voice and high-speed data services to virtually all of the Canadian population.

Fourth Generation (4G) Long-term Evolution (LTE) network launched in September 2011
-  Offers mobile Internet data access speeds as fast as 75 megabits per second (Mbps) in most areas (typical speeds of 12 to25 Mbps) and up to 150 Mbps in others (typical speeds of 18 to40 Mbps)Covers 80% of the Canadian population coast-to-coast atDecember 31, 2013Roams on the High-speed packet access plus (HSPA+) networkoutside LTE urban coverage area
HSPA+ network launched in November 2009
-  Offers high-speed mobile access of up to 21 Mbps in most areas(typical speeds of 3.5-8 Mbps), and as high as 42 Mbps in areaswith dual cell capability when using compatible devices (typicalspeeds of 7 to 14 Mbps)Covered over 98% of the Canadian population coast-to-coastat December 31, 2013Supports international roaming in more than 200 countries
National 3G code division multiple access (CDMA), evolution data optimized network, which we plan to continue operating for the foreseeable future 

Largest wireless fidelity (Wi-Fi) network across Canada
-  Over 4,000 public Wi-Fi hotspots at participating McDonald’s, Tim Hortons and Chapters/Indigo retail outlets across Canada, in addition to thousands of private Wi-Fi networks managed through our Bell Business Markets unit at enterprise customer locations 

Approximately 1,600 Bell-branded stores and The Source locations across Canada

**OUR PRODUCTS AND SERVICES**
-  **Voice and data plans**, available on either postpaidor prepaid options**Extensive selection of 4G LTE-capable devices**, includingleading smartphones as well as the iPad and iPad mini**Data:** E-mail, web browsing, social networking, text messaging,picture and video messaging and call features**Mobile TV:** over 40 live and on-demand channels on smartphones and tablets**Entertainment:** games, ringtones, wallpapers, ringback tones,music downloads and video streaming**Mobile Internet:** Turbo Stick, Turbo Hub and MiFi**Mobile commerce:** secure debit and credit purchases usingBell Mobility smartphones**Mobile business services:** sales force automation, push-to-talk,field service automation, resource and tracking tools**Roaming services** with other wireless service providersin more than 200 countries worldwide**Machine-to-machine (M2M) applications**, including connectedcar and usage-based insurance vehicle tracking
 

BCE Inc.   		**2013 Annual Report**    27   
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**Bell Wireline**

**SEGMENT DESCRIPTION**
-  Provides local telephone, long distance, data (including TV, Internet accessand information and communications technology (ICT) solutions) and othercommunications services to residential and business customers primarilyin the urban areas of Ontario and Québec. We also offer competitive localexchange carrier (CLEC) services in Alberta and British ColumbiaIncludes the results of our wholesale business, which provides local telephone,long distance, data and other services to resellers and other carriers, andthe Wireline operations of NorthwesTel Inc. (NorthwesTel), which providestelecommunications services in Canada’s Northern TerritoriesIncludes wireline-related product sales from our wholly-owned subsidiary,national consumer electronics retailer The Source
**OUR NETWORKS AND REACH**
-  Extensive local access network primarily in the urban areas ofOntario and Québec, as well as in Canada’s Northern TerritoriesBroadband fibre network, consisting of fibre-to-the-node(FTTN), fibre-to-the-home (FTTH) and fibre-to-the-building(FTTB), covering 5.8 million locations in Ontario and QuébecIPTV service footprint encompassing 4.3 million householdsacross Ontario and Québec at December 31, 2013Largest Internet protocol (IP) multi-protocol label switchingfootprint of any Canadian provider, enabling us to offerbusiness customers a virtual private network (VPN) service forIP traffic and to optimize bandwidth for real-time voice and TVAccess to the largest data centre footprint in Canada with21 locations in 4 provinces, enabling us to offer data centreco-location and hosted services to business customersacross CanadaApproximately 1,600 Bell-branded stores and The Sourcelocations across Canada
**OUR PRODUCTS AND SERVICES**

***RESIDENTIAL***
-  **Bell TV:** Fibe TV (our IPTV service) and direct-to-home (DTH)Satellite TV, providing extensive content options and innovativefeatures such as wireless receiver, Whole Home personal videorecorder (PVR), on-demand programming, and a remote controlapplication (app)**Bell Internet:** High-speed Internet access offering speeds upto 50 Mbps with FTTN or 175 Mbps with FTTH, a wide range ofusage options, a comprehensive suite of security solutions,e-mail, Wi-Fi home network, and mobile Internet**Bell Home Phone:** Local telephone service with long distanceand advanced calling features**Bell Bundles:** three and four product bundles of serviceswith monthly discounts
***BUSINESS***
-  **IP-based services:** IP VPN, Ethernet, business Internetand Voice over Internet protocol (VoIP)**ICT solutions:** Hosted and cloud services, managed solutions,professional services and infrastructure services that supportand complement our data connectivity services**Voice:** local and long distance and unified communicationsservices, including audio and video conferencing, webcasting,and web conferencing business terminal equipment
 
28   		BCE Inc.    **2013 Annual Report**    
**    1		OVERVIEW**
 **MD&A**   		   
**Bell Media**

**SEGMENT DESCRIPTION**
-  Canada’s premier multimedia company with leading assets in TV,radio and digital mediaOn July 5, 2013, we completed the acquisition of Astral adding eight specialtyand pay TV services, 77 radio stations and digital media properties across Canada,as well as OOH advertising platforms, to Bell Media’s portfolio of assetsRevenues are derived primarily from advertising and subscriber fees
 -  Conventional TV revenue is derived from advertisingSpecialty TV revenue is generated from subscription fees and advertisingPay TV revenue is received from subscription feesRadio revenue is generated from advertising aired over our stationsOOH revenues are generated from advertising
**OUR ASSETS AND REACH**

***TV***
-  30 conventional TV stations, including CTV Inc. (CTV), Canada’sleading TV network based on viewership35 specialty TV channels, including TSN, Canada’s leadingspecialty sports channel and RDS, Canada’s leading French-language specialty sports channelFour pay TV services, including The Movie Network andSuper Écran
***RADIO***
-  107 licenced radio stations in 55 markets across Canada

***OOH ADVERTISING***
- Network of more than 9,500 advertising faces in Québec, Ontario and British Columbia

***DIGITAL MEDIA***
-  More than 200 websites, including TheLoop.ca

***SPORTS BROADCAST RIGHTS***
- Bell Media has secured long-term media rights to many of the key sports properties that are most important to Canadians, including being the official Canadian broadcaster of the Super Bowl, Grey Cup, IIHF World Junior Championship and FIFA Women’s World Cup Canada 2015. Bell Media’s slate of live sports coverage also includes the Toronto Maple Leafs, Montréal Canadiens, Winnipeg Jets and Ottawa Senators games, NFL, NBA, MLS, Season of Champions Curling, UEFA Euro 2016, MLB, Barclays Premier League, golf’s major championships, NASCAR Sprint Cup, Formula 1, Grand Slam Tennis and NCAA March Madness

***OTHER ASSETS***
- We also have a 50% interest in Dome Productions Partnership, one of North America’s leading providers of sports and other event production and broadcast facilities

**OUR PRODUCTS AND SERVICES**
-  Varied and extensive array of TV programming to broadcastdistributors across Canada**Advertising** on our TV, radio, OOH, and digital media propertiesto both local and national advertisers across a wide range ofindustry sectors**Mobile TV service** with live and on-demand access to contentfrom our conventional TV networks, CTV and CTV Two, as wellas real-time access to BNN, TSN, RDS, MTV and other brands innews, sports and entertainment. This mobile content is offeredon commercial terms to all Canadian wireless providers**TV Everywhere services**, including TMN GO and CTV GO, whichprovide live and on-demand content delivered over mobile andWi-Fi networks to smartphones, tablets and computers
BCE Inc.   		**2013 Annual Report**    29   
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 **MD&A**   		    
**Bell Aliant**

**SEGMENT DESCRIPTION**
-  One of the largest regional telecommunications service providersin North AmericaProvides a complete range of innovative communications, information andentertainment services, including voice, Internet, data, TV, wireless, home security,and value-added business solutions to residential and business customers inCanada’s Atlantic Provinces, as well as in rural and regional areas of Ontarioand Québec
**OUR NETWORKS AND REACH**
-  Reaching over 5 million Canadians in six provinces (Nova Scotia,New Brunswick, Newfoundland and Labrador, Prince EdwardIsland, Ontario and Québec)Extensive local access network in Atlantic Canada, as well asin certain areas of Ontario and Québec not serviced by BellExtensive broadband fibre infrastructure, consisting primarilyof a FTTH network covering more than 806,000 locations
**OUR PRODUCTS AND SERVICES**
-  Residential service bundles that have a combination of Internetservice (FibreOP or Digital subscriber line), TV (FibreOP TV,Bell Aliant TV, or Bell Satellite TV), home phone, local features,long distance plans and cellular service (over digital wirelessnetworks in certain territories in Québec and Ontario orBell Mobility)In business markets, we provide combined service offeringsin the form of business bundles and customized solutions
**Other BCE Investments**

BCE also holds investments in a number of other assets, including:
-  MLSE: 28% indirect equity interestQ9: 35.3% indirect equity interestMontréal Canadiens Hockey Club: 18.4% indirect equity interestThe Globe and Mail: 15% equity interest 
**OUR PEOPLE**

**EMPLOYEES**

We are a team of 55,830 employees, dedicated to driving shareholder return and improving customer service.

 

 
30   		BCE Inc.    **2013 Annual Report**    
**    1		OVERVIEW**
 **MD&A**   		   
 

The total number of BCE employees at the end of 2013 increased by 330 employees compared to 2012, due primarily to the acquisition of Astral. This increase was offset partly by a decreased workforce across our Bell Wireline, Bell Wireless and Bell Aliant segments attributable to normal attrition, retirements and productivity improvements.

Approximately 44% of total BCE employees are represented by labour unions.

**BELL CODE OF BUSINESS CONDUCT**

The ethical business conduct of our people is core to the integrity with which we operate our business. The Bell Code of Business Conduct sets out specific expectations and accountabilities, providing employees with practical guidelines to conduct business in an ethical manner. Our commitment to the Code of Conduct is renewed by employees each year in an ongoing effort to ensure that all employees are aware of and adhere to Bell’s standards of conduct.

**1.3** KEY CORPORATE DEVELOPMENTS

**ACQUISITION OF ASTRAL**

On July 5, 2013, BCE acquired 100% of the issued and outstanding shares of Astral for a cash consideration of $2,876 million and the repayment of $397 million of debt. Astral is a media company that operates specialty and pay TV channels, radio stations and digital media properties across Canada, and provides OOH advertising services. BCE acquired Astral to enhance our competitive position in French-language broadcasting in Québec, control content costs, and increase opportunities for cross-platform innovation and advertising packages spanning digital, TV, radio and OOH advertising.

In order to approve the transaction, the Competition Bureau and the Canadian Radio-television and Telecommunications Commission (CRTC) required the divestiture by BCE of eleven Astral TV services and ten Astral and Bell Media English-language radio stations. BCE retained eight Astral TV services: the French-language SuperÉcran, CinéPop, Canal Vie, Canal D, VRAK TV and Z Télé, and English-language services The Movie Network, which includes HBO Canada, and TMN Encore. BCE also retained 77 Astral radio stations and Astral’s national OOH advertising business. As a result of the transaction, Bell Media now owns 30 local TV stations, 39 specialty and pay channels, and 107 radio stations, excluding the TV assets and radio stations to be divested.

In January 2014, Bell completed the sale of Astral’s share of six TV services (the bilingual Teletoon/Télétoon service, English-language Teletoon Retro and Cartoon Network (Canada) and French-language Télétoon Rétro, Historia and Séries+) and two radio stations in Ottawa (CKQB-FM and CJOT-FM) to Corus Entertainment Inc. (Corus) as part of the divestiture process required by the CRTC and the Competition Bureau. Bell also completed the sale of two Winnipeg radio stations (CHIQ-FM and CFQX-FM) and one Calgary radio station (CKCE-FM) to Jim Pattison Broadcast Group (Pattison). Together, these sales generated total proceeds of $427.2 million. In addition, as a result of distinct auction processes, Bell has announced the following proposed transactions to sell each of the remaining five Astral TV assets and five radio stations required to be divested by the CRTC and, as applicable, the Competition Bureau:
-  On August 26, 2013, Bell reached an agreement withNewcap Inc. for the sale of two Toronto radio stations(CHBM-FM and CFXJ-FM) and three Vancouver radio stations(CKZZ-FM, CHHR-FM and CISL-AM)On November 28, 2013, Bell reached an agreement withDHX Media Ltd. for the sale of the following TV services: Family(including Disney Junior English), Disney XD and Disney JuniorFrench servicesOn December 3, 2013, Bell reached an agreement with VMedia Group for the sale of the two remaining TV services,MusiquePlus and MusiMax
Completion of these divestitures is subject to closing conditions, termination rights and other risks and uncertainties including, without limitation, approval by the CRTC. Accordingly, there can be no assurance that the proposed sale transactions will occur, or that they will occur on the terms and conditions currently contemplated, and such proposed sale transactions could be modified, restructured or terminated. As required by the CRTC and the Competition Bureau, the management and control of the assets to be sold were transferred to an independent trustee until completion of their respective divestiture processes.

As part of its approval of the Astral acquisition, the CRTC ordered BCE to spend $246.9 million in new benefits for French- and English-language TV, radio and film content development, support for emerging Canadian musical talent, training and professional development for Canadian media, and new consumer participation initiatives.

Astral revenues of $412 million and net earnings of $77 million are included in BCE’s 2013 income statement from the date of acquisition.
 
**CRTC WIRELESS CODE OF CONDUCT**

On June 3, 2013, the CRTC issued a decision establishing a mandatory code of conduct for all providers of retail mobile wireless voice and data services in Canada (the Wireless Code). The Wireless Code applies to all wireless services provided to individual and small business consumers (e.g. businesses that on average spend less than $2,500 per month on telecom services) in all provinces and territories. Among other things, the Wireless Code stipulates that wireless service providers may not charge an early cancellation fee once a customer has been under contract for 24 months. The Wireless Code establishes regulations related to unlocking mobile phones and setting default caps for data roaming charges and data overage charges. For more details on the Wireless Code, refer to section *8.2, Telecommunications Act-Adoption of a National Wireless Services Consumer Code.*

 

BCE Inc.   		**2013 Annual Report**    31   
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 **MD&A**   		    
**ACQUISITION OF 700 MEGAHERTZ (MHz) WIRELESS SPECTRUM**

The 700 MHz wireless spectrum auction began on January 14, 2014 and provisional spectrum licence winners were announced by Industry Canada on February 19, 2014. The highly competitive auction marked the first time 700 MHz spectrum had been made available to Canadian wireless carriers. This band of spectrum is highly desirable due to its ability to penetrate into buildings and propagate over long distances. Bell secured the right to acquire significant 700 MHz spectrum assets in every provincial and territorial market. Bell will acquire 31 licences for $566 million for 480M Megahertz Population (MHz-POP) of nationwide 700 MHz spectrum, bringing Bell’s total holdings across various spectrum bands to more than 4,200M MHz-POP nationally. Bell expects to fund its spectrum licensing payments to the federal government from available sources of cash. These licences are expected to enable rapid expansion of advanced 4G LTE broadband mobile services to rural communities, small towns and Canada’s North, while also enhancing coverage in urban and suburban areas. Our 4G LTE buildout plan is expected to bring advanced mobile broadband services to more than 98% of Canada’s population. We plan to begin operationalizing the spectrum for the benefit of our customers as soon as it is made available to us later this year.

**1.4** CAPITAL MARKETS STRATEGY

We seek to deliver sustainable shareholder returns through consistent dividend growth. That objective is underpinned by continued growth in free cash flow performance, a healthy level of ongoing capital investment in the business, a strong balance sheet and an investment grade credit profile.

**DIVIDEND GROWTH AND PAYOUT POLICY**

On February 6, 2014, we announced a 6.0%, or 14 cent, increase in the annualized dividend payable on BCE’s common shares for 2014 to $2.47 per share from $2.33 per share in 2013, starting with the quarterly dividend payable on April 15, 2014. With this increase for 2014, BCE’s annual common share dividend has increased 69% since the fourth quarter of 2008.

The dividend increase for 2014 is consistent with BCE’s common share dividend policy of a target payout between 65% and 75% of free cash flow. We intend to grow BCE’s common share dividend if we achieve free cash flow growth. BCE’s dividend policy and the declaration of dividends are subject to the discretion of BCE’s board of directors (Board).

We have a strong alignment of interest between shareholders and our management’s equity-based long-term incentive compensation plan. The vesting of performance share units depends on the realization of our dividend growth policy, while stock options reflect our commitment to increase the share price for our shareholders. Simply put, as we grow our free cash flow and common dividend, we create value for our shareholders and management alike.
-  STRINGENT SHARE OWNERSHIP REQUIREMENTSEMPHASIS ON PAY-AT-RISK FOR EXECUTIVE COMPENSATIONDOUBLE TRIGGER CHANGE IN CONTROL POLICYANTI-HEDGING POLICY ON SHARE OWNERSHIP AND INCENTIVE COMPENSATIONCLAWBACK PROVISION FOR CEO AND EVP (AS OF 2014) COMPENSATIONAND STOCK OPTION PLANCAPS ON ANNUAL BONUS PAYOUTS, PERFORMANCE SHARE UNIT PAYOUTSAND SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN PAYMENTSVESTING CRITERIA FOR PERFORMANCE SHARE UNITS FULLY ALIGNEDTO SHAREHOLDERS INTERESTSANNUAL “SAY ON PAY” VOTE
 
32   		BCE Inc.    **2013 Annual Report**    
**    1		OVERVIEW**
 **MD&A**   		   
**USE OF EXCESS CASH**

Our dividend payout policy allows BCE to retain a high level of excess cash, providing considerable overall financial flexibility.

Bell has deployed excess cash in a balanced manner in the last five years:
-  $2.75 billion of voluntary contributions to Bell’s defined benefit (DB) pension plan, which contributed to an improvement in the funded position of the plan and helps to minimize the volatility of future funding requirements 
-  $1.7 billion in share buybacks completed through normal courseissuer bid (NCIB) programsOver $6 billion to partially finance strategic acquisitions andinvestments that support the growth of our business, includingAstral, CTV, MLSE, the Montréal Canadiens, Q9, The Source andVirgin Mobile Canada (Virgin Mobile)
 

**TOTAL SHAREHOLDER RETURN PERFORMANCE**

This graph compares the yearly change in the cumulative annual total shareholder return of BCE common shares against the cumulative annual total return of the S&P/TSX Composite Index, for the five-year period ending December 31, 2013, assuming an initial investment of $100 on December 31, 2008 and that all subsequent quarterly dividends were reinvested.
(1) *Based on BCE common share price on the Toronto Stock Exchange and assumes the reinvestment of dividends.*(2)*With approximately 95% coverage of the Canadian equities market, the S&P/TSX Composite Index is the primary gauge against which to measure total shareholder return for Canadian-based, Toronto Stock Exchange-listed companies.*
 
 
**STRONG CAPITAL STRUCTURE**

Bell’s capital structure and strong liquidity position provide us with a solid financial foundation and a high level of overall financial flexibility. Bell is well-positioned with an attractive long-term debt maturity profile and no near-term requirements to repay debt. We continue to monitor the capital markets for opportunities where we can further reduce our cost of debt and our cost of capital. We proactively manage financial risk in terms of currency exposure of our more than $1 billion annual U.S. dollar-denominated purchases, as well as equity risk exposure under BCE’s long-term, equity-based incentive plans and interest rate exposure under our various debt instruments and preferred shares. We also seek to maintain investment grade credit ratings with stable outlooks.
 ATTRACTIVE LONG-TERM DEBT		MATURITY PROFILE-  Average term of Bell Canada’s debtis 9.5 years
-  No debenture maturities beforeDecember 2015
-  Average after-tax costof debt of 3.5%

  STRONG LIQUIDITY POSITION-  $2.5 billion credit facility
-  $500 million accounts receivablesecuritization available capacity
-  $319 million cash on handat the end of 2013
 SOLID INVESTMENT-GRADE CREDIT PROFILE-  Long-term debt credit rating ofA(low) by DBRS, Baa1 by Moody’s andBBB+ by S&P, all with stable outlooks
-  Maintain ratings in the A- to BBB+range or equivalent

 

BCE Inc.   		**2013 Annual Report**    33   
**    1		OVERVIEW**
 **MD&A**   		    
We successfully accessed the capital markets on three different occasions during 2013 (March, June and September), raising a total of $3 billion in gross proceeds from the issuance of Bell Canada five, seven and ten-year medium-term note (MTN) debentures on attractive terms. With these new issuances, Bell Canada’s average annual pre-tax cost of debenture debt declined to 4.8% (3.5% on an after-tax basis), compared to 5.3% (3.9% on an after-tax basis) in 2012, with an average term to maturity of 9.5 years. The net proceeds of these offerings were used for general corporate purposes, including the repayment of outstanding commercial paper, funding a portion of the cost of our acquisition of Astral and to finance the redemption of Bell Canada’s 4.85%, Series M-20 MTN debentures.

The financing structure for the acquisition of Astral has increased Bell Canada’s net debt leverage above our internal policy range of 1.5 to 2.0 times Adjusted EBITDA. That ratio is expected to improve steadily over time with expected growth in EBITDA and free cash flow and cash generation from the proceeds of the Astral remedy divestitures.

BELL CANADA CREDIT POLICIES (1)INTERNAL TARGET  DECEMBER 31, 2013 
Net debt to Adjusted EBITDA1.5-2.0  2.49 
Adjusted EBITDA to Net Interest>7.5  8.40 
 
(1)*Net debt is debt due within one year plus long-term debt and 50% of preferred shares less cash and cash equivalents; Adjusted EBITDA is defined as twelve-month trailing Bell EBITDA including dividends from Bell Aliant to BCE; Net interest is Bell interest expense excluding interest on post-employment benefit obligations and including 50% of preferred share dividends.*
**1.5** CORPORATE GOVERNANCE AND RISK MANAGEMENT

**CORPORATE GOVERNANCE PHILOSOPHY**

BCE’s Board and management believe that strong corporate governance practices contribute to superior results in creating and maintaining shareholder value. That is why we continually seek to strengthen our leadership in corporate governance and ethical business conduct by adopting best practices, and providing full transparency and accountability to our stakeholders.

Key governance strengths and actions in support of our governance philosophy include:
-  Separation of the Board Chair and chief executive officer(CEO) rolesDirector independence standardsBoard committee memberships restricted toindependent directorsAnnual director effectiveness and performance assessmentsOngoing reporting to Board committees regarding ethicsprograms and the oversight of corporate policies across BCEShare ownership guidelines for directors and executivesExecutive compensation programs tied to BCE’s abilityto grow its common share dividend
In 2013, the BCE Board was recognized by the Canadian Coalition for Good Governance, receiving the organization’s Gavel Award for best corporate governance disclosure, which underscores the importance of effective communication between corporations and their shareholders. The Canadian Society of Corporate Secretaries also named BCE the winner of its first-ever award for best overall corporate governance, recognizing our long history of best practices in building and sustaining shareholder and stakeholder value. In addition, BCE received the Best Overall Corporate Governance Award – International at the *Corporate Secretary*Corporate Governance Awards in New York. These achievements recognize the expertise and guidance provided by the BCE Board, and the hard work and dedication of the BCE team in ensuring rigorous governance over our company’s operations.

For more information, please refer to BCE’s most recent notice of annual general shareholder meeting and management proxy circular filed with the Canadian provincial securities regulatory authorities available on SEDAR at sedar.com and on BCE’s website at BCE.ca.
 
**RISK GOVERNANCE FRAMEWORK**

**BOARD OVERSIGHT**

BCE’s full Board is entrusted with the responsibility for overseeing the principal risks to which Bell’s business is exposed and seeking to ensure there are processes in place to effectively identify, monitor and manage them. These processes seek to mitigate rather than eliminate risk. A risk is the possibility that an event might happen in the future that could have a negative effect on our financial position, financial performance, cash flows, business or reputation. The Board delegates responsibility for the execution of certain elements of the risk oversight program to Board committees in order to ensure that they are treated with appropriate expertise, attention and diligence, with reporting to the Board in the ordinary course. The Board retains overall responsibility for, as well as direct oversight of, other risks, such as those relating to Bell’s competitive environment, complexity, strategic network evolution, customer service, information technology (IT), strategy development and business integration.

 
34   		BCE Inc.    **2013 Annual Report**    
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Risk information is reviewed by the Board or the relevant committee throughout the year and business leaders present regular updates on the execution of business strategies, risks and mitigation activities.

The Audit Committee oversees financial reporting and disclosure as well as overseeing that appropriate risk management processes are in place across the organization. As part of its risk management oversight activities, the Audit Committee reviews the organization’s risk reports and ensures that responsibility for each principal risk is formally assigned to a specific committee or the full Board, as appropriate. The Audit Committee also regularly considers risks relating to financial reporting, legal proceedings, physical security, performance of critical infrastructure, information security, privacy and records management, business continuity and the environment.

The Management Resources and Compensation Committee (Compensation Committee) oversees risks relating to compensation, succession planning and health and safety practices. The Pension Committee has oversight responsibility for risks associated with the pension fund. The Corporate Governance Committee assists the Board in developing and implementing BCE’s corporate governance guidelines and determining the composition of the Board and its committees. In addition, the Corporate Governance Committee oversees matters such as the organization’s policies concerning business conduct, ethics and public disclosure of material information.

**RISK MANAGEMENT CULTURE**

Bell has a strong culture of risk ownership which is actively promoted by the Board and the company’s CEO at all levels within the organization. It has become a part of how the company operates on a day-to-day basis and is woven into the structure and operating principles, guiding the implementation of the organization’s strategic imperatives.

The CEO, selected by the Board, has set his strategic focus through the execution of six strategic imperatives and focuses risk management around the factors that could impact the achievement of those strategic imperatives. While the constant change in the economic environment and the industry creates challenges, the clarity around strategic objectives, performance expectations, risk management and integrity in execution ensures discipline and balance in all aspects of Bell’s business.

**RISK MANAGEMENT FRAMEWORK**

While the Board is responsible for Bell’s risk oversight program, operational business units are central to the proactive identification and management of risk. They are supported by a range of corporate support functions which provide independent expertise to reinforce implementation of risk management approaches in collaboration with the operational business units. The Internal Audit function provides a further element of expertise and assurance, working to provide insight and support to the operational business units and corporate support functions while also providing the Audit Committee with an independent perspective on the state of risk and control within the organization. Collectively, these elements can be thought of as a “Three Lines of Defence” approach to risk management which is aligned with industry best practices and is endorsed by the Institute of Internal Auditors.

***FIRST LINE OF DEFENCE – OPERATIONAL MANAGEMENT***

The first line refers to management within Bell’s operational business segments (Wireless, Wireline and Media) who are expected to understand their operations in great detail and the financial results which underpin them. There are regular reviews of operating performance involving the organization’s executive and senior management. The discipline and precision associated with this process, coupled with the alignment and focus around performance goals, creates a high degree of accountability and transparency, in support of Bell’s risk management practices.

As risks emerge in the business environment, they are discussed in a number of regular forums to share details and explore their relevance across the organization. Executive and senior management is integral to these activities in driving the identification of risks, assessment, mitigation and reporting at all levels. Formal risk reporting occurs through strategic planning sessions, management presentations to the Board and formal enterprise risk reporting which is shared with the Board and the Audit Committee during the year.

Management is also responsible for maintaining effective internal controls and for executing risk and control procedures on a day-to-day basis. Each operational business unit develops its own operating controls and procedures that fit the needs of its unique environment.

***SECOND LINE OF DEFENCE – CORPORATE SUPPORT FUNCTIONS***

Bell is a large enterprise with approximately 50,000 employees, multiple business units and a diverse portfolio of risks which can change as a result of internal and external factors. In a large organization, it is common to manage certain functions centrally for efficiency, scale and consistency. While the first line of defence is often central to identification and management of business risks, in many instances operational management works both collaboratively with, and also relies on, the corporate functions which make up the second line of defence for support in these areas. These corporate functions include Finance, Corporate Security and Corporate Risk Management, as well as others such as Legal and Regulatory, Corporate Responsibility, Real Estate and Procurement.

 

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**    1		OVERVIEW**
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**Finance Function:** Bell’s Finance function plays a pivotal role in seeking to identify, assess and manage risks through a number of different activities which include financial performance management, external reporting, capital management and oversight and execution practices related to the *United States Sarbanes-Oxley Act*.

**Corporate Security Function:** This function is responsible for all aspects of security, which requires a deep understanding of the business, the risk environment and the external stakeholder environment. Based on this understanding, Corporate Security sets the standards of performance required across the organization through security policy definitions and monitors the organization’s performance against these policies. In high and emerging risk areas such as cybersecurity, Corporate Security leverages its experience and competence and, through collaboration with the operational business units, develops strategies intended to mitigate the organization’s risks.

**Corporate Risk Management Function:** This function works across the company to gather information and report on the organization’s assessment of its principal risks and the related exposures. Annually, senior management participates in a risk survey which provides an important reference point in the overall risk assessment process.

The second line of defence is critical in building and operating the oversight mechanisms which bring focus to relevant areas of risk and reinforce the bridges between the first and second lines of defence, thereby seeking to ensure that there is a clear understanding of emerging risks, their relevance to the organization and the proposed mitigation plans. To further coordinate efforts between the first and second lines of defence, Bell has established a Security, Environmental, Health and Safety Committee (SEHS). A significant number of Bell’s most senior leaders are members of this committee, whose purpose is to oversee Bell’s strategic security, environmental, health and safety risks and opportunities. This cross-functional committee seeks to ensure that relevant risks are adequately recognized and mitigation activities are well-integrated and aligned across the organization and are supported with sufficient resources.

***THIRD LINE OF DEFENCE – INTERNAL AUDIT FUNCTION***

Internal Audit is a part of the overall management information and control system and has the responsibility to act as an independent appraisal function. Its purpose is to provide the Audit Committee and management with objective evaluations of the company’s risk and control environment, to support management in delivering against Bell’s strategic imperatives and to maintain an audit presence throughout Bell and its subsidiaries.

 
36   		BCE Inc.    **2013 Annual Report**    
**    2 BELL’S		STRATEGIC IMPERATIVES**
 **MD&A**   		   *OUR SUCCESS IS BUILT ON THE BELL TEAM’S DEDICATED EXECUTION OF THE 6 STRATEGIC IMPERATIVES THAT SUPPORT OUR GOAL TO BE RECOGNIZED BY CUSTOMERS AS CANADA’S LEADING COMMUNICATIONS COMPANY.*
 

**2.1** ACCELERATE WIRELESS

Our objective is to grow our Bell Wireless business profitably by focusing on postpaid subscriber acquisition and retention, maximizing average revenue per unit (ARPU) by targeting high-value smartphone subscribers in all geographic markets we operate in, leveraging our wireless networks, maintaining device and mobile content leadership to drive greater wireless data penetration and usage, as well as by increasing our share of in-bound global roaming traffic.

***2013 PROGRESS***
-  Acquired 35% and 38% of total new postpaid gross and netactivations, respectively, among the three major wirelesscarriers, while achieving leading ARPU growth of 2.6% andEBITDA growth of 10.6%, as well as service margin expansionof 2.0 percentage points over 2012Expanded the number of smartphone users at the end of 2013to 73% of our total postpaid subscribers, up from 62% at theend of 2012Grew Bell Mobile TV subscribers to more than 1.2 million atthe end of 2013, up 66% over 2012. Mobile TV offers on-the-goaccess to over 40 sports, news, entertainment, and children’sTV channels. Additionally, the Bell TV app enables customers toaccess more than 70 other live and on-demand channels viaWi-Fi on their smartphones and tabletsExpanded our leading smartphone line-up with 26 newdevices, including the Apple iPhone 5s and iPhone 5c, SamsungGalaxy S4, Samsung Galaxy Note 3, Google Nexus 5, HTC One,LG G2 and Sony Xperia Z1, adding to our extensive selectionof 4G LTE-capable devices. In addition, the Apple iPad andiPad mini are also now available directly from BellPartnered with the Royal Bank of Canada (RBC) to develop asecure mobile payment solution, RBC Wallet (officially launchedin January 2014), which allows RBC customers to use theircompatible Bell Mobility smartphones to make secure debit andcredit purchases at locations that accept contactless paymentsReduced the cost of mobile roaming in the countries Canadianstravel to the most, including the United States, most Europeannations, Mexico, China, Turkey, Australia and New Zealand,as well as many Caribbean sun destinationsExpanded the number of retail distribution points of sale withthe addition of 43 new Bell stores and 40 new The Sourcelocations across CanadaRenewed our partnership with GLENTEL Inc., Canada’s largestindependent multi-carrier mobile phone retailerLaunched the new Bell M2M Management Centre, a secureonline portal offering Canadian businesses a comprehensivesuite of tools to manage connected devices across theiroperations that enables customers to remotely view, administerand control network-connected devices such as parking andhydro meters, vending machines, and billboards througha cloud-based, self-serve platform
***2014 FOCUS***
-  Profitably maintain market share of incumbent wirelesspostpaid gross and net activationsFurther narrow the ARPU gap versus incumbent competitorsContinue to reduce customer churn and build incrementalpoints of distribution across CanadaContinue to offer the latest handsets and devices in a timelymanner to enable customers to benefit from ongoing technological improvements by manufacturers and from faster dataspeeds to optimize the use of our servicesDrive revenues from commercializing new mobile commerceand M2M services and applications
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**2.2** LEVERAGE WIRELINE MOMENTUM

We focus on leveraging our fibre-based TV and Internet services to develop attractive residential offers that drive higher multi-product bundle sales and improve customer satisfaction and retention. These new services contribute to the ongoing shift of our operating mix away from legacy wireline voice services.

In our business markets, we remain focused on expanding our broadband network and strengthening our delivery of integrated solutions to Canadian businesses, while continuing to manage the transformation of our business from legacy network services to a fully-integrated data hosting, cloud computing and managed services provider.

***2013 PROGRESS***
-  Nearly doubled our total number of Fibe TV subscribersto 479,430Increased the number of three-product households – thosethat buy TV, Internet and Home Phone – by 18% over 2012,fuelled by our Fibe TV service, which drove higher pull-throughattach rates for Home Phone and Internet services with 80%of all Bell Fibe TV customers taking three productsLaunched the Fibe TV wireless receiver, the first of its kindin Canada, enabling customers to connect up to 5 additionalTVs anywhere in the home without the need for cable wiringLaunched the new Bell TV app, which lets customers watchprogramming included in their TV service packages at homeon tablets or smartphones at no extra chargeIntroduced the Fibe Remote app, which allows Fibe TVsubscribers to use their tablets and smartphones as a remotecontrol in their homes and to browse the programming guideand set recordings from anywhereExpanded our library of on-demand content with the additionof programming from nine of Canada’s most popular French-language specialty channels, giving Fibe TV customerson-demand access to popular French-language showsLaunched unlimited Internet usage options for as lowas $10 per month for customers who choose a triple bundlewith Bell TV, Bell Internet and either Bell Home Phone orBell Mobility wireless serviceLaunched Business Fibe TV and enhanced our Internet productline-up for small business customerDesigned and delivered a full communications networkfor Desjardins Group, deploying fibre to 1,500 branchesand service centresWon the tendering process to deliver a new e-mail systemfor the federal government. Based on the latest e-mailtechnology, the streamlined system will enhance security andincrease efficiency, resulting in improved access to informationand services for CanadiansExtended our Bell Business Advantage program to all smalland medium business customers. The Bell Business Advantageprogram rewards Bell business customers with savings andexclusive offers on products and services they purchase everyday, such as office products and supplies, car rentals, gasolineand courier services
***2014 FOCUS***
-  Expand our total base and market share of TVand Internet subscribers profitablyContinue to reduce total wireline residential net lossesIncrease residential household ARPUIncrease the share of wallet of large enterprise customers,expand and improve the sales coverage and performancein our mid-sized business segment, increase the number ofnet new customer relationships in both large and mid-sizedbusiness and reduce small business customer losses 
**2.3** EXPAND MEDIA LEADERSHIP

We will continue to deliver leading sports, news, entertainment and business content across multiple broadband platforms – TV, Internet, smartphones and tablets. Our objectives are to grow audiences, introduce new services and create new revenue streams for our media assets. We also plan to create more of our own content, ensuring that Canadian attitudes, opinions, values, and artistic creativity are reflected in our programming and in our coverage of events in Canada and around the world.

***2013 PROGRESS***
-  Completed the acquisition of Astral on July 5, 2013, whichenhances Bell Media’s competitive position, especially in theQuébec marketplaceAchieved the highest TV ratings in all seasons for CTV,Bell Media’s conventional TV property, which was the most-watched Canadian TV network for the 12th year in a rowwith a majority of the Top 20 programs nationally in all keydemographicsBroadcasted 6 of the top 10 new shows for the first 12 weeksof the 2013 Fall seasonRanked eighth among all online properties in Canada, withmonthly averages of more than 11.5 million unique visitors,serving over 1.35 billion videos, more than all broadcastcompetitors combinedLaunched the CTV GO app, enabling customers to access morethan 3,000 hours of programming from CTV and CTV Two ontheir smartphones, tablets and computers at no additionalcharge. We also launched TMN GO, the first ever CanadianTV Everywhere product from a broadcaster to offer premiumon-demand programming, as well as Bravo GO
 
38   		BCE Inc.    **2013 Annual Report**    
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 **MD&A**   		   
 
-  Created and produced new Canadian shows, including TheAmazing Race Canada, which debuted with record results. Theprogram averaged 3.5 million viewers as the summer’s overall#1 program and was the highest-rated Canadian series onrecord, highest-rated series premiere ever, and the highest-rated debut season for any Canadian- or U.S.-producedshow televised in CanadaConcluded long-term broadcasting deals with two CanadianNHL teams that take effect with the 2014-2015 NHL season:
 -  RDS and the Montréal Canadiens reached a new 12-yearregional broadcast rights agreement that provides RDSwith exclusive regional French-language broadcast rightsfor the Canadiens through the 2025/2026 seasonIn January 2014, TSN and RDS announced a new 12-yearregional broadcast rights and corporate sponsorshipagreement with the Ottawa Senators through the2025/2026 season-  Concluded a multi-year extension of our broadcast partnership with the NFL that will bring all Sunday games to CTV and TSN, along with all digital media rights for the first time, enabling viewers to watch NFL games and content on Bell’s and other broadcast distribution undertakings (BDUs)’ TV Everywhere platforms 
-  Concluded a new multi-platform broadcast agreement withthe CFL that extends our partnership through 2018, withmedia rights to all CFL pre-season and regular season games,playoffs and the Grey Cup 
-  Secured a multi-year extension of our partnership withVancouver Whitecaps FC that includes TSN becoming theofficial Whitecaps FC broadcaster beginning in 2014 andbranding rightsExtended our partnership with Hockey Canada in respectof the World Juniors through to 2021Launched the French-language Specialty channel Canal DInvestigation
***2014 FOCUS***
-  Maintain strong audience levels and ratings acrossall TV and radio properties
-  Reinforce industry leadership in conventional TV,pay TV, sports media and radio
-  Develop in-house production and content creation fordistribution and utilization across all platforms and screens
-  Expand live and on-demand content through TV Everywhereservices
-  Grow French media properties
-  Leverage cross-platform and integrated sales and sponsorship
 
**2.4** INVEST IN BROADBAND NETWORKS AND SERVICES

We invest in wireline and wireless broadband platforms to deliver the most advanced wireless, TV, Internet and other IP-based services available, to support continued subscriber and data growth across all our residential product lines and the needs of our business market customers.

***2013 PROGRESS***
-  Invested over $3 billion in new capital to support thecontinued deployment of next-generation wireline andwireless broadband platformsExpanded our next-generation 4G LTE wireless networkto reach 80% of the Canadian population coast-to-coastExtended our Fibe TV service coverage by 1 million homesto reach more than 4.3 million households across Ontarioand Québec, which included new market launches in Ottawa,Hamilton, Laval and Barrie as well as additional locationsacross the Montréal, Toronto and Québec City regionsBegan the implementation of pair bonding, which extendedthe Fibe TV footprint by approximately 130,000 householdsGrew our wireline broadband fibre footprint to approximately5.8 million locations passed with the continued deployment ofFTTN to more neighbourhoods throughout Québec and Ontario,FTTH to all new urban and suburban housing developments,and FTTB to multiple-dwelling units (MDUs) and key largebusiness customer locationsBecame the first network operator in Canada to offer 100 Gigabits per second (100Gbps) super-core network capability to meet the fast-growing demand for mobile data, Internet performance and cloud computing applications for business customers

***2014 FOCUS***
-  Extend Bell Fibe TV service coverage to approximately5 million households as we grow our FTTN, FTTH and FTTBfootprint to more than 6 million locations passedAcquire 700 MHz wireless spectrum to extend 4G LTE networkto rural marketsManage wireless network capacity
 

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**    2 BELL’S		STRATEGIC IMPERATIVES**
 **MD&A**   		    
 

**2.5** ACHIEVE A COMPETITIVE COST STRUCTURE

Cost containment is a core element of our financial performance. It remains a key factor in our objective to preserve steady margins as we continue to experience revenue declines in our legacy wireline voice and data services and further shift our product mix towards growth services. We aim to accomplish this through operating our business in the most cost-effective way possible to extract maximum operational efficiency and productivity gains.

***2013 PROGRESS***
-  Maintained a relatively stable Wireline EBITDA margincompared to 2012Achieved operating cost savings from further reductions insupplier contract rates, call centre efficiencies driven by lowercustomer call volumes and field service workforce productivitygains realized through improved install times and deploymentof new dispatch toolsLowered print and mailing costs as more customers tookadvantage of our online self-serve optionsTightly managed travel and other discretionary spendingRaised $3 billion in gross proceeds from public debt offeringsthat lowered Bell Canada’s average after-tax rate of borrowingto 3.5%
***2014 FOCUS***
-  Realize fully the cost synergies from the integration of Astralinto Bell MediaExecute on cost reductions and labour efficiencies across Bellto support maintenance of stable consolidated EBITDA margin 
**2.6** IMPROVE CUSTOMER SERVICE

Our objective is to enhance customers’ overall experience with Bell by delivering call centre efficiency, meeting commitments for the installation and timely repair of services, increasing network quality, and implementing process improvements to simplify customer transactions and interactions with our front-line employees and self-serve tools. All of these will help differentiate us from our competitors and gain long-term customer loyalty. We intend to achieve this by delivering the programs and making the investments we need to improve our front-line service capabilities, our networks, our products and our distribution channels to win and keep customers.

***2013 PROGRESS***
-  Enhanced online customer support on our Bell.ca website withbetter design and navigation, improved search capabilities, andan expanded selection of step-by-step tutorialsUpdated the Mobile Self Serve app to let customers checkwireless handset upgrade eligibility and better manage theirBell Mobility account. Mobile self-serve usage jumped to31 million visits in 2013 from 7 million in 2010Reduced customer calls to our service centres by 25% since2011 through growing use of self-serve and improved firstcall resolutionReduced Fibe TV installation time by 10% in 2013 and 22% sincebeginning of 2012Reduced Fibe TV provisioning from 5 days in 2012to approximately 2 days at the end of 2013Reduced wireless churn, the percentage of mobile customersleaving each month, for postpaid services to 1.25% in 2013 from1.30% in 2012Maintained Same Day Next Day service completion rates forrepairing service issues with Bell Home Phone, TV and Internetabove 91% and arrived on time for customer appointmentsmore than 98% of the time for installations and repairsMaintained customer satisfaction with technicians above 92%for installations and repairsImproved appointment notification process by including thecustomer’s preferred method of contact as well as AutomatedDialing and Automated Device, text message and e-mailOpened three new Canadian call centres in Orillia, Ontario, andJonquière (Saguenay) and Rouyn-Noranda, Québec to serveBell customers
***2014 FOCUS***
-  Invest over $150 million in customer service initiatives, includingreducing complexity for call agents, through streamlinedsupport toolsReduce further the total volume of wireline and wireless customer calls to our residential and wireless services call centresImprove customer satisfaction scoresAchieve better consistency in customer experienceImprove customer personalization
 
40   		BCE Inc.    **2013 Annual Report**    
**     3		PERFORMANCE TARGETS, OUTLOOK,        ASSUMPTIONS AND RISKS**
 **MD&A**   		   
This section provides information pertaining to our performance against 2013 targets, our consolidated business outlook and operating assumptions for 2014 and our principal business risks.

**3.1** 2013 PERFORMANCE VS. GUIDANCE TARGETS

**3.2** BUSINESS OUTLOOK AND ASSUMPTIONS

**OUTLOOK**

Our 2014 outlook is supported by expected progress in the execution of Bell’s 6 Strategic Imperatives, while maintaining a sharp focus on our dividend growth strategy. Bell continues to invest significantly in next-generation TV, wireless, Internet and media growth services, and pursues superior operational execution in the highly competitive Canadian communications marketplace, to deliver continued projected growth in revenue, EBITDA, earnings and free cash flow.

The key 2014 operational priorities for Bell are:
-  Maintain wireless market share momentum of incumbentpostpaid customer activationsReduce wireless customer churn and increase the numberof points of retail distribution to match competitors in keymarkets across CanadaAcquire 700 MHz wireless spectrumDeploy 4G LTE wireless network in rural areas and managewireless network capacityIncrease household revenue and total net residential subscriberactivations through targeted bundle offers led by Fibe TVGrow IPTV footprint further to drive greater three-producthousehold penetration and higher TV and Internet subscribermarket share(1)*Adjusted net earnings and Adjusted EPS are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. See section*10.2 Non-GAAP Financial Measures – Adjusted Net Earnings and Adjusted EPS *in this MD&A for more details, including a reconciliation to the most comparable IFRS financial measures.*
 

BCE Inc.   		**2013 Annual Report**    41   
**     3		PERFORMANCE TARGETS, OUTLOOK,        ASSUMPTIONS AND RISKS**
 **MD&A**   		    -  Increase the share of wallet of large enterprise customers,expand and improve the sales coverage and performancein our mid-sized business segment, increase the number ofnet new customer relationships in both large and mid-sizedbusiness and reduce small business customer lossesContinue to invest in customer service initiatives, includingreducing complexity for call agents through streamlinedsupport toolsMaintain strong Bell Media TV ratings and expand live andon-demand content through TV Everywhere servicesControl escalating media content costsExecute on cost reductions across the Bell organization tosupport healthy EBITDA margins across all our businesses
Our planned financial performance for 2014 enabled the company to increase the annualized BCE common dividend by 14 cents, or 6%, to $2.47 per share, maintaining our payout ratio at the mid-point of our policy range of 65% to 75% of free cash flow.
 
ASSUMPTIONS

**ASSUMPTIONS ABOUT THE CANADIAN ECONOMY**
-  Growth in the Canadian GDP of 2.5% in 2014, comparedto estimated growth of 1.8% in 2013, based on the Bankof Canada’s most recent estimate
-  A faster pace of employment growth compared to 2013

**MARKET ASSUMPTIONS**
- A sustained level of wireline and wireless competition in both consumer and business markets
- Higher, but slowing, wireless industry penetration driven bythe increasing adoption of smartphones, tablets and other4G devices, the expansion of LTE service in non-urban markets,the availability of new data applications and services, as wellas population growth
- A relatively stable advertising market for Bell Media

**3.3** PRINCIPAL BUSINESS RISKS

Provided below is a summary description of certain of our principal business risks. Certain additional business segment-specific risks are reported in section *5, Business Segment Analysis*. For a detailed description of the risks relating to our regulatory environment and the other principal risks that could have a material adverse effect on our business, refer to section *8, Regulatory Environment,*and section *9, Business Risks,*respectively.

**COMPETITIVE ENVIRONMENT**

We face intense competition across all business segments and key product lines that could adversely affect our market shares, service volumes and pricing strategies and, consequently, our financial results. The rapid development of new technologies, services and products has altered the traditional lines between telecommunications, Internet and broadcasting services and brought new competitors to our markets. Technology substitution and IP networks, in particular, continue to reduce barriers to entry in our industry. This has allowed competitors to launch new products and services and gain market share with far less investment in financial, marketing, personnel and technological resources than has historically been required. The lower necessary investment has enabled some competitors to be very disruptive in their pricing. We expect these trends to continue in the future, which could adversely affect our growth and our financial performance.

The nature and degree of competition in all of BCE’s markets are constantly evolving with changing market and economic conditions as well as expansion into new business areas, such as media, that can be more volatile. Competition can intensify as markets mature, market structure changes through vertical integration, the state of the economy impacts advertising and new competitors bring aggressive promotional offers and adjusted strategic brand positioning. BCE’s telecommunications and media network assets are challenged by changes such as the proliferation of cheaper IP-based communication, over-the-top (OTT) delivery mechanisms and the introduction of cloud services and new PVR technologies. Such a competitive environment could negatively impact our business including, without limitation, in the following ways:
-  Wireline pricing pressures and product substitutions couldresult in an acceleration of NAS line erosion beyond ourcurrent expectationsAs wireless penetration in Canada reaches higher levels,acquiring new customers could become more difficultCompetitors’ continuing aggressive offers could resultin increased costs of acquisition and retentionThe expansion and market penetration of low cost OTTTV providers, while programming costs continue to rise fortraditional TV providers, could affect our business negatively
For a discussion of our competitive environment and competition risk, as well as a list of our main competitors on a segmented basis, refer to the sections entitled *Competitive Landscape and Industry Trends*and *Principal Business Risks*in section *5, Business Segment Analysis*.
 
**REGULATORY ENVIRONMENT**

Although most of BCE’s wireline and wireless services are forborne from price regulation under the *Telecommunications Act*, the Government of Canada and its relevant departments and agencies, including the CRTC, Industry Canada and the Competition Bureau, continue to play a significant role in telecommunications policy and regulatory matters, such as spectrum auctions, approval of

 
42   		BCE Inc.    **2013 Annual Report**    
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 **MD&A**   		   
acquisitions, foreign ownership and broadcasting, and this may affect our competitive position adversely. The federal government may take positions against the telecommunications and media industries, in general, or specifically against Bell Canada or certain of its subsidiaries. More precisely, the following are examples of regulatory matters that could have negative financial, operational, competitive and reputational consequences for our business: 
- Increasing regulatory and government intervention
- Changes in consumer wireless market dynamics resultingfrom the implementation of the Wireless Code
- Government initiatives promoting at least four wirelesscompetitors in each region of the country, such as the IndustryCanada policy regarding spectrum licence transfers
- Our ability to positively influence changes in the Canadianregulatory framework or to meet regulatory standards oradverse decisions
 
**ECONOMIC AND FINANCIAL MARKET CONDITIONS**

Our businesses are affected by general economic and financial market conditions, consumer confidence and spending, and the demand for, and prices of, our products and services. Adverse economic conditions, such as economic downturns or recessions, adverse conditions in the financial markets, or a declining level of retail and commercial activity, could have a negative impact on the demand for our wireline, wireless and media products and services. More specifically, adverse economic and financial market conditions could result in:
-  Customers delaying or reducing purchases of our productsand services, or discontinuing using themA decrease in advertising revenues for our media businessesA decline in the creditworthiness of our customers whichcould increase our bad debt expense 
**COMPLEXITY AND SERVICE AND OPERATIONAL EFFECTIVENESS**

Business performance can be difficult in a multi-product environment with multiple technology platforms, billing systems, marketing databases and a myriad of rate plans, promotions and product offerings. Our product offerings and related pricing plans may be too complex for customers to fully evaluate. Providing service that is consistently recognized by customers as superior is a differentiator. As the foundation of effective customer service stems from our ability to deliver simple solutions to customers, complexity in our operations may limit BCE’s ability to respond quickly to market changes and reduce costs. Complexity in our operations may also lead to billing errors which could adversely affect customer satisfaction, acquisition and retention. Complexity and service and operational effectiveness challenges that could adversely affect BCE’s business, including our ability to efficiently manage networks, deliver services and control costs, include:
-  The integration of multiple technology platforms to supportour multi-product strategyThe incorporation of regulatory requirements into bundling,rate plans and discountsThe development of new technological platforms andassociated processes to support new business modelsand delivery mechanismsThe increasing number of smartphone users and ourgrowing Bell Fibe TV customer base, which could requiremore support from our customer contact centres thancurrently anticipatedThe ability to leverage our electronic ecosystem tomake customer interaction simpler and more efficient 
**STRATEGIC NETWORK EVOLUTION**

Ongoing technological advances, in conjunction with changing market demand and competition, continue to put significant pressure on bandwidth and speed. Bell Fibe and Bell Aliant FibreOP Internet and TV services are competitive differentiators but they require rapid fibre deployment involving significant capital and time investment. At the same time, a significant number of our existing wireline voice and data networks have been in operation for many years and continue to be used to deliver our services. As time passes, maintenance spares for certain critical network elements may cease to exist due to manufacturers’ discontinuation of support and the unavailability of compatible spares from third parties. In addition, substantial capital and time investments are required to perform life-cycle management and upgrades to maintain operational status of these legacy networks. Strategic evolution of our wireline networks is a critical element in a competitive environment and all the network deployment, upgrading, maintenance and migration activities compete for capital, development and engineering resources. Our inability to carry out our wireline network evolution activities successfully, including the following, could have an adverse effect on our business and financial results:
-  Executing on our strategic network evolution plans that supportnew IP-based competitive service offerings while maintainingnetwork availability and performance on all deployed networksand delivery of service offeringsUpgrading and deploying networks on a timely basis, and withinour capital intensity target, to expand our footprint in desiredareas and to support growing data demandMigrating legacy customers to new platforms while ensuringinteroperability of systems
 

BCE Inc.   		**2013 Annual Report**    43   
**     4		CONSOLIDATED FINANCIAL ANALYSIS**
 **MD&A**   		    
This section provides detailed information and analysis about BCE’s performance in 2013 compared with 2012. It focuses on BCE’s consolidated operating results and provides financial information for each of our businesses. For further discussion and analysis of our Bell Wireline, Bell Wireless, Bell Media and Bell Aliant business segments, refer to section *5, Business Segment Analysis*.

**4.1** INTRODUCTION

**BCE CONSOLIDATED INCOME STATEMENTS**

  **2013**** **2012  $ CHANGE  % CHANGE  
Operating revenues**20,400**** **19,978  422  2.1%
Operating costs**(12,311****)**(12,090)(221)(1.8%)
EBITDA (1)**8,089**** **7,888  201  2.5%
Severance, acquisition and other costs**(406****)**(133)(273)n.m.  
Depreciation**(2,734****)**(2,678)(56)(2.1%)
Amortization**(646****)**(714)68  9.5%
Finance costs** **** **            
Interest expense**(931****)**(865)(66)(7.6%)
Interest on post-employment benefit obligations**(150****)**(131)(19)(14.5%)
Other (expense) income**(6****)**269  (275)n.m.  
Income taxes**(828****)**(760)(68)(8.9%)
**Net earnings****2,388**** **2,876  (488)(17.0%)
Net earnings attributable to:** **** **            
Common shareholders**1,975**** **2,456  (481)(19.6%)
Preferred shareholders**131**** **139  (8)(5.8%)
Non-controlling interest**282**** **281  1  0.4%
**Net earnings****2,388**** **2,876  (488)(17.0%)
Adjusted net earnings attributable to common shareholders (1)**2,317**** **2,294  23  1.0%
Net earnings per common share**2.55**** **3.17  (0.62)(19.6%)
**Adjusted EPS (1)****2.99**** **2.96  0.03  1.0%
 
(1)*The terms EBITDA, Adjusted net earnings and Adjusted EPS are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. See section*10.2, Non-GAAP Financial Measures – EBITDA *and*Adjusted Net Earnings and Adjusted EPS *in this MD&A for more details, including, for Adjusted net earnings and Adjusted EPS, a reconciliation to the most comparable IFRS financial measures.**n.m.: not meaningful*
BCE executed well across the business in 2013, posting revenue and EBITDA growth of 2.1% and 2.5%, respectively, with a steady year-over-year EBITDA margin of 39.7% in 2013 compared to 39.5% in 2012, 1.0% higher Adjusted net earnings, 5.9% growth in free cash flow and a 16.5% increase in cash flows from operating activities. This growth reflected the acquisition of Astral on July 5, 2013, now part of Bell Media, and strong wireless EBITDA growth of 10.6%.

Net earnings in 2013 decreased 17.0% compared to 2012 reflecting acquisition costs incurred to purchase Astral and a non-cash gain recognized in 2012 on the sale of assets by Inukshuk Limited Partnership (Inukshuk) to its owners.

Our earnings and free cash flow generation supported significant capital investment in our broadband wireline and wireless networks and services, which provides the foundation for sustained financial performance going forward and enables the return of value to BCE shareholders through a higher 2014 dividend.

 
44   		BCE Inc.    **2013 Annual Report**    
**    4		CONSOLIDATED FINANCIAL ANALYSIS**
 **MD&A**   		   
**4.2** CUSTOMER CONNECTIONS

Operationally, we continued to successfully leverage our advanced broadband networks and service features to deliver a considerable number of new postpaid wireless customers, a record number of new IPTV subscribers and significantly more Internet customers. At the end of 2013, BCE (including Bell and Bell Aliant) served a total of:
-  7,925,032 wireless subscribers, up 1.3% from 20122,489,248 TV subscribers, including 657,513 IPTV customersof which 75,120 were net new IPTV customers, a 7.7% increase3,136,636 high-speed Internet subscribers, up 3.0%7,595,569 total NAS lines, a decrease of 6.6%
**4.3** OPERATING REVENUES

 

  **2013**** **2012  $ CHANGE  % CHANGE  
Bell Wireline**10,097**** **10,220  (123)(1.2%)
Bell Wireless**5,849**** **5,586  263  4.7%
Bell Media**2,557**** **2,183  374  17.1%
Inter-segment eliminations**(394****)**(344)(50)(14.5%)
Bell**18,109**** **17,645  464  2.6%
Bell Aliant**2,759**** **2,761  (2)(0.1%)
Inter-segment eliminations**(468****)**(428)(40)(9.3%)
**Total BCE operating revenues****20,400**** **19,978  422  2.1%
**BCE**
- Total operating revenues for BCE were up 2.1% in 2013, due to higher revenues at Bell and the acquisition of Astral. Bell Aliant revenues were essentially unchanged compared to 2012

**BELL**
-  Bell operating revenues increased 2.6% in 2013, due to higherrevenue at both Bell Wireless and Bell Media, partly offset bylower revenues at Bell Wireline
-  Operating revenues for Bell in 2013 were comprised of servicerevenues of $16,512 million, which were 3.1% higher than in 2012,and product revenues of $1,597 million, which decreased 2.4%over the previous year

***BELL WIRELINE***

Revenues decreased 1.2% in 2013, which reflected:
-  Continued decline in legacy voice and data revenues, as well as upfront promotional discounts on residential service offers due to higher Fibe TV and Fibe Internet activations compared to 2012 and aggressive competitive pricing in the market 
-  Higher TV and Internet service revenues, as well as growth in IP connectivity and business service solutions revenues, moderated the rate of decline in Bell Wireline revenues in 2013 

***BELL WIRELESS***

Revenue growth of 4.7% was driven by:
-  A larger postpaid customer base and growth in blended ARPUattributable to higher access revenues from greater datausage consistent with an increased smartphone customer mixWireless service revenues increased 5.4%, while productrevenues decreased 1.4% compared to 2012
***BELL MEDIA***

Revenue growth of 17.1% in 2013 reflected:
-  The acquisition of Astral on July 5, 2013Higher subscriber fee revenues as a result of highermarket-based rates charged to BDUs for certain Bell Mediaspecialty sports and non-sports services after agreementswere renegotiated
 

BCE Inc.   		**2013 Annual Report**    45   
**    4		CONSOLIDATED FINANCIAL ANALYSIS**
 **MD&A**   		    - Two factors in 2012 that did not recur in 2013: revenues generated from our broadcast of the London Summer Olympic Games; and the recognition of revenues from a CRTC decision in respect of a settlement between Bell Media and certain BDUs for fees to be paid for specialty TV services

***BELL ALIANT***
- Revenues were virtually unchanged compared to 2012, decreasing 0.1%, as growth in Internet and TV services were offset by the continued declines in local and access and long distance revenues

**4.4** OPERATING COSTS

 

  **2013**** **2012  $ CHANGE  % CHANGE  
Bell Wireline**(6,303****)**(6,300)3  0.0%
Bell Wireless**(3,509****)**(3,471)38  1.1%
Bell Media**(1,874****)**(1,622)252  15.5%
Inter-segment eliminations**394**** **344  (50)(14.5%)
Bell**(11,292****)**(11,049)243  2.2%
Bell Aliant**(1,487****)**(1,469)18  1.2%
Inter-segment eliminations**468**** **428  (40)(9.3%)
**Total BCE operating costs****(12,311****)**(12,090)221  1.8%
**BCE**
- Total operating costs increased 1.8% in 2013, driven by higher operating costs at Bell compared to 2012, due mainly to the acquisition of Astral, and increased operating costs at Bell Aliant

**BELL**
- Total Bell operating costs increased 2.2% in 2013, reflecting higher operating costs in our Bell Wireless and Bell Media segments

***BELL WIRELINE***

Operating costs increased $3 million in 2013, which reflected:
-  Higher customer acquisition and service costs consistent withincreased Fibe TV and Fibe Internet sales and installationsin 2013 compared to last year, increased Bell TV programmingcosts, higher costs to deliver and support business servicessolutions to our business customers and higher fleet costsA gain from the phase-out of post-employment benefitsfor certain employees recognized in 2012 that did not recurthis yearHigher post-employment benefit plans service cost resultingfrom a lower discount rate used in 2013 compared to 2012to value post-employment benefit obligationsDecreased labour costs, reduced print and mail costs resultingfrom increased customer use of online bill presentment, loweradvertising costs, as well as cost savings from field serviceproductivity improvements, largely offset the year-over-yearincrease in Bell Wireline operating costs
***BELL WIRELESS***

The 1.1% increase in operating costs over the previous year was driven by:
- Higher payments to other carriers due to greater data roaming volumes, higher customer retention spending, and higher real estate costs associated with network and retail store expansion

This was moderated by:
- Lower subscriber acquisition costs, reflecting fewer gross activations combined with reduced handset discounts as a result of higher average smartphone prices on new two-year rate plans
(1)*Cost of revenues includes costs of wireless devices and other equipment sold, network and content costs, and payment to other carriers.*(2)*Labour costs include wages, salaries, and related taxes and benefits; post-employment benefit plans service cost (net of capitalized amounts); and other labour costs, including contractor and outsourcing costs.*(3)*Other operating costs include marketing, advertising and sales commission costs, bad debt expense, taxes other than income taxes, IT costs, professional service fees and rent.*
 
46   		BCE Inc.    **2013 Annual Report**    
**    4		CONSOLIDATED FINANCIAL ANALYSIS**
 **MD&A**   		   - Lower wireless content costs, decreased bad debt expense and lower marketing and advertising costs

***BELL MEDIA***

Operating costs increased 15.5% in 2013, as a result of:
-  The acquisition of Astral and higher amortization of the fair value of certain programming rights in 2013, resulting from a $22 million net non-cash credit recorded in 2012 
-  TV programming and production costs incurred in 2012 for our broadcast of the London Summer Olympic Games that did not recur this year, partly offset the increase in Bell Media operating costs in 2013 

***BELL ALIANT***
- Operating costs increased 1.2% in 2013 due to higher costs related to growing and supporting customers on Bell Aliant’s FibreOP services. This was offset partly by lower general and administrative expenses driven by procurement savings and productivity initiatives

**4.5** EBITDA

 

  **2013**** **2012  $ CHANGE  % CHANGE  
Bell Wireline**3,794**** **3,920  (126)(3.2%)
Bell Wireless**2,340**** **2,115  225  10.6%
Bell Media**683**** **561  122  21.7%
Bell**6,817**** **6,596  221  3.4%
Bell Aliant**1,272**** **1,292  (20)(1.5%)
**Total BCE EBITDA****8,089**** **7,888  201  2.5%
**BCE**
- EBITDA increased 2.5% in 2013, corresponding to an EBITDA margin of 39.7% compared to 39.5% in 2012. The year-over-year increase in EBITDA was due to improved performance at Bell, offset partly by decreased EBITDA at Bell Aliant

**BELL**

Bell’s EBITDA increased 3.4% in 2013, driven by:
-  Our acquisition of Astral, which contributed to significantly higher Bell Media EBITDAStrong Bell Wireless EBITDA growth that was offset partly by lower Bell Wireline EBITDA compared to 2012
Bell’s consolidated EBITDA margin in 2013 remained relatively stable at 37.6%, compared to 37.4% in 2012, which reflected:
-  The flow-through of higher year-over-year wireless ARPU and disciplined spending on wireless subscriber acquisitionand customer retentionDiminishing wireline voice erosion and stabilizing year-over-year business markets performanceHigher upfront customer acquisition and service support costs from stronger Bell Fibe TV and Fibe Internet subscriber activationsLower-margin Media revenues from Astral in our operating results beginning in the third quarter of 2013
 

BCE Inc.   		**2013 Annual Report**    47   
**    4		CONSOLIDATED FINANCIAL ANALYSIS**
 **MD&A**   		    
***BELL WIRELINE***

Bell Wireline EBITDA decline was 3.2% in 2013, due to:
-  The ongoing loss of high margin voice and data revenuesand the impact of aggressive price competitionIncreased subscriber acquisition costs due to higher Fibe TVand Internet sales and home installations in 2013 comparedto the previous yearThe recognition of a $24 million gain in 2012 on the phase-outof post-employment benefits for certain employees. Thediscount rate used to value post-employment benefit obligations, which was lower at the beginning of 2013, comparedto 2012, also contributed to higher year-over-year operatingcosts at Bell Wireline.
***BELL WIRELESS***

Bell Wireless EBITDA grew 10.6% in 2013, as a result of:
-  Higher operating revenues, driven by a larger postpaidcustomer base and higher ARPUWell-controlled spending over subscriber acquisitionand customer retention
***BELL MEDIA***

Bell Media EBITDA growth of 21.7% in 2013 reflected:
-  The incremental financial contribution from the acquisitionof Astral on July 5, 2013The flow-through of higher specialty TV rates charged toother BDUsLower operating costs from expenses incurred to broadcastthe London Summer Olympic Games in 2012
***BELL ALIANT***

Bell Aliant’s EBITDA declined 1.5% in 2013 as a result of:
-  Increased operating costs, reflecting higher expensesrelated to growing its FibreOP services in a highly competitivemarketHigher TV content costs from IPTV customer growth
**4.6** SEVERANCE, ACQUISITION AND OTHER COSTS

*This category includes various income and expenses that are not related directly to the operating revenues generated during the year.*

**2013**

Severance, acquisition and other costs included:
-  Severance costs related to voluntary and involuntary workforce reduction initiativesof $116 millionAcquisition costs of $266 million, primarily related to the acquisition of Astral, including$230 million relating to the CRTC tangible benefit obligation that we were ordered topay over seven years to benefit the Canadian broadcasting systemOther charges of $24 million, which include real estate costs incurred due to therestructuring of our workforce
**2012**

Severance, acquisition and other costs included:
-  Severance costs related to voluntary and involuntary workforce reduction initiativesof $107 million, including a post-employment benefit plan expense of $50 million fora retirement incentive programAcquisition costs and other charges of $26 million, including costs related to our acquisition of Astral and real estate costs incurred due to the restructuring of our workforce
**4.7** DEPRECIATION AND AMORTIZATION

*The amount of our depreciation and amortization in any year is affected by:*
-  *How much we invested in new property,**plant and equipment and intangible**assets in previous years**How many assets we retired during**the year**Estimates of the useful lives of assets*
 
48   		BCE Inc.    **2013 Annual Report**    
**    4		CONSOLIDATED FINANCIAL ANALYSIS**
 **MD&A**   		   
As part of our annual review of the useful lives of property, plant and equipment and finite-life intangible assets, we changed the useful lives of fibre optic cable (excluding submarine cable) from 20 to 25 years, certain customer premise equipment from 3 and 8 years to 5 years, certain IT and network software from a range of 3 to 5 years to a range of 3 to 12 years, and certain broadcasting equipment from 15 to 20 years to better reflect their useful lives. The changes include increases and decreases to useful lives and have been applied prospectively effective January 1, 2013. On a net basis, depreciation and amortization expense for these assets decreased by $139 million as a result of the changes.

Depreciation in 2013 increased $56 million compared to 2012 due to a higher depreciable asset base as we continued to invest in our broadband and wireless networks, as well as our IPTV service, and incremental depreciation due to our acquisition of Astral on July 5, 2013. This increase was offset partly by a net decrease in depreciation expense due to changes to the useful lives of certain assets, as described above.

Amortization in 2013 decreased $68 million compared to 2012 as certain intangible assets became fully amortized, resulting in a lower asset base in 2013. In addition, amortization decreased due to an increase in the estimate of useful lives of certain assets, as described above.

Amortization expense relating to the fair value of certain programming rights, resulting from the allocation of the purchase price for Bell Media, was $55 million in 2013 compared to $49 million in 2012, and has been included in operating costs.

4.8 FINANCE COSTS

**INTEREST EXPENSE**

Interest expense in 2013 increased $66 million compared to 2012 as a result of higher average debt levels, primarily related to our acquisition of Astral, partly offset by lower average interest rates.

**INTEREST ON POST-EMPLOYMENT BENEFIT OBLIGATIONS**

*Interest on our post-employment benefit obligations is based on market conditions that existed at the beginning of the year.*

*The impacts of changes in market conditions during the year are recognized in other comprehensive income (OCI).*

In 2013, interest expense increased $19 million compared to last year due to a larger benefit obligation, partly offset by a decrease in the discount rate used to value our post-employment benefit obligations because of a reduction in market interest rates from January 1, 2012 to January 1, 2013.

**4.9** OTHER (EXPENSE) INCOME

*Other (expense) income includes income and expense, such as:*
-  *Net mark-to-market gains or losses on economic hedges**Net gains or losses on investments, including gains or losses when we dispose of,**write down or reduce our ownership in investments**Impairment of assets**Losses on disposal and retirement of software, plant and equipment**Interest income on cash and cash equivalents**Equity income (loss)**Premiums on early redemption of debt*
 

BCE Inc.   		**2013 Annual Report**    49   
**    4		CONSOLIDATED FINANCIAL ANALYSIS**
 **MD&A**   		    
**2013**

Other expense includes premiums of $55 million paid on the early redemption of debt, losses on disposal and retirement of capital assets of $44 million and an equity loss of $32 million which includes our $25 million share of a goodwill impairment charge and a write-down of customer relationship intangibles recognized by an equity investee. These expenses were offset partly by net mark-to-market gains of $94 million on derivatives used as economic hedges of share-based compensation and United States dollar purchases and a distribution of a $36 million pension surplus.

**2012**

Other income was due to a non-cash gain of $233 million representing our interest in a gain realized by Inukshuk on assets sold to its owners, and a $22 million net mark-to-market gain on economic hedges. These were offset partly by losses on disposal and retirement of capital assets of $36 million.

**4.10** INCOME TAXES

Income taxes in 2013 increased $68 million compared to 2012 due to the higher value of uncertain tax positions favourably resolved in 2012 compared to 2013, partly offset by lower taxable income in 2013. As a result, the effective tax rate increased to 25.7% in 2013, compared to 20.9% in 2012.

**4.11** NET EARNINGS AND EPS

Net earnings attributable to common shareholders in 2013 decreased $481 million, or $0.62 per common share, compared to 2012. The decrease in 2013 was a result of acquisition costs incurred to purchase Astral, a non-cash gain recognized in 2012 on the sale of assets by Inukshuk to its owners, the favourable resolution of uncertain tax positions in 2012, premiums on early redemption of debt and higher interest expense, partly offset by higher EBITDA.

Excluding the impact of severance, acquisition and other costs, net gains (losses) on investments, and premiums on early redemption of debt, Adjusted net earnings increased $23 million, or $0.03 per common share, compared to 2012, mainly due to higher EBITDA, partly offset by the favourable resolution of uncertain tax positions in 2012 and higher interest expense.

 
50   		BCE Inc.    **2013 Annual Report**    
**    4		CONSOLIDATED FINANCIAL ANALYSIS**
 **MD&A**   		   
**4.12** CAPITAL EXPENDITURES

BCE capital expenditures were up $56 million, or 1.6%, in 2013 reflecting higher spending at Bell, partly offset by slightly lower spending at Bell Aliant. As a percentage of revenue, capital expenditures for BCE were 17.5% compared to 17.6% in 2012. These investments reflect the continued deployment of broadband fibre to homes, neighbourhoods and businesses in Québec, Ontario and Atlantic Canada that is fuelling the rapid expansion of Fibe TV, Fibe Internet, FibreOP Internet and FibreOP TV, the ongoing roll-out of 4G LTE mobile service in markets across Canada, higher spending on network capacity to support increasing Internet and mobile data consumption, enhancements to customer service systems, and the addition of new Bell and The Source stores across Canada.

**4.13** CASH FLOWS

In 2013, BCE’s cash flows from operating activities were up $916 million over 2012, due mainly to lower contributions to post-employment benefit plans attributable to the $750 million voluntary DB pension plan contribution made in 2012 at Bell and $100 million at Bell Aliant. Free cash flow available to BCE’s common shareholders increased $143 million in 2013, driven mainly by higher EBITDA, offset partly by higher capital expenditures, increased interest payments from a higher average level of outstanding debt, and higher taxes paid.

 

BCE Inc.   		**2013 Annual Report**    51   
**    5		BUSINESS SEGMENT ANALYSIS BELL WIRELESS**
 **MD&A**   		    
**5.1** BELL WIRELESS
*IN 2013, WE PROFITABLY GREW OUR WIRELESS BUSINESS BY FOCUSING ON POSTPAID SUBSCRIBER ACQUISITION, INCREASING ARPU BY TARGETING HIGH-VALUE SMARTPHONE SUBSCRIBERS IN ALL GEOGRAPHIC MARKETS IN WHICH WE OPERATE AND REDUCING CUSTOMER CHURN.*
KEY ELEMENTS OF RELEVANT STRATEGIC IMPERATIVES

**ACCELERATE WIRELESS**

***2013 PROGRESS***
-  Acquired 35% and 38% of total new postpaid gross and netactivations, respectively, among the three major wirelesscarriers, while achieving leading ARPU growth of 2.6% andEBITDA growth of 10.6%, as well as service margin expansionof 2.0 percentage points over 2012Expanded number of smartphone users at the end of 2013 to73% of our total postpaid subscribers, up from 62% at the endof 2012Grew Bell Mobile TV subscribers, which exceeded 1.2 millionat the end of 2013, up 66% over 2012Expanded our leading smartphone line-up with 26 new devicesadding to our extensive selection of 4G LTE-capable devicesPartnered with RBC to develop a secure mobile paymentsolution, RBC Wallet (officially launched January 2014)Reduced the cost of mobile roaming in many countriesCanadians travel to the most
***2014 FOCUS***
-  Maintain market share of incumbent wireless postpaid grossand net activations without sacrificing profits / marginNarrow further our ARPU gap versus incumbent competitorsContinue to reduce customer churn and build incrementalpoints of distribution across CanadaContinue to offer the latest handsets and devices to enablecustomers to benefit from ongoing technological improvementsby manufacturers and from faster data speeds that optimizethe use of our servicesDrive revenues from commercializing new mobile commerceand M2M services and applications
**INVEST IN BROADBAND NETWORKS AND SERVICES**

***2013 PROGRESS***
- Expanded our next-generation 4G LTE wireless network to reach 80% of the Canadian population coast-to-coast

***2014 FOCUS***
-  Acquire 700 MHz wireless spectrum to extend 4G wirelessLTE network to rural marketsManage wireless network capacity
ACHIEVE A COMPETITIVE COST STRUCTURE

***2013 PROGRESS***
- Achieved operating cost savings from call centre efficiencies driven by lower customer call volumes

***2014 FOCUS***
- Execute on cost reductions and labour efficiencies to support maintenance of stable consolidated Bell EBITDA margin

IMPROVE CUSTOMER SERVICE

***2013 PROGRESS***
- Updated the Mobile Self Serve app to let customers check wireless handset upgrade eligibility and better manage their Bell Mobility account. Mobile self-serve usage jumped to 31 million visits in 2013 from 7 million in 2010

***2014 FOCUS***
-  Invest in customer service initiatives, including simplifyingcomplexity for call agents, through streamlined support toolsReduce further total volume of customer calls to our wirelessservices call centres
 
52   		BCE Inc.    **2013 Annual Report**    
**    5		BUSINESS SEGMENT ANALYSIS BELL WIRELESS**
 **MD&A**   		   
**FINANCIAL PERFORMANCE ANALYSIS**

**2013 PERFORMANCE HIGHLIGHTS**

**BELL WIRELESS RESULTS**

***REVENUE***

  **2013**** **2012  $ CHANGE  % CHANGE  
Service**5,362**** **5,086  276  5.4%
Product**432**** **438  (6)(1.4%)
Total external revenues**5,794**** **5,524  270  4.9%
Inter-segment revenues**55**** **62  (7)(11.3%)
**Total revenue****5,849**** **5,586  263  4.7%
**Bell Wireless operating revenues** increased 4.7% in 2013 as a result of higher service revenues, offset by minimally lower product revenues compared to 2012.
-  **Service revenues** were up 5.4% in 2013, driven by postpaid subscriber growth and higher blended ARPU, reflecting continued strong adoption and usage of smartphones and data applications and higher roaming revenues. Wireless data revenues in 2013 were 19.4% higher compared to 2012, while wireless voice revenues decreased 2.1% 
-  **Product revenues** decreased 1.4% in 2013, reflecting fewer gross postpaid activations and customer upgrades, year over year, and waived connection fees as a result of competition 

**OPERATING COSTS AND EBITDA**

  **2013**** **2012  $ CHANGE  % CHANGE  
Operating costs**(3,509****)**(3,471)38  1.1%
**EBITDA****2,340**** **2,115  225  10.6%
**Total EBITDA margin****40.0****%**37.9%    2.1%
**Service EBITDA margin****43.6****%**41.6%    2.0%
 

BCE Inc.   		**2013 Annual Report**    53   
**    5		BUSINESS SEGMENT ANALYSIS BELL WIRELESS**
 **MD&A**   		    
**Bell Wireless operating costs** increased 1.1% in 2013 due to greater year-over-year customer retention spending, higher labour and general and administrative costs to support customer growth and retail store expansion, higher payments to other carriers due to greater data roaming volume, as well as higher real estate costs resulting from retail distribution and network expansion. These factors were offset partly by lower subscriber acquisition costs driven by fewer gross activations and reduced handset discounts as a result of higher average smartphone prices on new two-year rate plans, lower wireless content costs, reduced customer call volumes, decreased bad debt expense, as well as lower advertising and sales-related costs.

**Bell Wireless EBITDA** increased 10.6% in 2013, driven by higher operating revenues, as described above, and well-controlled operating costs. As a result of strong EBITDA growth in 2013, Bell Wireless EBITDA margin, based on wireless service revenues, expanded to 43.6% from 41.6% in 2012.

WIRELESS OPERATING METRICS

  **2013**** **2012  CHANGE  % CHANGE  
Blended ARPU ($/month)**57.25**** **55.82  1.43  2.6%
Gross activations**1,694,055**** **1,802,837  (108,782)(6.0%)
*Postpaid****1,332,423***** ***1,388,187*  *(55,764**)**(4.0**%)*
*Prepaid****361,632***** ***414,650*  *(53,018**)**(12.8**%)*
Net activations**217,768**** **260,650  (42,882)(16.5%)
*Postpaid****378,121***** ***456,979*  *(78,858**)**(17.3**%)*
*Prepaid****(160,353******)****(196,329**)**35,976*  *18.3**%*
Blended churn % (average per month)**1.60****%**1.72%    0.12%
*Postpaid****1.25******%****1.30**%*    *0.05**%*
*Prepaid****3.55******%****3.62**%*    *0.07**%*
Subscribers (1)**7,778,334**** **7,681,032  97,302  1.3%
*Postpaid****6,677,692***** ***6,425,045*  *252,647*  *3.9**%*
*Prepaid****1,100,642***** ***1,255,987*  *(155,345**)**(12.4**%)*
Cost of acquisition (COA) ($/subscriber)**421**** **416  (5)(1.2%)
 
(1)*Following a review of our wireless subscriber metrics, our 2013 postpaid subscriber base was reduced by 99,098 customers to exclude all M2M subscribers. Additionally, our postpaid subscriber base was reduced by 18,354 subscribers to adjust for customer deactivations and by 8,022 subscribers subsequent to a review of customer accounts.**Our prepaid subscriber base was increased by 5,008 customers subsequent to a review of subscriber metrics.*
**Blended ARPU** increased 2.6% in 2013. The increase can be attributed to data usage growth driven by a higher proportion of postpaid customers using smartphones and increased roaming, the favourable impact of new two-year rate plan pricing that came into effect at the beginning of August 2013, and a higher percentage of postpaid customers in our total subscriber base. This was partly offset by lower voice ARPU, year over year.
-  **Data ARPU** growth of 15.9% in 2013 reflects increased useof e-mail, wireless Internet, text messaging, mobile TV andstreaming video/music services, as well as increased adoptionof data plans driven by higher penetration of smartphonesand other data devices such as tablets. Data ARPU growth ismoderating as competitive pressures are driving richer rateplans with higher data usage thresholds, more included value-added services and lower roaming rates, and as customersoff-load data traffic increasingly to Wi-Fi hotspots**Voice ARPU** declined 5.1% in 2013, mainly as a result of greateruse of included-minute rate plans for both local and longdistance calling, competitive pricing pressures and loweroverall voice usage as customers increasingly substitute voiceservices for data features and services
**Total gross wireless activations** decreased 6.0% in 2013, due to lower postpaid and prepaid gross activations.
-  **Postpaid gross activations** decreased 4.0% in 2013, reflecting lower handset discounts and increased rate plan pricing on new two-year contracts introduced following implementation of the Wireless Code, the launch of fewer new iconic	smartphone models in 2013 and fewer promotional rate plan offers during the back-to-school period compared to 2012, as well as a maturing wireless market 
-  **Prepaid gross activations** decreased 12.8% in 2013. This was due to our focus on postpaid customer acquisitions, as well as to competitive acquisition offers targeted at lower-value customers from both the newer wireless entrants and incumbent wireless service providers’ discount brands that we chose not to match 

**Smartphone adoption rates** represented 74% of total postpaid gross activations in 2013, compared to 66% in 2012, increasing the percentage of postpaid subscribers with smartphones to 73% at December 31, 2013 compared to 62% at the end of 2012.

**Blended wireless churn** improved 0.12 percentage points in 2013 to 1.6%. Although postpaid and prepaid churn were relatively stable, year over year, the improvement in our blended churn rate can be attributed to a greater percentage of postpaid subscribers in our subscriber base in 2013 compared to the previous year as postpaid customers typically have a lower churn rate than prepaid customers.
-  **Postpaid churn** improved 0.05 percentage points in 2013 to1.25%, reflecting the positive impact of higher year-over-yearretention spending and lower customer deactivation rates onsmartphones compared to other devices**Prepaid churn** improved 0.07 percentage points in 2013 to3.55% as a result of marketing initiatives that resulted in fewercustomer deactivations compared to 2012
 
54   		BCE Inc.    **2013 Annual Report**    
**    5		BUSINESS SEGMENT ANALYSIS BELL WIRELESS**
 **MD&A**   		   
**Postpaid net activations** decreased 17.3% in 2013 as a result of lower gross activations and a higher number of customer deactivations reflecting the impact of a relatively stable churn rate on a larger postpaid customer base in 2013 compared to the previous year.

**Prepaid net customer losses** improved 18.3% in 2013, even with fewer gross activations compared to 2012, due to fewer customer deactivations and reduced customer migrations from prepaid service to postpaid service.

**Wireless subscribers** at December 31, 2013 totalled 7,778,334, representing an increase of 1.3% since the end of 2012. The proportion of Bell Wireless customers subscribing to postpaid service increased to 86% in 2013 from 84% in 2012.

**Wireless COA** per gross activation in 2013 increased $5 over 2012 to $421, as a result of higher sales commissions paid as per-unit handset discounts remained relatively unchanged, year over year, despite a higher postpaid smartphone mix and aggressive competitive handset pricing, particularly in the first half of the year.

**Retention costs** increased $22 million in 2013 to approximately $554 million, or 10.3% of Bell Wireless service revenues, due to a higher number of discounted handset customer upgrades compared to 2012.
 
**COMPETITIVE LANDSCAPE AND INDUSTRY TRENDS**

**COMPETITIVE LANDSCAPE**

The wireless market is the largest and fastest growing sector of the Canadian telecommunications industry, representing 46% of total revenues and growing at a mid-single digit rate annually.

There are more than 28 million wireless subscribers in Canada. The three large national incumbents, Bell, TELUS Corporation (TELUS) and Rogers Communications Inc. (Rogers), account for over 90% of industry subscribers and revenues. Rogers holds the largest share by virtue of its legacy Global System for Mobile (GSM) network. However, Bell has recaptured significant subscriber market share, as well as a significant proportion of industry revenue and EBITDA growth since 2009, with the launch of our HSPA+ and 4G LTE networks.

Canada’s wireless penetration was approximately 80% at the end of 2013, compared to over 100% for the United States and up to 177% in Europe. Canada’s wireless sector is expected to continue growing at a healthy pace for the foreseeable future.

**COMPETITORS**

Large facilities-based national wireless service providers Rogers and TELUS. 

Smaller regional facilities-based wireless service providers SaskTel and MTS Mobility. 

Newer entrants in their respective service areas:
-  Vidéotron Ltée (Vidéotron), which provides service in Montréal and otherparts of QuébecWIND Mobile, which provides service in Toronto, Calgary, Vancouver, Edmonton,Ottawa, as well as in several communities in southwestern OntarioMobilicity (1), which provides wireless service in Toronto, Ottawa, Vancouver,Calgary and EdmontonEastLink, which launched service in Nova Scotia and Prince Edward Islandin February 2013
Mobile virtual network operators (MVNOs), who resell competitors’ wireless networks such as PC Mobile and Primus Telecommunications Canada Inc. (Primus).
(1)*Data & Audio Visual Enterprises Wireless Inc. (DAVE), carrying on business under the Mobilicity brand, applied for and received Companies’ Creditors Arrangement Act protection in September 2013 and is currently undergoing a court-sanctioned sale process.* 
BCE Inc.   		**2013 Annual Report**    55   
**   5 BUSINESS		SEGMENT ANALYSIS BELL WIRELESS**
 **MD&A**   		     
**KEY WIRELESS METRICS – SHARE FORNATIONAL CARRIERS**

**POSTPAID NET ADDITIONS (%)**
(1) * **Percentages		may not add to 100 due to rounding.*
**SERVICE REVENUE GROWTH (%)**

**EBITDA GROWTH (%)**
*Source: Company reports*
**INDUSTRY TRENDS**

***MIGRATION FROM THREE-YEAR TO TWO-YEAR CONTRACTS***

On June 3, 2013, the CRTC released the Wireless Code, which is a mandatory code for all providers of retail mobile wireless voice and data services in Canada. As part of the Wireless Code (which came into effect December 2, 2013), the CRTC instituted new regulations that enable any wireless customer to cancel a wireless service contract after two years, at no cost to the customer. In response to the Wireless Code, Canadian wireless operators implemented new two-year pricing plans during the third quarter of 2013. In general, the new two-year plans offer lower handset discounts and higher monthly rates, reflecting the shorter contract term and increased value of our plans that include items such as unlimited nationwide calling and shared data.

***GROWING DATA CONSUMPTION***

Wireless industry revenue growth continues to be driven by the increased adoption and usage of data services. In 2013, wireless data ARPU in Canada represented approximately 44% of industry blended ARPU, compared to 39% in 2012. Data growth is being driven by the ongoing adoption of smartphones and tablets, and associated data plans. The demand for wireless data services is expected to continue to grow, due to ongoing investment in faster network technologies such as 4G LTE that provide a richer user experience, the growing appetite for personal connectivity and social networking, greater affordability and selection of smartphones and tablets and more affordable data plans. Greater customer adoption of services, including mobile TV, mobile commerce, mobile banking, and other M2M applications in the areas of retail and transportation (connected car, asset tracking, remote monitoring) also should contribute to growth. In the consumer market, M2M is projected to be a future growth area for the industry as wireless connectivity on everyday devices from home automation to cameras becomes ubiquitous.

***INCREASING FOCUS ON CUSTOMER RETENTION***

Wireless penetration in Canada is expected to continue to grow from approximately 80% at the end of 2013 to above 100%, which is consistent with other developed markets such as the United States, Europe and Japan. As penetration deepens and competition intensifies, even greater focus will be required on improving customer service, enhancing existing service offerings and spending more to retain existing customers through discounted handset upgrades.

***REDUCTION IN ROAMING RATES***

Many wireless operators reduced roaming plan pricing and rates in 2013. Given the propensity for Canadians travelling abroad to turn off roaming functions to avoid expensive data charges, we expect lower roaming rates to have only a modest impact on industry ARPU in the short term. However, as subscribers become more comfortable with new roaming plans and notifications, we expect an increase in data roaming consumption over the long-term.

 
56   		BCE Inc.    **2013 Annual Report**    
**    5		BUSINESS SEGMENT ANALYSIS BELL WIRELESS**
 **MD&A**   		   
**BUSINESS OUTLOOK AND ASSUMPTIONS**

**2014 OUTLOOK**

Increased ARPU from greater data usage is expected to be driven by a higher mix of postpaid smartphone customers, accelerating data consumption, and higher rate plans for new two-year contracts. This is expected to be offset partly by declining voice ARPU from data substitution and pricing. We will seek to achieve our ARPU objectives through data growth enabled by our HSPA+ and 4G LTE networks, higher demand for data services and increasing usage of wireless services such as web browsing, music and video streaming, live TV, community portals such as Facebook and YouTube, as well as new services including mobile commerce and other M2M applications. We intend to introduce these new products and services to the market in a way that balances innovation with profitability.

As a high level of competitive intensity is expected to persist and as the industry adapts to the changes brought about by the new Wireless Code, we anticipate pressures on pricing and customer churn. This highlights the critical importance of developing and commercializing new data services, while continuing to improve customer satisfaction and increasing investment in customer retention.

The development of wireless data transmission technologies has led to the development of more sophisticated wireless devices with increasingly advanced capabilities. We believe that the introduction of these new devices will continue to drive growth for data services. As a result, we aim to introduce additional high-speed enabled data devices, applications and other services to our wireless customers in order to deliver increasing value to them. However, the demand for these relatively more expensive and sophisticated devices, in addition to ongoing price competition, is expected to exert pressure on EBITDA. Despite higher expected costs and sustained competitive intensity in both the consumer and business markets, we expect to generate higher wireless EBITDA in 2014, reflecting the revenue flow-through of postpaid subscriber growth in 2013 and disciplined management of subscriber acquisition and retention spending.

**ASSUMPTIONS**
-  Higher, but slowing, wireless industry penetration in CanadaMaintaining Bell’s market share of incumbent wireless postpaidnet activationsContinued adoption of smartphone devices, tablets and dataapplications, as well as the introduction of more 4G LTE devicesand new data servicesOur ability to monetize increasing data usage and customersubscription to new data servicesFurther expansion of our 4G LTE wireless network in rural areasand in more urban markets across CanadaOngoing technological improvements by handset manufacturers and from faster data network speeds that allow customersto optimize the use of our servicesNo material financial, operational and competitive consequences of adverse changes in regulations affecting ourwireless business 
**KEY GROWTH DRIVERS**
-  Increasing Canadian wireless industry penetrationIncreasing adoption of smartphones, tablets and other 4G devices which increase mobile data usageExpansion of LTE in non-urban marketsCustomer adoption of new data applications and services such as M-commerce and M-banking 
PRINCIPAL BUSINESS RISKS

This section discusses certain principal business risks which specifically affect the Bell Wireless segment. For a detailed description of the principal risks that could have a material adverse effect on our business, refer to section *9, Business Risks*.
**AGGRESSIVE COMPETITION**
***RISK***
- The intensity of competitive activity from incumbent wireless operators, newer wireless entrants and MVNOs

***IMPACT***
- Pressure on our EBITDA, ARPU and costs of acquisition and retention, and increased churn, would likely result if competitors increase discounts for handsets, reduce airtime and wireless data prices or offer other incentives (such as new data plans or multi-product bundles) to attract new customers

  **WIRELESS PENETRATION**
***RISK***
- Higher wireless penetration could result in a slowdown in growth greater than our current expectations

***IMPACT***
-  As penetration of the Canadianwireless market reaches higherlevels, acquiring new customerscould become more difficult andwill increasingly depend on ourability to win customers awayfrom our competitorsAs customers choose to bundleservices, our ability to acquirecustomers from our competitorscould be adversely affected **NEW WIRELESS CODE**
***RISK***
- Implementation of the new Wireless Code could lead to significant changes in the dynamics of the consumer wireless market

***IMPACT***
-  Higher industry churn could resultfrom the replacement of three-yearcontracts with two-year contractsIf lower handset discounts, due toa shorter contract term, cannot bemaintained, this could lead to highercosts for Bell
 

BCE Inc.   		**2013 Annual Report**    57   
**   5 BUSINESS		SEGMENT ANALYSIS BELL WIRELINE**
 **MD&A**   		    
**5.2** BELL WIRELINE
*BELL WIRELINE FINANCIAL PROFILE IMPROVED IN 2013 DRIVEN BY ACCELERATING FIBE TV AND INTERNET GROWTH AND FEWER NAS LINE LOSSES.*
KEY ELEMENTS OF RELEVANT STRATEGIC IMPERATIVES

**LEVERAGE WIRELINE MOMENTUM**

***2013 PROGRESS***
-  Nearly doubled our total number of Fibe TV subscribersto 479,430Increased the number of three-product households – those thatbuy TV, Internet and Home Phone – by 18% over 2012, fuelledby our Fibe TV service, which drove higher pull-through attachrates for Home Phone and Internet services with 80% of allBell Fibe TV customers taking three productsLaunched Business Fibe TV and enhanced our Internet productline-up for small business customers
***2014 FOCUS***
-  Expand our total base and market share of TVand Internet subscribers profitablyContinue to reduce total wireline residential net lossesIncrease residential household ARPUIncrease our share of wallet of large enterprise customers,expand and improve the sales coverage and performancein our mid-sized business segment, increase the number ofnet new customer relationships in both large and mid-sizedbusiness and reduce small business customer losses
**INVEST IN BROADBAND NETWORKS AND SERVICES**

***2013 PROGRESS***
-  Extended our Fibe TV service coverage by 1 million homesto reach more than 4.3 million households across Ontarioand QuébecGrew our wireline broadband fibre footprint to approximately5.8 million locations passedBecame the first network operator in Canada to offer 100Gsuper-core network capability to meet fast-growing demandfor Internet performance and cloud computing applications forbusiness customers
***2014 FOCUS***
- Extend Bell Fibe TV service coverage to approximately 5 million households as we grow our FTTN, FTTH and FTTB footprint to more than 6 million locations passed

**ACHIEVE A COMPETITIVE COST STRUCTURE**

***2013 PROGRESS***
- Maintained a relatively stable Bell Wireline margin compared to 2012

***2014 FOCUS***
- Execute on cost reductions and labour efficiencies to support maintenance of stable consolidated Bell EBITDA margin

**IMPROVE CUSTOMER SERVICE**

***2013 PROGRESS***
-  Reduced Fibe TV installation time by 10% in 2013 and 22%since the beginning of 2012Reduced Fibe TV provisioning from 5 days in 2012 toapproximately 2 days at the end of 2013Maintained Same Day Next Day service completion rates forrepairing service issues with Bell Home Phone, TV and Internetabove 91% and arrived on time for customer appointmentsmore than 98% of the time for installations and repairsMaintained 92% customer satisfaction with technicians forinstallations and repairs
***2014 FOCUS***
-  Invest in customer service initiatives, including reducingcomplexity for call agents, through streamlined support toolsReduce further the total volume of customer calls to ourresidential services call centresImprove customer satisfaction scoresAchieve better consistency in customer experienceImprove customer personalization
 
58   		BCE Inc.    **2013 Annual Report**    
**    5		BUSINESS SEGMENT ANALYSIS BELL WIRELINE**
 **MD&A**   		   
**FINANCIAL PERFORMANCE ANALYSIS**

**2013 PERFORMANCE HIGHLIGHTS**

**BELL WIRELINE RESULTS**

***REVENUE***

  **2013**** **2012  $ CHANGE  % CHANGE  
Local and access (1)**2,497**** **2,688  (191)(7.1%)
Long distance**722**** **801  (79)(9.9%)
Data (1)**5,828**** **5,666  162  2.9%
Equipment and other (1)**707**** **750  (43)(5.7%)
Total external revenues**9,754**** **9,905  (151)(1.5%)
Inter-segment revenues**343**** **315  28  8.9%
**Total revenue****10,097**** **10,220  (123)(1.2%)
 
(1)*We have reclassified amounts for the prior period to make them consistent with the presentation for the current period.*
 

BCE Inc.   		**2013 Annual Report**    59   
**   5 BUSINESS		SEGMENT ANALYSIS BELL WIRELINE**
 **MD&A**   		    
**Bell Wireline operating revenues** decreased 1.2% in 2013 as a result of lower local and access, long distance and equipment and other revenues, partly offset by higher data revenues. This represents a slower pace of decline compared to a 3.8% decline in 2012, reflecting accelerated Fibe TV and Fibe Internet customer growth, slowing voice revenue erosion, the subsiding year-over-year impact of accelerated upfront discounts and credits on residential bundle offers, price increases across all residential services, and improved business markets’ performance as evidenced by higher IP connectivity revenues and professional services sales growth compared to 2012.
- **Local and access revenues** declined 7.1% in 2013. The decrease was due to the ongoing decline in local NAS lines driven by customer losses in the residential and small and mid-sized business markets attributable to aggressive competition, technological substitution to wireless and Internet-based services, as well as large business customer conversions to IP-based data services and networks from legacy voice services. Price matching of competitive residential service offers and repricing pressures in our business and wholesale markets also contributed to the year-over-year decrease in local and access revenues. These factors were offset partly by increases in monthly local rates implemented during 2013
- **Long distance revenues** decreased 9.9% in 2013, representingimproved performance over the previous year’s decline of11.3%. The decrease in 2013 reflected fewer minutes of useby residential and business customers as a result of NAS linelosses, technology substitution to wireless and OTT Internet-based services, and ongoing rate pressures in our business andwholesale markets. Residential price increases and increasedyear-over-year sales of global long distance minutes moderated the overall rate of long distance revenue erosion in 2013
- **Data revenues** increased 2.9% in 2013, as a result of higher TVand Internet service revenues driven by stronger Fibe customergrowth and residential price increases for these services,higher IP connectivity revenues, and increased spending onprofessional business services by our large business customers.These factors were offset partly by a continued decline inbasic legacy data revenue from ongoing business customermigration to IP-based systems, competitive losses, pricingpressures in our business and wholesale markets, and lowerdata product sales compared to the previous year
- **Equipment and other revenues** decreased 5.7% in 2013, due tothe loss of revenues earned from a subsidiary that providedelectrical and network cabling installation services for businesscustomers in Ontario that ceased operations at the end of2012, as well as lower consumer electronics equipment salesat The Source

**OPERATING COSTS AND EBITDA**

  **2013**** **2012  $ CHANGE  % CHANGE  
Operating costs**(6,303****)**(6,300)3  0.0%
**EBITDA****3,794**** **3,920  (126)(3.2%)
**EBITDA margin****37.6****%**38.4%    (0.8%)
**Bell Wireline operating costs** were relatively stable in 2013, increasing $3 million over 2012. The year-over-year results reflect higher customer acquisition and service costs consistent with increased Fibe TV and Fibe Internet sales and installations in 2013 compared to the previous year, increased Bell TV programming costs, higher costs to support and deliver business services solutions to our business customers, and higher regulatory-related costs. A $24 million gain recognized in 2012 from the phase-out of post-employment benefits for certain employees also contributed to the increase in Bell Wireline operating costs. These wireline cost increases were offset by decreased labour costs, lower network repairs and maintenance costs, decreased payments to other carriers, reduced print and mail costs resulting from increased customer use of online bill presentment, lower advertising costs, as well as cost savings from reduced sponsorships and field service productivity improvements.

**Bell Wireline EBITDA** was 3.2% lower in 2013 with a corresponding margin decline to 37.6% from 38.4% in 2012. The year-over-year decrease in Bell Wireline EBITDA and margin was due to the ongoing loss of higher-margin legacy voice and data service revenues, as well as the impact of upfront costs and promotional discounts resulting from a significantly higher number of Fibe subscriber activations in 2013 compared to the previous year. These decreases were not offset fully by EBITDA growth in TV, residential Internet, IP broadband connectivity and professional business services.

This result for 2013 represents an improvement over the 5.7% EBITDA decline reported for Bell Wireline in 2012 as a result of:
-  Stronger data revenue growthSlowing voice revenue declineDisciplined cost management
**WIRELINE OPERATING METRICS**

***LOCAL AND ACCESS***

  **2013**** **2012  CHANGE  % CHANGE  
**NAS LINES**** **** **            
Residential**2,652,429**** **2,940,314  (287,885)(9.8%)
Business**2,589,820**** **2,704,625  (114,805)(4.2%)
**Total****5,242,249**** **5,644,939  (402,690)(7.1%)
**NAS NET LOSSES**** **** **            
Residential**(287,885****)**(335,807)47,922  14.3%
Business**(114,805****)**(120,910)6,105  5.0%
**Total****(402,690****)**(456,717)54,027  11.8%
 
60   		BCE Inc.    **2013 Annual Report**    
**    5		BUSINESS SEGMENT ANALYSIS BELL WIRELINE**
 **MD&A**   		   
**NAS net losses** improved 11.8%, or by 54,027 lines, in 2013, reflecting both a lower number of residential and business access line losses.

**Residential NAS net losses** were 14.3%, or 47,922 lines, fewer in 2013, compared to 2012. This result was achieved despite ongoing aggressive competition from the cable TV operators and steadily increasing wireless and Internet-based technology substitution for local services. This resulted from reduced rates of residential NAS turnover in our Fibe TV service areas compared to our non-Fibe TV service areas, reflecting the operational benefit of continued IPTV footprint expansion in helping to drive NAS customer retention through greater acquisition of three-product households. Fewer wholesale customer losses to competitors, year over year, also contributed to the improvement in residential NAS net losses in 2013.

**Business NAS net losses** in 2013 improved 5.0%, or by 6,105 lines, due to fewer customer losses in our wholesale and mass and mid-sized business markets compared to 2012. This was offset partly by a greater number of deactivations in our large business market, resulting mainly from ongoing customer conversion of voice lines to IP-based services and competitive losses. Additionally, the relatively low level of new business formation and employment growth in the economy contributed to continued soft demand for new access line installations in 2013.

**The annualized rate of NAS erosion** in our NAS customer base decreased to 7.1% in 2013 from 7.5% in 2012, as a result of fewer NAS line losses. At December 31, 2013, we had 5,242,249 NAS lines, compared to 5,644,939 at the end of 2012.

***DATA***

***High-Speed Internet***

  **2013**** **2012  CHANGE  % CHANGE  
High-Speed Internet net activations (1)**57,722**** **37,188  20,534  55.2%
High-Speed Internet subscribers (1)**2,184,543**** **2,126,821  57,722  2.7%
 
(1)*Following a reconciliation of business Internet customer account records, we increased our 2012 beginning of period Internet subscriber base by 6,678 customers, with related adjustments to previously reported net activations in 2012 and 2013.*
**High-Speed Internet subscriber net activations** in 2013 increased 55.2%, or 20,534, to 57,722. This represents our highest number of net activations since 2007. The increase in high-speed Internet net activations in 2013 was driven by the pull-through of Bell Fibe TV customer activations even with higher residential customer churn, particularly outside our IPTV service footprint, attributable to aggressive service bundle offers from cable competitors.

**High-Speed Internet subscribers** at December 31, 2013 totalled 2,184,543, up 2.7% from the end of 2012.

***TV***

  2013  2012  CHANGE  % CHANGE  
Net subscriber activations122,450  69,445  53,005  76.3%
Fibe TV231,132  163,127  68,005  41.7%
Total subscribers2,278,433  2,155,983  122,450  5.7%
Fibe TV479,430  248,298  231,132  93.1%
**Fibe TV net subscriber activations** totalled 231,132 in 2013, up 41.7% from 2012. The year-over-year growth in Fibe TV subscribers was driven by a broader IPTV service footprint, compared to 2012, allowing for more effective marketing of our residential service offers and promotions, satellite TV migrations to Fibe TV, as well as by the introduction, in May 2013, of wireless receivers.

**Satellite TV net customer losses** increased 16.0% in 2013 to 108,682, reflecting a higher number of retail customer deactivations attributable to aggressive customer conversion offers from cable TV competitors and fewer wholesale net activations due to the roll-out of IPTV service by other competing service providers in Western and Atlantic Canada.

**Total TV net subscriber activations** (Fibe TV and Satellite TV combined) increased 76.3%, or 53,005, to 122,450 as a result of a higher number of Fibe TV subscriber activations in 2013 compared to 2012.

**Fibe TV subscribers** at December 31, 2013 totalled 479,430, nearly double the 248,298 subscribers reported at the end of 2012.

**Satellite TV subscribers** at December 31, 2013 totalled 1,799,003, down 5.7% from 1,907,685 subscribers at the end of 2012.

**Total TV subscribers** (Fibe TV and Satellite TV combined) at December 31, 2013 equalled 2,278,433, representing a 5.7% increase since the end of 2012.

 

BCE Inc.   		**2013 Annual Report**    61   
**   5 BUSINESS		SEGMENT ANALYSIS BELL WIRELINE**
 **MD&A**   		    
**COMPETITIVE LANDSCAPE AND INDUSTRY TRENDS**

**COMPETITIVE LANDSCAPE**

The wireline telecommunications market, in aggregate, has experienced flat to relatively modest revenue growth and flat to declining EBITDA in recent years, as legacy voice service revenues continue to decline, due to technological substitution to wireless and OTT services in residential and small business markets, as well as to ongoing conversion to IP-based data services and networks by large business customers. Aggressive competition from cable companies also continues to erode traditional telephone providers’ market share of residential local telephony. In 2013, Canada’s four largest cable companies had nearly 4.3 million local residential telephony subscribers, representing a 41% market share, up two percentage points from 2012.

Competition comes from substitution of wireless services, including our own Bell Mobility and Virgin Mobile offerings, for residential local and long distance services. Approximately 21% of households in Ontario and Québec are estimated to be wireless-only.

In 2013, cable companies continued to increase the speeds of their Internet offerings, while promoting aggressive customer acquisition offers. At the end of the year, the four largest cable companies had 5.9 million Internet subscribers, representing 56% of the total Internet market, while incumbent local exchange carriers (ILECs) held the remaining 44% or 4.7 million subscribers.

ILECs offering IPTV service grew their subscriber base by 37% in 2013 to reach nearly 1.6 million customers, primarily driven by strong subscriber acquisition at Bell and TELUS. This growth came at the expense of Canada’s four largest cable companies, who saw their TV market share in 2013 decline 3 percentage points to 61%.

**COMPETITORS**

Cable TV providers offering cable TV, Internet and cable telephony services, including:
-  Rogers in OntarioVidéotron in QuébecCogeco Cable Inc. (a subsidiary of Cogeco Inc.) (Cogeco) in Ontario and QuébecShaw Communications Inc. (Shaw) in British Columbia, Alberta, Saskatchewan,Manitoba and OntarioShaw Direct, providing DTH satellite TV service nationwideEastLink in every province, except Saskatchewan where it does not providecable TV and Internet service
ILEC carriers TELUS and MTS provide local, long distance and IPTV services in various regions, as well as wholesale products and services across Canada.

Various others (such as Vonage Canada (a division of Vonage Holdings Corp.) (Vonage) and Primus) that offer resale or VoIP-based local, long distance and Internet services. 

OTT voice and video services such as Skype, Netflix and iTunes.

Digital media streaming devices such as Apple TV and Roku.

Business voice and data services:
-  Other Canadian ILECs and cable TV operators

Substitution to wireless services, including those offered by Bell ICT solutions:
-  Systems integrators such as CGI Group Inc., EDS division of HP EnterpriseServices and IBMOutsourcers and professional service firms
Wholesale competitors include cable operators, domestic CLECs, U.S. or other international carriers for certain services, and electrical utility-based telecommunications providers.

 
62   		BCE Inc.    **2013 Annual Report**    
**    5		BUSINESS SEGMENT ANALYSIS BELL WIRELINE**
 **MD&A**   		   
**INDUSTRY TRENDS**
***INVESTMENT IN BROADBAND FIBRE DEPLOYMENT***In recent years, ILECs have made substantial investments in deploying FTTN and FTTH within their territories. These investments have enabled the delivery of IPTV service in order to better compete with cable TV offerings in urban areas. IPTV is considered a superior video product to traditional cable TV given innovative features such as a next-generation user interface, Whole Home PVRs and wireless receivers. FTTN enables speeds of up to 25 Mbps, which can be doubled to 50 Mbps with pair bonding, while FTTH delivers broadband speeds of up to 175 Mbps, higher than any other technology.
  
***WIRELESS SUBSTITUTION***Wireless substitution has become the most significant driver of residential NAS losses and voice revenue declines for telecommunication companies. Wireless-only households were estimated to represent approximately 21% of households in Canada at the end of 2013, compared to approximately 40% in the United States. Wireless substitution has been increasing at a faster rate in the U.S. than in Canada, due to structural differences as well as economic disparities. To mitigate the impact of wireless substitution, wireline service providers have been packaging voice services with Internet and TV and offering discounted triple-play bundles. Wireless substitution is expected to continue to steadily increase in 2014.
 
***TV EVERYWHERE***The growing popularity of watching TV anywhere is expected to continue as customers adopt services that enable them to view content on multiple screens, including computers, smartphones and tablets, as well as on their TVs. OTT content providers are competing for share of viewership. To date, these OTT services have largely complemented existing TV services. However, to mitigate the threat of video substitution, TV and Internet service providers (ISPs) have begun to create and launch TV Everywhere solutions that provide authentication features controlling and limiting access to specific content subscribed to at the user’s residence. The launch and development of these solutions is still in the early stages and subject to ongoing discussions between content providers and broadcast distributors.
 
***BUSINESS CUSTOMER ADOPTION OFIP-BASED SERVICES***The convergence of IT and telecommunications, facilitated by the ubiquity of IP, continues to shape competitive investments for business customers. Telecommunications companies are providing professional and managed services, as well as other IT services and support, while IT service providers are bundling network connectivity with their software as service offerings. In addition, manufacturers continue to bring all-IP and converged (IP plus legacy) equipment to market, enabling ongoing migration to IP-based solutions. The development of IP-based platforms, which provide combined IP voice, data and video solutions, creates potential cost efficiencies that compensate, in part, for reduced margins resulting from the continuing shift from legacy to IP-based services. The evolution of IT has created significant opportunities for Bell Business Markets, such as cloud services and data hosting, that can have greater business impact than traditional telecommunications services. 

 
 
**BUSINESS OUTLOOK AND ASSUMPTIONS**

**2014 OUTLOOK**

TV and Internet customer expansion, higher penetration of three-product households and gradually improving business markets performance, consistent with stronger economic growth and employment rates, is expected to drive improved year-over-year wireline revenue results in 2014.

We also expect Bell Wireline’s EBITDA trajectory to improve in 2014, driven by the increasing scale of Fibe TV, fewer residential net subscriber losses as our IPTV footprint further expands to cover approximately 5 million households, the positive impact of product enhancements and flow-through of residential service price increases, as well as further cost savings. These operating cost savings are expected to offset costs related to growth in Fibe TV subscriber activations, ongoing erosion of high-margin wireline voice revenues and any revenue shortfalls in our Business Markets unit, supporting our objective of maintaining Bell’s consolidated EBITDA margin relatively stable.

Targeted retention and service bundle offers, customer winbacks and better service execution are expected to contribute to an improvement in residential NAS line losses year over year.

Increased TV subscriber acquisition is expected through higher projected customer adoption of Fibe TV as we further extend our IPTV broadband fibre footprint in areas of Ontario and Québec. We also intend to seek greater penetration within the MDU market and capitalize on our extensive retail distribution network, which includes The Source, and to leverage our market leadership position in high-definition (HD) programming to drive incremental subscriber growth and higher revenue per customer.

 

BCE Inc.   		**2013 Annual Report**    63   
**   5 BUSINESS		SEGMENT ANALYSIS BELL WIRELINE**
 **MD&A**   		    
Internet subscriber acquisition is expected to improve in 2014 through increased fibre coverage and speeds as we leverage the speed and reliability of our broadband Internet network to drive greater Fibe TV expansion and Internet attach rates. This is expected to have an associated positive impact on ARPU growth and customer churn.

We also aim to continue investing significantly in broadband infrastructure and fibre expansion and upgrades to support our Fibe TV and residential Internet services, as well as new business solutions in key portfolios such as Internet and private networks, data centre and cloud services, unified communications and security services. We intend to pursue pricing methods that allow us to cover the capital costs of upgrading the network, providing new services and expanding capacity to meet growing data consumption.

**ASSUMPTIONS**
-  Increasing wireless and Internet-based technologicalsubstitutionAggressive residential service bundle offers from cable TVcompetitors in our local wireline areasStabilizing residential NAS line erosion rate as we leverageour broadband investment in Fibe TV to drive three-product household penetration, increase our MDU market share, and generate higher pull-through attach rates for our residential Internet and Home Phone servicesHigher revenue per household and flow-through of priceincreases across residential products from increasingpenetration of three-product householdsFaster pace of employment growth and stronger economicoutlook compared to 2013Continued business customer migration to IP-based systemsOngoing competitive reprice pressures in our business andwholesale marketsAbility to realize cost savings from management workforceattrition and retirements, call centre efficiencies, field serviceproductivity improvements, reduction in supplier contract rates,lower print and mail costs, content cost management andreducing traffic that is not on our own networkGrowing consumption of OTT TV services and streamingvideo, projected growth in TV Everywhere as well as theproliferation of devices, such as tablets, that consume vastquantities of bandwidth, will require considerable ongoingcapital investment 
**KEY GROWTH DRIVERS**
-  Increasing Fibe TV penetration of IPTV households reachedHigher market share of industry TV and Internet subscribersGreater penetration of three-product householdsFaster pace of economic expansion and employment growthdriving increased business customer spending, new businessformation and higher demand for connectivity and otherICT servicesExpansion of our customer relationships to drive higherrevenue per customerOngoing service innovation and product value enhancementsImproved customer retention 
**PRINCIPAL BUSINESS RISKS**

This section discusses certain principal business risks which specifically affect the Bell Wireline segment. For a detailed description of the principal risks that could have a material adverse effect on our business, refer to section *9, Business Risks*.

**AGGRESSIVE COMPETITION**

***RISK***
-  The intensity of competitive activity from incumbent operators, cable companies and non-traditional players 

***IMPACT***
-  Aggressive offers could lead to higher churn, and increased retention expenses and use of promotional competitive offers to keep customers, all of which would put pressure on Bell Wireline’s EBITDA 

 

  
**PRODUCT SUBSTITUTION DRIVING NAS EROSION**

***RISK***
-  Increasing wireless and Internet-based technological substitution 

***IMPACT***
-  Technological substitution couldaccelerate year-over-yearresidential NAS line lossesIntegration of long distance services into base wireless plans mayaccelerate wireless substitution
 
 
**TV SUBSCRIBERS PENETRATION**

***RISK***
-  Traditional TV viewing model (subscription for bundled programs) challenged by increasing number of viewing options available in the market 

***IMPACT***
-  Declining TV subscribers and penetration as a result of BDUs’ offerings andincreasing number of OTT providersBDUs may offer smaller and/or lessexpensive packaging options toattract subscribersProliferation of IP-based products,including OTT content offerings, mayaccelerate disconnecting of TV servicesor reduction of TV spending 
 
64   		BCE Inc.    **2013 Annual Report**    
**    5		BUSINESS SEGMENT ANALYSIS BELL MEDIA**
 **MD&A**   		   
**5.3** BELL MEDIA
*BELL MEDIA MADE A SIGNIFICANT CONTRIBUTION IN 2013 TO CONSOLIDATED REVENUES, EBITDA AND CASH FLOW GROWTH, SUPPORTED BY OUR ACQUISITION OF ASTRAL. ASTRAL ENHANCES BELL’S GROWTH MIX PROFILE, WHILE STRENGTHENING OUR COMPETITIVE POSITION IN ENGLISH AND FRENCH MEDIA MARKETS ACROSS CANADA.*
KEY ELEMENTS OF RELEVANT STRATEGIC IMPERATIVES

**EXPAND MEDIA LEADERSHIP**

***2013 PROGRESS***
-  Completed the acquisition of Astral on July 5, 2013, whichenhances Bell Media’s competitive position, especially inthe Québec marketplaceAchieved the highest TV ratings in all seasons for CTV, BellMedia’s conventional TV property, which was the most-watched Canadian TV network for the 12th year in a row,with a majority of the Top 20 programs nationally in all keydemographicsBroadcasted 6 of the top 10 new shows for the first 12 weeksof the 2013 Fall seasonLaunched the CTV GO app, enabling customers to access morethan 3,000 hours of programming from CTV and CTV Two ontheir smartphones, tablets and computers at no additionalcharge. We also launched TMN GO, the first ever CanadianTV Everywhere product from a broadcaster to offer premium,on-demand programming, as well as Bravo GOCreated and produced new Canadian shows, includingThe Amazing Race CanadaConcluded agreements for long-term sports broadcastingrights, including with two Canadian NHL teams (MontréalCanadiens and Ottawa Senators), NFL, CFL, and VancouverWhitecaps FC
***2014 FOCUS***
-  Maintain strong audience levels and ratings across all TVand radio propertiesReinforce industry leadership in conventional TV, pay TV,sports media and radioDevelop in-house production and content creation fordistribution and utilization across all platforms and screensExpand live and on-demand content through TV EverywhereservicesGrow French media propertiesLeverage cross-platform sales and sponsorship
**ACHIEVE A COMPETITIVE COST STRUCTURE**

***2013 PROGRESS***
- Achieved operating cost savings from tightly managed labour, general and administrative, and marketing and sales expenses (excluding Astral)

***2014 FOCUS***
-  Realize fully the cost synergies from the integration of Astral

 

BCE Inc.   		**2013 Annual Report**    65   
**   5 BUSINESS		SEGMENT ANALYSIS BELL MEDIA**
 **MD&A**   		    
**FINANCIAL PERFORMANCE ANALYSIS**

**2013 PERFORMANCE HIGHLIGHTS**

 

**BELL MEDIA RESULTS**

***REVENUE***

  **2013**** **2012  $ CHANGE  % CHANGE  
Total external revenues**2,342**** **2,022  320  15.8%
Inter-segment revenues**215**** **161  54  33.5%
**Total revenue****2,557**** **2,183  374  17.1%
**Bell Media revenues** increased 17.1% in 2013, due primarily to the acquisition of Astral, which contributed significantly to overall advertising and subscriber fee revenues in the second half of the year. This was partly offset by revenues generated from Bell Media’s broadcast of the London Summer Olympic Games in 2012 that did not recur in 2013.

**Advertising revenues**in 2013, excluding Astral and the favourable impact of the Olympics in 2012, modestly decreased year over year:
-  Relatively stable conventional TV revenues year over year,even as advertising demand for the conventional TV industryas a whole continued to be adversely affected by decliningaudience levelsHigher viewership levels for non-sports specialty TV,driven by increases at Comedy and BravoSports specialty TV advertising revenues increased modestly,year over year, supported by greater viewer interest in theNHL and other sports content broadcast by TSN and RDSRadio advertising sales declined due to increased competitionin many key markets, reduced advertising spending across certain industry sectors, and the impact of radio asset divestituresin Toronto, Calgary and Winnipeg mandated by the CRTC
**Subscriber fee revenues** in 2013, excluding Astral, increased compared to 2012, due to the favourable impact of rate increases charged to BDUs through renegotiated agreements for certain non-Astral Bell Media specialty TV services and higher revenues from new mobile content deals.

 
66   		BCE Inc.    **2013 Annual Report**    
**    5		BUSINESS SEGMENT ANALYSIS BELL MEDIA**
 **MD&A**   		   
**OPERATING COSTS AND EBITDA**

  **2013**** **2012  $ CHANGE  % CHANGE  
Operating costs**(1,874****)**(1,622)252  15.5%
**EBITDA****683**** **561  122  21.7%
**EBITDA margin****26.7****%**25.7%    1.0%
**Bell Media operating costs** increased 15.5%, or $252 million, in 2013, mainly as a result of the acquisition of Astral and higher amortization of the fair value of certain programming rights in 2013, resulting from a $22 million net non-cash reduction recorded in 2012. Higher TV programming costs, and the return of pre season and regular season hockey to the TSN and RDS programming schedules following the NHL lockout in 2012, also contributed to higher Media operating costs in 2013. TV programming and production costs incurred in 2012 for our broadcast of the London 2012 Olympic Games partly mitigated the year-over-year increase in Bell Media operating costs in 2013.

**Bell Media EBITDA** increased 21.7% in 2013, due to higher year-over-year operating revenues as described above, partly offset by higher operating costs and the acquisition of Astral.

**BELL MEDIA OPERATING METRICS**
-  CTV ended the 2012/13 broadcast year with moretop 10, top 20 and top 30 shows than any other Canadianconventional TV network, according to BBM Canada data,making it the most-watched Canadian TV network forthe 12th year in a rowCTV consistently reported the strongest ratings in all seasonsin 2013, holding a majority of the top 20 programs nationallyamong all viewersIn the key primetime hours, CTV’s average audience was56% higher than its closest conventional TV competitorin the 2012/2013 broadcast yearBell Media’s specialty TV properties, led by TSN, RDS, Comedy,E!, MTV and Discovery, reached 85% of all English specialtyand pay TV viewers in the average week during 2013Bell Media ranked third behind Google (which includes YouTube)and Facebook for video views, third in time spent viewingvideo, and eighth in unique visitors among all online propertiesin Canada, ahead of any Canadian-owned competitor 
**COMPETITIVE LANDSCAPE AND INDUSTRY TRENDS**

**COMPETITIVE LANDSCAPE**

The Canadian media industry is highly competitive, with competitors having significant scale and financial resources. In recent years, there has been increased consolidation of traditional media assets across the Canadian media landscape. The majority of players have become more vertically integrated to better enable the acquisition and monetization of premium content.

Bell Media competes in the TV, radio and OOH advertising markets:
-  **TV:** The TV market has become increasingly fragmented and this trend is expected to continue as new services and technologies increase the diversity of information and entertainment outlets available to consumers 
-  **Radio:** Competition within the radio broadcasting industryoccurs primarily in discrete local market areas amongindividual stations**OOH:** The Canadian OOH advertising industry is fragmented,consisting of a few large companies, as well as numeroussmaller and local companies operating in a few local markets
Consumers have also been shifting their media consumption towards digital media, mobile device usage and on-demand content. This has caused new business models to emerge and advertisers to shift portions of their spending to digital platforms.

BCE Inc.   		**2013 Annual Report**    67   
**   5 BUSINESS		SEGMENT ANALYSIS BELL MEDIA**
 **MD&A**   		    
**COMPETITORS**

***TV***
-  Conventional Canadian TV stations (local and distant signals)and specialty and pay channels, such as those owned by Shaw, Corus,Rogers, TVA Group Inc., Canadian Broadcasting Corporation (CBC)/Société Radio-Canada (SRC) and Remstar Corp (V)U.S. conventional TV stations and specialty channelsOTT providers such as Netflix and Apple
***Radio***
-  Large radio operators, such as Rogers, Corus, Cogeco and Newcap thatalso own and operate radio station clusters in various local marketsRadio stations in specific local marketsSatellite radio provider SiriusXMNewer technologies such as online music information services, musicdownloading, portable devices that store and play digital music and onlinemusic streaming servicesOther media such as newspapers, magazines, TV, outdoor advertisingand the Internet
***OOH Advertising***
-  Large outdoor advertisers, such as Pattison and CBS Television Network (CBS)Numerous smaller and local companies operating a limited number of displayfaces in a few local marketsOther media such as TV, radio, print media and the Internet
 

**INDUSTRY TRENDS**

***RAPID CHANGES IN CONNECTIVITY AND CONSUMER BEHAVIOUR***

Technology used in the media industry continues to evolve rapidly, which has led to alternative methods for the distribution, storage and consumption of content. These technological developments have driven and reinforced changes in consumer behaviour as consumers seek more control over when, where and how they consume content. For example, consumer electronics innovations have enabled consumers to view Internet-delivered content on TVs, computers, tablets, smartphones and other mobile electronic devices. The number of Canadian users that are connected to the Internet through their TVs is growing as connection becomes easier and more affordable. These changes in technology and consumer behaviour have resulted in a number of challenges for content aggregators and distributors. For example, technological developments may disrupt traditional distribution platforms by enabling content owners to provide content directly to distributors and consumers, thus bypassing traditional content aggregators such as Bell Media and distributors such as Bell TV.
(1)*Broadcast year-end at August 31, 2013.*
 
68   		BCE Inc.    **2013 Annual Report**    
**    5		BUSINESS SEGMENT ANALYSIS BELL MEDIA**
 **MD&A**   		   
***GROWTH OF ONLINE ALTERNATIVES TO TRADITIONAL TV***

Consumers now have improved access to online entertainment and information alternatives that did not exist a few years ago. While linear TV was the only way to access consumer prime time programming in the past, many people today watch TV in non-traditional ways for at least a portion of their viewing. In particular, today’s viewers are consuming more content online, watching less scheduled programming live, time-shifting original broadcasts through PVRs, viewing more TV on mobile devices, and catching up on past programming on demand. In addition, many consumers are spending considerable time with online alternatives to traditional TV. This is evident in the growing popularity of OTT video services like Netflix. To date, these OTT services have largely complemented existing TV services. Media companies are evolving their content and launching their own solutions to better compete with these non-traditional offerings through services such as Bell Media’s new service TV Everywhere. Changing content consumption patterns and growth of alternative providers could exert downward pressure on rates and advertising revenues for traditional media broadcasters and distributors such as Bell Media. However, live sports and special events should continue to draw audiences and advertisers, which is expected to result in pricing pressure on future broadcasting rights on all platforms, including digital, for such programming.
 
**BUSINESS OUTLOOK AND ASSUMPTIONS**

**2014 OUTLOOK**

Bell Media revenue, EBITDA and cash flow are projected to increase in 2014. The inclusion of a full year of operating results from Astral, combined with the realization of operational and cost synergies associated with that acquisition, is expected to contribute significantly to this year-over-year growth. We will continue to carefully manage costs by leveraging assets, achieving productivity gains and pursuing operational efficiencies across all of our properties. The anticipated increase in overall revenues and EBITDA will also be tempered by retroactive rate increases recognized in 2013, consisting of specialty TV rate increases and retransmission royalties. We also plan to continue to invest in premium content for all four screens.

Advertising markets are expected to remain relatively stable throughout 2014; however, we expect softness in the first quarter as advertising demand shifts to the main broadcaster of the Sochi 2014 Olympic Games. Growth in subscriber revenue is expected to be generated from the flow-through of 2013 rate increases for certain specialty TV services.

In conventional TV, we intend to leverage the strength of our market position to continue offering advertisers, both nationally and locally, premium opportunities to reach their target audiences. Success in this area requires that we focus on a number of factors, including:
-  Successfully acquiring high-rated programming anddifferentiated contentBuilding and maintaining strategic supply arrangementsfor content on four screensProducing and commissioning high quality Canadian content,including market-leading news, enhancements throughinvestments in HD broadcasting and improvements to ournews programming
In sports specialty TV, we will aim to continue delivering premium content and exceptional viewing experiences to our viewers. Investment in the integration of our digital platforms will be an integral part of our strategy to further engage viewers. We anticipate costs to secure content will increase as we face greater competition from both new and established entrants and as market rates for live sports content generally increase. While we were unsuccessful in our bid to extend our NHL Hockey national broadcasting rights, which expire at the end of the 2013/2014 NHL season, we have secured key hockey and other sports content that is important to Canadians. We intend to continue creating innovative high-quality productions in the areas of sports news and editorial coverage.

In non-sports specialty TV, audiences and advertising revenues are expected to be driven by investment in quality programming and production, as well as ongoing development of key brand partnership initiatives on our existing services. We also intend to strengthen our pay TV offerings.
-  Our English-language specialty services will attempt tocapitalize on Space, Bravo and Discovery’s leading positionin the market, and we will focus on rebuilding audiencesand revitalizing the brands and content of our TV servicesthat appeal to younger viewersIn our French-language specialty services, we will leverage ournewly-launched Canal D Investigation channel that featuresreality documentaries and crime dramas.
In radio, we will seek to grow our TSN Sports radio brand further through our partnerships with several NHL franchises, including the Toronto Maple Leafs, the Montréal Canadiens, the Ottawa Senators, and the Winnipeg Jets. We will also pursue the expansion of our TSN footprint in other markets. Additionally, in conjunction with local TV assets, we will pursue opportunities that can leverage our promotional capabilities, provide an expanded platform for content sharing, and offer synergistic colocation opportunities where practical.

In our OOH operations, we plan to leverage the strength of our products to provide advertisers premium opportunities in Toronto, Vancouver and Montréal. We will also continue to seek new opportunities in digital markets.

**ASSUMPTIONS**
-  Relatively stable advertising marketEscalating costs to secure TV programming and sports contentAbility to successfully acquire highly rated programmingand differentiated contentMarket rates for specialty content generally increasingBuilding and maintaining strategic supply arrangementsfor content on all four screensFull realization of cost synergies from the integrationof Astral into Bell MediaNo material financial, operational and competitiveconsequences of adverse changes in media regulation
 

BCE Inc.   		**2013 Annual Report**    69   
**   5 BUSINESS		SEGMENT ANALYSIS BELL MEDIA**
 **MD&A**   		    
**KEY GROWTH DRIVERS**
-  Stronger economic growth that drives increased advertiser demand and spending, particularly in the key automotive, entertainment equipment, telecommunications and consumer goods sectors 
-  Higher audience levels from strong ratings maintainedacross all TV and radio properties, as well as from securingmulti-platform rightsInvesting in the best content, including morein-house productionsCompletion of Astral integration to fully realize synergies 
**PRINCIPAL BUSINESS RISKS**

This section discusses certain principal business risks which specifically affect the Bell Media segment. For a detailed description of the principal risks that could have a material adverse effect on our business, refer to section *9, Business Risks*.

**AGGRESSIVE COMPETITION**

***RISK***
-  The intensity of competitive activity from traditional TV services, as well as from new technologies and alternative distribution platforms such as OTT content offerings, video on demand, personal video platforms and video services over mobile devices and the Internet 

***IMPACT***
-  The level of competitive activitycould have an adverse impact onthe level of audience acceptancefor Bell Media’s TV servicesOur inability to acquire popularprogramming content couldadversely affect Bell Media’sviewership and subscription levelsand, consequently, advertising andsubscription revenues 
 
**ADVERTISING REVENUE UNCERTAINTY**

***RISK***
-  Advertising is heavily dependent on economic conditions and viewership 

***IMPACT***
-  Economic uncertainty reducesadvertisers’ spendingIncreased fragmentation ofthe advertising market giventhe increasing adoption of newtechnologies and alternativedistribution platforms increasesBell Media’s risk of losingadvertising revenue
 
**RISING CONTENT COSTS**

***RISK***
-  Ability to secure key content to drive revenues and subscriber growth going forward 

***IMPACT***
-  Rising programming costs could require us to incur unplanned expenses and put negative pressure on EBITDA 

 
 
70   		BCE Inc.    **2013 Annual Report**    
**    5		BUSINESS SEGMENT ANALYSIS BELL ALIANT**
 **MD&A**   		   
**5.4** BELL ALIANT
*BELL ALIANT IS INVESTING IN THE BEST BROADBAND FIBRE TECHNOLOGY AVAILABLE TO OFFER THE MOST VALUE TO TV AND INTERNET CUSTOMERS, TO HELP OFFSET THE EFFECTS OF CONTINUED DECLINES IN THE TRADITIONAL VOICE BUSINESS AND INTENSIFIED COMPETITION.*
**KEY ELEMENTS OF BELL ALIANT’S STRATEGIC IMPERATIVES**

Bell Aliant’s vision is to be the leading communications provider in the markets it serves by pursuing its five key strategic imperatives. Bell Aliant believes these strategies will continue to support its financial performance as it manages the critical balance between improving services, offering enhanced solutions to its customers and increasing productivity and profitability.

**GROW BROADBAND**

***2013 PROGRESS***
-  Expanded FTTH network footprint to an additional150,000 homes and businesses, bringing total coverageto 806,000 customer premisesCompleted a three-year program to build a 2,040 kilometrefibre network that will service more than 20 First Nationscommunities in the remote regions of northwestern Ontario
***2014 FOCUS***
- Continue to expand FTTH network to pass more than 1 million homes and businesses

**IMPROVE THE CUSTOMER EXPERIENCE**

***2013 PROGRESS***
-  Improved online self-serve capabilitiesEnhanced the FibreOP TV experience with the launch ofwireless receivers, allowing customers to move their TVand set-top box throughout the home
***2014 FOCUS***
- Improve further processes, tools and training to enhance overall service to make every customer interaction consistent and exceptional

**RETAIN CUSTOMERS**

***2013 PROGRESS***
-  Launched Bell Aliant UC, a unified communications solutionthat enables customers to seamlessly connect their desktopand mobile devicesLaunched a new home security and monitoring service,Bell Aliant NextGen Home Security, providing remote management via web portal and mobile devices, appliance controls andsecure video monitoring Enhanced TV offerings by adding 40 new HD channels,bringing total number of HD channels to 137Achieved highest level of high-speed Internet customer netactivations since 2010 and highest IPTV customer net additionsto date
***2014 FOCUS***
- Increase penetration of FibreOP services, provide competitive bundle offers, and provide new and enhanced products and services

**RESET THE COST STRUCTURE**

***2013 PROGRESS***
-  Introduced a voluntary retirement offer for eligible employeesAchieved procurement savings and productivity initiativesthat mitigated additional costs associated with growingand supporting the FibreOP customer base
***2014 FOCUS***
- Continue to pursue cost reductions through productivity initiatives, procurement improvements and cost controls to meet financial targets

**ENGAGE EMPLOYEES**

***2013 PROGRESS***
- Received three employer awards in 2013: Bell Aliant was named as one of Atlantic Canada’s Top Employers, one of Canada’s Top Employers for Young People, and one of the Best Employers for New Canadians

***2014 FOCUS***
- Continue to promote a high performance culture by recognizing top talent and further developing leadership skills at all levels, while ensuring succession plans are in place

 

BCE Inc.   		**2013 Annual Report**    71   
**   5 BUSINESS		SEGMENT ANALYSIS BELL WIRELESS**
 **MD&A**   		    
**FINANCIAL PERFORMANCE ANALYSIS**

**2013 PERFORMANCE HIGHLIGHTS**

 

**BELL ALIANT RESULTS**

***REVENUE***

  **2013**** **2012  $ CHANGE  % CHANGE  
Local and access**1,109**** **1,168  (59)(5.1%)
Long distance**286**** **322  (36)(11.2%)
Data**887**** **809  78  9.6%
Wireless**97**** **94  3  3.2%
Equipment and other**131**** **134  (3)(2.2%)
Total external revenues**2,510**** **2,527  (17)(0.7%)
Inter-segment revenues**249**** **234  15  6.4%
**Total revenue****2,759**** **2,761  (2)(0.1%)
 
72   		BCE Inc.    **2013 Annual Report**    
**    5		BUSINESS SEGMENT ANALYSIS BELL ALIANT**
 **MD&A**   		   
**Bell Aliant operating revenues** remained relatively stable in 2013, decreasing 0.1%, as growth in data revenues was offset by lower local and access and long distance revenues.
-  **Local and access revenues** decreased 5.1% in 2013, as a resultof the ongoing reduction in Bell Aliant’s NAS customer baseand the effect of competition and bundling services**Long distance revenues** were down 11.2% in 2013. The declinewas the result of lower NAS and lower overall conversationminutes, due to substitution of traditional wireline service withe-mail, wireless calling and VoIP services, as well as customermigration from per-minute plans to flat rate plans**Data revenues** increased 9.6% in 2013, due to strong growth inInternet and IPTV revenues, as well as to higher IP connectivityrevenues. Higher Internet revenues were driven by customer growth, reflecting continued steady demand for FibreOP services, as well as growth in residential Internet ARPU resulting from increased customer adoption of higher bandwidth plans and price increases. Higher IPTV service revenues were driven by growth in Bell Aliant’s FibreOP TV customer base and the expiry of promotional pricing offers**Wireless revenues** were 3.2% higher in 2013 as a resultof wireless customer growth over the past year, partlyoffset by a modest decrease in ARPU reflecting aggressivecompetitive pricing**Equipment and other revenues** decreased 2.2% in 2013,as a result of lower telecommunications equipment salesand rentals
**OPERATING COSTS AND EBITDA**

  **2013**** **2012  $ CHANGE  % CHANGE  
Operating costs**(1,487****)**(1,469)18  1.2%
**EBITDA****1,272**** **1,292  (20)(1.5%)
**EBITDA margin****46.1****%**46.8%    (0.7%)
**Bell Aliant operating costs** increased 1.2% in 2013, reflecting increased marketing and sales expenses attributable to growth in FibreOP customers and higher TV content costs resulting from IPTV customer growth. Lower general and administrative expenses, driven by procurement savings and productivity initiatives, partly offset the increase in operating costs compared to 2012.

**Bell Aliant EBITDA** decreased 1.5% in 2013, mainly as a result of higher operating costs. EBITDA margin declined by 7 basis points in 2013 to 46.1% as continued declines in higher-margin voice revenues and higher operating costs were not offset fully by growth in lower-margin data service revenues.

**BELL ALIANT OPERATING METRICS**

  **2013**** **2012  CHANGE  % CHANGE  
**NAS LINES**** **** **            
Residential**1,462,462**** **1,571,199  (108,737)(6.9%)
Business**890,858**** **920,171  (29,313)(3.2%)
Total**2,353,320**** **2,491,370  (138,050)(5.5%)
**NAS NET LOSSES**** **** **            
Residential**(108,737****)**(107,671)(1,066)(1.0%)
Business**(29,313****)**(29,734)421  1.4%
Total**(138,050****)**(137,405)(645)(0.5%)
**HIGH-SPEED INTERNET**** **** **            
High-speed Internet net activations**33,679**** **22,894  10,785  47.1%
High-speed Internet subscribers**952,093**** **918,414  33,679  3.7%
FibreOP Internet customers included in High-Speed Internet customers**183,971**** **112,203  71,768  64.0%
**TV**** **** **            
Net subscriber activations**55,063**** **45,960  9,103  19.8%
Total Subscribers**178,083**** **123,020  55,063  44.8%
FibreOP TV**158,044**** **96,831  61,213  63.2%
**WIRELESS**** **** **            
Subscribers**146,698**** **143,858  2,840  2.0%
 

BCE Inc.   		**2013 Annual Report**    73   
**   5 BUSINESS		SEGMENT ANALYSIS BELL ALIANT**
 **MD&A**   		    
**NAS** net losses were a result of competitive losses driven by aggressive pricing by competitors and continued customer substitution to wireless and IP-based solutions. Despite intense competitive activity, NAS net losses were consistent with 2012 as there was improved retention in Bell Aliant’s residential FibreOP markets, as well as expansion into new markets, which moderated the decline in the residential customer NAS base. At December 31, 2013, Bell Aliant had 2,353,320 NAS lines, compared to 2,491,370 NAS lines at the end of 2012.

**High-speed Internet** subscriber net activations increased 47.1%, or 10,785 subscribers, in 2013 to 33,679, reflecting continued steady demand for FibreOP service bundles and wholesale customer gains. At December 31, 2013, Bell Aliant had 952,093 high-speed Internet subscribers, which included 183,971 FibreOP customers, compared to 918,414 subscribers at the end of 2012, which included 112,203 FibreOP customers.

**IPTV** net activations increased 19.8%, or 9,103 subscribers in 2013, to 55,063, as a result of increased customer demand for FibreOP TV service. At December 31, 2013, Bell Aliant had 178,083 IPTV customers, which included 158,044 FibreOP TV customers, compared to 123,020 IPTV customers at the end of 2012, which included 96,831 FibreOP TV customers.

**Wireless** customers totalled 146,698 at December 31, 2013, representing a 2.0% increase since the end of 2012.
 
**COMPETITIVE LANDSCAPE AND INDUSTRY TRENDS**

**COMPETITIVE LANDSCAPE**

Cable companies are the most significant competitive threat to Bell Aliant. At the end of 2013, its competitive footprint overlap with cable companies was approximately 75.8% of residential households in Bell Aliant’s markets, representing a 1.6 percentage point increase from 2012. In addition, the rapid development of new technologies, services and products has facilitated the entry of other competitors into Bell Aliant’s markets, enabling these competitors to offer their customers an alternative to traditional voice services through wireless and IP-based technologies. Bell Aliant actively employs marketing strategies to remain competitive in all of its operating markets and continues to innovate and develop new and enhanced services to meet the communications needs of its customers. Bell Aliant also continues to invest in its FTTH network and extend its FibreOP TV and Internet service to more communities across its operating markets.

Competition comes from substitution of wireless services, including Bell Aliant, Bell Mobility and Virgin Mobile wireless offerings, for residential local and long distance services.
**COMPETITORS**
Cable TV providers provide cable TV, Internet and cable telephony services, including:
-  EastLink in Atlantic Canada and rural OntarioRogers in Newfoundland and Labrador, New Brunswick and OntarioVidéotron in rural QuébecCogeco in rural QuébecShaw in rural OntarioShaw Direct, providing DTH satellite TV service nationwideSome smaller private cable companies in rural communities
Various other companies, such as Vonage and Primus, that offer resale or VoIP-based local, long distance and Internet services.

OTT voice and video services such as Skype, Netflix and iTunes.

Digital media streaming devices such as Apple TV and Roku. 

 
MARKET FACTS
-  There are 2.5 million householdsin Bell Aliant’s territory, which includesAtlantic Canada and rural Ontarioand QuébecApproximately 76% of the households in its territory have a cabletelephony alternativeOver 85% of the households in itsterritory have access to Bell Aliant’shigh-speed Internet services; Internetpenetration is estimated to be between70% to 75% across its territories
 
**INDUSTRY TRENDS**

Bell Aliant’s operations include both wireline and wireless services. Therefore, the industry trends applicable to Bell Aliant are similar to those described under sections *5.1 Bell Wireless*and *5.2 Bell Wireline*in this MD&A.
 
**BUSINESS OUTLOOK AND ASSUMPTIONS**

**2014 OUTLOOK**

Growing broadband, specifically FTTH, is the cornerstone of Bell Aliant’s strategy. Bell Aliant’s subscriber results in markets where fibre has been deployed greatly exceed performance in markets where it does not have fibre. This reinforces Bell Aliant’s objective to expand its FTTH footprint to reach 1 million locations in 2014.

Since the middle of 2012, Bell Aliant has added a substantial number of FibreOp customers to its FTTH network. As expected, this success has led to some strong competitive reactions, specifically in New Brunswick and Newfoundland and Labrador, with extreme price discounts being offered by competitors. Bell Aliant plans to compete aggressively, where necessary, to maintain and grow customers, but this competitive activity is anticipated to pressure revenue and EBITDA growth in 2014, as it did in 2013.

 
74   		BCE Inc.    **2013 Annual Report**    
**    5		BUSINESS SEGMENT ANALYSIS BELL ALIANT**
 **MD&A**   		   
Bell Aliant believes that FTTH is the best technology to meet customer requirements for the future. Although competitive pressures experienced in 2013 may delay a return to positive revenue and EBITDA growth, Bell Aliant believes that by providing the best technology available, it has the ability to become the provider of choice in its FTTH markets and that growth in FibreOP services will more than offset declines in legacy services over time. In 2014, growth in Internet and IPTV revenues is expected to continue, but likely will be offset by ongoing declines in traditional voice revenues due to intense competition and technology substitution. Bell Aliant anticipates that net NAS declines, high-speed Internet customer net additions and IPTV customer net additions will be similar to those experienced in 2013. Other revenues also will decline in 2014 as several large projects in 2013 are not expected to recur and a contact centre subsidiary ceased operations in late 2013.

Operating expenses in 2014 are expected to remain consistent with 2013 levels, as savings from productivity initiatives and lower current service pension costs are expected to offset higher spending on TV content costs resulting from a growing TV customer base and normal inflationary pressures. As a result, EBITDA is expected to decrease in 2014.

Capital expenditures in 2014 are expected to remain at elevated levels. Higher spending on FTTH footprint expansion in 2014, compared to 2013, and new FibreOP customer connections in 2014 are expected to be offset by lower spending on copper network replacement and large customer network projects that were completed in 2013. Bell Aliant intends to pass 190,000 to 200,000 incremental homes and businesses with FTTH.

As a result, free cash flow in 2014 is expected to be impacted by lower EBITDA, higher cash income taxes paid, lower cash from changes in working capital and continued elevated capital expenditures.

**ASSUMPTIONS**
-  Economy continues to reboundCompetitive activity in both consumer and businesswill continue to be intenseWireless substitution for wireline services will increasein Bell Aliant markets, but is expected to lag other regionsof CanadaNAS net decline stabilizingSteady demand for FibreOP service driving Internet and IPTVcustomer acquisition at similar levels as 2013Cost reductions achieved through productivity initiatives willcontinue, largely offsetting cost increases associated withgrowth in IPTV customers and associated TV content costsand normal inflationary pressures 
**KEY GROWTH DRIVERS**
-  Continued expansion of the FTTH networkIncreasing customer adoption of FibreOP Internet and FibreOP TV servicesLower residential customer churnIncreased spending by business customers 
**PRINCIPAL BUSINESS RISKS**

This section discusses certain principal business risks which specifically affect the Bell Aliant segment. For a detailed description of the principal risks that could have a material adverse effect on our business, refer to section *9, Business Risks*.
**INCREASING COMPETITION**
***RISK***
- The intensity of competitive activity from cable companies and other competitors

***IMPACT***
-  Aggressive offers and technological substitution could leadto higher customer churn andincreased retention costs throughuse of promotional offers tokeep customersInability to make continuedinvestments in FTTH networkswhich enable the provision of newproducts and services to meet theadvanced technological needsof customers  
**COST MANAGEMENT**

***RISK***
-  Cost structure does not support the shift in product mix towards growth services 

***IMPACT***
-  It may be difficult to improve customer service while reducing coststhrough productivity initiativesCapital investments may not beeffective in delivering the plannedoperational efficiencies
 
 
**FINANCING AND FREE CASH FLOW**

***RISK***
-  Unable to balance cash allocation decisions 

***IMPACT***
-  Reduced flexibility in accessingthe capital and/or commercialcredit marketsThe level of dividends, capitalexpenditures or other strategicuses of cash may vary
 
 

BCE Inc.   		**2013 Annual Report**    75   
**   6		FINANCIAL AND CAPITAL MANAGEMENT**
 **MD&A**   		    
This section tells you how we manage our cash and capital resources to carry out our strategy and deliver financial results. It provides an analysis of our financial condition, cash flows and liquidity on a consolidated basis.

**6.1** NET DEBT(1)

  **2013**** **2012  $ CHANGE  % CHANGE  
Debt due within one year (2)**2,571**** **2,136  435  20.4%
Long-term debt**16,341**** **13,886  2,455  17.7%
Preferred shares (3)**1,698**** **1,698  –  0.0%
Cash and cash equivalents**(335****)**(129)(206)n.m.  
Net debt**20,275**** **17,591  2,684  15.3%
 
(1)*Net debt 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. See section*10.2, Non-GAAP Financial measures *–*Net debt *in this MD&A for more details.*(2)*Includes bank advances, notes payable and loans secured by trade receivables.*(3)*50% of outstanding preferred shares of $3,395 million in 2013 and 2012, respectively, are classified as debt consistent with the treatment by some credit rating agencies. n.m.: not meaningful*
The increase of $2,890 million in debt due within one year and long-term debt was due to:
-  The issuance of Series M-26, M-27, M-28 and M-29 MTNdebentures at Bell Canada with a total principal amountof $3 billion$1 billion drawn under Bell Canada’s unsecured committed termacquisition credit facility to fund a portion of the purchaseprice of AstralThe issuance of MTNs at Bell Aliant with a total principal amountof $400 millionThe assumption of $397 million of debt as part of the acquisitionof AstralAn increase in our finance lease obligations of $322 millionAn increase in our notes payable and bank advances(net of repayments) of $274 million
partly offset by:
-  Early redemption of Series M-20 MTN debentures atBell Canada amounting to $1 billion$432 million of payments under finance leases$400 million early redemption of Series 3 MTNs at Bell Aliant$397 million repayment of debt assumed on the acquisitionof Astral$150 million early redemption of Series EA debenturesat Bell Canada$70 million repayment of Series AA debentures at Bell Aliant
The increase in cash and cash equivalents of $206 million was due to free cash flow of $2,571 million, a net increase in debt of $2,215 million and the issuance of preferred shares by Bell Aliant to non-controlling interest (NCI) of $230 million, partly offset by the purchase cost of Astral of $2,844 million and dividends paid on common shares of $1,795 million.

**6.2** OUTSTANDING SHARE DATA

COMMON SHARES OUTSTANDING**NUMBER OF SHARES**** **
Outstanding, January 1, 2013**775,381,645**** **
Shares issued under employee stock option plan**420,822**** **
Shares issued under employee savings plan**90,089**** **
Outstanding, December 31, 2013**775,892,556**** **
 

  ** **** ****WEIGHTED AVERAGE**** **
STOCK OPTIONS OUTSTANDING**NUMBER OF OPTIONS**** ****EXERCISE PRICE ($)**** **
Outstanding, January 1, 2013**5,310,356**** ****37**** **
Granted**2,993,902**** ****44**** **
Exercised**(420,822****)****30**** **
Forfeited**(13,205****)****40**** **
Outstanding, December 31, 2013 (1)**7,870,231**** ****40**** **
 
(1)*None of the options were vested at December 31, 2013.* 
At March 6, 2014,		777,093,077 common shares and 9,927,091 stock options were outstanding.

 

 
76   		BCE Inc.    **2013 Annual Report**    
**   6		FINANCIAL AND CAPITAL MANAGEMENT**
 **MD&A**   		   
**6.3** CASH FLOWS

  **2013**** **2012  $ CHANGE  % CHANGE  
Cash flows from operating activities**6,476**** **5,560  916  16.5%
Bell Aliant dividends paid to BCE**191**** **191  –  0.0%
Capital expenditures**(3,571****)**(3,515)(56)(1.6%)
Cash dividends paid on preferred shares**(127****)**(133)6  4.5%
Cash dividends paid by subsidiaries to non-controlling interest**(283****)**(340)57  16.8%
Acquisition costs paid**80**** **101  (21)(20.8%)
Voluntary defined benefit pension plan contributions**–**** **750  (750)(100.0%)
Bell Aliant free cash flow**(195****)**(186)(9)(4.8%)
Free cash flow (1)**2,571**** **2,428  143  5.9%
Bell Aliant free cash flow, excluding dividends paid**4**** **(5)9  n.m.  
Business acquisitions**(2,850****)**(13)(2,837)n.m.  
Acquisition costs paid**(80****)**(101)21  20.8%
Voluntary defined benefit pension plan contributions**–**** **(750)750  100.0%
Increase in investments**(3****)**(593)590  99.5%
Other investing activities**23**** **20  3  15.0%
Net issuance (repayment) of debt instruments**2,215**** **486  1,729  n.m.  
Reduction in securitized trade receivables**(14****)**(15)1  6.7%
Premiums on early redemption of debt**(55****)**–  (55)n.m.  
Issue of common shares**13**** **39  (26)(66.7%)
Issue of preferred shares**–**** **280  (280)(100.0%)
Issue of equity securities by subsidiaries to non-controlling interest**230**** **11  219  n.m.  
Repurchase of common shares**–**** **(107)107  100.0%
Cash dividends paid on common shares**(1,795****)**(1,683)(112)(6.7%)
Other financing activities**(53****)**(45)(8)(17.8%)
**Net increase (decrease) in cash and cash equivalents****206**** **(48)254  n.m.  
 
(1)*Free cash flow 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. See section*10.2 Non-GAAP Financial Measures – Free Cash Flow *in this MD&A for more details, including a reconciliation to the most comparable IFRS financial measure.**n.m.: not meaningful*
CASH FLOWS FROM OPERATING ACTIVITIES

The increase in BCE’s cash flows from operating activities was due to:
-  A decrease of $851 million in contributions to DB pension plans due to voluntary contributions made in 2012 of $750 millionand $100 million at Bell and Bell Aliant, respectivelyAn increase of $268 million in EBITDA, exclusive of post-employment benefit plans service costPartly offset by higher income taxes paid of $190 million 
CAPITAL EXPENDITURES

  **2013**** **2012  $ CHANGE  % CHANGE  
Bell**3,001**** **2,923  78  2.7%
Capital intensity ratio**16.6****%**16.6%    0.0%
Bell Aliant**570**** **592  (22)(3.7%)
Capital intensity ratio**20.7****%**21.4%    (0.7%)
BCE**3,571**** **3,515  56  1.6%
Capital intensity ratio**17.5****%**17.6%    (0.1%)
 

BCE Inc.   		**2013 Annual Report**    77   
**   6		FINANCIAL AND CAPITAL MANAGEMENT**
 **MD&A**   		    
**BCE capital expenditure**s wereup $56 million, or 1.6%, in 2013 reflecting higher spending at Bell, partly offset by slightly lower spending at Bell Aliant. As a percentage of revenue, capital expenditures for BCE were 17.5% compared to 17.6% in 2012.

**Bell capital expenditures** increased $78 million, or 2.7%, corresponding to a capital intensity ratio of 16.6% which was unchanged compared to 2012. The increase was due to:
-  Higher spending to support expansion of our Fibe TVservice footprintDeployment of broadband fibre to existing residentialhomes and neighbourhoods, new housing developments,condominiums and other MDUs, as well as targetedbusinesses in Ontario and QuébecOngoing roll-out of 4G LTE mobile service in marketsacross CanadaExpansion of wireless network capacity to accommodateincreasing data usageSpending to support the execution of customer contractsin our Business Markets unitInvestment in customer service to improve client care supportsystems and self-serve toolsAddition of new Bell and The Source stores across Canada.
**Bell Aliant capital expenditures** decreased $22 million, or 3.7%, corresponding to a capital intensity ratio of 20.7% compared to 21.4% in 2012. The decrease was due to fewer incremental homes passed with its FTTH network, a reduction in central Canada FibreOP start-up costs and lower capital expenditures for legacy services.
 
**FREE CASH FLOW**

Free cash flow increased $143 million, driven mainly by higher EBITDA, offset partly by higher capital expenditures, increased interest payments from a higher average level of outstanding debt and higher taxes paid.
 
**BUSINESS ACQUISITIONS**

Business acquisitions in 2013 reflect our acquisition of Astral of $2,844 million, net of $32 million of cash acquired. Refer to section *1.3, Key Corporate Developments – Acquisition of Astral*.
 
**INCREASE IN INVESTMENTS**

In 2012, BCE acquired a 28% indirect equity interest in MLSE for a net cash consideration of $398 million and a 35.3% indirect equity interest in Q9 for a net cash consideration of $185 million.
 
**DEBT INSTRUMENTS**

*We use a combination of short-term and long-term debt to finance our operations. Our short-term debt consists mostly of bank facilities, notes payable under commercial paper programs and loans securitized by trade receivables. We usually pay fixed rates of interest on our long-term debt and floating rates on our short-term debt. As at December 31, 2013, all of our debt was denominated in Canadian dollars.*The net issuance of debt instruments of $2,215 million, net of repayments was due to:
-  The issuance of Series M-26, Series M-27, Series M-28 andSeries M-29 MTN debentures at Bell Canada with a totalprincipal amount of $3 billion$1 billion drawn under Bell Canada’s unsecured committed termacquisition credit facility to fund a portion of the purchaseprice of AstralThe issuance of MTNs at Bell Aliant with a total principal amountof $400 millionAn increase in our notes payable and bank advances, net ofrepayments, of $272 million
partly offset by:
-  Early redemption of Series M-20 MTN debentures atBell Canada amounting to $1 billion$432 million of payments under finance leases$400 million early redemption of Series 3 MTNs at Bell Aliant$397 million repayment of debt assumed on the acquisitionof Astral$150 million early redemption of Series EA debenturesat Bell Canada$70 million repayment of Series AA debentures at Bell Aliant
In 2012, we issued $486 million of debt, net of repayments. This included the issuance of MTN debentures at Bell Canada with a total principal amount of $1 billion and issuances of notes payable and bank advances of $377 million, offset partly by the repayment of another series of MTN debentures at Bell Canada with a total principal amount of $500 million and payments under finance leases of $391 million.
 
**PREMIUMS ON EARLY REDEMPTION OF DEBT**

In 2013, Bell Canada redeemed early its Series M-20 MTN debentures and Series EA debentures, incurring charges of $28 million and $17 million, respectively, and Bell Aliant redeemed early its Series 3 MTN debentures, incurring charges of $10 million.

 
78   		BCE Inc.    **2013 Annual Report**    
**   6		FINANCIAL AND CAPITAL MANAGEMENT**
 **MD&A**   		   
**ISSUE OF PREFERRED SHARES**

In 2012, BCE issued 11,200,000 Series AK Preferred Shares for gross proceeds of $280 million.
 
**ISSUE OF EQUITY SECURITIES BY SUBSIDIARIES TO NCI**

In 2013, Bell Aliant Preferred Equity Inc., an indirect subsidiary of Bell Aliant, issued preferred shares for gross proceeds of $230 million.
 
**REPURCHASE OF COMMON SHARES**

In 2011, BCE announced its plan to repurchase up to $250 million of its outstanding common shares through a NCIB. BCE repurchased and cancelled 2,604,439 of its common shares for a total cash outlay of $107 million under the program in 2012. The program was completed in March 2012.
 
**CASH DIVIDENDS PAID ON COMMON SHARES**

The BCE board approved increases in the common share dividend in 2013 and 2012. Accordingly, in 2013, the cash dividend paid on a BCE common share increased to $2.315 per common share, compared to a cash dividend of $2.17 per common share in 2012.

**6.4** POST-EMPLOYMENT BENEFIT PLANS

For the year ended December 31, 2013, we recorded a decrease in our post-employment benefit obligations and an actuarial gain, before taxes and NCI, in OCI of $1,416 million. The change was due to a higher actual discount rate and a higher-than-expected return on plan assets.

For the year ended December 31, 2012, we recorded an increase in our post-employment benefit obligations and an actuarial loss, before taxes and NCI, in other comprehensive loss of $1,449 million. This was due to a lower actual discount rate, offset partly by a higher-than-expected return on plan assets.

**6.5** CREDIT RATINGS

*Credit ratings generally address the ability of a company to repay principal and pay interest on debt or dividends on issued and outstanding preferred shares.*

*Our ability to raise financing depends on our ability to access the public equity and debt capital markets as well as the bank credit market. Our ability to access such markets and the cost and amount of funding available partly depends on the quality of our credit ratings at the time capital is raised. Investment-grade credit ratings usually mean that when we borrow money, we qualify for lower interest rates than companies that have ratings lower than investment-grade. A ratings downgrade could result in adverse consequences for our funding capacity or ability to access the capital markets.*

As of March 6, 2014, the BCE and Bell Canada ratings remained unchanged at investment-grade levels and were assigned stable outlooks from Standard & Poor’s Rating Services, DBRS Limited and Moody’s Investors Service, Inc.
 
**KEY CREDIT RATINGS**

      
      BCE(1)    
MARCH 6, 2014DBRS  MOODY'S  S&P 
Long-term debtBBB (high)  Baa2  BBB+ 
Preferred sharesPfd-3 (high)  –  P-2 (low) 
      BELL CANADA (1)     
  DBRS  MOODY'S  S&P 
Commercial paperR-1 (low)  P-2  A-2 
Long-term debtA (low)  Baa1  BBB+ 
Subordinated long-term debtBBB  Baa2  BBB 
 
(1)*These credit ratings are not recommendations to buy, sell or hold any of the securities referred to above, and they may be revised or withdrawn at any time by the assigning rating organization. Each credit rating should be evaluated independently of any other credit rating.*
 

BCE Inc.   		**2013 Annual Report**    79   
**   6		FINANCIAL AND CAPITAL MANAGEMENT**
 **MD&A**   		    
**6.6** LIQUIDITY

**SOURCES OF LIQUIDITY**

Our cash and cash equivalents balance at the end of 2013 was $335 million. We expect that this balance, our 2014 estimated cash flows from operations, and possible capital markets financing, including commercial paper, will permit us to meet our cash requirements in 2014 for capital expenditures, post-employment benefit plans funding, dividend payments, the payment of contractual obligations, maturing debt, the purchase of spectrum licences, ongoing operations and other cash requirements.

Should our 2014 cash requirements exceed our cash and cash equivalents balance, cash generated from our operations, and capital markets financings, we would cover such a shortfall by drawing under committed revolving credit facilities that are currently in place or through new facilities, to the extent available.

Our cash flows from operations, cash and cash equivalents balance, capital markets financings and credit facilities should give us flexibility in carrying out our plans for future growth, including business acquisitions and contingencies.

              COMMERCIAL PAPER    
AT DECEMBER 31, 2013TOTAL AVAILABLE  DRAWN  LETTERS OF CREDIT  OUTSTANDING  NET AVAILABLE
**Committed credit facilities**                  
Bell Canada                  
Revolving facility (1)2,500  –  –  837  1,663
Unsecured committed term acquisitioncredit facility (Astral)1,000  1,000  –  –  –
Other286  –  240  –  46
Bell Aliant                  
Revolving facility (1)750  55  193  –  502
Other234  70  134  –  30
**Total committed credit facilities**4,770  1,125  567  837  2,241
**Non-committed credit facilities**                  
Bell Canada817  4  640  –  173
Bell Aliant3  –  –  –  3
**Total non-committed credit facilities**820  4  640  –  176
**Total committed and non-committed credit facilities**5,590  1,129  1,207  837  2,417
 
(1)*Bell Canada’s $2,500 million revolving facility expires in November 2018 and Bell Aliant’s $750 million revolving facility expires in June 2017.*
Bell Canada may issue up to $2 billion of notes under its commercial paper program, that is supported by a committed revolving bank credit facility. The total amount of this credit facility may be drawn at any time. Some of our credit agreements require us to meet specific financial ratios and to offer to repay and cancel the credit agreement upon a change of control of BCE or Bell Canada. We are in compliance with all conditions and restrictions.

 
80   		BCE Inc.    **2013 Annual Report**    
**   6		FINANCIAL AND CAPITAL MANAGEMENT**
 **MD&A**   		   
**CASH REQUIREMENTS**

**CAPITAL EXPENDITURES**

In 2014, our capital spending is planned to focus on our strategic imperatives, reflecting an appropriate level of investment in our networks and services.

**POST-EMPLOYMENT BENEFIT PLANS FUNDING**

Our post-employment benefit plans include both DB pension and defined contribution (DC) pension plans, as well as OPEBs. The funding requirements of our post-employment benefit plans, resulting from valuations of our plan assets and liabilities, depend on a number of factors, including actual returns on post-employment benefit plan assets, long-term interest rates, plan demographics, and applicable regulations and actuarial standards. Our expected funding for 2014 is detailed in the following table and is subject to actuarial valuations that will be completed in mid-2014. An actuarial valuation was last performed for our significant post-employment benefit plans as at December 31, 2012.

2014 EXPECTED FUNDINGBELL  BELL ALIANT  TOTAL 
DB pension plans – service cost187  45  232 
DB pension plans – deficit3  5  8 
DB pension plans190  50  240 
OPEBs75  10  85 
DC pension plans85  10  95 
Total net post-employment benefit plans350  70  420 
Bell Canada closed the membership of its DB pension plans to new employees in January 2005 to reduce the impact of pension volatility on earnings over time. Generally, new employees now enrol in the DC pension plans. In 2006, we announced the phase-out, over a ten-year period, of OPEBs for all employees, which will result in Bell’s OPEBs funding being phased out gradually after 2016.

**DIVIDEND PAYMENTS**

In 2014, the cash dividends to be paid on BCE’s common shares are expected to be higher than in 2013 as BCE’s common share dividend increased by 6.0% to $2.47 per common share from $2.33 per common share at the end of 2013. These increases are consistent with BCE’s common share dividend policy of a target payout between 65% and 75% of free cash flow. BCE’s dividend policy and the declaration of dividends are subject to the discretion of the BCE Board.

**CONTRACTUAL OBLIGATIONS**

The following table is a summary of our contractual obligations at December 31, 2013 that are due in each of the next five years and thereafter.

                      THERE-      
  2014  2015  2016  2017  2018  AFTER  TOTAL  
**Recognized financial liabilities**                            
Long-term debt349  1,379  2,220  1,183  1,670  7,980  14,781  
Notes payable and bank advances972  –  –  –  –  –  972  
Minimum future lease payments under finance leases489  418  288  260  237  1,618  3,310  
Loan secured by trade receivables921  –  –  –  –  –  921  
Interest payable on long-term debt, notes payable, bank advances and loan secured by trade receivables734  677  605  538  476  4,634  7,664  
MLSE financial liability–  –  –  135  –  –  135  
Net interest receipts on derivatives(23)(22)(19)(7)–  –  (71)
**Commitments (Off-Balance Sheet)**                            
Operating leases296  249  207  165  128  692  1,737  
Commitments for property, plant and equipment and intangible assets232  78  47  12  10  25  404  
Purchase obligations1,968  1,360  602  430  279  1,177  5,816  
**Total**5,938  4,139  3,950  2,716  2,800  16,126  35,669  
 

BCE Inc.   		**2013 Annual Report**    81   
**   6		FINANCIAL AND CAPITAL MANAGEMENT**
 **MD&A**   		    
BCE’s significant finance leases are for satellites and office premises. The leases for satellites, used to provide programming to our Bell TV customers, have a term of 15 years. The satellite leases are non-cancellable. The office leases have a typical lease term of 15 years. Minimum future lease payments under finance leases include future finance costs of $1,062 million.

BCE’s significant operating leases are for office premises, cellular tower sites and retail outlets with lease terms ranging from 1 to 33 years. These leases are non-cancellable and generally are renewable at the end of the lease period. Rental expense relating to operating leases was $300 million in 2013 and $269 million in 2012.

Purchase obligations consist of contractual obligations under service and product contracts, for both operating and capital expenditures. Our commitments for property, plant, and equipment and intangible assets include investments to expand and update our networks, and to meet customer demand.

**INDEMNIFICATIONS AND GUARANTEES**

As a regular part of our business, we enter into agreements that provide for indemnifications and guarantees to counterparties in transactions involving business dispositions, sales of assets, sales of services, purchases and development of assets, securitization agreements and operating leases.

We cannot reasonably estimate the maximum potential amount we could be required to pay counterparties because of the nature of almost all of these indemnifications and guarantees. As a result, we cannot determine how they could affect our future liquidity, capital resources or credit risk profile. We have not made any significant payments under indemnifications or guarantees in the past.
 
**LITIGATION**

We become involved in various legal proceedings as a part of our business. While we cannot predict the final outcome or timing of the legal proceedings that were pending at March 6, 2014, based on information currently available and management’s assessment of the merits of such legal proceedings, management believes that the resolution of these legal proceedings will not have a material and negative effect on our financial statements. We believe that we have strong defences and we intend to vigorously defend our positions.

You will find a description of the principal legal proceedings pending at March 6, 2014 in the BCE 2013 AIF.

 
82   		BCE Inc.    **2013 Annual Report**    
**   7 SELECTED		ANNUAL AND QUARTERLY INFORMATION**
 **MD&A**   		   
**7.1** ANNUAL FINANCIAL INFORMATION

The following table shows selected consolidated financial data of BCE for 2013, 2012 and 2011, prepared in accordance with IFRS as issued by the International Accounting Standards Board (IASB). We discuss the factors that caused our results to vary over the past two years throughout this MD&A.

  **2013****(1)**2012  2011(2)
**CONSOLIDATED INCOME STATEMENTS**** **** **        
Operating revenues**20,400**** **19,978  19,502  
Operating costs**(12,311****)**(12,090)(11,864)
EBITDA**8,089**** **7,888  7,638  
Severance, acquisition and other costs**(406****)**(133)(409)
Depreciation**(2,734****)**(2,678)(2,545)
Amortization**(646****)**(714)(723)
Finance costs** **** **        
Interest expense**(931****)**(865)(853)
Interest on post-employment benefit obligations**(150****)**(131)(149)
Other (expense) income**(6****)**269  127  
Income taxes**(828****)**(760)(662)
Net earnings**2,388**** **2,876  2,424  
Net earnings attributable to:** **** **        
Common shareholders**1,975**** **2,456  2,081  
Preferred shareholders**131**** **139  119  
Non-controlling interest**282**** **281  224  
Net earnings**2,388**** **2,876  2,424  
Net earnings per common share** **** **        
Basic**2.55**** **3.17  2.70  
Diluted**2.54**** **3.17  2.70  
Included in net earnings:** **** **        
Severance, acquisition and other costs**(299****)**(94)(282)
Net (losses) gains on investments**(7****)**256  89  
Premiums on early redemption of debt**(36****)**–  –  
Adjusted net earnings**2,317**** **2,294  2,274  
Adjusted EPS**2.99**** **2.96  2.95  
**RATIOS**** **** **        
EBITDA margin (%)**39.7****%**39.5%39.2%
Return on equity (%)**17.9****%**23.2%19.7%
 
(1)*On July 5, 2013, BCE acquired 100% of the issued and outstanding shares of Astral. Refer to section*1.3, Key Corporate Developments – Acquisition of Astral, *and Note 4 to BCE’s 2013 consolidated financial statements, for further details on the transaction.*(2)*On April 1, 2011, BCE acquired the remaining 85% of CTV common shares that we did not already own. As part of its approval of the acquisition, the CRTC ordered BCE to spend $239 million over seven years to benefit the Canadian broadcasting system. The present value of this tangible benefits obligation, amounting to $164 million, net of $57 million assumed by CTV’s previous shareholders, was recorded as an acquisition cost in*Severance, acquisition and other costs *in 2011. A gain of $89 million was realized on our previously held 15% equity interest in CTV at the acquisition date, which was recorded in*Other income *in 2011.*
 

BCE Inc.   		**2013 Annual Report**    83   
**   7 SELECTED		ANNUAL AND QUARTERLY INFORMATION**
 **MD&A**   		    
 

  **2013**** **2012  2011  
**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION**** **** **        
Total assets**45,384**** **40,969  39,461  
Cash and cash equivalents**335**** **129  177  
Debt due within one year (including bank advances, notes payable and loan secured by trade receivables)**2,571**** **2,136  2,132  
Long-term debt**16,341**** **13,886  12,721  
Total non-current liabilities**21,244**** **19,498  17,882  
Equity attributable to BCE shareholders**15,011**** **13,875  13,777  
Total equity**16,250**** **14,725  14,759  
**RATIOS**** **** **        
Total debt to total assets (times)**0.42**** **0.39  0.38  
Total debt to total equity (times)**1.05**** **0.98  0.92  
**CONSOLIDATED STATEMENTS OF CASH FLOWS**** **** **        
Cash flows from operating activities**6,476**** **5,560  4,881  
Cash flows used in investing activities**(6,401****)**(4,101)(3,894)
Capital expenditures**(3,571****)**(3,515)(3,256)
Business acquisitions**(2,850****)**(13)(680)
Increase in investments**(3****)**(593)(14)
Cash flows from (used in) financing activities**131**** **(1,507)(1,581)
Repurchase of common shares**–**** **(107)(143)
Issue of common shares**13**** **39  152  
Issue of preferred shares**–**** **280  345  
Net issuance (repayment) of debt instruments**2,215**** **486  (6)
Cash dividends paid on common shares**(1,795****)**(1,683)(1,520)
Cash dividends paid on preferred shares**(127****)**(133)(118)
Cash dividends paid by subsidiaries to non-controlling interest**(283****)**(340)(315)
Free cash flow**2,571**** **2,428  2,273  
**SHARE INFORMATION**** **** **        
Average number of common shares (millions)**775.8**** **774.3  771.4  
Common shares outstanding at end of year (millions)**775.9**** **775.4  775.4  
Market capitalization**35,691**** **33,055  32,931  
Dividends declared per common share (dollars)**2.3300**** **2.2200  2.0450  
Book value per share (dollars)**14.97**** **13.52  13.75  
Dividends declared on common shares**(1,807****)**(1,720)(1,579)
Dividends declared on preferred shares**(131****)**(138)(119)
Market price per common share (dollars)** **** **        
High (end of day)**48.43**** **45.06  42.47  
Low (end of day)**41.57**** **39.37  34.31  
Close**46.00**** **42.63  42.47  
Total shareholder return**13.6****%**5.9%27.0%
**RATIOS**** **** **        
Capital intensity (%)**17.5****%**17.6%16.7%
Price to earnings ratio (times)**18.04**** **13.45  15.73  
Price to book ratio (times)**3.07**** **3.15  3.09  
Price to cash flow ratio (times)**12.30**** **16.15  20.13  
**OTHER DATA**** **** **        
Number of employees (thousands)**56**** **56  55  
 
84   		BCE Inc.    **2013 Annual Report**    
**   7 SELECTED		ANNUAL AND QUARTERLY INFORMATION**
 **MD&A**   		   
**7.2** QUARTERLY FINANCIAL INFORMATION

The following table shows selected BCE consolidated financial data by quarter for 2013 and 2012. This quarterly information is unaudited but has been prepared on the same basis as the annual consolidated financial statements. We discuss the factors that caused our results to vary over the past eight quarters throughout this MD&A.

  ** **** **** **** ****  2013**** **** **** **          2012      
  **Q4**** ****Q3**** ****Q2**** ****Q1**** **Q4  Q3  Q2  Q1  
Operating revenues**5,382**** ****5,099**** ****5,000**** ****4,919**** **5,161  4,982  4,925  4,910  
EBITDA**1,998**** ****2,063**** ****2,066**** ****1,962**** **1,896  2,019  2,044  1,929  
Severance, acquisition and other costs**(48****)****(297****)****(28****)****(33****)**(69)(25)(20)(19)
Depreciation**(695****)****(683****)****(681****)****(675****)**(693)(673)(666)(646)
Amortization**(160****)****(162****)****(161****)****(163****)**(175)(180)(178)(181)
Net earnings**593**** ****452**** ****671**** ****672**** **765  644  836  631  
Net earnings attributable to common shareholders**495**** ****343**** ****571**** ****566**** **666  527  732  531  
Net earnings per common share** **** **** **** **** **** **** **** **                
Basic**0.64**** ****0.44**** ****0.74**** ****0.73**** **0.86  0.68  0.94  0.69  
Diluted**0.63**** ****0.44**** ****0.74**** ****0.73**** **0.86  0.68  0.94  0.69  
Included in net earnings:** **** **** **** **** **** **** **** **                
Severance, acquisition and other costs**(33****)****(222****)****(21****)****(23****)**(46)(19)(15)(14)
Net (losses) gains on investments**(12****)****2**** ****1**** ****2**** **248  –  –  8  
Premiums on early redemption of debt**–**** ****(21****)****(3****)****(12****)**–  –  –  –  
Adjusted net earnings**540**** ****584**** ****594**** ****599**** **464  546  747  537  
Adjusted EPS**0.70**** ****0.75**** ****0.77**** ****0.77**** **0.60  0.70  0.97  0.69  
Average number of common shares outstanding – basic (millions)**775.9**** ****775.9**** ****775.9**** ****775.7**** **775.0  774.2  773.7  774.3  
 

**FOURTH QUARTER HIGHLIGHTS**

OPERATING REVENUES**Q4 2013**** **Q4 2012  $ CHANGE  % CHANGE  
Bell Wireline**2,601**** **2,608  (7)(0.3%)
Bell Wireless**1,505**** **1,458  47  3.2%
Bell Media**821**** **591  230  38.9%
Inter-segment eliminations**(114****)**(80)(34)(42.5%)
Bell**4,813**** **4,577  236  5.2%
Bell Aliant**688**** **694  (6)(0.9%)
Inter-segment eliminations**(119****)**(110)(9)(8.2%)
**Total BCE operating revenues****5,382**** **5,161  221  4.3%
 

EBITDA**Q4 2013**** **Q4 2012  $ CHANGE  % CHANGE  
Bell Wireline**934**** **931  3  0.3%
Bell Wireless**529**** **479  50  10.4%
Bell Media**230**** **172  58  33.7%
Bell**1,693**** **1,582  111  7.0%
Bell Aliant**305**** **314  (9)(2.9%)
**Total BCE EBITDA****1,998**** **1,896  102  5.4%
**BCE operating revenues** in Q4 2013 were 4.3% higher compared to Q4 2012, translating into BCE EBITDA growth of 5.4%.

**BCE EBITDA** increased year-over-year driven by higher EBITDA at Bell Wireless, Bell Media and Bell Wireline, partly offset by lower EBITDA at Bell Aliant.

**Bell operating revenues** in Q4 2013 were 5.2% higher compared to Q4 2012, driven by steady Bell Wireless revenue growth, positive Bell Wireline residential services revenue growth as strong TV and high-speed Internet expansion outpaced declines in traditional voice services, and Astral’s contribution to Bell Media results.

 

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**   7 SELECTED		ANNUAL AND QUARTERLY INFORMATION**
 **MD&A**   		    
 
**Bell EBITDA** increased 7.0%, year over year, reflecting strong EBITDA growth of 10.4% at Bell Wireless and 33.7% at Bell Media over the same period last year. Notably, we generated positive EBITDA growth of 0.3% at Bell Wireline in Q4 2013 with a 41,000 year-over-year improvement in total Bell Wireline residential customer net losses, higher household ARPU, and a reduction in operating costs. Higher EBITDA across all Bell segments contributed to a 0.6 percentage-point improvement in Bell’s consolidated EBITDA margin to 35.2%.  **Bell Wireline** operating revenues were essentially unchanged year over year, decreasing 0.3%. Bell Residential Services delivered revenue growth of 3.1%, reflecting accelerated Fibe TV and related Fibe Internet customer growth, as well as slowing voice erosion, while the rate of revenue decline at Bell Business Markets improved year over year. Bell Wireline EBITDA was up 0.3% compared to Q4 2012 with margin improving 0.2 percentage points to 35.9%, supported by a $10 million year-over-year reduction in operating costs.
**Bell Wireless** operating revenues increased 3.2% in Q4 2013 with service revenues up 3.7%, reflecting the positive impact of postpaid smartphone subscribers acquired in 2013 combined with blended ARPU growth of 2.1% due to higher data revenues. Bell Wireless EBITDA grew 10.4%, delivering a 2.4 percentage-point expansion in EBITDA service margin to 38.9%, which also benefited from a 0.3% reduction in operating costs resulting from disciplined spending on postpaid subscriber acquisition and customer retention.

**Bell Media** operating revenues in Q4 2013 were 38.9% higher, year over year. The increase reflects higher advertising and subscriber fee revenues from the Astral acquisition, as well as planned, market-based step-ups in non-Astral specialty TV rates paid by broadcast distributors for Bell Media content and programming. Similarly, Bell Media’s EBITDA increased 33.7%, year over year, reflecting the flow-through of higher advertising and subscriber fee revenues, partly offset by higher operating costs. 
**Bell Aliant operating revenues** in Q4 2013 were 0.9% lower compared to Q4 2012, driven by growth in data and wireless revenues which was effectively offset by lower local and access and long distance revenues.
**Bell Aliant EBITDA** decreased 2.9%, year over year, reflecting increased marketing and sales expenses attributable to aggressive competitive activity and higher TV content costs resulting from IPTV customer growth, partially mitigated by savings from ongoing productivity initiatives and operating efficiencies.

**Bell capital expenditures** totalled $992 million in Q4 2013. Spending was focused on the ongoing roll-out of Bell’s 4G LTE mobile network and the continued deployment of broadband infrastructure, including new fibre to residential homes, neighbourhoods and businesses in Ontario and Québec to support the expansion of Fibe TV.

**BCE depreciation** of $695 million increased $2 million, year over year, due to a higher depreciable asset base in 2013 as we continued to invest in our broadband wireline and wireless networks, and incremental depreciation expense attributable to our acquisition of Astral. This was partly offset by a net decrease in depreciation expense due to changes in the estimates of useful lives of certain assets.

**BCE amortization** was $160 million in Q4 2013, down from $175 million in Q4 2012 as certain intangible assets became fully amortized, resulting in a lower asset base in 2013. In addition, amortization expense decreased due to an increase in the estimates of useful lives of certain assets.

**BCE cash flow from operating activities** was $1,838 million in Q4 2013 compared to $863 million in the previous year, due to a decrease in contributions to post-employment benefit plans attributable to voluntary DB pension plan contributions in 2012 and higher EBITDA, partly offset by higher income taxes paid in 2013.

**BCE free cash flow** in Q4 2013 was $674 million, up 11.4% from $605 million in Q4 2012, driven by higher EBITDA and an increase in working capital, offset partly by higher capital expenditures.

**BCE net earnings** attributable to common shareholders were $495 million, or $0.64 per share, in Q4 2013 compared to $666 million, or $0.86 per share, in Q4 2012. The year-over-year decrease in earnings was due to a non-cash gain recognized in Q4 2012 on the sale of assets by Inukshuk to its owners. Adjusted net earnings attributable to common shareholders were $540 million, an increase of 16.4%, and Adjusted EPS increased 16.7% to $0.70 from $0.60, mainly as a result of higher EBITDA at Bell. 

**SEASONALITY CONSIDERATIONS**

Some of our segments’ revenues and expenses vary slightly by season, which may impact quarter-to-quarter operating results.

**Wireline** segment revenues tend to be higher in the fourth quarter because of higher data and equipment product sales to business customers and higher consumer electronics equipment sales during the holiday period in December. Home Phone, TV and Internet subscriber activity is subject to modest seasonal fluctuations, attributable largely to residential moves during the summer months and the back-to-school period in the third quarter. Targeted marketing efforts conducted during various times of the year to coincide with special events or broad-based marketing campaigns also may have an impact on overall wireline operating results.

**Wireless** operating results are influenced by the timing of our marketing and promotional expenditures and higher levels of subscriber additions and handset discounts, resulting in higher subscriber acquisition and activation-related expenses in certain quarters. In particular, Bell Wireless EBITDA tends to be lower in the fourth quarter due to higher subscriber acquisition costs associated with a higher number of new subscriber activations during the holiday season. Additionally, the third quarter has become more significant in terms of wireless subscriber additions in recent years as a result of back-to-school offers, while subscriber additions have typically been lowest in the first quarter.

**Bell Media** revenues and related expenses from TV and radio broadcasting are largely derived from the sale of advertising, the demand for which is affected by prevailing economic conditions, as well as cyclical and seasonal variations. Seasonal variations are driven by the strength of TV ratings particularly during the fall programming season, major sports league seasons and other special sporting events such as the Olympic Games, NHL playoffs and World Cup soccer, as well as fluctuations in consumer retail activity during the year.

 
86   		BCE Inc.    **2013 Annual Report**    
**   8		REGULATORY ENVIRONMENT**
 **MD&A**   		   
**8.1** INTRODUCTION

This section describes certain legislation that governs our businesses and provides highlights of recent regulatory initiatives and proceedings, government consultations and government positions that affect us and that influence our business and may continue to affect our flexibility to compete in the marketplace. Bell Canada and Bell Aliant Regional Communications Inc. (Bell Aliant Regional) and several of their direct and indirect subsidiaries, including Bell Mobility, Bell ExpressVu Limited Partnership, Bell Aliant Regional Communications, Limited Partnership (Bell Aliant LP), NorthernTel, Limited Partnership (NorthernTel), Télébec, Limited Partnership (Télébec) and NorthwesTel, are governed by the *Telecommunications Act*, the *Broadcasting Act*, the *Radiocommunication Act*and/or the *Bell Canada Act*. They are also subject to regulations and policies enforced by the CRTC. Our business is affected by decisions made by various regulatory agencies, including the CRTC, an independent agency of the Government of Canada responsible for regulating Canada’s telecommunications and broadcasting industries. Other aspects of the businesses of these companies are regulated in various ways by federal government departments, in particular Industry Canada.

The CRTC regulates the prices we can charge for telecommunications services in areas where it determines there is not enough competition to protect the interests of consumers. The CRTC has determined that competition was sufficient to grant forbearance from retail price regulation under the *Telecommunications Act*for the vast majority of Bell Canada’s residential and business local telephone service lines in Ontario and Québec, as well as for our wireless and Internet services. Under the *Broadcasting Act*, our TV distribution business is not subject to retail price regulation.

Although most of our wireline and wireless services are forborne from price regulation under the *Telecommunications Act*, the Government of Canada and its relevant departments and agencies, including the CRTC, Industry Canada and the Competition Bureau, continue to play a significant role in telecommunications policy and regulatory matters, such as spectrum auctions, approval of acquisitions, foreign ownership and broadcasting, and this may adversely affect our competitive position. The federal government recently significantly increased its focus on consumer protection, especially in the wireless sector, and adopted more stringent regulations. This increased focus on consumer protection is evidenced by the adoption in 2013 of a new mandatory code of conduct for providers of retail mobile wireless voice and data services (Wireless Code) by the CRTC, which, as discussed in more detail in section *8.2, Telecommunications Act – Adoption of a National Wireless Services Consumer Code*, could decrease our flexibility in the marketplace. The federal government may take positions against the telecommunications and media industries in general, or specifically against Bell Canada or certain of its subsidiaries. Failure to positively influence changes in any of these areas, or to meet the required regulatory standards, adverse decisions by regulatory agencies or increasing regulation, could have negative financial, operational, reputational or competitive consequences for our business.

**8.2** TELECOMMUNICATIONS ACT

The *Telecommunications Act*governs telecommunications in Canada. It defines the broad objectives of Canada’s telecommunications policy and provides the Government of Canada with the power to give general direction to the CRTC on any of its policy objectives. It applies to several of the BCE group companies and partnerships, including Bell Canada, Bell Mobility, Bell Aliant LP, NorthernTel, Télébec and Northwestel.

Under the *Telecommunications Act*, all facilities-based telecommunications service providers in Canada, known as telecommunications common carriers (TCCs), must seek regulatory approval for all proposed tariffs for telecommunications services, unless the services are exempt from regulation or forborne from regulation. The CRTC may exempt an entire class of carriers from regulation under the *Telecommunications Act*if the exemption meets the objectives of Canada’s telecommunications policy. A few large TCCs, including the BCE group TCCs, must also meet certain Canadian ownership requirements. BCE monitors and periodically reports on the level of non-Canadian ownership of its common shares.

 

BCE Inc.   		**2013 Annual Report**    87   
**   8		REGULATORY ENVIRONMENT**
 **MD&A**   		    
**PROCEEDINGS REGARDING WHOLESALE DOMESTIC WIRELESS SERVICES**

On December 18, 2013, the Minister of Industry announced the federal government’s intention to amend the *Telecommunications Act*to place an interim cap on the rates charged by Canadian wireless carriers for wholesale domestic roaming. The interim rate cap would apply until such time as the CRTC determines what, if any, regulatory measures should apply to wholesale domestic roaming. The CRTC is currently running a proceeding with respect to wireless roaming and a decision is expected by June 2014.

On February 20, 2014, the CRTC initiated a regulatory proceeding to determine whether the wholesale mobile wireless services market is sufficiently competitive. This proceeding will specifically examine: the market conditions for wholesale roaming, wholesale tower and site sharing and other wholesale mobile wireless services; the impact that the wholesale mobile wireless services market has on the development of the retail services market and on sustainable competition in that market; and whether greater regulatory oversight, including mandating access to any existing or potential wholesale mobile wireless service, would be appropriate. Greater regulation of wholesale mobile wireless services could limit Bell’s marketing flexibility, improve the business position of Bell’s competitors and negatively impact the financial performance of Bell’s mobile wireless business. This CRTC proceeding will conclude in the fourth quarter of 2014 and a CRTC decision is expected in early 2015. The financial impact of these initiatives is not possible to assess at this time.
 
**CRTC AND INDUSTRY CANADA ADMINISTRATIVE MONETARY PENALTIES**

On December 18, 2013, the Minister of Industry announced the federal government’s intention to amend both the *Telecommunications Act*and the *Radiocommunication Act*to provide the CRTC and Industry Canada with the authority to impose administrative monetary penalties on companies that violate established rules. No further details have been announced. However, the amendments are expected to be implemented in early 2014. The financial impact associated with the amendments is unclear at this time.
 
**WHOLESALE SERVICES FRAMEWORK REVIEW**

On October 15, 2013, the CRTC initiated a review of wholesale telecommunications services and associated policies. This comprehensive review, which will run until the end of 2014, will notably examine whether currently mandated wholesale services should be forborne, whether currently forborne wholesale services should be re-regulated and whether additional wholesale high-speed access services should be mandated, including over fibre-to-the-premises facilities. The CRTC has specifically excluded from this review any consideration of wireless wholesale services. Modifications to the regulatory regime applicable to our wholesale telecommunications services could have significant impacts on our wholesale telecommunications business and potentially, by extension, in certain retail markets.
 
**ADOPTION OF A NATIONAL WIRELESS SERVICES CONSUMER CODE**

On June 3, 2013, the CRTC issued Telecom Regulatory Policy CRTC 2013-271, which established the Wireless Code. The Wireless Code applies to all wireless services provided to individual and small business consumers (e.g. businesses that on average spend less than $2,500 per month on telecom services) in all provinces and territories. Where the Wireless Code is in direct conflict with a valid provincial law, the Wireless Code takes precedence.

The Wireless Code establishes regulations related to unlocking mobile phones, calculating early cancellation fees, and setting default caps for data roaming charges and data overage charges, among other measures. The Wireless Code also stipulates that wireless service providers may not charge an early cancellation fee after a customer has been under contract for 24 months, which reduces the incentive for wireless service providers to offer contracts with longer terms. Implementation of the Wireless Code could lead to significant changes in consumer wireless market dynamics, including higher industry churn due to the discontinuance of three-year contracts and their replacement with two-year contracts. In addition, to the extent that higher costs due to a shorter contract term are not passed on to consumers, the Wireless Code could lead to higher costs for Bell. All of these factors could have an adverse impact on our financial results.

Where an obligation in the Wireless Code relates to a specific contractual relationship between a wireless service provider and a customer, the Wireless Code applies if the contract was entered into, amended, renewed or extended on or after December 2, 2013. The Wireless Code will apply to and modify all contracts, no matter when they were entered into, on June 3, 2015. As a result, all three-year contracts entered into on or after June 4, 2012, and before December 1, 2013, will retroactively become subject to the Wireless Code on June 3, 2015, despite having been entered into before the Wireless Code came into effect. On July 3, 2013, Bell Mobility, together with Rogers, TELUS, Saskatchewan Telecommunications Holding Corporation and MTS, filed an application with the Federal Court of Appeal seeking leave to appeal this retroactive application of the Wireless Code. The Federal Court of Appeal granted leave to appeal on September 24, 2013. If the appeal is successful, consumer contracts entered into before December 1, 2013 would remain exempt from the Wireless Code’s application and would be permitted to run to their contracted 3-year end dates.

 
88   		BCE Inc.    **2013 Annual Report**    
**   8		REGULATORY ENVIRONMENT**
 **MD&A**   		   
CANADA’S TELECOMMUNICATIONS FOREIGN OWNERSHIP RULES

Under the *Telecommunications Act*, there are no foreign investment restrictions applicable to TCCs that have less than a 10% share of the total Canadian telecommunications market as measured by annual revenues. However, foreign investment in telecommunications companies can still be refused by the government under the *Investment Canada Act*. The absence of foreign ownership restrictions on such TCCs could result in more foreign companies entering the Canadian market, including by acquiring spectrum licences or Canadian TCCs. Under the *Broadcasting Act*, foreign ownership restrictions are applicable to broadcasters, such as licensed cable and satellite TV service providers, or programming licensees, such as Bell Media.

**8.3** BROADCASTING ACT

The *Broadcasting Act*defines the broad objectives of Canada’s broadcasting policy and assigns the regulation and supervision of the broadcasting system to the CRTC. Key policy objectives of the *Broadcasting Act*are to protect and strengthen the cultural, political, social and economic fabric of Canada and to encourage the development of Canadian expression.

Most broadcasting activities require a broadcasting licence or broadcasting distribution licence from the CRTC. The CRTC may exempt broadcasting undertakings from complying with certain licensing and regulatory requirements if the CRTC is satisfied that not complying with those requirements will not materially affect the implementation of Canadian broadcasting policy. A corporation must also meet certain Canadian ownership requirements to obtain a broadcasting or broadcasting distribution licence and corporations must have the CRTC’s approval before they can transfer effective control of a broadcasting licensee.

The TV distribution business of our Bell TV business unit (Bell TV) and Bell Media’s TV and radio broadcasting operations are subject to the requirements of the *Broadcasting Act*, the policies and decisions of the CRTC and their respective broadcasting licences. Any changes in the *Broadcasting Act*, amendments to regulations or the adoption of new ones, or amendments to licences, could negatively affect Bell TV’s or Bell Media’s competitive positions or the cost of providing services.
 
**CRTC CONSULTATION ON THE FUTURE OF CANADA’S TV SYSTEM**

On October 16, 2013, the federal government announced its intention to require the unbundling of TV channels to allow Canadian families to be able to choose the combination of TV channels to which they want to subscribe, while protecting Canadian jobs. This announcement was followed by the launch, on October 24, 2013, of a CRTC consultation inviting Canadian consumers to provide their input on the future of Canada’s TV system. As part of this consultation, the CRTC inquired whether consumers are satisfied with Canadian TV programming content, how their channels are packaged and other related matters. On February 18, 2014, the CRTC launched Phase 2 of this public consultation with the Choicebook, an interactive survey that poses a series of questions on topics such as basic service, local news, pick-and-pay, sports, U.S. programming, signal substitution and online programming. Comments are due March 14, 2014.

In conjunction with this consultation, the federal government, pursuant to section 15 of the *Broadcasting Act*, issued an order-in-council mandating the CRTC to report on how the ability of Canadian consumers to subscribe to pay and specialty TV services on a service-by-service basis can be maximized in a manner that most appropriately furthers the implementation of the broadcasting policy for Canada. The CRTC’s report to this order-in-council is due no later than April 30, 2014.

Regulatory changes resulting from this consultation and order-in-council report could have an adverse impact on Bell TV’s and Bell Media’s businesses and financial results, the extent of which is unclear at this time. The CRTC has indicated that this consultation will lead to a public hearing in September 2014. It is unlikely that a decision on the new regulatory environment for TV will be released prior to the end of 2014.

 

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**   8		REGULATORY ENVIRONMENT**
 **MD&A**   		    
**8.4** RADIOCOMMUNICATION ACT

Industry Canada regulates the use of radio spectrum by Bell Canada, Bell Mobility and other wireless service providers under the *Radiocommunication Act*. Under the *Radiocommunication Act*, Industry Canada ensures that radiocommunication in Canada is developed and operated efficiently. Under the *Radiocommunication Regulations*, companies that are eligible for radio licences, such as Bell Canada and Bell Mobility, must meet the same ownership requirements that apply to companies under the *Telecommunications Act*.

Companies must have a spectrum licence to operate a wireless system in Canada. While we anticipate that the licences under which we provide wireless services will be renewed at term, there is no assurance that this will happen, or of the terms under which renewal will be granted. Industry Canada can revoke a company’s licence at any time if the company does not comply with the licence’s conditions. While we believe that we comply with the conditions of our licences, there is no assurance that Industry Canada will agree. Should there be a disagreement, this could have a negative effect on our business and financial performance.
 
**700 MHz SPECTRUM AUCTION**

The auction for licensing 700 MHz spectrum began on January 14, 2014. As part of this auction, Industry Canada implemented spectrum caps such that Bell Mobility, and the other large Canadian wireless incumbents, were individually limited to obtaining one paired spectrum block from the four most desirable 700 MHz blocks available (i.e. blocks B, C, C1 and C2). Bidders not classified as large wireless providers (such as small domestic wireless providers) were not limited to obtaining only one paired spectrum block, but rather were allowed to obtain two paired spectrum blocks from the four most desirable 700 MHz blocks available. On February 19, 2014, Industry Canada announced the provisional licence winners. Bell Mobility was one of 8 licence winners and was able to secure spectrum licences in every provincial and territorial market at a price in line with financial community expectations.
 
**LICENSING FRAMEWORK FOR BROADBAND RADIO SERVICES (BRS) – 2500 MHz**

On January 10, 2014, Industry Canada announced its framework for the licensing of 2500 MHz spectrum, which sets out the rules and procedures for participation in the 2500 MHz auction, scheduled to begin on April 14, 2015. The framework includes details related to the auction format and rules, the application process and timelines, and the conditions of licence that will apply to licences issued following the auction process, as well as to existing BRS spectrum licences. The auctioned licences will be issued for 20-year terms, with a 10-year build-out requirement. In aggregate, 61 service areas and 318 individual licences across the country will be auctioned. A spectrum aggregation limit of 40 MHz will apply in each individual service area, except for the Northwest Territories, Yukon and Nunavut, where no such limit will apply. A 5-year moratorium will further apply to sales of 2500 MHz spectrum to an entity that exceeds or would exceed the aggregation limit.

To the extent that Bell Mobility, or any other qualified bidder, wishes to acquire 2500 MHz spectrum in areas where it currently is at or over the aggregation limit, it would need to return sufficient spectrum to Industry Canada or apply to transfer it to a third party such that it is below the aggregation limit before the start of the auction. Our ability to acquire our preferred spectrum blocks in this auction may be affected by the auction strategies of other participants and the extent to which foreign entities participate in the auction process.
 
**SPECTRUM LICENCE TRANSFERS**

On June 28, 2013, Industry Canada released a decision revising its policy regarding spectrum licence transfers. This decision significantly increases the number of criteria, many of which are highly subjective, that Industry Canada may consider when determining whether to approve or deny such transfers. In addition to subjecting all licence transfers and licence subordination arrangements to these new rules, the decision also requires that “prospective” and “option” arrangements, (i.e. those designed to transfer spectrum at a future date), would also have to be submitted for review within 15 days of entering into such a business arrangement. Such arrangements would have to be withdrawn within 90 days if Industry Canada denies the proposed transfer. Industry Canada had previously noted that the new licence transfer framework is one of several initiatives the government is taking to promote at least four wireless competitors in each region of the country. In a related initiative, on June 4, 2013, the Minister of Industry announced that the government had blocked a proposal by TELUS to acquire all of the issued and outstanding shares of advanced wireless services (AWS) entrant DAVE (carrying on business under the Mobilicity brand). The Minister stated the government will not waive the condition of licence applicable to 2008 “set-aside” spectrum reserved solely for new entrants in the 2008 AWS spectrum auction restricting the transfer of such spectrum to incumbent carriers before the 5-year moratorium period has run its course.

 
90   		BCE Inc.    **2013 Annual Report**    
**   8		REGULATORY ENVIRONMENT**
 **MD&A**   		   
**MANDATORY ROAMING AND TOWER SHARING**

On March 7, 2013, Industry Canada announced amendments to the conditions of licence governing mandatory roaming and tower sharing. These changes effectively expand the scope of mandated roaming and tower sharing rights and could increase the number of wireless operators seeking mandated roaming on our wireless networks. All of these changes are intended to facilitate the quicker execution of roaming and tower-sharing agreements and the resolution of disputes, to the extent they occur.

**8.5** BELL CANADA ACT

Under the *Bell Canada Act*, the CRTC must approve any sale or other disposal of Bell Canada voting shares that are held by BCE, unless the sale or disposal would result in BCE retaining at least 80% of all of the issued and outstanding voting shares of Bell Canada. Except in the ordinary course of business, the sale or other disposal of facilities integral to Bell Canada’s telecommunications activities must also receive CRTC approval.

**8.6** OTHER KEY LEGISLATION

**CANADA ANTI-SPAM LEGISLATION**

Federal legislation referred to as the *Canada Anti-Spam Legislation*(CASL) received royal assent on December 15, 2010 and will come into force on July 1, 2014. The CASL requires that commercial electronic messages be sent only if the recipient has provided prior consent and the message complies with certain formalities, including the ability to unsubscribe easily from subsequent messages. The CASL also requires that an organization have prior informed consent before downloading software to an end-user’s computer. Penalties for non-compliance include administrative monetary penalties of up to $10 million and a private right of action. Because the CASL creates deemed consent for commercial electronic messages where there is an existing business relationship, the effect of the CASL on the ability of the various BCE group companies to send messages to their existing customers is limited. However, the law in its current form may impose additional costs and processes with respect to communicating with existing and prospective customers and may limit cross-selling opportunities for affiliated companies, depending on whether the appropriate consents have been obtained. Further interpretive guidance is anticipated from the CRTC and Industry Canada, which will determine the full extent to which the CASL will impact our business.

 

BCE Inc.   		**2013 Annual Report**    91   
**   9 BUSINESS		RISKS**
 **MD&A**   		    
A risk is the possibility that an event might happen in the future that could have a negative effect on our financial position, financial performance, cash flows, business or reputation. The actual effect of any event could be materially different from what we currently anticipate. The risks described in this MD&A are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our financial position, financial performance, cash flows, business or reputation.

This section describes the principal business risks that could have a material adverse effect on our financial position, financial performance, cash flows, business or reputation, and cause actual results or events to differ materially from our expectations expressed in or implied by our forward-looking statements. As indicated in the table below, certain of such principal business risks have already been discussed in other sections of this MD&A and we refer the reader to those sections for a discussion of such risks. All of the risk discussions set out in the sections referred to in the table below are incorporated by reference in this section 9.
RISKS DISCUSSED IN OTHER SECTIONS OF THIS MD&A 
SECTION REFERENCES
**Competitive Environment** - Section 3.3, *Principal Business Risks*
- Section 5, *Business Segment Analysis*(*Competitive Landscape and Industry Trends*section   for each segment)

**Regulatory Environment**  - Section 3.3, *Principal Business Risks*

** **  - Section 8, *Regulatory Environment*

**Economic and Financial Market Conditions**  - Section 3.3, *Principal Business Risks*

**Complexity and Service and Operational Effectiveness**  - Section 3.3, *Principal Business Risks*

**Strategic Network Evolution**  - Section 3.3, *Principal Business Risks*

**Risks Specifically Relating to our Bell Wireless, Bell Wireline, Bell Media and Bell Aliant segments**  - Section 5, *Business Segment Analysis*(*Principal Business Risks*section for each segment)

The other principal business risks that also could have a material adverse effect on our financial position, financial performance, cash flows, business or reputation are discussed below.
 
**NETWORK CAPACITY PRESSURES**

*If we fail to maintain network operating performance, in the context of increasing customer demand, this could have an adverse effect on our reputation, business and financial performance.*The demand for TV and other bandwidth-intensive applications on the Internet, as well as the volume of wireless data-driven traffic, have been growing at unprecedented rates. It is expected that growth in such demand and traffic will further accelerate, especially, in the case of wireless data-driven traffic, due to the increasing adoption of smartphones and other mobile devices such as tablets. Such rapid growth could drive capacity pressures on our Internet and wireless networks and result in network performance issues. Consequently, we may need to incur significant capital expenditures beyond those expenditures already anticipated by our subscriber and traffic planning forecasts in order to provide additional capacity and reduce network congestion on our Internet and wireless networks. In addition, we may not be able to scale our networks in a timely manner in order to handle growth in demand for TV and other bandwidth-intensive applications on the Internet or in the volume of wireless data-driven traffic. There is also a risk that our efforts to optimize network performance, in the face of increasing demand, through paced fibre and equipment deployment, traffic management and rate plan changes, could be unsuccessful or generate adverse publicity, potentially resulting in an increase in our subscriber churn rate beyond our current expectations, and thereby compromising our efforts to attract new customers. All of these risks could have an adverse effect on our reputation, business and financial performance.

 
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**TECHNOLOGICAL CHANGE**

*We need to anticipate technological change and invest in or develop new technologies, products and services that will gain market acceptance.*We operate in markets that are affected by constant technological change, evolving industry standards, changing customer needs, frequent introductions of new products and services, and short product life cycles. Rapidly evolving technology brings new competitive threats, as well as new service opportunities, on an almost continuous basis. Investment in our networks and in new technologies, products and services, as well as our ability to launch, on a timely basis, technologies, products and services that will gain market acceptance, are critical to increasing the number of our subscribers and achieving our financial objectives. Failure to understand new technologies, to evolve in the appropriate direction in an environment of changing business models, or to optimize network deployment timelines considering customer demand and competitor activities, could have an adverse impact on our business and financial results.

We may face additional risks as we develop new products, services and technologies, and update our networks to stay competitive. New technologies, for example, may quickly become obsolete or may require more capital than initially expected. Development could be delayed for reasons beyond our control, and substantial investments usually need to be made before new technologies prove to be commercially viable. There is also a risk that current regulations could be expanded to apply to new technologies, which could delay our launch of new services. New products or services that use new or evolving technologies could reduce demand for our existing offerings or cause prices for those services to decline, and could result in shorter estimated useful lives for existing technologies, which could increase depreciation and amortization expense.

We have incurred significant capital expenditures in order to deploy next-generation fibre networks and offer higher Internet speeds. If we fail to make continued investments in our Internet networks that enable us to offer Internet services at increasingly higher speeds, and to offer a different range of products and services than our competitors, this could adversely affect our ability to compete, the pricing of our products and services, and our financial results. In particular, the introduction of mandated wholesale services over FTTH or of a more burdensome wholesale regime on FTTN by the CRTC may undermine our incentives to invest in next-generation networks.
 
**INFORMATION TECHNOLOGY**

*The failure to implement or maintain effective IT systems on a timely basis, and the complexity and costs of our IT environment, could have an adverse effect on our business and financial performance.*We currently use a very large number of interconnected operational and business support systems that are relevant to most aspects of our operations, including provisioning, networking, distribution, show production, billing and accounting. We also have various IT system and process change initiatives that are in progress or are proposed to be implemented. The development and launch of a new service typically requires significant systems development and integration. The associated developmental and ongoing operational costs are a significant factor in maintaining a competitive position and profit margins. As next-generation services are introduced, they should be designed to work with both legacy and next-generation support systems, which introduces uncertainty with respect to the cost and effectiveness of solutions and the evolution of systems.

There can be no assurance that any of our proposed IT systems or process change initiatives will be implemented successfully, that they will be implemented in accordance with anticipated timelines, or that sufficiently skilled personnel will be available to complete such initiatives. If we fail to implement and maintain effective IT systems on a timely basis, fail to create and maintain an effective governance and operating framework to support the management of a largely outsourced staff, or fail to understand and streamline our significant number of legacy systems and proactively meet constantly evolving business requirements, this could have an adverse effect on our business and financial performance.

In addition, any of the events referred to under *Performance of Critical Infrastructure*in this section 9, including, in particular, cyber attacks, sabotage, unauthorized access, fire and natural disasters, could cause damage to our IT systems and have an adverse effect on our business and financial performance.
 
**INFORMATION SECURITY, PRIVACY AND RECORDS MANAGEMENT**

*Our operations and reputation depend on how well we protect business and personal data.*Our operations and reputation depend on how well we protect our data centres and electronic and physical records, and the business and personal information stored therein, against unauthorized access or entry, cyber attacks (such as, but not limited to, hacking, computer viruses, denial of service attacks, industrial espionage, unauthorized access to confidential, proprietary or sensitive information or other breaches of network or IT security), damage from fire, natural disaster and other events referred to under *Performance of Critical Infrastructure*in this section 9. The protection and the effective organization of our systems, applications and information repositories are central to the secure operation of our networks and business as electronic and physical records of proprietary business and personal data, such as confidential customer and employee information, are all sensitive from a market and privacy perspective. Any vulnerabilities could lead to system operating failure or information theft, loss or leakage that could result in financial loss and difficulty in accessing materials to defend legal cases. The theft or loss of confidential customer or employee information could harm our brand and reputation as well as our customer relationships, and lead to the loss of subscribers, impair our ability to attract new ones, or expose us to claims of damages by customers and employees.

 

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**HUMAN RESOURCES**

*Our business depends on the performance of, and our ability to retain, our employees.*Our business depends on the efforts, engagement and expertise of our employees and, in particular, of our senior executives and other key employees. Competition for highly skilled management and customer service employees is intense in our industry. In addition, the increasing technical complexity of our businesses creates a challenging environment for hiring, retaining and developing skilled technical resources. If we fail to appropriately train, motivate, remunerate and deploy employees on initiatives that further our strategic imperatives, and efficiently replace retiring employees, this could have an adverse impact on our ability to attract and retain talent and drive performance across the organization.

Our senior executives and other key employees are important to our success because they have been instrumental in setting our strategic direction, operating our business, identifying, recruiting and training key personnel, and identifying business opportunities. The loss of one or more of these key individuals could impair our business until qualified replacements are found. There can be no assurance that these individuals could be replaced quickly with persons of equal experience and capabilities. Although we have compensation programs in place designed to help retain and motivate these individuals, we cannot prevent them from terminating their employment with us.

Finally, deterioration in employee morale and engagement resulting from staff reductions, reorganizations and ongoing cost reductions could also adversely affect our business and financial results.

*Renegotiating collective bargaining agreements could result in higher labour costs and work disruptions.*Approximately 44% of our employees are represented by unions and are covered by collective bargaining agreements. Renegotiating collective bargaining agreements could result in higher labour costs, project delays and work disruptions, including work stoppages or work slowdowns. There can be no assurance that should a strike or work disruption occur, it would not adversely affect service to our customers and, in turn, our customer relationships and financial performance. In addition, work disruptions, including work slowdowns or work stoppages due to strikes, experienced by our third-party suppliers and other telecommunications carriers to whose networks ours are connected, could harm our business, including our customer relationships and financial performance.
 
**STRATEGY EXECUTION**

*Should we fail to achieve any of our strategic imperatives, this could have an adverse effect on our future growth, business and financial results.*We continue to pursue our goal to be recognized by customers as Canada’s leading communications company through focused execution of our six strategic imperatives. Executing on our strategic imperatives requires shifts in employee skills and capital investments to implement our strategies and operating priorities. If our management, processes or employees are not able to adapt to these changes or if required capital is not available on favourable terms, we may fail to achieve certain or all of our strategic imperatives, which could have an adverse effect on our business, financial performance and growth prospects. In particular, our strategies require us to continue to transform our cost structure. Our objectives for targeted cost reductions continue to be aggressive but there is no assurance that we will be successful in reducing costs, especially since incremental cost savings are more difficult to achieve on an ongoing basis. Our cost reduction objectives require aggressive negotiations with our key suppliers and there can be no assurance that such negotiations will be successful or that replacement products or services provided will not lead to operational issues. The inability to continue to reduce costs could, in particular, have an adverse effect on our Wireline segment’s profitability.
 
**CHANGE MANAGEMENT AND INTEGRATION**

*Ineffective change management and the failure to successfully integrate assets could adversely affect our business and our ability to achieve our strategic imperatives.*Corporate restructurings, system replacements and upgrades, process redesigns and the integration of business acquisitions and existing business units must be managed carefully to ensure that we capture the intended benefits of such changes. Ineffective change management may adversely affect our business and negatively impact the achievement of our strategic imperatives. There can be no assurance that planned efficiency initiatives will be completed or that such initiatives, once implemented, will provide the expected benefits or will not have a negative impact on our operations, financial performance, employee engagement or customer service.

Achieving the anticipated benefits from the integration of business acquisitions and existing business units depends in part on successfully integrating operations, procedures and personnel in a timely and efficient manner, as well as on our ability to realize the anticipated growth opportunities and synergies from combining the businesses and operations. Integration requires the dedication of substantial management effort, time and resources which may divert management’s focus from other strategic opportunities and operational matters during this process. The integration process may lead to greater-than-expected operational challenges and costs, expenses, customer loss and business disruption for us and, consequently, the failure to realize, in whole or in part, the anticipated benefits.

 
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**POST-EMPLOYMENT BENEFIT OBLIGATIONS**

*The economic environment, pension rules and ineffective governance could have an adverse effect on our pension obligations, liquidity and financial performance.*With membership in our pension plans of over 50,000 employees, significant DB plans that are subject to the pressures of the global economic environment, coupled with changing regulatory and reporting requirements, our pension obligations are exposed to potential volatility. Failure to understand economic exposure, pension rule changes and ensure that effective governance is in place for management and funding of the pension assets and obligations, could have an adverse impact on our liquidity and financial performance.

*We may be required to increase contributions to our post-employment benefit plans in the future.*The funding requirements of our post-employment benefit plans, based on valuations of plan assets and obligations, depend on a number of factors, including actual returns on post-employment benefit plan assets, long-term interest rates, plan demographics, and applicable regulations and actuarial standards. Changes in these factors could cause future contributions to significantly differ from our current estimates and could require us to increase contributions to our post-employment benefit plans in the future and, therefore, could have a negative effect on our liquidity and financial performance.

There is no assurance that the assets of our post-employment benefit plans will earn their assumed rate of return. A substantial portion of our post-employment benefit plans’ assets is invested in public equity and debt securities. As a result, the ability of our post-employment benefit plans’ assets to earn the rate of return that we have assumed significantly depends on the performance of capital markets. Market conditions also impact the discount rate used to calculate our solvency obligations and, therefore, could also significantly affect our cash funding requirements.

Our expected funding for 2014 is in accordance with the latest post-employment benefit plans valuations as of December 31, 2012, filed in June 2013, and takes into account voluntary contributions at Bell of $500 million in 2009 and $750 million in each of 2010, 2011 and 2012.
 
**VENDOR, SUPPLY CHAIN AND CONTRACT MANAGEMENT**

*We depend on key third-party suppliers to provide products and services that we need to operate our business.*We depend on key third-party suppliers over which we have no operational or financial control for certain products and services that are critical to our operations. These critical products and services may be available from only a limited number of suppliers, some of which dominate their global market. Access to such key products and services, allowing us to meet customer demand, is critical to our ability to retain existing customers and acquire new ones.

If, at any time, suppliers cannot provide us with products or services that are critical to our customer offerings including, without limitation, billing, IT support and customer contact centre services, as well as telecommunications equipment, software and maintenance services that comply with evolving telecommunications standards and are compatible with our equipment, IT systems and software, our business and financial performance could be adversely affected. In addition, if we are unable to obtain products or services that are essential to our operations on a timely basis and at an acceptable cost, or if telecommunications equipment and other products, such as handsets, that we sell or otherwise provide to customers, or the telecommunications equipment and other products that we use to provide services, have manufacturing defects, our ability to offer our products and services and to roll out our advanced services, and the quality of our services and networks, may be negatively impacted. In addition, network deployment and expansion could be impeded, and our business, strategy and financial performance could be adversely affected.

*Various factors may affect our suppliers’ ability to provide us with critical products and services.*The business and operations of our suppliers and their ability to continue to provide us with products and services could be adversely affected by various factors including, without limitation, natural disasters (including seismic events and severe weather-related events such as ice, snow or wind storms, flooding, hurricanes, tornadoes and tsunamis), general economic and financial market conditions, the intensity of competitive activity, labour disruptions, litigation, the availability of and access to capital, bankruptcy or other insolvency proceedings, changes in technological standards and other events referred to under *Performance of Critical Infrastructure*in this section 9.

Our networks are connected with the networks of other telecommunications carriers and suppliers, and we rely on them to deliver some of our services. Temporary or permanent operational failures or service interruptions by these carriers and suppliers due to technical difficulties, strikes or other work disruptions, bankruptcies or other insolvency proceedings, or other events including, but not limited to, those referred to in the paragraph above, could have an adverse effect on our networks, services, business and financial performance.

 

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**PERFORMANCE OF CRITICAL INFRASTRUCTURE**

*Our operations and business continuity depend on how well we protect, test, maintain and replace our networks, equipment and other facilities.*It is imperative that our critical infrastructure and facilities be designed to provide a consistent and reliable environment to operate network and IT infrastructure and house employees. Accordingly, our operations depend on how well we protect our networks, as well as other infrastructure and facilities, against damage from fire, natural disaster (including seismic and severe weather-related events such as ice, snow and wind storms, flooding, hurricanes, tornadoes and tsunamis), power loss, building cooling loss, unauthorized access or entry, cyber attacks (such as, but not limited to, hacking, computer viruses, denial of service attacks, industrial espionage, or breaches of network or IT security), disabling devices, acts of war or terrorism, sabotage, vandalism, actions of neighbours and other events. Global climate change could exacerbate certain of these threats, including the frequency and severity of weather-related events. Any of the above-mentioned events, as well as the failure to complete the planned testing, maintenance or replacement of our networks, equipment and other facilities due to factors beyond our control, could disrupt our operations (including through disruptions such as network failures, billing errors or delays in customer service), require significant resources and result in significant remediation costs, which in turn could have an adverse effect on our business and financial performance or impair our ability to keep existing, or attract new, subscribers.

*Satellites used by Bell TV are subject to significant operational risks that could have an adverse effect on Bell TV’s business and financial performance.*Pursuant to a set of commercial arrangements between Bell TV and Telesat Canada (Telesat), Bell TV currently has two satellites under contract with Telesat. Telesat operates or directs the operation of these satellites. Satellites utilize highly complex technology and operate in the harsh environment of space and are therefore subject to significant operational risks while in orbit. These risks include in-orbit equipment failures, malfunctions and other problems commonly referred to as anomalies that could reduce the commercial usefulness of a satellite used by Bell TV. Acts of war or terrorism, magnetic, electrostatic or solar storms, and space debris or meteoroids could also damage the satellites used by Bell TV. Any loss, failure, manufacturing defect, damage or destruction of these satellites, of Bell TV’s terrestrial broadcasting infrastructure or of Telesat’s tracking, telemetry and control facilities to operate the satellites could have an adverse effect on Bell TV’s business and financial performance and could result in customers terminating their subscriptions to Bell TV’s DTH satellite TV service.
 
**LITIGATION AND OTHER LEGAL MATTERS**

*Legal proceedings and, in particular, class actions could have an adverse effect on our business and financial performance.*We become involved in various legal proceedings as part of our business. Plaintiffs within Canada are able to launch and obtain certification of class actions on behalf of a large group of people with increasing ease. Pending or future litigation, including an increase in certified class actions which, by their nature, could result in sizeable damage awards and costs relating to litigation, could have an adverse effect on our business and financial performance. For a description of the principal legal proceedings involving us, please see the section *Legal Proceedings*contained in BCE Inc.’s Annual Information Form for the year ended December 31, 2013 dated March 6, 2014.

*Changes in applicable laws could have an adverse effect on our business and financial performance.*Changes in laws or regulations or in how they are interpreted, and the adoption of new laws or regulations, could negatively affect us. In particular, the adoption by the federal and provincial governments, or agencies thereof, of increasingly stringent consumer protection laws, and the regulations, rules or policies thereunder, could have an adverse effect on our business and financial results, including as a result of an increase in the number of class actions against us.

In addition, amendments to Canadian securities laws in various provinces have introduced statutory civil liability for misrepresentations in continuous disclosure. These amendments have facilitated the introduction in Canada of class action lawsuits by secondary market investors against public companies for alleged misrepresentations in public disclosure documents and oral statements. Significant damages could be awarded by courts in these types of actions should they be successful. Such awards of damages and costs relating to litigation could adversely affect our financial performance.
 
**FINANCIAL AND CAPITAL MANAGEMENT**

*If we are unable to raise the capital we need and generate sufficient cash flows from operations, we may need to limit our capital expenditures or our investments in new businesses, or try to raise capital by disposing of assets.*Our ability to meet our cash requirements and provide for planned growth depends on us having access to adequate sources of capital and on our ability to generate cash flows from operations, which is subject to competitive, regulatory, economic, financial, technological and other risk factors described in this MD&A, most of which are not within our control.

Our ability to raise financing depends on our ability to access the public equity and debt capital markets, as well as the bank credit market. Our ability to access such markets and the cost and amount of funding available depend largely on prevailing market conditions and the outlook for our business and credit ratings at the time capital is raised. Risk factors such as capital market disruptions, sovereign credit concerns in Europe, fiscal and public indebtedness issues in the United States, central bank monetary policies, increased bank capitalization regulations, reduced bank lending in general or fewer banks as a result of reduced activity or consolidation, could reduce capital available or increase the cost of such capital. In addition,

 
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an increased level of debt borrowings could result in lower credit ratings, increased borrowing costs and a reduction in the amount of funding available to us, including through equity offerings. Business acquisitions could also adversely affect our outlook and credit ratings and have similar adverse consequences. In addition, participants in the public capital and bank credit markets have internal policies limiting their ability to invest in, or extend credit to, any single entity or entity group or to a particular industry.

Our bank credit facilities, including credit facilities supporting our commercial paper programs, are provided by various financial institutions. While it is our intention to renew such credit facilities from time to time, there are no assurances that these facilities will be renewed on favourable terms or in similar amounts.

If we cannot access the capital we need or generate cash flows to implement our business plan or meet our financial obligations on acceptable terms, we may have to limit our ongoing capital expenditures, limit our investment in new businesses, or try to raise additional capital by selling or otherwise disposing of assets. Any of these could have an adverse effect on our cash flows from operations and on our growth prospects.

*We are exposed to various credit, liquidity and market risks.*Our exposure to credit, liquidity and market risks, including equity price, interest rate and currency fluctuations, is discussed in Note 23 of BCE’s audited consolidated financial statements for the year ended December 31, 2013.

Our failure to identify and manage our exposure to changes in interest rates, foreign exchange rates, BCE’s share price and other market conditions could lead to missed opportunities, cash flow shortages, reputational damage, stock and debenture devaluations and challenges in raising capital on market competitive terms.
 
**DISCONTINUANCE OF LEGACY SERVICES**

*We may not be able to discontinue certain services as necessary to improve capital and operating efficiencies.*Legacy circuit-based infrastructures are difficult and expensive to operate and maintain. We continue to migrate voice and data traffic from our legacy circuit-based infrastructures to newer and more efficient IP and packet-based infrastructures. As part of this transformation, we are also planning to discontinue certain services that depend on circuit-based infrastructure and for which there is now very low customer demand. This is necessary to improve capital and operating efficiencies. In some cases, this discontinuation could be delayed or prevented by customer complaints or regulatory actions. If we cannot discontinue these services and have to maintain the operational status of the affected legacy infrastructures longer than planned, we may not be able to achieve the expected efficiencies and related savings, which may have an adverse effect on our financial performance.
 
**FRAUD**

*The failure to evolve practices to effectively monitor and control fraudulent activities could result in financial loss and brand degradation.*Economic volatility, the complexity of modern networks and the increasing sophistication of criminal organizations create challenges in monitoring, preventing and detecting fraudulent activities. Fraud affecting BCE group companies has evolved beyond the traditional subscription fraud and now includes usage, technical, prepaid, distribution and occupational fraud. The failure to evolve practices to effectively monitor and control fraudulent activities could result in financial loss and brand degradation.

*The theft of our DTH satellite TV services has an adverse effect on Bell TV’s business and financial performance.*Bell TV faces a loss of revenue resulting from the theft of its DTH satellite TV services. As is the case for all other TV distributors, Bell TV has experienced, and continues to experience, ongoing efforts to steal its services by way of compromise or circumvention of Bell TV’s signal security systems. The theft of Bell TV’s services has an adverse effect on Bell TV’s business and financial performance.

*Copyright theft and other unauthorized use of our content could have an adverse effect on Bell Media’s business and financial performance.*Bell Media’s monetization of its intellectual property relies partly on the exclusivity of content in its offerings and platforms. Copyright theft and other forms of unauthorized use undermine such exclusivities and could potentially divert users to unlicensed or otherwise illegitimate platforms, thus impacting our ability to derive distribution and advertising revenues. Although piracy is not a new risk to content, new technologies (including tools that undermine technology protection measures) coupled with the failure to enact adequate copyright protection and enforcement measures to keep up with those technologies, present the possibility of increased erosion to exclusivities.
 
**TAX MATTERS**

*Income and commodity tax amounts may materially differ from the amounts expected.*

Our complex business operations are subject to various tax laws and the adoption of new tax laws or regulations or rules thereunder, or changes thereto or in the interpretation thereof, could result in higher tax rates, new taxes or other adverse tax implications. In addition, while we believe that we have adequately provided for all income and commodity taxes based on all of the information that is currently available, the calculation of income taxes and the applicability of commodity taxes in many cases require significant judgment in interpreting tax rules and regulations. Our tax filings are subject to government audits that could result in material changes to the amount of current and deferred income tax assets and liabilities and other liabilities and could, in certain circumstances, result in an assessment of interest and penalties.

 

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**HEALTH MATTERS**

*Health concerns about radiofrequency emissions from wireless devices, as well as epidemics and other health risks, could have an adverse effect on our business.*Many studies have been performed to assess whether wireless phones, networks and towers pose a potential health risk. Some studies have indicated that radiofrequency emissions may be linked to certain medical conditions, while other studies could not establish such a link between adverse health effects and exposure to radiofrequency emissions. In May 2011, the International Agency for Research on Cancer (IARC) of the World Health Organization (WHO) classified radiofrequency electromagnetic fields from wireless phones as possibly carcinogenic to humans, but also indicated that chance, bias or confounding could not be ruled out with reasonable confidence. The IARC also called for additional research into long-term heavy use of mobile phones. In its June 2011 fact sheet on mobile phones, the WHO stated that to date, no adverse health effects have been established as being caused by mobile phone use. There can be no assurance that the conclusions drawn by other health studies concerning radiofrequency emissions will not have an adverse effect on our business and financial performance.

As we deploy new technologies, especially in the wireless area, we face current and potential lawsuits relating to alleged adverse health effects on customers who use such technologies, including wireless communications devices, as well as relating to our marketing and disclosure practices in connection therewith. As it is the case for any litigation, we cannot predict the final outcome of such lawsuits and such lawsuits could have an adverse effect on our business and financial performance.

Increasing concern over the use of wireless communications devices, exposure to radiofrequency emissions and the possible related health risks could lead to additional government regulation, which could have an adverse effect on our business and financial performance. Actual or perceived health risks of using wireless communications devices and exposure to radiofrequency emissions could result in fewer new network subscribers, lower network usage per subscriber, higher churn rates, higher costs as a result of modifying handsets, relocating wireless towers or addressing incremental legal requirements, an increase in the number of lawsuits filed against us, or reduced outside financing being available to the wireless communications industry. In addition, public protest could result in a slower deployment of, or in our inability to deploy, new wireless networks, towers and antennas. Industry Canada is responsible for establishing safe limits for signal levels of radio devices. We believe that the handsets and devices we sell, as well as our network equipment, comply with all Canadian government safety standards. We also rely on our suppliers to ensure that the network and customer equipment supplied to us meets all applicable safety and regulatory requirements.

In addition, epidemics, pandemics and other health risks could also occur, which could adversely affect our ability to maintain operational networks and provide services to our customers. Any of these events could also have an adverse effect on our business and financial performance.
 
**SHAREHOLDER DISTRIBUTIONS AND STOCK MARKET VOLATILITY**

*BCE is dependent on the ability of its subsidiaries, joint arrangements and other entities in which it has an interest to pay dividends or otherwise make distributions to it.*BCE has no material sources of income or assets of its own, other than the interests that it has in its subsidiaries, joint arrangements and other entities, including, in particular, its direct ownership of the equity of Bell Canada. BCE’s cash flow and, consequently, its ability to pay dividends on its equity securities and service its indebtedness are therefore dependent upon the ability of its subsidiaries, joint arrangements and other entities in which it has an interest to pay dividends or otherwise make distributions to it.

BCE’s subsidiaries, joint arrangements and other entities in which it has an interest are separate and distinct legal entities and have no obligation, contingent or otherwise, to pay any dividends or make any other distributions to BCE. In addition, any right of BCE to receive assets of its subsidiaries, joint arrangements and other entities in which it has an interest upon their liquidation or reorganization is structurally subordinated to the prior claims of creditors of such subsidiaries, joint arrangements and other entities.

*We cannot guarantee that BCE’s dividend policy will be maintained or that dividends will be declared.*The BCE Board reviews from time to time the adequacy of BCE’s dividend policy with the objective of allowing sufficient financial flexibility to continue investing in our business while growing returns to shareholders. Under the current dividend policy, increases in the common share dividend are directly linked to growth in BCE’s free cash flow. BCE’s dividend policy and the declaration of dividends on any of its outstanding shares are subject to the discretion of the BCE Board and, consequently, there can be no guarantee that BCE’s dividend policy will be maintained or that dividends will be declared.

*A major decline in the market price of BCE’s securities may negatively impact our ability to raise capital, issue debt, retain employees, make strategic acquisitions or enter into joint arrangements.*Differences between BCE’s actual or anticipated financial results and the published expectations of financial analysts, as well as events affecting our business or operating environment, may contribute to volatility in BCE’s securities. A major decline in the capital markets in general, or an adjustment in the market price or trading volumes of BCE’s securities, may negatively affect our ability to raise capital, issue debt, retain senior executives and other key employees, make strategic acquisitions or enter into joint arrangements.

 
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**   10		FINANCIAL MEASURES, ACCOUNTING POLICIES        AND CONTROLS**
 **MD&A**   		   
**10.1** OUR ACCOUNTING POLICIES

This section discusses key estimates and assumptions that management has made and how they affect the amounts reported in the financial statements and notes. It also describes key changes in accounting standards and our accounting policies, and how they affect our financial statements.

We have prepared our consolidated financial statements using IFRS. Other significant accounting policies, not involving the same level of measurement uncertainty as those discussed in this section, are nevertheless important to an understanding of our financial statements. See Note 2 to BCE’s 2013 consolidated financial statements for more information about the accounting principles we use to prepare our consolidated financial statements.

CRITICAL ACCOUNTING ESTIMATES AND KEY JUDGEMENTS

When preparing financial statements, management makes estimates and judgements relating to:
-  reported amounts of revenues and expensesreported amounts of assets and liabilitiesdisclosure of contingent assets and liabilities.
We base our estimates on a number of factors, including historical experience, current events and actions that the company may undertake in the future, and other assumptions that we believe are reasonable under the circumstances. By their nature, these estimates and judgements are subject to measurement uncertainty and actual results could differ.

We consider the estimates and judgements described in this section to be an important part of understanding our financial statements because they require management to make assumptions about matters that were highly uncertain at the time the estimate and judgement were made, and changes to these estimates and judgements could have a material impact on our financial statements and our segments.

Our senior management has reviewed the development and selection of the critical accounting estimates and judgements described in this section with the Audit Committee of the BCE Board.

Any sensitivity analysis included in this section should be used with caution as the changes are hypothetical and the impact of changes in each key assumption may not be linear.

Our more significant estimates and judgements are described below.

**ESTIMATES**

***USEFUL LIVES OF PROPERTY, PLANT AND EQUIPMENT AND FINITE-LIFE INTANGIBLE ASSETS***

*We review our estimates of the useful lives of property, plant and equipment and finite-life intangible assets on an annual basis and adjust depreciation or amortization on a prospective basis, if needed.*

Property, plant and equipment represent a significant proportion of our total assets. Changes in technology or our intended use of these assets, as well as changes in business prospects or economic and industry factors, may cause the estimated useful lives of these assets to change.

The estimated useful lives of property, plant and equipment and finite-life intangible assets are determined by internal asset life studies which take into account actual and expected future usage, physical wear and tear, replacement history and assumptions about technology evolution. When factors indicate that assets’ useful lives are different from the prior assessment, we depreciate or amortize the remaining carrying value prospectively over the adjusted estimated useful lives.

***POST-EMPLOYMENT BENEFIT PLANS***

*The amounts reported in the financial statements relating to DB pension plans and OPEBs are determined using actuarial calculations that are based on several assumptions.*

Our actuaries perform an actuarial valuation at least every three years to determine the actuarial present value of the accrued DB pension plan and other post-employment benefits (OPEB) obligations. The actuarial valuation uses management’s assumptions for, among other things, the discount rate, life expectancy, the rate of compensation increase, trends in healthcare costs and expected average remaining years of service of employees.

While we believe that these assumptions are reasonable, differences in actual results or changes in assumptions could materially affect post-employment benefit obligations and future net post-employment benefit plans cost.

We account for differences between actual and expected results in benefit obligations and plan performance in OCI, which are then recognized immediately in the deficit.

 

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The most significant assumptions used to calculate the net post-employment benefit plans cost are the discount rate and life expectancy.

A discount rate is used to determine the present value of the future cash flows that we expect will be needed to settle post-employment benefit obligations.

The discount rate is based on the yield on long-term, high-quality corporate fixed income investments, with maturities matching the estimated cash flows of the post-employment benefit plans. Life expectancy is based on publicly available Canadian mortality tables and is adjusted for the company’s specific experience.

A lower discount rate and a higher life expectancy result in a higher net post-employment benefit obligation and a higher current service cost.

***Sensitivity Analysis***

The following table shows a sensitivity analysis of key assumptions used to measure the net post-employment benefit obligations and the net post-employment benefit plans cost for our DB pension plans and OPEB plans.
      IMPACT ON NET POST-EMPLOYMENT  IMPACT ON POST-EMPLOYMENT BENEFIT      BENEFIT PLANS COST FOR 2014  OBLIGATIONS AT DECEMBER 31, 2014      INCREASE / (DECREASE)  INCREASE / (DECREASE)  CHANGE IN  INCREASE IN  DECREASE IN  INCREASE IN  DECREASE IN   ASSUMPTION  ASSUMPTION  ASSUMPTION  ASSUMPTION  ASSUMPTION Discount rate1%(177)151  (2,680)3,007 Mortality rate25%(72)77  (1,287)1,369 
***IMPAIRMENT OF NON-FINANCIAL ASSETS***

Goodwill and indefinite-life intangible assets are tested for impairment annually or when there is an indication that the asset may be impaired. Property, plant and equipment and finite-life intangible assets are tested for impairment if events or changes in circumstances, assessed quarterly, indicate that their carrying amount may not be recoverable. For the purpose of impairment tests, assets other than goodwill are grouped at the lowest level for which there are separately identifiable cash inflows.

Impairment losses are recognized and measured as the excess of the carrying value of the assets over their recoverable amount. An asset’s recoverable amount is the higher of its fair value less costs to sell and its value in use. Previously recognized impairment losses, other than those attributable to goodwill, are reviewed for possible reversal at each reporting date and, if the asset’s recoverable amount has increased, all or a portion of the impairment is reversed.

We make a number of estimates when calculating recoverable amounts using discounted future cash flows or other valuation methods to test for impairment. These estimates include the assumed growth rates for future cash flows, the number of years used in the cash flow model, and the discount rate. When impairment charges occur they are recorded in *Other (expense) income.*

***Goodwill Impairment Testing***

*We perform an annual test for goodwill impairment in the fourth quarter for each of our cash generating units (CGUs) or groups of CGUs to which goodwill is allocated and whenever there is an indication that goodwill might be impaired.*

A CGU is the smallest identifiable group of assets that generates cash inflows that are independent of the cash inflows from other assets or groups of assets.

We identify any potential impairment by comparing the carrying value of a CGU or groups of CGUs to its recoverable amount. The recoverable amount of a CGU or groups of CGUs is the higher of its fair value less costs to sell and its value in use. Fair value less costs to sell is based on estimates of discounted future cash flows or other valuation methods. Cash flows are projected based on past experience, actual operating results and business plans. When the recoverable amount of a CGU or groups of CGUs is less than its carrying value, the recoverable amount is determined for its identifiable assets and liabilities. The excess of the recoverable amount of the CGU or groups of CGUs over the total of the amounts assigned to its assets and liabilities is the recoverable amount of goodwill.

An impairment charge is deducted from earnings for any excess of the carrying value of goodwill over its recoverable amount. For purposes of impairment testing of goodwill, BCE’s CGUs or groups of CGUs correspond to our reporting segments as disclosed in Note 3 to BCE’s 2013 consolidated financial statements.

Any significant change in each of the estimates used could have a material impact on the calculation of the recoverable amount and resulting impairment charge. As a result, we are unable to reasonably quantify the changes in our overall financial performance if we had used different assumptions.

We cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the asset values we have reported.

We did not recognize a goodwill impairment charge in 2013 or 2012.

***DEFERRED TAXES***

Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply when the asset or liability is recovered or settled. Both our current and deferred tax assets and liabilities are calculated using tax rates that have been enacted or substantively enacted at the reporting date.

Deferred taxes are provided on temporary differences arising from investments in subsidiaries, joint arrangements and associates, except where we control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

The amount of deferred tax assets is estimated with consideration given to the timing, sources and amounts of future taxable income.

***FAIR VALUE OF FINANCIAL INSTRUMENTS***

Certain financial instruments, such as investments in equity securities, derivative financial instruments and certain elements of borrowings, are carried in the statements of financial position at fair value, with changes in fair value reflected in the income statements and the statements of comprehensive income. Fair values are estimated by reference to published price quotations or by using other valuation techniques that may include inputs that are not based on observable market data, such as discounted cash flows.

 
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***CONTINGENCIES***

We become involved in various litigation matters as a part of our business. Pending litigations represent a potential cost to our business. We estimate the amount of the loss by analyzing potential outcomes and assuming various litigation and settlement strategies, based on information that is available at the time.

If the final resolution of a legal or regulatory matter results in a judgement against us or requires us to pay a large settlement, it could have a material effect on our consolidated financial statements in the period in which the judgement or settlement occurs. Any accrual would be charged to earnings and included in *Trade payables and other liabilities*or *Other non-current liabilities*. Any cash settlement would be deducted from cash from operating activities.

***ONEROUS CONTRACTS***

A provision for onerous contracts is recognized when the unavoidable costs of meeting our obligations under a contract exceed the expected benefits to be received from a contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of completing the contract.

**JUDGEMENTS**

***POST-EMPLOYMENT BENEFIT PLANS***

The determination of the discount rate used to value our post-employment benefit obligations requires judgement. The rate is set by reference to market yields of high quality corporate bonds at the beginning of each fiscal year. Significant judgement is required when setting the criteria for bonds to be included in the population from which the yield curve is derived. The most significant criteria considered for the selection of bonds include the size of the issue and credit quality, along with the identification of outliers, which are excluded.

***INCOME TAXES***

The calculation of income taxes requires judgement in interpreting tax rules and regulations. There are transactions and calculations for which the ultimate tax determination is uncertain. Our tax filings also are subject to audits, the outcome of which could change the amount of current and deferred tax assets and liabilities. Management believes that it has sufficient amounts accrued for outstanding tax matters based on information that currently is available.

Management judgement is used to determine the amounts of deferred tax assets and liabilities and future tax liabilities to be recognized. In particular, judgement is required when assessing the timing of the reversal of temporary differences to which future income tax rates are applied.

***MULTIPLE ELEMENT ARRANGEMENTS***

Determining the amount of revenue to be recognized for multiple element arrangements requires judgement to establish the separately identifiable components and the allocation of the total price between those components.

***CONTINGENCIES***

We accrue a potential loss if we believe a loss is probable and can be reasonably estimated, based on information that is available at the time. Any accrual would be charged to earnings and included in*Trade payables and other liabilities*or *Other non-current liabilities*. Any cash settlement would be deducted from cash from operating activities. We estimate the amount of a loss by analyzing potential outcomes and assuming various litigation and settlement strategies.

The determination of whether a loss is probable from litigation and whether an outflow of resources is likely requires judgement.
 
**ADOPTION OF NEW OR AMENDED ACCOUNTING STANDARDS**

As required, effective January 1, 2013, we adopted the following new or amended accounting standards on a retrospective basis.

**IAS 19**

In June 2011, the IASB amended IAS 19 – Employee Benefits. Annual finance expense for a funded benefit plan includes net interest expense or income, calculated by applying the discount rate to the net DB pension asset or liability, replacing the finance charge and expected return on plan assets, thereby reducing the current expected return on plan assets to a return that is equal to the discount rate. Entities are required to segregate changes in the DB obligation and in the fair value of plan assets into three components: service costs, net interest on the net DB pension liabilities (assets) and remeasurements of the net DB pension liabilities (assets). The amendments also eliminate the corridor approach for recognizing actuarial gains and losses and enhance disclosure about the risks arising from DB plans.

These amendments did not impact our consolidated statements of financial position or our consolidated statements of cash flows. The impact of the decrease in the expected return on plan assets, as a result of the amended standard, on our consolidated income statements and consolidated statements of comprehensive income is as follows.

FOR THE YEAR ENDED DECEMBER 312012  
Interest on post-employment benefit obligation increase(242)
Income taxes decrease65  
Net earnings decrease(177)
Actuarial losses on post-employment benefit plans decrease / Other comprehensive loss decrease177  
Earnings per share decrease(0.22)
**IFRS 11**

In May 2011, the IASB issued IFRS 11 – Joint Arrangements, which requires joint arrangements to be classified either as joint operations or joint ventures depending on the contractual rights and obligations of each investor. For joint operations, a company recognizes its share of assets, liabilities, revenues and expenses of the joint operation. An investment in a joint venture is accounted for using the equity method.

 

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As a result of adopting IFRS 11, we account for our 50% interest in Inukshuk as a joint operation. Inukshuk was previously classified as a joint venture and accounted for using the equity method. IFRS 11 did not have a material impact on our consolidated income statements or our consolidated statements of cash flows. The impacts on our consolidated statements of financial position are as follows.

  DECEMBER 31, 2012  JANUARY 1, 2012  
**Increase / (Decrease) in:**        
Cash2  2  
Trade and other receivables–  27  
Property, plant and equipment–  17  
Intangible assets96  208  
Investments in associates and joint ventures(97)(213)
Trade payables and other liabilities1  15  
Debt due within one year–  26  
The following new or amended standards did not have a significant impact on our consolidated financial statements.

**IFRS 7**

In December 2011, the IASB amended IFRS 7 – Financial Instruments: Disclosures, to require disclosures to better assess the effect or potential effect of offsetting arrangements in the consolidated statements of financial position.

**IFRS 10**

In May 2011, the IASB issued IFRS 10 – Consolidated Financial Statements, which establishes principles for the presentation and preparation of consolidated financial statements. Under IFRS 10, control is identified as the single basis of consolidation for all types of entities.

**IFRS 12**

In May 2011, the IASB issued IFRS 12 – Disclosure of Interests in Other Entities, which integrates and enhances the disclosure requirements for entities that have an interest in a subsidiary, a joint arrangement, an associate or an unconsolidated structured entity.

The required disclosures are provided in Note 15, Note 27, and Note 28 to BCE’s 2013 consolidated financial statements.

**IFRS 13**

In May 2011, the IASB issued IFRS 13 – Fair Value Measurement, which establishes a single source of guidance for fair value measurement under IFRS. IFRS 13 defines fair value, provides guidance on measurement and introduces certain disclosure requirements.

The adoption of IFRS 13 did not result in any measurement adjustments or changes to our fair value valuation techniques. The enhanced disclosures are included in Note 23 to BCE’s 2013 consolidated financial statements.

**IAS 1**

In June 2011, the IASB amended IAS 1 – Presentation of Financial Statements, providing guidance on items contained in OCI and their classification.

As a result of adopting the amendments to IAS 1, we have grouped items within our consolidated statements of comprehensive income according to whether or not they will be reclassified subsequently to net earnings.
 
**FUTURE CHANGES TO ACCOUNTING STANDARDS**

The following changes to IFRS are not expected to have a significant impact on our consolidated financial statements.

**IAS 36**

In May 2013, the IASB amended IAS 36 – Impairment of Assets, providing guidance on recoverable amount disclosures for non-financial assets. The amendments to IAS 36 must be applied retrospectively for annual periods beginning on or after January 1, 2014.

**IAS 39**

In June 2013, the IASB amended IAS 39 – Financial Instruments: Recognition and Measurement, providing guidance on novation of over-the-counter derivatives and continued designation for hedge accounting. The amendments to IAS 39 must be applied retrospectively for annual periods beginning on or after January 1, 2014.

**IAS 32**

In December 2011, the IASB amended IAS 32 – Financial Instruments: Presentation, clarifying the application of the offsetting requirements of financial assets and financial liabilities. The amendments to IAS 32 must be applied retrospectively for annual periods beginning on or after January 1, 2014.

**IFRS 9**

In November 2009, the IASB issued IFRS 9 – Financial Instruments, introducing new requirements for classifying and measuring financial assets. In October 2010, the IASB reissued IFRS 9, incorporating new requirements on accounting for financial liabilities, and carrying over from IAS 39 the requirements for derecognition of financial assets and financial liabilities. In December 2011, the IASB amended IFRS 9, deferring the mandatory effective date to annual periods beginning on or after January 1, 2015. In November 2013, the IASB further amended IFRS 9 to delay the mandatory effective date to a future date to be determined. The amendment also provides relief from restating comparative information and required disclosures in IFRS 7 – Financial Instruments: Disclosures.

 
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**10.2** NON-GAAP FINANCIAL MEASURES

**This section describes the non-GAAP financial measures we use in this MD&A to explain our financial results. It also provides reconciliations of the non-GAAP financial measures to the most comparable IFRS financial measures.**

**EBITDA**

*The term EBITDA does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.*

*We define EBITDA as operating revenues less operating costs, as shown in BCE’s consolidated income statements. EBITDA for BCE’s segments is the same as segment profit as reported in Note 3 to BCE’s 2013 consolidated financial statements.*

We use EBITDA to evaluate the performance of our businesses as it reflects their ongoing profitability. 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. EBITDA also is one component in the determination of short-term incentive compensation for all management employees. EBITDA has no directly comparable IFRS financial measure. Alternatively, the following table provides a reconciliation of net earnings to EBITDA.

  **2013**** **2012  
Net earnings**2,388**** **2,876  
Severance, acquisition and other costs**406**** **133  
Depreciation**2,734**** **2,678  
Amortization**646**** **714  
Finance costs** **** **    
Interest expense**931**** **865  
Interest on post-employment benefit obligations**150**** **131  
Other expense (income)**6**** **(269)
Income taxes**828**** **760  
EBITDA**8,089**** **7,888  
**ADJUSTED NET EARNINGS AND ADJUSTED EPS**

*The terms Adjusted net earnings and Adjusted EPS do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.*

*Starting in 2013, our definition of Adjusted net earnings has been modified to exclude premiums on early redemption of debt to align with the reporting practices of our peers. We define Adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, net (gains) losses on investments, and premiums on early redemption of debt. We define Adjusted EPS as Adjusted net earnings per BCE common share.*

We use Adjusted net earnings and Adjusted EPS, and we believe that certain investors and analysts use these measures, among others, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net (gains) losses on investments, and premiums on early redemption of debt, 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 comparable IFRS financial measures are net earnings attributable to common shareholders and EPS. The following table is a reconciliation of net earnings attributable to common shareholders and EPS to Adjusted net earnings and Adjusted EPS, respectively.

  ** **** ****2013**** **    2012  
  **TOTAL**** ****PER SHARE**** **TOTAL  PER SHARE  
Net earnings attributable to common shareholders**1,975**** ****2.55**** **2,456  3.17  
Severance, acquisition and other costs**299**** ****0.38**** **94  0.12  
Net losses (gains) on investments**7**** ****0.01**** **(256)(0.33)
Premiums on early redemption of debt**36**** ****0.05**** **–  –  
Adjusted net earnings**2,317**** ****2.99**** **2,294  2.96  
 

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**FREE CASH FLOW**

*The term free cash flow does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.*

*Starting in 2013, our definition of free cash flow has been modified to exclude voluntary pension funding because it is a discretionary use of excess cash. Accordingly, our 2012 free cash flow has been restated. We define free cash flow as cash flows from operating activities, excluding acquisition costs paid and voluntary pension funding, plus dividends received from Bell Aliant, less capital expenditures, preferred share dividends, dividends paid by subsidiaries to NCI 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 believe that certain investors and analysts use free cash flow to value a business and its underlying assets.

The most 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.

  **2013**** **2012  
Cash flows from operating activities**6,476**** **5,560  
Bell Aliant dividends to BCE**191**** **191  
Capital expenditures**(3,571****)**(3,515)
Cash dividends paid on preferred shares**(127****)**(133)
Cash dividends paid by subsidiaries to non-controlling interest**(283****)**(340)
Acquisition costs paid**80**** **101  
Voluntary defined benefit pension plan contribution**–**** **750  
Bell Aliant free cash flow**(195****)**(186)
Free cash flow**2,571**** **2,428  
**NET DEBT**

*The term net debt does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.*

*We define net debt as debt due within one year plus long-term debt and 50% of preferred shares less cash and cash equivalents as shown in BCE’s consolidated statement of financial position. We include 50% of outstanding preferred shares in our net debt as to be consistent with the treatment by certain credit rating agencies.*

We consider net debt to be an important indicator of the company’s financial leverage because it represents the amount of debt that is not covered by available cash and cash equivalents. We believe that certain investors and analysts use net debt to determine a company’s financial leverage. Net debt is a calculation that has no meaning under IFRS. The calculation is shown in the following table.

  **2013**** **2012  
Debt due within one year**2,571**** **2,136  
Long-term debt**16,341**** **13,886  
50% of outstanding preferred shares**1,698**** **1,698  
Cash and cash equivalents**(335****)**(129)
Net debt**20,275**** **17,591  
 
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 **MD&A**   		   
**10.3** EFFECTIVENESS OF INTERNAL CONTROLS

**DISCLOSURE CONTROLS AND PROCEDURES**

Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us in reports filed or submitted under Canadian or U.S. securities laws is recorded, processed, summarized and reported within the time periods specified under those laws, and include controls and procedures that are designed to ensure that the information is accumulated and communicated to management, including BCE’s President and Chief Executive Officer (CEO) and Executive Vice-President and Chief Financial Officer (CFO), to allow timely decisions regarding required disclosure.

As at December 31, 2013, management evaluated, under the supervision of and with the participation of the CEO and the CFO, the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the U.S. *Securities Exchange Act of 1934*and under National Instrument 52-109 – *Certification of Disclosure in Issuers’ Annual and Interim Filings*. The CEO and CFO have limited the scope of their design and evaluation of our disclosure controls and procedures to exclude the disclosure controls and procedures of Astral, which we acquired on July 5, 2013. Astral’s contribution to our consolidated financial statements for the year ended December 31, 2013 was approximately 2% of consolidated revenues and 3% of consolidated net earnings. Additionally, at December 31, 2013, Astral’s current assets and current liabilities were approximately 18% and 3% of consolidated current assets and current liabilities, respectively, and its non-current assets and non-current liabilities were approximately 7% and 1% of consolidated non-current assets and non-current liabilities, respectively. The design and evaluation of Astral’s disclosure controls and procedures will be completed for Q3 2014.

Further details related to the acquisition of Astral are disclosed in Note 4 to BCE’s 2013 consolidated financial statements.

Based on that evaluation, which excluded Astral’s disclosure controls and procedures, the CEO and CFO concluded that our disclosure controls and procedures were effective as at December 31, 2013.
 
**INTERNAL CONTROL OVER FINANCIAL REPORTING**

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under the U.S. *Securities Exchange Act of 1934*and under National Instrument 52-109. Our internal control over financial reporting is a process designed under the supervision of the CEO and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. However, because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis.

Management evaluated, under the supervision of and with the participation of the CEO and the CFO, the effectiveness of our internal control over financial reporting as at December 31, 2013, based on the criteria established in the *Internal Control – Integrated Framework*(1992) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The CEO and CFO have limited the scope of their design and evaluation of our internal control over financial reporting to exclude Astral’s internal control over financial reporting.

Based on that evaluation, which excluded Astral’s internal control over financial reporting, the CEO and CFO concluded that our internal control over financial reporting was effective as at December 31, 2013.

There have been no changes during the year ended December 31, 2013 in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

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**   CONSOLIDATED		FINANCIAL STATEMENTS**    
 

 

**MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL REPORTING**

These financial statements form the basis for all of the financial information that appears in this annual report.

The financial statements and all of the information in this annual report are the responsibility of the management of BCE Inc. and have been reviewed and approved by the board of directors. The board of directors is responsible for ensuring that management fulfills its financial reporting responsibilities. Deloitte LLP, Independent Registered Chartered Accountants, have audited the financial statements.

Management has prepared the financial statements according to International Financial Reporting Standards (IFRS). Under these principles, management has made certain estimates and assumptions that are reflected in the financial statements and notes. Management believes that these financial statements fairly present BCE’s consolidated financial position, results of operations and cash flows.

Management has a system of internal controls designed to provide reasonable assurance that the financial statements are accurate and complete in all material respects. This is supported by an internal audit group that reports to the Audit Committee, and includes communication with employees about policies for ethical business conduct. Management believes that the internal controls provide reasonable assurance that our financial records are reliable and form a proper basis for preparing the financial statements, and that our assets are properly accounted for and safeguarded.

The board of directors has appointed an Audit Committee, which is made up of unrelated and independent directors. The Audit Committee’s responsibilities include reviewing the financial statements and other information in this annual report, and recommending them to the board of directors for approval. You will find a description of the Audit Committee’s other responsibilities on page 152 of this annual report. The internal auditors and the shareholders’ auditors have free and independent access to the Audit Committee.

 

(signed) George A. Cope |