We're certainly intent on monetizing the investments. So it will be a positive contribution to EBITDA. While the transaction volumes may be down, the fact that we're focusing on high-quality loadings is actually providing a lot of goodness in terms of service revenue growth or, if you want, kind of the improvement in the service revenue decline. Your next question is from Sebastiano Petti with JPMorgan. As expected, roaming and data overages remained a headwind to service revenues, which declined 2.5% this quarter compared to 4.3% in Q3. On the data centers, we did get those -- that $1 billion in proceeds last year. So we've got kind of the early lead in terms of product availability. The company's listed phone number is +1-514-7868424. Download latest proxy. As COVID has shown us over the past year, this is more important than ever. If the decisions come out and they're materially negative, then, of course, it's our job as a management team to stare that down and adjust as required. [Operator Instructions] Our first question is from Jeff Fan with Scotiabank. So I feel really good about the competitive positioning of that product, and it's only going to get better as we get 3.5, more 3.5 gigahertz spectrum and are able to transform that service into 5G. So look briefly, what we're doing here with the $1 billion to $1.2 billion over two years is advancing capital that we otherwise would have spent over a longer period of time, right? Thanks. However, we maintained our consolidated margins essentially stable at 39.4%, even with $10 million of COVID-related expenses absorbed in the quarter. In fiber markets, it's a combination of building in areas where we had DSL, which is not at this stage in 2021 isn't competitive with alternative services. 2021 will be a reset year as we Transition toward a return to pre-pandemic levels of financial performance and operating momentum. So that 10 million is the denominator. Internet penetration grows much faster as we deploy fiber and Wireless Home Internet. Despite a decline in discount rates in 2020 and supported by a strong 14% return on planned assets, the solvency ratio of Bell Canada DB plan, the largest of the BCE pension plans, was 102% at year-end. Thank you. With the wireline infrastructure that includes high-speed fiber already deployed to more than 92% of our cell sites, over 2,700 central offices that are available for mobile-edge computing in a 5G world, a wireline footprint encompassing 76% of Canadian households and the broadest retail and B2B distribution in the country, no one is structurally better positioned than Bell for true wireless wireline convergence in the most capital-efficient manner possible and to capitalize on the revenue growth opportunities out of weight. The discipline seems to be there. Investor Relations 1 Carrefour Alexander-Graham-Bell Building A, 8th Floor Verdun, Québec H3E 3B3 Tel: 1 800 339-6353 Fax: (514) 786-3970 E-mail: investor.relations@bce.ca Internet: www.bce.ca Transfer Agent CST Trust Company 320 Bay St., 3rd Floor Toronto, Ontario … As a result of the better service revenue trajectory and disciplined device discounting, the year-over-year decline in EBITDA also continued to moderate, improving to 3% from the 4.4% we experienced in the previous quarter. Please go ahead. A couple for me. It's our 13th consecutive year of a 5% or higher dividend increase. Of the $1 billion to $1.2 billion, most of it is actually 2021 and there would only be between $300 million and $500 million left in 2022. They center on increased investment on core network infrastructure that will lay the foundation for future broadband Internet and 5G growth; improving the end-to-end customer experience; the ongoing digital transformation of our operations And a continued sharp focus on our cost structure. When we know long term, this industry is stable, and we will return to historical earning levels. 2021 Investor Day 03.10.2021 6:00 PM ET. We will continue to focus on winning the home by delivering the fastest broadband speeds as well as the best WiFi and TV experience to drive higher internet and TV net customer additions. Republication or redistribution of Thomson Reuters content, including by framing or similar means, is prohibited without the prior written consent of Thomson Reuters. Okay, thanks, Glen. And then not to mention we've talked about it already, but just to reiterate the capex flexibility we're going to be -- we're going to have in the outer years of our expansion program. The broadband footprint advantage that we are building positions us extremely well in both our consumer and business segments over the long term to grow Internet revenue, which increased a strong 12% in Q4. 1Q 2020 Report. Take care and stay safe. But I think, all in all, we're good progress on that front. Okay. SEC Filings. Our next question is from Simon Flannery with Morgan Stanley. We're going to be very disciplined on discounting and on promotions, again, while being competitive and responding in a competitive marketplace. However, before we begin, let me draw your attention to the safe harbor statement. So it's no different with potential satellite launches. Our next question is from Batya Levi with UBS. She oversees capital markets strategy and activities related to the firm’s investments including origination, structuring, and execution of equity investments for BCE’s Funds and Syndications. Visit RBC Investor Relations to find details on upcoming and past conferences and investor days, including speakers, presentations and webcasts. And if there's a problem, there's somebody to call and we'll come and fix it. That's been so heavily impacted as there are people not moving through airports and downtown foot and car traffic is down so much. Billboard advertising is down. Can you provide maybe some more color on wireless trends since the beginning of the year? If you think about our broadband footprint program, we've got -- we want to cover roughly 10 million households in our operating footprint with fiber or Wireless Home Internet, and we are 60% of the way there. Access RBC's financial information, share information, investor events and presentations, earnings calls and more at RBC Investor Relations. So there's been a benefit there as well. Again, the best performance among national carriers for a fifth consecutive year. And Glen, you just alluded to, wanting to kind of push margin over that medium and long term. And on Wireless Home Internet as well, it's going to be continuing in Atlantic, continuing in Quebec. And that ultimately is going to lead to us having a significant increase in our existing Internet market share. Investor Relations. To conclude, on slide 20, as we said, 2021 is a recovery year. Thanks. Churn is also lower when customers are on a better network. Valerie, we're ready to take our first question. But we think about what the installment program does, it gives customers the choice. Drew, I mean, there's -- the churn benefits are clearly there -- the top line benefits are there. It's something that we've done a very good job. Stock Information. And the free cash flow generation of this company in the medium to long term will absolutely allow us to manage leverage. Let's turn now to slide 15. And we are going to deliver on the commitment to the government and offering just generally more value at the right prices to customers. 2020 Third Quarter News Release At times, I think there are -- there is a lack of discipline in the market, and we hope that cleans up. Our new goal of advancing how Canadians connect with each other and the world unveiled last January could not have been more appropriate in the year that saw extraordinary change and challenges that have dramatically impacted the economy, and, of course, how we live and work. We expect a strong financial contribution from Bell Wireless in 2021, where an ongoing focus on higher-quality smartphone subscriber loadings and disciplined device discounting will drive a healthy year-over-year improvement in operating profitability. ... investor.relations@bell.ca. This was a result -- this result was expected given this quarter's increased capital spending, higher cash taxes due to the timing of installment payments and a reduction in working capital, driven mainly by the growth in accounts receivable that reflected a higher volume of wireless installment sales and the timing of supplier payments. We're going to get the job done, finished in Montreal. This represents an incremental increase of up to 400,000 new locations covered with broadband service and would have been deployed in 2021 without the capital advancement. A few brief comments on our balance sheet and cash resources on slide 19. Glen, I think there was a clarification you want to add? And you'll notice that the $1 billion to $1.2 billion as we stated there, and as Mirko said, about 1/3, 60%, 70% is our intention. I'm also very pleased to announce that Nokia and Ericsson have been selected as the suppliers for our stand-alone 5G core. Let me turn to slide five of our presentation. On regulatory, look, I mean, that -- it's still significant issues. And it's a robust service that we offer. So that's the clarity. But given the capex guide, it sounds like -- and the auctions and maybe C-band beyond the 3.5, leverage is going to -- you're probably not going to generate substantial free cash after dividends until maybe 2023 and beyond. These growth ranges reflect the recovery back to within 2019 financial performance levels and are wider than we typically provide in order to absorb additional COVID turbulence that may arise during the year. So penetration gains in those markets can be very high. As for our mobile 5G network, it's now operational in over 150 centers, covering nearly 1/4 of the Canadian population. And then as a follow-up on the handset costs, I think you referred to 40% decline. Clear highlight of the quarter was residential wireline, where revenues increased a strong 1.5%, representing our best performance in two years. As a result, we remain cautiously optimistic about our business outlook as reflected in our financial guidance targets for 2021. And a bigger picture question would be in terms of the fiber-to-the-home incremental spending, can you give us any color on geographies here? Toronto is largely done. BCA maintains communication with investors and the capital market communities in order to provide precise and accurate perspectives on the performance, business prospects and any other information deemed necessary for investors to make decisions. Thanks, Mirko. Now is the time to collaborate and partner with government to connect more and more Canadians, particularly in rural communities. Download latest filing. Thanks. Investor Presentation (pdf, 4 MB) 2020 Q4 MD&A, Financials and Notes (pdf, 2 MB) Sustainability Reporting-GRI Index Update (pdf, 5 MB) 2019 Annual Report (pdf, 5 MB) 2020 Management Proxy Circular (pdf, 4 MB) 2019 Annual Information Form (pdf, 1 MB) See all A couple of notable developments on the retail distribution front that are worthy of mention. Perhaps just update us on how you see a lot of that cost structure or fiberizing the cost structure unfolding through that medium term? And the only thing I'll add to that, Jeff, is on your question regarding spectrum, the capital investment decision we've made today to fund the additional $1 million to $1.2 million was funded by the data center divestiture. So lots to talk about, I guess, around the investment plans for '21 and '22. Thane Fotopoulos -- Vice President of Investors Relations. With respect to total pension expense on the P&L, that is expected to moderately lower in '21 at $300 million, due to the favorable impact of a lower discount rate on our below EBITDA pension financing costs. The annualized dividend paid by BCE Inc is $3.5/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 03/12/2021. Hey guys, thanks so much for taking this question. I think we've got some very good signals from the federal government last year, particularly in August, when that decision came out -- the Ordinary Council came out regarding the wholesale Internet rates and Minister at the time had said that he was concerned that the rates of CRTC had put in place would undermine investment in high-quality networks, particularly in rural and that we need policies that encourage investments. It's the right thing to do at the right time. So Vince, just think about the $1 billion to the -- the $1 billion to $1.2 billion like this, roughly 2/3 in '21, 1/3 in 2022, roughly 2/3 in wireline, 1/3 in wireless, kind of, I would say that will be a kind of high-level benchmarks for you. Thank you. Please go ahead. Glen, I'll pick it off and you can fill in. We also expect to benefit from contract renewals with TV distributors and continued Crave growth. Thank you. Download latest 10-K. Download latest 10-Q. Returns as of 03/17/2021. This disciplined approach to subscriber growth was also reflected in our promotional offers where handset subsidies were, on average, 14% lower than they were in the previous year. ... investor.relations@bell.ca. Citi is the leading global bank. And as a follow-up, I guess, Mirko, let's start with you on a lot of kind of news flow on satellite broadband continues to come into the narrative of global telecom with this increased investment, just what are your latest thoughts on where that type of competitor kind of fits within the Canadian landscape? So baseline normalized capital spending, not the higher spending level that you've seen in 2020. So I'm forging ahead with this bold investment program bold. Quick Links. Maybe Mirko or Glen, just to elaborate a little bit longer term when you talk about fiberizing the cost structure. Our effective tax rate for accounting purposes is also projected to be around 27%, reflecting minimal tax adjustments this year compared to the $0.09 per share in 2020. This results a notable improvement over the 6% decline we saw in Q3, despite persistent headwinds from lower COVID-induced roaming volume and reduced data overage from ongoing customer adoption of unlimited plans. The cost discipline actions we're taking will protect our margins. Presentation Results FY 2020. Latest Financial Reports. The stock price information or data provided is not to be relied upon for any trading, business or financial purpose. We have access to $3.8 billion of liquidity as we enter 2021 and a capital structure that is aligned with our investment-grade ratings. So that's one aspect of it. I think that's a pretty important signal. The churn benefits are there. Market data powered by FactSet and Web Financial Group. We can't accurately predict the path and pace of Economic recovery, but we know that our business is solid, and we expect to see progressive improvement through the year, much as we did after coming out of Q2 2020. But just how are you thinking about the pace of media, you did mention the programming costs are going to go up. Thank you, Mirko, and good morning, everyone. We have time for one more quick question. In fact, normalizing for these impacts, ABPU growth was slightly positive in the quarter. The best thing we should do -- could do is to use the proceeds of the data center to invest in the network. By investing in the network, we know that's going to bring growth in Internet and TV subscribers. Now I'd say the good news is that progress was made in Q4. Underpinning this outlook is positive top line and EBITDA growth from all Bell segments. Despite the challenges of COVID, we delivered 96% of 2019's EBITDA and maintained our consolidated margin, stable at 42%. Press Releases. And we continue to see improvement in home phone customer losses, down 7.5% this quarter. Our strong liquidity position and substantial ongoing cash generation support the execution of this capital expansion program and our higher common share dividend for 2021. In the medium term, as you alluded to, post '22, when this investment is behind us, and let's all hope the pandemic is behind us, we will return to more normalized levels. In business wireline, we anticipate improving year-over-year rates of revenue and EBITDA decline on the back of higher customer spending as the economy rebounds and an ongoing focus on cost reduction. For other investor enquiries please contact: Martha Wilmot Investor Relations Analyst Telephone: (403) 509-7280 e-mail: MWilmot@arcresources.com. While at the same time, we are being very mindful of affordability because prices are going down. So when we enter a DSL market with speeds of -- fiber speeds of one to 1.5 gigabits per second, it's an extremely competitive marketplace. And that's not evident climbing up on your roof and installing the equipment. However, higher costs for sports rights and the resumption of a full broadcast schedule and the premium content for our Crave streaming platforms will moderate Bell Media's EBITDA growth in 2021. Great. So call that a clarification thing. 2020 mark Bell's 140th year, and it was unlike any other I could have imagined when I began as CEO last January. Vince Valentini -- TD Securities -- Analyst. Discount -- handset discounting improved 14% year-over-year. Bell's 4G and 5G networks were certified as Canada's fastest by PCMag in its most recent annual study of network performance. But I also want to remind you, it represents 8% of our EBITDA. Q4 was also the first full quarter that Virgin TV was available in the market, and early results are quite promising, both from a customer demand and ARPU generation perspective. Now isn't the time for policymakers and regulators to move away from encouraging network investments. SEC Filings; Investor FAQs; Information Request Form; Investor Email Alerts. So by forging ahead more quickly, that means on the back end of the journey, there's a lot more flexibility for us now in terms of capex, in terms of the technologies we might want to deploy over time. We saw another strong RGU quarter in wireline. So could you talk about kind of why we aren't going to see better margin improvement over the course of '21 versus '20? Net earnings were up 29% year-over-year as a result in Q4 of last year reflected higher net mark-to-market losses on our equity derivatives and hedge contracts and a media asset impairment charge.
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