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NOTICE OF RELIANCE SECTION 13.4 OF NATIONAL INSTRUMENT 51-102 CONTINUOUS DISCLOSURE OBLIGATIONS |
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| To: | Alberta Securities Commission British Columbia Securities Commission Manitoba Securities Commission Financial and Consumer Services Commission, New Brunswick Office of the Superintendent of Securities, Newfoundland and Labrador Nova Scotia Securities Commission Ontario Securities Commission Department of Justice and Public Safety, Financial and Consumer Services Division, Prince Edward Island Autorité des marchés financiers Financial and Consumer Affairs Authority of Saskatchewan Toronto Stock Exchange |
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Notice is hereby given that Bell Canada relies on the continuous disclosure documents filed by BCE Inc. pursuant to the exemption from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”) provided in Section 13.4 of NI 51-102.
The continuous disclosure documents of BCE Inc. can be found for viewing in electronic format at www.sedarplus.ca.
Attached to this notice and forming part thereof is the consolidating summary financial information for BCE Inc. as required by Section 13.4 of NI 51-102. |
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| BELL CANADA |
| By: | (signed) Thierry Chaumont |
| Name: | Thierry Chaumont |
| Title: | Senior Vice-President,
Controller and Tax |
UNAUDITED SELECTED SUMMARY FINANCIAL INFORMATION (1)
For the periods ended June 30, 2024 and 2023
(in millions of Canadian dollars)
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| BCE Inc. fully and unconditionally guarantees the payment obligations of its 100% owned subsidiary Bell Canada under the public debt issued by Bell Canada. Accordingly, the following summary financial information is provided by Bell Canada in compliance with the requirements of section 13.4 of National Instrument 51-102 (Continuous Disclosure Obligations) providing for an exemption for certain credit support issuers. The tables below contain selected summary financial information for (i) BCE Inc. (as credit supporter), (ii) Bell Canada (as credit support issuer) on a consolidated basis, (iii) BCE Inc.’s subsidiaries, other than Bell Canada, on a combined basis, (iv) consolidating adjustments, and (v) BCE Inc. and all of its subsidiaries on a consolidated basis, in each case for the periods indicated. Such summary financial information for BCE Inc. and Bell Canada and all other subsidiaries is intended to provide investors with meaningful and comparable financial information about BCE Inc. and its subsidiaries. This summary financial information should be read in conjunction with BCE Inc.’s audited consolidated financial statements for the year ended December 31, 2023 and the unaudited consolidated interim financial report for the six months ended June 30, 2024. |
For the periods ended June 30:
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| BCE INC. ("CREDIT SUPPORTER") (2) | BELL CANADA CONSOLIDATED (“CREDIT SUPPORT ISSUER”) | SUBSIDIARIES OF BCE INC. OTHER THAN BELL CANADA (3) | CONSOLIDATING ADJUSTMENTS (4) | BCE INC. CONSOLIDATED |
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Three months | Three months | Six months | Six months | Three months | Three months | Six months | Six months | Three months | Three months | Six months | Six months | Three months | Three months | Six months | Six months | Three months | Three months | Six months | Six months |
| Operating revenues | — | — | — | — | 6,005 | 6,066 | 12,016 | 12,120 | — | — | — | — | — | — | — | — | 6,005 | 6,066 | 12,016 | 12,120 |
| Net earnings from continuing operations attributable to owners | 583 | 375 | 1,032 | 1,146 | 1,001 | 748 | 1,438 | 1,506 | 37 | 43 | 82 | 90 | (1,038) | (791) | (1,520) | (1,596) | 583 | 375 | 1,032 | 1,146 |
| Net earnings attributable to owners | 583 | 375 | 1,032 | 1,146 | 1,001 | 748 | 1,438 | 1,506 | 37 | 43 | 82 | 90 | (1,038) | (791) | (1,520) | (1,596) | 583 | 375 | 1,032 | 1,146 |
As at June 30, 2024 and December 31, 2023, respectively:
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| BCE INC. ("CREDIT SUPPORTER") (2) | BELL CANADA CONSOLIDATED (“CREDIT SUPPORT ISSUER”) | SUBSIDIARIES OF BCE INC. OTHER THAN BELL CANADA (3) | CONSOLIDATING ADJUSTMENTS (4) | BCE INC. CONSOLIDATED |
| June 30,
2024 | Dec. 31, 2023 | June 30,
2024 | Dec. 31, 2023 | June 30,
2024 | Dec. 31, 2023 | June 30,
2024 | Dec. 31, 2023 | June 30,
2024 | Dec. 31, 2023 |
| Total Current Assets | 657 | 772 | 11,350 | 10,472 | 65 | 646 | (3,490) | (3,992) | 8,582 | 7,898 |
| Total Non-current Assets | 23,180 | 23,307 | 59,286 | 57,655 | 21 | 21 | (16,822) | (16,941) | 65,665 | 64,042 |
| Total Current Liabilities | 3,747 | 3,521 | 12,784 | 12,496 | 81 | 81 | (3,490) | (3,991) | 13,122 | 12,107 |
| Total Non-current Liabilities | 396 | 329 | 40,152 | 38,378 | — | — | 567 | 569 | 41,115 | 39,276 |
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(1) The summary financial information is prepared in accordance with International Financial Reporting Standards (IFRS) and is in accordance with generally accepted accounting principles issued by the Canadian Accounting Standards Board for publicly-accountable enterprises.. |
(2) This column accounts for investments in all subsidiaries of BCE Inc. under the equity method. |
(3) This column accounts for investments in all subsidiaries of BCE Inc. (other than Bell Canada) on a consolidated basis. |
(4) This column includes the necessary amounts to eliminate the intercompany balances between BCE Inc., Bell Canada and other subsidiaries and other adjustments to arrive at the information for BCE Inc. on a consolidated basis. |
