BCE's Operations & Government Policy

This research examines BCE Inc., the holding company, of which Bell Canada is the principal whollyowned operating company (Mulqueen, 1991). Company operations are examined first, and this examination is followed by a consideration of the effects on the company of government policy.

Company operations for the 19861990 time period are considered in two contextsfinancial and strategic. Financial performance is addressed first.

BCE's financial performance is considered in the contexts of activity, liquidity, leverage, profitability, and equity stock performance. The company's performance in these areas for the 19861990 time period was as follows:

Activity. Revenues increased 32.4 percent over the 19861990 period (calculated from data obtained from Mulqueen, 1991). Revenues by year during the period were as follows: 1986$13.9 billion; 1987$14.6 billion; 1988$15.3 billion; 1989$16.7 billion; and 1990$18.5 billion (Mulqueen, 1991). Revenues as a proportion of fixed investment decreased from 1986 through 1988, when the ratio began a dramatic increase. The annual ratios were as follows: 198689.7 percent; 1987 86.4 percent; 198885.0 percent; 198996.5 percent; and 1990 100.0 percent (calculated from data obtained from Mulqueen, 1991). Revenues as a proportion of total capital fluctuated in a narrow range during the 19861989 time period; however, a dramatic increase in the ratio occurred in 19

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is essentially worthless, and will likely result in a charge off of the entire investment, as Kinburn is near to bankruptcy (Mulqueen, 1991). This writeoff, should it occur as expected, will follow a $440 million writeoff in 1989 for unsuccessful real estate operations (Mulqueen, 1991). BCE is still exposed to the tune of $250 million in relation to these earlier real estate losses (Mulqueen, 1991). BCE also implemented a strategy of acquiring telecommunicationsrelated holdings. The most impressive of these acquisitions is the company's 53.0 percent stake in Northern Telecom (Mulqueen, 1991). Northern Telecom is the principal supplier of telecommunications equipment in Canada, and is second only to AT&T in the North American market (Mulqueen, 1991). In pursuit of telecommunicationsrelated acquisitions, BCE is currently a bidder for the minority interest in Mexico's telecommunications system, which is being partly privatized by the Mexican government (Mulqueen, 1991). BCE is also looking at other potential international telecommunicationsrelated acquisitions, because regulatory restraints on telecommunications operations in other countries are often less stringent than are those in Canada. BCE implemented its acquisit

Category: Foreign - B