BCE's management allocated its existing goodwill and intangible assets with an indefinite life to its reporting units and completed the assessment of the quantitative impact of the transitional impairment test on its financial statements.
BCE Inc.'s decision was based on a number of factors, including a revised business plan and outlook of the principal operating segment of Teleglobe with associated funding requirements, a revised assessment of its prospects, and a comprehensive analysis of the state of its industry.
BCE recorded a charge of $191 million in the second quarter of 2002 representing a write-down of its investment in BCI to its net realizable value, which was reported as a loss from discontinued operations.
BCE, which owns Bell Canada, the country's No. 1 telephone company, the Globe and Mail newspaper and CTV Television, reported net earnings of $1.7 billion, or C$1.92 a share, in the fourth quarter, compared to a loss of $299 million, or 37 Canadian cents a share a year earlier, the company said.
BCE expects data revenue growth to slow to 3 to 7 percent this year.
BCE confirmed financial guidance for 2003, forecasting revenues of C$4.6 billion to C$4.8 billion and net earnings of 42 to 46 Canadian cents a share in the first quarter.
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