Table T-BCE.1
Bell Canada Entreprises
Balance Sheets (in $ millions)
.	1998	1997
Assets	.	.
Cash	370	2249
Receivables	1922	8625
Inventory	176	2726
Other current assets	312	985
Total Current Assets	2780	14585
Investements	9536	2929
Fixed Assets	16745	18555
Intangibles	780	1588
Other	2231	2641
Total Assets	32072	40298
Liabilities	.	.
Notes payable	.	.
Current portion of LTD	2075	2402
Trade Payable	3255	8955
Tax Payable	472	372
Other Current Liabilites	.	.
Total Current Liabilities	5802	11729
Long Term Debt (LTD)	9260	11155
Postretirement benefits	.	.
Deferred Taxes	639	454
Other	4426	8851
Equity	11945	8109
Total	32072	40298
Source: Bell Canada Entreprises 1998 Annual Report

Table T-BCE.2
Bell Canada Entreprises
Income Statements (in $ millions)
.	1998	1997
Sales	27454	34517
Cost of Goods Sold	.	.
Gross Profit	27454	34517
Operating Expenses	25308	30032
Operating Profit	2146	4485
Interest	1281	1232
Other	-1135	574
Profit before tax	2000	2679
Tax	1548	1522
Profit after tax	452	1157
Etraordinary items	4146	-2693
Net Profit	4598	-1536
Preferred dividends	93	74
Earnings to shareholders	4505	-1610
EPS	7.07	-2.53
Dividends	1.36	1.36
Stock price	8	7
Source: Bell Canada Entreprises 1998 Annual Report

Table T-BCE.3
Bell Canada Entreprises
Normalized Balance Sheets
.	1998	1997
Assets	.	.
Cash	1	6
Receivables	6	21
Inventory	1	7
Other current assets	1	2
Total Current Assets	9	36
Fixed Assets	52	46
Intangibles	2	4
Other	7	7
Total Assets	100	100
Liabilities	.	.
Notes payable	0	0
Current portion of LTD	6	6
Trade Payable	10	22
Tax Payable	1	1
Other Current Liabilites	0	0
Total Current Liabilities	18	29
Long Term Debt (LTD)	29	28
Postretirement benefits	0	0
Deferred Taxes	2	1
Other	14	22
Equity	37	20
Total	100	100
Source: Bell Canada Entreprises 1998 Annual Report

Table T-BCE.4
Bell Canada Entreprises
Normalized Income Statements
.	1998	1997	1996
Sales	100	100	100
Cost of Goods Sold	0	0	0
Gross Profit	100	100	100
Operating Expenses	92	87	48
Operating Profit	8	13	52
Interest	5	4	2
Other	5	4	2
Profit before tax	7	8	50
Tax	6	4	4
Profit after tax	2	3	46
Source: Bell Canada Entreprises 1998 Annual Report

Table T-BCE.5
Bell Canada Entreprises
Ratios
.	1998	1997
Current ratio	0.48	1.24
Quick ratio	0.4	0.93
Working capital (in $ millions)	-3022	2856
Receivables turnover	14.28	4
DSO (in days)	26	91
Inventory turnover	0	0
DSI (in days)	0	0
Payables turnover	0	0
DPO (in days)	0	0
Working capital turnover	-9.08	12.09
TIE	1.68	3.64
Fixed assets/equity	1.4	2.29
Debt/equity	1.26	2.82
Pbt/equity	0.17	0.33
Pbt/total assets	0.06	0.07
Pat/equity	0.04	0.14
Pat/total assets	0.01	0.03
Sales/fixed assets	1.64	1.86
Sales/total assets	0.86	0.86
Payout	0.19	-0.54
P/E	1.13	n/a

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