is BCE Inc.’s share price at the end of the year multi- plied by the number of com- mon shares outstanding. is common shareholders’ equity divided by number of common shares outstanding. is dividends paid on com- mon shares divided by BCE Inc.’s share price at the  end of the year multiplied  by the number of common shares outstanding. ratio is dividends paid on common shares divided  by net earnings applicable  to common shares. is BCE Inc.’s share price divided by the book value per share. is BCE Inc.’s share price at the end of the year divided by earnings per share. is BCE Inc.’s share price at the end of the year divided by cash flow per share. Price to cash flow ratio  Price to book ratio  Price to earnings ratio  Common dividend payout  Common dividend yield  Book value per share  Market capitalization  2004 2003 2002 2001 2000 Balance Sheet  Total assets 39,143  39,420 39,142 53,687 50,909 Long-term debt (including current portion) 12,930  13,872 14,684 11,812 10,370 Net debt 12,705  13,315 15,158 12,872 14,014 Total capitalization 29,651  30,291 31,350 35,053 34,759 Preferred shares 1,670  1,670 1,510 1,300 1,300 Common shareholders’ equity 12,362  11,903 11,098 15,274 15,832 Ratios Net debt to total capitalization (%) 42.8% 44.0% 48.4% 36.7% 40.3% Net debt to EBITDA (times) 1.68 1.80 2.05 1.87 2.16 Total debt to total assets (times) 0.33 0.35 0.39 0.24 0.27 Long-term debt to equity (times) 0.92 1.02 1.16 0.71 0.61 Cash Flows Cash flows from operating activities  5,519 5,968 4,424 4,116 2,177 Cash flows from investing activities  (3,864) (3,002) (7,032) (731) (6,551) Capital expenditures (3,364) (3,167) (3,709) (4,894) (3,581) Business acquisitions (1,299) (115) (6,471) (327) (3,521) Business dispositions 20 55 3,190 248 654 Other investing activities 124 62 12 (83) (103) Cash flows from financing activities  (2,190) (2,905) 3,362 (1,951) 3,112 Net issuance (repayment) of equity instruments 32 172 2,819 (120) (348) Net issuance (repayment) of debt instruments (740) (1,781) 2,005 (1,520) 4,357 Financing activities of subsidiaries with third parties (50) 24 92 1,010 181 Cash dividends paid on common shares (1,108) (1,029) (999) (969) (849) Cash dividends paid on preferred shares (85) (61) (43) (64) (79) Cash dividends paid by subsidiaries to non-controlling interest (188) (184) (468) (357) (240) Cash provided by (used in) discontinued operations 193 355 (1,017) (1,125) (873) Ratios Free cash flow 898 1,589 (783) (2,251) (2,675) Capital intensity (%) 17.5% 16.9% 19.6% 26.5% 22.1% Cash flow per share (dollars) 2.33 3.04 0.84 (0.96) (2.10) Cash flow yield (%) 7.5% 9.8% 0.8% (4.4%) (5.2%) Share Information Average number of common shares (millions) 924.6 920.3 847.9 807.9 670.0 Common shares outstanding at end of year (millions) 925.9 924.0 915.9 808.5 809.9 Market capitalization 26,777 26,704 26,103 29,114 35,069 Dividends declared per common share (dollars) 1.20 1.20 1.20 1.20 1.24 Book value per share (dollars) 13.35 12.88 12.12 18.89 19.55 Total dividends declared on common shares (1,110) (1,105) (1,031) (969) (849) Total dividends declared on preferred shares (70) (64) (59) (64) (79) Market price per common share (dollars) High 30.00 32.35 36.87 43.50 199.75 Low 25.75 26.60 23.00 32.75 31.75 Close 28.92 28.90 28.50 36.01 43.30 Ratios Common dividend yield (%) 4.1% 3.9% 3.8% 3.3% 2.4% Common dividend payout ratio (%) 72.8% 59.0% 42.7% 260.5% 18.4% Price to earnings ratio (times) 17.53 15.21 10.71 78.28 6.01 Price to book ratio (times) 2.17 2.24 2.35 1.91 2.22 Price to cash flow ratio (times) 12.41 9.51 33.93 (37.51) (20.62) Other Data Number of employees (thousands) – unaudited 62 64 64 73 73 Bell Canada Enterprises  2004 Annual Report 45