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AFP
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1.7
Sunrise will only make a profit of CHF 56 million in 2019.
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Keystone
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2.7
In 2018 there was an increase of over 100 million francs.
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Keystone
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3.7
The failed UPC deal is to blame for the drop in profits.
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Keystone
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7.7
Sunrise also has to assert itself against Salt.
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The burst UPC deal leaves clear traces in the annual results of Sunrise. In 2018, the company made a profit of CHF 107 million. In 2019, the bottom line was only 56 million. That is almost a halving.
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The purchase attempt tore a hole of CHF 83 million in the till in the final quarter alone, as Sunrise announced on Thursday. The company canceled at the last minute the extraordinary general meeting necessary to finance the 6.3 billion UPC purchase. The resistance from Sunrise shareholders led by the major German shareholder Freenet had grown too great.
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As a result, there were numerous departures in the executive floor. So CEO Olaf Swantee took his hat off. Chief Financial Officer André Krause was appointed as his successor. Sunrise has appointed Uwe Schiller as the new chief financial officer.
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Operationally on track
Bruno Duarte, the previous Chief Consumer Officer, has also left the company. The heavily criticized Chairman of the Board of Directors, Peter Kurer, also announced his departure for the upcoming Annual General Meeting in April, as did Vice President Peter Schöpfer.
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Despite the turmoil, Sunrise remained operationally on track in 2019. Sales grew slightly by 0.5 percent to 1.89 billion Swiss francs. Adjusted operating profit before depreciation and amortization (EBITDA) rose 11.2 percent to CHF 668 million.
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However, the plus is mainly due to a change in the accounting for operating leases (IFRS 16). On a comparable basis, EBITDA would have increased by 3.9 percent to CHF 624 million last year. (SDA / ise)
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