February 6, 2020 / 6:30 AM / 2 months ago

BRIEF-Swisscom Says FY Net Income Up 9.7% To 1.67 Bln Sfr

Feb 6 (Reuters) - Swisscom AG:

* GROUP REVENUE DOWN SLIGHTLY DUE TO PRICE EROSION IN SWITZERLAND

* EBITDA STABLE ON A LIKE-FOR-LIKE BASIS

* NET INCOME UP DUE TO ONE-OFF EFFECTS IN INCOME TAX EXPENSE

* ASTWEB ATTRACTS MORE FIXED-LINE AND MOBILE CUSTOMERS; REVENUE AND EBITDA HIGHER YEAR-ON-YEAR

* PROPOSAL OF AN UNCHANGED DIVIDEND OF CHF 22 PER SHARE FOR FINANCIAL YEAR 2019

* INVESTMENT IN THE NETWORK REMAINS HIGH – NEW 2025 EXPANSION TARGET: DOUBLING COVER WITH GLASS FIBRE (FTTH)

* OUTLOOK FOR 2020: NET REVENUE OF AROUND CHF 11.1 BILLION, EBITDA OF AROUND CHF 4.3 BILLION AND CAPITAL EXPENDITURE OF AROUND CHF 2.3 BILLION

* GROUP REVENUE FELL BY 2.2% TO CHF 11,453 MILLION

* IN THE SATURATED SWISS CORE BUSINESS, SWISSCOM GENERATED REVENUE OF CHF 8,563 MILLION (-2.8%)

* CONSOLIDATED OPERATING INCOME BEFORE DEPRECIATION AND AMORTISATION (EBITDA) TOTALLED CHF 4,358 MILLION, UP 3.4% ON THE PREVIOUS YEAR

* A PROVISION FOR JOB CUTS OF CHF 56 MILLION HAS DEPRESSED THE RESULT

* GENERATED SOLID NET PROFIT OF CHF 1,669 MILLION, WHICH WAS UP 9.7% ON THE PRIOR-YEAR LEVEL DUE TO ONE-OFF EFFECTS IN INCOME TAX EXPENSE

* EXCEEDED ITS TARGET OF CUTTING ITS COST BASE IN SWITZERLAND BY CHF 100 MILLION EACH YEAR UP UNTIL 2020

* THE TAX REFORM ADOPTED IN THE 2019 REFERENDUM LED TO EXTRAORDINARY POSITIVE TAX EFFECTS OF CHF 269 MILLION AS A RESULT OF ACCOUNTING UNDER INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) Source text for Eikon: [tinyurl.com/vez3k9f] Further company coverage: (Berlin Speed Desk)

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