February 27, 2020 / 5:53 AM / in a month

BRIEF-Sunrise Communications: Gross Profit Growth Of +2.3% In Q4, +2.7% IN FY 2019

Feb 27 (Reuters) - Sunrise Communications Group AG:

* GROSS PROFIT GROWTH OF +2.3% IN Q4 AND +2.7% IN FY’19

* OUTLOOK: ANOTHER YEAR OF GROWTH IS EXPECTED IN FY’20, DELIVERING CHF 675-690M ADJUSTED. EBITDA (INCL. IFRS 16) AS SUNRISE CONTINUES TO INVEST IN NETWORK QUALITY

* ADJUSTED. EBITDA REGAINED MOMENTUM TO +5.2% (INCL. IFRS 16: +12.1%) IN Q4, LEADING TO +3.9% GROWTH IN FY’19

* REVENUE AND SERVICE REVENUE BOTH INCREASED +5.2% IN Q4 DRIVEN BY CUSTOMER MOMENTUM AND B2B; FY’19 SERVICE REVENUE IMPROVED +3.3%

* FY’20 REVENUE AND ADJUSTED EBITDA ARE EXPECTED BETWEEN CHF 1,875-1,915M AND CHF 675-690M, RESPECTIVELY

* FY’20 CAPEX IS EXPECTED TO BE IN RANGE OF CHF 410-450M

* UPON MEETING ITS FY’20 GUIDANCE, SUNRISE EXPECTS TO PROPOSE A DIVIDEND IN RANGE OF CHF 4.55-4.65 PER SHARE FOR FY’20 TO BE PAID OUT OF FOREIGN CAPITAL CONTRIBUTION RESERVES IN FY’21

* CONFIRMS ITS LONG-TERM DIVIDEND POLICY OF PAYING OUT AT LEAST 65% OF EFCF, AND CONTINUES TO TARGET 85% IF NET DEBT / ADJUSTED EBITDA LEVERAGE IS BELOW 2.3X

* PROPOSED DIVIDEND PER SHARE UP +5% YOY TO CHF 4.40

* FOR 2018-2020, SUNRISE REITERATES ITS ANNUAL 4-6% DIVIDEND PROGRESSION GUIDANCE AND IS EXTENDING THIS FOR ONE YEAR TO 2021 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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