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Letter to Shareholders / Annual Report 2020
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COVID-19 pandemic has massive negative influence on business activities in 2020.
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Significant decline in consolidated net income.
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Financial situation sound thanks to comprehensive package of measures.
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Positive one-time effect with disposal of Meyrin/GE property.
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Distribution of dividends suspended for the financial year 2020.
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Recommended dividend distribution of 100% of consolidated net income for the financial years 2021, 2022 and 2023, with a minimum dividend of CHF 11 per share.
In brief (adjusted for one-time effects)
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Advertising revenues in Switzerland fall by 17.5% to CHF 250.9 million
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Decline in advertising revenues in Serbia of 24.1% to CHF 11.0 million
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EBITDA margin: 8.5% (prior-year period: 19.2%)
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EBIT margin: 4.5% (prior-year period: 16.0%)
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Consolidated net income of CHF 9.5 million (prior-year period: CHF 41.8 million)
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Free cash flow of CHF 19.8 million (prior-year period: CHF 41.6 million)
