Sunrise confirms plans for IPO in H1

News General Switzerland 14 JAN 2015
Sunrise confirms plans for IPO in H1
Swiss operator Sunrise has confirmed plans for an initial public offering of shares. The company plans to list on the Swiss Exchange in the first half of this year and raise around CHF 1.35 billion to help reduce its debt. The main offering will consist of new shares, while shareholder CVC will make shares available for a greenshoe option. The aim is to reduce the company's leverage to net debt of around 2.7 times EBITDA. 

Sunrise said the stronger the balance sheet will open the way for dividends and promised a pay-out of CHF 135 million for 2015. From 2016, the company plans a dividend pay-out of at least 65 percent of equity free cash flow. In addition, once Sunrise reaches its target capital structure of net debt at 2.5 times EBITDA, the company plans to return excess cash to shareholders. 

Sunrise is second in the Swiss market after Swisscom, with over 3.3 milloin customers. Sunrise said its strong growth momentum seen in Q2 and Q3 last year continued in the last months of the year. In 2014, its postpaid mobile subscriber base grew by over 16,000 to 1.320 million at year-end. The Sunrise Freedom plan drove the increase, accounting for 37 percent of Sunrise's postpaid base at end-2014. The number of mobile prepaid subscribers stood at 1.145 million at year-end. 

In the fixed market, Sunrise said the number of subscribers stabilised in Q4. Also, for the first time since Q2 2012, Sunrise recorded positive internet net additions, increasing the total number of subscribers to 327,000. The 10,000 IPTV net additions were the highest since Q1 2013 and resulted in total subscriptions of 107,000. Retail voice subscriptions stabilized at 398,000. 

For the year 2014, Sunrise expects revenue and adjusted EBITDA were up 2-3 percent, supported by the strong growth in the fourth quarter of 2014. 
 

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