SRG posts loss of 90 million francs in 2015
SRG closed the 2015 fiscal year with a loss of 90 million Swiss francs. SRG attributed the loss to a shortfall in revenue from value-added tax and the creation of a provision for its pension fund, as the company announced on Thursday.
The loss of millions is not unexpected: SRG had already announced that it expected a considerable deficit for 2015. The Federal Court ruling in April 2015, according to which fee payers do not have to pay VAT, tore a hole in the coffers. Since then, SRG has had to pay VAT from its own funds. In 2015, this resulted in a loss of revenue of CHF 27 million, as SRG writes. SRG has already launched a savings program due to the loss of revenue. Around 250 jobs are to be cut. The costs for the associated provisions - around CHF 31 million - were charged to the 2015 annual accounts. SRG has made a further provision of CHF 70 million for the pension fund. This became necessary due to the poor outlook on the capital market. It is likely that the SRG pension fund will have to lower the technical interest rate, according to the press release. Despite the red figures for 2015, SRG is optimistic about the future: it expects to be in the black in 2016. The cost-saving measures introduced will lay the foundation for a balanced result in the coming years, writes SRG. (SDA)
