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Associates/joint ventures

in CHF 000   2020   2019
Share of net income / (loss) of associates / joint ventures   4 796   16 466
Equity share in associates / joint ventures   61 179   65 897

The share of net income (loss) of associated companies and joint ventures for the 2020 reporting year amounts to CHF 4.8 million, which is down CHF 11.7 million on the previous year. This decline reflects the very challenging economic environment in 2020, which – not unlike the financial performance of TX Group – meant the associated companies and joint ventures also experienced a big reduction in operating income.

Impairment testing for the carrying amounts recorded for investments also found that impairment was needed on the goodwill recorded for Zürcher Oberland Medien AG, based on a DCF valuation, in the amount of CHF 1.0 million, which had a negative impact on the share of the net income for associates and joint ventures for 2020. In addition, the valuation of an investment in the associated company Karriere.at GmbH was no longer deemed reliable (based on a DCF valuation), so Karriere.at GmbH recorded an impairment on this investment accordingly. This impairment reduces the share of net income of Karriere.at GmbH by around CHF 1.9 million.

The decline in the shares of net income recorded in the income statement is also reflected in the equity share in associates and joint ventures, which decreased by a net CHF 4.7 million to CHF 61.2 million.

Share of net assets and income in associates/joint ventures

Detailed financial information on the individual companies deemed to be material associated companies is provided below. The reported amounts refer to the 100 per cent stake in the companies and include the fair value adjustments at the time of acquisition as well as any deviations caused by differences in application of accounting policies. The income statements include in particular the depreciation and amortisation to be recognised by the TX Group on the intangible assets owned at the takeover date. The figures for associates and joint ventures may be based on provisional and unaudited figures, so the tables below may contain some adjustments to the final figures from the previous year.

in CHF 000   2020 1   2019 1
Name   Karriere.at GmbH   Karriere.at GmbH
Share of Group capital   24.5%   24.5%
         
Balance sheet        
Current assets   20 352   30 658
Non-current assets   36 753   35 003
Total assets   57 105   65 662
Current liabilities   17 778   17 895
Non-current liabilities    
Total equity   39 328   47 767
of which attributable to TX Group   13 489   16 384
Liabilities and shareholders' equity   57 105   65 662
         
Income Statement        
Revenues   47 750   52 762
Income / (loss) before taxes   21 098   35 733
Income taxes   (5 217)   (8 300)
Net income / (loss)   15 880   27 433
Other comprehensive income / (loss)    
Total comprehensive income / (loss)   15 880   27 433
of which attributable to TX Group   5 037   9 410
Dividends received (pro-rata)   7 989   8 217
1 Karriere.at GmbH is a 49 per cent stake of JobCloud AG in which TX Group holds a 50 per cent interest. Based on the current agreements, TX Group expects JobCloud AG to have a 34.3 per cent net income claim against Karriere.at GmbH for the 2020 reporting year. From the 2021 reporting year, the net income claim will be 49 per cent.

As of the end of 2020, the other associates and joint ventures are assessed as not material on an individual basis.

The shares of the TX Group in the net assets and income of associates and joint ventures are listed below.

in CHF 000   Karriere.at GmbH   Other associates   Joint ventures   Total
2020                
Current assets   6 981   16 982   11 024   34 986
Non-current assets   12 606   45 535   3 992   62 133
Assets   19 587   62 517   15 015   97 120
Current liabilities   6 098   10 123   10 500   26 721
Non-current liabilities     8 842   379   9 220
Equity   13 489   43 553   4 137   61 179
Liabilities   19 587   62 517   15 015   97 120
                 
Share of net income (loss) of associates/joint ventures                
Revenues   16 378   48 659   12 853   77 891
Income / (loss) before taxes   6 826   (62)   457   7 221
Income taxes   (1 790)   (517)   (118)   (2 425)
Share of net income / (loss) of associates / joint ventures   5 037   (580)   339   4 796
Other comprehensive income / (loss)        
Total comprehensive income / (loss)   5 037   (580)   339   4 796
in CHF 000   Karriere.at GmbH   Other associates   Joint ventures   Total
2019                
Current assets   10 516   18 453   9 177   38 146
Non-current assets   12 006   47 457   2 770   62 233
Assets   22 522   65 910   11 947   100 379
Current liabilities   6 138   11 711   7 560   25 409
Non-current liabilities     8 610   463   9 073
Equity   16 384   45 589   3 924   65 897
Liabilities   22 522   65 910   11 947   100 379
                 
Share of net income / (loss) of associates / joint ventures                
Revenues   18 097   54 391   15 422   87 910
Income / (loss) before taxes   12 256   7 649   994   20 899
Income taxes   (2 847)   (1 334)   (252)   (4 433)
Share of net income / (loss) of associates / joint ventures   9 410   6 314   742   16 466
Other comprehensive income / (loss)        
Total comprehensive income / (loss)   9 410   6 314   742   16 466

Associates and joint ventures are accounted for using the equity method. A distinction is made between joint ventures and joint operations when assessing joint arrangement companies. These companies are deemed to be joint ventures because, in all cases and on the basis of contractual agreements, TX Group exercises control over financial and operational decisions together with partners and holds rights to the company’s net assets.

Except for Virtual Network SA (30 June), all of the associates and joint ventures have a balance sheet date of 31 December under commercial law. As none of the associates and joint ventures have shares that are publicly traded, there are no published share prices. As most of the associates and joint ventures do not apply IFRS, their available financial statements have been adjusted to reflect IFRS principles, requiring estimates to be made in some cases. Adjustments may be necessary in the coming years if new information becomes available.

Details on transactions with associates and joint ventures are disclosed in Note 38.