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Segment information

in CHF 000   TX Markets   Goldbach   20 Minuten   Tamedia   Group &
Ventures
  Elimina-
tions and
reconcilia-
tion IAS 19
  Total
 
2020                            
Revenue third parties   199 180   107 929   104 282   447 836   76 568     935 795
Revenue intersegment   1 323   46 049   5 554   22 539   123 336   (198 802)  
Revenues   200 503   153 979   109 836   470 375   199 904   (198 802)   935 795
Operating expenses   (131 000)   (126 709)   (99 106)   (458 902)   (172 570)   178 315   (809 972)
Share of net income / (loss) of associates / joint ventures   4 646   (63)   1 529   (759)   (718)   162   4 796
Operating income / (loss) before depreciation and amortisation (EBITDA)   74 148   27 207   12 259   10 714   26 616   (20 325)   130 619
Margin 2   37.0%   17.7%   11.2%   2.3%   13.3%     14.0%
Depreciation and amortisation   (6 642)   (9 286)   (192)   (1 572)   (29 605)     (47 298)
Operating income / (loss) before effects of business combinations (EBIT adj.)   67 506   17 921   12 067   9 142   (2 990)   (20 325)   83 322
Margin 2   33.7%   11.6%   11.0%   1.9%   –1.5%       8.9%
Amortisation resulting from business combinations   (21 641)   (17 537)   (2 214)   (21 184)   (6 605)     (69 181)
Impairment     0     (85 000)   0     (85 000)
Operating income / (loss) (EBIT)   45 865   384   9 853   (97 041)   (9 595)   (20 325)   (70 859)
Margin 2   22.9%   0.2%   9.0%   –20.6%   –4.8%     –7.6%
Number of employees (FTE) 3   584   615   251   1 482   700       3 632
in CHF 000   TX Markets   Goldbach   20 Minuten   Tamedia   Group &
Ventures
  Elimina-
tions and
reconcilia-
tion IAS 19
  Total
 
2019 – after restatement 1                            
Revenue third parties   213 901   128 687   142 789   518 795   75 376     1 079 548
Revenue intersegment   1 110   38 045   4 044   29 287   94 639   (167 125)  
Revenues   215 011   166 732   146 833   548 082   170 015   (167 125)   1 079 548
Operating expenses   (138 331)   (130 631)   (112 824)   (501 361)   (178 399)   162 305   (899 241)
Share of net income / (loss) of associates / joint ventures   9 267   63   5 593   1 520   22     16 466
Operating income / (loss) before depreciation and amortisation (EBITDA)   85 947   36 164   39 602   48 241   (8 361)   (4 820)   196 773
Margin 2   40.0%   21.7%   27.0%   8.8%   –4.9%     18.2%
Depreciation and amortisation   (4 564)   (5 917)   (112)   (12 868)   (18 084)     (41 545)
Operating income / (loss) before effects of business combinations (EBIT adj.)   81 383   30 247   39 490   35 373   (26 445)   (4 820)   155 228
Margin 2   37.9%   18.1%   26.9%   6.5%   –15.6%       14.4%
Amortisation resulting from business combinations   (22 683)   (17 681)   (2 030)   (10 134)   (7 534)     (60 061)
Impairment         (24 730)       (24 730)
Operating income / (loss) (EBIT)   58 700   12 567   37 460   510   (33 979)   (4 820)   70 438
Margin 2   27.3%   7.5%   25.5%   0.1%   –20.0%     6.5%
Number of employees (FTE) 3   556   622   247   1 559   678       3 662
1 The values from the previous period were adjusted due to the adjustment of the corporate structure, see explanations below.
2 The margin relates to revenue.
3 Average number of employees, excluding employees in associates / joint ventures.

As of 1 January 2020, a decentralised organisational structure was formed under the umbrella of TX Group comprising four largely self-contained companies. All specialised platforms and marketplaces are integrated in the TX Markets segment, while advertising marketing is incorporated in the Goldbach segment. The 20 Minuten segment includes free media in Switzerland and abroad, while paid media will be run under the name Tamedia in future. The Group’s ventures and services are grouped within the Group & Ventures segment. Segment reporting reflects the corporate structure and is in line with internal reporting. Information on assets, liabilities, interest, investments and income taxes is not disclosed as this is not reported internally by segment either.

Revenues in the consolidated income statement correspond to revenues (after eliminations and IAS 19 reconciliations) in segment reporting. The individual revenue categories are generated as follows in the individual segments: over three-quarters of the advertising revenue achieved in the Tamedia and 20 Minuten segments is from the sale of commercial advertising spaces. The revenues from classifieds & services include the sale of digital classified advertising, which is particularly associated with the TX Markets segment (including JobCloud, Homegate and Ricardo) and the Group & Ventures segment (including Zattoo and Doodle). The marketing and intermediation revenue is realised in the Goldbach segment and print revenue almost exclusively in the Tamedia segment as this is where the printing centres are allocated. Over half of other revenue is generated by the Tamedia segment, while most of the other income in the reporting year relates to the Group & Ventures segment due to the income recorded from the sale of Renovero.

Until the end of 2019, buildings and machinery associated with the three printing centres were part of the Tamedia segment, which used to bear the operating expenses as well as depreciation and amortisation up to that point in time. As part of the restructuring process, the buildings and machinery associated with the three printing centres were sold to TX Group AG as of 1 January 2020 and have been part of the Group & Ventures segment since then. This segment has borne the operating costs and depreciation and amortisation for these facilities since that point in time. Also since then, Group & Ventures has been charging rent to Tamedia’s printing centres for their use.

As regards 20 Minuten Advertising AG and Goldbach Publishing AG, the two companies founded as of the end of 2019, 51.0 per cent is owned by Goldbach and 49.0 per cent by 20 Minuten and Tamedia respectively. The two companies are therefore deemed to be fully consolidated within the Goldbach segment. The 20 Minuten and Tamedia segments show the share of net income (loss) of associated companies attributable to them. These shares of net income (loss) are eliminated in the reconciliation to the group view. No single customer accounted for more than 10 per cent of consolidated revenues.

All material revenues are earned in Switzerland and all material non-current asset items are located in Switzerland. The revenues achieved in foreign currencies by foreign Group companies and their non-current assets in foreign currencies are not deemed to be material as regards the consolidated income statement and the consolidated balance sheet (for more information on Group companies abroad, see Note 37 “Investments in other companies”).

Further information on the individual segments can be found in the operational reporting section on pages 20 to 29.

The segment information from the previous year has been adapted to the new segment structure (see table above). In the previous year, disclosure for the segments was still in accordance with the old structure:

in CHF 000   Paid Media   Free Media
and
Commer-
cialisation
  Marketplaces
and
Ventures
  Eliminations
and recon-
ciliation IAS 19
  Total
2019 – before restatement                    
Revenue third parties   512 886   293 733   272 929     1 079 548
Revenue intersegment   38 601   7 128   13 797   (59 527)  
Revenues   551 487   300 862   286 726   (59 527)   1 079 548
Operating expenses   (509 148)   (232 639)   (212 161)   54 707   (899 241)
Share of net income / (loss) of associates / joint ventures   1 520   5 657   9 289     16 466
Operating income / (loss) before depreciation and amortisation (EBITDA)   43 860   73 879   83 855   (4 820)   196 773
Margin 1   8.0%   24.6%   29.2%     18.2%
Depreciation and amortisation   (27 664)   (6 028)   (7 853)     (41 545)
Operating income / (loss) before effects of business combinations (EBIT adj.)   16 195   67 851   76 002   (4 820)   155 228
Margin 1   2.9%   22.6%   26.5%       14.4%
Amortisation resulting from business combinations   (10 134)   (19 710)   (30 217)     (60 061)
Impairment   (24 730)         (24 730)
Operating income / (loss) (EBIT)   (18 668)   48 141   45 785   (4 820)   70 438
Margin 1   –3.4%   16.0%   16.0%     6.5%
Number of employees (FTE) 2   1 738   971   954       3 662
1 The margin relates to revenue.
2 Average number of employees, excluding employees in associates / joint ventures.

Restatement of the segment information takes account of the effects described below.

Transactions that have taken place within a segment prior to restatement and were therefore eliminated within the segment accordingly will now take place with another segment in some cases. They are now therefore shown as revenues and expenses vis-à-vis other segments (e.g. marketing and brokerage revenues between Goldbach and 20 Minuten).

Now, intermediation revenues are shown as third-party revenues in the segments for which the revenues were brokered, and the intermediation commission for these advertising revenues is shown as intersegment revenues in the Goldbach segment. Until now, revenues brokered for other segments have been shown under the commercialisation business as third-party revenues (and the share of revenues passed on to the segments as a reduction in revenues). As regards the segments for which the revenues were brokered, these were shown as intersegment revenues.

Prior to restatement, any central services that cannot be allocated directly were passed on to the segments with the help of an allocation key. Now, these costs accrue to Group & Ventures and are charged to the segments. The employees of core functions are now listed under Group & Ventures. Here too, an allocation key was used to allocate things to the segments prior to restatement.