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Net income / (loss)

Reported net income for 2020 amounted to CHF -94.6 million, which is CHF 192.4 million below the previous year’s figure of CHF 97.8 million. The net income attributable to TX Group shareholders decreased from CHF 64.8 million to CHF -112.3 million.

A negative financial result in the amount of CHF -20.6 million was recorded in the reporting year. The disposal of the two companies Olmero AG and Trendsales ApS in October 2020 resulted in a consolidated disposal loss of CHF 18.7 million.

The expected average tax rate was 13.4 per cent in 2020 (previous year: 21.8 per cent). The weighted tax rate of 13.4 per cent is based on the weighting for the expected tax rates for each company. Both positive and negative results for the individual companies feed into the calculation for the expected tax rate, taking into account the applicable tax rates in each case, therefore resulting – in conjunction with lower tax rates – in a lower expected tax rate compared with the previous year.

The effective tax rate changed from -3.1 per cent to -3.5 per cent. The non-tax-deductible impairment on goodwill with a theoretical tax effect in the amount of CHF 14.8 million (previous year: CHF 4.8 million) is attributable to the impairment on goodwill of CHF 85.0 million (previous year: CHF 24.7 million) for the Tamedia segment. More information on goodwill and the impairment testing performed can be found in Note 22. Unrecognised deferred tax assets on tax loss carryforwards result from the estimate that, based on their income situation, the relevant companies do not fulfil the prerequisites for the realisation of losses. The tax effects on investments, which mainly resulted from book depreciation and amortisation on their carrying amounts (without any deferred tax consequences) and significantly reduced the tax expenses, were much less pronounced in 2020.