Normalised consolidated income statement

		2020			2019
in CHF 000	Comment	Income statement	One-off effects	Adjusted net income	Income statement	One-off effects	Adjusted net income
Advertising revenue		273 530	–	273 530	356 570	–	356 570
Revenue from classifieds & services		252 246	–	252 246	271 611	–	271 611
Revenue from commercialisation and intermediary activities		72 408	–	72 408	87 060	–	87 060
Revenue from subscriptions and individual sales		241 807	–	241 807	246 078	–	246 078
Print revenue		59 855	–	59 855	76 615	–	76 615
Other operating revenue		34 125	–	34 125	36 659	–	36 659
Other income	1	1 824	(1 097)	728	4 955	(3 500)	1 455
Revenues		935 795	(1 097)	934 698	1 079 548	(3 500)	1 076 048
Costs of material and services	2	(160 257)	(685)	(160 942)	(188 839)	–	(188 839)
Personnel expenses		(442 406)	–	(442 406)	(458 468)	–	(458 468)
Other operating expenses	3	(207 309)	(2 485)	(209 794)	(251 935)	–	(251 935)
Share of net income / (loss) of associates / joint ventures	4	4 796	2 957	7 754	16 466	–	16 466
Operating income / (loss) before depreciation and amortisation (EBITDA)		130 619	(1 309)	129 310	196 773	(3 500)	193 273
Depreciation and amortisation		(47 298)	–	(47 298)	(41 545)	–	(41 545)
Operating income / (loss) before effects of business combinations (EBIT adj.)		83 322	(1 309)	82 012	155 228	(3 500)	151 728
Amortisation resulting from business combinations		(69 181)	–	(69 181)	(60 061)	–	(60 061)
Impairment	5	(85 000)	85 000	–	(24 730)	24 730	–
Operating income / (loss) (EBIT)		(70 859)	83 691	12 832	70 438	21 230	91 668
Financial income	6	5 229	–	5 229	30 098	(25 895)	4 203
Financial expense	7	(25 832)	18 734	(7 097)	(5 672)	–	(5 672)
Income / (loss) before taxes		(91 462)	102 425	10 963	94 863	(4 665)	90 198
Income taxes	8	(3 180)	532	(2 648)	2 895	(16 578)	(13 682)
Net income / (loss)		(94 642)	102 957	8 315	97 758	(21 243)	76 515

1 The 2020 adjustment relates to the gain from the sale of the Renovero activity from Olmero AG. The 2019 adjustment relates to the gain from the sale of the Annabelle activity from Tamedia AG.
2 The 2020 adjustment includes the extraordinary federal contributions to finance the basic services of the national news agency Keystone-SDA to relieve the media providers.
3 The 2020 adjustment includes the extraordinary support of the Confederation for the reduced delivery of subscribed daily and weekly newspapers and magazines (press subsidy) as well as a one-off payment to radio and television broadcasters.
4 The 2020 adjustment relates to the impairment of goodwill of the associated company Zürcher Oberland Medien AG and the impairment of an investment in Karriere.at.
5 The adjustment in 2020 and 2019 relates to the impairment of goodwill of the cash-generating unit Tamedia.
6 The 2019 adjustment relates to the gain from the sale of the 31 per cent stake in Swisscom Directories AG and the 100 per cent stake in Starticket AG.
7 The adjustment relates to the loss on disposal from the sale of Trendsales (CHF –14.0 million) and Olmero (CHF –4.7 million). The loss on disposal includes approximately CHF 1.9 million in transaction costs incurred in connection with the sales.
8 In the business year and in the comparison period, a correction is made for the tax effects on the special effects. In 2020, the correction concerns the tax effects from the sale of Renovero and from the subsidies for press promotion. There is only a minor tax effect on the goodwill impairment and on the loss on disposal of Olmero and Trendsales due to the taxable result of TX Group AG. In addition, the effect from the adjustment of the tax rate in various cantons on the deferred tax assets and liabilities is taken into account in 2019.