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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.